Hong Kong Monetary Authority

Market Infrastructure

Data, Technology Crucial for New Normal, LIBOR Transition

By Bing Li | 15/09/2020

The LIBOR transition opens the door to a fundamental rethink of the use of data and technology, and how firms provide products and services to customers, says Bloomberg’s Bing Li.

Capital / Liquidity

HKMA Published Revised SPM on Non-Cleared OTC Derivatives

By Editors | 14/09/2020

Banks currently in scope of the margin requirements and risk mitigation standards have until 1 September 2021 to comply wth the revised supervisory policy manual.

AML / KYC

Leveraging Data & Tech in Financial Crime Compliance

By Manesh Samtani | 14/09/2020

The pandemic has been an agent for accelerated change in operational and frontline functions. Financial crime compliance teams need to get in on the act.

Fintech / Regtech

Mox Bank Launches Virtual Banking Services in Hong Kong

By Manesh Samtani | 09/09/2020

Mox Bank, backed by Standard Chartered, PCCW, HKT and Ctrip Financial, is first opening accounts for its 20,000 pre-registrants before it opens to the rest of the public.

Fintech / Regtech

HKMA Directs Banks to Enhance Digital Lending Disclosures

By Manesh Samtani | 07/09/2020

Digital lending platforms have 12 months to enhance disclosures and transparency to ensure borrowers are made to understand the implications of their borrowing decisions.

HKMA Calls on Financial Sector to Support New Recruitment Scheme

By Editors | 06/09/2020

The Financial Industry Recruitment Scheme for Tomorrow scheme aims to create 1,500 full-time jobs in the financial services industry.

Capital / Liquidity

HKMA Extends Principal Payment Holiday Scheme Six Months

By Manesh Samtani | 03/09/2020

Loan principal payments of eligible corporate customers falling due between November 2020 and April 2021 will be deferred by six months. Trade loans will be deferred by 90 days.

Market Infrastructure

Hong Kong: OTC Clear Launches Sponsored Clearing Model

By Manesh Samtani | 31/08/2020

Foreign banks in Hong Kong that are unable to become full clearing members can use the ‘Sponsored Settlement Member’ model to access central clearing via OTC Clear.

Enforcement

SFC Imposes Lifetime Ban on Former China Citic Bank Employee

By Editors | 26/08/2020

The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.