Hong Kong Central Bank: Blockchain Holds 'Enormous Potential'
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....
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The Hong Kong Monetary Authority (HKMA) plans to guide local banks towards full adoption of fintech technologies, a new strategy reveals. The region’s central banking institution also stressed that it’s going to “walk the talk” by digitalizing its own supervision of financial institutions. Hong Kong Central Bank to Support Fintech Development Hong Kong’s monetary policy regulator has presented its new strategy to stimulate the fintech development of China’s special administrative region. With the strategy, HKMA aims for a comprehensive adoption of new....
Hong Kong's de facto central bank is developing a prototype digital currency. The disclosure came in a Hong Kong legislative document published by the Legislative Council Panel on Financial Affair this week and dated 18th April. According to the note, the Hong Kong Monetary Authority (HKMA), which acts as the region's central bank and finance regulator, is working with Hong Kong Interbank Clearing Limited (a clearinghouse in which it has an ownership stake), several undisclosed banks and distributed ledger startup R3 on the initiative. The document explained: "The first phase of the....
SEBA Bank, a Switzerland-based crypto-focused bank, has secured an in-principal license to offer crypto services in Hong Kong. SEBA’s Hong Kong unit announced this achievement on August 30. The Securities and Futures Commission (SFC) license allows the bank to offer over-the-counter crypto derivatives and other products in Hong Kong. Also, SEBA Hong Kong said it […]
Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange market last week, the Hong Kong Monetary Authority (HKMA) revealed it intervened in forex markets on Wednesday. Hong Kong’s central bank detailed that it interfered in forex markets in order to defend the Hong Kong dollar (HKD) as it showed signs of weakness against the greenback on September 28. HKMA Interferes in Forex Markets to Defend the HKD From Capital Flight to USD Assets While the euro and pound sterling lost 12-17% against....
Hong Kong's de-facto central bank intends to launch an innovation hub that will test blockchain and distributed ledger solutions. The Hong Kong Monetary Authority (HKMA) revealed yesterday it has begun work on the initiative with the Hong Kong Applied Science and Technology Research Institute (ASTRI), an initiative founded by the government to enhance its competitiveness in technology. In statements, the HKMA said it sees the innovation hub as playing a role as a "neutral ground" for the testing of financial technology prior to its eventual release. The announcement coincided....