Hong Kong Monetary Authority (HKMA)

The HKMA and the Central Bank of The UAE signed a Memorandum of Understanding (MoU) today to enhance co-operation between the Hong Kong and UAE financial services sectors. 🤝 Under the MoU, the two authorities aim to develop connectivity between the debt capital markets, enhance the exchange of expertise, facilitate cross-border debt securities issuances, and drive more investment activity in both markets. The agreement will also strengthen Hong Kong’s role as a gateway to both the Renminbi (RMB) and international debt markets. The two leaders, Eddie Yue, Chief Executive of the HKMA, and H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE, shared their perspectives on the collaboration. Read more here: https://lnkd.in/gqdjuveM #HongKong #UAE #Investment #Connectivity #DebtCapitalMarket #Renminbi

The HKMA co-hosted a seminar on Generative A.I. (GenA.I.) and InvestLM today with The Hong Kong University of Science and Technology. Senior representatives and practitioners from banks gathered to explore GenA.I.’s transformative potential and applications across a wide range of use cases. Carmen Chu, Executive Director (Banking Supervision) of the HKMA, highlighted the vast potential of GenA.I. and shared insights on navigating technology adoption in her opening remarks. Read more: https://lnkd.in/ggqUTm4w Distinguished experts from HKUST, Professor Kar Yan Tam, Vice-President for Administration & Business and Chair Professor of Information Systems, Business Statistics & Operations Management, and Dr Samuel Kwan, Director, Information Technology Services Center, delved into the development of GenA.I. They also showcased InvestLM, a locally-developed language model focused on finance and investment, demonstrating how it can support the local financial industry. The HKMA remains committed to promoting the adoption of GenA.I. through the GenA.I. Sandbox, an initiative jointly driven by the HKMA and Cyberport Hong Kong. The InvestLM model will also be made available in the second cohort of the GenA.I. Sandbox, allowing banks to further explore and tailor the model to their needs. #HKMA #GenAI #AI

The HKMA is proud to announce the inaugural cohort of the GenA.I. Sandbox in collaboration with Cyberport Hong Kong.   The inaugural GenA.I. Sandbox cohort features 15 use cases from 10 banks and four technology partners. Use cases focus on risk management, fraud prevention, and customer experience enhancements driven by cutting-edge GenA.I. capabilities.   Participating banks: ·      Bank of China (Hong Kong) ·      China CITIC Bank International Limited ·      China Construction Bank (Asia) ·      Citi (Hong Kong) ·      Dah Sing Bank ·      Hang Seng Bank ·      HSBC ·      livi bank ·      Societe Generale ·      Standard Chartered (Hong Kong)   Technology Partners: ·      Aereve Company Ltd ·      Alibaba Cloud ·      Baidu, Inc. ·      FORMS HK   Technical trials are set to kick off in early 2025 and will continue through mid-2025, with ongoing support and supervisory feedback from the HKMA and Cyberport.   Stay tuned for industry insights and lessons learned from the first cohort, along with information on applying for the second cohort. For more information, read here: https://lnkd.in/g-CDPzmA   #HKMA #GenAI #AI

The Stablecoins Bill, which seeks to establish a regulatory regime for issuers of fiat-referenced stablecoins (FRS) in Hong Kong, is introduced into the Legislative Council for First Reading today (18 Dec). 📜 Key regulatory scope Under the proposed regime, stablecoin issuers must obtain a licence if they: • Issue FRS in Hong Kong • Issue Hong Kong dollar-referenced stablecoins • Actively market their issuance activity to the Hong Kong public 🌏 Objectives of Regulatory Regime • Addressing potential monetary and financial stability risks posed by FRS • Ensuring adequate user protection • Harnessing the potential benefits of Digital Assets and their underlying technologies • Preventing misuse of FRS for money laundering, terrorist financing and other illicit activities In addition to other regulatory requirements, licence applicants must set up a physical presence in Hong Kong, maintain a local management presence, and ensure the fulfilment of diligent prudential and asset-backing requirements. 🏗️ Building a fit-for-purpose licensing regime The Financial Services and the Treasury Bureau (FSTB) and the HKMA will fully support the LegCo’s examination of the Bill to facilitate its smooth passage and implementation. Join us in shaping a healthy, responsible, and sustainable digital asset ecosystem in Hong Kong! For more details about the bill, please click here: https://lnkd.in/gs9bP9T2 #HKMAInnovates #StablecoinRegulation #ResponsibleInnovation #DigitalAssetEcosystem #FinancialStability

This edition of our video series “Fintech Transformations” explores how Greentech is catalysing the transition to a greener economy. As a key engine that lies at the intersection of “Green” and “Fintech”, Greentech accelerates green transformation in the financial sector and the wider economy. Through innovations that support decarbonisation, boost efficiency, and drive the use of fewer resources, banks can leverage Greentech to create a more sustainable future. In this video, KPMG China’s Angus Choi shares an industry overview of Greentech’s growth in Hong Kong. The video also highlights two inspiring collaboration stories about the benefits brought by Greentech, one featuring Elsa Pau from BlueOnion and Annie Chen from China Construction Bank (Asia), and another between Terry Ng from Cogo and Daniel Li 李濱 from Bank of China (Hong Kong). Stay tuned for upcoming video series where we highlight technology trends that are steering the future of finance! Watch the following video to learn more on Greentech. #Greentech #FintechPromotionRoadmap

The HKMA, in collaboration with Cyberport Hong Kong, recently hosted the inaugural alumni gathering, connecting former participants of both the Fintech Career Accelerator Scheme (FCAS) and the Cyberport University Partnership Programme (CUPP).   This dynamic event provided a platform for alumni to foster connections, share experiences, and strengthen the bond within their community.   Launched by the HKMA in 2016, FCAS is committed to nurturing fintech talent to meet the growing demand in Hong Kong. The programme enables students to gain invaluable first-hand working experience by interning at the HKMA, banks, insurance companies, and other organisations. Since its inception, FCAS has empowered over 1,200 students.   Mark Your Calendar: The upcoming FCAS application window is set to open in February 2025. Stay tuned for updates!   For more information, click here: https://lnkd.in/g4cZfMiw   #HKMA #CyberportHK #FCAS #Fintech #Alumni #internship  

The Hong Kong Academy of Finance (AoF) is now accepting applications for the 2025 intake of the Financial Leaders Programme (FLP). The FLP has garnered positive feedback from various stakeholders since its launch in 2022 and continues to aim at inspiring and equipping promising financial talents with the strategic mindset necessary to tackle complex challenges in today’s financial industry. A key benefit of this Programme is the opportunity to engage in high-level dialogues with top leaders across various sectors and expand professional networks. Commencing in April 2025, this Programme offers a transformative experience over nine months on a part-time basis, specifically designed for promising financial talents who are approximately two levels below the CEO position. Take a look at the video below and hear from our 2024 cohort members! Applications are now open until 15 December 2024. For more information, please visit: https://lnkd.in/guX3fshz #AoF #AoFFLP #LeadershipDevelopment #FinancialTalents #FinanceLeader #2024FLPcohort

The seventh Hong Kong-Switzerland Financial Dialogue was held in Hong Kong today on 4 December, strengthening ties between two of the world’s leading financial centres. 🤝 The dialogue, organised by the HKMA and State Secretariat for International Finance SIF, aims to foster collaboration in financial services between Hong Kong and Switzerland, and to facilitate the exchange of views on important issues surrounding finance. Topics covered include regulatory updates, central bank digital currencies, tokenisation, sustainable finance, bilateral financial relations, and updates on domestic activities in both jurisdictions. Through ongoing dialogue and collaboration, we can drive innovation and build a stronger, more interconnected financial world for all. Read the full press release here: https://lnkd.in/grddHVBY #HKMA #HongKong #Switzerland #sustainability #finance #fintech 

In an effort to empower customers to better protect their funds in bank accounts from the threat of scams, we have unveiled the Money Safe (MS) protection. This initiative provides a tool for customers to proactively segregate a portion of their funds held in bank accounts from fund outflows. Use of MS is voluntary at the discretion of customers. Once customers segregate an amount to be protected under MS, banks will not process fund outflows from the MS protected amount. Customers may release any segregated amount of deposits from MS protection and bank staff should undertake a stringent anti-fraud-and-scam focused verification process with the customers. Banks will provide MS to retail banking individual customers, covering current accounts, savings accounts and time deposit accounts in Hong Kong Dollar and major non-local currencies. To learn more details, please read the circular: https://lnkd.in/gfXXvGmy #MoneySafe #AntiFraud #DigitalFraud #Security #Safeguard #Banks #Banking #HongKongEconomy

Almost 300 participants from more than 100 banks attended today’s industry sharing session, “Journey to Operational Resilience: Mapping and Testing,” co-hosted by the HKMA and The Hong Kong Association of Banks. In her opening remarks, Carmen Chu, Executive Director (Banking Supervision) of the HKMA, shared the positive progress made by banks in putting in place robust operational resilience frameworks. She also highlighted the remaining challenges in mapping and scenario testing exercises, as well as the importance of keeping the momentum in the coming months. The HKMA will continue to proactively work together with the industry, noting the increasingly far-reaching consequences of operational disruptions in today’s interconnected world. Panel speakers included Marina Tong of HSBC, Rose Kay of Standard Chartered, Peter Law of Bank of China (Hong Kong), and Ricky Woo of DBS Bank, who shared valuable insights and good practices for mapping the interdependencies of banks’ critical operations. Real-life case studies from payment, trading and mobile banking operations were shared. The panel also discussed effective methods for conducting scenario testing to unveil vulnerabilities for early remediation. Read more about today’s industry sharing session here: https://lnkd.in/gX6C2yiB Stay tuned for further supervisory engagement and knowledge sharing initiatives to support the operational resilience of the banking industry!