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HONG KONG
HKMA Mandates Cooling-off Period for Unsecured Consumer Credit
By Editors | 11/11/2024
Retail banks including digital banks have until end-June 2025 to implement at least a 7-day cooling-off period for all unsecured consumer credit products.
Crypto / Digital Assets
StanChart Using Ant’s Blockchain Platform for Instant Treasury Management
By Nithya Subramanian | 08/11/2024
OCBC also signed an MoU with Ant International to use its Whale platform for enable real-time cross-border payments.
Fintech / Regtech
Interpol-led Operation Takes Down Thousands of Servers Liked to Cybercrime
By Nithya Subramanian | 07/11/2024
Hong Kong Police took more than 1,037 servers offline, while Macau Police took down 291 servers as part of Operation Synergia II.
Market Infrastructure
GBA Initiative on Cross-border Data Transfers Extended and Enhanced
By Manesh Samtani | 07/11/2024
The framework, launched at the end of last year, initially only applied to the banking, credit referencing and healthcare sectors. All sectors can now participate.
Enforcement
SFC Imposes 15-Year Ban on Former Hedge Fund Exec
By Sanday Chongo Kabange | 07/11/2024
The SFC barred the former chief investment officer of a hedge fund from re-entering the industry for 15 years for false trading.
Crypto / Digital Assets
Hong Kong Broker to Launch ‘Virtual Asset Structured Products’
By Editors | 06/11/2024
Victory Securities said the SFC has granted it approval to market and distribute “cash-settled virtual asset structured products” to qualified professional investors.
HKMA Sets Expectations for Banks on Handling ‘Autopay’ Arrangements
By Sanday Chongo Kabange | 06/11/2024
The circular addresses situations where a merchant has suspended operations or shut down while customers have active direct debit authorisations in place.
Crypto / Digital Assets
Hong Kong’s OSL Group Expanding to Japan via Acquisition
By Thisanka Siripala | 06/11/2024
OSL Group is acquiring an 81 percent stake in Japanese crypto exchange CoinBest, enabling it to enter the Japanese market.
Market Infrastructure
Hang Seng Indexes Company Signs Pact with Saudi Exchange
By Sanday Chongo Kabange | 05/11/2024
The two sides will cooperate on the exchange of index data, product development, and industry knowledge sharing.
AML / KYC
SFC Calls for Responsible Adoption of Regtech for AML Fight
By Sanday Chongo Kabange | 05/11/2024
In a survey of licensed corporations, 80 percent said regtech adoption and utilisation has improved their AML capabilities.
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