Tagged: hong kong

November 12, 2023 @ 5:28 pm By Michael Wong  |  

A landmark agreement has been reached between the Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM), promising to revolutionize fintech cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The “Memorandum of Understanding on Deepening… Read More

November 11, 2023 @ 8:49 am By Michael Wong  |  

SEBA Bank, a digital assets bank regulated in Switzerland, has announced that its subsidiary has been granted a license by the Securities and Futures Commission (SFC) in Hong Kong. The development marks the first regulated foray of the SEBA Group into the Asia Pacific market,… Read More

November 4, 2023 @ 2:46 pm By Michael Wong  |  

Hong Kong and Thailand aims to revolutionize the way travelers handle currency exchange with the launch of interoperable digital payment systems. From December 4, residents from both regions will be able to make transactions using their local digital payment platforms, thanks to a landmark agreement… Read More

November 2, 2023 @ 11:11 pm By Michael Wong  |  

The Financial Services and the Treasury Bureau (FSTB) of Hong Kong has announced a set of groundbreaking initiatives during the Hong Kong FinTech Week 2023, aimed at integrating fintech developments with the real economy. The comprehensive plan includes the launch of an Integrated Fund Platform… Read More

November 2, 2023 @ 10:13 pm By Michael Wong  |  

Hong Kong’s Financial Secretary, Paul Chan Mo-po, has asserted that stringent regulation of virtual assets is crucial for market development, defending the region’s new licensing regime in the wake of JPEX‘s collapse earlier this year. The unlicensed cryptocurrency exchange is currently under investigation, but Chan… Read More

November 1, 2023 @ 7:31 pm By JD Alois  |  

Hong Kong is showing its support for digital assets today as ZA Bank, one of a handful of regulated digital banks in the jurisdiction, has announced support for crypto exchange OKX Hong Kong. ZA Bank has issued a statement indicating they will provide an operating… Read More

October 15, 2023 @ 2:44 pm By Omar Faridi  |  

Neo contributes almost $8M HKD to nurture start-up projects and foster the development of Hong Kong’s Web3 industry. Winners from Neo’s APAC Hackathon will join “an accelerator program alongside candidates from Hong Kong’s leading Web3 developer base.” Neo, the open-source, community-driven blockchain platform where developers… Read More

October 10, 2023 @ 8:33 pm By Omar Faridi  |  

During the 2019 Fintech Week, the Hong Kong Securities and Futures Commission (HKSFC) reportedly demonstrated a stern regulatory stance towards cryptocurrency through its publications “Position Paper: Regulation of Virtual Asset Trading Platforms” and “Warning on Virtual Asset Futures Contracts,” emphasizing strict licensure and professional investor… Read More

October 8, 2023 @ 6:16 pm By Omar Faridi  |  

Hong Kong sees a larger share of transaction volume “coming in large institutional transactions of $10 million or more compared to other countries in the region — notably mainland China,” according to an update from Chainalysis. On the other end of the spectrum is South… Read More

October 5, 2023 @ 10:21 pm By Omar Faridi  |  

Hong Kong’s push towards blockchain enabled Web3 innovation received strong tailwind through a new fund that CMCC Global launched this week. CMCC Global, one of Asia’s earliest venture capital investors “to entirely focus on blockchain technology and Web3 innovation, announced the launch of a venture… Read More

September 30, 2023 @ 6:49 am By Michael Wong  |  

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

September 30, 2023 @ 4:07 am By Michael Wong  |  

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

September 27, 2023 @ 10:58 pm By Michael Wong  |  

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

September 25, 2023 @ 11:50 pm By Michael Wong  |  

Hong Kong-based crypto firm Mixin announced that hackers have managed to steal around $200 million from its database. In a post on social media platform X, the company, which describes itself as a network for transferring digital assets, said the database of Mixin Network’s cloud… Read More

September 21, 2023 @ 6:17 am By Michael Wong  |  

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

September 17, 2023 @ 5:15 pm By Michael Wong  |  

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

September 17, 2023 @ 2:46 pm By Michael Wong  |  

In a landmark move to fortify commercial ties between Hong Kong and Saudi Arabia, the Saudi Arabia-China Entrepreneurs Association (SCEA) signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The MoU was inked during the eighth Belt and Road Summit…. 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 16, 2023 @ 10:15 am By Michael Wong  |  

Hong Kong-based virtual insurer Bowtie has successfully wrapped up a $34.9 million Series B2 funding round, the company has confirmed. The latest financial injection was led by Sun Life Hong Kong Limited, and saw significant contributions from Mitsui & Co., Ltd. Bowtie’s announcement highlighted that… 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