The key to getting the financial hub status

Find out more about Hong Kong's 'soft power'.

According to a release, Monetary Authority Chief Executive Norman Chan highlighted the power of the “3Cs” ‑ Competence, Control and Culture ‑ in building a successful and competitive world-class international financial centre.

Addressing the Treasury Markets Summit 2012 organised by the Monetary Authority and Treasury Markets Association, Mr Chan said these “3Cs” are the key elements of the soft power of Hong Kong’s financial market and that the race to become an international financial centre is a battle of soft power.

Mr Chan highlighted the importance of culture. While it is essential to have professional competence and good control in building a financial services sector that befits a world-class international financial centre, it is equally important that financial institutions and their practitioners uphold values that protect and serve their customers' interests.

“An international financial centre also represents a brand, a quality that customers trust in terms of efficiency, reliability and integrity. It takes decades or even centuries to build a brand, but only days to destroy it if any of the qualities of competence, control or culture are eroded,” Mr Chan said.

To strengthen Hong Kong’s soft power, in particular its 3Cs, Mr Chan said that regulators, the financial industry and individual financial institutions should each do their own part, and contribute to maintaining Hong Kong’s status as a world-class international financial centre.

The authority is working with the Securities & Futures Commission and the industry to revamp and formalise the professional qualifications and training for private banking and wealth management practitioners, to uphold their competence and professionalism.

The summit was attended by over 300 participants, including representatives from regulatory authorities, treasury markets practitioners, and senior executives and professionals from banks and other financial institutions.