In a public announcement today, the Hong Kong Monetary Authority (HKMA) has issued a warning to the public in Hong Kong regarding unauthorised banking activities by Topcredit Digital Currency Bank, Inc./ Topcredit International Bank/ Topcredit Technology Co., Ltd./ Topcredit International. The HKMA clarifies that these entities do not possess the necessary authorization under the Banking Ordinance to conduct banking business or accept deposits in Hong Kong. They have not obtained approval to establish a local representative office in Hong Kong.

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HKMA advises individuals to verify the status of any organisation offering bank accounts or soliciting deposits online (© Bitrus coin via Flickr)

Given the global nature of the Internet, the HKMA advises individuals to verify the status of any organisation offering bank accounts or soliciting deposits online. It is reminded to conduct due diligence before transferring funds or providing personal information to such entities.

The public is encouraged to check the list of Authorized Institutions available on HKMA’s official website. Individuals can also check the status of any entity that appears to be soliciting deposits from the public in Hong Kong, or holding itself out as a bank or deposit-taking company in Hong Kong, by emailing the HKMA’s public enquiry service: publicenquiry@hkma.gov.hk

Header image credit: Martin Ng via Flickr

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Growing up between Hong Kong and various other countries, Renee is a hospitality graduate, an adventure enthusiast, with a newfound passion for writing. When she’s not discovering hidden gems and new eats on Instagram, you'll most likely find her sweating at the gym, sipping on fine wine with friends, solving mysteries in crime movies, or jet-setting to new countries.

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