Hong Kong Monetary Authority

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.

AML / KYC

Hong Kong, China Framework Comparison – KYC Standards

By Prasanna Venkatesan | 23/05/2019

Given the similarities between Hong Kong and China’s KYC frameworks, cross-border onboarding and account opening has become less of a challenge, say Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai.

ESG / Sustainability

Hong Kong: An Ecosystem Approach to Bank Culture Reform

By Jeffrey Kupfer | 21/05/2019

The HKMA is addressing culture and conduct risk by learning from other markets, engaging with other regulators, and exploring new technology, say Jeff Kupfer and Stephen Scott at Starling Trust.

AML / KYC

The Need for a Cross-Sector & Cross-Jurisdictional AML Regime

By Claus Christensen | 16/05/2019

It’s time to have a conversation about implementing real AML information sharing across organisations, sectors and jurisdictions, writes Claus Christensen at Know Your Customer Ltd.