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Mainlanders can still open bank accounts in Hong Kong despite new rules: HKMA

Mainland customers can still open bank accounts in Hong Kong, but banks must adopt stringent new checks to ensure their processes are “compliant and orderly”, the Hong Kong Monetary Authority (HKMA) said in a statement on Saturday. “The banking industry has implemented the new regulatory requirements set out in the HKMA circular to ensure the account opening process is compliant and orderly,” the statement said. “Chinese mainland customers continue to apply for opening accounts, and in...

South China Morning Post 4d ago

Hong Kong taps banks, lawyers and crypto firms to help rewrite rules for tokenised bonds

Advertisement Hong Kong taps banks, lawyers and crypto firms to help rewrite rules for tokenised bonds HKMA sets up the collective, spanning 21 institutions, in push to expand blockchain-based issuance beyond government pilots 2-MIN READ2-MIN Listen Hong Kong’s de facto central bank has formed a group of industry experts to help remove legal and regulatory hurdles to tokenized bonds, as authorities seek to move beyond pilot projects and encourage wider adoption from private issuers. The Hong...

South China Morning Post 5d ago

Hong Kong government’s venture fund eyes bigger bankroll after double-digit return

Hong Kong government’s venture fund eyes bigger bankroll after double-digit return Financial secretary says investment arm will also take lead on new offshore yuan-denominated venture capital fund The government’s investment arm achieved a double-digit internal rate of return last year, greater than many newly established venture capital funds, according to its CEO. “Many overseas funds have a J-curve performance, as they tend to suffer an initial loss before a gain,” said Clara Chan...

South China Morning Post 9d ago

The end of a regulatory grey zone: Why China is cracking down on offshore brokerages

The end of a regulatory grey zone: Why China is cracking down on offshore brokerages China’s toughest crackdown yet on offshore brokerages is closing a popular route to overseas markets for mainland investors. Analysts say the move is about more than investor protection. SHENZHEN: When China unveiled its toughest crackdown yet on offshore trading platforms, Beijing-based investor Elaine Liang began exploring alternatives.

Channel News Asia 9d ago

NWD tests market with 28 Pavilia Rosa flats for sale amid Hang Seng slump

NWD tests market with 28 Pavilia Rosa flats for sale amid Hang Seng slump Hong Kong developer’s Kowloon Tong project, to be sold on a ‘first come, first served’ basis on Friday, is a test of market sentiment NWD said the flats would be sold via a regular price list on a “first come, first served” basis as the developer announced that the project had so far sold 42 residences worth about HK$2.4 billion (US$306 million) via a tender. The launch on Friday would be the first regular sale in more...

South China Morning Post 2d ago