Hong Kong Financial News

The Hong Kong Securities and Futures Commission (SFC) has issued a solid warning to unregistered crypto exchange JPEX that it may face criminal charges for actively promoting its services to the Hong Kong public through influencers and over-the-counter virtual asset money changers.

By Yantoultra Ngui

By Donny Kwok and Brenda Goh

shares of Chinese electric vehicle (EV) makers fell on Thursday after the European Commission launched an investigation into Chinese subsidies for EVs, escalating tensions between Beijing and the EU. European Commission President Ursula von der Leyen announced the investigation in her annual address to lawmakers on Wednesday, saying: "Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies."Hong Kong shares of market leader BYD fell more than 3%.

Indian stock market is expected to open higher on Thursday following positive global cues. Gains in Asian markets after the US stock indices closed mixed overnight, may support domestic equities. On Wednesday, the domestic equity indices ended higher due to upbeat macroeconomic data amid global signals being subdued.

National Australia Bank will shut down its office in Hong Kong after deciding that Shanghai, Singapore and Tokyo are the preferred regional centres to support its institutional banking clients in Asia.

Three central banks have joined the beta phase of bank messaging platform SWIFT’s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it said.

In this week’s newsletter, read about how Google will start allowing games featuring nonfungible tokens (NFTs) to advertise and promote themselves using its platform and how a developer stole $1 million in assets from the Milady NFT collection. Check out how an insurance company excluded NFTs from a $20-million policy and how the metaverse is “hot” in Asian markets like Hong Kong, Korea and Japan. And don’t forget this week’s Nifty News featuring Binance ending its support for Polygon-based NFTs. 

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Institutional adoption of digital assets in Asia is gaining momentum as regulatory clarity improves in the region. 

Alibaba Group has launched its artificial-intelligence model, Tongyi Qianwen, to the public, making it the latest Chinese company to tap the country’s fast-growing AI market. Chinese tech giants have been racing to launch generative AI models to rival OpenAI’s ChatGPT.

By Jing Bian, Xie Yu and Carolina Mandl

The co-operative in March published the findings of a 12-week period of sandbox testing, in which almost 5,000 transactions were simulated between two different blockchain networks and with existing fiat-based payment systems. The beta solution has taken its next step, with three central banks and monetary authorities, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan, integrating the solution with their own infrastructure for direct testing.Swift has also initiated a second phase of sandbox testing, in which commercial banks, central banks and financial market infrastructures are exploring additional use cases, including trigger-based payments for digital trade platforms, foreign exchange models, delivery vs payment and liquidity saving mechanisms.

A collaboration between the Bank for International Settlements (BIS) and the central banks of Hong Kong and Israel has demonstrated that central bank digital currencies (CBDCs) can settle on centralized ledgers without compromising privacy.

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

More Chinese companies are using the digital yuan to pay their workers, as Beijing looks to spur the adoption of its CBDC.

inflation data on Wednesday, while an oil price spike stoked anxiety about persistent price pressures, complicating the interest rate outlook. The euro edged higher and markets moved to favour a hike from Europe's central bank on Thursday, following a Reuters report that the European Central Bank (ECB) expects inflation will stay above 3% next year in its updated forecasts, well above its target of 2%. MSCI's broadest index of Asia-Pacific shares outside Japan was flat while Tokyo's Nikkei eased 0.2%. Australia's resource-heavy shares lost 0.7%, Chinese blue-chips were flat but Hong Kong's Hang Seng index moved 0.6% higher. At the forefront of markets' minds is the crucial U.S. Consumer Price Index (CPI) report expected on Wednesday, which should shed further light on the inflation outlook and provide some clarity about whether the Federal Reserve is done tightening. While core CPI is seen cooling to 4.3% year-on-year in August from 4.7%, rising energy costs are forecast to keep headline inflation hot.

Indian stock market is expected to open on a cautious note Wednesday tracking mixed cues from global peers. The Asian markets traded mixed, while the US stock market ended lower overnight dragged by weakness in tech stocks. Investors’ sentiment may dampen as a surge in crude oil prices, with Brent oil trading above $92 a barrel, is expected to stoke inflation fears ahead of US inflation data.

«Overall, we expect the focus to shift from mid and small caps to large caps in the near term, as investors may turn cautious on the broader market,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a positive startGIFT Nifty on the NSE IX traded 43.5 points, or 0.22 per cent, at 20,073.50, signaling that Dalal Street was headed for positive start on Wednesday.

The Bank for International Settlements and the central banks of Hong Kong and Israel released the results of Project Sela on Sept. 12. The project was a public-private partnership that used private intermediaries to create a retail central bank digital currency (rCBDC) combining the desirable characteristics of cash and the advantages of digitalization.

On September 12, CoinEx, a cryptocurrency exchange, experienced a suspected attack following a substantial outflow from four of its hot wallets, which was promptly detected and reported by the blockchain security firm Cyvers.