By Hannah Wang
HSBC is launching a new education series to equip Hong Kong鈥檚 small and medium-sized enterprises (SMEs) with knowledge to help them maintain smooth business operations amid the threat of disruption from US tariffs.
The city鈥檚 largest lender said the Account Fitness initiative would help SMEs effectively manage and maintain healthy accounts.
鈥淢any entrepreneurs of SMEs do not yet know how to take good care of their bank accounts,鈥 said Frank Fang, head of commercial banking for HSBC Hong Kong and Macau, on Friday. 鈥淭herefore, it is necessary for us to use both online and offline resources to help everyone understand this.鈥
In April, the Hong Kong Monetary Authority (HKMA) said it was working with 18 lenders, including HSBC, Standard Chartered and Bank of China (Hong Kong), to support SMEs that were hit by US tariffs by providing them with flexible loans. Hong Kong had about 360,000 SMEs as of March, according to the Trade and Industry Department.
The HSBC initiative includes a digital guidebook for SMEs, which covers seven essential habits for effective business account management, such as account usage, payment management and communication with banking partners.
HSBC said it would also offer personalised support including consultation and advisory services to help SMEs prevent common pitfalls that could disrupt their bank account usage.
鈥淭he theme of this initiative is to maintain healthy accounts and the smooth operation of enterprises,鈥 said Alan Au, executive director of banking conduct at the HKMA.
鈥淪MEs are always an important part of the Hong Kong economy and they are also important clients of banks. The HKMA and the banks have all along been very concerned about SMEs and have introduced various measures to assist the sustainable development of SMEs.鈥
Amid the US tariff campaign, Hong Kong SMEs are expected to see slower growth this year than in 2024.
But they still held a positive attitude and were eager to upgrade their competitiveness, according to a recent survey by professional accounting body CPA Australia. About 35 per cent of SMEs wanted to expand into new markets to fend off the impact of the tariffs, the survey found.
鈥淲e look forward to seeing more businesses empowered with the knowledge to maintain healthy accounts and build even stronger partnerships with their banks,鈥 Au said.
When Hong Kong banks came together to offer flexible loans to SMEs in April, HKMC Insurance, a unit of the government-owned Hong Kong Mortgage Corporation began working with banks to process loan applications for SMEs and offer relief, including a moratorium on principal repayments and partial principal repayment arrangements.