Bakai Bank was granted a banking license by the Hong Kong Monetary Authority, becoming the first Central Asian bank to establish a foothold in the Asia-Pacific region.

China News Service, Hong Kong, October 5th. The Hong Kong SAR Government's Investment Promotion Agency stated on the 5th that Barcay Bank Co., Ltd. ("Barcay Bank") has obtained a banking license from the Hong Kong Monetary Authority ("HKMA"), becoming the first Central Asian bank to establish a business base in the Asia-Pacific region.

On October 5, Bakai Bank was granted a restricted banking license by the Hong Kong Monetary Authority, becoming the first Central Asian bank to establish a business presence in the Asia-Pacific region. The picture shows Lau Kaixuan (third from right), Director of Investment Promotion of the Hong Kong Special Administrative Region Government, Ma Litao (fourth from left), Chief Executive Officer of Bakai Bank Hong Kong Branch, and others toasting in celebration. (Photo courtesy of the Information Department of the Hong Kong SAR Government)

Liu Kaixuan, Director of Invest Hong Kong, said that the entry of Bakai Bank has injected new impetus into Hong Kong’s financial ecosystem, and the bank is expected to open up opportunities in global offshore RMB business, international asset and wealth management, gold trading and other fields. As more and more leading banks from countries and regions co-building the “Belt and Road” establish or expand their businesses in Hong Kong, they will become an important bridge for mainland Chinese enterprises to go overseas and for offshore investors to explore opportunities in the mainland.

Ma Litao, Chief Executive Officer of Bakai Bank Hong Kong Branch, said that Hong Kong is Asia's leading "super contact" and has the unique advantage of connecting the East and the West and can promote cross-border financial activities in line with the bank's business positioning. Bakai Bank Hong Kong Branch has a clear positioning and will be committed to meeting the needs of enterprises and financial institutions in trade, payment and treasury solutions.

It is reported that Bakai Bank, as the leading commercial bank in the Kyrgyz Republic, will set up a restricted license bank in Hong Kong in the name of Bakai Bank Hong Kong Branch to meet the growing trade, investment and capital needs along the Central Asia and Asia-Pacific Economic Corridor under the joint construction of the "Belt and Road" initiative.