Hang Seng Bank Launches HKD 33 Billion SME Power Up Fund

Hang Seng Bank recently unveiled the HKD 33 Billion SME Power Up Fund in hopes of fortifying the backbone of Hong Kong's economy.

Empowering Hong Kong's SMEs: Hang Seng Bank Launches HKD 33 Billion SME Power Up Fund to Drive Economic Growth and Innovation.

This strategic initiative aims to bolster the growth, cross-boundary development, and sustainable progression of the city's small and medium-sized enterprises (SMEs), echoing the government's supportive measures.

With a deep understanding of SMEs' challenges post-pandemic, Hang Seng Bank has earmarked a substantial sum to address the pressing needs expressed by diverse business sectors.

Regina Lee, Head of Commercial Banking at Hang Seng Bank, emphasized the bank's commitment, stating, "The HKD 33 Billion SME Power Up Fund is our tangible commitment to SMEs, structured to complement the government's supportive measures highlighted in the recent Budget."

The SME Power Up Fund features a diverse range of loan offerings, including specialized products such as Innobooster loans, trade finance, revolving loans, and environmentally friendly options like SME green loans and social loans.

A highlight is the SME Business Loan, designed to cater to the varied financial requirements of SMEs.

To ensure accessibility and convenience, Hang Seng has introduced a suite of supporting services, significantly enhancing its digital capabilities. The bank launched the SME Loan Hotline, providing dedicated assistance for loan applications.

Moreover, Hang Seng is pioneering fully digital loan application processes, leveraging digital ID verification and e-Sign services. This streamlined approach ensures a swift and hassle-free experience from application to disbursement.

Not stopping there, Hang Seng actively supports government and regulatory measures to assist SMEs. The bank offers flexible payment options, including partial principal repayment arrangements.

Additionally, it engages in pilot programs like the Commercial Data Interchange (CDI) and Interbank Account Data Sharing (IADS), enhancing the overall banking experience through streamlined data sharing among industry peers.

Furthermore, Hang Seng's collaboration with the island's creative digital community Cyberport demonstrates its commitment to fostering innovation among SMEs.

By adopting payment solutions from local tech startups, the bank is propelling technological advancement within the sector.

Notably, Hang Seng has introduced Commercial Banking e-Sign services for mainland customers and extended its Business Banking Remote Account Opening service to Hong Kong companies with mainland shareholders, facilitating easier cross-border business interactions.

Founded in 1933, Hang Seng Bank has continually innovated to provide best-in-class banking, investment, and wealth management services.

With a customer-centric approach and a commitment to community development, Hang Seng remains a cornerstone of Hong Kong's financial landscape, empowering SMEs and driving economic growth.

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