Banking Today
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Issue #102 (Sept - Oct 2018)
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Cover Story
Strength in numbers in the fight against money laundering
In the ongoing fight against money laundering, there are three areas of regulatory focus: risk assessment, beneficial ownership identification, and the ongoing monitoring of systems. Organisations need to fully understand their risk exposure, they must thoroughly analyse their existing customer information, and they should ensure that their internal systems are up to the task. Fortunately, organisations are not in this fight alone; with growing networks and allies built through information sharing initiatives within the private sector, between the private and public sectors, as well as between jurisdictions, organisations can further step up their compliance efforts while leveraging the strengths of others.
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Thought Leader
Driving sustainable growth
In recent years, the Bank of China (Hong Kong) (BOCHK) has achieved outstanding performance in its regional development and Fintech innovation, leading to business advancement which is inextricably interwoven with talent development. Mr GAO Yingxin, Vice President of The Hong Kong Institute of Bankers and Vice Chairman and Chief Executive of BOCHK talks with Banking Today to share how the company harnesses the power of a strategic, business-focused approach to talent management.
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China World
In the face of Mainland China-US trade tensions
There are a number of economic issues relating to Mainland China and the Mainland China-United States (US) trade tensions, however the ultimate objective of this dispute is for all US trade with the rest of the world to be conducted in USD. This is to ensure that the US can continue indefinitely buying goods and services produced by the rest of the world in USD, mitigating currency risk by not using any other currencies. However, Mainland China’s robust economy means that the country is positioned to weather a long-running trade dispute, to an extent that the US may not be.
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FinTech
Driving Hong Kong as global Fintech centre
The push in digital payments aims to further Hong Kong’s growth as global Fintech centre. Hong Kong, an early adopter of cashless payments, is adopting a multi-pronged strategy to add depth and breadth to its electronic payments ecosystem as it strives to set itself apart from other cities in the region. A number of innovations including cashless payment systems, mobile wallets, the Faster Payment System (FPS) and virtual banks aim to establish Hong Kong as a cashless city. Further, traditional banks can embrace this technology by forming strategic partnerships with start-ups, technology and telecom companies to provide better digital banking services.
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Knowledge Plus
Mitigating climate risk in financial institutions
As the impact of climate change begins to materialise, Hong Kong’s financial sector should ensure that it is equipped to deal with climate risks. Financial institutions that choose to emphasise climate risks can initiate competitive advantages, create value for stakeholders, achieve sustainable growth and contribute to the prosperity of society. To do this, banks can tackle climate risks from three perspectives: corporate governance, enterprise risk management, and financial industry transformation. They should practice caution as to who they conduct business with and perform monitoring through due diligence, identifying increased exposure in certain industries and anticipating future triggers of volatility..
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GRC Corner
Hong Kong as a full-service asset management centre
The Securities and Futures Commission recently concluded the consultation on its proposed Rules and non-statutory Code on Open-ended Fund Companies, announcing that the implementation of the open-ended fund company regime will take effect from 30 July 2018. To further develop Hong Kong as a full-service asset management centre, the Government has introduced the open-ended fund structure to attract more funds to establish in Hong Kong. As more funds choose to domicile in the city, the banking industry can take advantage of the increased demand for asset management services, whilst the Greater Bay Area and Belt and Road initiatives will provide opportunities for Hong Kong’s banking sector to reach new markets.
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