HKMA links data platform with Companies Registry to help SMEs open bank accounts

Hong Kong’s de facto central bank is pulling out all the stops to help the city’s struggling small and medium-sized (SME) businesses open accounts remotely and access loans.

Close on the heels of setting up the Task Force on SME Lending last Friday to help SMEs and mortgage borrowers get funding, the Hong Kong Monetary Authority (HKMA) on Monday expanded its electronic platform designed to help SMEs by linking up with the Companies Registry to share more data with banks.

HSBC and Bank of China (Hong Kong), the city’s two biggest lenders and note-issuing banks, are among the first batch of banks to connect to the Companies Registry via the HKMA’s Commercial Data Interchange (CDI).

The HKMA said that the linking of data from the Companies Registry and the CDI will enhance online account openings for SMEs, as it will allow lenders to access information such as the type of business, registered address and details about the company’s directors.

“Leveraging the established connection between the two platforms, the HKMA will invite more government bureaus and departments to share consented data with banks,” said Howard Lee Tat-chi, deputy CEO of HKMA, in a statement.

“These concerted efforts will greatly benefit SMEs across various sectors and contribute to the advancement of Hong Kong’s digital economy.”