Hong Kong Financial Services and the Treasury Bureau proposes higher Banking Ordinance fees for bank licences branches and approved money brokers

Hong Kong's Financial Services and the Treasury Bureau announced that the government has notified the Legislative Council of a resolution to increase various fees under the Banking Ordinance. The proposed changes cover banking licences, the establishment of branches and local representative offices, and the registration of approved money brokers. The fee increases would apply to authorized institutions, including licensed banks, restricted licence banks and deposit-taking companies, as well as local representative offices and approved money brokers. These entities pay licence, registration, establishment and approval fees on authorization or approval by the Monetary Authority, along with annual renewal fees tied to the anniversary of authorization or approval. The proposal follows a broader government review of fees and charges announced in the 2024-25 Budget and a further Hong Kong Monetary Authority review after adjustments made in 2024. In developing the proposal, the review considered inflation, comparable fee levels in other jurisdictions, institutions' operating costs and the effect on Hong Kong's competitiveness, with the government expecting only a minimal impact because the fees make up an insignificant share of operating expenses. Subject to the legislative process, the government plans to move the resolution in the Legislative Council on July 8.