A Hong Kong government official has stated that there are no plans to issue a central bank digital currency, as the existing payment systems work just fine. Hong Kong will not currently issue a central bank digital currency (CBDC), citing the existence of ... ( read original story ...)
Hong Kong Official Rules Out Plan for Central Bank Digital Currency
The Hong Kong Monetary Authority (HKMA), the region's de facto central bank, currently has no plan to issue a central bank digital currency (CBDC), a high-level government official said on Wednesday. During a council meeting with legislators in Hong Kong ... ( read original story ...)
Hang Seng Bank’s investment arm slapped with US$382,000 fine
Hong Kong top securities watchdog has slapped a hefty HK$3 million (US$382,200) fine on Hang Seng Bank’s investment arm for failing to meet regulatory requirements on the management of cash within its funds. It’s Hang Seng Investment Management’s ... ( read original story ...)
HKMA expects virtual bank license applications by end-Aug
Following the completion of a public consultation, the Hong Kong Monetary Authority (HKMA) on Wednesday published a revised “Guideline on Authorization of Virtual Banks”, saying it expects to receive applications for virtual bank licenses by August 31. ( read original story ...)
Singapore beats Hong Kong in open banking readiness
Strong regulatory support from MAS buoyed the lion city to score the APAC crown. Singapore easily beat Hong Kong and Australia in its readiness for open banking, according to a report by the International Data Corporation. The report assesses a country's ... ( read original story ...)
Hong Kong Moves to Bring Virtual Bank Into Reality
Hong Kong’s monetary authority is moving to issue its first batch of virtual bank licenses as soon as the end of this year in a push to tap into smart banking and fintech expansion. The Hong Kong Monetary Authority, the special administrative region’s ... ( read original story ...)
Hong Kong Government Rules Out Central Bank Digital Currency
The Hong Kong Government has made it clear that it has no plan to issue official Digital Currency at present but will continue to explore the possibilities. This was stated by Joseph Chan, Acting Secretary for Financial Services and the Treasury, in the ... ( read original story ...)
50 firms eye virtual bank licenses
The Hong Kong Monetary Authority (HKMA) has received more than 50 expressions of interest for virtual banking licenses, which require a minimum capital of HK$300 million. However, the central bank has rejected a recommendation from a public consultation ... ( read original story ...)
Luxury retailer Canada Goose to open stores in Beijing, Hong Kong
(Reuters) - Canada Goose Holdings Inc (GOOS.TO) will open its first stores in Beijing and Hong Kong, reaching directly to customers who have been buying its luxury coats online and at department stores. The company will partner with ImagineX Group ... ( read original story ...)
Hong Kong tourism and shopping sectors post good April figures, suggesting full recovery
The recovery in Hong Kong’s tourism and shopping industries gained momentum in April, with double-digit growth in visitor numbers and retail sales. The city’s tourist arrivals rose 11 per cent for April on a year earlier, meaning a third month of large ... ( read original story ...)
Mainland Chinese woman accused of taking photos in Hong Kong court admits snapping and uploading them but denies she was in contempt
The trial of a mainland Chinese woman accused of taking photographs during a Hong Kong court hearing related to the city’s 2014 pro-democracy Occupy protests began on Thursday, with two key eyewitnesses giving accounts of her actions. The two pupil ... ( read original story ...)
Residential Mortgage Survey Results for April 2018
The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for April 2018. The number of mortgage applications in April increased month-on-month by ... ( read original story ...)
Hong Kong Airlines seeks to raise US$350m ahead of IPO
Chinese conglomerate HNA Group's Hong Kong Airlines is considering an initial public offering in the "short to medium term" and tapping investors to raise funds through the issue of new shares and convertible bonds, a document reviewed by Reuters shows. ( read original story ...)
Hong Kong private home prices rise at fastest pace in a year in April
according to property agency Ricacorp. The financial hub has one of the least affordable housing markets in the world, with flat prices doubling between 2010 and 2017. A small flat under 40 square meters (431 square feet) on Hong Kong Island costs an ... ( read original story ...)