Posts From Fintech News Hong Kong
Three More Banks Join China’s Digital Yuan Initiative
The participation of foreign banks in China’s digital yuan initiative, known as the e-CNY, has expanded with the addition of three more banks, reports Cointelegraph. This development follows the earlier integration by Standard Chartered on 27 November (Monday), making a
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Second Crypto Scam Rocks Hong Kong, Over HK$120 Million Lost to Hounax
The Hong Kong police have initiated an investigation into Hounax, a cryptocurrency trading platform, after 131 individuals reported losing a total of HK$120 million (US$15.4 million) in what is suspected to be a fraudulent scheme. This news was initially reported
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Hong Kong and China Bourses Ink MoU for Green Finance
The Hong Kong Exchanges and Clearing Limited (HKEX) has signed a Memorandum of Understanding (MOU) with the China Beijing Green Exchange (CBGEX) for green finance and sustainable development. The agreement aims to foster cooperation in various areas, notably in building
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Growth of Hong Kong Fintech Sector Stalls
After years of sustained development, the growth of Hong Kong’s fintech industry is stalling, with business formation slowing down and startup funding plummeting to pre-COVID-19 levels, a joint research report by industry trade group, the Fintech Association of Hong Kong
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Standard Chartered Joins China’s Digital Yuan Pilot as First Foreign Bank
Standard Chartered’s China division has joined the digital renminbi business pilot, making it one of the first foreign banks to do so. Standard Chartered, in collaboration with City Bank Clearing Services, announced the introduction of exchange services for China’s central
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HKMA Launches Suspicious Proxy ID Alert for Faster Payment System
The Hong Kong Monetary Authority (HKMA) has rolled out the Suspicious Proxy ID Alert for the Faster Payment System (FPS). This initiative, launched on 26 November, enhances the system’s security by alerting users to potential fraud risks when conducting transactions
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BIS Raises Concern Over Digital Monopolies by Bigtech Like Tencent and Alibaba
Bigtech companies such as Alibaba, Meta and Tencent, are rapidly expanding their presence in the financial services sector. This increasing influence presents opportunities to improve financial inclusion but also brings challenges relating to market dominance and price, as well as
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South Korea to Test Digital Won with 100,000 Citizens in CBDC Pilot Next Year
South Korea is preparing to launch a pilot programme for a central bank digital currency (CBDC) involving 100,000 citizens, as reported by The Korea Times. This initiative, planned for the fourth quarter of next year, is a collaborative effort between
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Hong Kong’s SFC Takes Legal Action Against AMTD for Suspected IPO Misdeeds
The Securities and Futures Commission (SFC) of Hong Kong has initiated legal proceedings against AMTD Global Markets Limited, now known as Orientiert XYZ Securities Limited, and several of its former executives. This action, initiated at the Court of First Instance,
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Hong Kong’s Financial Sector Unites to Fight Financial Fraud with Anti-Deception Alliance
The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Association of Banks (HKAB) and various banking institutions, has endorsed the establishment of the Anti-Deception Alliance (ADA) by the Hong Kong Police Force (HKPF) to fight against financial
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