Hong Kong

AML / KYC

Achieving Effectiveness in AML is a Shared Mission: HKMA’s Carmen Chu

By Bradley Maclean | 25/03/2024

Ms Carmen Chu discusses Hong Kong’s threat landscape, HKMA’s efforts to improve industry effectiveness, and key messages for FIs on collaboration and the use of technology.

Big Picture

New Mediums of Exchange Will Add to HK’s GDP: Report

By Manesh Samtani | 25/03/2024

BCG, DLA Piper, HKT Payment Limited, paywith.glass, VSFG and ZA Bank say CBDC, tokenised deposits and stablecoins will add HK$160bn to Hong Kong’s GDP by 2032.

Capital / Liquidity

HK LegCo Reviews Legislation to Implement RBC Regime for Insurers

By Editors | 22/03/2024

The legislation covers revised qualifications for actuaries and the fees and levies payable to the IA. The new regime will commence from 1 July 2024.

Hong Kong to Raise Bank Licence Fees Nearly 30%

By Manesh Samtani | 22/03/2024

An HKMA review concluded that the proposed increase in fees should be “manageable” for affected financial institutions.

ESG / Sustainability

Hong Kong Progresses Work to Expand Green Bond Programme

By Manesh Samtani | 21/03/2024

A new Infrastructure Bond Programme will be established and the Government Green Bond Scheme will be expanded and renamed to cover sustainable projects.

AML / KYC

Top HK Official Addresses Frozen Remittances in Mainland China

By Editors | 21/03/2024

94 of 161 cases of frozen remittances from 2023 have been resolved as a result of the Customs and Excise Department’s intervention and bilateral negotiation.

Fintech / Regtech

HSBC Offers Boost to Hong Kong Fintech Ecosystem

By Sanday Chongo Kabange | 21/03/2024

The Hong Kong Science and Technology Parks Corporation has signed a three-year strategic partnership with HSBC.

Enforcement

HK Court Jails Retail Trader for Fraud Involving Naked Short Selling

By Sanday Chongo Kabange | 21/03/2024

In the first case of securities fraud involving illegal short selling in Hong Kong, a retail trader was sentenced to 18 months imprisonment.

Crypto / Digital Assets

Hong Kong: Prototype Created to Issue Electronic Bills of Lading

By Manesh Samtani | 21/03/2024

The eBL prototype, developed by GSBN and Ant Group,  is being used in the HKMA’s wholesale CBDC sandbox project.