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Fintech / Regtech
BIS, Swiss National Bank to Issue CBDC Proof of Concept by Year-End
By Sanday Chongo Kabange | 27/10/2020
CBDC research provides an “essential opportunity” to pool knowledge and resources and help enhance cross-border payments, says Benoît Coeuré, head of the BIS Innovation Hub.
HKMA Issues Guidance on Bank Sales of Policy Replacement
By Manesh Samtani | 22/10/2020
Banks engaged in insurance sales are expected to identify policy replacement at the point of sale and provide advice to customers on whether policy replacement is in their best interests.
Market Infrastructure
GBA Wealth Management Connect to Operate With Quota System
By Manesh Samtani | 22/10/2020
The scheme will be capped at 150 bn yuan in each direction, and an individual quota of 1 mn yuan will be imposed on Greater Bay Area residents.
Market Infrastructure
HKMA Asks FIs to Protect Customer Interests in LIBOR Switch
By Manesh Samtani | 21/10/2020
Banks are expected to develop robust education and outreach programmes to help customers make informed decisions when assessing the options available in the transition.
AML / KYC
Hong Kong Banks Asked to File STRs for Suspected NSL Breaches
By Manesh Samtani | 20/10/2020
According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.
Market Infrastructure
HKMA Expects Adherence to ISDA IBOR Fallbacks Protocol
By Editors | 18/10/2020
The HKMA expects authorised institutions to adhere to the Protocol before it takes effect and to encourage counterparties to do the same.
Market Infrastructure
GBA Regulators Advance Policy Work on Cross-border Mortgages
By Manesh Samtani | 11/10/2020
The HKMA’ Edmond Lau says encouraging progress has been made to allow Hong Kong banks to provide cross-border mortgage services in the Greater Bay Area.
Market Infrastructure
Tradition Executes First HONIA-SOFR Cross Currency Basis Swap
By Manesh Samtani | 08/10/2020
The trade provides a foundation for the structure of cross-currency swaps that use SOFR and the local ARR, in this case HONIA.
Fintech / Regtech
Fusion Bank Kicks Off Virtual Banking Soft Launch
By Manesh Samtani | 05/10/2020
Under the HKMA’s sandbox, Fusion Bank will provide savings and time deposits, local fund transfers, payments, and become the first virtual bank to offer FX services.
HKMC Gets Expanded Credit Facility Amid First Half Loss
By Editors | 05/10/2020
HKMC recorded a new loss of HK$197mn for the first half of 2020. A revolving credit facility provided to HKMC through the Exchange Fund will increase from HK$30bn to HK$80bn.
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