Guernsey Finance to open second Asia office

Guernsey Finance plans to open a new office in Hong Kong in the first quarter of next year. The new base will complement the promotional trade body's existing Asia post in Shanghai.

Spearheading the new office will be Wendy Weng, who will have responsibility for fostering ties between the Channel Island and the wider South East Asia market.

Alongside Ms Weng, the Guernsey Financial Services Commission (GFSC) intends to provide regulatory advice to those in the region who might be considering Guernsey-specific ventures, according to a press release.

The release also stated that John Dunford, a regulator with the GFSC will be relocating to the region early next year to act as the regulator’s representative in Asia.

Although China and India have predominantly been the core markets for private equity deals in Asia, South East Asia is quickly becoming a hot prospect for investors, according to reports. Hong Kong also recently boosted its position as a regional financial hub in the region after government approval of a private equity profits tax exemption.

“The Hong Kong office is an exciting development not only for Guernsey Finance, but also the Island’s financial services sector which has a growing interest in the region,” said Dominic Wheatley, chief executive of Guernsey Finance. “We believe that establishing a larger presence in Asia reflects current industry trends and is fundamental to our future strategy, particularly as Hong Kong is such an important hub not only for China, but South East Asia overall.”