Tag "Hong Kong Monetary Authority (HKMA)"
ConsenSys Bags the Lead for the Second Phase of HKMA’s Digital Currency Study Project
US-headquartered blockchain firm ConsenSys has been granted the lead for the second phase of Project Inthanon-LionRock, a cross-border payment network study project by the Hong Kong Monetary Authority (HKMA). Previously, HKMA and the Bank of Thailand (BOT) had signed a
Read More
HKMA and BIS Innovation Hub Launches Trade Finance Tech Challenge
The Bank for International Settlements Innovation Hub (BISIH) and the Hong Kong Monetary Authority (HKMA) launched the “TechChallenge – Digitising Trade Finance” initiative to highlight the potential for new technologies to enhance trade finance mechanisms. The initiative is administered by
Read More
HKMA Unveils Industry Plan to Help Hong Kong’s Economy Overcome COVID-19 Outbreak
The Hong Kong Monetary Authority (HKMA) together with the major banks and HKMC Insurance Limited (HKMCI) met representatives from the commercial sector (including Members of the Legislative Council) today to exchange views on the effectiveness of banks’ measures to support
Read More
Hong Kong and Thai Regulators Unveils Pilot Results on Central Bank Backed Digital Currency
The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) announced the outcomes and published a joint report on Project Inthanon-LionRock. The two authorities initiated Project Inthanon-LionRock to study the application of CBDC to cross-border payments. A THB-HKD
Read More
Fintech is Hong Kong’s Strongest Innovation Sector, Study Concludes
KPMG and Alibaba Entrepreneurs Funds’ joint report has made it official—fintech is ranked as Hong Kong’s strongest innovation sector, beating out segments like smart city, artificial intelligence, e-commerce, big data, and many others. The conclusion was found when entrepreneurs and
Read More
Hong Kong and Thailand May Be Working on a Joint Central Bank-Backed Crypto Project
The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) entered into a Memorandum of Understanding (MoU) to foster collaboration between the two regulatory authorities in promoting financial innovation. Under the agreement, HKMA and BOT agreed to work together
Read More
Ant Financial, Tencent, and Xiaomi Are Among HK’s New 4 Virtual Banking Licensees
The Hong Kong Monetary Authority (HKMA) issued virtual banking rights to 4 more companies: Ant SME Services (Hong Kong) , Infinium, Insight Fintech HK, and Ping An OneConnect. According to their business plans, these four newly licenced virtual banks intend
Read More
Hong Kong Chooses 3 Startup as Part of the Global Fintech Sandbox Project
The Hong Kong Monetary Authority (HKMA), is one of 17 global regulators that are participating in the Global Financial Innovation Network (GFIN) cross-border pilot tests—which has just shortlisted 8 fintechs. In total, 44 unique applications were submitted across the 17
Read More
Cyberport Chairman Reveals Secret Sauce to Growing 350 Fintechs in Just 3 Years
“Everything you do in a fintech startup, you’re likely testing the law, one way or another,” said Cyberport’s chairman Dr. Lee George Lam about fintech in the technology hub he stewards. “If you want to move out of the box,
Read More
Even This Fintech Unicorn Thinks Hong Kong’s Virtual Banking License is Too Restrictive
The virtual banking race is on for different regions across the globe, and the Hong Kong Monetary Authority (HKMA) has put its hat in that race with the virtual banking license, as part of a larger plan to turn Hong
Read More