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Survey on Small and Medium-Sized Enterprises (SMEs)’ Credit Conditions for Third Quarter 2020

The Hong Kong Monetary Authority (HKMA) published today (Monday) the results of Survey on Small and Medium-Sized Enterprises (SMEs)’ Credit Conditions for the third quarter of 2020. Regarding SMEs’ perception of banks’ credit approval stance relative to 6 months ago, excluding respondents who answered “no idea / don’t know”, 59% perceived similar or easier credit approval stance in the third quarter of 2020, compared with 64% in the previous quarter. 41% perceived more difficult credit approval stance, compared with 36% in the previous quarter (Chart 1 in the Annex). The increase in the percentage was mainly contributed by SMEs who did not apply for...

Residential Mortgage Survey Results for September 2020

The Hong Kong Monetary Authority (“HKMA”) announced the results of the residential mortgage survey for September 2020. The number of mortgage applications in September increased month-on-month by 13.3% to 12,288. Mortgage loans approved in September decreased by 1.6% compared with August to HK$37.1 billion. Among these, mortgage loans financing primary market transactions decreased by 13% to HK$5.6 billion and those financing secondary market transactions increased by 1.2% to HK$26.5 billion. Mortgage loans for refinancing decreased by 1.9% to HK$5 billion. Mortgage loans drawn down during September decreased by 8.4% compared with August to HK$27.8 billion. The...

TechChallenge – Digitising Trade Finance

The Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements Innovation Hub (BISIH) Centre in Hong Kong today (3 August 2020) launched the TechChallenge — Digitising Trade Finance initiative to highlight the potential for new technologies to enhance trade finance mechanisms. In collaboration with the Asian Development Bank (ADB), the International Chamber of Commerce (ICC), the Institute of International Finance (IIF), the People’s Bank of China (PBOC), and the Wolfsberg Group, the HKMA and the BISIH Centre in Hong Kong have identified areas where private and public sector ideas could help address TradeTech challenges. Private firms are invited to...