The rollout of the giant Regional Comprehensive Economic Partnership (RCEP), a new trade grouping that stretches from Japan on the fringes of the Arctic to New Zealand on the edge of the Antarctic, is driving optimism on long-term business prospects among enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
Banks in Hong Kong are optimistic on their financial performance in 2022 with higher interest rates likely to improve margins, global business consultancy KPMG said in its latest report. Non-interest revenue should also increase as initiatives such as the Cross-Boundary Wealth Management Connect scheme offer new growth opportunities. Paul McSheaffrey, Partner, Financial Services for KPMG China, extracts the key trends, opportunities and challenges identified in the KPMG Hong Kong Banking Outlook 2022 report.
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