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Financial regulation

Financial regulation
Key developments in regulation of financial markets with a focus on those in Hong Kong and mainland China.
A court in northern China has sentenced two men to prison and fined them for “illegal trading of foreign exchange and disrupting the financial market order”, according to Chinese state media. Photo: dpa
US-China relations

China showcases joint effort with US in drugs-related money laundering case

Case spanning both nations saw two men sentenced to jail following US tip-off, People’s Daily reports.

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Banking & finance

Hong Kong eyes info sharing on crypto assets to combat tax fraud, evasion

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Hong Kong

Crypto exchange Gate weighs Hong Kong licence return amid high compliance costs

Banking & finance

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

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People take photos by the bull statue in Shanghai, on August 7. Photo: EPA
Banking & finance

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

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China economy

Opinion | China’s shrinking credit reflects a financial reset, not a collapse

Beijing is moving away from the old growth model reliant on rising leverage, towards a framework that prizes risk management and data integrity.

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An aerial view of buildings under construction in Hangzhou, Zhejiang province, on March 15. Beijing is allowing underperforming and overleveraged segments, especially property developers and local government financing vehicles, to contract. Photo: AFP
IPO

Hong Kong crypto exchange HashKey wins listing nod in test of investor appetite

HashKey could raise around US$300 million this month amid Hong Kong’s push to develop its digital asset sector.

Fintech

Does tokenisation in China risk a repeat of the P2P lending crisis?

Tokenisation provides value, but the interest of multilevel marketers raises ‘genuine concerns’, forum speaker says.

Fintech

Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago

Hong Kong’s rise as a fintech hub is due to the concerted regulatory push, with the city competing with Singapore for regional leadership.

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Illustration by Henry Wong
Japan

Opinion | As Japan takes aim at crypto, first mover Hong Kong must look out

The Takaichi government’s pro-digital assets policies place Tokyo as a direct and serious competitor to Hong Kong.

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Japan’s Prime Minister Sanae Takaichi delivers a speech at the House of Representatives plenary session in Tokyo on October 24. Photo: AFP
Law

Legal Tales | How Hong Kong’s law protects those drawn to crypto and virtual asset investments

City has introduced groundbreaking, tailor-made laws designed to protect the public when investing in new class of financial products.

Cryptocurrency

Chinese crypto founders shelve US$500 million ether digital asset treasury plan

Proponents call off the project amid the worsening cryptocurrency market conditions.

Blockchain

Ant International, UBS partner on blockchain-based cross-border payments

The strategic partnership aligns with financial institutions’ increased adoption of blockchain technology for cross-border payment solutions.

Ant International and UBS seek to explore innovations in blockchain-based tokenised deposits. Photo: Handout
Banking & finance

Hong Kong renews contract for top market regulator Julia Leung

The CEO of the Securities and Futures Commission will stay on for at least two more years to see through a series of ongoing reforms.

Julia Leung Fung-yee, CEO of the Securities and Futures Commission, pictured at the commission’s office in Quarry Bay on December 15, 2022. Photo: May Tse
Banking & finance

Hong Kong central to Standard Chartered’s digital finance strategy: CEO

Fintech-friendly regulations have convinced the bank to anchor its digital-asset ventures in the city, Bill Winters says.

Malaysia

Quicker, nimbler scammers outrun Asian banks in cyberfraud ‘arms race’

Cybercrime in Asia is evolving ‘at an unprecedented rate’, accounting for US$37 billion in losses last year, Malaysian banking body warns.

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Hong Kong economy

Editorial | Beijing’s full backing for Hong Kong on display at finance summit

Hong Kong has a role to play in global financial governance.

Chinese Vice-Premier He Lifeng speaks via video link at the Global Financial Leaders’ Investment Summit at the Rosewood Hong Kong hotel in Tsim Sha Tsui, Hong Kong, on November 4. Photo: Edmond So
Cryptocurrency

Hong Kong pushes adjustments to digital-asset rules as Beijing remains cautious

The changes show a ‘clear shift in focus from building guardrails to enabling growth’ in the sector, Clarient Advisory’s Joy Lam says.

Fintech

‘Superconnector’ Hong Kong gets boost from Beijing

China is ramping up support for Hong Kong’s finance sector as it develop the city’s role as a link between the mainland and global markets.

Banking & finance

Beijing backs Hong Kong as global hub with new financial measures

At the Global Financial Leaders’ Summit, Chinese officials vow to strengthen Hong Kong’s international financial centre status.

Beijing officials have vowed to enhance Hong Kong’s position as an international financial centre. Photo: Sam Tsang
China’s fourth plenum

China’s 15th five-year plan: market reforms and opening up

This is the second in an SCMP Plus series annotating different parts of China’s five-year plan recommendations. The focus is on market reforms and opening up.

China’s 15th five-year plan: market reforms and opening up
IPO

Hong Kong’s securities watchdog eyes IPO reform to woo tech firms

Market regulator reviews rules to potentially allow smaller but high-potential tech companies to list in Hong Kong, SFC chair Kelvin Wong says.

China’s fourth plenum

China unveils 5-year plan’s support for private sector, financial strength

Revelations had not been mentioned in the communique issued last week following the fourth plenum.

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Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

Several bitcoins lying on a stack of silver Tether coins. Photo: Shutterstock
Blockchain

Crypto cooperation between Hong Kong, mainland China to benefit sector: experts

The mainland already leads in fintech growth, while Hong Kong is at the forefront of crypto regulation.

At the Global Blockchain Summit in Shanghai, some experts called for greater efforts on making “more standards and rules” in the crypto industry amid its continued expansion. Photo: Shutterstock
Banking & finance

Opinion | Jitters among US banks raise spectre of global financial crisis

The world appears to have forgotten a key lesson of the global financial crisis: some problems were spotted earlier but sidelined.

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SFC

SFC CEO Julia Leung to remain in office for another two years: sources

The government is expected to appoint Leung to a second term as head of the SFC, handling major financial regulatory projects, sources say.

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