HSBC offers Hong Kong SMEs a helping hand amid tariff turmoil
Advertisement
The city's largest lender said the Account Fitness initiative would help SMEs effectively manage and maintain healthy accounts.
'Many entrepreneurs of SMEs do not yet know how to take good care of the assets in their bank accounts,' said Frank Fang, general manager and head of commercial banking for HSBC Hong Kong and Macau, on Friday. 'Therefore, it is necessary for us to use both online and offline resources to help everyone understand this.'
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.
Advertisement
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
43 minutes ago
- South China Morning Post
Meituan gets record orders as China's e-commerce war fuels demand for delivery service
Meituan said daily transaction volume on its dominant on-demand delivery reached an all-time high since its inception in 2010, briefly crashing its platform as online purchases surged amid a fresh round of price war among China's e-commerce leaders. Daily orders of food and retail goods for its instant delivery service surpassed 120 million on Saturday, according to the company, with food orders accounting for 100 million or 83 per cent of them. Meituan's delivery services suffered a technical breakdown in certain areas during the day as 'the number of user orders exceeded the historical peak', triggering temporary protective measures from its servers, Meituan said in a statement on Saturday. The problem was resolved within hours, it added. The surge in volume came as China's major e-commerce players – Alibaba Group Holding, and Meituan – stepped up their bets on instant delivery services in mainland China to compete for consumers. The rivalry is set to spur anaemic spending, which has dwindled amid concerns about China's economic outlook. Meituan and delivery workers are seen waiting at a traffic junction in Shanghai. Photo: Shutterstock Alibaba, which owns the South China Morning Post, pushed into the sector through its service known as Taobao Instant Commerce. It earlier this week announced a 50 billion yuan (US$7 billion) one-year subsidy programme. Meituan on Saturday offered discounts that cut the price of a cup of coffee to as low as 2 yuan, media reports showed.
South China Morning Post
an hour ago
- South China Morning Post
How Singapore can help China build bridges in an age of fracture
. The recent visit of Singaporean Prime Minister Lawrence Wong to China reaffirmed the strategic depth of the China–Singapore relationship. His meetings with Chinese leaders underscored a readiness to work together to uphold the principles of free trade and multilateralism But beyond symbolism, this visit raised critical questions. What role will Singapore now play on the global and regional stage? What new possibilities does this moment unlock? As geopolitical rivalry hardens and the risks of global fragmentation grow, Singapore's strategic position as mediator, convenor and facilitator is becoming more important. Rather than simply hosting dialogues or taking part in frameworks, Singapore must step forward and shape them. It can draw on its unique positioning: rooted in Southeast Asia yet globally engaged, trusted by both East and West and respected for its competence, discretion and policy independence Consider the opportunities presented by Wong's visit, including expanding training programmes between the Singapore and Chinese governments and helping export the joint business management, shared investment and industrial zoning model of the Suzhou Industrial Park . Singapore is already adept at blending governance expertise with China's industrial scale. These initiatives must not remain technocratic exercises. They should serve as platforms to elevate standards in transparency, sustainability and local empowerment across countries along the Belt and Road Initiative. Singapore can help redefine connectivity, not as a contest of influence but as a laboratory for inclusive development.
South China Morning Post
2 hours ago
- South China Morning Post
KFC, Pizza Hut operator Yum China embraces AI to boost efficiency, profitability
Yum China Holdings , the operator of KFC and Pizza Hut restaurants in mainland China, will further embrace artificial intelligence (AI) to improve operating efficiency and profitability and allow its store managers to focus on customer service. The firm, which introduced its Q-Smart AI-powered assistant in June, was expected to help reduce waste, improve quality and save labour costs, chief technology officer (CTO) Leila Zhang said in an interview. The AI-powered system could help with staff scheduling, inventory replenishment and meal preparation, she added. 'When we think about AI and robotics, one of our primary considerations is to empower our restaurant managers,' she said. 'We develop systems and AI-powered digital tools to allow them to work more efficiently, freeing up more of their time so they can focus on delivering exceptional customer service.' Yum's Q-Smart management system was able to monitor sales data, adjust preparation plans, and remind staff to confirm orders, Zhang said, a move in line with its past pioneering efforts. Yum China was the first mainland fast-food chain to adopt digital payment systems in 2015. A couple walks out of a KFC restaurant in Chongqing in February 2025. Digital ordering accounted for about 90 per cent of its total sales last year, helped by a loyalty membership programme that had 540 million consumers in mainland China as of March 31. It opened 247 net new stores in the first quarter this year, bringing the total to 16,642 nationwide. Yum China reported a 1 per cent increase in sales to US$2.98 billion in the first quarter from a year earlier, while adjusted net income rose 1.7 per cent to US$292 million. Annual sales in 2024 of US$11.3 billion were the highest since at least 2016.
