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Structural Regulation
Japanese Banks Respond to HK OTC Derivatives Consultation
By Garima Chitkara | 30/04/2018
Japanese banking association asks for 6-12 months grace for implementing LEI requirements; urges for increased incentives to encourage smaller firms to obtain LEIs.
Anti-Money Laundering
ACAMS 2018: HKMA Calls on Financial Industry in Fight Against Crime
By Manesh Samtani | 26/04/2018
Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.
Payments & Settlements
Hong Kong Work Plan Includes Incentives for Fund Industry
By Manesh Samtani | 20/04/2018
Government reviewing and enhancing existing tax concession arrangements for fund industry; HKMA to launch real-time payments, issue virtual bank licences this year.
Payments & Settlements
HK, Japan to Connect Settlement Systems
By JP Reimann | 19/04/2018
BOJ-NET link with HKD CHATS will effectively eliminate the need for the US dollar as an intermediate currency in cross-border transactions.
Cybersecurity
HK Banks Introducing Biometrics Expected to Comply With IT Upgrade Guidelines
By JP Reimann | 17/04/2018
Secretary for Financial Services and the Treasury expects banks to comply with requirements of HKMA personal data privacy ordinance.
Cloud & Infrastructure
Hong Kong’s Fintech Sandbox Risks Alienating Innovators
By Manesh Samtani | 28/02/2018
HKMA financial technology sandbox needs to evolve to maximise value for all concerned, a new study suggests.
Fraud, Scams & Cybercrime
RBI Under Fire for Failure to Detect $1.8bn Loan Fraud
By Manesh Samtani | 21/02/2018
Central bank audits failed to detect loan fraud using Punjab National Bank guarantees for over seven years; overseas branches which granted loans also under scrutiny.
Anti-Money Laundering
Border Cash Declarations Won’t Halt HK Money Laundering
By Peter Guy | 19/02/2018
For the first time, visitors to Hong Kong will soon have to declare cash they bring in. But money laundering will continue to flourish.
Structural Regulation
HKMA Virtual Bank Rules – Dull, Timid Bureaucracy
By Peter Guy | 12/02/2018
Proposed virtual banks rules fail to address the true future of financial services, risking Hong Kong’s descent into irrelevancy.
Structural Regulation
HK Gives Banking Disruptors a Chance, for $38mn
By Samuel Riding | 07/02/2018
Deputy chief of Monetary Authority also says banks cannot use ‘predatory tactics’ when competing for market share.
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