BANK ACCOUNT IN HONG KONG

Hong Kong maintains a three-tier system of deposit-taking institutions, i.e. licensed banks, restricted licence banks and deposit-taking companies. They are collectively known as authorized institutions supervised by the Hong Kong Monetary Authority (HKMA).

As one of the top five financial centres of East Asia (together with Tokyo, Seoul, Shanghai, and Beijing), Hong Kong has one of the highest concentrations of banking institutions in the world, with 70 of the largest 100 banks in the world having an operation in Hong Kong.

As at 16 January 2015, there were 159 licensed banks, 21 restricted licence banks and 23 deposit-taking companies in business, constituting a total of 203 authorized institutions with 1,372 local branches. In addition, there are 63 local representative offices of foreign banks in Hong Kong.

A new piece of legislation has been introduced by the US government - Foreign Account Tax Compliance Act (“FATCA”). The purpose of FATCA is to report financial assets owned by US persons to the US tax authorities. In order to establish your tax status under FATCA, Bankers have to obtain certain documents for reporting.

Main Bank in Hong Kong

• Bank of China (Hong Kong)
• Bank of East Asia, The
• China CITIC Bank International
• China Construction Bank (Asia)
• Chong Hing Bank
• Citibank (Hong Kong)
• Dah Sing Bank
• DBS Bank (Hong Kong)
• Fubon Bank (Hong Kong)
• Hang Seng Bank
• Hongkong and Shanghai Banking Corporation, (HSBC)
• Industrial and Commercial Bank of China (Asia)
• Nanyang Commercial Bank
• OCBC Wing Hang Bank
• Public Bank (Hong Kong)
• Shanghai Commercial Bank
• Standard Chartered Bank (Hong Kong)
• Tai Sang Bank
• Wing Lung Bank