Archives

April 7, 2025 @ 9:59 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) released statistics for the second quarter of 2024 on stored value facility (SVF) schemes, showing continued growth in both usage and transaction value. By the end of Q2 2024, the total number of SVF accounts in use reached 75.36… Read More

February 18, 2025 @ 3:33 pm By Omar Faridi  |  

Standard Chartered Bank (LON: STAN), Animoca Brands, and HKT have entered into agreements to establish a joint venture with the intention to apply for a license from the Hong Kong Monetary Authority (HKMA) in the new regulatory regime in order to issue “a Hong Kong… Read More

January 12, 2025 @ 10:32 pm By Omar Faridi  |  

The Hong Kong Monetary Authority (HKMA) launched the Supervisory Incubator for Distributed Ledger Technology to help banks responsibly unlock the transformative potential of distributed ledger technology (DLT). The Incubator is a supervisory arrangement designed to help banks maximize the “potential benefits” of DLT adoption by… Read More

December 20, 2024 @ 9:41 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) held their second bilateral meeting, reinforcing cooperation and connectivity between the financial services sectors of the two jurisdictions. Building on the initial bilateral meeting held in Abu Dhabi in… Read More

November 14, 2024 @ 3:38 pm By Omar Faridi  |  

HKMA and multilateral organizations aim to enhance strategic partnership for climate investment in Asia. The Hong Kong Monetary Authority joined hands with multilateral organizations, including the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and International Finance Corporation (IFC), a member of the World… Read More

November 3, 2024 @ 9:42 pm By Michael Wong  |  

The Public Investment Fund (PIF) and the Hong Kong Monetary Authority (HKMA) have signed a memorandum of understanding (MoU) at the Future Investment Initiative (FII) 8th Edition in Riyadh to jointly anchor a proposed $1 billion investment fund. The initiative, announced on October 31, is… Read More

October 26, 2024 @ 3:14 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) has launched the IADS Developer Platform, a collaborative venture with the Hong Kong Science and Technology Parks Corporation (HKSTP) aimed at fostering innovation between banks and technology firms. This new platform, part of the Interbank Account Data Sharing (IADS)… Read More

October 23, 2024 @ 5:05 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) has launched its Sustainable Finance Action Agenda, outlining a comprehensive strategy to reinforce Hong Kong’s standing as a leading sustainable finance hub in the region. The initiative aims to support the sustainable development of Asia and beyond by setting… Read More

October 18, 2024 @ 5:54 pm By Omar Faridi  |  

HKMA has recently introduced several different strategic measures to support SMEs’ development, upgrade and transformation. The Hong Kong Monetary Authority (HKMA), together with the banking sector, introduced measures in order to further support, via financing as well as banking products and services, the “continuous development”… Read More

October 14, 2024 @ 8:39 am By JD Alois  |  

The Hong Kong Monetary Authority (HKMA) has published the results of a consultation on changing the term “Virtual Bank” to “Digital Bank,” joining most of the rest of the world. Hong Kong has been a progressive jurisdiction when it comes to embracing the digital banking… Read More

October 10, 2024 @ 5:45 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have expressed full support for the Banking Industry Integrity Charter introduced by the Independent Commission Against Corruption (ICAC). The two organizations jointly hosted the launch ceremony for the Integrity Charter, attended… Read More

September 25, 2024 @ 7:24 am By Omar Faridi  |  

The Hong Kong Monetary Authority (HKMA) commenced Phase 2 of the e-HKD pilot program and is expanding Project e-HKD to explore new forms of digital money. The HKMA in Hong Kong revealed on September 23 that it officially began Phase 2 of the e-HKD Pilot… Read More

September 20, 2024 @ 7:21 pm By Michael Wong  |  

A joint survey conducted by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) revealed a 14% increase in total transactions of non-exchange-traded investment products by licensed corporations (LCs) and registered institutions (RIs) in 2023. The total transaction amount reached $4,338… Read More

September 9, 2024 @ 9:22 pm By Michael Wong  |  

The joint Taskforce on SME Lending, established by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB), recently held its inaugural meeting attended by representatives from the HKMA, HKAB, and 14 banks actively involved in lending to small and medium-sized… Read More

September 2, 2024 @ 10:22 am By Omar Faridi  |  

Ant International announced its participation in the Hong Kong Monetary Authority’s (HKMA) Project Ensemble Sandbox, focusing on “Liquidity Management”, one of its four main themes. Launched in March this year, Project Ensemble is the HKMA’s wholesale central bank digital currency (wCBDC) project aimed “at fostering… Read More

August 6, 2024 @ 10:50 am By JD Alois  |  

The Hong Kong Monetary Authority (HKMA) has issued an update on the development of digital banking or “virtual banks” (VB) in Hong Kong. The HKMA states that the establishment of regulated digital banking has achieved its three stated goals: promoting Fintech and innovation, creating a… Read More

August 5, 2024 @ 10:45 pm By Omar Faridi  |  

PBOC and HKMA has reportedly signed an MOU that is focused on cross-boundary linkage of payment systems between the Mainland and Hong Kong. Mr Lu Lei, Deputy Governor of the People’s Bank of China (PBOC), and Mr Howard Lee, Deputy Chief Executive of the Hong… Read More

July 28, 2024 @ 4:55 pm By Michael Wong  |  

Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), has been reappointed to his role for another five-year term starting in October. In a statement following the Financial Secretary’s announcement, Yue expressed gratitude for the opportunity to continue his leadership, underscoring the… Read More

July 19, 2024 @ 7:04 am By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) has revealed the participants of its stablecoin issuer sandbox, marking a significant step in the city’s drive to foster a regulated and sustainable stablecoin ecosystem. Earlier this week, the results of a consultation by the HKMA on stablecoins were… Read More

July 17, 2024 @ 1:12 pm By JD Alois  |  

A consultation on the regulation of stablecoins in Hong Kong was announced in December of 2023. Stablecoins typically refer to digital assets referencing fiat currency and may be viewed as updated payment rails. Today, the Hong Kong Monetary Authority (HKMA) has revealed the results of… Read More