Fintech Hong Kong http://fintechnews.hk - FintechNewsHK Tue, 22 May 2018 05:28:23 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.5 Government Efforts Push Fintech Innovation In Guangzhou http://fintechnews.hk/5252/various/fintech-in-guangzhou-innovation/ http://fintechnews.hk/5252/various/fintech-in-guangzhou-innovation/#respond Tue, 22 May 2018 05:28:23 +0000 http://fintechnews.hk/?p=5252 China is undeniably the world leader in fintech, hosting some of the most innovative and successful companies in the sector, including Alibaba’s Ant Financial worth a whopping US$150 billion and

The post Government Efforts Push Fintech Innovation In Guangzhou appeared first on Fintech Hong Kong.

]]>
China is undeniably the world leader in fintech, hosting some of the most innovative and successful companies in the sector, including Alibaba’s Ant Financial worth a whopping US$150 billion and Lufax, China’s largest online wealth management platform worth an estimated US$60 billion.

The success of China’s fintech industry can be attributed to the government’s efforts to cultivate the country’s knowledge economy. Cities such as Beijing, Shanghai, Guangzhou, and Shenzhen have attracted and retained talent in the financial services and technology sectors and now, unsurprisingly, house some of the country’s biggest fintech companies.

 

Guangdong, a tech center

Image by Mmaxer via Shutterstock.com

Guangdong has been a hotbed for tech innovation, supported by the city’s large pool of tech talents, and local authorities’ willingness to adopt digital solutions.

Guangdong is home to nearly 70% of the universities and high-tech talents, 97% of the state-level key disciplines and all state-level key labs of the Guangdong province, providing the city with all the needed innovative resources.

In recent years, Guangdong has followed the national strategy of innovation-driven growth to facilitate the cooperation between research and industries, and is now looking to become a state-level innovative city and international high-tech innovation hub.

Among the most notable initiatives undertaken by public authorities, the WeChat digital identity pilot program announced in December 2017 is arguably one of the most noteworthy. The program began late last year to allow participants from Guangzhou’s Nansha district to use their WeChat identity in place of a government-issued ID for use for online and offline government services and other areas requiring authentication such as hotel registration and ticketing.

The goal was to eventually cover to whole of Guangzhou, before expanding the platform to other regions of the country throughout 2018.

 

Fintech in Guangzhou

Fintech concept, Tech In Asia, Flickr

Guangzhou’s advanced technology industry and the city’s developed financial center have made it a fertile ground for fintech companies and innovation.

According to Qiu Yitong, director of the Guangzhou Finance Bureau, Guangzhou has been at the forefront of commercial innovation and foreign trade for centuries, and today, there is no city better placed than Guangzhou to become the world’s leading fintech center.

In recent years, finance in Guangzhou has adhered to the path of reform and innovation. The city has launched four national financial reform and innovation pilots, including the PRD Financial Reform and Innovation Pilot, and the Guangzhou Green Finance Reform and Innovation Pilot. This makes Guangzhou the Chinese city with the greatest number of regional financial reform and innovation pilots.

Currently, Guangzhou is building a high-tech financial service system that includes a high-tech investment platform, lending platform and capital market financing platform. It started a lending risk compensation fund pool with an initial investment of 400 million CNY to support technology SMEs.

Among the initiatives being undertaken and areas of focus, Yitong cited:

Fintech hubs and regulatory sandbox: the city is looking to create special fintech support policies and development plans, build finance and tech focused hubs, and improve systems to attract large financial institutions to set up fintech innovation centers in Guangzhou and test out the regulatory sandbox.

Supply-chain finance innovation

Cross-border finance innovation

Green finance innovation: Guangzhou has received approval from the State Council of the People’s Republic of China to build pilot zones for green finance innovation. Guangzhou is currently the only green finance pilot zone in the four ‘first-tier’ cities in China – Beijing, Shanghai, Shenzhen and Guangzhou.

Finance innovation in the Guangdong–Hong Kong–Macao Greater Bay Area: strengthening financial exchanges and enabling cooperation in the area of fintech innovation between Guangzhou, Hong Kong and Macao.

Belt and Road Initiative (BRI) finance innovation: BRI is a development strategy proposed by the Chinese government that focuses on connectivity and cooperation between Eurasian countries, primarily China, the land-based Silk Road Economic Belt (SREB) and the ocean-going Maritime Silk Road (MSR). Guangzhou has committed to introduce funds from countries and regions along the route to participate in setting up an industrial investment fund across its districts. Guangzhou will also explore the establishment of a cross-border financial assets trading platform through private equity to carry out the issuance and transfer transactions of financial securities products such as stocks, funds and bonds in Hong Kong, Macao and the countries along the Maritime Silk Road.

 

Featured image: Guangzhou, Wikipedia.

The post Government Efforts Push Fintech Innovation In Guangzhou appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5252/various/fintech-in-guangzhou-innovation/feed/ 0
Video Sharing Platform Verasity Prepares for Crowdsale with Record Growth Momentum http://fintechnews.hk/5243/blockchain/video-sharing-platform-verasity-prepares-for-crowdsale-with-record-growth-momentum/ http://fintechnews.hk/5243/blockchain/video-sharing-platform-verasity-prepares-for-crowdsale-with-record-growth-momentum/#respond Sat, 19 May 2018 02:02:31 +0000 http://fintechnews.hk/?p=5243 Verasity, the video-sharing platform enhanced with blockchain technology that rewards viewers for watching and sharing videos, has benefitted from pre-sale growth in both membership and community traction. The company’s momentum

The post Video Sharing Platform Verasity Prepares for Crowdsale with Record Growth Momentum appeared first on Fintech Hong Kong.

]]>
Verasity, the video-sharing platform enhanced with blockchain technology that rewards viewers for watching and sharing videos, has benefitted from pre-sale growth in both membership and community traction.

The company’s momentum reflects the growing need for direct and transparent relationship between viewers, content creators and advertisers.

The business has seen a huge growth in its global community over the past month, beating all previous expectations, including:

– 10,000 members on Verasity’s token sale Whitelist

– Commitments of over $26m received ahead of opening the Public Sale

– Overall community size has grown to over 300,000 in just 6 weeks

– Telegram community now one of the largest crypto community groups with over 40k people.

Verasity’s rapidly growing community is due to the appeal of the solutions they are solving for content creators, viewers and advertisers. All players in the video content ecosystem continue to benefit from their overall vision.

“Verasity’s priority is to ensure a strong and committed community,”

said Adam Simmons, Co-founder of Verasity. “To reflect the amount of positive feedback and support from our global community, we want to ensure that as many people as possible are able to participate in the token sale.”

Verasity’s public crowdsale of its unique cryptocurrency VERA will commence on Monday 21st May at 3pm UTC. Fifty percent (6,245,750,000) of all possible VERA tokens will be sold during the public sale period time.

Verasity is a next-generation video sharing platform. Verasity will provide accurate and secure metrics with every view through their patent pending Proof-of-View (POV™) blockchain technology. Proof-of-View (POV™) prevents fake views, stops bots and fraudulent activity.

This establishes a new direct value exchange between content creators, viewers and advertisers. Viewers can then choose to pay content owners to watch their content or they can choose to watch the advertisements to earn VERA

For more information, visit https://verasity.io/, follow @verasitytech on Twitter or join Verasity on Telegram here: https://t.me/verasitychat

 

 

Disclaimer: this is an article written by Verasity, Fintechnews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintechnews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Please note this is no investment advice.

The post Video Sharing Platform Verasity Prepares for Crowdsale with Record Growth Momentum appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5243/blockchain/video-sharing-platform-verasity-prepares-for-crowdsale-with-record-growth-momentum/feed/ 0
Cyberport At The Forefront Of Hong Kong’s Fintech Revolution http://fintechnews.hk/5232/various/cyberport-at-the-forefront-of-hong-kongs-fintech-revolution/ http://fintechnews.hk/5232/various/cyberport-at-the-forefront-of-hong-kongs-fintech-revolution/#respond Fri, 18 May 2018 14:43:25 +0000 http://fintechnews.hk/?p=5232 Cyberport, which houses the largest fintech community in Hong Kong, has been at the forefront of the fintech revolution as the organization works towards developing the local digital technology industry

The post Cyberport At The Forefront Of Hong Kong’s Fintech Revolution appeared first on Fintech Hong Kong.

]]>
Cyberport, which houses the largest fintech community in Hong Kong, has been at the forefront of the fintech revolution as the organization works towards developing the local digital technology industry and turn Hong Kong into a “smart city.”

Cyberport Business Park, Wikipedia

Claiming a digital community of 1,000 companies, Cyberport is a business park in Hong Kong consisting of four office buildings, a hotel, and a retail entertainment complex. It describes itself as a “creative digital community” with a cluster of technology and digital tenants.

Owned and managed by Hong Kong Cyberport Management Company Limited which is wholly owned by the Hong Kong SAR Government, Cyberport was established with the mission of fostering tech and digital innovation.

In addition to nurturing youth, startups and entrepreneurs through financial support and dedicated programs, Cyberport acts as an international platform connecting startups to strategic partners and investors with a goal of driving collaboration between startups and local and international business partners.

 

Cyberport programs

Cyberport focuses on several key clusters of digital tech, namely fintech, e-commerce, Internet-of-Things (IoT) and wearables, and Big Data and artificial intelligence (AI) – areas meticulously chosen based on their utility in Hong Kong’s quest into becoming a smart city.

Cyberport provides several startup and business programs and funds, including:

The Cyberport Creative Micro Fund sponsors high potential digital tech startup projects and business ideas with a HK$100,000 grant. Participants use the grant over six months to produce proof of concepts and prototypes.

The Cyberport Incubation Programme supports entrepreneurs and startups with resources that aim to accelerate their growth. In addition to a range of business and professional services, incubatees get up to HK$330,000 support over 24 months.

The Cyberport Accelerator Support Programme prepares Cyberport incubatees and alumni for international markets and investors, providing up to HK$300,000 financial assistance to each successful applicant.

The Cyberport Macro Fund is an investment fund which targets to co-invest with other private and public investors in Cyberport digital entrepreneurs. It provides seed to Series A stage funding to assist them to accelerate.

Cyberport was recently granted a HK$200 million cash injection from the government to further support startups and promote the development of the digital technology ecosystem. The announcement was made on February 28, in Hong Kong’s financial secretary Paul Chan annual budget speech.

 

The Cyberport fintech community

In the fintech space, Cyberport claims to house a community of 250 companies, 21% of which are involved in financial software and services, 15% in financial research and data, 13% in personal finance, and 12% in payments, digital currency, remittance and digital wallet. Other segments such as blockchain and cryptocurrency, crowdfunding and alternative lending, institutional investments, insurtech, and cybersecurity are also represented.

Cyberport’s most notable fintech startups and ventures include TNG Fintech Group, the leading digital wallet services provider in Hong Kong, Kristal.AI, an artificial intelligence-powered digital asset management platform, but also wealthtech specialist Prive Managers, remittance platform InstaReM, insurtech company Galileo Platforms, and regtech startup KYC-Chain.

Prive Managers provides an award-winning software solution for the wealth management industry. The integrated and comprehensive wealth and asset management platform is powered by a proprietary bionic advisory engine and covers a full spectrum of wealth advisory services for clients, including leads generation.

KYC-Chain is an innovative startup that uses blockchain technology and biometrics to provide B2B identity and compliance services. The KYC-Chain platform streamlines onboarding processes and provide consensus on identity. Users have complete control over their data as well as full consent over where their data and who their data is shared with.

Valoot is a payment startup that has developed a payment system over Alipay and WeChat Pay, allowing for easy taxi payments. The company is currently only providing payment solutions for taxi drivers but is also developing a booking app for taxis.

Valoot also offers Octopus card-linked stickers so that users can stick them on their phones and use them in Hong Kong’s Mass Transit Railway (MTR) public transport service.

Cyberport Fintech Ecosystem

The post Cyberport At The Forefront Of Hong Kong’s Fintech Revolution appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5232/various/cyberport-at-the-forefront-of-hong-kongs-fintech-revolution/feed/ 0
10 Interesting Blockchain Projects in Hong Kong http://fintechnews.hk/5198/blockchain/interesting-blockchain-projects-in-hong-kong/ http://fintechnews.hk/5198/blockchain/interesting-blockchain-projects-in-hong-kong/#respond Fri, 18 May 2018 07:10:51 +0000 http://fintechnews.hk/?p=5198 Blockchain has been an important topic for fintech development in Hong Kong. As a global financial hub, it is no surprise investors flock to Hong Kong for ICOs and cryptocurrency

The post 10 Interesting Blockchain Projects in Hong Kong appeared first on Fintech Hong Kong.

]]>
Blockchain has been an important topic for fintech development in Hong Kong. As a global financial hub, it is no surprise investors flock to Hong Kong for ICOs and cryptocurrency trading.

However, blockchain startups in Hong Kong do not just focus on fintech, but also other industries such as real estate, transportation, administration, etc.

The following are 10 interesting up-and-coming blockchain startups and projects in Hong Kong:

CryptoBLK

crypto blk

CryptoBLK focuses on building, deploying, and operating DLT solutions and systems for various financial services domains. Their successful cases include Topaz, a Proptech platform for property valuation data, MIDAS, an Insuretech solution, and Corda Benchmark, a performance test system.

The DLTapp-as-a-Service (DaaS) platform developed and operated by CryptoBLK supports multiple DLT applications. CryptoBLK provides services to support customized application development and launch collaboratively on the DaaS platform.

BlueMeg

Bluemeg blockchain startup

BlueMeg is an independent international corporate services provider, bridging the gap between tailored quality services and the new digital era.

BlueMeg’s dashboard is integrated with blockchain technology to help companies manage documents and processes. The use of smart contracts allows for an entirely new degree of trust and automation, transforming complex traditional processes into fail-safe, efficient and straightforward steps.

Gatecoin

gatecoin

Gatecoin is one of the few well-rounded blockchain platforms in the market that allows users to initiate in bitcoin trading and avail merchant-related financial services based on the bitcoin blockchain network.

The bitcoin trading service of Gatecoin, which is still remains as the core operation of the company, is fully compliant with current financial regulations of Asian countries and several European countries, making the exchange a safe and reliant regulated exchange for traders to utilize.

OK Link

oklink

OK Link is a blockchain-based payments and infrastructure platform which enables users within the network to initiate low cost financial transfers and asset settlement with robust internal infrastructure.

The clientele of OK Link, which is primarily composed of banks, remittance companies, and financial technology service providers, can use the network to create cross-border and cross-network transactions and transfers which dramatically improves security, cost, speed, and transparency of global transactions and settlements.

ANXPRO

anx-international

ANXPRO is an advanced trading platform designed for experienced digital assets traders and specializes in Altcoins, Algos and Performance. ANXPRO allows users to trade Bitcoins , Ether, and other major altcoins with multiple fiat currencies. It also provides ANX Vault, an all-in-one mobile wallet to manage cryptocurrencies.

In 2018, ANXPro is planned to launch a debit card solutions. Users will be able to use the card to transfer bitcoins, make purchases, and withdraw cash.

UTI Blockchain

UBI

Universal Blockchain Internet is headquartered in Hong Kong and operated in Shenzhen, New York, and London. The company develops blockchain technology, internet of things (IoT), and biomedical technology to track the authenticity of pharmaceuticals.

UBI Blockchain is listed on OTCQB, and has become one of the most valuable publicly traded companies in the blockchain industry. In 2017, UBI Blockchain’s stock surged as much as 1,000%, valuing at US$1.2 billion.

Bitspark

bitspark

BitSpark is one of the few blockchain platforms that have maintained its strong partnership with national banking institutions in the Philippines, Indonesia and Vietnam, enabling users to access its services through major banks such as BDO, BPI, LBC, Indonesia’s BTN, and Vietnam’s Vietin Bank.

BitSpark originally debuted the platform as a money transfer blockchain-based application in 2014, and later on expanded its services. Bitspark is now known as a blockchain remittance firm for end-to-end, cross-border payment services in Hong Kong, the Philippines, Indonesia and Australia

In May 2018, Bitspark co-founder George Harrap revealed that the company has abandoned bitcoin and switched to BitShares, which can be used to issue cryptocurrencies with value pegged to a fiat currency

Moveco

Moveco

Moveco hopes to use blockchain technology to build a data ecosystem, tap valuable data for different companies, and promote the development of smart cities. The company plans to collect and share different mobility data.

Users can choose to insert the device in the car to provide more in-depth driving data. Because it will be stored via blockchain, it can be decentralized without fear of hacking, and users will share data anonymously without exposing privacy.

Moveco’s users can obtain “MOV” tokens by sharing data and exchange tokens for different gifts. He said that at present it has negotiated with many merchants, so that users have scenes using tokens. At the same time, the company will contact insurance companies and car manufacturers to use the collected data in the form of partners

Moveco raised funding for Cove from InMotion Ventures (Jaguar Land Rover’s investment arm) in 2017, and has been supported by Invest Hong Kong.

Likecoin

LikeCoin is a blockchain protocol for independent content creators, which provides a mechanism for creators worldwide to be rewarded for their original or derivative work. With a reinvented “Like” button and “LikeRank” algorithm, LikeCoin traces content footprint and rewards creators, enabling attribution and cross-application collaboration on creative content.

“LikeCoin mainly targets Slash, Freelancer, and citizen journalists. If they can earn a decent income with their creations, they can focus on creating and have more outstanding works,”

said Kin Ko, co-founder of LikeCoin. Initially readers don’t need to pay a penny to “Like” creators. The creator can convert LikeCoin of the account into other cryptocurrencies or even legal currencies. After 10 years, the new supply of LikeCoin will be gradually reduced, readers need to buy to play creators.

The ICO goal of LikeCoin is to raise 12,600 Ether coins. The ICO started on May 7, 2018 and ends on May 21, 2018. As of May 17, 2018, LikeCoin has raised 73,500 Ethers.

TrustME

trustME

TrustME is the first a public blockchain business platform in Hong Kong, developed by MoneySQ, a P2P lending platform, with Microsoft and the Hong Kong Applied Science and Technology Research Institute (ASTRI).

Utilizing blockchain technology, TrustME is the first to provide source tracking and smart contracts for industries such as real estates, mortgages, and wine business.

TrustME was officially launched in February 2018. Their goal is to attract 20% of SMEs in Hong Kong to join the platform in the coming year, and their vision is to help SMEs advance ahead of technology and promote the development of smart cities in Hong Kong.

 

Featured image via Pixabay

The post 10 Interesting Blockchain Projects in Hong Kong appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5198/blockchain/interesting-blockchain-projects-in-hong-kong/feed/ 0
Gartner Survey Reveals the Scarcity of Current Blockchain Deployments http://fintechnews.hk/5107/blockchain/gartner-survey-reveals-the-scarcity-of-current-blockchain-deployments/ http://fintechnews.hk/5107/blockchain/gartner-survey-reveals-the-scarcity-of-current-blockchain-deployments/#respond Fri, 18 May 2018 04:56:13 +0000 http://fintechnews.hk/?p=5107 Only 1 percent of CIOs indicated any kind of blockchain adoption within their organizations, and only eight percent of CIOs were in short-term planning or active experimentation with blockchain, according to Gartner’s 2018

The post Gartner Survey Reveals the Scarcity of Current Blockchain Deployments appeared first on Fintech Hong Kong.

]]>
Only 1 percent of CIOs indicated any kind of blockchain adoption within their organizations, and only eight percent of CIOs were in short-term planning or active experimentation with blockchain, according to Gartner’s 2018 CIO Survey.

Furthermore, 77percentt of CIOs surveyed said their organization has no interest in the technology and/or no action planned to investigate or develop it (Figure 1).

“This year’s Gartner CIO Survey provides factual evidence about the massively hyped state of blockchain adoption and deployment,”

said David Furlonger, vice president and Gartner Fellow.

“It is critical to understand what blockchain is and what it is capable of today, compared to how it will transform companies, industries and society tomorrow.”

Mr. Furlonger added that rushing into blockchain deployments could lead organizations to significant problems of failed innovation, wasted investment, rash decisions and even rejection of a game-changing technology.

Blockchain Adoption, Worldwide

Source: Gartner (May 2018)

The rocky road to blockchain

Among 293 CIOs of organizations that are in short-term planning or have already invested in blockchain initiatives, 23 percent of CIOs said that blockchain requires the newest skills to implement of any technology area, while 18 percent said that blockchain skills are the most difficult to find. A further 14 percent indicated that blockchain requires the greatest change in the culture of the IT department, and 13 percent believed that the structure of the IT department had to change in order to implement blockchain.

David Furlonger

David Furlonger

“The challenge for CIOs is not just finding and retaining qualified engineers, but finding enough to accommodate growth in resources as blockchain developments grow,”

said Mr. Furlonger.

“Qualified engineers may be cautious due to the historically libertarian and maverick nature of the blockchain developer community.”

CIOs also recognized that blockchain implementation will change the operating and business model of the organizations, and they indicated a challenge in being ready and able to accommodate this requirement.

“Blockchain technology requires an understanding of, at a fundamental level, aspects of security, law, value exchange, decentralized governance, process and commercial architectures,”

said Mr. Furlonger.

“It therefore implies that traditional lines of business and organization silos can no longer operate under their historical structures.”

Financial services and insurance companies lead the way

From an industry perspective, CIOs from telecom, insurance and financial services indicated being more actively involved in blockchain planning and experimentation than CIOs from other industries.

While financial services and insurance companies are at the forefront of this activity, the transportation,  government and utilities sectors are now becoming more engaged due to the heavy focus on process efficiency, supply chain and logistics opportunities. For telecom companies, interest lies in a desire to “own the infrastructure wires” and grasp the consumer payment opportunity.

“Blockchain continues its journey on the Gartner Hype Cycle at the Peak of Inflated Expectations. How quickly different industry players navigate the Trough of Disillusionment will be as much about the psychological acceptance of the innovations that blockchain brings as the technology itself,”

said Mr. Furlonger.

Business, governance and operating models, and designed and implemented predigital business will take time to re-engineer. This is because of the ramifications blockchain has concerning control and economics.

“While many industries indicate an initial interest in blockchain initiatives, it remains to be seen whether they will accept decentralized, distributed, tokenized networks, or stall as they try to introduce blockchain into legacy value streams and systems,”

Mr. Furlonger concluded.

Gartner clients can learn more in the report “Blockchain Status 2018: Market Adoption Reality.” This research is part of the Gartner Special Report “Blockchain-based Transformation.”  This collection of researchhighlights the scope of blockchain’s transformation, how it impacts various industries, and the current state and evolution of these technologies.

The post Gartner Survey Reveals the Scarcity of Current Blockchain Deployments appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5107/blockchain/gartner-survey-reveals-the-scarcity-of-current-blockchain-deployments/feed/ 0
HSBC Launches Facial-Recognition Banking for Corporate Customers http://fintechnews.hk/5157/various/hsbc-launches-facial-recognition-banking-for-corporate-customers/ http://fintechnews.hk/5157/various/hsbc-launches-facial-recognition-banking-for-corporate-customers/#respond Fri, 18 May 2018 04:55:23 +0000 http://fintechnews.hk/?p=5157 HSBC Holdings has become one of the first banks in the world to let corporate customers access mobile banking using facial-recognition technology, speeding up the log-in process and increasing account

The post HSBC Launches Facial-Recognition Banking for Corporate Customers appeared first on Fintech Hong Kong.

]]>
HSBC Holdings has become one of the first banks in the world to let corporate customers access mobile banking using facial-recognition technology, speeding up the log-in process and increasing account security.

Clients can now use Face ID in 24 countries to log into the bank’s award-winning HSBCnet mobile app, which already offers Touch ID log-in. The new functionality speeds up log-in times to less than a second.

HSBC self-ID

HSBC is already one of the world’s biggest users of biometric technology for financial services. Customers can use ‘Touch ID’ fingerprint-recognition, voice recognition and ‘Selfie ID’, to log-in with a photo.

HSBC’s Global Head of Liquidity and Cash Management, Diane S. Reyes, says the introduction of Face ID means business customers can now enjoy even faster and more secure access to mobile banking.

“Customers are benefitting from both the convenience of HSBCnet Mobile and the highest level of security with the introduction of Face ID,”

she says.

“HSBCnet Mobile use has grown by 60 percent in the last year alone, with an equivalent growth in value. With single amounts of up to USD1 billion authorised on the app, we know our customers will appreciate the additional security and ease Face ID allows.”

Face ID technology works by recognising facial features, analysing over 30,000 reference points to create a ‘depth map’ of the face. HSBC’s Face ID log-on connects the bank’s mobile application programming interface (API) securely to the phone’s software to authenticate the user – with less than a one-in-a-million chance of mistaken identity.

HSBC incorporated Face ID as part of its ‘Digital Transformation for Corporates’ (DTC) programme, which is designed to build and develop a customer-centric digital banking experience.

Niall Cameron

Niall Cameron

“We are pioneering this technology within the financial services sector for businesses and corporates,”

says Niall Cameron, HSBC’s Global Head of Corporate and Institutional Digital.

“Our unparalleled global digital footprint allows us to deploy new technology like this quickly and at scale to make a real difference to our customers.”

The first smartphone model to support Face ID is Apple’s iPhone X. Almost a fifth of current HSBCnet Mobile customers on Apple phones are already using it. The bank’s Touch ID option will remain available on smartphones that can scan fingerprints.

 

Featured image via hsbc.com

The post HSBC Launches Facial-Recognition Banking for Corporate Customers appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5157/various/hsbc-launches-facial-recognition-banking-for-corporate-customers/feed/ 0
Monaco Launches Wallet App to Bring Cryptocurrency to Every Wallet http://fintechnews.hk/5189/blockchain/monaco-launches-wallet-app-to-bring-cryptocurrency-to-every-wallet/ http://fintechnews.hk/5189/blockchain/monaco-launches-wallet-app-to-bring-cryptocurrency-to-every-wallet/#respond Thu, 17 May 2018 10:30:09 +0000 http://fintechnews.hk/?p=5189 Monaco, a HK based cryptocurrency platform, announced that it has added the Monaco Wallet App to the existing app that offers the Monaco Visa Card reservation function on the Google

The post Monaco Launches Wallet App to Bring Cryptocurrency to Every Wallet appeared first on Fintech Hong Kong.

]]>
Monaco, a HK based cryptocurrency platform, announced that it has added the Monaco Wallet App to the existing app that offers the Monaco Visa Card reservation function on the Google Play Store with approval on the Apple App Store expected shortly.

The app, now in open beta, was designed for consumers seeking a streamlined, secure approach to buying, exchanging, and sending cryptocurrency. The app combines the convenience of traditional personal financial tools and simplifies the oftentimes complicated cryptocurrency transaction processes in pursuit of Monaco’s vision of Cryptocurrency in Every Wallet.™

Android_Monaco Launches Wallet App to Bring Cryptocurrency to Every Wallet

Monaco Visa Card and Wallet App now available on Google Play Store (iOS version to follow)

App users will receive real-time updates on the broader cryptocurrency world, and build their cryptocurrency knowledge with the following features:

  • Cryptocurrency Wallet:Purchase, hold, send, and exchange multiple cryptocurrencies, including Monaco’s token (MCO), bitcoin (BTC), ether (ETH), and Binance Coin (BNB).
  • Lockup of MCO Token: Purchase or deposit the required MCO tokens to begin the six-month holding period required to receive a Monaco Visa Card with no annual fees.
  • Track Coins:Monitor the pulse of the cryptocurrency world with real-time data for over 200 cryptocurrencies including prices, performance, volume, market capitalization and charting.
  • Monaco University:Develop industry knowledge with bite-sized cryptocurrency lessons, many with videos, and reference the detailed glossary with key terms while on the go.
  • Instant Customer Support: Receive assistance from a real person with in-app chat support.

Kris Marszalek, Co-Founder and CEO of Monaco said,

Kris Marszalek“We are excited to launch our mobile app and introduce cryptocurrency to the spending practices of the everyday consumer. The app enables users to focus on making the best financial decisions for them rather than endlessly studying the confusing mechanics that frequently accompany cryptocurrency products and exchanges.”

He added,

“This app is just the beginning of Monaco’s vision to bring cryptocurrency to everyone by simplifying processes with a beautifully designed user interface and ultra-functional features missing from the current industry landscape. Watch out for more products in the pipeline that will change and define the way we spend and invest.”

Once the Monaco Visa Card is available in their respective market, users will be able to manage their card spending in seven local fiat currencies, receive real-time transaction information, track their exchange and ATM usages, enable overseas usage and even freeze their Monaco Visa Card with a single tap.

By designing an intuitive platform that consolidates functions that are currently scattered across the internet from multiple providers, Monaco welcomes both the cryptocurrency beginner and experienced veteran to make their own personal financial management system more efficient.

Other upcoming products in Monaco’s roadmap that will be integrated directly into the Monaco Wallet App include Monaco Auto Invest, a cryptocurrency investment robo-advisory service, and Monaco Credit, offering users the ability to deposit cryptocurrency and receive credit to spend.

The post Monaco Launches Wallet App to Bring Cryptocurrency to Every Wallet appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5189/blockchain/monaco-launches-wallet-app-to-bring-cryptocurrency-to-every-wallet/feed/ 0
Alibabacoin Will Soon Launch The Highly Secure Multi Cryptocurrency HD Wallet http://fintechnews.hk/5184/blockchain/alibabacoin-will-soon-launch-the-highly-secure-multi-cryptocurrency-hd-wallet/ http://fintechnews.hk/5184/blockchain/alibabacoin-will-soon-launch-the-highly-secure-multi-cryptocurrency-hd-wallet/#respond Wed, 16 May 2018 11:02:40 +0000 http://fintechnews.hk/?p=5184 ABBC Foundation’s Alibabacoin is soon going to become one of the few coins to offer a highly secure multi cryptocurrency HD wallet that will support 8 types of cryptocurrencies including

The post Alibabacoin Will Soon Launch The Highly Secure Multi Cryptocurrency HD Wallet appeared first on Fintech Hong Kong.

]]>
ABBC Foundation’s Alibabacoin is soon going to become one of the few coins to offer a highly secure multi cryptocurrency HD wallet that will support 8 types of cryptocurrencies including ABBC, Bitcoin, Ethereum, Dash, Litecoin, Qtum, Bitcoin Cash, and Ripple. It will allow the users to switch from one crypto to another instantly.

The HD wallet will also support features like facial recognition, multi-crypto storage function, crypto trading, pin code transaction confirmation, online shopping mall connection as well as crypto payment. The wallet users will have their own private keys, enabling the crypto holders to take responsibility and full authority of their own assets.

AlibabacoinWhat sets the Alibabacoin’s multi-crypto wallet apart from its counterparts is that the wallet will be available for free download with free updates and only needs an internet connection. Another advantage of this wallet is that it is secured using advanced algorithms which prevent any risk of hacking.

In addition, ABBC foundation is also one of the first to bring facial recognition into the blockchain world, which eliminates any security risk with this wallet further. The company is also in the process of implementing session option which means the wallet will automatically log out within a fixed time if the user is idle and not using the app.

ABBC Foundation combines all the applications into one database to resolve the issue of mobility. For instance, the user accounts, transactions, user details are saved in one database that is connected to one service which enables usability, mobility, interoperability, and reusability of the application. Unlike the many other wallets in the crypto market, the Alibabacoin’s HD wallet features a user-friendly interface.

Alibabacoin walletIt is designed to be simple with straightforward action buttons that provide quick access to common features and commands. It has a well-organized interface which allows the users to easily navigate and locate various tools and options.

Alibabacoin wallet adopts and implements the blockchain technology to offer quality assurance, smart contract transactions, peer to peer global transaction and serve as an open stock exchange platform for the users.

Being based on the highest standards of the cryptocurrency market, the wallet allows the users to learn faster and adapt quickly to the market standards as well as learn to manage the crypto assets widely and safely in the most effective manner.

So far, the wallet is designed to support 8 major coins but once launched, the company will soon be adding more to the list. Find more information about Alibabacoin HD wallet at abbcfoundation.com.

 

Disclaimer: this is an article written by Alibabacoin, Fintechnews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintechnews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Please note this is no investment advice.

The post Alibabacoin Will Soon Launch The Highly Secure Multi Cryptocurrency HD Wallet appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5184/blockchain/alibabacoin-will-soon-launch-the-highly-secure-multi-cryptocurrency-hd-wallet/feed/ 0
Guidelines for Fintech in Personal Lending in Hong Kong http://fintechnews.hk/5162/lending/guidelines-for-fintech-in-lending-in-hong-kong/ http://fintechnews.hk/5162/lending/guidelines-for-fintech-in-lending-in-hong-kong/#respond Fri, 11 May 2018 08:50:09 +0000 http://fintechnews.hk/?p=5162 The Hong Kong Monetary Authority (HKMA) issued guidelines to banks on Credit Risk Management for Personal Lending Business. The guidelines allow banks to adopt innovative technology to manage credit risks

The post Guidelines for Fintech in Personal Lending in Hong Kong appeared first on Fintech Hong Kong.

]]>
The Hong Kong Monetary Authority (HKMA) issued guidelines to banks on Credit Risk Management for Personal Lending Business.

The guidelines allow banks to adopt innovative technology to manage credit risks related to personal lending business, in a bid to improve customer experience in the digital environment.

Hong Kong Monetary Authority

Under the new guidelines, banks may carve out a portion of their personal lending portfolio as “New Personal-Lending Portfolio” (NPP), in respect of which adherence to conventional lending practices will not be required. Instead of collecting borrowers’ income proof to assess their repayment ability, banks may adopt new credit risk management techniques and practices enabled by innovative technology, such as big data and consumer behavioural analytics, to approve and manage the related credit risks.

To ensure proper management of the associated risks, banks should set a limit for the NPP, which should not exceed 10% of their capital base. At the initial stage, the amount of credit extended to individual borrowers should generally be smaller than that of conventional credit products.

In applying new credit risk management techniques and practices, banks should conduct the lending business in a responsible manner and provide customers with adequate information, including key product features and their repayment obligations under the loan product, to enable them to make informed borrowing decisions and avoid over-indebtedness.

The HKMA will review the effectiveness of the new risk management practices at a suitable juncture, and consider the future scope of application of the new arrangements.

Arthur Yuen

Arthur Yuen

Mr Arthur Yuen, Deputy Chief Executive of the HKMA, said,

“The new guidelines will enable banks to be more innovative and adopt more financial technology in personal lending business in order to improve digital customer experience. This is also a major development in banking supervision.”

 

As part of the HKMA’s seven initiatives to promote Smart Banking in Hong Kong in September 2017, the Banking Made Easy initiative aims to streamline banking supervisory practices, thereby facilitating the application of financial technology, in a bid to improve digital customer experience.

The new guidelines are developed after consultation with banks and tech firms undertaken by the HKMA’s Banking Made Easy taskforce.

 

Featured image via Pixabay

The post Guidelines for Fintech in Personal Lending in Hong Kong appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5162/lending/guidelines-for-fintech-in-lending-in-hong-kong/feed/ 0
Cathay Pacific Asia Miles Go Blockchain http://fintechnews.hk/5140/blockchain/cathay-pacific-asia-miles-blockchain/ http://fintechnews.hk/5140/blockchain/cathay-pacific-asia-miles-blockchain/#respond Wed, 09 May 2018 04:50:33 +0000 http://fintechnews.hk/?p=5140 The Cathay Pacific Group and its rewards programme, Asia Miles, are launching their first application of smart blockchain technology in a marketing campaign, in collaboration with Accenture. The innovative technology

The post Cathay Pacific Asia Miles Go Blockchain appeared first on Fintech Hong Kong.

]]>
The Cathay Pacific Group and its rewards programme, Asia Miles, are launching their first application of smart blockchain technology in a marketing campaign, in collaboration with Accenture.

asia milesThe innovative technology is at the core of a new platform and mobile application for a newly launched Asia Miles dining promotion in Hong Kong – Unlock More Miles – Asia Miles members will have miles earned credited to their accounts within next day.

The beauty of this initiative is that it helps improve business efficiency by minimising back-office administration.

The Mobile App has been designed by Cathay Pacific and Asia Miles. It has been delivered by Accenture, using a mixture of deep blockchain, loyalty and aviation industry technology expertise.

By harnessing blockchain technology, the Cathay Pacific Group and Asia Miles are providing Asia Miles partners with a single data source when managing account activity. This allows Asia Miles, partners and members a near real-time ability to manage rewards.

Speaking on the development, Cathay Pacific General Manager IT Solutions, Lawrence Fong, said:

Lawrence Fong

Lawrence Fong

“Cathay Pacific is committed to benefiting customers through innovation and technology. We are pleased to partner with Accenture and we will continue to leverage its technology to develop more applications that our customers value.

As a start, we are very excited by the first offering resulting from our co-operation – the marketing campaign launched by Asia Miles which we expect to be well received. ”

 

Asia Miles Chief Executive Officer, Stephen SY Wong, said:

“As Asia’s leading travel and lifestyle rewards programme, Asia Miles aims at improving member experience with blockchain technology through gamified miles earning and faster miles crediting.

Continuing a culture of innovation and adapting new technologies, we are keen to extend this initiative with other marketing campaigns across our partner network in the near future, continuing to bring added values to our members and partners.”

 

As the Cathay Pacific Group actively pursues new technology, the use of blockchain defines the future of business using a transparent and secure transaction database. With Asia Miles’ newly launched “Unlock More Miles” marketing campaign in dining as an example, key stakeholders including members, partners and the company will all benefit in various ways.

Better experience

The “Unlock More Miles” marketing campaign will allow Asia Miles members to keep track of their miles earning journey in a timely manner, even if they are on the go via the Asia Miles Mobile App.

Enhanced engagement level

Member engagement and participation can be boosted where “gamification” is enabled to create an element of fun in their miles-earning journey.

More efficient operation

Transaction history will be transparent between Asia Miles and participating dining partners in Hong Kong by sharing the same set of data. Data fulfilment procedures can be automated to drive better efficiency.

To learn more, view the video below.

The post Cathay Pacific Asia Miles Go Blockchain appeared first on Fintech Hong Kong.

]]>
http://fintechnews.hk/5140/blockchain/cathay-pacific-asia-miles-blockchain/feed/ 0