HKMA Hosts Seminar on Banking Sector Support for SMEs

The
Hong
Kong
Monetary
Authority
(HKMA),
in
collaboration
with
the
Hong
Kong
Association
of
Banks
and
the
Chinese
Banking
Association
of
Hong
Kong,
recently
concluded
a
seminar
focused
on
the
banking
sector’s
support
measures
for
small
and
medium-sized
enterprises
(SMEs).
According
to
the

HKMA,
the
event
was
supported
by
various
organizations,
including
the
Trade
and
Industry
Department’s
Support
and
Consultation
Centre
for
SMEs
and
the
Hong
Kong
Mortgage
Corporation
Limited.

Key
Highlights
of
the
Seminar

The
seminar,
held
on
June
24,
2024,
brought
together
200
representatives
from
the
banking
sector,
trade
associations,
chambers,
and
SME
operators.
The
attendees
engaged
in
active
discussions
about
the
banking
sector’s
support
measures
and
the
diverse
services
available
to
SMEs.
The
event
featured
three
panel
discussions
covering
critical
topics
such
as
leveraging
financial
technology
for
easier
and
faster
bank
financing
and
supporting
SME
business
transformation.

Arthur
Yuen,
Deputy
Chief
Executive
of
the
HKMA,
delivered
the
welcome
remarks,
emphasizing
the
importance
of
understanding
SMEs’
needs
and
raising
awareness
about
the
available
support
measures.
Notable
figures
such
as
Frank
Fang,
Acting
Chairperson
of
the
Hong
Kong
Association
of
Banks,
and
Ronick
Chan,
Vice
Chairman
of
the
Chinese
Banking
Association
of
Hong
Kong,
were
also
present.

Impact
of
SME
Support
Measures

Since
the
introduction
of
nine
SME
support
measures
by
the
HKMA
and
the
Banking
Sector
SME
Lending
Coordination
Mechanism
on
March
28,
2024,
around
7,000
SMEs
have
benefited,
with
an
aggregate
credit
limit
exceeding
HK$15
billion.
The
seminar
aimed
to
further
enhance
the
banking
sector’s
understanding
of
SMEs’
needs
while
strengthening
customers’
awareness
of
these
support
measures.

Panel
discussions
included
insights
on
how
banks
use
financial
technology,
such
as
the
HKMA’s
Interbank
Account
Data
Sharing
(IADS)
initiative,
to
facilitate
SME
financing.
Several
SME
operators
shared
their
success
stories,
highlighting
how
banking
support
helped
them
expand
into
new
markets
and
regions.

Continued
Support
for
SMEs

The
HKMA
has
committed
to
maintaining
close
communication
with
the
banking
and
commercial
sectors
to
support
the
ongoing
development
of
SMEs.
This
commitment
aligns
with
the
authority’s
broader
objective
of
fostering
a
robust
and
inclusive
financial
ecosystem
in
Hong
Kong.

The
seminar
underscored
the
collaborative
efforts
between
financial
institutions
and
SMEs,
aiming
to
create
a
supportive
environment
that
encourages
business
growth
and
innovation.

Image
source:
Shutterstock