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Cover Story Listing reforms – Establishing Hong Kong as the go-to listing market Hong Kong Stock Exchange’s (HKEX’s) new listing regime came into force on 30 April 2018. There are three key aims of the reforms; to enhance Hong Kong’s competitiveness as a financial centre, to attract listing from companies in emerging and innovative industries, and to diversify Hong Kong’s market. The new regime includes listing of companies with a new weighted voting rights structure, attracting pre-revenue biotech issuers and establishes a secondary listing route for innovative issuers. The new listing regime of HKEX will attract more innovative companies and investors from throughout the Greater Bay Area and the countries of the Belt and Road initiative, and ensure Hong Kong retains its competitiveness. |
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Thought Leader Face-to-face with Mr Paul CHAN Mo-po – The challenge of change The Financial Secretary of HKSAR Government, Mr Paul CHAN, GBM, GBS, MH, JP, talks with Banking Today about the challenges and opportunities facing the banking industry. This includes the future of Fintech, the importance of fostering talent for the future, the opportunities brought by Mainland China, such as the Greater Bay Area strategy, and the Government’s role in strengthening the banking industry. As a city in perpetual flux, Hong Kong is used to responding to new challenges and adapting to a shifting economy. |
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China World Asset Management – New regulations in Mainland China The People’s Bank of China has joined hands with a number of State Councils, including the China Banking Regulatory and Insurance Commission, China Security Regulatory Commission, and State Administration of Foreign Exchange to formulate the Guiding Opinions of Regulating the Asset Management Business of Financial Institution which was implemented on 27 April 2018. The purpose of the new regulations is to guide the asset management sector in Mainland China to demonstrate sustainable growth. The implementation of the new regulations will facilitate financial management products which restrict if not eliminate the practice of “rigid redemption” in which investors have to bear investments risks on their own. |
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FinTech Open API Framework – Opening up collaboration across the banking sector The Hong Kong Monetary Authority (HKMA) recently published its Open API Framework as a part of the ‘New Era of Smart Banking’ strategy. Open application programming interfaces (Open APIs) have been an essential technology component in the operation of modern, digitally-enabled businesses and now the banking sector can utilise this technology to improve their customers’ digital banking experience. The Open API Framework will transform the banking industry and will drive Hong Kong in its aspiration to rank as one of the world’s first-class locations for conducting digital business. As the Greater Bay Area strategy and Belt and Road initiatives continue to gain momentum, the HKMA’s Smart Banking initiatives are welcomed across the industry. |
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Knowledge Plus Hong Kong Dollar – The most stable currency in the world Since its inception in October 1983, the Hong Kong dollar's link to the US dollar has been more than an exchange rate regime, it is a monetary regime that closely follows the monetary policies of the US. This explains why the Hong Kong dollar has become the most stable currency in the world over the past 35 years. The stability of the Hong Kong dollar has provided Hong Kong with a consistent and robust monetary environment that has contributed to the development of our economy and our financial sector. As one of the oldest banking centres in the world and Asia’s prospective ‘smart city’, Hong Kong is well positioned to be the pioneer of virtual banking, and the stability of our currency will help in achieving that goal. |
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GRC Corner Mainland China’s New Normal – A new approach to risk management is needed As its economy undergoes transformative change, Mainland China’s ‘New Normal’ requires a new approach to risk management and Hong Kong has a key role to play. There are a number of ways this New Normal will affect the banking sector, including the challenges posed by Mainland China’s shadow banking industry and there are a number of ways Hong Kong’s banking and finance regulatory regime can respond to some of the ‘bottle necks’ and risks in the Chinese banking and finance sectors. As the banking sector in Mainland China opens up, Hong Kong is positioned as a mature, well-regulated international banking centre, prepared to relieve Mainland China’s increasing demand for capital. |