Hong Kong Monetary Authority

Fintech / Regtech

GFiN Publishes Report Reflecting on First Year of Work

By Editors | 27/06/2019

The Global Financial Innovation Network has published a report reflecting on its work  over the past year, and its ambitions for the future.

Capital / Liquidity

HKMA Rules on Bank Exposure Limits to Take Effect From 1 July

By Editors | 25/06/2019

Under the rules, authorised institutions are subject to a statutory limit of 25% of capital on financial exposure to any one person or group of related persons.

Securities / Derivatives

Stock Connect Investors Gain Access to Onshore Yuan Rates

By Editors | 24/06/2019

Under the new arrangement, northbound Stock Connect investors will be able to hedge yuan exposures using the onshore exchange rate for the first time.

Fintech / Regtech

HSBC Scraps Fees Ahead of Virtual Bank Launches

By Manesh Samtani | 20/06/2019

HSBC will remove below-balance, counter transaction and annual fees for most personal savings accounts as it braces for incoming competition from newly approved virtual banks.

Securities / Derivatives

Complex Group Arrangements Compound Margin Financing Risks: SFC

By Manesh Samtani | 19/06/2019

Deputy chief Julia Leung says the SFC is concerned that brokers are using complex trading arrangements to circumvent regulatory oversight, among other supervisory priorities.

AML / KYC

HK Banks Asked to Enhance Customer Interface of Account Opening

By Manesh Samtani | 18/06/2019

The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.

AML / KYC

HKMA Sets Out AML/CFT Best Practices for SME Onboarding

By Editors | 17/06/2019

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

Market Infrastructure

Banks Should Start Considering HONIA Products – HKMA

By Manesh Samtani | 03/06/2019

HKMA Deputy Chief Howard Lee says global banks are the “best equipped” and should be taking the lead in the transition to alternative reference rates.

Fintech / Regtech

HKMA Steps Towards Regulating Big Data Analytics, AI in FinTech

By Hannah Cassidy | 24/05/2019

Herbert Smith Freehills says the HKMA push for adoption of the Ethical Accountability Framework in FinTech development represents a broader movement toward regulating artificial intelligence.