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 ...)