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Fintech / Regtech
HKMA, PBOC In Talks on Next Phase of Digital Yuan Tests
By Sanday Chongo Kabange | 15/05/2021
The next phase of technical testing will explore the feasibility of using the digital yuan in cross-border payments.
Fintech / Regtech
HKMA Sets Out Next Steps to Implement Open API Framework
By Manesh Samtani | 13/05/2021
Phase 3 and 4 API functions will be implemented progressively by 28 participating banks starting from December 2021, the HKMA says.
AML / KYC
Chinese Regulators Issues Draft Rules for Wealth Connect Scheme
By Manesh Samtani | 09/05/2021
A 150bn yuan ceiling is proposed as the trading quota for the new scheme, with a 1mn yuan individual limit. A launch date has not yet been set.
Enforcement
HKMA Adjusts Scope of Mandatory Reference Checking Regime
By Manesh Samtani | 05/05/2021
The HKMA has adjusted the scope of the regime, shortened the record retention requirement, and lengthened the time allowed to respond to an MRC request.
ESG / Sustainability
HKMA Issues Guideline on Green & Sustainable Finance Grant Scheme
By Editors | 05/05/2021
The grant amount for each bond issue will be half of the eligible expenses, capped at HK$2.5mn for rated bonds and HK$1.25mn for unrated bonds.
ESG / Sustainability
HK Green Banks Alliance Hosts First Roundtable
By Sanday Chongo Kabange | 29/04/2021
HKMA Chief Eddie Yue urged banks to transform into ‘green banks’. HSBC and BOCHK announced plans to expand their green finance business.
Capital / Liquidity
Hong Kong Launches 100% Personal Loan Guarantee Scheme
By Editors | 27/04/2021
The scheme provides a supplementary financing option for individuals suffering income loss resulting from the Covid-19 pandemic.
Market Infrastructure
HK, China to Launch Southbound Bond Connect in July – Report
By Sanday Chongo Kabange | 27/04/2021
The relevant regulations will reportedly be issued in May, with a view to launching the southbound bond trading link on 2 July.
AML / KYC
HKMA Offers Guidance on Combatting Covid-19 Related Fraud, AML
By Manesh Samtani | 26/04/2021
The guidance emphasises the use of data from internal and external sources, proactive data analysis and information sharing to tackle emerging AML risks.
Market Infrastructure
HKMA Directs Banks to Prepare for OpRisk Rule Updates
By Manesh Samtani | 22/04/2021
The HKMA plans to revise its SPM module on Operational Risk Management to incorporate elements of the revised PSMOR issued by the BCBS.
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