The Hong Kong Monetary Authority announced that the Monetary Authority has granted stablecoin issuer licences to Anchorpoint Financial Technology Limited and The Hongkong and Shanghai Banking Corporation Limited under the Stablecoins Ordinance, with the licences taking effect on 10 April. The licensees plan to commence business within the coming months once relevant preparatory work is completed. The Hong Kong Monetary Authority reminded the public to consult the register of licensed stablecoin issuers on its website to verify licensees' identities and to use regulated channels.
Why read this: The announcement specifies the names of the two licensed stablecoin issuers and the effective date of their licences, and reminds the public to verify licensees' identities against the Hong Kong Monetary Authority's register to avoid being defrauded.
The Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority and Mandatory Provident Fund Schemes Authority, together with Cyberport, announced the launch of GenA.I. Sandbox++, covering banking, securities and capital markets, asset and wealth management, insurance, the Mandatory Provident Fund and stored value payment instruments. The initiative focuses on risk management, anti-fraud and customer experience, with participating institutions receiving regulatory guidance, technical support, and free access to GPU computing resources at the Cyberport Artificial Intelligence Supercomputing Centre.
Why read this: The announcement sets out the financial sectors covered by the sandbox and the supercomputing centre GPU resources available for free use, allowing readers to check whether their own business falls within scope.
The Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority and Mandatory Provident Fund Schemes Authority, together with Cyberport, announced the launch of GenA.I. Sandbox++, extending the 2024 GenA.I. Sandbox to banking, securities, insurance, MPF and stored value payment facilities. The initiative focuses on risk management, anti-fraud and customer experience, with participating institutions able to obtain regulatory guidance and free GPU computing resources.
Why read this: The plan expands the sandbox to multiple financial sectors, with participating institutions able to obtain regulatory guidance and Cyberport's free GPU computing resources, allowing readers to understand the support available when applying.
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The Hong Kong Monetary Authority announced that the total quota for the RMB business funding arrangement will be raised from RMB100 billion to RMB200 billion, with the new quota effective from 2 February. The original quota has been fully allocated to 40 participating banks, with individual banks' usage having reached or approached their caps. Under the new arrangement, the scope of financing will be extended to corporate clients of overseas banking institutions within the same group, and the use of funds will be expanded to include term loans for capital expenditure and working capital.
Why read this: The effective date of the new quota and the expanded scope of financing are set out, allowing verification of how many banks and what types of loans the arrangement covers.
Jan 22Thu
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The Hong Kong Monetary Authority published the Cargo x Project Recommendations Report on January 19, putting forward 20 recommendations and a roadmap to modernise Hong Kong's trade finance ecosystem. The recommendations fall under three strategic pillars of data, infrastructure and connectivity, covering the integration of the government's strategic cargo and trade data, the promotion of paperless trade, and enhanced connectivity with regions including the Chinese mainland and ASEAN. The Hong Kong Monetary Authority will carry out a series of pilot schemes with public and private sector institutions to implement the roadmap.
Why read this: The report sets out 20 recommendations across data, infrastructure and connectivity, together with a roadmap, which can be compared with Hong Kong's specific direction for promoting the digitalisation of trade finance.
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The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced on 30 December that all retail banks, including digital banks, must fully launch the "Smart Safe Deposit" service to personal customers on or before 31 December. Customers can set the protected deposit amount themselves, and must first complete the bank's face-to-face anti-fraud verification procedure before making withdrawals. The Hong Kong Monetary Authority will work with the banking industry to launch advertisements and various promotional programmes.
Why read this: The announcement specifies the launch deadline and the face-to-face verification procedure for accessing protected deposits, allowing readers to check whether their own bank is on the list.
Dec 23Tue
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The Securities and Futures Commission censured Bank J. Safra Sarasin and fined it HK$10.85 million, finding that between January 2015 and December 2020 it had shortcomings in product due diligence, record-keeping and delayed reporting. The investigation followed the bank's self-report and a referral from the Hong Kong Monetary Authority. The bank failed to keep due diligence records for 141 bonds, and complaints from clients of 351 products will be handled under enhanced complaint-handling procedures.
Why read this: The press release sets out the period of the breaches, the number of bonds involved and the amount of the fine, allowing readers to check how each shortfall corresponds to the disciplinary action.
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The Hong Kong Monetary Authority and The Hong Kong Association of Banks, together with 28 retail banks, have launched six emergency measures to help residents affected by the Tai Po five-alarm fire through their difficulties. These include a pre-approved six-month repayment moratorium for mortgages, personal loans and credit card loans, along with waivers on related penalty interest and service fees. Tai Po district branches will provide services on 29 November (Saturday) from 9am to 5pm and on 30 November (Sunday) from 9am to 1pm.
Why read this: The six measures set out specific periods for a six-month repayment moratorium and extended service hours at Tai Po branches, allowing affected residents to check immediately which support they can use.