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(No.1 High-Tech News Site in Japanese)

  • [Asian Banks Face Y2K] HK Financial Institutions Report High-Level Y2K Compliance
  • October 23, 1998 (HONG KONG) -- About 97 percent of local authorized institutions working with the Hong Kong Monetary Authority (HKMA) are expected to achieve Year 2000 compliance by Dec. 31, 1998 for their critical systems, according to the authority's progress report on Year 2000 software compliance.
    For non-critical systems the figure is about 91 percent, the report said.

    Also, it said that the overall percentage of completion of the Year 2000 work for critical systems is 60 percent, compared with 45 percent at the end of 1997.

    The HKMA is holding discussions with various overseas supervisory authorities on the division of responsibilities in monitoring the Year 2000 progress of institutions in which there are shared interests. These include Hong Kong branches of foreign banks, overseas branches and subsidiaries of banks incorporated in Hong Kong.

    Hong Kong Interbank Clearing Ltd. said that as of September, all mainframe hardware and the design of internal application systems are fully Year 2000-compliant.

    All licensed banks and Central Moneymarket Unit (CMU) users were advised of the Year 2000 compliance test schedule for online systems and most clearing systems. Banks with host application interface (HAI) features also are required to participate in all test sessions.

    The Securities and Futures Commission (SFC) started the Year 2000 project for its own computer systems in 1996. The commission expects that all of its systems will be Year 2000-compliant by the end of 1998.

    The software modification work for the Stock Exchange of Hong Kong is reported to be 100 percent complete. Integration testing involving the automatic order matching system, the traded options system, various external interfacing systems and information vendors was completed in August, according to schedule.

    [Asian Bank Face Y2K] Stories:
    - Vietnam Aims to Protect 55,000 Networked PCs in Finance from Y2K

    - Australian Banks to Spend A$1B on Y2K Bug

    - Thai Banks Say They'll be Ready for Y2K

    - Japan's Finance Industry Draws Measures for Year 2000 Problem

    - Taiwan Financial Industry Makes Headway on Y2K Problem

    - Indonesian Financial Industry Addresses Millennium Bug

    - Korea Looks to U.S. Vendors to Solve Year 2000 Computer Problem

    (Eleanor Yeung, Asia BizTech Hong Kong Editor)

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    Updated: Thu Oct 22 18:17:35 1998 PDT