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UK economic secretary Kirby backs Asia partnership
16 January 2017
Green finance, Islamic finance and the internationalisation of currencies are priorities
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
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
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."