Tag "Hong Kong Monetary Authority (HKMA)"

Hong Kong Pilots World’s First Integration of Payment System with China’s Digital Yuan

Hong Kong residents can now set up digital yuan (e-CNY) personal wallets using only their Hong Kong mobile phone numbers. These wallets, which can be topped up via the FPS through 17 retail banks, are designed for cross-border payments but

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Arthur Yuen to Continue as HKMA Deputy Chief Executive for 2 More Years

The Hong Kong Monetary Authority (HKMA) has announced that Arthur Yuen’s tenure as Deputy Chief Executive has been extended for two additional years beyond the standard retirement age. This decision, approved by the Financial Secretary based on the advice of

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Is Hong Kong’s Financial Hub Status at Risk?

Globally, Hong Kong has made its mark as a financial hub alongside Singapore and Dubai. These city-states, while rivals in certain aspects, each present distinct strengths and face unique challenges, embodying the intricate dynamics of both local and global influences

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Hong Kong Continues Exploration of Digital Currency with Phase 2 of e-HKD

The Hong Kong Monetary Authority (HKMA) has embarked on phase 2 of its e-HKD pilot programme, aiming to explore and expand upon the innovative applications of digital currency in Hong Kong. This move follows the successful completion of the programme’s

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HKMA Sets Guidance for Digital Asset Custodial Services by Authorised Institutions

The Hong Kong Monetary Authority (HKMA) has issued new guidance for Authorised Institutions engaged in digital asset-related activities, mainly focusing on providing custodial services for digital assets. This initiative aims to ensure that digital assets held in custody are protected

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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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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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The Top 5 Fintech Trends that Will Dominate Hong Kong in 2024

Hong Kong, a key player in Asia’s financial sector, is progressively establishing itself in the global fintech scene, characterised by continuous technological advancements in finance. The top fintech trends in Hong Kong shaping this growth include the rise of digital

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Hong Kong Proposes New Licensing Regime for Stablecoin Issuers

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have issued a consultation paper proposing a regulatory regime for stablecoin issuers in Hong Kong. This announcement invites feedback from the public and stakeholders, signalling

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