Hong Kong Monetary Authority

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    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.”

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    Fintech / Regtech

    BSP to Start Accepting New Digital Bank Applications in January

    By Sanday Chongo Kabange | 09/08/2024

    The BSP will lift the moratorium on granting new digital bank licences starting 1 January 2025. Only four new licences will be granted.

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    AML / KYC

    HKMA Issues Circular on Changes to Tax Reporting Jurisdictions

    By Sanday Chongo Kabange | 08/08/2024

    The HKMA said banks are expected to treat customers fairly and minimise their burden when reporting their tax information.

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    Crypto / Digital Assets

    Mox Becomes First HK Virtual Bank to Offer Crypto ETFs

    By Sanday Chongo Kabange | 08/08/2024

    Mox customers can invest in bitcoin and ether ETFs listed in Hong Kong and the US via the bank’s mobile app.

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    Fintech / Regtech

    HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

    By Sanday Chongo Kabange | 07/08/2024

    HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.

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    AML / KYC

    HKMA Expands FINEST Platform to Ten Participating Banks

    By Editors | 07/08/2024

    HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

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    Fintech / Regtech

    HKMA Looks to Bolster Internal Cybersecurity Capabilities

    By Manesh Samtani | 07/08/2024

    HKMA is planning to deploy a new solution to help it identify “assets, vulnerabilities, and potential entry points that could be targeted by attackers” and manage its attack surface.

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    Capital / Liquidity

    HKMA Confirms Plans to Simplify Three-Tier Banking System

    By Manesh Samtani | 06/08/2024

    Deposit-taking companies will have a five-year transition period to meet a HK$100mn capital requirement, compared to HK$25mn.

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    Fintech / Regtech

    PBOC, HKMA Sign Cooperation Framework for Payments Linkage

    By Editors | 04/08/2024

    The cooperation framework will enable the Chinese and Hong Kong authorities to link their fast payment systems.

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    AML / KYC

    HK Banks Extend Fraud Alerting Service to Counter Transactions

    By Editors | 02/08/2024

    HKMA said customers will receive fraud risk alerts regardless of whether a transfer is conducted at a branch or through online channels.

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