Hong Kong Monetary Authority

Market Infrastructure

Capital Outflows Prompt HKMA Intervention to Defend Currency Peg

By Editors | 12/05/2022

The last time the HKMA intervened to defend a weakening HKD was in March 2019. The move is expected to raise borrowing costs.

Market Infrastructure

HKMA Sets Timeline for Mandatory Reference Checking Regime

By Sanday Chongo Kabange | 08/05/2022

Banks have until 2 May 2023 to put in place the necessary internal controls, policies and procedures required for Phase 1 implementation of the MRC regime.

Capital / Liquidity

Hong Kong Banks Barred from Suing Defaulting Landlords

By Manesh Samtani | 05/05/2022

For 3 months, lenders may not take action against landlords who default on secured loans as a result of a rental enforcement moratorium being imposed in Hong Kong.

Fintech / Regtech

HKMA Issues Regtech Guide on Adopting AI-based Solutions

By Editors | 02/05/2022

The guide highlights the need for banks to establish proper data and AI governance frameworks, and maintain continuous control over AI-based solutions post-implementation.

Fintech / Regtech

SFC Grants In-principle Approval to HashKey Crypto Platform

By Manesh Samtani | 30/04/2022

HashKey’s platform will offer trading, brokerage and automated trading services for cryptocurrencies, virtual commodities, stablecoins and security tokens.

HKMA Launches New Initiative to Address Banking Talent Gap

By Editors | 29/04/2022

The initiative is aimed at growing the banking sector talent pool in three areas, namely fintech, green and sustainable finance, and GBA business.

Fintech / Regtech

HKMA Consults on CBDC Policy and Design Choices

By Sanday Chongo Kabange | 28/04/2022

The paper says e-HKD could bring could present challenges to Hong Kong’s currency and financial stability, as well as the city’s role as an international financial centre.

Enforcement

Hong Kong: ICAC Charges Three Over Mortgage Fraud

By Editors | 27/04/2022

A property buyer and two estate agents understated the purchase price so the mortgage would be subject to a lower LTV cap.

AML / KYC

FIs Must Continue to Innovate Approach to AML: HKMA

By Manesh Samtani | 27/04/2022

Executive director Carmen Chu says work is underway to update HKMA’s guidance on name screening, transaction monitoring and suspicious transaction reporting.