Hong Kong has to brace for the emerging risks of an artificial intelligence (AI) bubble bursting and quantum computers capable of hacking encrypted financial systems, the city’s de facto central banker has warned. Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority (HKMA), also said on Sunday that the banking regulator would focus…
The People’s Bank of China, Hong Kong Monetary Authority (HKMA) and Bank Indonesia signed an agreement on Thursday to create a framework for bilateral transactions between Indonesia and Hong Kong. The parties aimed to implement a currency transaction framework for the direct exchange and settlement of Indonesian rupiah and Chinese yuan in cross-border trade and…
Congratulations to Financial Secretary Paul Chan Mo-po for getting the city’s budget to sail through the Legislative Council. It wasn’t always such smooth sailing and Chan would do well to acknowledge as much. When Chan was first given the keys to the city’s coffers, they were full. Successive financial secretaries faced political pressure of a…
Hong Kong authorities are moving toward issuing the city’s first stablecoin licenses, with the Hong Kong Monetary Authority targeting March for an initial round. Market expectations, however, have been carefully managed. Based on regulatory signals and industry briefings, the first batch is widely expected to be limited, likely to no more than three to five…