Hello, Hong Kong

The City Profiles series is dedicated to highlighting Citi's history in some of our key markets around the world. We spoke to Weber Lo, Citi Country Officer and CEO for Hong Kong and Macau, to get his perspective on Citi's ongoing involvement in Hong Kong.

What is your favorite milestone from Citi's history in Hong Kong, and how do we continue to enable progress in the city today?

Citi's partnership with Hong Kong dates back more than 100 years and my favorite milestone occurred in 1906 just after we opened for business in Hong Kong. One of our first major Hong Kong-based clients was Li & Fung, the world's largest supplier of clothes and toys to retailers. We've enjoyed a relationship ever since that remains strong and flexible enough to span several generations – a testament to the trust we've built together.

The longevity of that relationship speaks to the continuity of our culture, and our ability to responsibly provide financial services that enable growth and economic progress for our clients and communities. The strength of our global franchise firmly rests on our adherence to our Mission and Value Proposition and commitment to submitting the Three Ethical Tests to all of our business decisions.

What are some of the key opportunities facing clients and customers in your market?

The Shanghai-Hong Kong Stock Connect provides Hong Kong and Mainland China investors with mutual access to each other's markets. The program was developed in response to the challenges faced by many of our clients negotiating the different regulatory frameworks governing the two different markets. We've been helping clients meet these challenges and take advantage of the new opportunity of access to both markets by pioneering two innovative solutions -- Model C and SPSA+, which allow regulated funds to better comply with their relevant fund regulations.

We also see a great opportunity in the Hong Kong Monetary Authority's designation of Citi as one of seven banks to serve as Primary Liquidity Providers for the offshore Renminbi market in Hong Kong since 2014.

In working on the City Profiles project, did you learn anything surprising about the history of Hong Kong and Citi's involvement there?

I learned that our retail operations in Hong Kong began in 1962, over half a century ago, and that our first branch, opened in Tsim Sha Tsui, one of the most popular commercial areas in Hong Kong, remains open for business today. Since the inception of our retail operations in the city, Citi has been a pioneer in delivering new ideas to the industry and introducing innovative products and services to our clients. We were the first bank in Hong Kong to introduce priority banking services for the affluent segment, and later, first to upgrade priority banking by adding a wealth management proposition. We were the first bank in Hong Kong to introduce touch-screen ATMs and online banking and mobile banking. With the firm's focus on being future-compatible and mobile-first, I'm fully confident that we will continue to lead in the digital evolution of banking industry.

Looking forward, what are you most excited about for Citi's future in Hong Kong?

I'm most excited about our future in the FinTech space. We all agree that we need to be future compatible in order to survive what new technology will bring to all industries. How can the banking industry adapt and tap into this opportunity? I'm excited to see Citi Mobile Challenge being rolled out across the world, with one of the winning solutions, CreditCheck, going to market with the help of Citi Hong Kong.

Citi is also the first bank in Hong Kong to commercially launch voice biometrics authentication, providing a convenient, safe technology to help authenticate our customers' identities. With a number of other exciting technology-driven projects going on in Hong Kong as we speak, I'm eager to see where they take us in the future.

Finally, I'm extremely excited about the recent grand opening of Citi Tower at One Bay East, overlooking the harbor in Kowloon Bay. The 23-story premium office building will redefine the way our people work within a high-tech, versatile, dynamic environment. This new workspace is ideal for preparing the next generation of leaders and for our young workforce, and it reinforces our commitment to grow in Hong Kong.

Please visit the full Hong Kong City Profile for more information.