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Hong Kong Scraps Hotel Quarantine Requirement
By Editors | 26/09/2022
The relaxation comes as Singapore overtakes Hong Kong as the world’s third most favoured financial centre in the Global Financial Centres Index.
AML / KYC
HKMA Penalises Cathay United Bank for AML Deficiencies
By Editors | 25/09/2022
Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.
ESG / Sustainability
HKGFA Publishes Guidance on Using Common Ground Taxonomy
By Manesh Samtani | 23/09/2022
The Common Ground Taxonomy can be used for debt issuance, equity portfolio construction, index creation, company and fund disclosures, and policy settings.
Market Infrastructure
HKMA Signals Coming Enhancements to Wealth Connect Scheme
By Editors | 22/09/2022
Enhancements could include measures to improve sales arrangements, expand the product scope, and allow more financial institutions to participate.
Securities / Derivatives
SFC Calls for Licensed Personnel to Return to Hong Kong
By Editors | 21/09/2022
The SFC is concerned over operational risks at licensed corporations that are doing business without a responsible manager located in the city.
Crypto / Digital Assets
HKMA to Start Retail CBDC Trials in Q4 This Year
By Manesh Samtani | 21/09/2022
The trials will involve banks, payment companies and other technology firms to study the use of the e-HKD in a limited setting.
Securities / Derivatives
HK Police, FRC Sign MoU on Combatting Commercial Crime
By Editors | 21/09/2022
Collaboration is needed to protect the public interest and maintain financial market integrity, said FRC chairman Kelvin Wong.
Fintech / Regtech
FSTB, SFC Declare Support for STO Business in Hong Kong
By Editors | 19/09/2022
The SFC’s Elizabeth Wong said firms that are interested in STOs are encouraged to discuss their proposals with the regulator’s Fintech unit.
HKMA Extends Corporate Loan Support Scheme
By Editors | 19/09/2022
The Pre-approved Principal Payment Holiday Scheme has been in effect since May 2020. The HKMA says some corporates are still facing cash-flow pressures.
Crypto / Digital Assets
BIS, HKMA to Explore Use of DeFi Tools for SME Finance
By Editors | 18/09/2022
Project Dynamo will study whether and how DeFi tools such as blockchain and smart contracts can improve access to finance for SMEs.
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