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Fintech / Regtech
Fusion Bank Kicks Off Virtual Banking Soft Launch
By Manesh Samtani | 05/10/2020
Under the HKMA’s sandbox, Fusion Bank will provide savings and time deposits, local fund transfers, payments, and become the first virtual bank to offer FX services.
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.
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