Hong Kong

Fintech / Regtech

HKMA Issues Guidance for Banks on Using Generative AI

By Sanday Chongo Kabange | 20/08/2024

The HKMA encourages banks to proactively explore the use of GenAI to enhance consumer protection and better tailor products to individual customers.

AML / KYC

Hong Kong Court Sets Precedent for Crypto Transparency

By Manesh Samtani | 19/08/2024

The court ordered defendants in a crypto fraud and mismanagement case to provide detailed information about their holdings and transactions.

Fintech / Regtech

Hong Kong SFC Proposes to Abolish Mixed Media Offers

By Sanday Chongo Kabange | 19/08/2024

The SFC says MMOs have become “obsolete” since the introduction of the paperless listing and subscription regime in 2021.

Fintech / Regtech

HKEX Consults on Expanding Paperless Listing Regime

By Sanday Chongo Kabange | 19/08/2024

The proposed reforms will provide securities holders with electronic options to give instructions to issuers, receive payments such as dividends, and pay subscription monies for offers.

OJK, HKMA Sign MOU to Expand Cooperation in Banking Supervision

By Editors | 16/08/2024

Indonesia’s OJK said it hopes to establish a supervisory college with the HKMA and enhance staff capacities at both regulators.

Sanctions

OFAC Unveils Fresh Sanctions Against Iranian Shipping Network

By Editors | 16/08/2024

The sanctions target companies based in the Marshall Islands, the UAE, Malaysia and Hong Kong, along with several vessels, for helping to generate revenue for the Houthis.

Capital / Liquidity

HKMA Issues Supplementary Guidance on Market Risk, CVA Risk

By Sanday Chongo Kabange | 14/08/2024

The guidance clarifies that funding swaps should typically be assigned to the trading book unless designated as hedging instruments under hedge accounting.

Fintech / Regtech

HKMA Launches New GenAI Sandbox at Hong Kong Cyberport

By Sanday Chongo Kabange | 14/08/2024

HKMA CEO Eddie Yue said sandbox will empower banks to pilot their novel GenAI use cases within a risk-managed framework.

Capital / Liquidity

HKMA Proposes Revisions to Guidance on Fair Value Practices

By Manesh Samtani | 14/08/2024

The HKMA said the guidance is “especially important for positions without quoted prices in active markets or observable inputs to valuation, as well as less liquid positions.”