Major Hong Kong Lenders Plot Blockchain Mortgage System Launch
A group of banks in Hong Kong are reportedly developing a system that uses blockchain tech to share information about mortgage valuations. According to The Financial Times, the system is being tested by Bank of China and HSBC among a group of lenders in the region. If fully realized, the system will include participants from mortgage lenders in Hong Kong as well as surveyors, who will contribute valuation data. Involved in the testing of the system are the Hong Kong Monetary Authority and the Hong Kong Applied Science and Technology Research Institute (ASTRI), which earlier this year....
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Hong Kong is one of the most important financial centres of the world, but with limited space and high demand, property in Hong Kong has always been in short supply. Simplifying home ownership in Hong Kong is therefore a prime concern for the Hong Kong government, which has undertaken a number of measures in the last few years to make home ownership both affordable and easy. The Nikkei Asian Review reported that as recently as early November, the Hong Kong government raised stamp duty to cool down the boiling Hong Kong housing market. This measure of the government was mainly aimed at....
On Thursday, Pricewaterhouse Coopers’ (PWC) Hong Kong unit announced that it purchased a land site in The Sandbox metaverse. The PWC Hong Kong branch will be the first internationally recognized professional services brand to enter The Sandbox metaverse.
PWC Hong Kong Enters the Metaverse
While land located next to Snoop Dogg’s Sandbox plot has sold for lots of money and other firms like Atari have purchased Sandbox property, now major accounting firm PWC’s Hong Kong branch has also purchased metaverse land in The Sandbox virtual world.
PWC is a....
The Hong Kong Monetary Authority (HKMA) has published a new white paper on distributed ledger tech. The HKMA, which is Hong Kong’s de facto central bank, produced the paper in partnership with the Hong Kong Applied Science and Technology Research Institute (ASTRI). The move comes just over two months after the two sides began collaborating on blockchain applications, a process that has seen activity amongst Hong Kong banks looking to build a system for sharing mortgage valuations. The HKMA is one of a growing body of central banks experimenting with or exploring applications. In the past....
Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....
The Animoca Brands subsidiary and blockchain-based virtual world, The Sandbox, has announced the firm has made multiple partnerships in Hong Kong, and has plans to create a “Mega City” in the metaverse. Partners who acquired land in The Sandbox to build Mega City include Hong Kong tycoon Adrian Cheng, professional services firm PWC Hong Kong, and the Hong Kong actress and model Shu Qi. The Sandbox Announces Mega City Launch Blockchain projects like Decentraland and The Sandbox have been seeing significant demand as Web3, NFTs, and metaverse hype has grown exponentially in....