KPMG published its annual 'Hong Kong Banking' Report
KPMG has launched its 32nd annual Hong Kong Banking Report. We review the financial results of banks in Hong Kong in 2019, and also offer our views and predictions on the future of the industry, especially in light of the onset of COVID-19.
Indeed, the pandemic has been a catalyst for change in the banking sector, with the industry having to respond, recover and adapt to a New Reality. In our view, as banks respond to the effects of COVID-19, they will go through four phases: Reaction – responding to immediate challenges; Resilience – managing through uncertainty; Recovery – resetting and identifying opportunities; and the New Reality – adapting to a new world.
Navigating through these phases and adapting to the New Reality will be key for banks in order to continue to grow and succeed, especially with profitability expected to be significantly impacted in 2020.
Jointly authored by KPMG China and the Hong Kong Investment Funds Association (HKIFA). Aims to provide an informed perspective on the future of the fund management industry in Hong Kong, identify current and future growth opportunities and challenges, and develop recommendations to help Hong Kong maintain its position as a leading fund management hub.
The report finds that despite some challenges ahead, survey respondents and interviewees have a positive outlook for the future of Hong Kong’s fund management industry, driven by growth opportunities related to the opening up of mainland China’s asset management industry, the ongoing development of the GBA, technology-driven change and ESG.