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Hong Kong’s financial sector has seen strong growth in the number of women taking up senior positions and board directorships in recent years, driven by regulatory changes and corporate initiatives promoting gender diversity, according to a survey released on Tuesday. Women held 45 per cent of senior leadership roles – namely CEO, managing director and executives within three reporting levels below – in banks, asset management firms, insurance companies and fintech firms in the city, according to a joint report by the Women Chief Executive Network, KPMG and the Women’s Foundation. This marked an increase of 11 percentage points from 34 per cent in 2018. The report also found that 37 per cent of board of directors in Hong Kong’s financial sector were women, jumping 16 percentage points from 21 per cent in 2018. The findings were based on employment data of 24 member firms of the Women Chief Executive Network and a survey of 532 financial professionals in the city from April to July. The network includes 60 female executives from leading firms like UBS, Standard Chartered and Citigroup. Three Hong Kong women CEOs – UBS’ Amy Lo Choi-wan, Standard Chartered’s Mary Huen Wai-yi and Citi’s Aveline San Pau-len – as well as Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting, are active members of the network. Respondents ranked Hong Kong as the top international financial centre for societal acceptance of women breaking the glass ceiling. Additionally, 76 per cent of respondents highlighted Hong Kong’s safety as a key factor supporting women's career progression, the report said. “One of Hong Kong’s strengths lies in the supportive environment it fosters – one that encourages entrepreneurship and pragmatism,” said Lo, chairman of UBS Global Wealth Management Asia. “Diversity here feels organic, not imposed, and women benefit from a broad culture of encouragement that empowers them to lead with confidence and authenticity.” To promote Hong Kong’s international image in women’s business leadership, the first Women Chief Executives Summit 2025 will be held on November 3, just before the welcome dinner of the Global Financial Leaders’ Investment Summit organised by the Hong Kong Monetary Authority on the same day. The three-day financial leaders’ summit will be attended by 300 of the world’s top bankers. Regulatory requirement changes were a major catalyst for the rise of women in leadership, particularly new HKEX policies to promote gender diversity on boards, the report said. Fewer than 10 of Hong Kong’s around 2,600 listed companies had no women on their boards as of the end of June, just six months after a new rule banning single-gender boards took effect on January 1, according to data from HKEX. This marked a dramatic improvement from 2022, when more than 800 firms – or 40 per cent of listed companies – did not have female directors. Corporate culture was also shifting, with 72 per cent of respondents noting that female role models in leadership were becoming more common, the report said. “Traditionally, leadership traits have been associated with the male gender, leading to a bias – often unconscious – that women are less ‘naturally’ suited to senior roles,” said Ivy Cheung, senior partner in Hong Kong and vice-chairman of KPMG China. “As more women in Hong Kong are seen leading authentically and successfully, this stereotype is being challenged.” About 77 per cent of entry-level women in Hong Kong’s financial services industry felt supported in pursuing leadership opportunities, but that figure declined to 59 per cent among mid-career women, the report said. Companies could better support them by offering more parental leave and mental health support, according to the report. The growing adoption of technologies like artificial intelligence and other digital tools in the financial sector would also ensure that women were well equipped to develop their careers, the report said.
