HSBC Executive Peter Wong Backs Security Law

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2020-06-03 HKT 22:15

Share this story

facebook

  • HSBC's WeChat account showed a picture of Asia-Pacific chief executive Peter Wong signing a petition supporting a new national security law in Hong Kong.

    HSBC's WeChat account showed a picture of Asia-Pacific chief executive Peter Wong signing a petition supporting a new national security law in Hong Kong.

A senior HSBC executive on Wednesday backed a planned new national security law for Hong Kong being drawn up by Beijing, days after former Chief Executive CY Leung blasted the banking giant for failing to voice its support for the initiative.

In an interview with the state news agency, Xinhua, HSBC Asia-Pacific chief executive Peter Wong said he hopes the law would “bring long-term stability and prosperity to Hong Kong.”

He was quoted as saying that the “vast majority” of the business community in Hong Kong believe that the legislation can ensure the SAR’s continued status as an international financial centre.

Wong also spoke out against threatened sanctions against the territory by the United States, saying this would not only hurt Hong Kong, but the entire region and the US itself.

He said any sanctions would affect confidence in the economy, and this is what brings investment to Hong Kong.

Meanwhile, the bank’s WeChat account also posted a picture of Wong signing a petition in support of the planned legislation.

The post said HSBC respects and support the law that it said will stabilise Hong Kong's social order, and rebuild the economy under the "One Country, Two Systems" principle.

CY Leung had last week complained in a Facebook post that HSBC hadn’t made its position on the proposed law clear, even though it generates most of its profits from China.

"In terms of political issues, this self-proclaimed British bank can't make money from China while following other Western countries trying to do damage the country's sovereignty, dignity, and the feelings of the people”, he wrote, adding that much of the business HSBC does in China can be replaced overnight by mainland banks or those from other countries.

RECENT NEWS

China CITIC Bank Launches Payment Connect Services To Support Cross-Border Transactions

China CITIC Bank International Limited (CNCBI) has announced it will introduce services and a customer offer related to... Read more

Eddid Financial Secures SFC Approval For Digital Asset Services

Hong Kong’s Eddid Financial has announced that its subsidiary, Eddid Securities and Futures, has received approval fr... Read more

Hong Kong Customs Uncovers HK$1.15B Virtual Asset Money Laundering Scheme

Hong Kong Customs has uncovered a suspected money laundering operation involving cash smuggling and virtual assets tota... Read more

Lendela Partners With TransUnion To Launch Free Credit Score Tool In Hong Kong

Lendela, a loan matching platform based in Hong Kong, has partnered with credit reference agency TransUnion through a c... Read more

Hex Trust Appoints Rohit Apte As Head Of Markets

Hex Trust, a digital asset financial institution specialising in custody, staking, and markets services, has appointed ... Read more

Scaling Across APAC: Why Cross-Border Payments Matter More Than Ever

In today’s digital-first economy, the Asia-Pacific (APAC) region has emerged as a global hotspot for fintech innovati... Read more