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Issue #138 (Sep - Oct 2024) | |
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Cover Story A Strategic Future: Driving ESG with Digital Transformation ESG and digital transformation are interrelated and mutually reinforce each other, working in tandem to promote each other's success. Both initiatives address changing stakeholder expectations and have a diverse impact on society. |
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China World Mainland China's New Cross-border Data Transfer Rules and Implications for Hong Kong Banks On 22 March 2024, the Cyberspace Administration of China (CAC) issued the Provisions to Promote and Regulate Cross-Border Data Flows (Provisions), which took effect on the same day and introduced exemptions and relaxations to certain compliance requirements under Mainland China cross-border data transfer (CBDT) regime.The Provisions have profound impacts for all international businesses, including Hong Kong banks. |
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Fintech Redefining the Value of Regtech in Hong Kong to Stimulate Financial Development Modern regulatory practices require agility, flexibility and transparency. With the goals of achieving efficiency and cost savings, Regtech has emerged to provide advanced solutions common to compliance and risk management and to help financial institutions improve outcomes, minimise risks and reduce costs. |
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Change Horizons Findings from the Hong Kong Workforce Hopes and Fears Survey 2024 Attracting and retaining talent is a perennial challenge for Hong Kong’s banks and, indeed, for employers in all sectors. Other issues may rise and fall in importance from year to year, but hiring and keeping the right people remains consistently among the top challenges facing employers. |
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GRC Corner Recognition of Cross-Border Debt Restructuring and Insolvency in Hong Kong The cooperation mechanism signed in 2021 with the People’s Republic of China (PRC) has made the handling of debt restructuring and insolvency proceedings easier in Hong Kong. The jurisdiction is also considering other reforms to its corporate rescue regime that would make it stronger and more effective in assisting with other cross-border situations. |