Hang Seng Bank expresses support of budget measures for SME, financial market

Amongst initiatives were the advancement of digital finance and support for SMEs.

Hang Seng Bank has expressed support for the Hong Kong government’s new budget measures, particularly those designed to support small and medium-sized enterprises (SMEs) and support the local financial industry.

Initiatives named in the latest Hong Kong budget announced focus on the advancement of digital finance, reinforcing the mutual-market access between the mainland and Hong Kong;p fortifying cross-boundary financial collaborations; increasing competitiveness of securities and bond markets; and cultivating an offshore Renminbi ecosystem, the bank noted. 

Such endeavours are geared towards seizing opportunities for high-quality development and reinforcing Hong Kong’s stature as an international financial centre, according to the bank.

Hang Seng Bank also said that it will support the SME sector through various financing solutions it offers.

“We are acutely aware of the intricate and dynamic challenges that businesses face,” said Diana Cesar, executive director and chief executive of Hang Seng Bank.

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“Beyond our involvement in the ‘SME Financing Guarantee Scheme,’ we offer a variety of financing solutions that relieve SMEs’ financial burdens, meet their funding needs, and encourage the transition towards a green economy, as well as the advancement and transformation of businesses.” Cesar said. 

In a press statement, Hang Seng Bank stated that the measures designed to invigorate local demand and support small and medium-sized enterprises (SMEs), along with the cancelation of demand-side management measures for residential properties and the adjustment of the Hong Kong Monetary Authority’s countercyclical macroprudential measures for property mortgage loans, are set to create favourable conditions for the city’s economy.

“At Hang Seng Bank, we are eager to embrace the opportunities to integrate into the overall national development,” Cesar said.

“We are at the forefront of advancing digital finance both locally and across the boundary and are actively involved in initiatives that enhance the synergy and growth of financial markets in the mainland and Hong Kong,” she added.