Hong Kong interest rates are climbing after the intervention by the Hong Kong Monetary Authority in April to defend the local currency’s peg to the US dollar. Hang Seng Bank lost 2.1 per cent to HK$196.50 and China Construction Bank shed 1.1 per cent to ... ( read original story ...)
Hong Kong should do more to foster development of sharing economy
Hong Kong is falling behind other Asian cities in developing its sharing economy amid the government’s lack of meaningful dialogue with major companies in this sector and the inadequate support for local start-ups. That was the view raised by panellists ... ( read original story ...)
Hong Kong Shares Draw Flat Lead For Wednesday
Galaxy Entertainment and BOC Hong Kong both added 0.37 percent and Hong Kong & China Gas was up 0.24 percent. The lead from Wall Street conveys little guidance as stocks saw a negative bias throughout much of Tuesday's trade before ending roughly flat. ( read original story ...)
Hong Kong group aims to curb money laundering around Asia
HONG KONG (Reuters) - A Hong Kong based NGO backed by regulators, former central bankers and government officials on Wednesday announced an alliance to fight money laundering and regulate the fast growing financial technology space across Asia. The ... ( read original story ...)
PwC buys stake in Chinese blockchain startup VeChain
PwC Hong Kong and PwC Singapore have each acquired a small ownership interest in VeChain, according to PwC’s announcement on May 4. Terms of the investment were not disclosed. As of 1:00 p.m. on Tuesday, Hong Kong time, VEN was trading at US$5.14 ... ( read original story ...)
Hong Kong Golf Club vows not to give up any part of Fanling course for housing
With billions of dollars in corporate memberships at stake, the elite 129-year-old Hong Kong Golf Club, one of Asia’s oldest, told the Pos t it would stand firm against any plan that would see part or all of the historic site razed for building homes to ... ( read original story ...)
Hong Kong Business Community Joint Conference rejects ‘unacceptable proposal’ to scrap MPF offsetting mechanism
Hong Kong’s small and medium business owners put up a united front on Tuesday against a government proposal to stop employers from dipping into pension funds to pay for severance and long-service payments, calling on officials to offer more subsidies ... ( read original story ...)
Hong Kong rolling out fast-track immigration scheme in bid to attract more IT talent amid fierce competition
Companies at two major Hong Kong technology parks will be able to hire IT experts from outside the city and have them working within four weeks under a new government fast-track immigration initiative to attract talent. More than 700 tenants and incubatees ... ( read original story ...)
WeLab joins fintech race to become Hong Kong’s first licensed virtual bank
WeLab, Hong Kong’s home-grown fintech unicorn, is poised to be among the first batch of companies to apply for a virtual banking license from the Hong Kong Monetary Authority, according to its co-founders. “We have been working closely with the HKMA ... ( read original story ...)
Swiss Banks: Risky Hong Kong Loopholes
These measures however are porous – which is playing into the hands of Hong Kong-based Swiss banks. This could however pose risks down the line. UBS is the market leader in private banking for wealthy Asian clients, with Credit Suisse in third place and ... ( read original story ...)
Citi Announces Six Open API Partnerships in Hong Kong
in September 2017 to prepare Hong Kong to move into a New Era of Smart Banking. The formulation of a policy framework on Open API was also announced to facilitate the development and wider adoption of API by the banking sector. Mr. Howard Lee ... ( read original story ...)
Rate hikes favorable to local banking stocks
The central bank has stepped in more than 10 times since April 12 as Hong Kong dollar touched the weaker end of its trading band last month. The Hong Kong dollar is allowed to trade in a range of between 7.75 to 7.85 to the US dollar. Market participants ... ( read original story ...)
WeLab to seek virtual banking licence in Hong Kong
WeLab, a fintech (financial technology) unicorn in Hong Kong, is set to secure regulatory approval for its plan to engage in virtual banking. According WeLab founder and chief executive Simon Loong Pui-chi, the company has been working closely with the ... ( read original story ...)
Sucden Financial HK Appoint Phil Kim to Lead eFX Team in Hong Kong
He joins Sucden Financial from LMAX Exchange in Hong Kong, where he was responsible for establishing the firm's institutional presence in the area. He previously held senior positions at FXCM and Deutsche Bank. Peter Brooks, Co-Head of eFX in London said ... ( read original story ...)