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HKMA Reviews Progress on Banking Sector’s Loss-Absorbing Capacity Requirements
The Hong Kong Monetary Authority (HKMA) has issued a report detailing the implementation of loss-absorbing capacity (LAC) requirements in Hong Kong’s financial sector. The document provides a comprehensive analysis of the steps taken towards establishing a robust framework for LAC,
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What Are the Top Priorities for Hong Kong’s Banking Sector in 2024?
In 2023, Hong Kong’s banking sector remained resilient despite numerous challenges, thanks to the Hong Kong Monetary Authority (HKMA) oversight. The HKMA’s regulatory and supervisory measures were crucial in maintaining stability, protecting consumers, and bolstering operational efficiency within the banking
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ZA Bank Launches ‘Savings Pot’ with 4% Rate
ZA Bank has rolled out “Savings Pot,” a new feature aimed at helping users manage their savings separately from their daily expenditures. The introduction of this product comes in response to a rising demand for deposit options, as indicated by
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HKMA Appoints Archie Ng as New Executive Director of Corporate Services
The Hong Kong Monetary Authority (HKMA) officially appointed Archie Ng as the new Executive Director (Corporate Services), effective 14 February 2024. Archie is set to take over from Donald Chen, who transitioned to Executive Director (Banking Policy) in December 2023.
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Cyberport Taps Dr Rocky Cheng as CEO, Eyes Tech Growth in Hong Kong
Hong Kong Cyberport has appointed Dr Rocky Cheng as the new Chief Executive Officer, effective 3 April 2024. Dr Rocky will take the helm following the completion of Peter Yan’s six-year term. With over 30 years of experience in the
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Hong Kong and China to Expand Cross-Boundary Digital Yuan Pilots
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) unveiled six policy measures to bolster financial cooperation between Hong Kong and Mainland China. Among these, two fintech-related initiatives stand out: the enhancement of cross-boundary credit referencing
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HKMA Proposes Enhanced Data Sharing Among Banks for Fraud Prevention
The Hong Kong Monetary Authority (HKMA) issued a public consultation paper, seeking views on a proposal to permit Authorised Institutions (AIs) to share customer account information to prevent and detect financial crime. This move addresses the escalating issue of financial
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Hong Kong’s SFC to Boost Fintech Ecosystem in Latest Strategic Priorities
The Securities and Futures Commission (SFC) of Hong Kong released its Strategic Priorities for 2024 to 2026. It outlines a comprehensive strategy to advance Hong Kong’s securities markets while addressing evolving risks and protecting investors in a shifting capital market
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OCBC Appoints Seth Tan as Head of Corporate Banking for China Unit
OCBC has announced the appointment of Seth Tan as the new Head of Corporate Banking for its China unit. Seth’s appointment, which became effective on 15 January, positions him in Shanghai where he will oversee banking relationships with state-owned enterprises
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Allied Banking Corporation Shifts to Cloud with Finastra Essence, Enhancing Efficiency
Finastra has announced the successful migration of Allied Banking Corporation (Hong Kong) to cloud-based operations, marking a significant upgrade from Finastra’s Equation core banking solution to the advanced Essence solution. In addition, the Allied Banking Corporation has implemented Retail Analytics
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