HKMA Hosts Seminar on Banking Sector Support for SMEs
Iris Coleman Jun 24, 2024 12:31
The HKMA, along with key banking associations, hosted a seminar to discuss support measures for SMEs, benefiting around 7,000 businesses with over HK$15 billion in credit.
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.
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