The Hong Kong Monetary Authority proposes to increase the bank license fee by 29% and the annual income will increase to 146 million

According to the Zhitong Finance APP, 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 stipulated in the Banking Ordinance, including an increase in the bank license fee of 29%.

Hong Kong Monetary Authority proposes to increase banking license fees

The proposal is expected to generate $146 million in annual revenue, which will help support the operations and supervisory work of financial regulators.

Increased burden on financial institutions

As financial markets continue to develop and change, financial institutions face increasing challenges in obtaining licenses and complying with regulatory requirements. Therefore, the HKMA proposes to increase bank license fees to address these challenges.

Support financial stability and development

By increasing the burden on financial institutions, the HKMA aims to strengthen the stability and transparency of the financial system, thereby promoting the healthy development of financial markets and stable economic growth.

Ongoing supervision and reform

The Hong Kong Monetary Authority stated that they will continue to strengthen the supervision and management of financial institutions and actively promote the reform and innovation of the financial system to respond to the changing market environment and risks.