HKMA Issues Alert on Unauthorized Saqs Investment Website

The Hong Kong Monetary Authority (HKMA) has issued a public alert concerning Saqs Investment, which is operating without proper authorization in Hong Kong, according to the HKMA. The financial regulator has emphasized that Saqs Investment, as mentioned on its website, www.saqsinvestment.com, lacks the necessary approval from the Monetary Authority (MA) under the Banking Ordinance to conduct banking activities or take deposits within the region.

Unauthorized Operations

Saqs Investment has also not been granted permission to establish a local representative office in Hong Kong, as required by the Ordinance. The HKMA's warning highlights the importance of verifying the legitimacy of financial entities, especially those operating online, before engaging in any transactions or sharing personal information.

Global Implications

The HKMA stresses the global nature of the internet and the risks it poses when entities without proper authorization use it to solicit deposits or offer banking services. As such, the public is urged to exercise caution and ensure that any organization they deal with is duly authorized.

Verification Measures

To aid the public, the HKMA provides a list of authorized institutions on its official website. Individuals can verify the status of any entity that appears to be soliciting deposits or presenting itself as a bank in Hong Kong by consulting the HKMA's resources or reaching out via their public enquiry service.

For more information, the public can visit the HKMA website.