Hong Kong’s de facto central bank left its base rate unchanged after a similar move overnight by the US Federal Reserve, leaving borrowers in the city with a longer wait for funding costs to fall. The Hong Kong Monetary Authority (HKMA) announced its decision on Thursday morning to keep the city’s base rate at 4…
All of Hong Kong’s 28 retail banks, including virtual ones, will offer an anti-scam service from Wednesday that requires extra verification before money can be withdrawn, with 3,200 people depositing HK$1.6 billion during a trial. Hong Kong Monetary Authority deputy chief executive Arthur Yuen Kwok-hang said on Tuesday that around 20 per cent of the…
Hong Kong’s de facto central bank reached out to retail banks on Friday for input on how lenders and their customers should share responsibility for losses when the customers fall victim to scams, as such cases continue to rise in the city. As part of an industry consultation process, the Hong Kong Monetary Authority (HKMA)…