Guernsey Finance is set to open a representative office in Hong Kong in the first quarter of 2016.

Guernsey Finance’s China representative Wendy Weng, who is based in Shanghai, will use the office as a base to conduct further promotional activities on the wider Southeast Asia market.

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The Hong Kong office will be used by the Guernsey Financial Services Commission (GFSC) to provide regulatory advice to those in the region.

The new office is centrally located at Three Pacific Place in Admiralty and will add to Guernsey Finance’s China office, which opened in 2008.

Guernsey Finance CEO Dominic Wheatley said: "The Hong Kong office is an exciting development not only for Guernsey Finance, but also the Island’s financial services sector which has a growing interest in the region.

"We believe that establishing a larger presence in Asia reflects current industry trends and is fundamental to our future strategy, particularly as Hong Kong is such an important hub not only for China, but South East Asia overall.

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"Full details of the events will be announced in due course, but it is important for those in the South Asia market to be aware that the office will be ‘open for business’ before then, most likely by the end of January," added Wheatley.

Guernsey commerce and employment minister, deputy Kevin Stewart said: "We are delighted that Guernsey Finance will have a physical presence in Hong Kong which, in conjunction with the Shanghai office, will assist the Island’s finance sector in the promotion of its services in the region and reflects the priorities set out in the government’s finance sector strategy.

"Hong Kong is regarded as a key global financial location and this is a significant step in Guernsey’s ability to attract new business from the region on the basis of its reputation as a well-regulated, compliant and cooperative international finance centre."

GFSC director general William Mason said: "We recognise the potentially significant benefits of this initiative which should improve the Bailiwick’s understanding of the important Asian markets and how we might work constructively with them."