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HKMA joins other regulators in social media trend

The Hong Kong Monetary Authority has set up a Facebook page, joining other regulators and central banks in the region that have a social media presence.

The HKMA launched its Facebook page on Friday in a move to strengthen its communications efforts, according to a statement from the regulator. Since its launch, the Facebook page has gathered 2,696 followers as of this writing.

“This will facilitate better understanding about the work of the HKMA and enhance public knowledge of financial products and services,” the regulator said in the statement.

Hong Kong’s other financial regulator, the Securities and Futures Commission, does not have a social media presence. FSA sought more information from the SFC, but it was not able to comment in time for publication.

HKMA joins other financial regulators and central banks in the region that have set up a social media presence. So far, the central banks of Indonesia, Malaysia and the Philippines, as well as Indonesia’s Financial Services Authority, have been the most active on social media, having a presence on Facebook, Twitter, Youtube and Instagram.

Singapore’s Monetary Authority of Singapore has a Twitter account.

Number of social media followers

Source: Regulator/central bank websites

Asset managers such as BNP Paribas Asset Management, Franklin Templeton, Allianz Global Investors and JP Morgan Asset Management also use social media as a platform to build their brands in various domestic markets in Asia.

Even private bankers use social media to reach out to their clients. For example, in China, 80% of the major wealth managers use Wechat, according to a report published by research firm My Private Banking.

These managers include UBS China Wealth Management, HSBC Private Banking, BNP Paribas Wealth Management, ABC Private Banking, Citigold Private Clients and Noah Holdings.

Part of the Bonhill Group.