Licences for banking business in Hong Kong
Institutions which intend to carry on banking business or the business of taking deposits in Hong Kong are required to be authorized by the Hong Kong Monetary Authority (“HKMA”) under the Banking Ordinance.
Under Hong Kong’s three-tier system, Authorized Institutions (“AI”) can be classified as either a licensed bank, restricted licence bank (“RLB”) or deposit-taking company (“DTC”).
A bank incorporated outside of Hong Kong may apply for a bank licence or a RLB licence in the form of a branch or a locally incorporated subsidiary; whilst application for a DTC licence can only be in the form of a locally incorporated subsidiary. An overseas incorporated bank may also choose to apply for a local representative office in Hong Kong with the HKMA.
At Mazars, we have extensive experience working with the diversity of Financial Services players. We assist Central Banks, National Regulators, major financial institutions and Small and Mid-size Entities in dealing with the implementation of complex projects with multiple impacts, domestic and international.
We are here to assist you in every step of the authorization process and beyond. Focusing on your needs, we are flexible in our approach and offerings.
Download our brochure below to find more.