BANKING
Hong Kong Monetary Authority Suspends Registration of LI Shek Tang for Nine Months
The Hong Kong Monetary Authority has suspended the registration of LI Shek Tang for nine months due to misconduct involving the fabrication of a client's signature.
Hong Kong Monetary Authority and HKAB Hold Inaugural Taskforce Meeting on SME Lending
The HKMA and HKAB's joint Taskforce on SME Lending held its inaugural meeting to address SME financing challenges and strengthen communication with the commercial sector.
HKMA and HKAB Establish Joint Taskforce to Bolster SME Lending
The Hong Kong Monetary Authority (HKMA) and The Hong Kong Association of Banks (HKAB) have formed a joint taskforce to enhance SME lending support.
Hong Kong Monetary Authority Expands Suspicious Account Alert System Amid Rising Fraud Risks
HKMA announces the extension of the Suspicious Account Alert system, covering internet banking and physical branches, to combat increasing fraud risks.
HKMA Releases Complaints Watch Issue No. 24 Highlighting Banking Trends
The Hong Kong Monetary Authority (HKMA) has published Complaints Watch Issue No. 24, detailing notable trends in banking complaints and emerging issues.
Hong Kong Monetary Authority Warns Against Unauthorized Banking Activities
The HKMA alerts the public about unauthorized banking activities by a firm operating without proper authorization in Hong Kong.
Mashreq Bank Partners with Oracle to Enhance Global Operations
Mashreq Bank extends its partnership with Oracle Financial Services to modernize its core banking systems and support global expansion.
Composite Interest Rate Drops to 2.65% in April 2024, Announces HKMA
The Hong Kong Monetary Authority reveals a decrease in the composite interest rate for April 2024.
Hong Kong Central Bank Urges Crypto-Friendly Banking
The Hong Kong Monetary Authority (HKMA) has instructed authorized institutions to adopt a risk-based approach in Anti-Money Laundering efforts and provide banking services to cryptocurrency firms.
Moody warns of stablecoin adoption risk
Moody's Investors Service has warned that the recent turmoil in the traditional banking sector and USDC losing its peg could negatively impact stablecoin adoption and increase calls for regulation. The credit rating agency believes that fiat-backed stablecoins like USDC could face new resistance, limiting their stability and potentially causing a run on banks holding Circle's assets, which could lead to the depegging of other stablecoins.
The Fed Rejects Custodia Bank's Membership Application
The Fed rejected cryptocurrency-focused Custodia Bank membership again, citing "sound banking operations."
Binance CEO Denies Report That Company Is Cutting Ties With US
Binance CEO Changpeng Zhao denied that the business is contemplating leaving the US on Twitter.
Silvergate Bank Suspends Dividend Payments to Preserve Liquidity
Silvergate's board "shall re-evaluate the payment of quarterly dividends as market circumstances change."
Custodia Bank's Application to Join Federal Reserve Rejected
Custodia, a digital asset bank, was denied membership in the Federal Reserve System.
German Authority Cautions Of New Banking And Crypto Malware "Godfather"
On Jan. 9, Germany's Federal Financial Supervisory Authority (BaFin) issued a warning about Godfather, a spyware that steals user data from banking and crypto applications. The agency has yet to ascertain how the virus assaults consumers' devices. In December, reports indicated that Godfather was targeting Android users in 16 countries.