Under the new PAPT mechanism, mortgage refinance proceeds can be transferred directly from one bank to another rather than via a law firm.
July 22, 2022Significant uncertainty lies ahead for import and export businesses, the HKMA said. The scheme will fully expire at the end of October.
July 21, 2022Proposed amendments would lower the interest rate cap from 60 to 48 percent p.a., and the so-called 'extortionate' rate from 48 to 36 percent p.a.
June 20, 2022Banks 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.
May 9, 2022A fresh review of the Banking Code of Practice has been launched, covering information disclosure, customers’ finance management, and dispute handling.
April 20, 2022The proposal will make use of electronic payments directly from bank to bank, rather than routing payments for large property transactions through law firms.
December 31, 2021The new platform will serve as an interface for credit providers and CRAs to share credit data, as Hong Kong prepares to introduce additional CRAs in the city.
December 20, 2021Banks are expected to achieve full compliance with the new provisions within six months. The Code is endorsed by the HKMA.
December 13, 2021Corporate customers can further extend their trade facilities for another 90 days until the end of October, when the scheme will expire.
July 16, 2021HKMA statistics show that phishing frauds in the first six months of 2021 were up 145% from the first half of 2020.
July 8, 2021