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Hong Kong banks reminded they may engage with virtual asset entities: central bank

There have been more comments from foreign firms on the difficulties of opening a bank account. Hong Kong’s central bank has reminded its financial institutions that they are not prohibited from providing banking services to virtual asset entities. The Hong Kong Monetary Authority (HKMA) has issued...
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HK loses crown as top financial centre in APAC

It lost to Singapore by one point. Hong Kong is no longer the top financial centre in the Asia Pacific. The city dropped one rank in the Global Financial Centres Index, placing fourth globally and second in Asia-Pacific. The city got an overall rating of 725, losing...
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Pay for workers in finance industries to increase by 3.8% and up in 2023

Staff Reporter , Hong Kong Photo by Pat Whelen on Unsplash This is likely because there will be a “greater focus” on finance tech industries this year. Employees in the finance space can expect their salaries to increase by 3.8% and up this year, according to a report by...
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Outstanding credit card balances went up 7.3% YoY in Q4 22

It indicates that consumers are reengaged to the market. The outstanding credit card balances increased 7.3% year-on-year in the final quarter of 2022, TransUnion Consumer Pulse Study. The growth was driven by reengaged consumers, “largely attributable to improved consumer sentiment and sustained momentum in consumption.”  TransUnion said...
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Hong Kong government issues first tokenised green bond

HKMA issued HKD tokens, which were exchanged for fiat money provided by banks. The Hong Kong government has successfully issued its first tokenised green bond. The one-year Hong Kong dollar-denominated tokenised green bond is the first to be governed by Hong Kong law, according to Linklaters,...
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Why GBA consumers invest in Hong Kong

Staff Reporter , Hong Kong Photo by Ryan Kwok on Unsplash Most (78%) cite higher returns than on the Mainland. Hong Kong’s reputation as a financial centre has improved over the past year, data from McKinsey & Company showed. According to the study, 78% of consumers from the Greater Bay...
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