The Government said recruitment by public healthcare institutions has always adhered to the principle of giving priority to hiring locally trained personnel, and issued an explanation amid recent discussions on nurse manpower planning and employment. The Hospital Authority's nurse attrition rate has fallen from a peak of 10.9% to 5.4%, but there are still about 3,200 nursing vacancies. About 50 registered nurses at the Hospital Authority were trained outside Hong Kong, accounting for less than 0.2% of the Hospital Authority's total nursing workforce.
Why read this: The release lists figures including about 3,200 nursing vacancies at the Hospital Authority, a 99% hiring rate and non-locally trained nurses accounting for less than 0.2%, allowing readers to check the ratio between locally trained nurses and public-sector demand.
The Department of Health will amend the Code of Practice for Licensed Private Healthcare Institutions, requiring injectable and infusion products used in institutions to fall into three categories: registered or exempted medicinal products, human organ or tissue products, and medical devices listed by MDACS. The code is planned to be gazetted in the fourth quarter of this year and take effect one month after gazettal, while the MDACS-related requirements will take effect on 1 March next year.
Why read this: The content sets out three permitted categories of products, phased effective dates and licensing requirements for beauty parlours providing medical services, allowing licensees and the industry to check their own arrangements.
The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced that 28 retail banks will further extend by six months, to end-May 2027, the repayment moratorium on mortgages, personal loans, credit card loans and other loans for those affected by the Tai Po fire. Where mortgagors and borrowers of Wang Fuk Court sell their interest in the property to the HKSAR Government, their existing mortgage moratorium may be extended until the newly purchased unit is occupied. This follows the support measures launched in March this year.
Why read this: The announcement states that the moratorium is extended to end-May 2027 and covers 28 retail banks, allowing affected individuals to check whether they fall within the scope of support.
Kai Tak Hospital will begin providing services in phases from next Monday, with the first phase covering the specialist outpatient building, oncology building and family medicine integrated centre, offering about 250 consultation slots per day initially. Specialist outpatient clinics in internal medicine, surgery, neurosurgery and clinical oncology at Queen Mary Hospital will transfer in batches from late October. Inpatient, surgical and accident and emergency services form the second phase and are expected to come into service in 2028. Kai Tak Hospital is Hong Kong's largest public hospital, with 2,400 beds and a service coverage of 1.8 million people.
Why read this: The announcement sets out the scope of first-phase services and the transfer timetable, and includes figures on Kai Tak Hospital's bed capacity and population covered, allowing readers to verify when related services at Queen Mary Hospital will move.
Sept 24Thu
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Translation is not available yet. Showing the Traditional Chinese version.
The Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority jointly announced today (June 29) that they had completed the first phase of the review on facilitating the application of distributed ledger technology (DLT) in Hong Kong's fixed income market. The results showed that the existing legal and regulatory environment is sufficiently flexible to support the issuance of tokenised bonds. The Companies Registry issued frequently asked questions on the same day, confirming that registers of debenture holders kept using DLT comply with the Companies Ordinance (Cap. 622); the next phase of the review will commence in the second half of this year.
Why read this: The announcement sets out the conclusions of the first phase and the timetable for the next phase, and includes a link to the Companies Registry's frequently asked questions, making it easier for the market to check the compliance basis for record-keeping using DLT.
Bank Indonesia, the Hong Kong Monetary Authority and the People's Bank of China signed a memorandum of cooperation on June 11 to establish a framework facilitating direct conversion and settlement in Indonesian rupiah and offshore renminbi for bilateral transactions between Indonesia and Hong Kong. The two sides will draw up operating guidelines and appoint several banks as authorised cross-currency market makers, with procedures, timetable and details of participating banks expected to be announced later this year.
Why read this: The memorandum sets out the establishment of a framework for direct currency conversion and settlement between the two sides, and lists market-maker arrangements, with operating procedures and a timetable expected to be announced later this year.
The Insurance Authority has published consultation conclusions on proposed amendments to the risk-based capital regime under the Insurance (Valuation and Capital) Rules (Cap. 41R). Respondents were broadly supportive of the amendments, with comments mainly concerning the scope of eligible infrastructure investments and deduction factors. The finalised amendments will be submitted to the Legislative Council for negative vetting, with a target effective date of 31 December 2026, and will include consequential amendments to Cap. 41T.
Why read this: The consultation conclusions state that the finalised rules must be subject to the Legislative Council's negative vetting procedure, with a target effective date of 31 December 2026, allowing the industry to estimate the transition period accordingly.
May 7Thu
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Translation is not available yet. Showing the Traditional Chinese version.
The Hong Kong Monetary Authority announced that the Monetary Authority has granted stablecoin issuer licences to Anchorpoint Financial Technology Limited and HSBC under the Stablecoins Ordinance. A total of 36 institutions applied in the first phase, and the two licensees plan to issue Hong Kong dollar stablecoins first, with business covering cross-border payments, local payments, trading in tokenised assets and innovative applications. Regulated stablecoins in Hong Kong are expected to be launched progressively from mid-year to the second half of this year.
Why read this: The article lists the approval outcome of 36 applications with only 2 granted, and the use cases of the two licensees, allowing verification of how high the licensing threshold is.
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.