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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.
HSBC lowers Hong Kong dollar prime rate and savings deposit rate.
Hang Seng Bank (00011.HK) will lower the Hong Kong dollar prime rate from 5.625% to 5.375%, a decrease of 25 basis points; the bank will also reduce the Hong Kong dollar savings deposit rate, with the savings deposit rate for account balances of $5,000 or more to be lowered from 0.625% to 0.375%, both effective next Monday. Hang Seng Bank Executive Director and CEO, Shi Yingyan, stated that they will continue to monitor the external environment and market developments, and adjust interest rate levels accordingly. (vc/u)~
The Hong Kong Monetary Authority will cut interest rates by 0.25 percentage points next month.
The Federal Reserve announced a 0.25 percentage point rate cut. Hang Seng Bank (00011.HK) Director of Economic Research and Chief Economist Xue Junsheng said that as US inflation continues to decline and labor market tightness eases compared to before, the Federal Reserve, as expected by the market, further reduced interest rates. The current US economic outlook remains uncertain, Federal Reserve Chairman Powell emphasized the authorities will monitor risks in terms of inflation and labor market during the press conference after the interest rate decision meeting. The Bank expects the Federal Reserve to reduce interest rates by 0.25 percentage points next month, and next year will depend on US data and economic trends, gradually easing monetary policy. The gradual decline in US interest rates will be beneficial.
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)~
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.
Express News | Hang Seng Bank announced that its asset management company has partnered with SAB INVEST to launch a brand new feeder fund fully invested in the tracker fund of Hong Kong.
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