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The Securities and Futures Commission has fined XHK Limited HK$2.5 million for regulatory breaches involving financial reporting, capital adequacy and client money handling. The action followed an investigation triggered by self-reports from XHK and found liquid capital shortfalls and client money rule violations over multiple periods.
The UK Payments Initiative has been launched as an industry-led scheme to advance open banking and commercial variable recurring payments in the UK. The FCA expects the initiative to spur competition among commercial open banking schemes and is supporting plans for an independent standards-setting body.
S&P Global Ratings has reaffirmed Futu Holdings’ BBB- long-term issuer credit rating with a stable outlook, despite a sharp regulatory setback and share price decline. The decision comes less than two weeks after a proposed penalty from Chinese regulators that erased about a quarter of Futu’s market value in one session.
UP Fintech Holding reported a first-quarter net loss after Chinese regulators imposed about $59.7 million in fines and confiscated income on its units. Revenue rose year on year, and the broker announced a $50 million share buyback plan.
