HKMA: Bank of Baraka obtains Hong Kong restricted banking licence, number of licences rises to 17.

On October 5, the Hong Kong Monetary Authority announced that the Monetary Authority has granted a restricted banking licence to Bank of Baraka Co., Ltd. (Bank of Baraka) under the Banking Ordinance. Bank of Baraka is a bank incorporated in the Kyrgyz Republic. The licence took effect today. Following the granting of a restricted banking licence to Bank of Baraka, the number of restricted licence banks in Hong Kong is 17. Invest Hong Kong congratulated Bank of Baraka on obtaining a banking licence from the HKMA, becoming the first Central Asian bank to establish a business presence in the Asia-Pacific region. As a leading commercial bank in the Kyrgyz Republic, Bank of Baraka will establish a restricted licence bank in Hong Kong under the name of Bank of Baraka Hong Kong Branch, in order to capture the growing trade, investment and capital needs along the Central Asia-Asia-Pacific economic corridor under the Belt and Road Initiative. Alpha Lau, Director-General of Investment Promotion of Invest Hong Kong, said she warmly welcomed Bank of Baraka's establishment in Hong Kong, which is another milestone achieved after the Chief Executive led a business delegation to visit Central Asia in June this year. Under Hong Kong's first five-year plan, consolidating Hong Kong's status as an international financial centre is an important part of realising the vision of "four centres and one highland", promoting high-quality economic development and enhancing global competitiveness. Bank of Baraka's presence in Hong Kong will inject new momentum into the financial ecosystem and is expected to open up opportunities in areas such as the global offshore renminbi business, international asset and wealth management, and gold trading. Lau continued that as more and more leading banks along the Belt and Road establish or expand their businesses in Hong Kong, they have become important bridges for mainland enterprises going global and for offshore investors exploring opportunities in mainland China. Invest Hong Kong is committed to promoting two-way investment along the Belt and Road, giving full play to Hong Kong's advantages in international financial and professional services, risk management, and the legal system.