Zhitong Finance App learned that on October 5, the Hong Kong Monetary Authority announced that the Financial Services Commissioner has granted a restricted banking license to Bacai Bank Limited (Bakai Bank) in accordance with the Banking Ordinance. Bakai Bank is a bank incorporated in the Kyrgyz Republic. The license comes into effect today.
Following the granting of a restricted banking license to Barkai Bank, the number of restricted license banks in Hong Kong is 17.
The Hong Kong Investment Promotion Department congratulates Bakai Bank on obtaining a banking license from the HKMA, becoming the first Central Asian bank to establish a business base in the Asia-Pacific region. As the leading commercial bank in the Kyrgyz Republic, Bakai Bank will establish a restricted license bank in Hong Kong under the name of Bakai Bank's Hong Kong branch to grasp the growing trade, investment and capital needs along the Central Asian-Asia-Pacific Economic Corridor under the “Belt and Road” initiative.
Director Liu Kaixuan of the Hong Kong Investment Promotion Department said he warmly welcomed Bakai Bank's settlement in Hong Kong. This is another milestone achieved after the Chief Executive led a business delegation to Central Asia in June this year. Under Hong Kong's first five-year plan, consolidating Hong Kong's status as an international financial center is an important part of achieving the “four centers, one highland” vision, promoting high-quality economic development and enhancing global competitiveness. Bakai Bank's entry into Hong Kong has injected new impetus into the financial ecosystem and is expected to open up opportunities in the fields of global offshore RMB business, international asset and wealth management, and gold trading.
Liu Kaixuan added that as more and more leading banks along the “Belt and Road” set up or expand their business in Hong Kong, they have become an important bridge for mainland enterprises to go overseas and for offshore investors to explore opportunities in mainland China. The Investment Promotion Department is committed to promoting two-way investment along the Belt and Road, giving full play to Hong Kong's advantages in international financial and professional services, risk management, and even the legal system.