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Hong Kong dominates the Asian Banking scene with the largest
representation of international banks in the world. A total
of 71 of the world's 100 largest banks have a presence there.
Hong Kong is Asia's 3rd largest international banking centre
in terms of external transactions and the 6th largest foreign
exchange center in the world. In addition, Hong Kong's prominent
banking sector has established itself as the third largest
loan syndication centre in Asia.
This Asian powerhouse attributes its financial standing
to its high standard of market transparency, disclosure
and prudentially supervised financial institutions. The
Hong Kong Monetary Authority (HKMA) and the China Banking
Regulatory Commission (CBRC) signed a Memorandum of Understanding
aimed at strengthening supervision of banks operating on
both sides of the border once Hong Kong came under the reign
of Mainland China once again.
Hong Kong's banking sector has benefit significantly under
the CEPA agreement. CEPA opened the Mainland door wider
for smaller Hong Kong banks, reduced requirements for Hong
Kong banks to conduct business, and encouraged Mainland
financial institutions to extend their business in Hong
Kong. These changes have enhanced the financial prospects
of the Hong Kong Banking sector.
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Hong
Kong 