Hong Kong

Enforcement

SFC Imposes Seven Month Ban on Former Taiping Securities RO

By Editors | 19/09/2023

The former responsible officer logged into clients’ internet trading accounts to place orders for them, and failed to maintain proper records of the order instructions.

Fintech / Regtech

Hong Kong Launches Open API Framework for Insurance Sector

By Editors | 19/09/2023

A Central Register has also been developed as a new digital infrastructure for API-related initiatives in the insurance industry.

Enforcement

SFC Penalises Chee Tak Securities and MIC for Regulatory Breaches

By Editors | 19/09/2023

Chee Tak Securities had no written manuals, policies and procedures on recording order instructions, ongoing monitoring, trade surveillance or employee dealing.

Crypto / Digital Assets

HKMA, SFC Warn of Illegal Offerings by Crypto Firms

By Sanday Chongo Kabange | 18/09/2023

The HKMA warned about crypto firms labelling themselves as banks. The SFC warned about a crypto firm called JPEX which falsely claims to be licensed.

Fintech / Regtech

SFC to Commence Review of Industry Cybersecurity Practices

By Manesh Samtani | 18/09/2023

Commencing this month, the review will entail a survey of licensed corporations as well as meetings and on-site inspections with selected firms.

Crypto / Digital Assets

HKMA, Central Banks to Beta Test CBDC Interoperability Solution

By Editors | 14/09/2023

New use cases for the solution, developed by Swift, are also being tested in a new sandbox environment by the RBA, BOT, CLS and other institutions.

Crypto / Digital Assets

BIS Innovation Hub Unveils Findings from CBDC Project “Sela”

By Editors | 13/09/2023

The collaboration with HKMA and Bank of Israel demonstrated that retail CBDC can support access, cyber security and competition, while retaining cash features.

Enforcement

SFC Revokes Fund Manager Licence, Suspends Manager-In-Charge

By Sanday Chongo Kabange | 12/09/2023

Axial Capital Management failed to maintain its required liquid capital for 19 straight months and to make various filings on time.

Fintech / Regtech

HKMA, PBOC Enter Next Phase of e-CNY Technical Testing

By Editors | 11/09/2023

Hong Kong is expanding its technical testing to include more banks and testing the digital yuan wallet’s top-up function through FPS.