Hong Kong

Crypto / Digital Assets

Hong Kong’s ZA Bank Starts Trials for New Crypto Trading Service

By Sanday Chongo Kabange | 30/10/2024

ZA Bank CEO Ronald Iu said the trial demonstrates the digital bank’s commitment to supporting the wider development of virtual assets in Hong Kong.

Crypto / Digital Assets

Hong Kong Considering Tax Breaks to Promote Virtual Asset Market

By Manesh Samtani | 30/10/2024

Christopher Hui said the government will introduce further tax concessions for fund managers and family offices to promote the development of certain asset classes, including virtual assets.

Crypto / Digital Assets

BOCHK Becomes First Bank to Use mBridge to Automate Remittances

By Sanday Chongo Kabange | 30/10/2024

BOCHK says it has completed the first fully automated cross-border remittance via mBridge and will continue to do so for selected corporate customers.

Fintech / Regtech

HKMA Launches New Platform to Boost Fintech Collaboration

By Sanday Chongo Kabange | 30/10/2024

The “Fintech Connect” platform will help banks discover innovative solutions developed and offered by fintech solution providers.

AML / KYC

Hong Kong to Introduce Anti-Fraud Alerts on ATMs Next Year

By Sanday Chongo Kabange | 29/10/2024

Alerts will pop up for ATM users when they enter details of recipient accounts that have been flagged as “high risk” in the Scameter database.

Fintech / Regtech

HKMA Establishes Tokenisation Partnerships with Thailand, Brazil

By Sanday Chongo Kabange | 29/10/2024

The HKMA will collaborate with the central banks of Thailand and Brazil to explore cross-border tokenisation use cases, leveraging the Project Ensemble sandbox.

Crypto / Digital Assets

HK Bank Completes ‘First-of-its-Kind’ Sandbox Test Using Tokenised Deposits

By Sanday Chongo Kabange | 29/10/2024

The simulation covered trading of the tokenised fund unit for its institutional clients and cross-bank settlement using tokenised deposits.

Fintech / Regtech

HKMA, PBOC to Pilot Cross-Boundary Payments Link in Mid-2025

By Sanday Chongo Kabange | 29/10/2024

The HKMA says a pilot launch for a cross-boundary payment linkage between Hong Kong’s FPS and China’s IBPS will tentatively launch in mid-2025.

Fintech / Regtech

Hong Kong Sets Policy Approach to AI Development

By Manesh Samtani | 28/10/2024

The Hong Kong government will promote the development of AI in the financial sector, subject to proper governance and risk mitigation being in place.