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HKMC Gets Expanded Credit Facility Amid First Half Loss
By Editors | 05/10/2020
HKMC recorded a new loss of HK$197mn for the first half of 2020. A revolving credit facility provided to HKMC through the Exchange Fund will increase from HK$30bn to HK$80bn.
HKMA Directs Banks to Review, Enhance Sales Practices
By Manesh Samtani | 02/10/2020
A mystery shopping programme has identified product disclosure, risk profiling, and suitability assessment as some of the key areas where improvement is needed.
ESG / Sustainability
HKMA Pushes Forward Green & Sustainable Banking Initiatives
By Manesh Samtani | 01/10/2020
A pilot climate stress testing exercise involving Hong Kong banks will commence early next year. A local green taxonomy is under development.
Fintech / Regtech
Two More Virtual Banks Launch in Hong Kong
By Manesh Samtani | 01/10/2020
Ant Bank and Ping An OneConnect Bank launched virtual banks in Hong Kong. Fusion Bank is the only virtual bank that has not yet commenced operations.
Securities / Derivatives
SFC Sets Minimum Period for Client Access to Trade Documents
By Editors | 01/10/2020
Intermediaries have one year to align the minimum online retrieval period of their posted trade documents with the new requirements.
AML / KYC
HKMA to Enhance AML/CFT Supervision Through Data & Tech
By Manesh Samtani | 29/09/2020
The HKMA intends to increase its engagement and data collection, make better use of data, and utilise suptech tools to enhance its AML/CFT supervision.
Fintech / Regtech
HKMA Selects ConsenSys to Lead Next Phase of CBDC Project
By Editors | 28/09/2020
Project Inthanon-LionRock studied the application of a CBDC for cross-border payments. ConsenSys will lead implementation of the project’s next phase.
AML / KYC
HKMA Issues Guidance on Remote Onboarding of Corporate Clients
By Editors | 25/09/2020
Onboarding processes should be designed reflecting the principle that CDD is not merely a document collection exercise, the HKMA says.
Securities / Derivatives
Riding the Tech Wave in a Volatile Derivatives Market
By John Omahen | 23/09/2020
A surge in trading volumes has highlighted the need for brokerage firms to re-engineer their businesses for the future, writes John Omahen at FIS.
AML / KYC
HKMA Issues Revised AML/CFT Guideline for SVF Licensees
By Editors | 20/09/2020
SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.
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