Guernsey Finance has signed a memorandum of understanding (MOU) with the Shanghai Family Office Union, which outlines business development betweeen the two.
Guensey Finance would access office space and meetings rooms in Shanghai as part of the MOU, while events, employee exchange programmes and registration services are also covered.
Kate Clouston (pictured), director of International Business Development at Guernsey Finance, said the deal would facilitate an increase in business exchanges in the private wealth space.
“Guernsey industry experts now have the opportunity to help Chinese firms understand international regulatory and compliance standards and procedures, and the [Shanghai] Union will in turn act as a conduit to a vast and growing network in mainland China. The MOU also shows a broadening of the relationship between Guernsey and China which has continued to build since we first established our Shanghai office in 2007,” Clouston said.
The signing ceremony, which was attended by Antoine Kuo, chairman, on behalf of the Shanghai Union, came at the end of a broader trip around Asia by Guernsey Finance and members of the jurisdiction’s financial sector. Locations included Hong Kong, Kuala Lumpur, Singapore, Beijing and Shainghai.
Guernsey Finance will open a representative office in Hong Kong in the first quarter of 2016, it second overseas office after Shanghai.