Tag Archives: China


US Dollar Liquidity Facility tender notice

The following is issued on behalf of the Hong Kong Monetary Authority:

     US Dollar Liquidity Facility tender notice:

Tender date : August 5 (Wednesday)
Tender submission time : 9am to noon
Settlement date : August 6 (Thursday)
Repayment date : August 13 (Thursday)
Tenor : Seven Days
Amount on offer : US$10,000 Million
Note: Licensed Banks interested in participating in the tender for the first time are encouraged to provide US dollar settlement instructions by email (settlementsection@hkma.gov.hk) to the HKMA’s Settlement Team in advance, preferably two days prior to the tender. Required information includes name of corresponding bank, name of final beneficiary (must be the Licensed Bank participating in the tender), and account or CHIPS number of a US dollar bank account to be settled in the US. Such information needs to be provided once only, unless there is further change. read more

TechChallenge – Digitising Trade Finance

The following is issued on behalf of the Hong Kong Monetary Authority:
     The Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements Innovation Hub (BISIH) Centre in Hong Kong today (August 3) launched the TechChallenge — Digitising Trade Finance initiative to highlight the potential for new technologies to enhance trade finance mechanisms. 
     In collaboration with the Asian Development Bank (ADB), the International Chamber of Commerce (ICC), the Institute of International Finance (IIF), the People’s Bank of China (PBOC), and the Wolfsberg Group, the HKMA and the BISIH Centre in Hong Kong have identified areas where private and public sector ideas could help address TradeTech challenges. Private firms are invited to submit innovative solutions focusing on connecting TradeTech platforms, tech-driven trade finance inclusion for small and medium enterprises (SMEs), and TradeTech infrastructure for emerging markets.
     “The TechChallenge is taking place against the backdrop of the COVID-19 global pandemic, which is impacting global trade volumes and by implication the livelihoods of many SMEs. This initiative recognises that novel technologies and public-private partnerships can assist in improving outcomes, including through further digitising trade finance,” said Benoît Cœuré, Head of the BISIH.
     The Senior Executive Director of the HKMA, Mr Edmond Lau, said, “The HKMA is pleased to work with the BISIH to launch the TechChallenge. We have a shared goal of addressing the pain points in the trade finance business, and this initiative is one of the key steps towards achieving this goal. We envisage that the TechChallenge will encourage international collaboration, spur innovation and produce fruitful results that benefit the trade finance industry globally.”
     Interested firms can register to review the high-priority problem statements, compete and submit proposals on techchallenge.finnohub.org. The TechChallenge is administered by the Deloitte Asia Pacific Blockchain Lab and the deadline for submissions is August 31, 2020.
     Solutions will be judged by a panel comprising representatives of the public and private sectors, including experts from the partnering organisations listed above and leading global TradeTech platforms. Financial sponsorship will be available for shortlisted entrants to further develop their solutions. The top proposals will be announced and showcased at the Hong Kong Fintech Week in November 2020.
About the BIS Innovation Hub 

     The BIS Innovation Hub was established in 2019 to identify and develop in-depth insights into critical trends in financial technology of relevance to central banks, to explore the development of public goods to enhance the functioning of the global financial system, and to serve as a focal point for a network of central bank experts on innovation. At present, there are Hubs in Switzerland, Singapore and Hong Kong. Over the next two years, new centres will be opened in collaboration with the Bank of Canada (Toronto), the Bank of England (London), the European Central Bank/Eurosystem (Frankfurt and Paris) and four Nordic central banks (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank in Stockholm). The BIS will also form a strategic partnership with the Federal Reserve System (New York). read more

Agency Worker of Immigration Department tested positive for COVID-19

     Yesterday evening (August 2), the Immigration Department (ImmD) learned that an agency worker was notified to have tested positive for COVID-19.
     The officer concerned is responsible for assisting applicants to submit travel documents application at Immigration West Kowloon Branch Office in Tsim Sha Tsui. He last performed duties on August 1 and he was subsequently notified of the positive result yesterday evening by the Centre for Health Protection (CHP). The officer concerned has no recent travel history. His body temperature was normal before commencing duty and he wore mask and followed relevant disease prevention measures at work. Currently, the CHP is trying to find out the cause of his infection and whether he has been in close contact with other people. ImmD will proactively co-operate with the CHP’s quarantine work.
     In consideration of public health and hygiene, West Kowloon Branch Office was closed immediately until further notice for thorough cleaning and disinfection according to guidelines provided by the CHP. Members of the public who have urgent application may consider proceeding to the office at the fourth floor of the Immigration Tower in Wan Chai (for HKSAR passport only) or Yuen Long Branch Office. Their addresses are as follows:

Sections/ Offices Addresses Services Available
Travel Documents and Nationality (Application) Section and Travel Documents (Issue) Section 4/F, Immigration Tower, Wan Chai Urgent application and collection of Hong Kong travel document only.
     (For enquiries regarding travel documents, please call 2852 3045 during working hours.)
Yuen Long Office 1/F, Yuen Long Government Offices
     Members of the public who have submitted the application and are required to collect travel documents urgently, please call 2852 3045 during working hours. For enquiries regarding visa and extension issue, please call 3521 1840 during office hours.
     During the situation of COVID-19 infection, the Department has been strictly implementing various disease prevention measures, including measuring the body temperature of persons before entering the building, providing employees with masks and other protective equipment, requiring employees to wear masks when performing duties, and stepping up the cleaning and sterilizing measures of the working environment.
     The Department will continue to maintain close liaison with the CHP and has also reminded its staff to pay attention to personal hygiene and stay vigilant. If feeling unwell, staff are reminded to seek medical advice and inform the Department as soon as possible. read more