Hong Kong banks to reap rewards of high interest rates until late next year, KPMG says

Quick Summary:

The total assets of all licensed banks in the city last year rose by 2.7 per cent to HK$23 trillion (US$2.94 trillion), according to KPMG.

The KPMG report also touched on the emergence of generative artificial intelligence (GenAI) and its applications, with McSheaffrey noting the technology “will likely take some time before it reaches its full potential”.

It would be a huge benefit to Hong Kong and boost the city’s attractiveness if it can facilitate faster and seamless digital payment systems across multiple jurisdictions in Asia and the rest of the world, he said.

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Article Details

Author / Journalist: Mia Castagnone

Category: Business

Markets: Hong KongChinaThailandUnited Arab Emirates

Topics: Sector Hong Year Report Interest Kong’s Banking Banks Cent Kpmg Kong

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-03 @ 11:30:13 (2 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 568 words

Reading Time: 4 minutes read

Sentences: 18 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21467319

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