Tag "HKMA"
HKMA’s Project Ensemble to Propel Tokenisation Market with wCBDC Initiative
The Hong Kong Monetary Authority (HKMA) has announced the initiation of Project Ensemble, a new venture aimed at supporting the development of the tokenisation market in Hong Kong via the introduction of a wholesale central bank digital currency (wCBDC). This
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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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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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UAE and Hong Kong Central Banks to Cooperate on Fintech, Virtual Asset Rules
The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) is set to enhance collaboration between the financial services sectors of the two jurisdictions. The CBUAE and the HKMA agreed to strengthen cooperation in
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BIS, HKMA to Explore Use of DeFi Tools to Improve SME Financing
The BIS Innovation Hub’s Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) will look into the use of decentralised finance (DeFi) tools to improve access to finance for unfunded and underfunded small and medium enterprises (SMEs). The launch
Read MoreEddie Yue Appointed as New HKMA CEO; Executive Director Resigns Citing Personal Reasons
Eddie Yue, who currently serves as the Deputy CEO of HKMA will succeed Norman Chan as the new CEO in October. The 54 year old incoming CEO Eddie Yue, started his career in civil service in 1986 and joined HKMA
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Meet Hong Kong’s 8 New Virtual Banks
UPDATE: Four of Hong Kong virtual banks have since launched, check out our latest article to find out the progress on Hong Kong’s virtual banking scene Hong Kong Monetary Authority (HKMA) has announced a grand total of eight virtual banking
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Hong Kong Needs More Than Lip Service to Grow Blockchain, Says Local Founder
After his blockchain panel at the Internet Economy Summit last week, we had a chance to sit down with trustMe, a local player in the blockchain scene with a focus on bringing the technology to SMEs in Hong Kong. Steven
Read MoreThe First 3 Recipients of HKMA’s Virtual Banking License Have Been Announced
The Hong Kong Monetary Authority (HKMA) announced today that three companies have been granted virtual banking licences: Livi VB, SC Digital, and ZhongAn Virtual Finance. As rumoured in our previous report, some of the companies granted licenses are joint ventures that include
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Neat Reveals One Key Problem With HKMA’s Virtual Banking License and Why They Won’t Bother
The Hong Kong Monetary Authority (HKMA)’s decision to set up the virtual license is often seen as a strategic move, if a tad overdue. Reportedly, the regulator saw over 29 applications, which rumour has it, includes companies like Ant Financial,
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