A survey of FIs found that some GBA transactions are still processed manually. Other challenges relate to differing messaging formats, regulatory requirements and investment quotas.
March 16, 2023Visitors would be able to use their home faster payment system to pay for shopping and food in each other's markets via their mobile phones.
September 12, 2022The most prominent ML threats to banks come from fraud, corruption and tax crimes. The main ML threats to the crypto sector relate to fraud and theft.
July 12, 2022A fresh review of the Banking Code of Practice has been launched, covering information disclosure, customers’ finance management, and dispute handling.
April 20, 2022The second phase of the ongoing CBDC trails between the Mainland and Hong Kong will involve connecting e-CNY wallets to Hong Kong’s FPS.
December 22, 2021Banks are directed to perform name matching for fund transfers over HKD 10,000 to reduce the chance of error inputs by customers.
December 22, 2021The HKMA provides good practices banks can use to guard against different fraud scenarios when offering electronic direct debit authorisation services.
October 6, 2021Phase 3 and 4 API functions will be implemented progressively by 28 participating banks starting from December 2021, the HKMA says.
May 14, 2021The HKMA is also exploring options to leverage the FPS to enable instantaneous cross-border payments, according to chief executive Eddie Yue.
December 7, 2020From 6 December onwards, individuals can link their HKID numbers to a bank account to conveniently receive payments, the HKMA said.
December 3, 2020