City Hong Kong Financial News

Ripple Labs is working on a pilot program with Hong Kong’s Fubon Bank to offer property equity access to residents.

By Twinnie Siu and Donny Kwok

By Clare Jim, Xie Yu and Scott Murdoch

The Hong Kong Monetary Authority (HKMA) is gearing up for the second phase of the e-HKD (e-Hong Kong dollar) pilot program as it announced the successful completion of the Phase 1 trial of its in-house central bank digital currency (CBDC). 

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

A Hong Kong court has adjourned a winding up hearing for property developer China Evergrande Group’s until Dec. 4

As financial institutions worldwide explore the adoption of digital currencies, Hong Kong’s stance on its own Central Bank Digital Currency (CBDC), known as e-HKD, remains cautious. A recently published report by the Hong Kong Monetary Authority (HKMA) highlights both the opportunities and challenges surrounding the implementation of a retail CBDC in the special administrative region.

Vistara on Monday announced the launch of its daily direct flight between the national capital and Hong Kong. The inaugural flight, operated by an A321 neo aircraft, commenced from Delhi airport on Sunday evening and arrived at Hong Kong on Monday morning.

Zodia, the institutional cryptocurrency custody platform co-owned by British banking giant Standard Chartered, Japanese SBI Holdings and the financial firm Northern Trust, is expanding its services to Hong Kong.

By Selena Li and Lawrence White

Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, is expanding its services to Hong Kong. Zodia Custody’s foray into Hong Kong marks its latest stride into the Asia-Pacific region after announcing plans to expand into Singapore last month.

Standard Chartered’s Q3 results – which came out yesterday — revealed the numbers behind something many have seen going on for a while: two cities are subsiding the entire rest of the bank.

HONG KONG—Hong Kong’s government is grappling with an exodus of citizens and a plummeting birthrate. Its solution: Subsidize baby-making. The city has lost its appeal to some residents over the last four years, hurt by strict rules during the Covid-19 pandemic, anxieties about the growing political influence of Beijing, and competition from Singapore and elsewhere.

Hong Kong Police arrested 8 more people on Thursday in the JPEX scandal, taking the total of arrested individuals in the alleged fraud to 36.

Cuscal is expected to fix pricing for its IPO next week, after the payments group’s executives and advisers zipped around the world to sell investors on the company and the coming “infrastructure-like” opportunity.

Hui Ka Yan has already lost his freedom. 

Crypto exchange giant Binance seems to have connections with a newly established cryptocurrency trading platform in Hong Kong that has announced its intention to apply for a license in the city, according to a South China Morning Post report. 

Hong Kong’s leader has cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub

Hong Kong's leader on Wednesday cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Chief Executive John Lee said the extra stamp duties imposed on non-resident buyers and current local homeowners looking to buy additional properties would be halved, making the first easing over the past decade since property cooling measures were introduced. In his annual policy address, Lee also unveiled plans to reduce stamp duty on stock transactions to 0.1% from 0.13%, saying a vibrant stock market is vital to upholding the city's status as a financial hub. After the easing of COVID-19 restrictions, Hong Kong's economy has begun to recover, fuelled by growth in tourism and private consumption. The city's economy expanded 2.2% in the first half of 2023 year-on-year and is expected to grow between 4% and 5% for the full year. However, the path to full recovery remains uneven, particularly with geopolitics tensions rising and mainland China, its largest trading partner, struggling to rebound quickly.

By Summer Zhen and Xie Yu

By Clare Jim