HKMA Launches Generative AI Sandbox for Banks

MT NewswiresDec 23 16:58

The Monetary Authority: Hong Kong banks' operating profit before tax in the first three quarters increased by 8.4% year-on-year.

The Monetary Authority released the quarterly report on the Banking Industry, indicating that the overall pre-tax operating profit of retail banks in Hong Kong grew by 8.4% year-on-year in the first three quarters of this year, mainly driven by increased trading investment income and revenue from Forex and derivative business. However, some of the increase was offset by a decrease in net interest income. The net interest margin of retail banks narrowed to 1.5% in the first three quarters of this year, compared to 1.68% in the same period last year. As of the end of September, the specific classified loan ratio of the banking system was 1.99%, an increase of 0.1 percentage points quarter on quarter. The specific classified loan ratio of relevant loans from mainland China slightly increased from the previous quarter's 2.78% to.

AASTOCKSDec 23 16:37

Express News | Many banks have lowered the interest rates on US dollar deposits.

BreakingsDec 20 18:06

According to Morgan Stanley's report on "Hong Kong Tower": Hong Kong banks lowering the best lending rate by 12.5 basis points is in line with expectations and will help alleviate the pressure on profits caused by the decline in HIBOR.

Morgan Stanley published a Research Report stating that following the reduction of interest rates by 25 basis points by the Federal Reserve and the Hong Kong Monetary Authority, several local banks have also followed suit by lowering the best lending rate by 12.5 points, marking the third reduction of the best lending rate this year, in line with the firm's expectations. Morgan Stanley indicated that since the savings balances are approximately 2.3 times the mortgage account balances, this adjustment in the best lending rate by Hong Kong banks should help offset the profitability pressure brought by the decline in HIBOR. (js/w)~

AASTOCKSDec 20 14:01

The Monetary Authority: The Banks Industry will gradually promote the "Smart Safe Deposit" measures next year, and also require the default option to not enable online banking.

During an interview with RTHK, the assistant chief executive of the Monetary Authority, Au Yeung Lun, mentioned that many victims of scams have been deceived into providing their online banking accounts and passwords, which were then used by the fraudsters to transfer money, or they were misled by the fraudsters and followed instructions to transfer their deposits. Therefore, after consulting with the banking industry, the authorities will introduce the "Smart Secure Deposit" measure next year. Au Yeung Lun added that the "Smart Secure Deposit" measure allows retail banking personal customers to specify a deposit amount under a protected mechanism, and once the protection is set, the funds cannot be transferred out unless a request is made to the bank to cancel the protection. He also pointed out that when a depositor intends to cancel the protection, they must meet with a bank staff member for verification purposes, hoping that face-to-face contact can...

AASTOCKSDec 20 10:23

Hang Seng (00011.HK) lowers the Hong Kong dollar prime rate and savings deposit rate.

HANG SENG BANK (00011.HK) announced that it will lower the Hong Kong dollar prime annual interest rate from 5.375% to 5.25%, a reduction of 12.5 basis points. HANG SENG BANK's Executive Director and CEO, Sheila Shum, stated that the main reason for lowering the Hong Kong dollar prime rate was the consideration of various factors, including the USA Federal Reserve's interest rate cuts, the macroeconomic environment, and market trends. The bank will continue to closely monitor external conditions and market developments and will adjust interest rates accordingly. The bank has also lowered the annual interest rate for Hong Kong dollar savings deposits, with the annual interest rate for savings deposits with account balances of HKD 5,000 or more being reduced from 0.375% to 0.2.

AASTOCKSDec 19 16:26