HONG KONG SAR - Media OutReach - 19 October 2022 - On 10 October 2022, Victory Nest Asset Management Pte. Ltd., a subsidiary of Victory Securities, obtained the asset management license issued by MAS, the financial regulatory body of the Singapore Government.

It is a new chapter of Victory Securities' expansion in global wealth management.

Victory Global Asset Management Services can now provide customized wealth inheritance and asset management solutions for middle and high net worth individuals and families through its Singapore company. Victory Securities has years of experience in wealth management, trust services, real estate investment and corporate services. With the competitive advantages brought by its Singapore company and cooperation with local banks, it enabled Victory Securities to discover regional investment opportunities and provide professional wealth management services tailored to a wide range of customer needs.

Adam Zhou, a spokesperson for Victory Nest Asset Management Pte. Ltd., said, "To help customers manage family wealth inheritance, integrate assets and transfer risks, we provide them with highly customizable services, including global asset allocation, real estate investment, high-end insurance, family trust arrangements and tax planning, all for a brighter future for customers.

Data show that Victory Securities' Asset Under Management (AUM) has grown every year, with a growth rate of over 41% in a period of four years. On the growth trend, Zhou commented, "Under the premise of controlling risks and rate of return, our investment and research team keeps abreast of market trends and dynamically adjusts clients' investment portfolio to take advantage of market opportunities.

Recently, "The Deloitte International Wealth Management Centre Ranking 2018" listed the competitive advantages and disadvantages of the asset management and wealth management industries in major financial centers around the world. There are four competitiveness indicators, namely the business environment (hardware facilities, the attractiveness of tourist destination, capital markets, the center of the fintech industry ), operational capability (human capital, quality of wealth management services, efficiency of wealth management institutions, maturity of digital capabilities), stability (stability of monetary policy, stability of the financial system, political stability), and taxation and regulation (protection of clients' capital rights). Based on the four indicators above, Victory Securities compares wealth management services in Singapore and Hong Kong for investors' reference.

Under the development blueprint of "The Belt and Road Initiative" by the mainland China, Hong Kong will continue to function as a financial center, capital management platform, risk management center and service provider for the offshore renminbi market. Major medium to large financial institutions have a branch in Hong Kong. Adam Zhou, the spokesperson for Victory Singapore Asset Management Company, said: "Thanks to the rapid economic development, there are lots of high-net-worth individuals in the mainland China. After the completion of the Greater Bay Area bridge, Guangdong, Hong Kong and Macau are well connected, with a total population of 70 million and a total GDP of 1.5 trillion US dollars. Boasting an excellent environment and infrastructure for the development of new fintech companies, attractive financial platform, green finance and other investment projects, Hong Kong plays an important role in the global IPO market.

On the other hand, Singapore ranks third in the world in foreign exchange trading volume. The Singapore government is encouraging financial institutions to make use of Application Programming Interface (API) so as to increase connectivity and financial technology innovation. Adam Zhou explained with a few more examples, "To work with financial institutions in the development of general tools, such as electronic payment, digital ID cards and electronic KYC (know-your-client) authentication. Singapore is also investing in R&D on developing new solutions, including providing solutions based on Distributed Ledger Technology (DLT) or blockchain technology for cross-bank payments and accounts receivable financing.

Tax rates and foreign exchange systems in Hong Kong and Singapore

	Hong Kong	Singapore
Tax rate	A low-tax environment: business income tax rate at 16.5%. Imputation tax system: dividends paid to shareholders are not taxable, and capital tax and business tax are not levied.	A low-tax environment: business income tax rate at 17%. Imputation tax system: dividends paid to shareholders are not taxable, capital tax is not levied, and GST (goods and service tax) is at 7%.
Foreign exchange	No foreign exchange controls. Total freedom of inward and outward remittance of funds.	No strict controls over inward and outward remittance of funds.
Exchange rate	A linked exchange rate system: the Hong Kong dollar is pegged to the US dollar at an exchange rate between 7.75 and 7.85 Hong Kong dollars to 1 US dollar.	A floating exchange rate system: no strict controls over foreign exchange and capital influx or outflux

For more information about the investment opportunities in global stock markets, please visit Victory Securities' website at www.victorysec.com.hk.

Disclaimer

This content should not be regarded as a basis for an offer, solicitation, an invitation, recommendation to buy or sell any investment product or investment decision, nor should it be construed as professional advice. Investment involves risks. Before making any investment decisions, investors should fully understand the risks and the characteristics and consequences of relevant laws, taxation and accounting, and decide whether it is suitable for their personal financial situation and investment objectives based on their personal position, and whether they can bear the relevant risks. Professional advice should be sought if necessary.

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The issuer is solely responsible for the content of this announcement.