How Hang Seng Bank helps Hong Kong’s crucial SMEs evolve post-Covid-19
- City’s 362,000 small and medium-sized enterprises form more than 98 per cent of all firms and employ over 44 per cent of private sector workers
- Bank’s support includes funding, and backing for innovation and business growth in Southern China’s GBA, says Regina Lee, head of commercial banking
02:28
How Hang Seng Bank helps Hong Kong’s SMEs adapt to new challenges
Hong Kong is famous for its entrepreneurial spirit and the resilience of its many small and medium-sized enterprises (SMEs), which are an important driving force in the city’s economic development.
For years, SMEs have helped Hong Kong weather devastating challenges, including financial crises and the Covid-19 coronavirus disease pandemic.
Government figures show Hong Kong is now home to about 362,000 SMEs, which comprise more than 98.5 per cent of its total number of business units and account for about 44.4 per cent of private sector employment.
“Although the Covid-19 pandemic is behind us, the business momentum has not been restored to the previous level,” Regina Lee, head of commercial banking at Hang Seng Bank, says.
“At the same time, operating expenses are getting higher and higher. It is also difficult to hire people. SMEs are also faced with the need to transition.”
She says that the bank is a staunch supporter of these businesses, which is evident in the HK$33 billion (US$4.2 billion) SME Power Up Fund that it unveiled last month. The initiative includes an array of diversified loan offerings tailored to address the diverse financial requirements of SMEs and complemented with a dedicated hotline.
