Guernsey Finance has inked a memorandum of understanding (MoU) with the Shanghai Family Office Union (SFOU) to support business development initiatives between Guernsey and the SFOU.

The MoU was signed by Kate Clouston, director of international business development at Guernsey Finance, and Antoine Kuo, chairman of the SFOU, in Shanghai in November 2015.

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The pact also includes the provision of office and meeting room space in Shanghai, organisation of events, employee exchange programmes and registration services.

The signing ceremony came at the end of an Asia trip by Guernsey Finance and members of the jurisdiction’s financial sector, which includes visits to Hong Kong, Kuala Lumpur, Singapore, Beijing and Shanghai.

Clouston said: "We are thrilled to have a partner in Shanghai with whom we can work to develop ties and increase business exchanges in the private wealth space.

"Guernsey industry experts now have the opportunity to help Chinese firms understand international regulatory and compliance standards and procedures, and the Union will in turn act as a conduit to a vast and growing network in mainland China.

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"The MoU also shows a broadening of the relationship between Guernsey and China which has continued to build since we first established our Shanghai office in 2007."

Kuo said: "The MoU we signed today is to share the financial services industry’s resources to promote the depth of cooperation between the Shanghai Family Office Union and Guernsey to provide professional, high quality standards of service for both sets of customers."