{
  "id": 12121736,
  "title": "HKMA licenses Bakai Bank, city’s first from Central Asia",
  "url": "https://urgent.news/2026/10/05/hkma-licenses-bakai-bank-citys-first-from-central-asia",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-05T09:42:58.000Z",
  "source": {
    "name": "South China Morning Post",
    "slug": "south-china-morning-post",
    "url": "https://www.scmp.com/business/banking-finance/article/3365704/hkma-licenses-bakai-bank-citys-first-central-asia"
  },
  "original_language": "en",
  "account": "The Hong Kong Monetary Authority (HKMA) has granted a banking license to Bakai Bank, making it the first Central Asian bank to establish a presence in Hong Kong. This move comes amid increased economic and trade ties between China and the Central Asian region. Bakai Bank, one of the largest lenders in Kyrgyzstan, will operate as a restricted license bank in Hong Kong, serving as the 17th restricted license bank in the city. It is authorized to accept deposits of at least HK$500,000 (US$63,776) and provide corporate and merchant banking services, but not retail banking. Bakai Bank's CEO, Andreas Meletiou, expressed the bank's intention to use Hong Kong as a platform to expand in the region, emphasizing its role as a bridge between Central Asia and the Asia-Pacific. This is a significant milestone for Central Asia, as it marks the first time a Central Asian bank has established a presence outside Kyrgyzstan and the first bank from Central Asia in Hong Kong. The region, comprising Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan, and Tajikistan, is strategically located at the heart of China's Belt and Road Initiative, a project aimed at promoting trade flows. As of last year, China became the largest trading partner for Central Asian nations, with total trade in goods reaching US$106.3 billion, up 12% compared to the previous year. China's exports to Central Asia primarily consisted of machinery, electrical, and hi-tech products, while imports included agricultural and industrial goods. Meletiou stated that Bakai Bank currently has 35 employees and plans to expand to around 50 in the future, targeting companies with their payment, foreign exchange, and financing needs in trade and other investments in Central Asia and mainland China. The CEO expressed confidence that the bank is entering the right market at the right time, with Hong Kong's government initiatives aligning well with their strategy to serve as a bridge between Central Asia and mainland China.",
  "summary": "Hong Kong Monetary Authority (HKMA) has granted a banking licence to Bakai Bank, marking the first Central Asian bank to set up in Hong Kong amid closer ties in the economy and trade flows between China and the region, according to a statement on Monday. Bakai Bank, one of the largest lenders in Kyrgyzstan, will operate as a restricted licence bank in Hong Kong. It will be the 17th restricted…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "SCMP Business",
        "title": "HKMA licenses Bakai Bank, city’s first from Central Asia",
        "url": "https://urgent.news/2026/10/05/hkma-licenses-bakai-bank-citys-first-from-central-asia-12123343",
        "published": "2026-10-05T09:42:58.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}