HKMA licenses Bakai Bank, city’s first from Central Asia

The Hong Kong Monetary Authority (HKMA) has granted a banking licence to Bakai Bank, a move that marks the first Central Asian bank to set up in Hong Kong. This development comes as a result of closer economic ties between China and the region. The licence will allow Bakai Bank to operate as a restricted licence bank in Hong Kong, making it the 17th such bank in the city. This expansion could potentially increase trade flows and investment between Hong Kong and Central Asia.

Why it matters

The HKMA has granted a banking licence to Bakai Bank, a Central Asian bank, which could increase banking activity in Hong Kong. This move may attract more foreign banks to set up in the city, boosting the local banking sector.

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