Hong Kong maintains a three-tier system of deposit-taking institutions, i.e. licensed banks, restricted licence banks and deposit-taking companies. They are collectively known as authorized institutions supervised by the Hong Kong Monetary Authority (HKMA). 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. As of 2019, there were 164 licensed banks, 17 restricted licence banks and 13 deposit-taking companies in business, constituting a total of 194 authorized institutions. In addition, there are 42 local representative offices of foreign banks in Hong Kong. Licensed banks 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. Incorporated in Hong Kong Virtual banks incorporated in Hong Kong Incorporated outside Hong Kong Restricted licence banks Incorporated in Hong Kong Incorporated outside Hong Kong Deposit-taking companies Deposit-taking companies are mostly owned by, or associated with, banks. These companies engage in specialized activities, such as consumer finance and securities business. They may take deposits of HK$100,000 or above with an original term of maturity of at least three months. All deposit-taking companies are incorporated in Hong Kong Local representative offices (all incorporated outside Hong Kong) 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. Approved money brokers BGC Capital Markets (Hong Kong) Limited Bloomberg Tradebook Hong Kong Limited Currenex, Inc. EBS Service Company Limited FX Alliance, Llc Fxmarketspace Limited GFI (HK) Brokers Limited ICAP (Hong Kong) Limited iMarkets Limited Korea Money Brokerage Corporation Lotus Forex Limited Nittan Capital Asia Limited Reuters Transaction Services Limited SMBC Capital Markets Limited Sendra Holdings Limited Tradition (Asia) Limited Tullett Prebon (Hong Kong) Limited Defunct, renamed or acquired banks Asia Commercial Bank Bank of America (Asia) Bank of Canton Bank of China Group Bank of Credit and Commerce International (Hong Kong) Limited Belgian Bank Canton Trust Bank Chartered Bank of India, Australia and China Chase Manhattan Bank, Hong Kong branch China & South Sea Bank Limited China State Bank Limited Chekiang First Bank D.A.H. Private Bank Limited Daiwa Bank, Hong Kong branch