Tagged: hkma

CBDCs and Tokenization: HKMA Announces Project Ensemble, a Wholesale Central Bank Digital Currency Initiative

The Hong Kong Monetary Authority (HKMA) announced the commencement of Project Ensemble, a new wholesale central bank digital currency (wCBDC) project to render support to the development of the tokenization market in Hong Kong. The new project will seek “to explore innovative financial market infrastructure… Read More

Hong Kong Moves Forward with Stablecoin Regulations, Kicks Off Public Consultation

The Hong Kong Monetary Authority (HKMA) has kicked off a public consultation on the issuance of stablecoins. Stablecoins are digital assets that are referenced to other assets. Typically affiliated with fiat currency, stablecoins may also be paired with other assets such as gold. Today, most… Read More

HKMA Comments on the Benefits of Bond Tokenization

Tokenization or turning an asset into a “digital asset” or digital security makes a lot of sense. By leveraging technology, an asset can be managed more effectively, comply with regulations and be programmed to automatically perform certain services. Today, most investible assets are heavy on… Read More

Hong Kong Introduces ADA to Combat Financial Scams and Fraud

The Hong Kong Monetary Authority (HKMA), together with the Hong Kong Association of Banks (HKAB) and the banking sector, support the launch of the Anti-Deception Alliance (ADA) by the Hong Kong Police Force (HKPF). ADA is expected to strengthen the capability of the anti-money laundering… Read More

Hong Kong: HKIMR Joins the ASEAN+3 Finance Think-Tank Network

The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF) has officially joined the ASEAN+3 Finance Think-Tank Network (AFTN) as a founding member institution. The ASEAN+3 Finance Think-Tank Network is a coalition established to… Read More

Hong Kong Monetary Trends: Deposits Grow, Loans Shrink in August

The Hong Kong Monetary Authority (HKMA) has revealed in its recent publication on 29 September that there has been a slight increment in total deposits with authorized institutions by 0.6% in August 2023. The deposits consisted of Hong Kong dollar deposits, which saw an increase… Read More

Hong Kong Survey Shows Shifts to Investments in Money Market Funds

A survey jointly conducted by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) showed money market funds were the top-selling collective investment schemes (CIS) as reported by the city’s licensed corporations (LCs) in 2022. It accounted for 61% of the… Read More

HKMA Introduces Green Fintech Competition to Boost Hong Kong’s Banking Industry

The Hong Kong Monetary Authority (HKMA) unveiled the Green Fintech Competition today, aiming to foster the assimilation of green fintech solutions within the city’s banking realm. This competition aligns with HKMA’s commitment to buttressing the banking sector’s adaptability to climate risk. Green fintech enterprises, both… Read More

Credit Cards in Circulation in Hong Kong Reach 19.71 Million

The Hong Kong Monetary Authority (HKMA), the city’s central bank, has released its Q2/2023 payment card statistics, revealing that the total number of credit cards in circulation in Hong Kong reached 19.71 million by the end of the second quarter. This indicates a marginal growth… Read More

Hong Kong’s Central Bank Warns Crypto Firms Misrepresenting Themselves as Banks

The Hong Kong Monetary Authority (HKMA) has issued a public advisory warning against crypto businesses that are presenting themselves as “banks” or labeling their products as “deposits”. The regulatory body emphasizes that such misrepresentations may violate the Banking Ordinance. There have been instances of crypto… Read More

CBDCs: HKMA, Bank of Israel Release Joint Report on Project Sela, Focusing on Retail CBDC Implementation

  The Hong Kong Monetary Authority (HKMA) has published its joint report on Project Sela. The initiative focused on the cybersecurity, technical, and policy aspects of a retail CBDC implementation. The HKMA is working with the Bank of Israel (BOI) and the Bank for International… Read More

CBDC: Hong Kong Launches e-HKD Pilot Program

In a speech delivered today, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), announced the pilot program launch of e-HKD or the Hong Kong central bank digital currency (CBDC). According to Yue, 16 companies have been selected to participate in the first… Read More

Hong Kong: HKMA Shares Conclusion of Discussion Paper on Crypto-Assets and Stablecoins

The Hong Kong Monetary Authority (HKMA) issued the consultation conclusion to the discussion paper on crypto-assets and stablecoins (the “Consultation Conclusion”), summarizing the feedback “received in relation to the paper and the HKMA’s response.” In the Consultation Conclusion, the HKMA proposes “to bring certain activities… Read More

Hong Kong Monetary Authority Posts Information on “Pilot Scheme on Training Subsidy for Fintech Practitioners”

The Hong Kong Monetary Authority (HKMA) has posted details of its “Pilot Scheme on Training Subsidy for Fintech Practitioners.” Hong Kong has long been a top global financial center so the pursuit of FIntech innovation makes a lot of sense. Recently, one measure indicated that… Read More

BIS, HKMA to Consider Using DeFi Tools to Enhance SME Financing

The BIS Innovation Hub’s Hong Kong Centre and the Hong Kong Monetary Authority have introduced Project Dynamo, which aims “to deliver a prototype for the compliant use of decentralized finance (DeFi) tools, such as blockchain and smart contracts, to improve access to finance for unfunded… Read More

CBDCs: InvestHK Teams Up with HKMA to Introduce Central Bank Digital Currency Initiative

Invest Hong Kong (InvestHK) and the Hong Kong Monetary Authority (HKMA) jointly announced the addition of the Central Bank Digital Currency (CBDC) track to the Global Fast Track 2022, “giving local and global firms valuable opportunities to partner with the central banking institution to boost… Read More

Hong Kong Monetary Authority Announces Enhancements to SME Financing Guarantee Scheme

The Hong Kong Monetary Authority (HKMA) notes that they have made enhancements to the SME Financing Guarantee Scheme. The Financial Secretary confirmed in the 2022-23 Budget today (23 February) that the application period for the 80% Guarantee Product, the 90% Guarantee Product and the Special… Read More

Hong Kong, China Announce Cross Border Fintech Initiative

The Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBoC) have announced that they are accepting applications from financial institutions and Fintechs for conducting pilot trials of cross-boundary fintech initiatives in the Greater Bay Area (GBA). The Greater Bay Area Fintech Pilot Trial… Read More

Carmen Chu, Exec Director, Enforcement and AML, Hong Kong Monetary Authority, Shares Banking Sector Updates

Carmen Chu, Executive Director (Enforcement and AML), Hong Kong Monetary Authority (HKMA), recently noted during opening remarks at the AML Regtech Lab (AMLab) that it’s a great pleasure to welcome people to the very first AML Regtech Lab, or AMLab, which the HKMA is hosting… Read More

China: WeiyangX Fintech Review

Enterprise Data Search Engine Arctic Data Completes 20-million -yuan Pre-A Round Financing Enterprise Data search engine Arctic Data has recently completed a 20-million-yuan pre-A round of financing. The investment was led by Vitalbridge, and participated by Plum Ventures and Incapital. Established in 2018, Arctic Data… Read More

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