The aim is to help firms comply with US withholding tax requirements on foreign persons and entities, as the total issuance for dim sum bonds in 2023 tallied $76 billion in Hong Kong.
As cases spike, the Hong Kong Monetary Authority is stepping up efforts to tackle fraud in an evolving banking landscape such as the use of the Faster Payment System.
Hong Kong’s regulatory landscape for digital asset custody remains fragmented. While industry players welcome greater clarity, striking the balance with growth is crucial.
The regulator has teamed up with 16 market participants to explore the viability of CBDC implementation. However, questions around interoperability, monetary sovereignty and the role of the traditional banking system remain.
Set to go live from May 15, the mutual market derivatives initiative marks a world first for international trading that is set to facilitate the increased internationalisation of renminbi.
The central banks of both jurisdictions have issued statements on the back of Credit Suisse’s merger with UBS that saw $17 billion in AT1 bonds wiped out.