BankingTech FinTech

Hong Kong: HSBC and Standard Chartered caught between US and China

July 02, 2020 at 07:42PM

As US passes legislation targeting Chinese officials, banks face question of ‘which side their bread is buttered’

HSBC and Standard Chartered risk being caught up in the geopolitical struggle between the US and China after the US House of Representatives passed legislation targeting Chinese officials involved in implementing a national security law in Hong Kong.

Banks who do business with officials involved in the security law could face sanctions, amid concerns the security law could be used to crack down on dissent in Hong Kong. More than 370 people were arrested in Hong Kong on Wednesday after the new powers were introduced.

Continue reading… via Banking | The Guardian

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