Media OutReach
Hong Kong banks showed moderate balance sheet growth amid global uncertainty in 2024, KPMG report finds
Disciplined cost management, risk vigilance, and digital innovation underpin sector resilience
HONG KONG SAR – Media OutReach Newswire – 2 July 2025 – Hong Kong’s banking sector demonstrated steady growth and operational resilience in 2024, despite ongoing global economic headwinds. This is according to the newly launched KPMG Hong Kong Banking Report, which provides an in-depth analysis of the city’s banking performance in 2024 and explores the major trends shaping its future, ranging from geopolitical and credit risk to digital asset innovation and AI transformation.
The report reveals that the total assets of all surveyed licensed banks in Hong Kong rose by 4.5% to HK$24 trillion in 2024. Operating profit before impairment charges increased 7.8% to HK$318 billion, as banks continued to prioritise cost discipline and operational efficiency in the face of subdued loan demand and stable, but slightly compressed, net interest margins.
Paul McSheaffrey, Senior Banking Partner, Hong Kong SAR, KPMG China, commented: “Despite the challenging macroeconomic environment and the impact of US-China trade tensions, Hong Kong’s banks have remained resilient. The sector’s long-standing focus on prudent risk management, capital discipline, and ongoing investment in digital transformation has helped it adapt to volatility and maintain international competitiveness.”
While total loans and advances reduced by 2.3% in 2024, total customer deposits increased by 4.1%. Asset quality came under pressure, with the sector’s impaired loan ratio rising from 1.65% to 2.15%, reflecting the ongoing challenges in commercial real estate and the broader property sector. However, most banks have continued to exercise proactive risk management, including portfolio diversification and the adoption of digital tools to strengthen early risk detection.
In line with KPMG’s prediction in its 2024 Hong Kong Banking Report, the banking sector continued to navigate a challenging environment shaped by US monetary policy uncertainty, geopolitical tensions and economic strains in the Chinese Mainland.
Terence Fong, Head of Chinese Banks, Hong Kong SAR, KPMG China, says, “While Hong Kong’s economy showed resilience in 2024, recent developments highlight the importance of continued vigilance. The escalation of reciprocal tariffs between the US and China since April 2025 has heightened downside risks for Hong Kong’s trade-oriented economy and clouded the economic outlook. Continued vigilance will be crucial as banks navigate ongoing geopolitical uncertainty and macroeconomic challenges. Prudent capital management, agile pricing, and a renewed focus on emerging opportunities in Asia will be key to supporting sustainable growth.”
The report also highlights the sector’s progress in digital innovation. The Hong Kong Monetary Authority (HKMA) has been at the forefront of applications of blockchain technology for banks, with Project Ensemble serving as a landmark initiative exploring the use of wholesale CBDC (wCBDC) to facilitate the settlement of tokenised assets. On the retail side, the e-HKD initiative is progressing into its second phase, with the HKMA testing real-world applications of a retail CBDC. The HKMA has also finalised a regulatory framework for stablecoins which will provide better protection for the general public and investors.
Banks in Hong Kong are also accelerating the adoption of artificial intelligence, particularly agentic AI, to enhance efficiency, risk management, and compliance.
Angel Mok, Partner, Financial Services Technology Consulting, Hong Kong SAR, KPMG China, says, “Agentic AI solutions have evolved faster than expected. While banks in Hong Kong remain cautious about potential risks, they are generally enthusiastic about Agentic AI and are adopting it at an increasing pace. Banks that take a strategic, data-driven approach to implementation will be well-positioned to lead in an increasingly competitive landscape.”
Jia Ning Song, Head of Banking and Capital Markets, Hong Kong SAR, KPMG China, says, “AI is already delivering tangible value for Hong Kong banks with quantifiable benefits. However, it is imperative that banks adequately address concerns around governance, risk, and trust. Building trusted AI systems is now essential for maintaining public confidence and ensuring the long-term sustainability of Hong Kong’s banking system. Institutions further along in their digital journeys may be better positioned, while others may need to address foundational gaps first before scaling their AI initiatives.”
Hashtag: #KPMG
The issuer is solely responsible for the content of this announcement.
About KPMG
KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.
KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
Celebrating 80 years in Hong Kong
In 2025, KPMG marks “80 Years of Trust” in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we’ve woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world’s leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: “80 Years of Trust”.
New boutique separates luxury brand collections across two dedicated spaces, giving collectors a more focused buying experience
SINGAPORE – Media OutReach Newswire – 12 May 2026 – Watchbook Singapore has opened a second boutique at Far East Plaza, separating its curated collections across two dedicated spaces on the same floor to give collectors a more focused buying experience.
The expansion allows Watchbook to organise its inventory by brand family. The main boutique at #03-139 focuses on Rolex, Patek Philippe, Audemars Piguet and Cartier. The new boutique at #03-55 features contemporary luxury watches including Tudor, Omega, Hublot and other brands.
“By giving each collection its own dedicated space, we can offer collectors a sharper, more personalised experience,” said Anson Toh, chief executive officer at Watchbook Singapore. “This expansion reflects the growing interest in both neo-vintage and modern luxury watches, and our commitment to serving collectors at every level.”
Watchbook enters this next phase as Singapore’s second-highest-reviewed watch dealer, with more than 2,400 verified Google reviews reflecting thousands of successful transactions. Both boutiques are backed by the company’s end-to-end model: in-house authentication, a dedicated service centre staffed by certified watchmakers, and curated inventory under one roof.
Far East Plaza is well-established as a destination for watch enthusiasts and luxury retailers in Singapore. The opening of a second boutique on the same floor reinforces Watchbook’s position at the centre of that community.
Boutique Details
Main boutique
14 Scotts Road,
#03-139 Far East Plaza,
Singapore 228213.
New boutique
14 Scotts Road,
#03-55 Far East Plaza,
Singapore 228213.
Hashtag: #watchbook #fareastplaza
https://watchbook.sg/
https://www.linkedin.com/company/watchbook-singapore/
https://www.facebook.com/watchbooksg/
https://www.instagram.com/watchbooksg/
The issuer is solely responsible for the content of this announcement.
Watchbook Singapore
Watchbook is Singapore’s Neo-Vintage Rolex Specialist and a trusted destination for authenticated pre-owned luxury watches. The company offers one of Singapore’s deepest curated selections of certified neo-vintage Rolex timepieces from the 1980s to 2000s, alongside a broader portfolio including Patek Philippe, Audemars Piguet, Cartier, Omega and more.
As an independent luxury watch dealer, Watchbook operates a fully in-house service centre staffed by certified watchmakers, delivering complete authentication, servicing and warranty support. Recognised as Singapore’s second-highest-reviewed watch dealer, Watchbook serves collectors and enthusiasts who value heritage, character and certified quality.
Short Courses Structured for Busy Professionals
For working adults who want targeted upskilling, SIM Academy’s course listing includes instructor-led programmes that are typically offered in short formats. The 1-day or 2-day course structure may appeal to professionals seeking to build capability while balancing work and personal commitments.
The topics covered reflect a mix of core workplace capabilities and emerging skill areas, including communication skills, cognitive skills, systems leadership, sustainability, as well as broader organisational and leadership competencies. Such short-format training has become a common feature within Singapore’s continuing education landscape, particularly among working adults seeking to remain competitive in a changing job market.
SkillsFuture Funded Training Courses
A number of SIM Academy’s professional development courses are eligible for SkillsFuture Credit and related funding schemes. These funding mechanisms are part of national efforts to encourage lifelong learning and support workforce transformation. The availability of funding-supported courses may lower barriers to participation for individuals and employers, particularly for those pursuing incremental skills upgrading.
Career Switch for mid‑career professionals
SIM Academy offers programmes under the SkillsFuture Career Transition Programme (SCTP). These programmes are designed for individuals considering a shift into new roles or sectors and typically run over 5-6 months. Programme structures may include a combination of classroom learning, practical projects and career support elements such as guidance on job search and career planning.
This reflects a broader trend in Singapore’s training ecosystem, where structured transition programmes are increasingly used to support workforce mobility and adaptation to new job roles.
Flexible Delivery Formats
SIM Academy’s programmes are delivered through a mix of in-person, online and blended learning formats. This allows participants to select learning modes that align with their schedules and professional commitments. Short courses are conducted throughout the year, primarily at SIM Management House, alongside digital learning options that support greater accessibility. Flexible delivery has become an increasingly important feature of professional education, particularly for working adults balancing training with full-time employment.
Part of a Broader Continuing Education Landscape
As industries continue to evolve, demand for continuous skills development remains a key focus within Singapore’s workforce strategy. Short courses, modular training and structured transition programmes are among the approaches adopted by training providers to meet these needs.
SIM Academy’s range of offerings includes shorter, skills-focused workshops and longer-duration programmes designed to support career transitions.
References
- SIM Academy: https://www.sim.edu.sg/professional-development/overview
- Courses offered by SIM Academy: https://www.sim.edu.sg/professional-development/courses/course-listing
- SkillsFuture Courses offered at SIM: https://www.sim.edu.sg/professional-development/courses/skillsfuture-courses
- SkillsFuture Career Transition Programme (SCTP): https://sctp.pd.sim.edu.sg
Hashtag: #SIMAcademy #SIMA
The issuer is solely responsible for the content of this announcement.
About SIM Academy
SIM Academy provides leading-edge professional development and enterprise solutions. SIM Academy offers over 300 executive and business programmes that help almost 10,000 professionals annually on average hone their competencies to drive business value and achieve peak personal and enterprise performance.
Our programmes encompass a comprehensive range of lifelong learning opportunities designed to empower professionals with the knowledge, skills, and competencies necessary to become effective change-makers and leaders in today’s volatile and uncertain business landscape.
For more information on SIM Academy, visit sim.edu.sg
Media OutReach
Patented Ingredients Help Malaysian Supplement Brands Stand Out as Wel-Bloom Bio-Tech Expands Market Presence
According to IMARC Group, the Malaysian dietary supplements sector is projected to grow at a CAGR of 4.68% through 2034.Amidst this expansion, Wel-Bloom Bio-Tech emphasizes the importance of leveraging high-barrier patented ingredients. For the beauty and wellness sector, the exclusive ingredient Wel-ROS6® utilizes the “Black Crystal Roselle,” a variety developed over nine years. Through a triple-patented micro-grinding technology, the total anthocyanin content reaches up to 17.7 times that of conventional roselle extracts.
To address the aging population’s needs, Wel-Bloom Bio-Tech also introduces Wel-EGT®, a high-purity ergothioneine extracted through a patented process. This ingredient serves as a core component for cognitive health supplements, offering 5 times the BCAA content of standard chicken essence to support anti-aging and neurological health.
Beyond ingredient innovation, Wel-Bloom’s patented Functional Jelly technology enables preservative-free supplements that maintain 97.8% active ingredient integrity. As an international CDMO and health supplement manufacturer certified under NSF-GMP and HALAL, Wel-Bloom Bio-Tech provides integrated services from R&D to production, empowering Malaysian partners to achieve differentiated positioning in the evolving wellness market.
Hashtag: #Welbloom
The issuer is solely responsible for the content of this announcement.
About Wel-Bloom Bio-Tech
Wel-Bloom is a globally recognized CDMO expert in the health food industry, dedicated to delivering innovative, one-stop solutions. Guided by forward-looking market insights and supported by robust R&D capabilities, Wel-Bloom empowers clients to develop highly competitive, differentiated health food products.
For partnership opportunities and functional ingredient solutions, visit https://welbloom.com/ or search for Wel-Bloom online.
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