Category Fraud Alerts HK

The Hong Kong Monetary Authority (HKMA) announced the launch today of the delivery-versus-payment (“DvP”) link for cross-currency securities transactions between the Hong Kong dollar (HKD) CHATS1 and the Bank of Japan Financial Network System for Japanese Government Bond (BOJ-NET JGB) Services.

The link would support DvP settlement of the HKD sale and repurchase (repo) transactions using Japanese Government Bonds (JGB) as collateral.  It helps eliminate settlement risk by ensuring simultaneous delivery of HK dollars in Hong Kong and JGBs in Japan. 

The DvP link, by providing a settlement infrastructure, would facilitate banks in conducting cross-currency repo transactions to obtain the HKD funds.  Such a funding tool can prove to be useful, particularly in times of stress, as banks (especially foreign banks) may mobilise their foreign currency debt securities for use in Hong Kong.

The link is operated by Bank of Japan in Japan and by Hong Kong Interbank Clearing Limited (HKICL) in Hong Kong.  The HKICL operates the interbank clearing systems in Hong Kong, and is jointly owned by the HKMA and the Hong Kong Association of Banks.



Hong Kong Monetary Authority
1 April 2021



Source link

Is your business effected by Cyber Crime?

If a cyber crime or cyber attack happens to you, you need to respond quickly. Cyber crime in its several formats such as online identity theft, financial fraud, stalking, bullying, hacking, e-mail fraud, email spoofing, invoice fraud, email scams, banking scam, CEO fraud. Cyber fraud can lead to major disruption and financial disasters. Contact Digitpol’s hotlines or respond to us online.

Digitpol is available 24/7.

ASIA +85239733884
Europe +31558448040
UK +44 20 8089 9944