Hong Kong Monetary Authority

Market Infrastructure

PBOC Issues Rules to Facilitate Introduction of Swap Connect

By Editors | 01/05/2023

Initially, centrally-cleared interest rate swap products will be eligible for trading under the northbound scheme. A southbound leg will be considered later.

Hong Kong Further Extends Repayment Period for Trade Loans

By Editors | 30/04/2023

Existing trade facilities falling due between May and July 2023 can be extended by a further 90 days, the HKMA said.

AML / KYC

HKMA Offers Guidance on VASP Account Opening

By Manesh Samtani | 28/04/2023

Deputy chief Arthur Yuen said the HKMA expects regulated VASPs to be able to open a bank account in Hong Kong through a reasonable process.

Crypto / Digital Assets

China to Start Using CBDC in Cross-Border Trade

By Sanday Chongo Kabange | 28/04/2023

Xuzhou will use the e-CNY for payment of Belt and Road trade costs; Changshu City will use it to pay civil servants.

HK to Guarantee Loans to Travel, Transport Industries

By Editors | 27/04/2023

New scheme will provide guarantees on loans to cross-boundary passenger transport operators and licensed travel agents.

AML / KYC

HK Bank-to-bank Information Sharing Platform to Launch in June

By Manesh Samtani | 26/04/2023

Authorities are also considering co-locating bank staff at the ADCC, as this has helped to reduce stop payment response times and enhance loss recoveries in other jurisdictions like Singapore.

AML / KYC

HKMA Sets Loss-Sharing Expectations for Payment Card Fraud

By Manesh Samtani | 26/04/2023

To the extent that the cardholders have not acted fraudulently or with gross negligence, they “should not be held liable for the unauthorised transactions”.

Fintech / Regtech

HKMA, PBOC Explore Use of CBDC for Cross-border Payments

By Editors | 26/04/2023

HKMA deputy chief Darryl Chan said there is scope to expand the Wealth Management Connect scheme and use CDI data for cross-border finance.

ESG / Sustainability

GBA Green Finance Alliance Launches Technology Working Group

By Editors | 25/04/2023

At a meeting hosted by the HKGFA, the Alliance launched a technology working group and unveiled plans to form another working group focused on transition finance.