Channels

Bank AI

Read

Dubai

Time

<div class="coingape"> 
 <p>And because of the rising concerns, the bank acknowledges the need for crypto. The bank has outlined the rules by which virtual asset businesses must operate. These businesses can open standard banking accounts once they obtain an Approval-in-Principle (AIP) license from the Securities Regulatory Commission, according to the bank’s announcement.</p>  
 <div class="quads-location quads-ad90952 " id="quads-ad90952" style="float:none;text-align:center;padding:0px 0 0px 0;"> 
  <div class="ad1"> 
   <div class="advertised"> <span class="ad-placeholder">advertisement</span> 
   </div> 
  </div>  
 </div> 
 <h2 id="strong-more-interest-rate-hikes-strong"><strong>More Interest Rate Hikes</strong></h2> 
 <p><span style="font-weight: 400;">Yansheng acknowledges that <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a>’s current high-interest rates, in contrast to those of the mainland and neighboring regions, have triggered a slowdown in the overall demand for bank loans. He anticipates that loan growth will face pressure this year. However, he also offers a glimmer of hope, stating, “It will not wait long before reducing it.” He indicates that next year’s expected interest rate cuts could prompt an improvement in loan growth.</span></p> 
 <p><span style="font-weight: 400;">The <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> Monetary Authority’s latest statistics reveal that annualized loan growth has been negative since May, currently at -1.1%. Yansheng claims that as borrowing rates decrease in the mainland, <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a>’s banking industry will witness a downturn in loan growth. The high <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> dollar interbank offered rate (HIBOR) currently suppresses the volume of corporate borrowing.</span></p> 
 <p><span style="font-weight: 400;">Despite the high-interest environment, Yansheng expects the Fed will raise rates only one more time and maintain this level for several months. His predictions suggest a cut in interest rates next year, encouraged by the slowdown of US inflation to 3% in June.</span></p>  
 <div class="quads-location quads-ad148831 " id="quads-ad148831" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="NewTrendin dsdsd m-on"> 
   <h5> 
    <svg class="inline-block w-5 ml-1 text-black _text-digg-blue" width="34" height="20" xmlns="//www.w3.org/2000/svg" viewbox="0 0 17 17" fill="currentColor"> <path fill-rule="evenodd" d="M12 7a1 1 0 110-2h5a1 1 0 011 1v5a1 1 0 11-2 0V8.414l-4.293 4.293a1 1 0 01-1.414 0L8 10.414l-4.293 4.293a1 1 0 01-1.414-1.414l5-5a1 1 0 011.414 0L11 10.586 14.586 7H12z" clip-rule="evenodd"></path> 
    </svg>Recommended Articles </h5> 
   <div class="TrendSList owl-carousel owl-relatedpostar"> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/30/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/07/30/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Crypto Presale Projects For 2023 To Invest; Updated List </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/30/9acafad721dcbc6c15e6daccd38017cb.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/07/30/9acafad721dcbc6c15e6daccd38017cb.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Best Crypto Exchange Affiliate Programs In 2023</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/30/f88de9f91a8c6b7926f52e209e8f697e.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/07/30/f88de9f91a8c6b7926f52e209e8f697e.webp" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/30/472515f3ab5ae759f4e49d6afa8bc33a.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/07/30/472515f3ab5ae759f4e49d6afa8bc33a.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Crypto Telegram Channels List 2023 [Updated]</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/29/48cfebc8a0493db9937bed5dd005ee19.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/07/29/48cfebc8a0493db9937bed5dd005ee19.webp" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Top 10 Web3 Games To Explore In 2023; Here List</h6> <span>Must Read</span> 
    </div> 
   </div> 
  </div> 
 </div> 
 <p><span style="font-weight: 400;">In terms of trade financing, Yansheng notes that high-interest rates have led to trade financing being managed by neighboring regions, with some companies even shifting to Southeast Asia due to pressures on the mainland’s manufacturing industry.</span></p>  
 <div class="quads-location quads-ad124348 " id="quads-ad124348" style="float:none;text-align:center;padding:0px 0 0px 0;">   
 </div> 
 <p>Also Read: FTX Founder Bankman-Fried Might Face Pre-Trial Jail Time As Prosecutors Cite Intimidation Tactics</p> 
 <h2 id="strong-time-to-eye-digital-assets-strong"><strong>Time To Eye Digital Assets?</strong></h2> 
 <p><span style="font-weight: 400;">Regarding the growth of virtual assets, roundtable meetings have been held by the China Securities Regulatory Commission and the <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> Monetary Authority to explore the difficulties faced by virtual property businesses. Yansheng reaffirms Hang Seng’s dedication to heeding the regulator’s instructions and accommodating these companies.</span></p> 
 <p>Only OSL and Hashkey, two virtual asset trading platforms, have so far been able to obtain this clearance. Due to the difficult procedure of receiving AIP certification, Hang Seng Bank says that they haven’t received many inquiries about this matter. It means that receiving such permission calls for meeting demanding requirements, making it challenging for most businesses.</p> 
 <p>Also Read: Binance Becomes First Crypto Exchange To Get Major License In Dubai</p> 
</div>

Hong Kong's Largest Bank To Support Crypto, But There's A Catch

Table of Contents

TheBitTimes

Other articles published on Aug 1, 2023

Worldcoin In Trouble? German Data Watchdog Launches Probe

Ripple CLO Accuses Terra Judge of Misreading XRP Ruling

A scammer stole $20 million in USDT through a phishing attack!

Curve Finance Hackers Exploit Vyper Vulnerabilities - Could State-Sponsored Hackers Be Involved?

Cardano Pauses Above $0.30 As It Reaches Oversold Region

Contemporary Giant Yue Minjun Embarks on a Revolutionary Web3 Journey with his First NFT Project ...

Join our free newsletter for daily crypto updates!