Bakai Bank to become first Central Asian bank in Hong Kong

Bakai Bank, a leading Kyrgyz commercial bank, has received Hong Kong Monetary Authority approval to set up a restricted-license branch in Hong Kong. It is the first Central Asian bank to enter Hong Kong and the Asia-Pacific region, aiming to boost trade and capital flows along the Belt and Road corr

Hong Kong will see its first Central Asian bank after Bakai Bank, a leading commercial bank in the Kyrgyz Republic, received regulatory authorisation from the Hong Kong Monetary Authority to establish a restricted-license bank branch in the city.

Bakai Bank also becomes the first bank from Central Asia to establish a presence in the Asia-Pacific region. It will operate as Bakai Bank Open Joint-Stock Company (Hong Kong Branch), or Bakai Bank Hong Kong, at Quarry Bay.

Bakai Bank Hong Kong said the branch is purpose-built to enable and deepen capital and trade flows between Central Asia and the Asia-Pacific. Riding on the momentum of the Belt and Road Initiative, it said it is dedicated to meeting the trade, investment and capital needs along this vital corridor.

“Hong Kong is Asia's preeminent super-connector – uniquely positioned to connect East and West, and to facilitate the cross-border financial activities that define our franchise,” said Andreas Meletiou, chief executive of Bakai Bank Hong Kong. He noted that despite the Central Asia-APAC corridor expanding rapidly, cross-border banking needs remain underserved, and the bank will help address this gap by supporting corporates and financial institutions with trade, payments and treasury solutions.

Alpha Lau, director-general of Investment Promotion, said the arrival of Bakai Bank injects fresh momentum into Hong Kong's financial ecosystem, unlocking potential opportunities in global offshore yuan business, international asset and wealth management, gold trading, and beyond.