New payment system connects banks and stored-value facility operators to enable instant payments in Hong Kong dollar and renminbi.
Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.
LegCo member Christopher Cheung met with SFC chairman Carlson Tong to represent broker concerns on potential margin lending restrictions.
The HKMA's guidance note expressly signals its desire to encourage and facilitate cooperation in investigations and enforcement proceedings, noting time, cost and resource savings for the regulator and institutions or individuals concerned.
The SFC’s Alexandra Yeong says Hong Kong has made great strides towards becoming a global centre for asset management.
A benign economic environment will support Hong Kong bank profitability and asset quality. However, increasing interest rates in the US could tighten bank liquidity.
Standard Chartered, WeLab, Zhong An Bank and HKT among several banking, technology and telecom firms applying for virtual banking licenses.
Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.
Central bank to exempt institutions incorporated overseas from new local IRRBB framework in cases where parent group is not additionally represented in Hong Kong through a locally incorporated institution.
Equity crowdfunding may not have specific regulations in Hong Kong, but it is potentially subject to restrictions and barriers to entry under existing rules. Yet, there is room to work alongside regulators to develop and test new products in this...