Hong Kong Monetary Authority

AML / KYC

HKMA Fines Fubon Bank for Transaction Monitoring Lapses

By Sanday Chongo Kabange | 11/11/2024

HKMA said Fubon had deficiencies in the controls for transmission of transaction data from the core banking system to its transaction monitoring system.

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.

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.

Fintech / Regtech

FCA Issues Guidance on Preparing for CrowdStrike-Style Outages

By Manesh Samtani | 05/11/2024

The FCA offers guidance on compliance with its operational resilience rules by 31 March 2025, drawing lessons from the response to CrowdStrike’s July outage.

Press Release

Citibank HK & Aereve Jointly Awarded Banking Industry Collaboration of the Year

By Editors | 04/11/2024

Citibank Hong Kong and Aereve were jointly awarded Banking Industry Collaboration of the Year at the 7th Regulation Asia Awards for Excellence on 4 November 2024.

HKMA Signs MoU With Saudi Sovereign Wealth Fund

By Editors | 04/11/2024

The HKMA and PIF will create a $1bn investment fund that will invest in GBA companies that localise in Saudi Arabia.

Securities / Derivatives

Hong Kong Lists First Company via De-SPAC Transaction

By Editors | 03/11/2024

HK Acquisition Corp completed a merger with e-commerce solutions provider Synagistics, making it the first de-SPAC transaction completed in Hong Kong.

Fintech / Regtech

BOE Flags Potential Risks of GenAI for Financial Sector

By Thisanka Siripala | 01/11/2024

BOE’s Sarah Breeden suggested that stress tests be conducted to determine whether AI models could amplify market shocks.

Crypto / Digital Assets

Hong Kong’s ZA Bank Starts Trials for New Crypto Trading Service

By Sanday Chongo Kabange | 30/10/2024

ZA Bank CEO Ronald Iu said the trial demonstrates the digital bank’s commitment to supporting the wider development of virtual assets in Hong Kong.