The Monetary Authority has registered Woori Global Markets Asia as a deposit-taking company under the Banking Ordinance. It brings the total number of deposit-taking companies in Hong Kong to 34.

The registration took effect September 29. Woori Global Markets Asia, incorporated in Hong Kong, is a wholly owned subsidiary of Woori Bank, the third largest bank in South Korea. The bank has a branch in Hong Kong.

Hong Kong maintains a three-tier system of deposit-taking institutions - licensed banks, restricted licence banks, deposit-taking companies. They are collectively known as authorised institutions.

Deposit-taking companies are mostly owned by, or associated with banks. These companies engage in a range of specialised activities, including consumer finance and securities business. They can take deposits of $100,000 or above, with an original term of maturity of at least three months. Click here to view the full list of deposit-taking companies in Hong Kong.