Standard Chartered Bank has launched a one-hour mortgage approval service as competition among lenders shows no signs of abating.
The head of consumer banking for Standard Chartered Peter Wong Tung-sing said he expected the Hong Kong Monetary Authority to issue mortgage-lending guidelines soon.
'[HKMA chief executive Joseph Yam Chi-kwong] has indicated they are thinking about it and it won't be long before they do' he said.
Mr Wong said he expected the HKMA to welcome Standard Chartered's latest initiative as providing a competitive advantage.
The new service, launched yesterday, aims to provide borrowers with a Letter of Offer within one hour of applying for a mortgage.
Mr Wong said the new service would not compromise the bank's risk management criteria as customers would still be required to present all the relevant documentation when applying for a mortgage.