Hong Kong's best bank for SMEs 2021: Hang Seng Bank
Hang Seng Bank
Covid-19 relief and response activities were the central theme in almost all of this year's awards pitches to Asiamoney. Every part of the global market has been touched by the pandemic, with governments, agencies and banks working double-time to keep the economy, markets and businesses functioning. Small and medium-sized enterprises (SMEs) have naturally required more support, with Hang Seng Bank stepping up to the plate in Hong Kong.
Hang Seng's efforts started almost as soon as the pandemic spread. The bank responded quickly to the Hong Kong government's special loan guarantee scheme in early 2020, allowing SMEs to pre-register online for priority processing of their applications. Hang Seng has a dedicated online platform to make the application process easy and convenient for SMEs.
Under the leadership of Donald Lam, head of commercial banking, the bank also introduced other offerings for SMEs, for example extending payment periods for trade loans and deferring principal repayments.