[1] As one of the top five financial centres worldwide, Hong Kong has one of the highest concentrations of banking institutions in the world, with 70 of the largest 100 banks in the world having an operation in Hong Kong.
In addition, there are 42 local representative offices of foreign banks in Hong Kong.
[2] Only licensed banks may operate current and savings accounts, accept deposits of any size and maturity from the public, and pay or collect cheques drawn, or paid in, by customers.
These companies engage in specialized activities, such as consumer finance and securities business.
As of 30 September 2023, all deposit-taking companies are incorporated in Hong Kong:[3] Overseas banks may establish local representative offices in Hong Kong, but they are not allowed to engage in any banking business and their role is confined mainly to liaison work between the bank and its customers in Hong Kong.