a day ago
- Business
- South China Morning Post
HSBC offers Hong Kong SMEs a helping hand amid tariff turmoil
HSBC is launching a new education series to equip Hong Kong's small and medium-sized enterprises (SMEs) with knowledge to help them maintain smooth business operations amid the threat of disruption from US tariffs.
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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.
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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.
