FINANCE & INVESTMENT

The granting of virtual bank licences is a key move for Hong Kong in the new era of smart banking, providing customers with innovative services via fintech. WeLab Bank was granted a virtual banking licence by HKMA in 2019. Simon Loong, Founder and Group CEO of WeLab, shared with HKTDC Research his views on the development prospects of virtual banking in Hong Kong as well as the opportunities for expanding into overseas markets. More

Saudi Arabia issued a new Companies Law on 4 July 2022, following approval by the Saudi Cabinet on 28 June 2022, replacing the previous law of 2016. More

The trading of eligible Exchange Traded Funds (ETFs) is now subject to existing tax policies following the inclusion of such funds in the Mainland-Hong Kong Stock Connect on 4 July. According to a circular issued by mainland financial authorities on 30 June, the China Securities Depository and Clearing Corporation Ltd (CSDC) is responsible for withholding the individual income tax payable on the income obtained by mainland investors from their Hong Kong funds. More

The National Development and Reform Commission, Ministry of Finance and China Banking and Insurance Regulatory Commission are jointly promoting insurance to protect market entities, jobs and livelihood during the Covid-19 pandemic. Where conditions permit, local governments are urged to support the growth of pandemic insurance and encourage hard-hit sectors such as logistics, catering, retail and culture and tourism to get insured. More