Hong Kong Monetary Authority

Fintech / Regtech

Thailand Central Bank Digital Currency Prototype Slated for Q1 2019

By Editors | 22/08/2018

Bank of Thailand will work with 8 participating banks to design, develop and test domestic wholesale funds transfers using a central bank digital currency.

Fintech / Regtech

Virtual Banks in Hong Kong: Bringing Risks and Opportunities To Asia

By Kristi Swartz | 21/08/2018

A new era of smart banking in Hong Kong is anticipated to begin at the end of this year with the establishment of virtual banks. Competent players will embrace enormous opportunities to challenge the city’s traditional banking model.

AML / KYC

HKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures

By Editors | 20/08/2018

The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.

Fintech / Regtech

Financial Regulators Consult on ‘Global Sandbox’ Approach

By Manesh Samtani | 09/08/2018

HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.

AML / KYC

Account Opening Woes Causing Loss of Business in Hong Kong – HKICS

By Garima Chitkara | 07/08/2018

HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.

Capital / Liquidity

Hong Kong Bank Exposure Rules Compliance Pushed to Mid 2019

By Garima Chitkara | 30/07/2018

HKMA has extended the implementation deadline for its bank exposure limit rules to 1 July 2019 given the tight implementation deadline and concerns raised by the industry.

Capital / Liquidity

HKMA Releases Loss-Absorbing Capacity Consultation Conclusions

By Garima Chitkara | 26/07/2018

HKMA had consulted on the minimum required capital needed by systemically important institutions in case they are rendered non-viable.

Market Infrastructure

HKMA Lays Out Regulatory Framework for Open API

By Garima Chitkara | 19/07/2018

The HKMA is set to launch an Open API on its website to make financial data more accessible to consumers and facilitate client onboarding by banks starting 23 July; the API will begin with providing 50 sets of financial data.

Fintech / Regtech

HKMA to Launch Blockchain-based Trade Finance Platform by September

By Emma Zhou | 18/07/2018

Platform will boost efficiency, lower costs and reduce fraud risks in trade finance for participating banks, which include HSBC, SCB, ANZ, BEA, DBS and Hang Seng.