Hong Kong Monetary Authority (HKMA) has granted a banking licence to Bakai Bank, marking the first Central Asian bank to set up in Hong Kong amid closer ties in the economy and trade flows between China and the region, according to a statement on Monday.
Bakai Bank, one of the largest lenders in Kyrgyzstan, will operate as a restricted licence bank in Hong Kong. It will be the 17th restricted licence bank in Hong Kong.
Under the licence, it can take deposits of at least HK$500,000 (US$63,776) and conduct corporate banking and merchant banking business, but not retail businesses.
Andreas Meletiou, CEO of Bakai Bank Hong Kong, said the lender wanted to use Hong Kong as a platform to expand in the region.