FIs will have to adopt provisions in financial contracts binding counterparties to temporary stays on termination rights that may be imposed by the HKMA during bank resolution.
In 3Q 2019, eight Thai banks and two Hong Kong banks (HSBC and ZA Bank) participated in a THB-HKD cross-border corridor network PoC using a CBDC.
The progressive development of digitalisation initiatives will bring profound changes to how the HKMA works and further enhance its efficiency, says deputy chief Howard Lee.
At the second meeting of the Banking Sector SME Lending Coordination Mechanism, established in October, banks agreed to a number of additional measures to aid SME borrowers.
Senior management, including the board, responsible officers and MICs will be held accountable for the overall risk management control of their firms.
The absence of an effective response by Hong Kong's government to address the concerns of the population indicate weaker institutional and governance strength.
TMA published feedback from market participants on HONIA as the successor to HIBOR in late December but unlike its US counterpart SOFR, Asian businesses are taking time to adapt.
While welcoming the SFC's front-loaded regulatory approach, the Process Review Panel says the regulator should be aware of its possible unintended effects and consider ways to minimise them.
Hong Kong's SFC and Thailand's SEC plan to sign a mutual recognition of funds agreement within the second quarter of this year.
The HKMA has been working to enhance Hong Kong’s competitiveness as a family office hub by developing talent, enhancing investment opportunities, and outreach.