Tagged: hong kong monetary authority

Hong Kong Monetary Authority Announces Enhancements to SME Financing Guarantee Scheme

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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

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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

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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

Hong Kong Monetary Authority and People’s Bank of China Join Together on Fintech Innovation and Supervision

Eddie Yue

The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China have solidified their relationship in a memorandum of understanding (MOU) that seeks to combine innovation and supervision regarding Fintech. The MOU seeks to implement the “Guangdong-Hong Kong-Macao The Outline of the Development Plan… Read More

China Introduces Wealth Management Connect with Assistance from Hong Kong, Macau

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China has reportedly introduced the Wealth Management Connect (WMC) along with Hong Kong and Macau in order to conduct cross-border investments in various wealth management products distributed by banking institutions in the region. The Wealth Management Connect trading scheme will be handling 300 billion yuan… Read More

Hong Kong Monetary Authority Executive Director Reveals how They’re Protecting Consumers from Emerging Threats

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In a keynote speech that focused on fraud and financial crime at a conference in Asia, Carmen Chu, Executive Director (Enforcement and AML), Hong Kong Monetary Authority, discussed anti-money laundering and financial crime risk issues and the ability of authorities to address these problems. While… Read More

Hong Kong’s Digital Tech Supporter Cyberport Reports Approval of 54 Applications for Fintech Proof of Concepts

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Hong Kong-based digital technology park Cyberport has revealed that the application stage for the initial phase of its Fintech Proof-of-Concept (PoC) Subsidy Scheme has now closed. The initiative reportedly received more than 80 applications. The scheme has been commissioned by the Financial Services and the… Read More

Fintech 2025 Strategy Announced by Hong Kong Monetary Authority, Includes Comprehensive CBDC Plan

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The Hong Kong Monetary Authority (HKMA) announced on Tuesday (June 8, 2021) the updated “Fintech 2025” strategy for promoting financial tech development in the Special Administrative Region of the People’s Republic of China. Eddie Yue, CEO at HKMA,  has outlined Hong Kong’s new Fintech strategy,… Read More

Hong Kong Monetary Authority Reveals Implementation Roadmap for Ongoing Development of Open API Framework

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The Hong Kong Monetary Authority (HKMA), which is Hong Kong’s central banking institution that reports directly to the Financial Secretary, has announced the implementation plans for the third and fourth stages of its Open API framework. The next steps in the Open API Framework include… Read More

Hong Kong Monetary Authority Confirms Launch of System for Cross-Currency Securities Transactons with Bank of Japan Financial Network System

Hong Kong Money Sparkle AI

The Hong Kong Monetary Authority (HKMA) has confirmed the launch of the delivery-versus-payment (DvP) link for cross-currency securities transactions between the Hong Kong dollar (HKD) CHATS and the Bank of Japan (BoJ) Financial Network System. These transactions wll reportedly involve Japanese Government Bond (BOJ-NET JGB) Services…. Read More

Hong Kong May Lead China’s Financial Integration Efforts with Major World Economies and Promote Digital Yuan Adoption

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Hong Kong might lead China’s financial integration efforts with other countries and could also help promote the adoption of the digital yuan, according to government officials. But regardless of what Hong Kong actually does to fulfill its role, the special administrative region of the People’s… Read More

Hong Kong Monetary Authority Releases Regtech Adoption Report for Improving AML/CFT Activities

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A recent report released by the Hong Kong Monetary Authority (HKMA) has outlined various case studies and insights from banking institutions that have implemented different technologies to improve the overall efficiency and effectiveness of their AML/CFT requirements. The HKMA’s report identifies key opportunities that regulatory technology… Read More

Hong Kong Monetary Authority Launches Digital ID Service iAM Smart, Calls Service Key Milestone in Fintech Development

Digital ID Identity Identification iPhone

The Hong Kong Monetary Authority (HKMA) has announced the launch of iAM Smart (internet Access by Mobile in a Smart way), a digital identity service that enables users to leverage the biometrics in their smartphone to act as proof of identity for all types of… Read More

HKMA Speech: Hong Kong Can Help Chinese Fintechs Go Global

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In a speech this week delivered at the China Fintech Global Summit in Shenzen, Liu Yingbin, Senior Assistant President, Hong Kong Monetary Authority (HKMA) said that Hong Kong can help mainland Chinese Fintechs go global. Yingbin touted Hong Kong’s Fintech ecosystem which has emerged as… Read More

Hong Kong Monetary Authority Posts Preview of Upcoming Hong Kong Fintech Week

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The Hong Kong Monetary Authority (HKMA) has posted a “preview” of the upcoming Hong Kong Fintech Week 2020 that is scheduled to take place next week. Supported by the HKMA, the event is described as the city’s “flagship Fintech event.” Like many other conferences, the… Read More

Artificial Intelligence in Banking: Hong Kong Academy of Finance Publishes Report on AI and Fintech

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The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research segment of the Hong Kong Academy of Finance (AoF), has published a on AI and banking. Entitled “Artificial Intelligence in Banking: The Changing Landscape in Compliance and Supervision” the report seeks to provide… Read More

Bank for International Settlements Innovation Hub Partners with Hong Kong Monetary Authority on Trade Finance TechChallenge

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The Bank for International Settlements Innovation Hub (BISIH) Centre in Hong Kong and the Hong Kong Monetary Authority (HKMA) have partnered on a trade finance project to highlight the opportunity to improve the sector of finance with technology. The “TechChallenge — Digitising Trade Finance” is… Read More

WeLab Bank Introduces its Digital Banking Platform in Hong Kong’s Competitive Fintech Sector

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WeLab Bank has confirmed the public launch of its digital banking services. WeLab Bank is notably the only stand-alone firm to acquire a virtual bank license from the Hong Kong Monetary Authority (HKMA), the city-state’s de facto central bank that’s also responsible for promoting the… Read More

Hong Kong Monetary Authority Asks Regulated Firms to Support Regtech

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The Hong Kong Monetary Authority (HKMA) has distributed a letter asking “authorized firms” to support the development of regulatory technology or Regtech. The HKMA says its ultimate objective is to inspire firms like banks to adopt Regtech to enhance the effectiveness of their risk management… Read More

Fintech Platforms in Hong Kong Seen As An Opportunity by Incumbents, Not a Threat, New Report Reveals

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Over the course of the next ten years, banking institutions are planning to play a major role in supporting Fintech projects and the adoption of all-digital platforms. A new report suggests that incumbents feel confident that they won’t be completely replaced or displaced by Fintechs…. Read More

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