The Hong Kong Monetary Authority (HKMA) has further enhanced consumer protection by issuing a circular prescribing a 7-day cooling-off period for customers to reconsider credit products....more
Upcoming global developments for the payment sector - Asia - 1. Hong Kong: Launch of Phase 2 of the e-Hong Kong Dollar Pilot Programme - On September 23, 2024, the Hong Kong Monetary Authority (HKMA) announced the...more
Implementation of Basel Committee cryptoassets standard to provide additional clarity for banks looking to engage in cryptoassets business. On 7 February 2024, the Hong Kong Monetary Authority (HKMA) released a...more
The Hong Kong Monetary Authority has issued a Discussion Paper on Crypto-assets and Stablecoins in January 2022. The Discussion Paper includes guiding principles of a contemplated regulatory regime for payment-related...more
The Hong Kong Association of Banks and the DTC Association have published their revised Code of Banking Practice. The amendments took effect on 10 December 2021 and require Hong Kong banks to take steps to revise terms and...more
The Hong Kong Monetary Authority (HKMA) released its consultation conclusions on the proposed Mandatory Reference Checking Scheme (MRC Scheme) on 3 May 2021. ...more
Regulators are consulting on how to enhance trust business regulation, introduce new omnibus legislation, and encourage best practices in sustainable banking. This blog post summarises key regulatory developments in Hong...more
Regulators seek to address “rolling bad apples”, bank culture reform, and cryptocurrency derivatives. This blog post summarises key regulatory developments that took place in Hong Kong and Singapore in May 2020, as...more
SFC outlines new regulatory framework for virtual asset trading platforms, HKMA highlights recent FinTech initiatives, and PBOC discusses China’s forthcoming central bank digital currency. The fourth annual Hong Kong FinTech...more
On 6 February, 2018, the Hong Kong Monetary Authority (the “HKMA”) published draft revisions to its “Guideline on Authorization of Virtual Banks” (the “Draft Guideline”). ...more
On 11 January, 2018, the Hong Kong Monetary Authority (the "HKMA") published its "Consultation Paper on Open API Framework for the Hong Kong Banking Sector" (the "Consultation Paper"). The Consultation Paper summarizes the...more