hkma.gov.hk Scam Check: 100/100 Trust | ScamMinder

This website appears legitimate based on AI analysis.

The Hong Kong Monetary Authority (HKMA) is the government authority responsible for maintaining monetary and banking stability in Hong Kong. It was established in 1993 as an independent authority under the Exchange Fund Ordinance. The HKMA's main functions include maintaining currency stability, managing the Exchange Fund, promoting the stability and integrity of the financial system, and developing Hong Kong as an international financial center. The HKMA's role in maintaining currency stability involves managing the Hong Kong dollar exchange rate within a specified range. This is achieved through a currency board system, where the HKMA is required to maintain full backing in foreign reserves for the Hong Kong dollar. The Exchange Fund, which is managed by the HKMA, plays a crucial role in this process. In addition to currency stability, the HKMA is also responsible for promoting the stability and integrity of the financial system in Hong Kong. This includes overseeing the banking sector, monitoring systemic risks, and implementing measures to safeguard the overall stability of the financial system. As part of its efforts to develop Hong Kong as an international financial center, the HKMA works to enhance the efficiency and competitiveness of the financial industry. This involves initiatives to promote financial innovation, improve market infrastructure, and strengthen regulatory frameworks. The HKMA also plays a key role in financial regulation and supervision. It is responsible for licensing and supervising banks, stored value facilities, and other financial institutions. The HKMA's regulatory framework is designed to ensure the safety and soundness of the financial system while also promoting market competition and consumer protection. Overall, the HKMA's mandate encompasses a wide range of responsibilities related to monetary stability, financial regulation, and the development of Hong Kong's financial industry. Its role as an independent authority underscores its importance in maintaining the stability and integrity of Hong Kong's monetary and financial systems."

• Government authority, Established under the Exchange Fund Ordinance, Maintains currency stability, Manages the Exchange Fund, Promotes financial system stability and integrity, Develops Hong Kong as an international financial center, Oversees the banking sector, Monitors systemic risks, Implements measures to safeguard financial system stability, Promotes financial industry efficiency and competitiveness, Enhances financial innovation, Improves market infrastructure, Strengthens regulatory frameworks, Licenses and supervises banks and other financial institutions, Regulatory framework for safety, soundness, market competition, and consumer protection, Independent authority with a crucial role in maintaining monetary and financial stability in Hong Kong.