Bank of China (Hong Kong) said on Thursday the local banking industry is ready to act as a major financial services provider for Central Asia's booming economy.

A senior executive from the lender representing the Hong Kong Association of Banks will join Chief Executive John Lee's delegation when he visits Kazakhstan and Uzbekistan next week.

BOCHK deputy chief executive Stephen Chan, who's acting chairman of the Association of Banks, said the economies of Kazakhstan and Uzbekistan have exponential growth potential and are willing to seek external cooperation.

Chan pointed out that both countries are advancing large-scale infrastructure projects in the areas of transportation and energy.

As an international financial centre, the SAR can serve their long-term funding needs, he said.

"Construction for highways and airports can span 20 to 30 years," he said.

"The SAR's financial institutions can also provide various financing solutions, such as by arranging syndicate loans or issuing offshore bonds, to support the implementation of these projects."

Chan noted that the SAR – being the world’s largest offshore renminbi hub – can also facilitate the use of yuan in cross-border trades and investment in Central Asia.

“These services include the provision of offshore renminbi cash management and settlement service, as well as trade finance services and supply chain finance," he said.

"It is fair to say that the demand spans all dimensions, from capital accounts to current accounts."

Chan added that during the visit, the Association of Banks would seek to engage in exchanges with local government departments, financial institutions and businesses to gain a deeper understanding of the latest government policies and market demand there.


Edited by Edmond Fong