Bakai Bank Licensed by HKMA, Expected to Open in Hong Kong Next Year, Helping Clients Seize Central Asia Renminbi Opportunities

Kyrgyzstan-based Bakai Bank has been authorised by the Hong Kong Monetary Authority to establish a restricted licence bank in Hong Kong, becoming the first Central Asian bank to enter the Hong Kong market, and is expected to open next year. Mark Ristow, Chief Executive Officer of Bakai Bank's Hong Kong branch, said renminbi is the preferred settlement currency for trade between Central Asia and China, and that coming to Hong Kong gives access to the largest offshore renminbi hub, serving as a bridge between Hong Kong and Central Asia and providing working capital and trade finance solutions.