Hong Kong’s financial industry has made notable strides in female leadership, nearing parity at senior levels thanks to a unique combination of societal support and policy reform.
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A recent report by Women Chief Executives Hong Kong, KPMG, and The Women’s Foundation reveals that women now hold 45% of senior leadership roles and 37% of board director posts – figures that have increased significantly since 2018.
Six Societal Drivers Behind Female Leadership Growth
The report identifies six societal enablers, summarized as “VOICES,” that underpin sustainable female leadership in Hong Kong’s financial sector.
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These include visible acceptance of women breaking the glass ceiling, open family support, infrastructure that enables work-life balance, a culture valuing entrepreneurship and merit, equitable education, and an environment that fosters safety and confidence. Hong Kong ranks highest among global financial centers for societal acceptance, empowering women to sustain their careers.
“Hong Kong’s social fabric and unique historical context provide a strong foundation for women’s leadership advancement, but the true opportunity lies in building on these assets with intention and inclusivity,” commented Jia Ning Song, Head of Advisory and Head of Banking and Capital Markets, Hong Kong SAR, KPMG China.
Seventy percent of surveyed women feel encouraged to lead, while only 15% have experienced gender bias from male colleagues. Furthermore, safety in Hong Kong’s environment stands out as a critical factor, with 76% citing it as key to their career progression.
Regulatory and Organizational Advances Fuel Change
Beyond social factors, regulatory reforms are accelerating the advancement of gender diversity. Hong Kong Exchanges and Clearing Limited has mandated the elimination of single-gender boards by 2025 and enforced annual gender reporting at leadership and workforce levels.
At the corporate level, the presence of visible female leaders acts as a powerful motivator. The report shows that 76% of women view female leadership role models as the top factor facilitating career advancement, and 72% recognize an increasing number of women in leadership roles within their organizations.
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“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. As more women in Hong Kong are seen leading authentically and successfully, this stereotype is being challenged,” added Ivy Cheung, Senior Partner in Hong Kong SAR and Vice Chairman of KPMG China.
Addressing the Mid-Career Dip
The report highlights a critical challenge: a “mid-career dip,” where only 59% of mid-career women feel supported in pursuing leadership roles, compared to 77% of entry-level women and 68% of senior-level women. This gap highlights pressures from family care responsibilities and limitations on workplace flexibility.
Male allyship remains essential to sustaining momentum. The report finds men often underestimate ongoing gender disparities, partially due to the visibility of some female promotions.
