The Hong Kong Monetary Authority (HKMA) issued requirements on Wednesday for banks to improve their services for elderly customers, as the proportion of the city’s population over the age of 65 increases rapidly. Banks will be required to upgrade their apps to meet the needs of elderly customers, improve branch facilities and ensure that staff…
Hong Kong’s de facto central bank has cut its base interest rate for the third time in three months, lowering the cost of funding to help reboot businesses and ease the burden of mortgage borrowers. The city’s base rate was reduced by a quarter of a percentage point to 4 per cent, according to the…
Hong Kong enterprises have “high hopes” that a visit to Saudi Arabia as part of a high-powered delegation led by the city’s finance chief will help strengthen ties with the country and expand their business in the Middle East. Financial Secretary Paul Chan Mo-po will depart for Riyadh on Monday to attend the 9th Future…
Hong Kong note-issuing banks HSBC and Standard Chartered on Monday completed trades at the launch of the city’s cross-boundary bond repurchase (repo) scheme, according to the two lenders. The cross-boundary bond repo business was launched by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China, alongside other mainland authorities, as the latest…
Hong Kong’s monetary authority will launch a Renminbi (RMB) Business Facility from next month to support banks in offering yuan loans to companies, a move that aims to promote trade finance and direct investment as the city strengthens its role as an offshore yuan hub. “The potential usage of the RMB Business Facility by participating…
Hong Kong’s monetary authority will launch a Renminbi (RMB) Business Facility from next month to support banks in offering yuan loans to companies, a move that aims to promote trade finance and direct investment as the city strengthens its role as an offshore yuan hub. “The potential usage of the RMB Business Facility by participating…
The world’s first offshore yuan-denominated tokenised public bond was issued in Hong Kong on Monday, in a deal seen as a milestone in the city’s ambition to become a digital finance hub. GF Securities (Hong Kong) Brokerage raised 500 million yuan (US$70 million) on behalf of Shenzhen Futian Investment Holdings, with the two-year bond carrying…
Share prices of listed companies in related businesses have appreciated very significantly in both the US and Hong Kong. The trend appears unstoppable. US Treasury Secretary Scott Bessent expects the stablecoin market alone to grow tenfold over the next few years from US$200 billion to US$2 trillion. While cryptocurrencies present new opportunities for investors, it…
The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said it had no plans to establish a “bad bank” to absorb troubled debt in the financial system, saying that the local banking sector remained healthy and profitable. “Overall, banks in Hong Kong maintain a healthy balance sheet; their credit risk is manageable…
HSBC is launching a new education series to equip Hong Kong’s small and medium-sized enterprises (SMEs) with knowledge to help them maintain smooth business operations amid the threat of disruption from US tariffs. The city’s largest lender said the Account Fitness initiative would help SMEs effectively manage and maintain healthy accounts. “Many entrepreneurs of SMEs…