DBS survey: nearly 60% of Hong Kong SMEs look to government for more financial support in upcoming Budget announcement | 繁體

Hong Kong, 20 Feb 2023 - The DBS SME Pulse Check Survey[1], conducted ahead of the coming 2023/24 Hong Kong Budget announcement, found that 58% of Hong Kong’s SMEs would like to receive more funding and financial support from the government, amid growing concerns about the state of the global economy.

According to the survey, 76% of Hong Kong SMEs believed that a global recession would take place in 2023. Over half of the respondents also expressed growing concerns and need for government funding and financial support (58%), followed by support on business matching and networking (30%) and brand development and promotion (18%).

In addition, respondents also cited inflation (44%), labour costs and availability (43%) and rising global interest rates (39%) as their top concerns.

Despite the concern of a global recession, Hong Kong SMEs largely expressed confidence in the outlook of their businesses in the coming 12 months with Hong Kong-mainland China border reopening. 75% of the respondents believed that this would bring a positive impact on their business revenues.

Hong Kong SMEs are also becoming bullish on the outlook of the Greater Bay Area (GBA), with 52% of them eager to accelerate expansion plans into the region in the coming 12 months. Commenting on this, Jolynn Wong, Head of Business Banking, DBS Bank (Hong Kong) Limited, said, “With mainland China reopening its border, cross-border businesses between Hong Kong and mainland China starts to resume its normalcy. As the World’s best SME bank, we will continue to double down on the GBA and leverage on our expertise in the region to help Hong Kong SMEs expand their footprint in the GBA.”

The survey also reflected that 36% of the respondents had listed marketing and branding as the top business priority in 2023, along with e-commerce and market expansion sharing equal importance (25% respectively). This might come as an expected sentiment as businesses continue to emerge from the pandemic and kickstart marketing and branding activities to help meet business goals and maintain brand visibility amid economic uncertainty.

Patrick Lau, Head of Enterprise Banking, DBS Bank (Hong Kong) Limited, said, “While a majority of SMEs surveyed believe there will be a global recession this year, they are determined to drive business growths amid uncertainty by considering and planning their business priorities carefully. As a leader in SME banking, DBS has a deep understanding of the needs of SMEs. We constantly innovate our offers and solutions through digitalisation to keep up with their needs, especially in the current challenging environment, helping them weather this storm and support their growth journey for the years to come.”

[1] The survey was completed by 470 Hong Kong SMEs between 16 January and 1 February 2023.

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About DBS 
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.