Hong Kong Looking Seriously at Blockchain for Mortgage Solutions
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....
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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....
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....
HK$17B has been pledged by the financial secretary of Hong Kong to begin building the key infrastructure necessary to support a thriving Fintech and tech center in the city. In particular, John Tsang Chun-wah in a statement focused on fintech as an area or exploration and interest for Hong Kong. The interest in fintech completely makes sense within the greater context of Hong Kong’s positioning within global finance. And of course, there was a major focus on the potentially ubiquitous solutions within blockchain and cryptos. In last year’s budget meetings, the Steering Group on Financial....
One of the four cities that will be the “hotbeds” of the blockchain financial services is Hong Kong as the technology is expected to be implemented by banks and other financial institutions within three years. That’s according to the director business development and strategy, Cloud + Enterprise at the U.S. tech giant, Microsoft, Marley Gray. The other cities are London, New York, and Singapore. A report by South China Morning Post quotes Gray as saying that these cities “are the anchor points in which blockchain will be solved, and it will just grow from there.” Blockchain is New in Hong....