The effects of COVID-19 spread to virtually every aspect of Hong Kong’s economy, impacting operational, credit and market risks at all types of businesses, including banks. Many companies, in fact, saw payments for goods from customers in the US and Europe grind to a complete halt. In response, the city’s central bank, the Hong Kong Monetary Authority (HKMA), enacted a series of measures to assist banks, small- to medium-sized enterprises (SMEs) and individuals.
In this podcast, Arthur Yuen, deputy CEO of HKMA, will address:
• How the HKMA responded to the pandemic’s crippling economic impact;
• Steps the HKMA and banks are taking to help SMEs and other severely-impacted industries;
• The largest risk management challenges COVID-19 has presented;
• The lessons learned from previous pandemics, like SARS; and
• Measures the HKMA may enact to improve operational resilience in the financial system