HKMA announced that it has approved the upgrading of the restricted banking license of Morgan Stanley Asia International Limited (MSAIL) to a banking licence and has granted banking licenses to Qatar National Bank (QNB), Ping An Bank Co., Ltd. (PAB), and Hua Xia Bank Co., Limited (HXB) under the Banking Ordinance. The upgrading of restricted banking license and the granting of these banking licenses take effect from September 26, 2019.
MSAIL is incorporated in Hong Kong and has been authorized as a restricted license bank in Hong Kong since 2014. MSAIL is a wholly owned banking subsidiary of Morgan Stanley, a bank holding company in the U.S. QNB is incorporated in Qatar while PAB and HXB are incorporated in the People’s Republic of China. After the upgrade and the grant of the above banking licenses, the number of licensed banks in Hong Kong is 164 while the number of restricted license banks in Hong Kong is 17.
Keywords: Asia Pacific, Hong Kong, China, Qatar, Banking, Bank Licenses, Huaxia, Ping An, QNB, HKMA
Previous ArticleFED Proposes to Revise and Extend Form FR Y-9C
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.
EBA published a report on convergence of supervisory practices in 2019.
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.