Gold can serve as a “potential bridge” between conventional and new forms of finance, Hong Kong’s treasury minister has said, highlighting the need for the city to provide more opportunities for the digital asset market to grow. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Wednesday that Hong Kong had…
The number of reported technology-based crimes in Hong Kong dipped over the past year, but financial losses from hacking more than doubled to HK$62.6 million (US$8 million), prompting police to urge companies to bolster their cybersecurity checks. Carmen Leung Oi-lam, senior superintendent of the force’s cybersecurity and technology crime bureau, attributed the surge in money…
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. HSBC (LSE:HSBA) and Standard Chartered received stablecoin licenses from the Hong Kong Monetary Authority, marking a first for banks in the territory. The central bank has warned about a rise in fake stablecoins trading…
HSBC, the largest lender in Europe and Hong Kong by assets, has signalled for the first time its intent to engage with the city’s forthcoming stablecoin regime, citing Hong Kong’s sound regulatory environment and its potential to drive innovation in the digital asset space. “We are interested in every part of Hong Kong’s innovation landscape,…
Hong Kong is aiming to sharpen its competitive edge as an offshore yuan hub, an asset and wealth management base, and a digital-asset front runner under Financial Secretary Paul Chan Mo-po’s budget released on Wednesday. Market participants largely welcomed Hong Kong’s renewed push to strengthen its position as an international financial centre, after Chan highlighted…
A stablecoin logo displayed on a smartphone. – McDonnell // Shutterstock If you’ve ever sent money through Western Union, paid with a Visa card while traveling, or waited days for an electronic payment to settle, you’ve already used the systems known as “payment rails” that move money globally between friends, families and businesses. Now, banks…
Hong Kong’s finance chief has promoted the city’s regulatory regime for digital assets as “responsible and sustainable” at the annual World Economic Forum in Davos. Delivering opening remarks at a closed-door workshop on Tuesday, Financial Secretary Paul Chan Mo-po said finance and technology were “mutually reinforcing”, but a balanced approach was needed to support their…
With Nasdaq seeking US regulatory approval to extend its trading hours to 23 hours, some industry players believe local bourse operator Hong Kong Exchanges and Clearing (HKEX) will need to consider a similar move for certain products to enhance its competitiveness. HKEX chief executive Bonnie Chan Yiting did not mention trading hours in her blog…
Crypto exchange operator HashKey Holdings has launched its share sale in Hong Kong, testing investor appetite amid repeated warnings against virtual currencies by China’s central bank. Hong Kong’s largest licensed crypto player set its initial public offering (IPO) price range at HK$5.95 to HK$6.95 apiece for more than 240 million shares, according to a filing…
The initial public offering (IPO) of HashKey Holdings, operator of Hong Kong’s largest cryptocurrency exchange, lays bare challenges faced by local platforms under Beijing’s watchful eye, even though the listing itself was recognition of the growing influence of digital assets in the city, according to analysts. HashKey, established in Hong Kong in 2018, on Monday…