Hong Kong

Fintech / Regtech

HKMA Issues Regtech Guide on Managing Cyber Risk

By Manesh Samtani | 26/01/2022

The guide will help banks apply Regtech solutions for cyber risk management, including to address risks from container technology and remote working.

Securities / Derivatives

SGX Lists First Two SPACs Under New Framework

By Editors | 24/01/2022

Vertex Technology Acquisition Corp and Pegasus Asia listed last week. A third SPAC, filed by Novo Tellus Alpha Acquisition, will debut on Thursday.

Big Picture

IMF Commends Hong Kong Efforts to Safeguard Stability

By Manesh Samtani | 23/01/2022

Hong Kong banks’ exposures to the mainland property market warrant continued close monitoring and periodic stress testing.

AML / KYC

SFC Fines Zhonghui International Futures for KYC/AML Failures

By Manesh Samtani | 20/01/2022

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.

Securities / Derivatives

CMB Backed SPAC Applies for Hong Kong Listing

By Editors | 20/01/2022

The SPAC listing application was made by Aquila Acquisition Corporation, whose ultimate parent is China Merchant Bank.

Market Infrastructure

HKMA Emphasises PvP Settlement in Revised FX Guidance

By Manesh Samtani | 19/01/2022

Banks should aim to have all their FX trades become eligible for PvP settlement, while also encouraging counterparties to do the same.

Hong Kong Anti Covid Restrictions Take Toll on Banks

By Sanday Chongo Kabange | 18/01/2022

Banks including Goldman Sachs, Bank of America, Morgan Stanley and UBS are struggling to bring key executives into Hong Kong due to flight bans.

Securities / Derivatives

HKEX to Roll Out New Electronic Communication Platform

By Editors | 17/01/2022

The new platform will be rolled out in phases starting in early Q1, improving usability and paving the way for new functionalities to be added, HKEX says.

AML / KYC

HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies

By Editors | 17/01/2022

The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.