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Iris Ouyang

Bank of East Asia (BEA) plans to set up its first branch in Hainan province, as officials in China’s largest free-trade hub court foreign investment in the financial sector.
The Hong Kong-based bank’s foray into Hainan follows HSBC, which opened its first branch in the provincial capital Haikou in December 2021.
The bank’s operations in Hainan are expected to reach at least a few billion yuan in the first few years of operation, Ronald Ho, deputy CEO of Bank of East Asia (China), said in an interview with the Post.
“Some of our clients are very interested in exploring and expanding their operations in Hainan, so we would like to follow and try to serve them,” he said, adding that the province’s favourable policies, which are unique, also attracted the bank.

The Hong Kong-listed lender signed an agreement on Thursday with Hainan authorities to enhance cooperation in areas including wealth management, account settlement and cross-border investment and financing. The branch’s opening is pending internal bank approval.
BEA’s foray into China’s biggest free-trade zone comes as the province aims to build itself into an international business hub with various favourable policies. With China quickening the pace of opening up of its financial industry, giving approvals to wholly owned mutual funds and entities by foreign financial institutions, Hainan is expected to greatly benefit as a pilot zone.
How will Hainan free-trade port affect the Greater Bay Area and Asean?
“We are very eager to introduce and partner with such high-quality banks [like BEA] which have international outlooks and capabilities,” said Ding Fei, deputy mayor of Haikou, at the signing ceremony on Thursday. The city will continue to improve its business environment, interpretation of policies and help foreign financial institutions with their projects, he added.
Ding’s comments came as executives of some 30 international banks are visiting the province this week to explore business opportunities and meet local authorities on the sidelines of the China International Consumer Products Expo.
“We are very positive about the investment environment in Hainan,” BEA’s Ho said.
However, international banks would like to know the details of the policies’ implementation, such as approval processes and regulations, before making further bets on the region, he added.
The BEA and Hainan framework strengthens financial service capabilities for an increasing number of foreign companies in Hainan, Guan Yi, deputy head of the Local Financial Regulatory Bureau of Hainan Province, said in a written reply to the Post. “We strongly believe that more foreign banks will collaborate with the free-trade port.”
He stressed that the province will continue to facilitate the opening up of its banking sector.
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As a poster child of China’s opening up, Hainan had previously set up a slew of pilot programmes on cross-border asset management, cross-border cash pooling, as well as easing of capital controls.
“We welcome everybody to come and establish [businesses] and buy houses here,” Yi Xichuan, an official at the Hainan Banking and Insurance Regulatory Bureau, said at a meeting with some international banks in Haikou on Wednesday.
She asked the banks to move their headquarters to the province, set up branches and purchase stakes in local lenders.


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Bank of East Asia says its first branch in Hainan will come up in the provincial capital Haikou after signing an agreement with local authorities on Thursday
Officials of some 30 banks are in Hainan this week as the province courts foreign investment to build itself into a trade and finance centre


Bank of East Asia plans to set up its first branch in Hainan province, as officials in China’s largest free-trade hub court foreign investment in the financial sector.
