The Monetary Authority plans to eliminate one-time passwords to reduce online fraud.

The Vice President of the Monetary Authority, Ruan Guoheng, stated that this year resources will continue to be allocated to combat fraud. Due to the fact that in the past, some citizens casually handed over OTP (one-time password) to third parties, the Monetary Authority plans to gradually eliminate one-time passwords. Currently, for credit card payments, authentication of credit card transactions has already been switched to the banking app, and there are plans to expand this to other trade services. He mentioned that this year, the "Smart Security Deposit" initiative will be launched, allowing citizens to choose to disable certain functions, such as online transfers and online shopping, to prevent fraudsters from stealing customer Assets; strengthened "Anti-fraud Visual Alerts" were mentioned by Ruan, noting that in the past, some clients quickly discarded the alerts, therefore.

AASTOCKS09:34

According to DAH SING, inflation in the mainland is expected to grow by 0.5% this year.

In December 2024, the year-on-year increase in the CSI China Mainland Consumer Index slowed by 0.1 percentage points to 0.1%, the smallest increase since March of last year, and has slowed for four consecutive months. As for the Producer Price Index, it decreased by 2.3% year-on-year, a reduction of 0.2 percentage points compared to November, which was also lower than the market expectation of 2.4%, marking twenty-seven months of deflation. DAH SING Financial Conglomerates' Chief Economist and Strategy Officer, Wen Jiawei, stated that the consumer price increase in December of last year further slowed down, mainly due to a shift in food prices from rising to falling, particularly fresh produce like vegetables and fruits, which continued to decline further due to favorable weather conditions in the mainland.

AASTOCKSJan 10 08:45

The Monetary Authority is promoting a regulatory incubator for distributed ledger technology to enhance Banks' risk management capabilities.

The Hong Kong Monetary Authority launched the "Distributed Ledger Technology (DLT) Regulatory Incubator" yesterday (8th), to assist Banks in responsibly exploring the potential of DLT. The aforementioned incubator will enhance the risk management capabilities of individual Banks and the overall banking industry, especially concerning the risks that may arise when Banks launch services that involve both DLT banking Infrastructure and traditional banking Infrastructure (such as deposits and loans) simultaneously. For individual Banks, the incubator will provide a one-stop regulatory platform that allows them to confirm that relevant risk management measures have been fully implemented before the full launch of DLT initiatives. Through the platform, Banks can engage with the dedicated team from the Monetary Authority.

AASTOCKSJan 9 08:27

EVA Precision Secures Major Loan Facilities With Dah Sing Bank

TipRanksJan 7 18:08

In November last year, the total retail sales value in Hong Kong fell by 7.3% year-on-year. DAH SING expects this year's performance to be broadly flat.

The Census and Statistics Department announced yesterday (2nd) that the provisional estimate for the total value of Retail Trade sales in November 2024 is 31.7 billion yuan, which is a year-on-year decrease of 7.3%, compared to the market expectation of a 3.4% year-on-year decline. DAH SING's Chief Economist and strategist, Wong Ka-wai, stated that most major categories continue to decline, with durable Consumer goods showing a significant weakening, with sales value shifting from a 6% increase to a nearly 22% decrease, among which Automobile-related sales have expanded to a decline of over 34%; sales value of electrical appliances and other unclassified durable Consumer goods fell by 18% year-on-year, the largest decline since April 2024. The decline in sales value of Luxury Goods decreased by over 11.

AASTOCKSJan 3 08:32

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, 2024 16:37