The Hong Kong Monetary Authority (HKMA), Cyberport, and major banking associations co-hosted the “SME Digital Technology Solution Day” on 11 November to accelerate digital transformation among SMEs.
The event brought together over 100 participants, including SMEs in the food and beverage and retail sectors, bank representatives, and technology providers.
A key focus of the discussions was how SMEs can leverage big data to improve their operations and competitiveness.
The event highlighted the banking sector’s commitment to supporting SME digitalisation, which is a key part of the HKMA’s broader strategy to enhance the competitiveness of Hong Kong’s economy.
In October, the HKMA introduced five new measures to bolster SME support, including facilitating access to credit and promoting digital adoption.
Notably, seven banks have pledged to offer fast-track loan approvals within five working days for SMEs participating in government-backed digital transformation programs like the Digital Transformation Support Pilot Programme (DTSPP) operated by Cyberport.
These loans aim to provide upfront financing to help SMEs adjust their operations, develop new business models, and expand into new markets.
Bank representatives shared real-world examples of how they are helping SMEs adopt digital solutions, such as digital payments, online marketing, and customer relationship management tools, to enhance efficiency and drive business growth.
Specific examples included utilising digital tools for shopfront sales, implementing customer loyalty programs, and leveraging data analytics for better business decisions.
The HKMA emphasized its ongoing commitment to collaboration with the banking and commercial sectors to foster an environment that supports the development and digital transformation of SMEs, ultimately benefiting the broader economy.