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Hong Kong Regulator Grants Restricted Banking Licence to Kyrgyzstan's Bakai Bank
The HKMA granted a restricted banking licence to Kyrgyzstan's Bakai Bank, effective Oct. 5 — the first Central Asian lender to set up in Asia-Pacific.
Why it matters
This is a fresh signal of Hong Kong's financial pull along the Belt and Road corridor: a first-of-its-kind Central Asian lender has chosen the city as its Asia-Pacific beachhead, underlining Hong Kong's role as a 'super-connector' between mainland China, Central Asia and offshore investors.
Full report
The Hong Kong Monetary Authority (HKMA) has granted a restricted banking licence to BAKAI BANK Open Joint Stock Company of Kyrgyzstan, effective Oct. 5, 2026, according to the regulator. Invest Hong Kong (InvestHK) said the bank is the first lender from Central Asia to establish a presence in the Asia-Pacific region.
Operating as Bakai Bank Hong Kong, the branch will offer trade, payments and treasury services, focusing on trade, investment and capital flows between Central Asia and Asia-Pacific under the Belt and Road Initiative.
Hong Kong now has 17 restricted licence banks. Restricted licence banks may accept deposits of HK$500,000 or more, and are mainly engaged in merchant banking and capital-market activities.
'Hong Kong is Asia's pre-eminent 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. InvestHK said it secured the bank's interest during a regional visit that included Kyrgyzstan, advised it on licensing and regulation, and introduced it to local partners. The two sides will also explore sustainable development funding and renminbi (RMB) financing in Hong Kong.
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