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HSBC offer rebates, fee reductions to help SMEs in Hong Kong

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HSBC offer rebates, fee reductions to help SMEs in Hong Kong

HSBC Holdings PLC is offering rebates and fee reductions for small- and medium-sized companies in Hong Kong amid a stressed economic environment, Reuters reported Aug. 28.

The U.K.-based banking group is offering a six-month interest rate rebate for loans approved under official financing and loan guarantee scheme for SMEs and fee subsidies for applications for the financing guarantee scheme. It is also reducing transactions fees for businesses using the bank's mobile payment service.

The SME support measures come amid the worsening economic environment facing Hong Kong. The city is on the brink of its first recession in a decade amid a prolonged China-U.S. trade war and months of anti-government protests. The last time HSBC offered SME support measures was in 2009 following the global financial crisis.

Meanwhile, the Hong Kong Monetary Authority said Aug. 26 that it introduced a new resolution facility to ensure that Hong Kong banks that have gone into resolution have sufficient liquidity to meet its obligations.

The HKMA said the updated liquidity facilities framework enhances the current system by which banks can borrow from the de-facto central bank.