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Crypto / Digital Assets
BIS Announces Successful Completion of mBridge CBDC Pilot
By Editors | 29/09/2022
The month-long testing phase facilitated more than 160 transfers and FX exchanges worth USD 22 million on the mBridge Ledger.
AML / KYC
SFC Shines Regulatory Spotlight on Online Platforms
By Hannah Cassidy | 28/09/2022
Hannah Cassidy and Natalie Curtis discuss key areas of concern for the SFC in relation to the online platforms operated by licensed firms.
HKMA Launches Enhanced Competency Framework on Compliance
By Editors | 28/09/2022
The ECF-Compliance establishes a set of common and transparent competency standards for practitioners working in banks’ compliance functions.
Fintech / Regtech
HKMA Launches Fintech Training Subsidy Scheme
By Editors | 26/09/2022
The scheme will provide training subsidies to around 1,500 industry practitioners who have attained professional qualifications in fintech.
Capital / Liquidity
HKMA Amends Interest Rate Stress Testing Requirement
By Editors | 26/09/2022
Banks must stress test mortgage borrowers’ debt servicing ability assuming a 200 bps rise in the mortgage rate, rather than 300 bps.
Fintech / Regtech
HKMA Issues Guidance on Protecting Payment Card Data
By Manesh Samtani | 26/09/2022
The guidance emphasises the need for due diligence of third-party service agents, ongoing monitoring, and prompt reporting of incidents.
Hong Kong Scraps Hotel Quarantine Requirement
By Editors | 26/09/2022
The relaxation comes as Singapore overtakes Hong Kong as the world’s third most favoured financial centre in the Global Financial Centres Index.
AML / KYC
HKMA Penalises Cathay United Bank for AML Deficiencies
By Editors | 25/09/2022
Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.
Market Infrastructure
HKMA Signals Coming Enhancements to Wealth Connect Scheme
By Editors | 22/09/2022
Enhancements could include measures to improve sales arrangements, expand the product scope, and allow more financial institutions to participate.
Crypto / Digital Assets
China to Expand CBDC Testing in Guangdong, Other Provinces
By Editors | 21/09/2022
The central bank will expand its digital yuan testing to include Guangdong, Jiangsu, Hebei and Sichuan in their entirety.
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