Hong Kong’s financial sector sees double-digit increases in female leadership since 2018

28 October 2025, Hong Kong (SAR), China (“Hong Kong”) – A joint report by the Women Chief Executives Hong Kong (“WCE HK”), KPMG, and The Women’s Foundation (“TWF”) has found that a set of six societal factors – collectively termed “VOICES” – is underpinning Hong Kong’s success in advancing women’s leadership across the financial services industry.

The report, titled “Tipping the Scale – Hong Kong’s Leading Role in Advancing Gender Leadership Opportunities in Financial Services”, shows that women now hold 45% of senior leadership¹ positions and 37% of board director positions in Hong Kong’s financial sector, representing double-digit increases since 2018².

Based on a survey of over 530 financial services professionals, the report attributes these gains in part to a combination of regulatory, societal, and organisational advances, underpinned by the VOICES framework:

• Visible acceptance to break the glass ceiling
• Open family support systems
• Infrastructure for work‑life agility
• Culture of entrepreneurship, merit and adaptability
• Education that’s equitable, and
• Safety that fosters confidence.

Together, these factors form the ecosystem that help women to lead authentically and sustain career progression across every level of financial services.

Among female respondents with international experiences, Hong Kong ranked first among other international financial centres for visible societal acceptance of women breaking the glass ceiling, crediting societal infrastructure as a key enabler for career continuity.

70% of female respondents said they feel encouraged to lead, while only 15% reported experiencing gender bias from male colleagues. Additionally, 76% highlighted Hong Kong’s safety as a key factor supporting career progression, which is a foundation for the psychological safety needed to speak up, take risks, and lead.

Alongside strong societal foundations, policy momentum is playing an important role in accelerating change. The report notes that the Hong Kong Exchanges and Clearing Limited (HKEX) diversity framework has been a major catalyst. Reforms to eliminate all single-gender boards by 2025 and require annual gender reporting at senior leadership and workforce levels have positioned Hong Kong as a forward-looking market for gender disclosure and board diversity.

At the organisational level, companies are also seeing meaningful internal change. The report finds that 76% of women see visible female leadership as the most influential workplace enabler for career progression. A large majority (72%) also agree that female role models in leadership are becoming increasingly common.

While Hong Kong’s financial sector has made impressive gains in gender diversity, the report highlights several important areas for continued advancement.

The growing adoption of technologies such as artificial intelligence, machine learning, advanced data analytics, and virtual assets is reshaping the skills required in the financial services industry globally. While these innovations offer new opportunities, it will also be important to ensure that women are well equipped and encouraged to participate in these fields.

Another key challenge is addressing the mid-career dip experienced by many women. While 77% of entry-level women in Hong Kong’s financial services industry feel supported to pursue leadership opportunities – a figure that remains relatively strong at the senior level (68%) – only 59% of mid-career women feel similarly encouraged to take on leadership roles, highlighting a pronounced “mid-career dip”.

Organisations can address mid-career attrition and family-care pressures by normalising and championing flexibility for caregivers of all genders, and by regularly evaluating leave policies such as parental and carer’s leave, as well as supplemental support services like mental health support, to ensure they meet the diverse needs of employees. Implementing structured re-entry programmes for those returning from career breaks is also important.

Another critical factor to empower female leadership is male allyship, highlighting the need to continue expanding male allyship programmes and foster a culture of shared responsibility. Male focus group participants acknowledge ongoing perception differences and note that men are more likely to believe gender diversity is “solved” due to the current high visibility of female promotions. Focus group participants agreed that male allyship must move beyond symbolic gestures.

To access the full report, please visit:

https://kpmg.com/cn/en/home/insights/2025/10/tipping-the-scale.html

¹ Senior leadership defined as the CEO, MD and all employees up to three reporting levels below

² “Gender diversity in the Hong Kong Financial Services Sector: Moving from conversation to action.”

-Ends-

Isis Wong
Direct: +852 3927 5810
Email: iw.wong@kpmg.com

Carrie Wong
Direct: +852 3927 5636
Email: cy.wong@kpmg.com

Isabel Kwok/ Angela Wong
CDR
Direct: +852 3103 0123 / +852 3103 0113
Email: KPMG@cdrconsultancy.com

In 2025, KPMG marks “80 Years of Trust” in Hong Kong. Established in 1945, we were the first international accounting organisation to set up operations in the city. Over the past eight decades, we’ve woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world’s leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: “80 Years of Trust”.