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hkma

Hong Kong issues generative AI guidelines to banks to avoid bias against consumers

by Anas Siddiqui
Hong Kong issues generative AI guidelines to banks to avoid bias against consumers

Hong Kong’s de facto central bank is urging financial institutions in the city to follow a new set of guidelines when using generative artificial intelligence (GenAI) in consumer-facing applications, as …

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HKMA, Cyberport collaborate on GenAI sandbox to foster adoption in city’s banking industry

by Anas Siddiqui
HKMA, Cyberport collaborate on GenAI sandbox to foster adoption in city’s banking industry

The HKMA did not specify the eligible requirements for the GenAI sandbox and its application process, but said these details would be announced in due course. Hong Kong Monetary Authority …

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HSBC, DBS Hong Kong stand pat on interest rates as wait for borrowing-cost relief extends

by Anas Siddiqui
HSBC, DBS Hong Kong stand pat on interest rates as wait for borrowing-cost relief extends

HSBC, Hong Kong’s biggest note-issuing bank, and DBS Hong Kong will keep their key lending and deposit rates unchanged, meaning mortgage borrowers and companies face a longer wait for relief …

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Hong Kong’s de facto central bank mulls making green rules mandatory for banking sector

by Anas Siddiqui
Hong Kong’s de facto central bank mulls making green rules mandatory for banking sector

The Hong Kong Monetary Authority (HKMA) is keen to make its green taxonomy framework mandatory for the banking sector to support the development of sustainable financing in the city. Hong …

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‘China’s London’? Hong Kong’s finance hub status will be cemented by mainland’s economic development, summit told

by Anas Siddiqui
‘China’s London’? Hong Kong’s finance hub status will be cemented by mainland’s economic development, summit told

“Hong Kong is working very hard to contribute to the further internationalisation of renminbi,” said Wong. “We will continue issuing international bonds denominated in renminbi.” Last year, the city’s yuan …

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What HKMA’s second experiment with retail e-HKD means for Hong Kong residents

by Anas Siddiqui
What HKMA’s second experiment with retail e-HKD means for Hong Kong residents

Traditionally, consumers turn to banks to help fund home purchases, at interest rates based on the amount and length of borrowing. But with the e-HKD, Hong Kong residents could potentially …

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Hong Kong Monetary Authority to host world-class financial forum again in November

by Anas Siddiqui
Hong Kong Monetary Authority to host world-class financial forum again in November

“The executives who attend the summit can also meet local staff and clients, while some of them could also visit the mainland. They can share their insights about Hong Kong …

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Hong Kong’s monetary authority to replace ‘virtual bank’ with ‘licensed digital bank’ to boost public confidence

by Anas Siddiqui
Hong Kong’s monetary authority to replace ‘virtual bank’ with ‘licensed digital bank’ to boost public confidence

“The Chinese name of the virtual bank could be interpreted as ‘fictional’, which carries a meaning of not real or true. The name has a negative impact on virtual banks,” …

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Hong Kong holds base rate at 5.75% while US Fed assures market that delayed rate cuts have not been derailed

by Anas Siddiqui
Hong Kong holds base rate at 5.75% while US Fed assures market that delayed rate cuts have not been derailed

The HKMA follows the Fed’s rate decision in lockstep since 1983 by design under its linked exchange rate system to preserve the local currency’s peg to the US dollar. The …

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Hong Kong virtual lender ZA Bank eyes retail services for digital assets as new regulations come into effect in June

by Anas Siddiqui
Hong Kong virtual lender ZA Bank eyes retail services for digital assets as new regulations come into effect in June

ZA Bank’s planned expansion into the digital asset sector comes as Hong Kong’s mandatory licensing regime for centralised cryptocurrency exchanges takes effect from June 1. (From left) ZA Bank’s alternate …

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