AXA, Standard Chartered eye expansion in Hong Kong’s booming offshore wealth market
City’s offshore wealth market is thriving as AXA and Standard Chartered target high-net-worth clients despite regulatory tightening
French insurer AXA and London-headquartered Standard Chartered will both launch new offerings aimed at capturing high-net-worth clients this week, indicating that the recent regulatory tightening of cross-border investment by mainland investors has failed to dampen plans by international financial firms to expand in Hong Kong.
AXA on Monday will introduce AXA Global Private, a platform targeting high‑net‑worth clients who have HK$10 million (US$1.28 million) to HK$50 million worth of insurance policies or investment products with the insurer.
The big investment plans showed neither firm has major concerns about recent regulatory actions signalling increased scrutiny of cross-border investment by wealthy mainland investors.
The Hong Kong Monetary Authority (HKMA) on Saturday said all banks have complied with its instructions issued last month, requiring mainland customers opening investment accounts to declare that their funds originate outside mainland China.