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HKMA licenses Bakai Bank, the first Central Asian lender in Hong Kong

The bank will operate as a restricted licence, taking deposits of at least HK$500,000 while focusing on corporate and merchant banking rather than retail.

Reported · Written up by our desk · Trade & Tariffs

Hong Kong Monetary Authority (HKMA) has granted a banking licence to Bakai Bank, making it the first Central Asian bank to set up in Hong Kong, according to an HKMA statement carried by SCMP Economy on Monday.

Bakai Bank, a major lender in Kyrgyzstan, will operate as a restricted licence bank and will become the 17th restricted licence bank in Hong Kong. Under the licence, it can take deposits of at least HK$500,000, and it can conduct corporate banking and merchant banking, but it cannot offer retail banking services.

SCMP Economy reports that Bakai Bank CEO Andreas Meletiou said the lender wants to use Hong Kong as a platform to expand in the region.

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