Hong Kong banks face challenges in Mainland app registration, Monetary Authority intervenes

212
Ministry of Industry and Information Technology

Hong Kong’s banking sector is grappling with compliance challenges posed by new mainland Chinese regulatory demands. The Ministry of Industry and Information Technology (MIIT) in China has mandated that all mobile applications complete a registration process to remain listed in mainland app stores beyond April.

This directive has particularly resonated with Hong Kong banks, which are concerned about the potential impact on their ability to serve customers across the border. Despite the passing of the registration deadline, media reports suggest that several banks have yet to meet the regulatory requirements. However, as of now, there has been no formal directive to delist their applications, allowing them to maintain a business-as-usual stance temporarily.

The situation remains unresolved, and in response, the Hong Kong Monetary Authority (HKMA) has stepped in to facilitate a resolution. The HKMA is reportedly engaging with mainland authorities to discuss and address the ongoing compliance issues.