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Hong Kong
Fintech / Regtech
HKMA Publishes Research on GenAI in the Financial Sector
By Editors | 30/09/2024
HKMA survey of industry practitioners found that most FIs are currently focusing on internal applications of GenAI to drive employee productivity.
Crypto / Digital Assets
Hong Kong Working “Full Steam Ahead” on Stablecoin Legislation
By Sanday Chongo Kabange | 30/09/2024
The FSTB and the HKMA will “strive” to introduce draft legislation for Hong Kong’s stablecoin regulatory regime by end 2024.
AML / KYC
HKMA to “Soon” Consult on Scam Loss Sharing Framework
By Editors | 30/09/2024
The framework will include principles for banks to use when deciding whether scam losses should be compensated, such as whether customers took care to safeguard their personal data.
Fintech / Regtech
HKMA Issues New Guidance Responding to Crowdstrike Outage
By Sanday Chongo Kabange | 30/09/2024
The HKMA offers guidance to authorised institutions on enhancing their operational resilience against the failure of third-party IT solutions.
Enforcement
Hong Kong Court Jails Former China Taiping Agent for Fraud
By Sanday Chongo Kabange | 30/09/2024
The former insurance agent received over HK$650,000 in remuneration for insurance policy applications that turned out to be falsified.
Market Infrastructure
HKMA, SFC Finalise Details for New Derivatives Reporting Regime
By Manesh Samtani | 29/09/2024
The UTI, UPI, CDE, LEI and ISO 20022 will be required under Hong Kong’s OTC derivatives reporting regime from 29 September 2025.
Crypto / Digital Assets
Hong Kong Exchange Lists First Digitally Native Notes
By Editors | 29/09/2024
The one-year HKD denominated digitally native notes were issued by HSBC, leveraging the HSBC Orion platform.
Market Infrastructure
HK to Advance Paperless Corporate Communications Regime
By Sanday Chongo Kabange | 28/09/2024
Listed and non-listed companies will be allowed to rely on implied consent for disseminating corporate communications via websites.
Hong Kong FSDC, Beijing Financial Bureau Sign Collaboration Pact
By Sanday Chongo Kabange | 26/09/2024
The pact seeks to nurture a conducive environment for growth and innovation for the Hong Kong and Beijing financial sectors.
Enforcement
SFC Imposes Six Month Ban on Former Goldman Trader
By Mark Johnston | 25/09/2024
The former trader tried to dishonestly conceal a trade execution error, in breach of the Code of Conduct.
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