Global banks urge Hong Kong to ease zero-Covid policy, as city waived only one in five applicants from tough quarantine measures

The government approved only 86 quarantine waivers as of October 22, out of 385 applications received, according to data provided by the Financial Services and the Treasury Bureau (FSTB)

Hong Kong risks losing its vital international status if it does not implement a clear Covid exit strategy, said the Asia Securities Industry and Financial Markets Association (ASIFMA)

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Inbound travellers arriving at Hong Kong International Airport getting in queue to be transported to quarantine hotels in the city on 2 September 2021. Photo: Dickson Lee

Published: 5:46pm, 25 Oct 2021Updated: 10:26pm, 25 Oct 2021

International financial firms have urged Hong Kong to ease its zero-Covid approach, as the government’s data showed that only one in five applicants were exempted from a tough quarantine rule since a waiver programme kicked off five months ago.

The exemption scheme had not operated as expected, with only 86 approvals granted as of October 22, out of 385 applications received, according to data provided by the Financial Services and the Treasury Bureau (FSTB) in response to a query by South China Morning Post.

The data underscored the concern shared in a survey compiled by the Asia Securities Industry and Financial Markets Association (ASIFMA), which counts 150 banks and asset managers as members including BlackRock, Goldman Sachs and JPMorgan. The guild sent a letter to Financial Secretary Paul Chan Mo-po over the weekend, urging him to give a clear road map of how the city plans to resume normal operations like other international financial centres.