Posts From Fintech News Hong Kong

China’s New Fintech Strategy Includes a “Chinese Version” of Regulatory Sandboxes

China’s central bank, the People’s Bank of China (PBoC) has revealed at the 4th Global Fintech (Beijing Summit) that it is currently drafting new policies for China’s fintech sector. This new plan, will include regulatory sandboxes for at least 10

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At Long Last, iPhone Users Will Soon be Able to Use Their Phones Instead of The Octopus Card

Octopus cards will soon be usable virtually via an iPhone, according to the city’s e-payments giant. With the iPhone’s Apple Pay, Octopus users would be able to use their phones to pay for travel, or other purchases, or even their

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Fintech is Hong Kong’s Strongest Innovation Sector, Study Concludes

KPMG and Alibaba Entrepreneurs Funds’ joint report has made it official—fintech is ranked as Hong Kong’s strongest innovation sector, beating out segments like smart city, artificial intelligence, e-commerce, big data, and many others. The conclusion was found when entrepreneurs and

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Fintech Infographic of the Week: Ethical AI

Artificial intelligence (AI) is set to play a key role in the future of financial services and more broadly in what UBS and the World Economic Forum refer to as the “Fourth Industrial Revolution.” The global economy is on the

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A Look into South Korea’s Booming E-Wallet Scene

South Koreans are increasingly going cashless as more people turn to e-wallets in South Korea for both online and offline purchases. Figures can attest of the rapidly growing trend with 2.12 million won (US$1,800) worth of mobile payment transactions being

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WeLab Eyes to Launch Virtual Bank by This Year

It’s been several months now since the Hong Kong Monetary Authority (HKMA) announced the 8 licensees granted approval to operate a virtual bank in Hong Kong. Since then all the players were clamoring for talent and racing to launch their

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Hong Kong’s Central Bank is Now Working with France to Cultivate Fintech Innovation

The Hong Kong Monetary Authority (HKMA) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s central bank, entered into a Memorandum of Understanding (MoU) on 5 July 2019 to help each other grow their fintech. Under the MoU, the HKMA

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Sony and Daiwa Want Their Newly Launched Startup Fund to Hit 20 Bil Yen

Sony and Daiwa Capital announced the establishment of Innovation Growth Ventures (IGV), a joint venture company created to establish a joint investment fund. IGV has recently completed the first Limited Partner commitment for its Innovation Growth Fund, set up for

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Ping An’s Operations Across The Board Will Be Powered by AI and Blockchain

Chinese conglomerate Ping An Insurance is applying blockchain-driven smart contracts across the full range of its operations—banking, securities, fund and property subsidiaries. A report by Sina that was translated by China Banking News said that all eight of Ping An’s subsidiaries are

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News Summary: Facebook’s Libra Crypto Project Sparks Fear and Criticism

Last week, Facebook unveiled plans for a new cryptocurrency called Libra. Set to launch as early as 2020, Libra will be a stablecoin fully backed by a reserve of real assets. The goal, it says, is to avoid high fluctuations

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