The Hong Kong Monetary Authority proposes to increase banking license fees 29%

According to a report by Gelonghui on March 19, the Hong Kong Monetary Authority submitted a document to the Legislative Council of the Hong Kong Special Administrative Region, proposing to increase a series of financial institution license fees specified in Schedule 2 of the Banking Ordinance, including an increase in bank license fees 29% .

Hong Kong Monetary Authority proposes to increase banking license fees

According to the document, the Hong Kong Monetary Authority proposed to adjust the license fees of financial institutions in order to strengthen the stability and transparency of the regulatory financial system. Among them, the increase in bank license fees amounts to 29%, which will impose a certain burden on bankers.

Impact on financial institutions

This proposal has attracted attention and discussion among financial institutions. Many industry players are worried that if bank license fees are raised, it will have an impact on their operations and costs, and they may need to adjust corresponding strategies and measures.

Explanation from the Hong Kong Monetary Authority

The Hong Kong Monetary Authority explained the proposal and stated that the increase in bank license fees is to strengthen supervision and ensure the stable operation of the financial system. They stressed that this move was for the long-term interests of the entire financial system.

Discussion in the Legislative Council

This proposal will be submitted to the Hong Kong SAR Legislative Council for discussion and review. The Legislative Council will evaluate the HKMA’s recommendations and make appropriate decisions based on the actual situation to ensure the stability and healthy development of the financial system.