Hong Kong

Fintech / Regtech

BNP, Digital Asset to Develop DLT Connectivity to ASX, HKEX

By Editors | 15/09/2020

BNP Paribas Securities Services and Digital Asset have joined forces to design real-time trade and settlement apps using DAML smart contracts.

Hong Kong Govt Enhances 100% Loan Guarantee Scheme

By Editors | 15/09/2020

The maximum loan amount and repayment period are being increased to further alleviate the cash flow pressure of SMEs, effective from Friday, 18 September.

Enforcement

SFC Issues Statement on Alleged Manipulation of Next Digital Shares

By Manesh Samtani | 14/09/2020

The SFC does not explicitly say whether it is investigating Next Digital trading activity or whether a request for assistance was received from police ahead of last week’s arrests.

Market Infrastructure

Changes to Hong Kong OFC Regime Take Effect Immediately

By Editors | 13/09/2020

Private OFCs are no longer subject to investment restrictions and securities brokers are now eligible to be OFC custodians, among other changes.

Fintech / Regtech

HSBC to Scrap More Fees for Hong Kong Retail Customers

By Manesh Samtani | 13/09/2020

A recent sequence of measures to shift to lower-cost, digital-first services for SME and retail customers is largely seen as a response competition from the new virtual banks.

Enforcement

HK Police Arrest 15 on Stock Manipulation Suspicions

By Sanday Chongo Kabange | 10/09/2020

Police believe the 15 individuals manipulated the stock price of Next Digital after its owner Jimmy Lai was arrested last month.

Fintech / Regtech

Mox Bank Launches Virtual Banking Services in Hong Kong

By Manesh Samtani | 09/09/2020

Mox Bank, backed by Standard Chartered, PCCW, HKT and Ctrip Financial, is first opening accounts for its 20,000 pre-registrants before it opens to the rest of the public.

Enforcement

SFC Seeks Damages for Tianhe Investors Over Defective Prospectus

By Editors | 07/09/2020

The SFC’s investigation revealed that about 53% of Tianhe’s total track record revenue disclosed in its 2014 IPO prospectus was overstated.

AML / KYC

Hong Kong Financial Firms Step Up Compliance Hiring – Report

By Editors | 07/09/2020

The demand for compliance staff has reportedly risen by a third in the past few months. Lawyers with sanctions expertise are in particularly high demand.