Hong Kong Monetary Authority

Capital / Liquidity

HKMA Issues Supplementary Guidance on Market Risk, CVA Risk

By Sanday Chongo Kabange | 14/08/2024

The guidance clarifies that funding swaps should typically be assigned to the trading book unless designated as hedging instruments under hedge accounting.

Fintech / Regtech

HKMA Launches New GenAI Sandbox at Hong Kong Cyberport

By Sanday Chongo Kabange | 14/08/2024

HKMA CEO Eddie Yue said sandbox will empower banks to pilot their novel GenAI use cases within a risk-managed framework.

Capital / Liquidity

HKMA Proposes Revisions to Guidance on Fair Value Practices

By Manesh Samtani | 14/08/2024

The HKMA said the guidance is “especially important for positions without quoted prices in active markets or observable inputs to valuation, as well as less liquid positions.”

Fintech / Regtech

BSP to Start Accepting New Digital Bank Applications in January

By Sanday Chongo Kabange | 09/08/2024

The BSP will lift the moratorium on granting new digital bank licences starting 1 January 2025. Only four new licences will be granted.

AML / KYC

HKMA Issues Circular on Changes to Tax Reporting Jurisdictions

By Sanday Chongo Kabange | 08/08/2024

The HKMA said banks are expected to treat customers fairly and minimise their burden when reporting their tax information.

Crypto / Digital Assets

Mox Becomes First HK Virtual Bank to Offer Crypto ETFs

By Sanday Chongo Kabange | 08/08/2024

Mox customers can invest in bitcoin and ether ETFs listed in Hong Kong and the US via the bank’s mobile app.

Fintech / Regtech

HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

By Sanday Chongo Kabange | 07/08/2024

HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.

AML / KYC

HKMA Expands FINEST Platform to Ten Participating Banks

By Editors | 07/08/2024

HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

Fintech / Regtech

HKMA Looks to Bolster Internal Cybersecurity Capabilities

By Manesh Samtani | 07/08/2024

HKMA is planning to deploy a new solution to help it identify “assets, vulnerabilities, and potential entry points that could be targeted by attackers” and manage its attack surface.