Hong Kong Monetary Authority

Fintech / Regtech

HKMA Assessing Whether Virtual Banks Have Achieved Policy Goals

By Editors | 17/07/2024

The HKMA is evaluating whether the eight virtual banks have achieved the intended policy objectives since the licences were granted in 2019.

Crypto / Digital Assets

Hong Kong to Release Stablecoin Consultation Results “Soon”

By Sanday Chongo Kabange | 16/07/2024

The FSTB said it will “soon” release the results of a 2023 consultation on the proposed regulatory regime for fiat-referenced stablecoins.

Market Infrastructure

BIS to Explore Approaches for Monitoring Supply Chain Shocks

By Editors | 10/07/2024

BIS will use granular data, analytics and AI to improve monitoring of global supply chains and better assess their economic and financial impacts.

Securities / Derivatives

China to Allow CGBs as Collateral for Swap Connect

By Manesh Samtani | 09/07/2024

OTC Clear plans to start accepting China Government Bonds and Policy Financial Bonds as collateral for Swap Connect by year end.

Enforcement

MPFA Fines HSBC for Non-compliant Referral Programme

By Sanday Chongo Kabange | 09/07/2024

HSBC recruited and offered incentives to unregistered persons to refer corporate clients to the bank for MPF business.

Fintech / Regtech

HKMA, IA Launch Open API Framework Linkage

By Sanday Chongo Kabange | 08/07/2024

The new linkage seeks to enhance the mutual adoption of APIs for use cases across the banking and insurance sectors.

AML / KYC

HKMA Fines DBS for Historical AML Deficiencies

By Sanday Chongo Kabange | 08/07/2024

HKMA investigation found deficiencies in the bank’s systems and controls for compliance with the AMLO.

HKMA Identifies Compliance Issues at Banks’ Trust Businesses

By Sanday Chongo Kabange | 08/07/2024

No instances of non-compliance were found in self-assessments, though there were 12 instances of “partial compliance”.

Market Infrastructure

HSBC Completes Pilot Trial of Cross-Boundary Credit Referencing

By Sanday Chongo Kabange | 03/07/2024

HSBC is one of the first banks to successfully participate in the newly-launched cross-boundary credit referencing initiative led by the HKMA and the PBOC.