Hong Kong’s approved mortgage loans surged to a one-year high in May as more homebuyers sought to refinance their existing loans amid lower bank rates, according to data from the Hong Kong Monetary Authority (HKMA). Banks approved HK$26.6 billion (US$3.39 billion) worth of loans in May, a 5.3 per cent rise from a month earlier,…
Hong Kong authorities will strive to create a conducive environment for the wide-ranging application of stablecoins in a bid to provide practical help for businesses to resolve cross-border payment issues, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po on Sunday reaffirmed the government’s efforts in applying fintech to resolve long-standing “pain points”…
In financial markets, the Hong Kong dollar is known as a “widow-maker”, a ruinous trade that inflicts painful losses on successive generations of investors. While betting against Japanese government bonds has been the most notorious widow-maker trade, challenges to Hong Kong’s currency peg to the US dollar date back to the 1997-98 Asian financial crisis…
Fintech firm Ant International, the global affiliate of Chinese tech giant Ant Group, said it would apply for a stablecoin issuer licence in Hong Kong once the new ordinance governing fiat-backed cryptocurrencies comes into effect in August. “We welcome the passage of the Stablecoins Bill … and hope to contribute more to the city’s vision…
With the passage of one of the world’s most comprehensive stablecoin laws two weeks ago, Hong Kong is looking to stay at the forefront of global finance while addressing lessons from past industry setbacks, according to analysts. Being a “first mover” in stablecoin legislation “reflects the determination” of the city’s government to “unlock value that…
By Rae Wee and Jiaxing Li SINGORE/HONG KONG, – U.S. President Donald Trump’s erratic policies are rattling a currency peg that has withstood the test of time and is seen as an anchor for China and Asia. The Hong Kong dollar has whipsawed from one end of its narrow trading band to the other versus…
Hong Kong’s new stablecoin ordinance, which requires issuers of assets backed by fiat currency to be licensed, is set to take effect on August 1, according to a government announcement on Friday. The city’s Legislative Council passed the bill regulating stablecoins – a type of cryptocurrency backed by a reference asset, usually fiat currencies such…
Hong Kong made a forward-looking move on digital assets last month by passing a landmark law to regulate the market for stablecoins. Such a regime, which is well ahead of many jurisdictions in Asia and North America, will help bolster public confidence in this popular and fast-growing financial sector. It showcases the city’s crucial role…
Stablecoins are poised to become a major cross-border payment tool that would benefit issuers in Hong Kong and mainland Chinese firms expanding overseas, according to industry insiders, as the city and the US push forward regulation of the popular tokens. A stablecoin is a type of cryptocurrency that maintains a fixed value by being pegged…
Hong Kong’s move to legalise stablecoins – cryptocurrencies that maintain a fixed value by being pegged to a reference asset – is grabbing the attention of mainland institutions, as a leading Chinese brokerage predicts a boom in tokenised real-world assets (RWA) in the city. While Beijing has remained largely quiet on Hong Kong’s new stablecoin…