HSBC offers Hong Kong SMEs a helping hand amid tariff turmoil
Advertisement
The city's largest lender said the Account Fitness initiative would help SMEs effectively manage and maintain healthy accounts.
'Many entrepreneurs of SMEs do not yet know how to take good care of the assets in their bank accounts,' said Frank Fang, general manager and head of commercial banking for HSBC Hong Kong and Macau, on Friday. 'Therefore, it is necessary for us to use both online and offline resources to help everyone understand this.'
In April, the
Hong Kong Monetary Authority (HKMA) said it was working with 18 lenders, including HSBC, Standard Chartered and Bank of China (Hong Kong), to support SMEs that were hit by US tariffs by providing them with flexible loans. Hong Kong had about 360,000 SMEs as of March, according to the Trade and Industry Department.
The HSBC initiative includes a digital guidebook for SMEs, which covers seven essential habits for effective business account management, such as account usage, payment management and communication with banking partners.
Advertisement
HSBC said it would also offer personalised support including consultation and advisory services to help SMEs prevent common pitfalls that could disrupt their bank account usage.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
26 minutes ago
- South China Morning Post
Hong Kong to launch pilot project to identify at-risk carers in ‘coming weeks'
Hong Kong will roll out the first stage of a pilot scheme in the next few weeks that will use data from more than 10,000 households caring for the elderly or those with disabilities to identify high-risk cases in need of extra support. Secretary for Labour and Welfare Chris Sun Yuk-han also said on Saturday that the government would not stop bringing in foreign labour despite the catering industry recently recording a 5 per cent unemployment rate. Appearing on a radio programme, the minister said the pilot project for the government's scheme to use big data to identify at-risk families faster would be launched 'in the coming weeks'. The project will be launched in two phases, with the first stage using Hospital Authority data to flag if a carer has been hospitalised. The second stage will involve using Housing Authority data to identify elderly households living in public flats that have yet to sign up for support from the Social Welfare Department. The first stage would also focus on supporting about 10,000 low-income carers who were receiving living allowances under a scheme by the department, Sun said.
South China Morning Post
an hour ago
- South China Morning Post
Mozambique mulls asking China to rework US$1.4 billion debt after unrest hits economy
Cash-strapped Mozambique is open to asking China to restructure the US$1.4 billion it owes its biggest bilateral creditor, President Daniel Chapo said. The gas-rich southeast African nation's economy contracted for two straight quarters after disputed October elections triggered violent protests that left hundreds died and saw factories and shops burned and looted. The unrest hit public revenues, heaping pressure on the state to stay current on debt payments and amplifying questions about sustainability. Some bilateral creditors have already expressed interest in supporting Mozambique through forgiving debts, Chapo said. 'Rescheduling or even forgiveness of the debt we have with our largest bilateral creditor is not an outlandish idea,' he said, when asked if the nation was considering requesting China to restructure its loans. 'Of course, this will always be done within the framework of partnership, within the existing agreement, as we are a serious country that strives to honor its commitments.'
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong to launch pilot project to identify at-risk carers in ‘coming weeks'
Hong Kong will roll out the first stage of a pilot scheme in the next few weeks that will use data from more than 10,000 households caring for the elderly or those with disabilities to identify high-risk cases in need of extra support. Advertisement Secretary for Labour and Welfare Chris Sun Yuk-han also said on Saturday that the government would not stop bringing in foreign labour despite the catering industry recently recording a 5 per cent unemployment rate. Appearing on a radio programme, the minister said the pilot project for the government's scheme to use big data to identify at-risk families faster would be launched 'in the coming weeks'. The project will be launched in two phases, with the first stage using Hospital Authority data to flag if a carer has been hospitalised. The second stage will involve using Housing Authority data to identify elderly households living in public flats that have yet to sign up for support from the Social Welfare Department. Advertisement The first stage would also focus on supporting about 10,000 low-income carers who were receiving living allowances under a scheme by the department, Sun said.
