Tag: hkma

The policy package seeks to deepen Hong Kong-mainland market connectivity through Bond Connect enhancements and expanded renminbi liquidity support; HKEX seeks closer CIPS connectivity.

The framework will support IDR-CNH settlement between Indonesia and Hong Kong, alongside moves to enhance Indonesia-China QR payment connectivity and CIPS access.

The 21-member group will advise on expanding bond tokenisation beyond a series of government pilots, as Hong Kong accelerates its digital financial development.

A rate decrease, longer tenor and a new capping process will be enabled from October 9.

Payment Connect, which currently involves 12 financial institutions, links Hong Kong's FPS with China's IBPS, and went live on June 22.

The idea is to harness the HKMA's Commercial Data Interchange to help improve access for SMEs to trade finance.

A licensing scheme for stablecoin issuers in Hong Kong is expected to be introduced later this year. Bill Winters, group CEO of Standard Chartered, says "digital assets are here to stay."

Cross-border payments platform Project mBridge continues to develop, moving from its pilot phase into the realm of the MVP. HK Fintech Week 2024 heard how it could pave the way for a new era in digital finance.

Project e-HKD+ will explore use cases for individuals and corporates such as in supply chains or DLT environments; participants include DBS, Visa, ANZ, HSBC, Bank of China (HK), Mastercard, Airstar Bank and KBank.

The two parties will work together to explore stablecoin use cases in a sandbox led by the HKMA.

The HKMA is setting up a SME task force as companies look overseas and want to improve their financial management tools as a strong HKD persists.

Regulators in the city are betting on fiat-referenced stablecoins to become the next trailblazer in domestic and cross-border payments.