Key facts
- Bakai Bank is the first Central Asian bank to receive a banking license in Hong Kong.
- The Hong Kong Monetary Authority (HKMA) issued the license.
- Bakai Bank will operate as a restricted license bank.
- Restricted license banks can accept deposits of HK$500,000 or more.
- Bakai Bank is one of the largest lenders in Kyrgyzstan.
The Hong Kong Monetary Authority (HKMA) has issued a banking license to Bakai Bank, marking the first time a financial institution from Central Asia has been granted such authorization in the city. This development signals closer economic and trade ties between China and the Central Asian region.
Bakai Bank, recognized as one of the largest lenders in Kyrgyzstan, will operate in Hong Kong as a restricted license bank. This designation means it is permitted to accept deposits of HK$500,000 (approximately US$63,776) or more. The HKMA maintains a three-tier system for deposit-taking institutions, including licensed banks, restricted license banks, and deposit-taking companies, each with specific regulations regarding deposit amounts and business activities.