Hong Kong

Fintech / Regtech

Ping An OneConnect Bank to Pilot Virtual Banking Services

By Editors | 26/06/2020

Ping An OneConnect Bank is inviting 200 SMEs and 2,000 retail customers to pilot test its virtual banking services in the HKMA’s sandbox.

AML / KYC

Hong Kong Autonomy Act Advances in US Congress

By Manesh Samtani | 26/06/2020

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

Securities / Derivatives

HKMA, SFC Publish Final List of FSPs Under Clearing Obligation

By Editors | 25/06/2020

The HKMA and SFC will remove one entity that no longer conducts OTC derivatives business as its institutional services are now being provided by BofA Securities Inc, a new FSP.

Capital / Liquidity

HSBC’s Historical and Regulatory Dilemma Exposed

By Peter Guy | 25/06/2020

Financial markets are still reeling from the regulatory implications of HSBC’s support for China’s national security law in Hong Kong, says Peter Guy.

AML / KYC

HSBC Offers Remote Account Opening to Hong Kong SMEs

By Editors | 24/06/2020

Recent initiatives by HSBC to shift to lower-cost, digital-first services are largely seen as a response to new competition from virtual banks in Hong Kong.

AML / KYC

SFC Bans Former Guosen Head of Dealing for 12 months

By Editors | 23/06/2020

The head of dealing “turned a blind eye” to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.

Securities / Derivatives

‘Time is Ripe’ for Hong Kong to Launch A-share Derivatives: CSRC

By Manesh Samtani | 23/06/2020

CSRC vice chairman Fang Xinghai says the launch of A-share based financial derivatives will bolster Hong Kong as an international financial centre, while also benefitting China’s capital markets.

AML / KYC

SFC Fines Guotai Junan Securities for AML and Other Breaches

By Editors | 22/06/2020

Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.

Enforcement

SFC Publicly Criticises CICC Units for Breaching Takeovers Code

By Editors | 19/06/2020

CICC and CICC Financial Trading – as associates of the CICC securities unit advising on certain offers – dealt in the relevant securities without making timely disclosures.