The HKMA plans to replace the term ‘virtual bank’ with ‘licensed digital bank’ in reference to the city’s eight branchless lenders to remove negative connotations associated with the term in Chinese.
Hong Kong will roll out the red carpet to hundreds of top global bankers and finance executives in November for a high-level financial conference to be hosted by the Hong Kong Monetary Authority.
Hong Kong’s biggest lender HSBC will keep its key lending and deposit rates unchanged, meaning local businesses and mortgage borrowers will have a longer wait for the cost of borrowing to decline.
Hong Kong kept its key interest rate unchanged for a sixth consecutive time in lockstep with the Federal Reserve’s overnight decision, with sticky US inflation forcing investors to delay rate cut bets.
Hong Kong offers plenty of wealth management and stock market opportunities despite headwinds and uncertain economic outlook in China, according to speakers at the Apec Business Advisory Council summit.