HKMA to tighten rules on digital wallets

Business | Victor Zhong 15 Dec 2020

The Hong Kong Monetary Authority will launch real-name registration on digital wallets in July next year, while users who don't register their real names will use only limited functions, local media reported.

Non-real-name accounts could not transfer money to other banks or e-wallets, or make cross-border remittances, the reports said.

If the identity authentication of an existing e-wallet user fails to meet the new rule, the user must provide identity certification, otherwise it will be treated as a non-real-name account.

The identity verification and due diligence of real-name accounts are more stringent as customers must not only provide their name and upload their ID card, but also show other information, such as addresses.

Electronic wallet vendors must use appropriate technology - facial recognition or real-time facial recognition - for verification.

Meanwhile, HKMA chief executive Eddie Yue Wai Man said in an online forum it is a good opportunity to invest in climate-related vehicles.

Yue pointed out that Asia has a huge demand for green buildings, transportation and energy efficiency while there are great opportunities for the development of climate solutions, such as agriculture, supply chain, renewable energy and waste treatment.

In other news, the HKMA said that Hong Kong's foreign assets, representing the external assets of the Exchange Fund, increased during the month by HK$83.7 billion to HK$3.96 trillion in November.

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