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Tag Archives: HKMA

Posted in Policy & Regulation Mark Parsons

HKMA reboots virtual banking

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”).

The framework will support the authorization in Hong Kong of ‘virtual banks’, defined as banks which deliver retail banking services primarily, if not entirely, through the internet or other electronic channels … Continue Reading

Posted in Policy & Regulation Mark Parsons

The Dawn of a New Era: The HKMA launches its Open API consultation

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 approach the HKMA has taken to date in actioning the “Open API” initiative announced by HKMA Chief Executive Norman Chan on 29 September, 2017: one of seven … Continue Reading

Posted in Policy & Regulation, Technology Mark Parsons

The shape of things to come – the HKMA and ASTRI chart a course for blockchain in Hong Kong: legal and regulatory implications

On 11 November, 2016, Hong Kong’s Applied Science and Technology Research Institute (“ASTRI“) published its “Whitepaper On Distributed Ledger Technology” (the “DLT Whitepaper“), a substantial research exercise commissioned by the Hong Kong Monetary Authority (the “HKMA“).

The DLT Whitepaper is a useful and well-informed introduction to blockchain, or distributed ledger technology (“DLT“), … Continue Reading

Posted in Internet, Policy & Regulation Mark Parsons

HKMA and MAS Warn on Cyber Security

On 15 September, the Hong Kong Monetary Authority (the “HKMA”) issued a letter drawing its authorized institutions’ attention to the increasing importance of cyber security risk management.

The letter comes just weeks after a 24 August letter by the Monetary Authority of Singapore (the “MAS”) warning Singaporean-regulated financial institutions of the importance of improving on their intrusion detection measures as … Continue Reading