Standard Chartered (02888): New measures in Hong Kong increase flexibility for property buyers, beneficial for mortgage business in banks.

Standard Chartered (02888) Hong Kong CEO Mary Huen welcomes the new financial budget and the response from the Hong Kong Monetary Authority to address the needs of property buyers by lifting all residential property demand management measures. At the same time, the Hong Kong Monetary Authority has revised the counter-cyclical macro-prudential measures for property mortgage loans, believing that these measures will help the property market in Hong Kong to develop steadily with manageable risks, providing potential buyers with greater financial flexibility and having a positive impact on the mortgage business of banks. Mary Huen also welcomes the extension of the application period for the "SME Financing Guarantee Scheme" by the Hong Kong Government to continue supporting small and medium-sized enterprises and accelerate the pace of Hong Kong's economic recovery. In response to the forward-looking suggestions proposed by the Hong Kong Financial Secretary, including developing Hong Kong into an international green financial center and accelerating the development of the digital economy, Standard Chartered will continue to strengthen its sustainable finance team in Hong Kong to assist businesses in transitioning to a green future. Furthermore, Standard Chartered looks forward to participating in the second phase of the "FinTech Proof-of-Concept Subsidy Scheme" and actively cooperating with the "Multiple Central Bank Digital Currency Cross-border Network" (mBridge) project and the application of the "Digital RMB" in Hong Kong to enhance customer experience. Mary Huen stated that as the first and only overseas bank directly participating in the Cross-border Interbank Payment System (CIPS) for RMB, Standard Chartered will continue to cooperate with the Hong Kong government and mainland financial markets to expand the connectivity measures, aiming to promote the diversification of RMB businesses in Hong Kong. Leveraging Standard Chartered's international network, the bank will promote Hong Kong's unique advantages in various potential trade corridors, attract investment, and consolidate Hong Kong's position as an international financial center.