Hong Kong

Fintech / Regtech

HKMA Emphasises Consumer Protection in Big Data Analytics, AI Use

By Editors | 06/11/2019

New HKMA guidance for banks using big data analytics and AI applications focuses on four major areas: governance and accountability; fairness; transparency and disclosure; and data privacy and protection.

Enforcement

China Forestry Liquidators File Lawsuit Against Pre-IPO Auditor

By Editors | 05/11/2019

The plaintiffs allege that KPMG “negligently failed to identify that they were the victims of a serious and pervasive false accounting by former members of executive management.”

Fintech / Regtech

Hong Kong Enables Govt Bill Payment Via FPS QR Code

By Editors | 04/11/2019

Bills related to tax, government rates and rent, and water will be issued with FPS QR codes moving forward.

Fintech / Regtech

HKMA Offers High-level Guidance for Banks on AI Use

By Editors | 02/11/2019

The high-level principles cover governance, application design and development, and ongoing monitoring and maintenance of banks’ AI applications.

Fintech / Regtech

SFC Issues Guidance on Outsourcing of Data Storage

By Editors | 01/11/2019

Licensed corporations must ensure cyber and operational risks are properly mitigated and that the SFC’s access to regulatory records is not restricted or otherwise undermined.

Enforcement

SFC Fines China Rise for Short Selling, Cross Trading Breaches

By Editors | 31/10/2019

China Rise’s former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.

Fintech / Regtech

HKMA Stresses Consumer Protection Ahead of Open Banking Phase II

By Editors | 30/10/2019

The HKMA outlines its expectations for the consumer protection practices financial institutions should adopt for Open API Phase II and beyond.

Securities / Derivatives

HKEX Issues Guidance for Overseas Companies Seeking HK Listings

By Editors | 29/10/2019

The guidance materials have been enhanced to improve access to the Hong Kong market and to facilitate the application process.

Enforcement

ICAC Charges Two for Conspiracy to Defraud Five HK Banks

By Editors | 28/10/2019

Two operators of an SME conspired to defraud DBS Bank, HSBC, ICBC, Dah Sing Bank, Wing Hang Bank, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.