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HKMA collaborates with Cyberport and banks to organize the 'SME Digital Technology Solutions Showcase Day'.
The Hong Kong Monetary Authority announced that yesterday, together with Hong Kong Cyberport, the Hong Kong Association of Banks, and the Hong Kong Chinese-funded Banking Industry Association, they held the "Digital Technology Solutions Showcase Day for Small and Medium Enterprises". Over 100 representatives from dining and retail trade small and medium enterprises, banks, and technology solution providers exchanged ideas on how the banking industry can support the digital transformation of small and medium enterprises through big data and technology. The Monetary Authority mentioned that currently, 7 banks have committed to launching fast-track loan products for small and medium enterprises that have applied for the "Digital Transformation Support Pilot Program", with approval within 5 working days, meeting the financial needs of small and medium enterprises in changing business operations and expanding into new business and markets.
Dong Asia (00023.HK) lowered the Hong Kong dollar's prime rate by 0.25 basis points.
Dah Sing Bank (023.HK) has announced a reduction in interest rates. The standard savings deposit rate for Hong Kong dollar deposits of HK$5,000 or more will be lowered from the current 0.625% to 0.375%, and the best Hong Kong dollar rate will be reduced from the current 5.875% to 5.625%, effective from November 11th (next Monday).
The Hong Kong Monetary Authority has lowered the basic interest rate by 25 basis points to 0.5%.
After the usa Federal Reserve cut interest rates by 0.25 percentage points again, the Hong Kong Monetary Authority lowered the discount window base rate by 25 basis points to 5 percent. (wl/w)~
People's Bank of China holds a symposium for foreign financial institutions. Pan Gongsheng: continue to adhere to the implementation of supportive mmf policies.
People's Bank of China held a symposium for foreign financial institutions yesterday (6th), listening to their opinions and suggestions, studying further optimization of the business environment, and promoting high-level opening-up of the financial industry. Representatives from 11 foreign financial institutions including HSBC, Bank of East Asia, Standard Chartered Bank, Citibank, DBS Bank of Singapore, Mizuho Bank of Japan, JPMorgan Chase, Crédit Industriel et Commercial of France, Deutsche Bank, Bank of Montreal of Canada, and Morgan Stanley attended and spoke. During the meeting speech, Governor of People's Bank of China, Pan Gongsheng, pointed out the favorable conditions such as the solid foundation and broad market, strong economic resilience, and great potential of the mainland economy.
Express News | The People's Bank of China: Leaders of 11 foreign financial institutions including HSBC and Standard Chartered Bank attended the meeting.
S&P: Downturn in commercial real estate in Hong Kong spreading to banks, small and medium-sized banks may be affected.
Rating agency Standard & Poor's Global stated that the commercial real estate industry in Hong Kong is facing the most severe downturn since the Asian financial crisis, expecting that some non-first and second-tier, as well as financially aggressive real estate companies will be most severely affected. Small banks closely associated with these real estate companies will also be affected. Standard & Poor's mentioned that non-first and second-tier real estate companies include mainly rental companies that own office and retail properties. If small real estate developers also participate in office and retail property projects, they are believed to face pressure. Small and medium-sized banks may underestimate the risk of non-performing loans in the real estate industry. Compared to large banks, small and medium-sized banks in Hong Kong may have a high exposure to real estate.
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