Hong Kong insurance companies and brokers from Wednesday are barred from paying excessive referral fees to unlicensed individuals, as the city’s insurance regulator bolsters efforts to curb misconduct and enhance customer protection. The city’s Insurance Authority has put a 50 per cent cap on commissions for referral fees in life insurance policies, a move that…
Hong Kong is accelerating reforms of its financial market by making the sector’s ecosystem more resilient and comprehensive, a minister has said, as the city grapples with geopolitics and a rapidly changing technology-led global landscape. Financial Secretary Paul Chan Mo-po also said on Sunday that Hong Kong would take a two-pronged approach by strengthening its…
As it recovers from the Covid-19 pandemic, Hong Kong desperately needs new trading partners and new markets. The government has been building bridges to the Arab world, and in particular, Saudi Arabia. Chief Executive John Lee Ka-chiu, Financial Secretary Paul Chan Mo-po and West Kowloon Cultural District CEO Betty Fung Ching Suk-yee have led delegations…
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)…
Hong Kong unveiled a blueprint on Thursday for its fixed income and currency markets, including measures to expand offshore yuan products and liquidity to consolidate its role as an international financial hub. The Roadmap for the Development of Fixed Income and Currency (FIC) Markets, jointly unveiled by the Securities and Futures Commission (SFC) and the…
The Hong Kong Monetary Authority (HKMA) cautioned investors that no stablecoins pegged to the offshore yuan had been approved for issuance in the city, as regulators sought to temper the frenzy surrounding digital assets. In a statement published on WeChat on Wednesday, the HKMA refuted claims circulating on social media that the first offshore yuan-pegged…
For one of the biggest disconnects between financial markets and economies in Asia, look no further than Hong Kong. The dramatic revival of the city’s stock market this year has catapulted it to the top of the global rankings for initial public offerings (IPOs). Mainland Chinese companies are lining up in droves to list in…
The resumption of a policy easing cycle following the US Federal Reserve’s quarter-point interest-rate reduction is likely to spur more investments into property globally, according to analysts. For mainland China and Hong Kong, however, the impact could be less significant owing to fundamental and geopolitical strains, they added. “Rarely do central banks do ‘one and…
Hong Kong’s finance chief has anticipated improving market sentiments after downward trends in the retail, catering and property sectors show signs of stabilising, and the prospect of an interest-rate cut cycle emerging. Financial Secretary Paul Chan Mo-po said on Sunday that authorities had been paying attention to the slow recovery of the retail and catering…
For people who monitor interest rates for a living, it has been a hectic week, with several major central banks making announcements. But besides finance professionals, Hong Kong people are also keenly interested. With their mortgages and business loans – and the economy in general – running on a currency pegged to the US dollar,…