HONG KONG MONETARY AUTHORITY

Crypto / Digital Assets

Hong Kong Establishes Task Force to Advance Web3 Development

By Sanday Chongo Kabange | 03/07/2023

The task force will bring together industry leaders and regulators to provide advice on developing Hong Kong into a Web3 hub.

AML / KYC

HKMA Launches New Initiative to Prevent Credit Card Fraud

By Editors | 30/06/2023

All of Hong Kong’s card issuing banks, as well as 15 major merchants, commit not sending customers text messages with embedded hyperlinks.

Capital / Liquidity

HKMA Proposes to Restructure Three-Tier Banking System

By Manesh Samtani | 27/06/2023

Hong Kong’s 12 remaining deposit-taking companies would need to upgrade into licensed banks or restricted licence banks and meet higher capital requirements.

Market Infrastructure

HKMA Directs Banks to Enhance Protections for Payment Card Customers

By Sanday Chongo Kabange | 21/06/2023

Banks are directed to comply with new guidance by end June 2023. For enhancements that require system changes, banks should comply within six months.

Fintech / Regtech

SFC Grants Securities Licence to Virtual Bank for the First Time

By Editors | 21/06/2023

With the new licence, Mox Bank will start piloting Hong Kong and US equity trading services in the HKMA sandbox “soon”.

AML / KYC

Hong Kong Launches AML Information Sharing Platform for Banks

By Manesh Samtani | 21/06/2023

The five banks participating in the pilot phase are BOCHK, Standard Chartered, HSBC, Hang Seng Bank, and ICBC Asia.

Crypto / Digital Assets

HKMA Meets with Crypto Firms on Banking Access Challenges

By Karen Ng | 19/06/2023

Banks operating in Hong Kong should endeavour to meet the legitimate business need of licensed VASPs, the HKMA told Regulation Asia.

Crypto / Digital Assets

HKMA to Start ‘Paving the Way’ for e-HKD Implementation

By Manesh Samtani | 12/06/2023

The HKMA expects that it will take at least two to three years to build a wholesale layer of production grade for possible e-HKD implementation.

Fintech / Regtech

BIS Develops Smart Contract Prototype for SME Finance

By Editors | 09/06/2023

The prototype was developed as part of Project Dynamo, a collaboration between BIS Innovation Hub and HKMA to explore the use of digital tokens in supply chain finance for SMEs.