The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) today (December 7) provided an update on the processing of virtual banking applications.
      
     The HKMA announced earlier that around 30 applications had been received as at the end of August 2018.  About one-third of these applicants did not submit sufficient information on certain critical aspects of authorization criteria.  Subsequently, the HKMA has informed these applicants that their applications will not be further processed.
      
     As for the remaining applications, the HKMA will shortlist about one-third of them for the next stage of assessment.  This batch of applicants should be more promising or better-equipped than others in terms of their business models, technology platforms and financial capability, etc., rendering them better positioned to meet the policy objectives of the HKMA in introducing virtual banking.  Such objectives include promoting fintech development, providing new customer experience and promoting financial inclusion (Note).  The HKMA will endeavour to start granting virtual banking licence(s) in the first quarter of 2019.  The HKMA does not set any specific number for virtual banking licences, and the actual number of licences to be granted ultimately will be subject to the HKMA's further assessment and due diligence process.

Note: The HKMA indicated in its press release "Guideline on Authorization of Virtual Banks" on May 30 that priority would be given to applicants demonstrating these strengths, while the relevant policy objectives were also laid down in the Guideline.
 

     Following is the speech by the Secretary for Justice, Ms Teresa Cheng, SC, at the Inauguration Ceremony cum Forum of the International Probono Legal Services Association today (December 7):

Dr Ho (Founder of the International Probono Legal Services Association, Dr Junius Ho), distinguished guests, ladies and gentlemen,

     The Hong Kong Special Administrative Region Government assumes a key role in ensuring that people in Hong Kong have access to justice. Hong Kong has well established and funded legal aid schemes. The Legal Aid Department administers legal aid schemes to ensure that eligible individuals will not be denied access to justice due to a lack of means.

     To complement the legal aid schemes, there is also the Duty Lawyer Service managed by the Law Society of Hong Kong and the Hong Kong Bar Association through a governing council. The schemes under the Duty Lawyer Service are fully subvented by the Government.

     Moreover, the Procedural Advice Scheme under the Administration Wing of the Chief Secretary for Administration's Office provides free advice on court procedures for unrepresented parties to civil proceedings in courts at various levels.

     Thanks to the pro bono services provided by the private sector, we in Hong Kong are able to improve the access to justice and uphold the rule of law.

     Looking around the world, the demand for pro bono services is more dire and complicated when multiple jurisdictions are involved, for example in the context of the Belt and Road Initiative.

     The Belt and Road countries altogether constitute a dynamic region of immense diversity and social change. Socio-economic development leads to increasing public awareness of their legal rights and increasing demand for legal service, whether paid or not.

     As an international legal services centre with a strong commitment to upholding the rule of law, Hong Kong is in an excellent position to contribute to the promotion and development of international pro bono legal services in the Belt and Road countries, whether in the form of professional skills, knowledge and ethics, social capital or technological awareness.

     Great challenges also come with these great opportunities.

     In this regard, I would like to share with you some of my thoughts on the following aspects in the context of the Belt and Road Initiative. First, the type of pro bono work in priority.

     Bearing in mind that one of the areas of connectivity highlighted by the Belt and Road Initiative is people-to-people connectivity, it is expected that there will be more frequent flow of people among countries along the route, fuelled by the flourishing trade and investment. It is not uncommon that some of these people, as migrant workers, travel from developing countries to developed ones where they are taken advantage of by unscrupulous employers and employment agents.

     As one of the possible pro bono services in priority, obtaining legal advice and gaining more understanding on legal rights and legal procedures are necessary to strike a balance between the unequal powers between employers and workers.

     Secondly, I would like to look at the way to deliver the pro bono service. The application of technology is particularly relevant in delivering easily accessible and cost-effective pro bono legal services regardless of geographical limitations. These technologies include online free legal advice and self-help tools to complete legal forms.

     One may also expect that in the near future, pro bono clients and lawyers may match through automated intelligent means, to address the need in a more precise way.

     Lastly, I want to talk about and briefly mention the sustainability of pro bono service in the area. Building capacity of local lawyers is very important in creating a sustainable infrastructure for the local community.

     With a pool of skilled lawyers endeavouring to contribute to the international pro bono landscape, Hong Kong would be a very good source to be tapped. We are able to share our experiences with local lawyers on promotion of human rights and pro bono culture, as well as help familiarise themselves with relevant international laws and treaties, thereby allowing local talents to grow and address the needs of the local communities. Through this exchange, the Hong Kong participants will also be able to learn the legal culture in these other countries.

     The establishment of the International Probono Legal Services Association and today's forum is the first step in building a knowledge exchange platform to work out the solutions on all these challenges.

     I am confident that our legal profession will continue to explore and consider ways and incentives to encourage legal practitioners to provide cross-jurisdictional pro bono legal services.

     The Secretary for the Environment of the Government of the Hong Kong Special Administrative Region (HKSAR), Mr Wong Kam-sing, and the Director-General of the Department of Ecology and Environment of Guangdong Province (GDDEE), Mr Lu Xiulu, today (December 7) co-chaired the 18th meeting of the Hong Kong-Guangdong Joint Working Group on Sustainable Development and Environmental Protection (JWGSDEP) in Guangzhou. The meeting reviewed the 2018 progress of environmental collaboration between the two sides. Both sides agreed that the implementation of the Guangdong-Hong Kong-Macao Greater Bay Area as a national strategy has provided new opportunities for Hong Kong-Guangdong environmental co-operation. The JWGSDEP also agreed on a work plan for 2019.

     Reviewing the work of the past year, the JWGSDEP noted that there had been smooth progress in environmental work on various fronts including improving the air quality in the Pearl River Delta (PRD) region and protecting the water environment, as well as enhancing co-operation in forestry and marine resources conservation (as detailed in Annex 1).

     On improving air quality, under the PRD Regional Air Quality Management Plan, Hong Kong and Guangdong are implementing various measures and monitoring their progress and effectiveness in meeting the emission reduction targets for 2020. Both sides agreed to include the monitoring of volatile organic compounds (VOCs) in the PRD Regional Air Quality Monitoring Network and have started the preparatory work. Hong Kong and Guangdong also agreed to establish a joint scientific research group and launch a study on post-2020 regional air pollutant emission reduction targets and concentration levels (the Study), as well as to enhance collaboration on air quality forecasting work.

     On the management of the marine environment, Hong Kong launched a trial of the notification and alert system on marine refuse in May 2017. A computer system is employed to monitor the rainfall data for Hong Kong and 13 cities of Guangdong Province in the Pearl River catchment so as to issue alerts on potentially massive amounts of marine refuse in regional waters and notify the relevant departments to take follow-up actions accordingly. Since the start of the notification mechanism, it has been activated 15 times with notifications issued in response to heavy rainfall, flooding and other major environmental incidents. Both sides will continue to enhance communication and co-operation in tackling major cross-boundary marine environmental incidents.

     The JWGSDEP also endorsed the work plan for 2019 (as detailed in Annex 2) and agreed to prioritise ecological and environmental protection in the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and will continue to further collaborate in environmental protection and environmental management.

     In addition to formulating the post-2020 regional air pollutant emission measures and targets, and predicting the air quality levels through the Study, Hong Kong and Guangdong will include VOCs in their routine monitoring to step up regional ozone control. Both sides will strengthen collaboration on air quality forecasting for improving the forecasting capability of the PRD region. Both sides will also jointly explore measures to tackle marine refuse and manage marine environmental incidents.

     Regarding the ecological environment, Hong Kong and Guangdong will foster exchanges and enhance collaboration in the development, management, conservation, staff training, publicity and education of nature reserves including forests and wetlands. The work plan also includes co-operation on aspects such as PRD water quality protection, regional environmental management of Mirs Bay and Deep Bay (Shenzhen Bay), as well as Dongjiang water quality protection.

     Officials of the HKSAR Government attending today's meeting included representatives of the Environment Bureau, the Development Bureau, the Environmental Protection Department, the Water Supplies Department and the Agriculture, Fisheries and Conservation Department. Officials of the Guangdong side included representatives of the GDDEE, the Development and Reform Commission of Guangdong Province, the Department of Housing and Urban-Rural Development of Guangdong Province, the Department of Agriculture and Rural Affairs of Guangdong Province, the Water Resources Department of Guangdong Province, the Forestry Bureau of Guangdong Province, the Guangdong Meteorological Bureau, the Hong Kong and Macao Affairs Office of Guangdong Province, the Guangdong Maritime Safety Administration, the Human Settlements and Environment Commission of Shenzhen Municipality, and the Zhuhai Environmental Protection Bureau. The JWGSDEP mainly discusses and exchanges views on matters relating to environmental quality, natural resources, ecological environment and sustainable development of the two sides. Seven special panels have been set up under the JWGSDEP to take forward the implementation of the various co-operation initiatives.

      

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (December 7) that the official foreign currency reserve assets of Hong Kong amounted to US$423.2 billion as at the end of November 2018 (end-October 2018: US$423.2 billion) (Annex).

     Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of November 2018 amounted to US$416.0 billion (end-October 2018: US$415.6 billion).

     The total foreign currency reserve assets of US$423.2 billion represent about seven times the currency in circulation or 45% of Hong Kong dollar M3.
 
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     At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of December 2018, the scheduled dates for issuing the press releases are as follows:
 

Attention TV/radio announcers:

Please broadcast the following as soon as possible and repeat it at regular intervals:

     Here is an item of interest to swimmers.

     The Leisure and Cultural Services Department announced today (December 7) that Tuen Mun Swimming Pool in Tuen Mun District has been temporarily closed for cleaning and superchlorination following the discovery of a small amount of vomit in the pool.

     It will be reopened at 6.30am tomorrow (December 8).

     The department appeals to swimmers to be considerate and to keep the swimming pools clean. They are advised not to swim after a full meal and should use the toilet facilities if necessary before swimming.