Hong Kong Monetary Authority

Fintech / Regtech

HKMA, IA Launch Open API Framework Linkage

By Sanday Chongo Kabange | 08/07/2024

The new linkage seeks to enhance the mutual adoption of APIs for use cases across the banking and insurance sectors.

AML / KYC

HKMA Fines DBS for Historical AML Deficiencies

By Sanday Chongo Kabange | 08/07/2024

HKMA investigation found deficiencies in the bank’s systems and controls for compliance with the AMLO.

HKMA Identifies Compliance Issues at Banks’ Trust Businesses

By Sanday Chongo Kabange | 08/07/2024

No instances of non-compliance were found in self-assessments, though there were 12 instances of “partial compliance”.

Market Infrastructure

HSBC Completes Pilot Trial of Cross-Boundary Credit Referencing

By Sanday Chongo Kabange | 03/07/2024

HSBC is one of the first banks to successfully participate in the newly-launched cross-boundary credit referencing initiative led by the HKMA and the PBOC.

Market Infrastructure

China, Hong Kong Pilot Cross-boundary Credit Referencing

By Sanday Chongo Kabange | 01/07/2024

The MoU between the HMKA and PBOC on cross-boundary commercial credit data connectivity is “essential” for healthy development of the banking sector.

Market Infrastructure

HKMA, PBOC To Establish Cross-border Payment Link

By Sanday Chongo Kabange | 01/07/2024

The cross-boundary payment and settlement scheme will enhance economic activities between Hong Kong and the Mainland.

Crypto / Digital Assets

HKMA, BDF To Collaborate on Cross-border CBDC Experiments

By Sanday Chongo Kabange | 28/06/2024

The HKMA and BDF will collaborate on cross-border transfers and settlement of tokenised assets.

HKMA, IA Identify Issues With Premium Financing Practices

By Editors | 27/06/2024

A joint inspection exercise was conducted to assess compliance with new standards for premium financing that were implemented on 1 January 2023

Crypto / Digital Assets

Hong Kong FIs Keen on DeFi and Metaverse: AoF Reports

By Sanday Chongo Kabange | 26/06/2024

HKMA said FIs are interested in exploring opportunities brought by DeFi and metaverse as they expand involvement in virtual assets.