German global insurer Allianz is in early talks with Chinese regulators for a asset management licence, reported Reuters.
Mr Solmaz Altin, Allianz’s regional CEO for Asia Pacific, told Reuters, that he hoped to launch the business in the first half of 2021.
Hong Kong’s status as a global financial hub faces some uncertainty with the US moving to eliminate its special status after Beijing announced it would impose a new national security law there.
“It is simply too early to tell what the Hong Kong situation will mean for our existing business or any future business,” Mr Altin said.
“We very much hope that reason will prevail and that we can continue to do business in Hong Kong in a very positive way internationally,” he said.
Mr Altin said Allianz aimed to boost annual revenue growth in Asia by up to 20% through 2025.
“We are doubling down on Asia, and we will not stop because of the virus,” he said. “We are actually opening up new businesses (in Asia).”
Allianz CEO Oliver Baete has said fund management in China may hold more potential than the insurance business.
The insurer also plans to enter the Vietnam property and casualty market next year, perhaps with a minority equity partner, and is in talks with the regulator, Mr Altin said.