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    HKMA Updates Address CCyB, Cryptoasset Guidance & Cyber Risk Solutions

    January 28, 2022

    The Hong Kong Monetary Authority (HKMA) announced that the applicable jurisdictional countercyclical capital buffer (CCyB) ratio for Hong Kong remains unchanged at 1.0%. It also published a circular that sets out principles to guide authorized institutions on dealing with matters related to virtual assets and virtual asset service providers. To address a related topic, HKMA and the Securities and Futures Commission (SFC) published a circular that sets out guidance to intermediaries that wish to engage in virtual asset-related activities. Additionally, HKMA published the fifth issue of the Regtech Adoption Practice Guide, which focuses on regtech solutions to help banks manage their cyber risk.

    The Regtech Adoption Practice Guide on cyber risk provides an overview of cyber risk management regtech solutions, outlines the common challenges observed regarding the adoption of cyber risk management solutions, and shares information on the way various entities have addressed the challenges to successfully adopt cyber risk management regtech solutions in their organizations. This Regtech Adoption Practice guide series builds on the “RegTech Watch” newsletters to include common industry challenges, guidance on implementation and examples of what others have done successfully to overcome adoption barriers. The guides are to supplement other ongoing HKMA initiatives such as the Banking Made Easy initiative, Fintech Supervisory Sandbox and the Fintech Supervisory Chatroom. The guides aim to enhance the sharing of experience related to regtech implementation in the industry, to help further drive regtech adoption in Hong Kong. 

    In a separate development, HKMA announced the eligibility of five banks in Hong Kong to launch Cross-boundary Wealth Management Connect (WMC) services. These banks, together with their respective Mainland partner banks, can start providing Cross-boundary WMC services from January 28, 2022 and HKMA has updated the list of banks participating in the Northbound and the Southbound Schemes. As per a communication from the People's Bank of China, the Mainland partner banks whose eligibility for providing pilot Cross-boundary WMC services has been confirmed by the relevant Mainland regulatory authorities are Bank of Shanghai Co Ltd, OCBC Wing Hang Bank (China) Co Ltd, and Fubon Huayi Bank Co Ltd. The Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area is one of the key initiatives under the mutual market access schemes between the capital markets of Hong Kong, Macao, and the Mainland. The Southbound Scheme refers to eligible residents in the Mainland Greater Bay Area cities investing in wealth management products distributed by banks in Hong Kong and Macao via designated channels. The Northbound Scheme refers to eligible residents in Hong Kong and Macao investing in wealth management products distributed by Mainland banks via designated channels. Twenty-three Hong Kong banks are eligible to launch the Southbound Scheme services while 19 Hong Kong banks are eligible to launch the Northbound Scheme services.


    Keywords: Asia Pacific, Hong Kong, Banking, Securities, Regtech, Fintech, Cyber Risk, Guidance, CCyB, Regulatory Capital, Basel, Virtual Asset Service Providers, Cross Border Activities, China, Cryptoassets, Virtual Assets, HKMA

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