Ant Bank and Ping An OneConnect Bank launched virtual banks in Hong Kong. Fusion Bank is the only virtual bank that has not yet commenced operations.
Intermediaries have one year to align the minimum online retrieval period of their posted trade documents with the new requirements.
Under the rules, China’s G-SIBs must have loss-absorbing capacity amounting to at least 16 percent of risk-weighted assets starting from 1 January 2025.
Banks which elect to apply the transitional arrangements are allowed to add back a portion of Stage 1 and Stage 2 provisions for ECL to CET1 capital.
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