TagHong Kong Monetary Authority

Hong Kong, Thailand Central Banks Partner up on Digital Currency Initiative

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Hong Kong, Thailand, Central bank digital currency

By CCN: In an attempt to spur collaboration between both regulatory bodies in Fintech and intriguingly a central bank digital currency, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MOU). The MOU, which was signed in Basel on Monday enables both regulators to work together on joint innovation projects, as well as share...

Hong Kong Activates ‘Faster Payment System’ with 450,000 Public Registrations

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Faster Payments System Hong Kong

Hong Kong has become the latest nation to introduce a 24x7, instant payments system as a fintech upgrade for retail payments in the country. Aptly dubbed the Faster Payment System (FPS), the initiative was first announced by the Hong Kong Monetary Authority (HKMA) – the country’s defacto central bank – two weeks ago. The new platform operates in real-time, all-the-time, to connect banks and...

Hong Kong Trade Finance Will Fight Fraud With a Blockchain-Based Platform

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hong kong

The Hong Kong Monetary Authority (HKMA) has partnered with Chinese Ping An to release a blockchain-based trade finance platform. The joint effort is expected to speed-up the process and prevent fraud. CCN first reported the Hong Kong's de facto central bank's initiative back on March 30. At the time, the bank unveiled a proof-of-concept (PoC) blockchain platform built for trade finance...

Traditional Rivals Singapore & Hong Kong Unite on Blockchain, FinTech

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The central banks and financial regulators of Singapore and Hong Kong have inked a cooperation agreement to strengthen FinTech ties and work on a blockchain trade finance project. In a joint-announcement today, the Monetary Authority of Singapore (MAS) and the Kong Kong Monetary Authority – the two cities’ central banks – signed a FinTech Co-operation Agreement aimed at bolstering fintech ties...

FinTech Won’t Kill Banks: CEO of Hong Kong’s Central Bank

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FinTech Bank

The chief executive of Hong Kong’s de-facto central bank does not see financial technologies (FinTech) rendering banks or the conventional financial industry obsolete. Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), gained a sweeping crash course on new financial technologies during a visit to the neighboring municipality of Shenzhen in China. The visit was a part of...

Hong Kong Central Bank Unveils Blockchain PoC for Trade Finance

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The Hong Kong Monetary Authority (HKMA) has today unveiled its proof-of-concept (PoC) blockchain platform for trade finance as the island nation looks to take a proactive leap in digitizing global trade as one of the world’s major trading hubs. According to a report in the South China Morning Post, Hong Kong’s defacto central bank has created the blockchain PoC platform to be used by banks as...

Report: Hong Kong Banks Should Explore Blockchain Tech Despite Regulatory Hurdles

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The FinTech market, particularly with blockchain technologies, is expected to flourish in Hong Kong in 2017 due to increased cooperation between Fintech and financial services firms, a KPMG report has claimed. In its “Hong Kong Banking Outlook 2017” [PDF] report, the services giant cites soaring investment in the Fintech sector leading to the “rapid” development of the Fintech industry in Hong...

Hong Kong Monetary Authority Sees Blockchain as a Money Laundering Risk

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A recent assessment from the Hong Kong Central Bank has warned that blockchain could increase the risk of money laundering, according to The Business Times. In a study, the HKMA said even though bitcoin's distributed ledger could save on cost and cut down on time, it also had the potential to provide criminals with a way of undertaking illegal activities. Shu Pui Li, the central bank’s executive...

Nasdaq to Share Its Blockchain Tech with the Hong Kong Stock Exchange

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bitcoin, nasdaq, riot blockchain

The president and chief operating officer of Nasdaq, Adena Friedman, has said that it is hoping to share information with the Hong Kong Stock Exchange on its blockchain technology, according to a report from the South China Morning Post. According to Friedman, it has become a priority for the New York-based Nasdaq to work with the Hong Kong Stock Exchange. Last month, the Hong Kong Monetary...