HONG KONG MONETARY AUTHORITY

Fintech / Regtech

HKMA’s Carmen Chu Urges Banks to ‘Embrace the Opportunities’ of GenAI

By Sanday Chongo Kabange | 22/12/2024

HKMA’s Carmen Chu said banks should foster a culture of “continuous learning” within their institutions and experiment with HKUST’s InvestLM GenAI Platform.

Market Infrastructure

HKMA Requiring Banks to Develop Capability to Switch Between CRAs

By Sanday Chongo Kabange | 20/12/2024

Retail banks must have agreements in place with more than one CRA by Jan 2025 and complete switch-over testing within Q2 2025

Fintech / Regtech

HKMA Announces First Batch of GenAI Sandbox Participants

By Sanday Chongo Kabange | 20/12/2024

15 use cases from 10 banks and 4 technology partners were selected. Technical trials will commence in early 2025.

ESG / Sustainability

HKMA Issues New Guidance for Banks on Transition Planning

By Manesh Samtani | 17/12/2024

The guidance covers governance, implementation strategy, engagement strategy, metrics and targets, data collection, scenario analysis, and disclosure/communication.

Capital / Liquidity

HKEX to Accept CGBs as Collateral for Swap Connect from 13 Jan

By Sanday Chongo Kabange | 17/12/2024

From 13 January, China government bonds held through Bond Connect can be used as collateral for Northbound Swap Connect.

Capital / Liquidity

HKMA Publishes Five Revised SPM Modules in Gazette

By Editors | 17/12/2024

The revised modules mainly include updates to cater for the implementation of Basel III rules on exposure limits and liquidity.

Capital / Liquidity

HKMA Issues Supplementary Guidance on Revised Credit Risk Framework

By Editors | 16/12/2024

The HKMA said the new supplementary guidance is intended to facilitate “consistent application” of the revised credit risk framework.

Capital / Liquidity

HKMA Issues Revised Guidelines on Fair Value Practices

By Editors | 16/12/2024

The revisions are mainly to better align with the “Prudent valuation guidance” under CAP50 of the Consolidated Basel Framework.

Enforcement

HKMA Fines China CITIC Bank for Transaction Monitoring Deficiencies

By Sanday Chongo Kabange | 08/12/2024

The HKMA said 13 out of a total of 33 detection rules and two core model rules had not been implemented as intended.