Hong Kong

Fintech / Regtech

HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

By Sanday Chongo Kabange | 07/08/2024

HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.

AML / KYC

HKMA Expands FINEST Platform to Ten Participating Banks

By Editors | 07/08/2024

HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

Fintech / Regtech

HKMA Looks to Bolster Internal Cybersecurity Capabilities

By Manesh Samtani | 07/08/2024

HKMA is planning to deploy a new solution to help it identify “assets, vulnerabilities, and potential entry points that could be targeted by attackers” and manage its attack surface.

Market Infrastructure

HKEX to Hold Practice Session for Severe Weather Trading

By Sanday Chongo Kabange | 06/08/2024

The 24 August session is intended to help EPs prepare for implementation of Severe Weather Trading (SWT) arrangements next month.

Enforcement

Evergrande Seeking to Recover $6bn from Former Executives

By Manesh Samtani | 06/08/2024

The lawsuit, which includes founder Hui Ka Yan as a defendant, was filed in March but only now revealed after a confidentiality order was lifted.

Enforcement

Hong Kong’s Insurance Authority Fines AIA for AML Lapses

By Sanday Chongo Kabange | 06/08/2024

The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.

Enforcement

HK Court Convicts Ex-Sunway Employee for Money Laundering

By Sanday Chongo Kabange | 06/08/2024

The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.

Capital / Liquidity

HKMA Confirms Plans to Simplify Three-Tier Banking System

By Manesh Samtani | 06/08/2024

Deposit-taking companies will have a five-year transition period to meet a HK$100mn capital requirement, compared to HK$25mn.

Fintech / Regtech

PBOC, HKMA Sign Cooperation Framework for Payments Linkage

By Editors | 04/08/2024

The cooperation framework will enable the Chinese and Hong Kong authorities to link their fast payment systems.