Hong Kong

AML / KYC

HK Police Arrest 17 for Using Virtual Banks to Launder Money

By Editors | 16/05/2022

The syndicate members processed the funds through more than 20 online bank accounts since 2021, police said.

Market Infrastructure

Capital Outflows Prompt HKMA Intervention to Defend Currency Peg

By Editors | 12/05/2022

The last time the HKMA intervened to defend a weakening HKD was in March 2019. The move is expected to raise borrowing costs.

Market Infrastructure

First Rural Lender Added to Greater Bay WMC Scheme

By Darien Choong | 11/05/2022

Shenzhen Rural Commercial Bank has partnered with DBS Hong Kong to offer cross-border wealth management services to mainland residents in the GBA.

Securities / Derivatives

SEHK to Unify Main Board, GEM Websites From 28 May

By Editors | 08/05/2022

The websites will be unified to optimise HKEX’s technical infrastructure and provide investors more streamlined access to market information.

Market Infrastructure

HKMA Sets Timeline for Mandatory Reference Checking Regime

By Sanday Chongo Kabange | 08/05/2022

Banks have until 2 May 2023 to put in place the necessary internal controls, policies and procedures required for Phase 1 implementation of the MRC regime.

Capital / Liquidity

Hong Kong Banks Barred from Suing Defaulting Landlords

By Manesh Samtani | 05/05/2022

For 3 months, lenders may not take action against landlords who default on secured loans as a result of a rental enforcement moratorium being imposed in Hong Kong.

Fintech / Regtech

HKMA Issues Regtech Guide on Adopting AI-based Solutions

By Editors | 02/05/2022

The guide highlights the need for banks to establish proper data and AI governance frameworks, and maintain continuous control over AI-based solutions post-implementation.

Securities / Derivatives

HKEX Launches Public Repository on Issuer Board Diversity

By Editors | 30/04/2022

The centralised platform will make available data regarding each listed company’s board of directors – by age, gender and years of tenure.

Fintech / Regtech

SFC Grants In-principle Approval to HashKey Crypto Platform

By Manesh Samtani | 30/04/2022

HashKey’s platform will offer trading, brokerage and automated trading services for cryptocurrencies, virtual commodities, stablecoins and security tokens.