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,…
The Hong Kong government has produced a consolidated surplus earlier than expected, its first in four years, ahead of a rare transfer into coffers from the Exchange Fund and other sources. Wednesday’s budget pointed to fund transfers of HK$127.83 billion (US$16.35 billion) and an 11.1 per cent jump in government revenues contributing to another surplus…
When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan…
With Hong Kong set to unveil its annual budget, economists have said the city should strengthen its role in pushing the internationalisation of the Chinese yuan as Beijing presses ahead with financial opening while keeping stability firmly in view. From expanding offshore yuan products to using its stablecoin regulations as a sandbox for potential cross-border…
Simon Leung has been without a full-time job since his contract ended in March 2024, after the Hong Kong government cut its budget for NGOs by 7 per cent. The social work event coordinator, who is in his late forties, now makes ends meet through gig jobs. With word spreading that the city’s coming budget…
Hong Kong’s retail banks posted 7.3 per cent pre-tax profit growth last year, as rising bad debts and a narrower net interest margin offset growing income from wealth-management services. The city’s 30 retail banks recorded lower growth in aggregated pre-tax profit than in 2024, when profits increased 8.4 per cent, according to data from the…
US Treasury Secretary Scott Bessent said he “would not be surprised” if China is already looking into ways to challenge the US’ pre-eminence in digital assets, given Hong Kong’s efforts to develop the industry. When testifying before the Senate Banking Committee on Thursday, Bessent said that there are “lots of rumours of Chinese digital assets”…
The Hong Kong Monetary Authority said the expanded Payment Arrangements for Property Transactions (PAPT) scheme would take effect on February 28, covering the bulk of resale home deals in the city. The announcement was made jointly with the Hong Kong Association of Banks, the Law Society of Hong Kong and the Estate Agents Authority. Under…
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…
Hong Kong’s banking regulator has unveiled four flagship projects, including a quantum computing readiness index, to help the city’s lenders stay competitive and secure in the artificial intelligence era. The Hong Kong Monetary Authority (HKMA) said the initiatives formed part of its new Fintech Promotion Blueprint, aimed at guiding responsible innovation and preparing the city’s…