Hong Kong Monetary Authority

Fintech / Regtech

HKMA Announces New Fintech Development Strategy

By Editors | 09/06/2021

The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.

Capital / Liquidity

HKMA Issues Guidance on Counterparty Credit Risk Framework

By Editors | 03/06/2021

The guidance is aimed at facilitating consistent interpretation and application of the capital requirements under the BCR as amended in April.

SFC, HKMA Instruct Regulated Firms to Promote Vaccinations

By Manesh Samtani | 03/06/2021

The SFC says vaccinations are a critical part of operational risk management. The HKMA is requiring banks to submit a list of unvaccinated staff.

Capital / Liquidity

HKMA Considers Regulating Mortgage Lending by Nonbanks

By Manesh Samtani | 01/06/2021

Non-bank institutions such as finance companies and property developers have managed to circumvent the HKMA’s mortgage lending limits.

Sanctions

Hong Kong Considers Replacing State Street as TraHK Manager

By Editors | 26/05/2021

Officials reportedly commissioned an independent study to review State Street’s role in managing Hong Kong’s Tracker Fund.

AML / KYC

HKMA Urges Banks to Use iAM Smart in Remote Onboarding

By Manesh Samtani | 25/05/2021

The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.

Market Infrastructure

HKMA Instructs Banks to Assess Need for Tertiary Data Backup

By Manesh Samtani | 18/05/2021

Banks are asked to critically assess the need to set up a secure tertiary data backup to guard against destructive cyber attacks.

Market Infrastructure

Is Asia Ready for the End of LIBOR?

By Li Renn Tsai | 17/05/2021

Li Renn Tsai compares progress in Asia’s main trading hubs, warning of a logjam of transition-related operational work that will pile up towards year-end.

Market Infrastructure

MAS to Expand Scope of Mandatory Reference Check Regime

By Manesh Samtani | 16/05/2021

MAS proposes to expand the scope of FIs and employees subject to the mandatory reference checking regime. FIs will have to maintain records for all employees.