HK SFC, Fitch flag concerns about private credit

The Covid-19 pandemic has heightened the systemic risk arising from the activities of non-bank financial intermediaries (NBFI), previously known as shadow banking, and such risks are likely to rise further in 2021, experts warn. The financial stability of and systemic risks in non-bank lending have “rocketed up the priority list” since the market crash in March and its fallout, said Ashley Alder, chief executive of Hong Kong's Securities and Futures Commission (SFC). He is also vi…