Tencent Holdings-backed online lender WeBank is leveraging its new Hong Kong subsidiary to tap the city’s expanding Web3 market, according to a company executive, as the financial hub continues its pursuit to establish itself as a virtual asset hub. WeBank Technology Services, launched this month, plans to be “deeply involved” in developing the city’s Web3…
Tencent Holdings-backed online lender WeBank is leveraging its new Hong Kong subsidiary to tap the city’s expanding Web3 market, according to a company executive, as the financial hub continues its pursuit to establish itself as a virtual asset hub. WeBank Technology Services, launched this month, plans to be “deeply involved” in developing the city’s Web3…
Hong Kong’s monetary authority kept its key interest rate unchanged in lockstep with the US Federal Reserve, taking a breather after last year’s three cuts, in the first monetary policy decision of 2025. The Hong Kong Monetary Authority (HKMA) maintained its base rate at 4.75 per cent on Thursday, in line with market expectations. Hours…
The Exchange Fund, Hong Kong’s financial war chest for defending the currency peg, reported a loss for the fourth quarter because of falling bond prices and a valuation loss on non-US dollar assets. For the full year, the fund reported its fifth-best annual return, as a diversified investment approach paid off. The investment return in…
Hong Kong’s lived-in home prices fell in December to complete three straight years of setbacks, as geopolitical and inflation risks clouded the prospects for more interest-rate cuts by global central banks. Prices in the secondary market declined 0.65 per cent last month, following gains in October and November, according to data published by the Rating…
Hong Kong Legislative Council Debates Stablecoin Bill as Crypto Hub Ambitions Grow Hong Kong’s Legislative Council has convened to discuss the proposed “Stablecoins Bill,” marking a significant step in the region’s efforts to regulate crypto as it aims to establish itself as a global crypto hub. The bill was introduced for its first reading on…
Whenever interest rates climb, so do calls to unpeg the Hong Kong dollar from the US currency. With US interest rates elevated and the Hong Kong dollar hitting a 3½-year high against the American dollar earlier this month, the debate has flared up again. Some argue that the dollar peg limits Hong Kong’s monetary flexibility…
Andrew Fung Ho-keung recalls the “golden days” for Hong Kong’s think tanks. He said there was a time when the work of his Hong Kong Policy Research Institute, one of the city’s oldest think tanks, could significantly shape policymaking. In 2018, during a months-long government-led debate on land and housing supply initiated by then leader…
On Friday the Hong Kong government published its Stablecoins Bill in the Gazette, with plans for its first reading on December 18. The legislation covers fiat-referenced stablecoins. “We have undertaken extensive consultations and given due consideration to the views of the industry when formulating the details of the regulatory regime,” said Eddie Yue, CEO of…
Hong Kong and Saudi Arabia are strengthening their bilateral cooperation in the financial services sector after a meeting in the city this week as their central banks explore ways to enhance their roles as the gateways between the two jurisdictions. Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA), met with Ayman Al-Sayari,…