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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.
Dah Sing Bank lowered the Hong Kong dollar prime rate by 25 basis points to 5.625%.
Dah Sing Bank announced that starting on November 11th (today), the annual interest rate for Hong Kong dollar savings deposits will be adjusted from 0.625% to 0.375%. The bank's most favorable Hong Kong dollar interest rate will be adjusted from an annual rate of 5.875% to 5.625%.
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.
In September, the overall consumer price index in the Hong Kong rose by 2.2% annually according to the Economic Index, and Dah Sing Financial expects it to fall to below 2% in the fourth quarter.
Hong Kong's overall consumer price index rose by 2.2% year-on-year in September, slowing down by 0.3 percentage points from the previous month. Dah Sing Financial Group (00440.HK) Chief Economist and Strategist Kelvin Yam stated that the September overall consumer price index increase was slightly lower than the market's and the bank's expectations of 2.4% and 2.3% respectively. Excluding one-off relief measures, underlying inflation rose by 0.9% year-on-year, also slowing down by 0.3 percentage points from the previous month. Yam mentioned that overall food prices saw a slowdown in the year-on-year growth rate by 0.8 percentage points to 1%, reaching the lowest increase since January this year. Among them, basic food prices shifted from rising to falling, ending three consecutive months of increase; going out.
AM Best Affirms Credit Ratings of Dah Sing Insurance Company Limited
Citi: Relaxing the maximum loan-to-value ratio and further introducing 'interest-only repayment' to support small and medium-sized enterprises, additional bullish for Hong Kong banks. Prefer boc hong kong (02388.HK) and Dah Sing Bank (02356.HK).
JPMorgan released a report stating that the new policy address mentioned the HKMA further relaxing the cap on loan-to-value ratios and introducing measures to support small and medium-sized enterprises with 'interest-only' repayment. The bank believes that this will help banks manage the asset quality risks of related industries more flexibly and bring positive impacts to the banking industry in Hong Kong. The bank explains that although the HKMA's increase in the maximum loan-to-value (LTV) ratio mainly benefits properties worth over 30 million yuan, it does help to some extent alleviate the potential asset quality risks for Hong Kong banks in mortgage loans and commercial real estate loans, despite the limited impact on the growth of property mortgage loans. Similarly, enhancing
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