The Hong Kong Monetary Authority plans to raise 146 million from bank license fees

According to a document submitted by the Monetary Authority to the Legislative Council, the authority proposes to increase a series of financial institution license fees specified in Schedule 2 of the Banking Ordinance, including an increase in bank license fees of 29%, which is expected to bring in approximately 146 million per year. President Yuan.

Hong Kong Monetary Authority proposes to increase bank license fees

According to documents submitted by the Monetary Authority, they proposed adjustments to the financial institution license fees in Schedule 2, which include an increase in bank license fees of up to 29%. This initiative is expected to bring about 146 million yuan in revenue to the Monetary Authority each year.

Adjustments will have an impact on financial institutions

This adjustment will have an impact on all financial institutions, especially banks. Banks will be required to pay higher license fees, which may lead them to seek to increase other fees or service charges to cover this increased cost.

The Legislative Council will review the Monetary Authority’s recommendations

The Monetary Authority's recommendations have been submitted to the Legislative Council, which will consider the proposal. They will consider the impact of this adjustment on the financial system and markets and decide whether to approve the proposal.

Monetary Authority looks to boost revenue to support financial regulatory efforts

The Monetary Authority said they hope to increase revenue by raising license fees to support their financial supervision efforts. This will help improve the stability and transparency of the financial system and protect the rights and interests of investors and consumers.