HSBC, a UK-based banking and financial services organisation, has introduced cryptocurrency services in Hong Kong. According to cointelegraph.com, this includes the ability to buy and sell both Bitcoin and Ether-based ETFs, which are listed on the Stock Exchange of Hong Kong. This move aims to provide increased access to cryptocurrencies for local users.
As of March 2022, HSBC Hong Kong had 1.7 million active mobile customers, with 95% of all HSBC retail transactions being conducted online. This follows their Virtual Asset Investor Education Centre launch, which seeks to educate investors about the associated risks of investing and requires them to read and confirm educational materials and risk disclosures before investing.
The news of HSBC’s cryptocurrency services comes in the context of a circular issued by the Hong Kong Monetary Authority, which asked major banks such as HSBC and Standard Chartered to accept crypto exchanges as clients.
Aside from their efforts in the cryptocurrency sector, HSBC has been gradually exiting less profitable businesses globally, and focusing on expanding into Asian markets. This has included the closure of their wealth and personal banking business in New Zealand, and the planned closure of 114 branches in the UK. Furthermore, Reuters reported in May 2023 that HSBC is assessing the possibility of exiting from as many as twelve countries.
