Hong Kong Monetary Authority

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    HKMA Mandates Cooling-off Period for Unsecured Consumer Credit

    By Editors | 11/11/2024

    Retail banks including digital banks have until end-June 2025 to implement at least a 7-day cooling-off period for all unsecured consumer credit products.

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    HKMA Sets Expectations for Banks on Handling ‘Autopay’ Arrangements

    By Sanday Chongo Kabange | 06/11/2024

    The circular addresses situations where a merchant has suspended operations or shut down while customers have active direct debit authorisations in place.

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    Fintech / Regtech

    FCA Issues Guidance on Preparing for CrowdStrike-Style Outages

    By Manesh Samtani | 05/11/2024

    The FCA offers guidance on compliance with its operational resilience rules by 31 March 2025, drawing lessons from the response to CrowdStrike’s July outage.

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    Press Release

    Citibank HK & Aereve Jointly Awarded Banking Industry Collaboration of the Year

    By Editors | 04/11/2024

    Citibank Hong Kong and Aereve were jointly awarded Banking Industry Collaboration of the Year at the 7th Regulation Asia Awards for Excellence on 4 November 2024.

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    HKMA Signs MoU With Saudi Sovereign Wealth Fund

    By Editors | 04/11/2024

    The HKMA and PIF will create a $1bn investment fund that will invest in GBA companies that localise in Saudi Arabia.

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    Securities / Derivatives

    Hong Kong Lists First Company via De-SPAC Transaction

    By Editors | 03/11/2024

    HK Acquisition Corp completed a merger with e-commerce solutions provider Synagistics, making it the first de-SPAC transaction completed in Hong Kong.

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    Fintech / Regtech

    BOE Flags Potential Risks of GenAI for Financial Sector

    By Thisanka Siripala | 01/11/2024

    BOE’s Sarah Breeden suggested that stress tests be conducted to determine whether AI models could amplify market shocks.

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    Crypto / Digital Assets

    Hong Kong’s ZA Bank Starts Trials for New Crypto Trading Service

    By Sanday Chongo Kabange | 30/10/2024

    ZA Bank CEO Ronald Iu said the trial demonstrates the digital bank’s commitment to supporting the wider development of virtual assets in Hong Kong.

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    Market Infrastructure

    SFC, Exchanges See Blockchain as New Capital Market Backbone

    By Georgina Lee | 30/10/2024

    Hong Kong now looking at commercialising tokenised instruments to help address the pain points of the traditional financial market, said the SFC’s Elizabeth Wong.

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    Fintech / Regtech

    HKMA Launches New Platform to Boost Fintech Collaboration

    By Sanday Chongo Kabange | 30/10/2024

    The “Fintech Connect” platform will help banks discover innovative solutions developed and offered by fintech solution providers.

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