Hong Kong

Livi Bank, backed by BOCHK, JD Digits and Jardine Matheson, has become the fourth virtual bank to open to the public in Hong Kong.

“China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” said a spokesperson, without specifying what the sanctions would entail.

Companies from nine key fintech verticals are invited to submit applications by 31 August, for a chance to showcase their solutions to corporates and investors at Hong Kong Fintech Week.

The proposed reforms would allow financial services groups operating in Hong Kong to offset the profits of one group company against losses in another.

Banks should take into account Covid-19 in product due diligence and client suitability assessments, and exercise caution when dealing in leveraged products.

Hong Kong’s stock exchange proposes to enhance its disciplinary regime to enhance its ability to hold accountable and sanction senior managers and directors responsible for misconduct.

The HKMA says unilateral sanctions imposed by foreign governments have "no legal status" in Hong Kong and banks should endeavour to treat customers fairly.

Insurers and intermediaries such as banks have to apply to enter the InsurTech Sandbox to test the use of video conferencing to distribute long term insurance policies.

Banks have agreed to allow corporate customers who still face cash-flow pressures to further extend their trade facilities for a further 90 days, on top of the 90 days granted from May.

A Cabinet level amendment will allow overseas investment funds and securities operators to temporarily operate from Japan.