HSBC facilitates SME financing with new initiatives

SME Banking
11/04/2024 News

HSBC is launching tailored initiatives to simplify financing for small and medium-sized enterprises (SMEs) in Hong Kong through the SME Financing Guarantee Scheme (SFGS).

In response to the Hong Kong Monetary Authority’s (HKMA) recent measures to bolster SME support, HSBC is expediting SFGS application processing and offering aid to SMEs facing financial challenges.

Frank Fang, HSBC's General Manager for Commercial Banking in Hong Kong and Macau, emphasizes the crucial role of SMEs in driving Hong Kong's economy. HSBC's involvement in processing nearly 30% of SFGS applications by 2023 highlights its commitment to SME financing.

To alleviate SMEs' liquidity concerns, HSBC is providing a two-month interest rebate of up to HKD10,000 and application fee waivers, supplementing existing fee rebates.

Moreover, HSBC is extending special banking service offers, including fee waivers and rebates, to SFGS applicants. SMEs can register SFGS applications online and access dedicated support through the SME Financing Hotline.

Leveraging data, HSBC streamlines credit assessment processes for SMEs. Through initiatives like the Commercial Data Interchange and HKMA’s Interbank Account Data Sharing pilot program, HSBC aims to facilitate smoother financing experiences.

In addition to financial aid, HSBC offers beyond-banking solutions to enhance SMEs' operational efficiency and digital transformation efforts.

In summary, HSBC's new initiatives aim to streamline SME financing, addressing liquidity concerns and supporting SMEs' growth in Hong Kong's evolving economic landscape.

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