For the third year in a row, HSBC claimed Hong Kong’s best bank title. As the city’s largest financial institution, HSBC continues to play a pivotal role in strengthening Hong Kong’s position as Asia’s leading financial and innovation hub, linking China, the broader region and the world.
As Hong Kong’s traditional lending sector faced pressure, HSBC accelerated digital adoption, launching over 400 features and growing monthly app users 20% to 2.2 million. Its mobile onboarding service enabled mainland Chinese clients to open accounts remotely. In 2024, HSBC reached a milestone of 6 million active retail banking customers in Hong Kong and became the first major bank in the city to achieve a positive net promoter score – a key indicator of customer satisfaction.
The bank commanded 22.9% of trade finance – up nearly five percentage points – through innovations like TradePay, which digitised working capital financing. It led both G3 bond issuance (with a 12.5% share) and Hong Kong dollar bonds (24.8% share), while executing Asia’s largest deals: Alibaba’s $5 billion convertible bond, Hyundai Motor’s record $3.3 billion India IPO, and Vinda’s $4 billion privatisation.
In wealth management – a critical growth sector – HSBC led the market with the largest insurer share and established itself as the primary destination for mainland investors. The bank expanded investment choices through an “open architecture” approach, enabling clients to access products from a range of providers beyond HSBC’s own offerings. This positioning proved crucial as Hong Kong’s wealth corridor boomed.
In wealth management, HSBC led the market with the largest insurer share and established itself as the primary destination for mainland investors
Yet HSBC balanced global ambitions with local responsibility. As chairman bank of the Hong Kong Association of Banks, HSBC coordinated industry-wide relief efforts that helped over 10,000 SMEs access government support measures – representing 40% of the market total.
The bank pioneered venture debt in Hong Kong, backing insurtech unicorn Bolttech, partnered with Hong Kong Science Park to nurture startups, and led Central Bank Digital Currency trials with monetary authorities.
This strategy – connecting Hong Kong globally while strengthening its local foundation – defined HSBC’s market leadership in 2024.
