As the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) is at the forefront of China’s reform and opening-up, Standard Chartered has set up its GBA center to better leverage its benefits and make contributions to the region’s financing sector, Anthony Lin said , Chief Executive Officer of the Greater Bay Area, Standard Chartered Bank, in an exclusive interview with GDToday.
According to Anthony Lin, Standard Chartered currently has around 90 offices in 6 GBA cities including Guangzhou, Shenzhen, Zhuhai, Foshan, Hong Kong and Macao, and the number of employees at its GBA center will surpass 1,600 by the end of 2023.
“We would like to seize the opportunity of China’s opening-up, such as the newly released plans of Qianhai and Hengqin, and use our network advantages and financial expertise to better support GBA’s economic opening-up and high-quality development,” he said.
An ideal place for the innovation of modern service industries
Anthony Lin believes that the GBA will become an ideal place for the innovative development of modern service industries. The high-quality development of the service industries will also make the region more vital.
In Anthony’s eyes, the GBA enjoys strong political support. Last September, China released an official plan to develop the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. According to the plan, Qianhai will promote the development of modern service industry and optimize its scientific and technological development mechanisms.
The region includes Hong Kong and Macao which can connect to the rest of the world. Additionally, with a strong economy, innovative spirit and an advanced commitment to international financial companies, GBA has laid a solid foundation in the industry.
And GBA is a region with the highest concentration of financial centers in the world. In 2020, Hong Kong, Shenzhen and Guangzhou were among the top 20 global financial centers.
ffinancial openness and innovation
Standard Chartered saw more potential in GBA’s modern service industry and invested more resources.
The Standard Chartered GBA Center completed its first phase of construction in August 2021. The center will build China’s first aXess Lab, equipped with the latest technologies such as blockchain, Internet of Things and AI robots to accelerate banks’ digital transformation and technological innovation support financially.
“I believe the completion of this lab will help Standard Chartered better support financial openness and innovation and the interconnectedness of financial markets in the region,” said Anthony.
In addition, Standard Chartered launched over 100 investment products on day one of operations, becoming one of the first banks to offer services under the Wealth Management Connect pilot program.
The bank’s southbound investment services, dedicated only to mainland Chinese investors, are very popular in Guangzhou, Shenzhen and other areas of the GBA. By the end of 2021, the number of Southbound accounts opened by Standard Chartered ranked among the best of any foreign bank.
Publisher: Wings, Olivia, Nan, Jerry