Hang Seng Bank Unveils HK$33 Billion Fund to Support Hong Kong SMEs
by Fintech News Hong Kong March 27, 2024Hang Seng Bank announced the HK$33 billion SME Power Up Fund to bolster the growth, cross-border development, and sustainable advancement of small and medium-sized enterprises (SMEs) in Hong Kong.
The fund addresses the challenges SMEs face today, from cash flow difficulties and increasing operational costs to the need for environmentally sustainable practices.
Hang Seng Bank’s SME Power Up Fund aligns with the government’s initiatives to support SMEs, offering a range of loan products under the SME Financing Guarantee Scheme.
These include the 80 percent and 90 percent guarantee products under the SME Financing Guarantee Scheme and specialised products for innovation, trade finance, and green initiatives.
To enhance the accessibility and convenience of its services for SMEs, Hang Seng has introduced several supporting services, including an SME Loan Hotline and an upgraded online loan application platform. These initiatives are designed to streamline the loan application process and offer quick and convenient loan disbursement options.
In addition to financial support, Hang Seng is participating in pilot programmes like the Commercial Data Interchange (CDI) and Interbank Account Data Sharing (IADS), promoting efficient data sharing within the industry. The bank’s collaboration with Cyberport and introducing innovative payment solutions for SMEs are further steps towards fostering a supportive ecosystem for business growth in Hong Kong.
Regina Lee
“As Hong Kong’s largest local bank, Hang Seng has a deep-rooted network and rich experience in nurturing SMEs. In the face of the intricate and dynamic business climate, it’s imperative for enterprises to not only adapt to new challenges but also enhance their sustainable practices. The HK$ 33 Billion SME Power Up Fund is our tangible commitment to SMEs, structured to complement the government’s supportive measures highlighted in the recent Budget. Our goal is to empower SMEs, supporting economic growth across Hong Kong,”
said Regina Lee, Head of Commercial Banking at Hang Seng Bank.
Featured image credit: Edited from Hang Seng Bank
