Follow the technology: HSBC offers special loans for tech-savvy small enterprises
In October, bank loans for use in Hong Kong rose 23.9pc year on year, according to figures released last week by the Hong Kong Monetary Authority
HSBC has launched a new loan product designed specifically for digital-savvy small- and medium-sized enterprises (SMEs) in Hong Kong, amid the government’s ongoing push to drive greater digitisation in the city and growing competition such customers among lenders.
Hong Kong’s biggest bank claims it is the first of its type to be offered in Hong Kong, adding that interest rates on the new loans would start from 0.33 per cent a month
The new loan will be available to SMEs based in Hong Kong that operate a digital- and technology-related business, or engage in commercial use of digital adaptation. The bank said these could include e-commerce, big data artificial intelligence or biotechnology.
Companies based in Hong Kong Science and Technology Parks and Cyberport that apply for the new loan will also have a one per cent handling fee waived, as a further incentive.
Carrie Lam, Hong Kong’s Chief Executive, outlined a number of policies to encourage innovation in her maiden policy address in October.