HONG KONG MONETARY AUTHORITY

Market Infrastructure

HK Banks Given Four Years to Achieve Operational Resilience

By Manesh Samtani | 01/06/2022

The HKMA has given banks one year to develop their operational resilience framework, and a further three years for implementation.

Securities / Derivatives

HKMA Directs Banks to Comply with New Rules for Trust Business

By Editors | 29/05/2022

Banks and their subsidiaries have until 1 June 2023 to comply with new regulatory requirements for their trust business and related activities.

HKMA Publishes Findings from Front Office Incentives Review

By Editors | 26/05/2022

Some incentive systems used in retail banks’ front offices may unintentionally push staff to prioritise business objectives over customer outcomes.

Fintech / Regtech

Govt Support Needed in AI, Big Data Industry: FTAHK

By Editors | 25/05/2022

Survey respondents said government support is needed to drive education and promote fairness, ethics, accountability and transparency in the industry.

Market Infrastructure

HKMA’s Operational Resilience Standards: An ‘Adapt and Learn’ Approach

By Lisa Huang | 19/05/2022

Lisa Huang and Shannon Wong offer guidance on making a timely start to compliance with HKMA’s new operational resilience framework.

Market Infrastructure

Capital Outflows Prompt HKMA Intervention to Defend Currency Peg

By Editors | 12/05/2022

The last time the HKMA intervened to defend a weakening HKD was in March 2019. The move is expected to raise borrowing costs.

Market Infrastructure

HKMA Sets Timeline for Mandatory Reference Checking Regime

By Sanday Chongo Kabange | 08/05/2022

Banks have until 2 May 2023 to put in place the necessary internal controls, policies and procedures required for Phase 1 implementation of the MRC regime.

Capital / Liquidity

Hong Kong Banks Barred from Suing Defaulting Landlords

By Manesh Samtani | 05/05/2022

For 3 months, lenders may not take action against landlords who default on secured loans as a result of a rental enforcement moratorium being imposed in Hong Kong.

Fintech / Regtech

HKMA Issues Regtech Guide on Adopting AI-based Solutions

By Editors | 02/05/2022

The guide highlights the need for banks to establish proper data and AI governance frameworks, and maintain continuous control over AI-based solutions post-implementation.