UK economic secretary Kirby backs Asia partnership
The UK’s relationship with Asia is “more
important now than ever before,” according to Simon Kirby, economic secretary
to the UK Treasury.
Speaking today at the Asian Financial Forum in Hong Kong, Kirby
centered his speech on driving change, innovation and connectivity in financial services,
from a UK perspective, with a focus on the Asian markets.
“Working closely with our international partners, we will
continue to advocate passionately for free trade and free markets,” said the economic
secretary.
The UK is leading the way for developing new capital markets,
according to Kirby. “We’re collaborating with countries across the world, in
particular here in Asia, to develop the market for green finance to meet our
collective commitment to stop climate change in its tracks.”
Kirby further identified the UK as the “leading western hub
for the Islamic Finance”. It continues to work closely with countries such as Malaysia
and Indonesia, and with the Gulf Cooperation Council, to drive innovation.
India and China are also countries of focus for the UK. It
is supporting them to “internationalise their currencies, helping them to
integrate their financial markets with the global financial system."
Kirby acknowledged how the UK remains as Europe’s largest asset management centre – “with almost £7 trillion pounds under management.”
It is
also home to the most foreign banks, totalling 250, as well as accounting for almost
40% of global FX trading: “more than anywhere else in the world”.
“So the UK is leading
global financial centre, and the natural partner of choice for Asian companies
looking to go global.”
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you