HONG KONG MONETARY AUTHORITY

Fintech / Regtech

PBOC Trials Blockchain-based Trade Finance in Shenzhen

By Editors | 05/09/2018

Testing phase of new platform deployed at financial institutions including BOC, CCB, CMB, Ping An and StanChart, in a bid to boost efficiency of trade and financing activities.

Fintech / Regtech

HKMA Receives 29 Bids for First Round of Virtual Bank Licences

By Garima Chitkara | 03/09/2018

Standard Chartered, WeLab, Zhong An Bank and HKT among several banking, technology and telecom firms applying for virtual banking licenses.

Capital / Liquidity

HKMA to Exempt Overseas Incorporated Banks from IRRBB Framework

By Editors | 03/09/2018

Central bank to exempt institutions incorporated overseas from new local IRRBB framework in cases where parent group is not additionally represented in Hong Kong through a locally incorporated institution.

Securities / Derivatives

HK-China Bond Connect Enables DvP Settlement

By Editors | 27/08/2018

A key demand from international investors, a real-time delivery-versus-payment settlement system has now been implemented on the Bond Connect.

Fintech / Regtech

Thailand Central Bank Digital Currency Prototype Slated for Q1 2019

By Editors | 22/08/2018

Bank of Thailand will work with 8 participating banks to design, develop and test domestic wholesale funds transfers using a central bank digital currency.

Fintech / Regtech

Virtual Banks in Hong Kong: Bringing Risks and Opportunities To Asia

By Kristi Swartz | 21/08/2018

A new era of smart banking in Hong Kong is anticipated to begin at the end of this year with the establishment of virtual banks. Competent players will embrace enormous opportunities to challenge the city’s traditional banking model.

AML / KYC

HKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures

By Editors | 20/08/2018

The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.

Fintech / Regtech

Financial Regulators Consult on ‘Global Sandbox’ Approach

By Manesh Samtani | 09/08/2018

HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.

AML / KYC

Account Opening Woes Causing Loss of Business in Hong Kong – HKICS

By Garima Chitkara | 07/08/2018

HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.