HKMA & Banks Reveal Blockchain Trade Finance Setup

The Hong Kong Monetary Authority alongside 7 banks, including Standard Chartered and HSBC will jointly launch a trade finance platform using blockchain Technology which underpins digital currencies like bitcoin, in September 2018.

1.4m Local Companies Are Registered In Hong Kong

In total, the number of local businesses registered reach 1,407,743 at the end of June. This is apparently 23,797 more than the end of 2017 according to the Companies Registry.

Details of the Fifth Anti-Money Laundering Directive

The European Parliament last week voted with a landslide of approvals regarding the final wording of the Fifth Anti-Money Laundering Directive, supporting the multilateral agreement reached between Member States' ministers in December last year.

Singapore has been chosen to host the world's biggest trademark event in 2020, announced the INTA last week. The association's 142nd annual meeting will be held from April 25th to April 29th 2020 at the infamous Marina Bay Sands resort.

UAE Relaxes Foreign Investment & Visa Residency Rules

In a bid to encourage investment in the gulf countries; the United Arab Emirates has brought about huge changes on residency for expatriates and ownership of companies by foreign nationals to encourage investment. These changes were announced earlier this week by UAE’s Prime Minister and Dubai ruler Sheikh Mohammed.

Officials and several MPs have questioned how effective public disclosure of the UK’s overseas territories would be. The disclosure measure had originally been proposed by George Osborne in 2013, but the commitment was dropped after the Brexit revelation, prompting others to get the measure on the statute book.

The UK’s overseas territories are facing pressure to adopt public registers of company ownership at the end of the decade after the conservative UK government discovered it would have to support a minority-approved amendment designed to stem the global flow of laundered money.

Following a recent meeting with Singapore, the European Commission has presented the outcome of the negotiations to the European Council; marking the first steps to completing the European Union-Singapore Free Trade Agreement (EUSFTA).

Representatives from the troika of Cyprus’ international lenders, the International Monetary Fund, European Commission and the European Central Bank, recently visited Cyprus for conducting their 4th post-scheme investigation following the islands recent withdrawal from the economic adjustment programme as agreed with the terms of the bailout.