Hong Kong

Fintech / Regtech

Virtualisation in Banking Sector: A Major Step Forward for Hong Kong

By Philip Keller | 27/06/2018

Hong Kong may have been slow to the game in finalising its framework for virtual banks, but digitisation in the city is now on the move. This is good news and critics should recognise this as a major step forward for Hong Kong.

AML / KYC

Maximum Pressure: US, HK Act to Firm Up North Korea Sanctions

By Nick Turner | 25/06/2018

Despite the glad-handing between Donald Trump and Kim Jong-un in Singapore earlier this month, the legal landscape surrounding North Korea sanctions remains unchanged since March 2018. AML (anti-money laundering) risks will remain a focus of attention in Hong Kong and elsewhere.

AML / KYC

Hong Kong FSDC Releases Digital ID and KYC Utility Report

By Garima Chitkara | 25/06/2018

The FSDC has laid out four key recommendations for creating a digital identity and e-KYC based infrastructure for Hong Kong.

Fintech / Regtech

HK Virtual Bank Licence Offers Nothing New for Local Market

By Peter Guy | 20/06/2018

The HKMA and its new regulations fail to recognise that virtual banking has long existed. Redundant and irrelevant rules only hold back fintech development in Hong Kong.

Securities / Derivatives

Hong Kong Targets September for OTC Derivatives Margin Rules

By JP Reimann | 20/06/2018

SFC consultation proposes to phase-in IM requirements to avoid market disruption; VM to take effect on 1 September 2019.

Capital / Liquidity

HKMA Imposes Enhanced Supervisory Arrangements on Indian Bank Branches

By JP Reimann | 14/06/2018

Due to capital deficiencies, the Hong Kong branches of Allahabad Bank, Punjab National Bank and Indian Overseas Bank must hold HQLA equivalent to 100% of unpledged deposits and should not solicit customer deposits, among other measures.

Market Infrastructure

HKMA Adds Two Additional Phases to Cyber Resilience Assessment

By JP Reimann | 14/06/2018

Second phase to cover 60 authorised institutions with higher risk, third phase to cover about 90 remaining institutions; HKMA expressed concern about lack of qualified C-RAF assessors.

Enforcement

China, Hong Kong to Deepen Cross-Boundary Market Surveillance

By JP Reimann | 14/06/2018

Regulators discussed collaboration on market surveillance, intelligence sharing, coordinated investigations, and the establishment of a notification mechanism for cases involving dual listed shares and cross-boundary market misconduct.

Market Infrastructure

Hong Kong, Japan to Cooperate on Commodity Market Development

By Manesh Samtani | 12/06/2018

HKEX and Tokyo Commodity Exchange MoU to promote cooperation through information exchanges, staff exchanges, product development and joint promotion.