Hong Kong

Fintech / Regtech

HKMA Issues Guidance on Protecting Payment Card Data

By Manesh Samtani | 26/09/2022

The guidance emphasises the need for due diligence of third-party service agents, ongoing monitoring, and prompt reporting of incidents.

Hong Kong Scraps Hotel Quarantine Requirement

By Editors | 26/09/2022

The relaxation comes as Singapore overtakes Hong Kong as the world’s third most favoured financial centre in the Global Financial Centres Index.

AML / KYC

HKMA Penalises Cathay United Bank for AML Deficiencies

By Editors | 25/09/2022

Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.

ESG / Sustainability

HKGFA Publishes Guidance on Using Common Ground Taxonomy

By Manesh Samtani | 23/09/2022

The Common Ground Taxonomy can be used for debt issuance, equity portfolio construction, index creation, company and fund disclosures, and policy settings.

Market Infrastructure

HKMA Signals Coming Enhancements to Wealth Connect Scheme

By Editors | 22/09/2022

Enhancements could include measures to improve sales arrangements, expand the product scope, and allow more financial institutions to participate.

Securities / Derivatives

SFC Calls for Licensed Personnel to Return to Hong Kong

By Editors | 21/09/2022

The SFC is concerned over operational risks at licensed corporations that are doing business without a responsible manager located in the city.

Crypto / Digital Assets

HKMA to Start Retail CBDC Trials in Q4 This Year

By Manesh Samtani | 21/09/2022

The trials will involve banks, payment companies and other technology firms to study the use of the e-HKD in a limited setting.

Securities / Derivatives

HK Police, FRC Sign MoU on Combatting Commercial Crime

By Editors | 21/09/2022

Collaboration is needed to protect the public interest and maintain financial market integrity, said FRC chairman Kelvin Wong.

Fintech / Regtech

FSTB, SFC Declare Support for STO Business in Hong Kong

By Editors | 19/09/2022

The SFC’s Elizabeth Wong said firms that are interested in STOs are encouraged to discuss their proposals with the regulator’s Fintech unit.