One of the few places where banks still print their own money

Countries & Cities · Published 12 October 2026 · Updated 25 October 2026 Swipe more like this →

In short: In most modern economies, central banks hold a monopoly on currency. However, in Hong Kong, commercial banks are still permitted to issue banknotes. Among these authorized issuers, HSBC remains the most prolific, providing the majority of the physical cash circulating in the territory.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) was established in British Hong Kong in 1865. While it is now a subsidiary of the London-based HSBC Holdings group—a transition that began in 1990—it remains the largest bank in Hong Kong. The institution serves as the regional headquarters for Asia Pacific, managing a vast network of approximately 600 offices across 20 countries and overseeing significant stakes in lenders throughout China.

One of the most unique aspects of its operation is its role in monetary issuance. The Monetary Authority permits a small number of global regions, including Hong Kong, to allow private banks to produce Hong Kong dollar notes. This specific right is shared by HSBC with Standard Chartered Bank (Hong Kong) and the Bank of China (Hong Kong). Notably, HSBC's notes represent 67.7% of the total value of notes in circulation.

The bank's physical presence is anchored by its headquarters at No. 1 Queen's Road Central. Designed by Norman Foster, it was once the world's most expensive building based on usable floor area. Beyond traditional retail and corporate banking, the institution has navigated complex geopolitical shifts, including a 2023 account closure for the League of Social Democrats and a 2026 license to issue stablecoins.

HSBC's historical footprint is vast, with origins in trade-heavy ports like Yokohama (1866), Jakarta (1884), and Manila (1875). It has historically acted as a consultant on currency reforms and fiscal policies across the region. Today, it balances this legacy with modern fintech, such as its 2017 social payment app, PayMe.

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