Hong Kong

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”.

ESG / Sustainability

HKGFA Publishes Guidance on Using Common Ground Taxonomy

By Manesh Samtani | 23/09/2022

The Common Ground Taxonomy can be used for debt issuance, equity portfolio construction, index creation, company and fund disclosures, and policy settings.