Tagged: hong kong monetary authority

May 21, 2024 @ 9:01 am By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) has launched the digital yuan, also known as e-CNY,marking a significant step in the integration of digital currencies in the region’s financial system. According to reports from Sing Tao Daily, the launch event was hosted by Howard Lee Tat-chi,… Read More

March 8, 2024 @ 4:34 pm By Omar Faridi  |  

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

February 18, 2024 @ 7:20 pm By Michael Wong  |  

In the latest credit card lending survey released by the Hong Kong Monetary Authority (HKMA), figures for the fourth quarter of 2023 showed a significant uptick in credit card usage among Hong Kong residents. Total card receivables soared by 8.5% to HK$160.1 billion at the… Read More

January 18, 2024 @ 9:40 am By JD Alois  |  

Deepfakes are a growing concern. As technology improves and AI services proliferate, it is getting easier for bad actors to create completely bogus content that intends to dupe the unsuspecting. Today, the Hong Kong Monetary Authority (HKMA) has issued a warning to the public to… Read More

November 28, 2023 @ 9:40 am By JD Alois  |  

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

September 17, 2023 @ 2:35 pm By Michael Wong  |  

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

September 12, 2023 @ 7:55 am By Omar Faridi  |  

  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

February 5, 2023 @ 1:50 pm By Omar Faridi  |  

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

September 26, 2022 @ 11:18 am By JD Alois  |  

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

September 20, 2022 @ 11:10 pm By Omar Faridi  |  

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

August 12, 2022 @ 9:19 am By Omar Faridi  |  

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

February 27, 2022 @ 9:39 pm By Omar Faridi  |  

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

February 18, 2022 @ 8:55 am By JD Alois  |  

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

November 8, 2021 @ 9:17 pm By Omar Faridi  |  

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

October 21, 2021 @ 10:41 am By JD Alois  |  

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

September 13, 2021 @ 9:28 pm By Omar Faridi  |  

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

July 25, 2021 @ 10:43 am By Omar Faridi  |  

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

June 19, 2021 @ 3:33 pm By Omar Faridi  |  

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

June 9, 2021 @ 10:56 pm By Omar Faridi  |  

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

May 15, 2021 @ 12:05 pm By Omar Faridi  |  

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