HKMA and PCPD strengthen collaboration to combat fraud and safeguard personal data
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) and the Office of the Privacy Commissioner for Personal Data (PCPD) jointly announced today (January 27) a series of new measures to enhance collaboration in combatting fraud and strengthening the protection against misuse of personal data.
In view of the increasing sophistication of fraud, the HKMA and the PCPD have strengthened their co-operation to ensure that banks' systems and safeguards against these risks are robust, and that best practices are shared with banks on a timely basis. These efforts will include joint risk-based examinations of selected banks' anti-fraud systems and controls, in which the HKMA will focus on assessing the effective implementation of anti-fraud measures set out in circulars issued in December 2024 and April 2025, whilst the PCPD will review the banks' data security measures and access controls that are designed to safeguard personal data against misuse and leakage.
Moreover, the HKMA and the PCPD will strengthen joint publicity and educational efforts, and work closely with other key stakeholders including the Hong Kong Police Force (HKPF), The Hong Kong Association of Banks and the industry, to raise public awareness of the latest scam tactics and the importance of protecting personal data, including bank account information. These efforts will include outreach activities targeting members of the public and specific segments of society.
Given the evolving nature of deception tactics, it is essential for the public to remain vigilant when providing personal data, including bank account information and login credentials, to prevent such data from being misused for deception or money laundering. Members of the public are also encouraged to stay informed about the latest fraud prevention information published by the HKMA, the PCPD and the HKPF.
The Chief Executive of the HKMA, Mr Eddie Yue,said, "Anti-fraud work has been a priority for the HKMA as it helps to uphold public confidence in the financial system of Hong Kong. The collaboration with the PCPD marks a significant milestone in enhancing the ecosystem approach in the fight against the abuse of our banking system for fraudulent purposes."
The Privacy Commissioner for Personal Data, Ms Ada Chung,said, "In light of the substantial volume of personal data handled by banks on a daily basis, it is imperative for the banking industry to adopt stringent data security and monitoring measures to prevent unauthorised or accidental access or misuse of customers' personal data. We are very pleased to collaborate with the HKMA in cultivating a culture of fraud prevention and personal data privacy protection across the financial sector."
Background
Fraud continues to grow in scale and complexity. During the first 10 months of 2025, a total of 35 831 deception cases were reported in Hong Kong, resulting in total losses amounting to $6.4 billion. To keep pace with the evolving nature of fraud, the HKMA has continued to strengthen the banking industry's response to fraud and money laundering, with a number of measures introduced in April last year. These include expanded use of Scameter data, amendment of the Banking Ordinance to facilitate information sharing among banks, sharing of good anti-fraud practices with banks, thematic reviews on the effectiveness of banks' anti-fraud measures, and enhanced publicity and education efforts on "Don’t Lend/Sell Your Account". To further enhance the ecosystem approach, the HKMA is collaborating with the PCPD to combat fraud, and to strengthen the protection against misuse of personal data.
The protection of personal data privacy has always been one of the critical priorities in combatting fraud, as deception and financial crimes often involve malicious use of personal data. To address the evolving deceptive tactics employed by fraudsters, the PCPD continues to strengthen its efforts on public education and raising awareness against fraud. Apart from conducting anti-fraud talks for different stakeholders, the PCPD has published a new anti-fraud leaflet and poster with the theme "Too Good to be True" to enhance public awareness of fraud prevention and personal data protection. Both publications have been distributed to District Offices, community centres, elderly centres, banks and schools. Since 2022, the PCPD has set up the "Personal Data Fraud Prevention Hotline" (3423 6611) to handle public enquiries about fraud or suspected fraud cases from members of the public. The PCPD has also launched the webpage entitled "Anti-Fraud Tips", with a view to providing a one-stop information portal for members of the public.
HKMA and PCPD strengthen collaboration to combat fraud and safeguard personal data Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape
The 19th Asian Financial Forum (AFF) opened today (January 26). Featuring the theme "Co-creating New Horizons Amid an Evolving Landscape", the forum gathered heavyweight speakers from around the world to exchange insights on the latest developments in the financial market and to explore ways to foster co-operation among economies to gain mutual benefits in times of change.
The AFF, co-organised by the Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council (HKTDC), has been a flagship financial event in the region. The two-day forum is expected to attract over 3 600 participants from more than 60 countries or regions. This year's AFF has brought together over 150 distinguished speakers, including government officials, representatives from central banks and regulatory bodies, financial and business leaders, scholars and economists, to discuss key financial and economic trends, as well as emerging opportunities in various facets of the financial sector, including asset and wealth management, fintech, trade finance, gold and precious metals trading, green finance, insurance and risk management. This year's forum also includes significant upgrades to its content, introducing the new Global Business Summit. The summit explores how finance empowers businesses, focusing on Mainland economic opportunities and examining how Hong Kong leverages the synergy between finance and industries to support Mainland enterprises in "going global" while facilitating the "bringing in" of international businesses.
The Chief Executive, Mr John Lee, when addressing the opening session of the AFF this morning, highlighted Hong Kong's prowess as an international financial hub. He said, "Hong Kong's financial regulatory system is robust, and our financial market stands out for its deep liquidity, innovative products and world-class investor protection. We also boast a highly educated workforce, a welcoming environment for global talent and transparent financial regulations aligned with international standards."
He stressed that these strengths are widely recognised, citing the fact that Hong Kong ranked third, globally, and first in Asia, in the most recent Global Financial Centres Index, while placing third in the 2025 World Competitiveness Yearbook, up two places over the previous year. He added that the city will focus on three fronts to further boost its status as an international financial centre. First, Hong Kong will further reinforce its existing strengths, including those in the equity market, the bond market, and the asset management and wealth management sector. Second, Hong Kong will expedite the development of new growth areas, including building an international gold trading market and commodities trading ecosystem in Hong Kong. Third, international exchanges and co-operation will remain a priority for Hong Kong, including assisting companies interested in re-domiciling to Hong Kong.
In the opening session, the Deputy Governor of the People's Bank of China (PBOC), Mr Zou Lan said that China's financial market has developed rapidly in recent years, with its international influence and attractiveness being continuously enhanced. As Renminbi is more widely used in cross-boundary transactions, Hong Kong has emerged as the world's largest and most influential offshore Renminbi business hub. He said that as a next step to steadfastly support and further steadily advance the development of Hong Kong's offshore Renminbi market, the PBOC will focus on four key directions: first, to increase the scale of Renminbi funding arrangements to provide more ample liquidity support for Hong Kong's offshore market; second, to continue to advance financial market connectivity, enriching liquidity management and risk hedging tools for overseas investors; third, to expand the supply of offshore Renminbi sovereign bonds to enhance market liquidity; and fourth, to support the development of Hong Kong's gold market to strengthen the offshore Renminbi market function of Hong Kong.
The Financial Secretary, Mr Paul Chan, delivered welcome remarks at the keynote luncheon. He said, "In a world where economies are reconfiguring value chains and seeking more resilient, diversified partnerships, Hong Kong stands out as a reliable, trusted, resourceful and well-positioned partner, bridging the Mainland and the world."
He emphasised that Hong Kong’s significance will only grow, pointing out that Hong Kong serves as a gateway for global investors to access China's innovation-driven opportunities. In the realms of finance, he highlighted two key specific areas: as the premier two-way international fundraising platform, welcoming both Mainland and international companies to list in Hong Kong to support their growth; and as the world’s leading offshore Renminbi (RMB) hub, with a wide range of RMB-denominated investment and risk management products for global investors.
He added that at a time of global fragmentation, Hong Kong will continue to remain open for business, and welcome partners from around the world in shaping the future of Asia – and the world at large – together.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, signed today a co-operation agreement with the Chairman of the Shanghai Gold Exchange, Mr Yu Wenjian, in the presence of Mr Lee; Mr Zou; Member of the Standing Committee of the Communist Party of China (CPC) Shanghai Municipal Committee and Executive Vice Mayor of the Shanghai Municipal People's Government, Mr Wu Wei; and the Executive Deputy Director of the Office of the Financial Commission of the CPC Shanghai Municipal Committee, Mr Zhou Xiaoquan. The co-operation agreement marks a new milestone for deepening the co-operation between gold markets in the two places, such as establishing a high-level, collaborative governance structure for Hong Kong's gold central clearing system, opening new avenues for physical infrastructure synergy and market interconnectivity. Separately, a panel discussion on gold exchange was held in the afternoon, analysing the market developments of the global gold industry and Hong Kong's role.
Mr Hui also chaired a plenary session today themed "Fostering Co-operation for Shared Success". Mr Hui and the panellists shared their thoughts on how to strengthen communication and dialogue among economies and pursue shared development amid the evolving global political and economic landscape. Speakers joining this session included the Deputy Prime Minister and Minister for Finance of Slovenia, Mr Klemen Boštjani; the Minister of Treasury and Finance of Türkiye, Mr Mehmet imek; the President of the Asian Infrastructure Investment Bank, Ms Zou Jiayi; and the Vice-President (East and Southeast Asia, and the Pacific) of Asian Development Bank, Mr Scott Morris.
Former President of the European Commission, former Prime Minister of Portugal, and Chairman of Advisory Board at Goldman Sachs International, Dr José Manuel Barroso, also delivered a keynote speech at the luncheon, sharing his views on the changes in global political and economic landscapes and their impact on international markets.
The 19th AFF will continue tomorrow (January 27). The inaugurl Global Business Summit, co-organised by the Financial Services and the Treasury Bureau, the HKTDC, and the Office for Attracting Strategic Enterprises, will be held. Focusing on how finance empowers businesses, the summit will cover the potential of high-growth industries such as artificial intelligence and technology, robotics, high-growth consumer products, and biopharmaceuticals and healthcare. It will also explore how Hong Kong can support Mainland enterprises going global, and the prospects of foreign enterprises entering the Mainland market. The summit will feature heavyweight speakers. Among them, Mr Chan; the Executive Vice Mayor of the Shanghai Municipal People's Government, Mr Wu Wei; and Vice Governor of the People's Government of Hunan Province Mr Wang Junshou will deliver speeches.
Business leader, investor and philanthropist Mr Paul Polman will be the speaker for the keynote luncheon tomorrow. The forum will also feature thematic workshops on topics such as artificial intelligence, sustainable banking, and family office.
The two-day AFF encompasses diverse events, including Global Spectrum series, Dialogues for Tomorrow series, and a breakfast panel. Investment opportunities are highlighted through the AFF Deal-making and a range of exhibition zones. Moreover, to showcase Hong Kong's various cultures and facilities, the forum offers experiential activities, sightseeing tours and dining discounts for international participants, encouraging them to make the most of their stay and experience the city's vitality.
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
Asian Financial Forum assembles global financial and business leaders to co-create new horizons amid evolving landscape Source: HKSAR Government Press Releases
