Hong Kong – HKMA, Cyberport and banking sector co-organise “SME Digital Technology Solution Day” (with photos)

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA), Hong Kong Cyberport Management Company Limited (Cyberport), the Hong Kong Association of Banks and the Chinese Banking Association of Hong Kong successfully co-organised the SME Digital Technology Solution Day today (November 11). Over 100 participants from small and medium-sized enterprises (SMEs) in the food and beverage and retail sectors, bank representatives as well as technology solution providers gathered to exchange views on how the banking sector can support SMEs’ digital transformation through big data and technology. Technology service providers also showcased various digital technology solutions for SMEs at the event.
      
     The HKMA introduced five new measures together with the banking sector in October this year to further support the continuous development of SMEs, including the launch of more credit products and services to assist SMEs’ transformation. Amongst various initiatives, to actively support the Digital Transformation Support Pilot Programme (DTSPP) (Note) operated by the Cyberport and the Government’s other SME funding schemes, seven banks have committed to offering fast-approval loan products for SMEs that have applied for these schemes. Such loans can be approved within five working days, so as to meet the upfront financing needs of SMEs for adjusting their business operations and developing new businesses and markets. Other banks that are active in SME lending are also contemplating to launch similar products.
      
     Bank representatives at the event shared cases of assisting SME clients to use technology and digitalise their operations (see Annex), such as digital payment solutions and shopfront sales, online promotion as well as customer management and loyalty solutions, for business development and enhanced efficiency. These cases demonstrated the multifaceted support provided by banks to SMEs through financing and advisory services.
      
     The HKMA will continue to maintain close communication with the banking and commercial sectors, fostering a mutually beneficial virtuous cycle that promotes development, upgrade and transformation of SMEs as well as the banking sector and the overall economy.

Note: DTSPP, which is funded by the Government, provides local SMEs with subsidies on a one-to-one matching basis in applying ready-to-use basic digital technology solutions.