AIA Asset Management Company Limited and ASR Asset Management Company Limited officially commenced operations in Shanghai on Tuesday, becoming the city's first wholly foreign-owned insurance asset management companies to open for business.

The milestone reflects China's continued progress in institutional financial opening and represents a notable development in Shanghai's efforts to strengthen its role as an international financial centre.

The collective opening ceremony was attended by Wu Wei, Member of the Standing Committee of the Shanghai Municipal Party Committee and Executive Vice Mayor of Shanghai. In his remarks, Wu noted that both firms completed their regulatory preparation and operational setup within six months, highlighting the regulators' support for financial opening and sending a clear signal of China's commitment to high-standard liberalisation in the financial sector.

As wholly owned asset management platforms established by leading global insurance groups, the launch of AIA and ASR in Shanghai reflects not only a strategic capital allocation, but also long-term confidence in the Chinese market.

AIA Group stated that the establishment of its insurance asset management arm forms a key component of its “rooted in China, serving China” strategy. Leveraging Shanghai's international financial centre ecosystem, the company aims to strengthen its cross-border asset allocation capabilities and deliver diversified, professional investment products and services to both onshore and offshore clients.

ASR Group, part of Aegon, underlined that the launch demonstrates its determination to participate deeply in China's financial opening process. The firm plans to introduce international investment expertise and advanced risk management practices, contributing to greater connectivity between Chinese and European asset management markets.

The entry of the two firms is expected to expand Shanghai's cross-border financial product offerings, enhance the global appeal of RMB-denominated assets, and support a more efficient two-way flow of capital under the “bringing in” and “going out” framework.

Wu Wei emphasised that 2026 marks the first year of China's 15th Five-Year Plan, during which the central government has reiterated its commitment to accelerating the development of Shanghai as an international financial centre and to steadily expanding institutional financial opening.

He stated that Shanghai will continue to leverage its strengths in industrial clustering, high-end talent, and business environment to provide financial institutions with:

• broader market opportunities,

• more efficient cross-border investment and financing channels, and

• a stable, transparent legal and regulatory framework.

Shanghai will further optimise policies on cross-border capital flows, integrated management of RMB and foreign currencies, and pilot programmes such as QDLP and QFLP, positioning the city as a preferred gateway for global capital allocating into Chinese assets.

Senior officials from the Shanghai Municipal Government, the Municipal Financial Office, the Municipal Commission of Commerce, the Shanghai office of the financial regulator, as well as representatives from Pudong New Area and Hongkou District, also attended the ceremony, underscoring the city's commitment to facilitating foreign financial institutions with a service-oriented approach.

With the commencement of operations by AIA Asset Management and ASR Asset Management, Shanghai now hosts foreign-controlled or wholly foreign-owned institutions across all major financial sectors, including banking, securities, funds, insurance, and asset management.

The development further strengthens Shanghai's cross-border financial functions and its capacity for international resource allocation. Authorities indicated that the city will continue to advance reform, innovation, and development through high-level opening, contributing to the construction of a modern financial system with Chinese characteristics and supporting broader international economic cooperation.