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Hong Kong Monetary Authority (HKMA)

General view of Hong Kong’s financial centre in Central in May 2020. Photo: Warton Li

Hong Kong’s deposit-taking companies face extinction as HKMA reform deepens

Hong Kong’s deposit-taking companies, once a thriving corner in Hong Kong’s banking system, are facing an ultimatum: evolve by recapitalising within five years, or perish.

  • Hong Kong’s deposit-taking companies’ days are numbered as the HKMA delivers its evolve-or-perish reform this month
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Hong Kong Monetary Authority to create task force to support SMEs repaying loans

HKMA, Cyberport collaborate on GenAI sandbox to support adoption in banking

Investors vie for China’s ‘dim sum’ bonds as appetite grows for yuan debt

The uptake augurs well for the finance ministry, which has announced its plan to sell six batches of bonds to raise 55 billion yuan this year in Hong Kong.

The Exchange Square in Hong Kong. Photo: Xiaomei Chen.

Safeguards crucial as Hong Kong seeks slice of cryptocurrency pie

It is important to strike a balance between protecting investors’ interests and making a favourable regulatory environment for coin issuers.

Hong Kong’s FPS will be offline for 10 hours on Sunday for maintenance: HKMA

The FPS service will be offline from 1am to 11am on August 18 because of a planned system enhancement by the operator Hong Kong Interbank Clearing.

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Hong Kong developers poised to put 10,000 more new flats on market this year

New flats made available this year will total nearly 20,000, according to Midland Realty, as developers pin hopes on a rate cut to spur sales.

A view of Novo Land, a residential project by Sun Hung Kai Properties in Tuen Mun, on June 7, 2024. Photo: Edmond So

July’s inflation blip will do little to derail US Fed’s September rate cut

The recent easing of price pressures has bolstered Fed officials’ confidence that they can start to lower borrowing costs while refocusing their attention on the labour market.

Virtual banks must serve Web 3 better, says Hong Kong crypto advocate

Legislator Johnny Ng’s call to action follows the decision this week by the Hong Kong Monetary Authority to stop issuing licenses for branchless banks, giving the city’s eight licensed operators room to grow.

Hong Kong will not have any more new virtual banks, 8 are enough, says HKMA

The HKMA considers that the current number of virtual banking licences is optimal and does not see any strong justification to introduce more new virtual bank players, CEO Eddie Yue says.

The HKMA issued eight virtual bank licences in 2019 to inject innovation and competition into the industry. Photo: Reuters

Hong Kong to end deposit-taking companies as banking structure is simplified

The HKMA is cutting the city’s existing three-tier banking system into two as part of its biggest reform in four decades.

Hong Kong’s three-tiered banking system was originally put in place in the early 1980s. Photo: Edmond So

Hong Kong signs agreement with PBOC to enhance Faster Payment System

The Hong Kong Monetary Authority has signed an agreement with the Chinese central bank to promote cross-border linkages for fast payment systems, including a proposed increase in the remittance cap.

Can an ‘anti-fraud tsar’ stamp out Hong Kong’s HK$9 billion scams?

Losses nearly doubled last year amid growing victim frustration, while fraudsters reap profits with seeming ease and banks and financial regulators struggle to contain the damage.

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A steady hand in rough Hong Kong monetary waters

Eddie Yue Wai-man’s reappointment for a second five-year term as head of the Hong Kong Monetary Authority is good news. Yue has amply proved himself over the past five difficult years. The next five years will be just as challenging, if not more so.

Eddie Yue Wai-man, reappointed for a second term as chief executive of the Hong Kong Monetary Authority, must demonstrate the city’s continuing vitality as a world-class financial hub while maintaining confidence in the viability of the US-HK dollar peg. Photo: Dickson Lee

Fewer homes sold in Hong Kong in July, worsening city’s supply glut

The data showed how Hong Kong’s blip of buying interest after the scrapping of stamp duties in February has dissipated, as record mortgage rates compounded the down-beat market sentiment.

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A real estate agency in Tai Koo displays slashed home prices on July 29, 2024. Photo: Eugene Lee

Explainer | What are the biggest financial scams in Hong Kong? Here’s how to avoid being a victim

A company lost HK$200 million (US$25.6 million) in a corporate scam, while scores of cryptocurrency investors were duped in a HK$1.6 billion JPEX scandal. Here are some tips to avoid the pitfall and how to respond if you are targeted.

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HKMA cautions market on interest-rate risks as Fed signals September cut

Traders have fully priced in a rate cut of 25 basis points or more when the Federal Reserve next meets on September 18, according to odds compiled by CME Group.

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Hong Kong’s so-called upside-down home loans steady despite price fall

The number of mortgage holders with negative equity fell 5.5 per cent to 30,288 at the end of June, from 32,073 at the end of March, according to HKMA data.

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General view of homes in Kai Tak. Lived-in home prices in Hong Kong have fallen to the lowest in almost eight years. Photo: Dickson Lee

Hong Kong Exchange Fund gains US$13 billion in first half of 2024

The war chest that defends the local currency ‘registered a decent investment income in the first half of 2024’ as stock markets rallied globally, says monetary authority CEO.

Guangdong joins ‘dim sum’ bond feast with US$1 billion sale in Hong Kong, Macau

Province’s move follows Shenzhen’s announcement of a US$964.4 million sale of offshore yuan-denominated bonds as China pushes to internationalise its currency and boost Hong Kong’s hub role.

As mainland China broadens yuan’s global appeal, Hong Kong may play larger role

With geopolitics making overseas use of the yuan more common, a professor has said the time is now for Hong Kong to have a greater role in the currency’s offshore settlement.

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Increased use of the yuan in global transactions suggests a larger role is on the horizon for Hong Kong as an offshore clearing centre for the currency. Photo: Bloomberg

Letters | Singapore shows how finance sector can best tackle climate risk

Readers discuss why Hong Kong should pay attention to Singapore’s climate transition approach, physical education, the JoyYou transport subsidy scheme, and Kamala Harris.

A truck unloads coal in Tondo, Manila. Investments in fossil fuels and other climate-related industries could pose significant risks to banks and insurers in the event of an abrupt transition to meet climate change goals. Photo: Reuters

Hong Kong names Eddie Yue to second term as HKMA chief executive

Eddie Yue Wai-man has been appointed for a second five-year term as the chief executive of the Hong Kong Monetary Authority, the city’s de facto central bank.

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Hong Kong raises US$3.2 billion via multicurrency green bond

Hong Kong’s government raised US$3.2 billion via green bonds denominated in US dollars, euros and offshore yuan in the city’s latest push to establish itself as a sustainable finance hub.

Hong Kong relaxes some stablecoin rules, launches limited trials

The HKMA announced the first stablecoin issuers to trial e-commerce, trade settlement and tokenised assets, with final rules to be submitted to Legco this year.

The Hong Kong Monetary Authority has concluded a public consultation on its proposed stablecoin rules as it prepares a licensing regime similar to one introduced last year for traditional cryptocurrencies such as bitcoin. Photo: Shutterstock

HKMA reviewing digital banks’ evolution in next decade and AI’s impact on talent

The HKMA is assessing the way forward for the development of digital banking in the city and working with banks on the impact of AI on jobs in the industry.

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HKMA deputy CEO Arthur Yuen discussed a number of issues the regulator is pursuing to improve the city’s banking sector. Photo: Xiaomei Chen

Swap Connect to let global investors use Chinese bonds as margin collateral

International investors can pledge their holdings of Chinese domestic bonds as margin collateral for Northbound Swap Connect trading later this year, authorities said.

HKMA fines DBS Hong Kong US$1.28 million after money-laundering investigation

The bank failed to conduct enhanced due diligence in high-risk situations in periods between April 2012 and April 2019, the HKMA says.

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Hong Kong Monetary Authority (HKMA)
The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar.<br />  
last updated:
21 August, 2024
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