Banks in Hong Kong remain upbeat about the sector’s growth prospects, citing the city’s unrivaled market depth, while identifying wealth management as the most promising growth opportunity, according to a recent survey.

The findings were released on Friday by the Hong Kong Association of Banks and Deloitte in their latest report, Hong Kong Banking 2030, which was previously submitted to the Hong Kong Special Administrative Region government.  

The two organizations jointly conducted the poll in the first half of 2026, gathering input from the association’s 147 members in the city, including the Chinese mainland and international lenders.

Ninety-nine percent of respondents in the report were positive about the future of Hong Kong’s banking sector, with many describing the city’s position as “durable” due to its strong connections with the Chinese mainland, robust infrastructure and “market depth that no other center has replicated”.

Wealth management emerged as the most consistently cited growth opportunity across banking institutions, driven by intergenerational wealth transfers in Asia and the rapid expansion of the family office industry, according to the survey.

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Increasing demand from mainland investors seeking international diversification was also identified as a key growth engine. “It’s projected that the share of mainland clients in Hong Kong’s total offshore assets under management would rise from 59 percent to 68 percent over the next five years,” said David Wu Wai-kit, Hong Kong financial services industry leader at Deloitte China.

The report found that more than half of respondents, or 53 percent, ranked generative artificial intelligence and process automation among their top technology investment priorities.

Based on the survey findings, the report proposed 37 recommendations for the banking sector’s next phase of development, surrounding four strategic pillars – internationalization, interconnectivity, innovation and inclusion.

The proposals include expanding the current Stock Connect programs to allow mainland investors to participate in Hong Kong-listed initial public offerings, and enhancing the mutual recognition mechanism for professional qualifications across the Guangdong-Hong Kong-Macao Greater Bay Area.

The report also proposed strengthening Hong Kong’s role as a global offshore renminbi hub by offering faster payment channels, broadening the scope of eligible products, as well as engaging with more emerging markets, including those involved in the Belt and Road Initiative.

“Hong Kong has an international financial services ecosystem and a mature market environment, enabling it to provide Central Asian enterprises with diversified financing solutions and renminbi-denominated products,” said Stephen Chan Man, acting chairman of the HKAB and deputy chief executive of Bank of China (Hong Kong).

“This will help companies optimize their financing structures and currency portfolios, reduce risks, particularly exchange rate risks, and capitalize on the development opportunities arising from regional cooperation.”

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The HKSAR government is set to unveil its inaugural five-year development plan on Wednesday, when Chief Executive John Lee Ka-chiu will also deliver his latest Policy Address.

Chan said the banking industry expects the blueprint to help Hong Kong better align with the nation’s development strategies, establish a more forward-looking and systematic framework for future growth, and further boost market confidence in the city’s long-term prospects.

He added that the banking sector had maintained close communication with the HKSAR government and regulators on issues aimed at advancing the development of the local financial market.

“We will fully support the government’s overall policy direction, leverage the financial sector’s strengths in capital allocation, financial innovation, and connectivity, and work together to implement various initiatives and promote the growth of Hong Kong’s economy and financial markets.”

Contact the writer at gabylin@chinadailyhk.com