Hong Kong's Financial Services and the Treasury Bureau provided an update on Secretary for Financial Services and the Treasury Christopher Hui's visit to Kuala Lumpur, where he promoted Hong Kong's financial and gold market initiatives and discussed closer co-operation with Malaysian officials, banks, industry bodies and family offices. The meetings focused on capital formation, Islamic finance, offshore renminbi business, the gold market, tokenisation and attracting more Malaysian enterprises to establish family offices in Hong Kong. In talks with Malaysia's Deputy Minister of Finance and the Deputy Governor of Bank Negara Malaysia, Hui highlighted Hong Kong measures to strengthen offshore RMB business, including further enhancing and expanding Southbound Bond Connect, increasing the size of the Hong Kong Monetary Authority's RMB Business Facility and promoting a bilateral currency transaction framework between the Indonesian rupiah and offshore RMB. He also presented Hong Kong as a partner for co-operation in the gold market, tokenisation, RMB business and Sukuk. In meetings with family offices and private investment firms, Hui pointed to more than 25 per cent growth in single family offices in Hong Kong over the past two years and said legislative proposals are being introduced to expand preferential tax regimes to cover additional qualifying investments such as private credit and precious metals. He also promoted Hong Kong's central gold clearing and settlement system, which is in trial operation, alongside record trading volumes in US dollar gold futures and new vault deposits. Hui is due to continue his Kuala Lumpur visit on July 23 and attend a signing ceremony of Memoranda of Understanding.

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