The inaugural meeting of the Joint Taskforce on SME Lending, established by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB), was held on September 5. Co-chaired by Arthur Yuen of the HKMA and Luanne Lim of the HKAB, the meeting brought together HKMA representatives, HKAB, and 14 banks to discuss SME and mortgage lending issues. Key points included the ongoing implementation of nine SME support measures, the banks’ consistent risk appetite, and improved customer service practices. The Taskforce also committed to enhancing the transparency and efficiency of mortgage approvals and ensuring adequate resources for reviewing credit applications. Future plans involve organizing seminars to help SMEs with data and technology use and continuing to address common financing challenges through improved communication between banks and the commercial sector.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/09/20240905-5/