Fintech Hong Kong http://fintechnews.hk - FintechNewsHK Wed, 18 Jul 2018 04:42:38 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.7 Top 16 Fintech Investors in Hong Kong and Mainland China http://fintechnews.hk/5936/various/top-16-fintech-investors-in-hong-kong-and-mainland-china/ http://fintechnews.hk/5936/various/top-16-fintech-investors-in-hong-kong-and-mainland-china/#respond Wed, 18 Jul 2018 04:42:38 +0000 http://fintechnews.hk/?p=5936 China’s Internet finance industry has boomed in recent years. The country leads the world when it comes to total users and market size, and fintech startups are mushrooming. China contributes

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China’s Internet finance industry has boomed in recent years. The country leads the world when it comes to total users and market size, and fintech startups are mushrooming.

China contributes to some of the world’s largest investments in the fintech sector, and now hosts 9 of the 27 fintech unicorns. The likes of Alipay, Lufax and ZhongAn Insurance have made their names across the globe and grown in reach and popularity by developing some of the most disruptive business models.

Chinese fintech companies raised a staggering US$1.33 billion in 2017. Here are 16 of the country’s top investors and venture capital firms funding the Chinese fintech revolution:

 

Arbor Ventures

Arbor VenturesArbor Ventures is a venture capital firm investing in early stage companies at the intersection of financial services, data and digital commerce, through partnering with founders, accelerating the growth of next gen fintech and bridging the Asian opportunity with a Western approach.

Arbor Ventures operates from Hong Kong, Shanghai, Tokyo and Tel Aviv. It has invested in companies such as Lufax, Abra, Paidy, Akulaku, and 2C2P.

 

Nest

Nest VCHatched in 2010, Nest runs corporate accelerator programs, invests in high-growth startups, and is building a global entrepreneurial community called Mettā.

Nest focuses on early stage investments in startups developing technologies in industries that include healthtech, fintech and smart city.

The firm is present in Hong Kong, Singapore, Nairobi, London, Paris, Bangkok and New York, and has invested in fintech startups that include Arviem and Creditable.

 

Horizons Ventures

Horizons VenturesBased in Hong Kong, Horizons Ventures funds disruptive and technology-focused startups and manages the private investment of Sir Li Ka-shing in the technology, media and telecommunications sector.

Some of Horizons Ventures’ latest exits are Skype, Siri, Facebook, Summly, and Waze. Fintech investments include N26, Friendsurance, Hippo Insurance, and Wefox Group.

 

Legend Capital

legend-capitalLegend Capital, a subsidiary of Legend Holdings Ltd., provides early stage venture capital and expansion stage growth capital investment.

Managing up to US$700 million across four funds, Legend Capital focuses on driving high-growth ventures with operations substantially based in China or on markets related to China.

Legend Capital’s fintech investments include Lakala, iPayLinks and Lancai.

 

Silk Ventures

Silk VenturesHeadquartered in London but with offices in Menlo Park, Beijing and Shenzhen, too, Silk Ventures invests across all stages from Series A upwards. Silk Ventures is open to tech startups from any sector but has a key focus on deep tech and science, industry 4.0 technologies, such as Internet of Things and robotics, fintech and medtech companies.

In fintech, Silk Ventures has invested in the likes of Revolut, Remitsy and Billon Group.

 

Sequoia Capital China

Sequoia Capital ChinaSequoia Capital China is a venture capital firm focused on seed stage, mid stage, late stage, and growth investments.

Formed in September 2005, Sequoia Capital China has offices in Hong Kong, Beijing, Shanghai, Guangzhou, Hangzhou, Suzhou and Shenzhen. It invests in a wide range of sectors from consumer services, energy, to financial services, and healthcare, and typically in Chinese companies.

In fintech, Sequoia Capital China has invested in the likes of Toss, and JD Finance.

 

IDG Capital

IDG CapitalFounded in 1992, IDG Capital was the first firm to bring foreign venture capital into China. Today, it works with private equity and venture capital fund managers, investment advisors and business entities from around the world.

IDG Capital has invested in more than 600 companies and made over 150 exits through IPOs and M&A. It has worldwide offices in New York, London, Beijing, Guangzhou, Hangzhou, Hong Kong, Macau, Shanghai, Shenzhen, Seoul, Hanoi and Ho Chi Minh City and affiliates in Delhi and Bangalore.

IDG Capital’s fintech investments include EasyTransfer, Circle, Bitkan, 100Credit, Ripple, and Wecash.

 

CDH Investments

CDH InvestmentsFounded in 2002, CDH Investments is a major Chinese alternative asset management firm based in Beijing. It specializes in private equity, venture capital and credit products.

CDH Investments’ investor base includes sovereign wealth funds, pension funds, insurers, endowments, family offices and fund of funds from China, North & South America, Europe, Middle East, Australia and Asia. The firm invests across industries including information technology, media, innovative engineering technology, education, finance, clean technology, medical, and agricultural industry.

Fintech investments include ZhongAn, Lufax and Wacai.

 

CreditEase Fintech Investment Fund

CreditEaseCreditEase Fintech Investment Fund is the venture arm of the firm CreditEase, and focuses on growth stage fintech companies in China and globally.

CreditEase Fintech Investment Fund was recently ranked the third most active fintech venture capital firm in the world by CB Insights.

Notable fintech deals include Circle, WeConvene, Tradeshift, Funding Circle, and Shenma Finance.

 

Source Code Capital

Source Code CapitalFounded in 2014, Source Code Capital is an emerging venture capital firm in China with over US$750 million and RMB 3 billion worth of assets under management. Investors of Source Code Capital are world-class sovereign wealth funds, foundations, pension funds, fund of funds and family offices as well as Chinese central government’s guidance funds and state-owned enterprises etc.

Since its inception, Source Code Capital has focused its investments on three themes: “internet +” (internet finance, internet + industrial, internet + services), “AI-enabled” and “global +”.

Source Code Capital has invested in fintech companies such as Nongfenqi, Huifenqi, ABC Fintech, Zichan360, and Qudian.

 

SAIF Partners

SAIF PartnersSAIF Partners is a leading Asian private equity firm, currently managing over US$4 billion in capital. The firm makes privately negotiated equity or equity-linked investments across several growth sectors, in particular Internet, mobile Internet and IT.

With over 100 investments since its inception, SAIF has become one of the largest and most active funds in the region. SAIF Partners has teams based in Hong Kong, China, and India.

Portfolio companies include Aye Finance, Arman Financial Services, and Capital Float.

 

MindWorks Ventures

MindWorks VenturesMindWorks Ventures is a Hong Kong based venture capital firm that invests in early and expansion stage technology startups across Asia.

MindWorks Ventures targets disruptive consumer and enterprise technology, Asia-based early and expansion staged companies, and innovative infrastructure. It looks for companies that have the potential to build new ecosystems or reinvent industries.

Portfolio companies include Lalamove, Qupital, Wonder Workshop, and ABC Fintech.

 

China Growth Capital

China Growth CapitalChina Growth Capital is a venture capital firm that invests in early stage consumer and enterprise tech in China and the US. The firm funds seed to Series B in fintech, enterprise tech and Internet consumer sectors.

Since its founding in 2006, China Growth Capital has grown to manage RMB 8 billion in assets under management across its different RMB and USD funds. It is also one of the very few early-stage institutions in China with a well-known large seed program.

Fintech investments include Tiger Brokers, 8 Securities, and Ximu Credit.

 

Ant Financial

Ant Financial 1Ant Financial Services Group, formerly known as Alipay, is an affiliate company of the Chinese Alibaba Group. Ant Financial is the highest valued fintech company in the world, and the world’s most valuable unicorn startup, with a valuation of US$150 billion.

Besides providing varied financial services, Ant Financial also invests in fintech companies with deals that include Kakao Pay, M-Daq and One97 Communication.

 

Alibaba Entrepreneurs Fund

Alibaba Entrepreneurs FundAlibaba Entrepreneurs Fund is a not-for-profit initiative launched by Alibaba Group in 2015. The organization provides Hong Kong and Taiwan-based entrepreneurs with investment capital and strategic guidance to help them grow their businesses and penetrate global markets by utilizing Alibaba’s ecosystem.

It established in Hong Kong a HK$1 billion fund and in Taiwan a NT$10 billion fund to support entrepreneurs in both markets. Profits generated from the growth of venture investments flow back to the Alibaba Entrepreneurs Fund for re-investment to ensure an evergreen capital source.

Fintech investments include WeLab, CompareAsiaGroup and Qupital.

 

Tencent

TencentTencent is a Chinese multinational investment holding conglomerate whose subsidiaries specialize in various Internet-related services and products, entertainment, artificial intelligence and technology both in China and globally. Notably, Tencent operates messaging app WeChat, one of the world’s largest standalone mobile apps by monthly active users.

Besides being one of the largest Internet and technology companies in the world, Tencent is also one of the biggest venture capital firms.

Tencent’s fintech investments include N26, Go-Jek, and Futu Securities.

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Hong Kong Monetary Authority Unveils Blockchain Trade Finance Platform http://fintechnews.hk/5926/blockchain/hong-kong-monetary-authority-unveils-blockchain-trade-finance-platform/ http://fintechnews.hk/5926/blockchain/hong-kong-monetary-authority-unveils-blockchain-trade-finance-platform/#respond Tue, 17 Jul 2018 05:58:54 +0000 http://fintechnews.hk/?p=5926 Trade finance, where financial institutions provide credit facilities in order to guarantee exchange of goods, is a centuries old industry that is hampered by challenges such poor customer experience, increasing

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Trade finance, where financial institutions provide credit facilities in order to guarantee exchange of goods, is a centuries old industry that is hampered by challenges such poor customer experience, increasing cost pressure and substantial regulatory burden.

With its manual, cumbersome and often expensive processes, trade finance is ripe for disruption.

 

Blockchain to increase efficiency

One technology in particular that’s been praised for its potential to drive efficiencies, reduce cost and open up new revenue opportunities in trade finance is blockchain and distributed ledger technology (DTL).

Among the key advantages, financial documents linked and accessible through blockchain can be reviewed and approved in real time, reducing the time it takes to initiate shipment. Regulators can be provided with a real-time view of essential documents to assist in enforcement and AML activities. Banks facilitating trade finance through a blockchain platform would no longer require a trusted intermediary to assume risk, eliminating the need for correspondent banks.

Future State Vision Deloitte Blockchain Trade Finance

Future State Vision, Deloitte

Over the last years, various market initiatives and consortia have been launched to explore the merits of blockchain and adopt the technology in the trade finance business.

Hong Kong Monetary Authority: Going Live with Blockchain Trade Platform

Just this week, the Hong Kong Monetary Authority unveiled that it will go live next month with a blockchain-backed trade platform set to link up with 21 banks, including HSBC and Standard Chartered, reports the Financial Times.

The system, designed by China’s OneConnect, the Ping An Group’s fintech company, will be the first and largest examples of a government-led project aimed at upgrading the US$9 trillion global trade finance industry.

Blockchain technology is expected to reduce the time and paperwork required to routine trade finance and supply chain finance transactions. The system makes it easier to verify each step of the complicated process and confirm the credentials of the parties involved.

At the EuroFinance 2017 in Barcelona, Simon Taylor, the former vice president for entrepreneurial partnerships at Barclays told delegates how the bank had provided a blockchain solution to Ornua, formerly the Irish Dairy Board, in the form of a letter of credit transaction.

The letter of credit deal between Ornua and Seychelles Trading Company was handled on a platform developed by Israeli blockchain startup Wave, one of of the 11 startups that had gone through the Barclays Accelerator program in 2015.

Danish container shipping giant Maersk has been testing a blockchain solution from the University of Copenhagen to digitize ships’ cargo inventories. A proof of concept was run in collaboration with IBM in September 2016 to track a container of flowers from the Kenyan port Mombasa to Rotterdam in the Netherlands.

“IBM and Maersk intend to work with a network of shippers, freight forwarders, ocean carriers, ports and customs authorities to build the new global trade digitization solution,” IBM said, adding that blockchain technology could help “reduce fraud and errors,” “reduces time products spend in the transit and shipping process, improves inventory management and ultimately reduces waste and cost.”

 

Startups using blockchain for trade finance

Several startups have emerged in recent years to use blockchain technology to transform the trade finance business.

UK startup TradeIX has developed a blockchain-based platform for open-account trade finance. The startup says its decentralized API-powered platform connects with existing trade platforms and applications to enable trade business to become transparent, faster, and more efficient, improving connectivity to the wider ecosystem.

Last year, TradeIX partnered with R3 and the Marco Polo initiative involving international trade banks to further develop the use of distributed ledger technology into trade transactions. It raised US$16 million in a funding round led by ING Ventures and joined by BNP Paribas in June.

Zurich-based Gatechain has created a solution that leverages blockchain technology for trade finance. The solution reduces trading risks, processing time and costs, while guarantying better performance and improving cash flow.

In Singapore, blockchain startup XinFin is looking to bring buyers, suppliers and financiers together on a blockchain-led trade finance platform. The startup operates TradeFinex, a peer-to-peer marketplace blockchain platform for industries, government bodies, trade unions, and professionals. More than 450,000 members of the Associated Chambers of Commerce and Industry of India re said to be using it already.

XinFin said it was in talks with several Indian state governments for potential collaborations and was aiming US$100 million in transaction volumes in 2018-2019.

Overview of current trade financing initiatives, by Synpulse

Overview of current trade financing initiatives, by Synpulse

 

This article first appeared on fintechnews.sg, Featured image via Pexels

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US$55 Million Series C Funding for Japanese Fintech http://fintechnews.hk/5909/japan/us55-million-series-c-funding-for-japanese-fintech/ http://fintechnews.hk/5909/japan/us55-million-series-c-funding-for-japanese-fintech/#respond Fri, 13 Jul 2018 11:13:49 +0000 http://fintechnews.hk/?p=5909 Paidy – the instantly issued post-pay credit account linked to mobile phone number company from Japan, has announced at RISE in Hong Kong a Series C funding round of US$55

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Paidy – the instantly issued post-pay credit account linked to mobile phone number company from Japan, has announced at RISE in Hong Kong a Series C funding round of US$55 million.

The investment is being led by ITOCHU Corporation, with participation from Goldman Sachs. Combined with two previous rounds (Series A and B), this increases the total amount of capital raised by Paidy to US$80 million. Paidy started Japan’s first instant post-pay credit service for ecommerce consumers in October 2014.

Paidy requires no pre-registration or credit card to use; Paidy consumers purchase products online using only a mobile phone number and email address (verification is established though a four-digit code via SMS or voice pin-code) and settle a single monthly bill for all their purchases, either at a convenience store, by bank transfer or auto debit. Paidy also supports multi-pay installments and subscriptions. There are currently over 1,400,000 Paidy accounts in use (June2018).

Paidy has proved a powerful means of persuading first time buyers to transact online. Its proprietary models and machine learning mean that transactions are under written in seconds, with guaranteed payment to merchants. Paidy increases merchant revenues by reducing incomplete transactions, increasing conversion rates, boosting average order values, and facilitating easy repeat buying.

Going forward, though the launches of large merchants, expansion into the offline market, and offering of additional financial services, Paidy expects to grow its customer base to 11,000,000 accounts by 2020.

Russell Cummer, Founder and Executive Chairman of Paidy said:

Russell Cummer

Russell Cummer

“We are extremely honored that Paidy’s business concept was highly valued by one of Japan’s most prestigious business conglomerates, ITOCHU. Through this tie-up, we expect to launch new merchants in order to deliver Paidy’s friction less and intuitive financial solution to a much broader audience.

Furthermore, by adding new payment functions and diverse financial services, thereby making our customer attachments much more robust, we aim to promote our vision of removing barriers and creating unique consumer experiences to as many people as possible.”

 

Featured image via Pixabay

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Fintech in Hong Kong: 2018 Mid-Year Review http://fintechnews.hk/5895/various/fintech-in-hong-kong-2018-mid-year-review/ http://fintechnews.hk/5895/various/fintech-in-hong-kong-2018-mid-year-review/#respond Thu, 12 Jul 2018 08:25:58 +0000 http://fintechnews.hk/?p=5895 Hong Kong, an international finance hub, has set out to become a leader in fintech with the Hong Kong government and regulators actively supporting the growth of the industry. Today,

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Hong Kong, an international finance hub, has set out to become a leader in fintech with the Hong Kong government and regulators actively supporting the growth of the industry.

Today, the city hosts over 130 fintech startups, offers three fintech sandboxes for firms and startups to test innovative financial products, and counts four fintech-focused accelerators.

A lot has happened since the beginning of year as Hong Kong maintains its fintech momentum. Here’s a roundup of the key fintech developments and announcements of the first half of 2018:

 

Hong Kong budget to boost fintech
Financial Secretary Hong Kong Budget 2018-2019

Hong Kong Financial Secretary Paul Chan attends joint television panel discussion program “Budget Forum,” via GovHK

In his annual budget speech in February, Hong Kong’s financial secretary Paul Chan said that the government will be allocating as much as HK$500 million over the next five years to support its financial services industry including the development of fintech.

The money will go toward a long-term tech and innovation push.

“Hong Kong must optimize its resources by focusing on developing its areas of strength, namely biotechnology, artificial intelligence, smart city and fintech, and forge ahead according to the eight major directions set out by the chief executive,” Chan said.

 

Fintech Association of Hong Kong celebrates first anniversary

fintech association of HongkongSet up in June 2017, non-profit organization the Fintech Association of Hong Kong recently celebrated its first anniversary.

The organization says it achieved several milestones in the past year including entering into partnerships with many local organizations including Cyberport and Hong Kong Science Park. On the advocacy level, it provided comments on behalf of its members to key regulatory consultations, including to these on virtual banking and open APIs.

The Financial Association of Hong Kong, which aims to be “the voice of the fintech community in Hong Kong,” now represents over 1,000 members and 160 organizations.

 

Fintech agreements and alliances

Hong Kong Monetary AuthoritySeveral partnerships and agreements were signed in the first half of 2018. A notable one is the partnership between the Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, and the Hong Kong Monetary Authority (HKMA). The cooperation agreement, unveiled last month, focuses on jointly developing a cross-border trade finance system built on distributed ledger technology.

The HKMA also signed a Memorandum of Understanding (MoU) with the Polish Financial Supervision Authority (KNF) in March to collaborate on fintech research projects, information exchange, mutual consultations and expertise sharing.

An alliance was unveiled in January that counts among its core members Cyberport, the Smart City Consortium (SCC) and IBM China/Hong Kong Ltd. The CSI Alliance aims to foster collaboration between tech, academic and commercial stakeholders to address issues faced by fintech startups and help accelerate growth. Cyberport is a startup hub with 1,000 digital tech companies.

Another partnership was formed between the Fintech Association of Hong Kong and Fintech Australia in February to strengthen the ties between each organization’s fintech ecosystem. The two organizations will work together to support businesses seeking investment, partnerships or entry into each other’s markets, encourage greater regulatory harmonization by exchanging information on policy developments, and collaborate on initiatives such as research, among other things.

 

Foreign fintechs enter Hong Kong

TransferWise Launches in Hong KongFollowing a three-month pilot in Hong Kong, the UK’s cross-border money transfer platform TransferWise fully launched in the city earlier this month. TransferWise now offers services for both businesses and individuals.

Swiss fintech startup Investment Navigator launched a new investment platform in Hong Kong in June. Investment Navigator, a four-year-old Zurich-based startup, launched the platform after participating in the Super Charger fintech accelerator program in Hong Kong.

The Investment Navigator platform supports professional investors in their search for fund for their clients. It has earned the startup its first premium partner in HSBC’s global asset management unit.

 

New fintech, innovation labs
Finastra Digital

Finastra Digital

Fintech firm Finastra launched an innovation lab called the Future of Banking Centre of Excellence in April. Located in startup hub Cyberport, the lab aims to facilitate collaboration between banks and other fintech companies using Finastra’s platforms.

Formed in 2017 by the combination of D+H and Misys, London-headquartered Finastra builds and deploys technology on an open software architecture, serving financial institutions.

Standard Chartered launched its latest innovation lab in the bank’s building in Kwun Tong in April.

“For us at Standard Chartered Hong Kong, the eXellerator is more than just a new office space. It is all about innovation and making change happen,” said Mary Huen, CEO of Standard Chartered Hong Kong. “As clients become more digital and expect more seamless, timely and user-friendly access to banking services, we need to constantly innovate and improve, or risk being left behind.”

Standard Chartered launched its first eXellerator in Singapore in 2016. In other news, Standard Chartered has been developing a virtual bank and intends to apply for a license in Hong Kong.

 

Featured image: Hong Kong, Pixabay.

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GoBear Hong Kong Launches its New Mortgage Comparison Feature http://fintechnews.hk/5881/insurtech/mortgage-comparison-gobear-hong-kong/ http://fintechnews.hk/5881/insurtech/mortgage-comparison-gobear-hong-kong/#respond Wed, 11 Jul 2018 09:12:13 +0000 http://fintechnews.hk/?p=5881 GoBear, an insurance and financial product comparison platform for Asia launches a new product comparison. Mortgage comparisons are now available on the GoBear platform in Hong Kong. It is not

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GoBear, an insurance and financial product comparison platform for Asia launches a new product comparison.

Mortgage comparisons are now available on the GoBear platform in Hong Kong.

It is not easy to afford a property in Hong Kong, yet becoming a property owner in Hong Kong is the priority of many. According to the statistics from the Hong Kong Monetary Authority, the number of mortgage applications in Hong Kong has increased by 8.6% in April 2018, now totaling 14,898 applications per month. Millennials, who are currently 23-37 years old, compose 32% of the total new mortgages in the second quarter of 2017.

Homebuyers are getting younger and education on financial investments is crucial. GoBear offers a unique browsing experience through providing comparisons on mortgages and home insurance, along with a series of informative articles, the platform aims to provide guidance for young inexperienced homebuyers on all stages of their investment.

The wide variety of mortgage choices allows customers to select the best mortgage package among competitive offers, GoBear’s new feature helps you compare interest rates, repayment amounts and best deals from different banks in just 3 simple steps.

 

gobear

Sandy Lau, Country Director of GoBear Hong Kong says,

Sandy Lau

Sandy Lau

“Following the launch of payroll account, home insurance and e-wallet features in Q1 & 2, we are pleased to launch our new mortgage comparison feature. By adding mortgages to our financial product comparison, it helps users make financial and important life decisions, especially in a high quality of life and fast-paced city like Hong Kong.”

 

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Former Jefferies Asia CEO to Lead Block.one’s US$1 Billion EOS VC Venture Capital Division http://fintechnews.hk/5776/blockchain/former-jefferies-asia-ceo-michael-alexander-to-lead-block-ones-us1-billion-eos-vc-venture-capital-division/ http://fintechnews.hk/5776/blockchain/former-jefferies-asia-ceo-michael-alexander-to-lead-block-ones-us1-billion-eos-vc-venture-capital-division/#respond Tue, 10 Jul 2018 08:31:48 +0000 http://fintechnews.hk/?p=5776 Block.one, publisher of the EOSIO blockchain software protocol and seller of the EOS Token, announced that former Jefferies Asia CEO Mike Alexander has joined as CEO of its US$1 billion

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Block.one, publisher of the EOSIO blockchain software protocol and seller of the EOS Token, announced that former Jefferies Asia CEO Mike Alexander has joined as CEO of its US$1 billion EOS VC venture capital arm.

Based in Hong Kong, Alexander will serve as a member of the Block.one Executive Committee.

As CEO of the venture business unit, Alexander is responsible for managing both direct venture investments and EOS VC partnerships, with a focus on sourcing and investing in projects developing on the EOSIO ecosystem.

EOS VC aims to grow, develop and support the EOSIO ecosystem through venture capital investment, partnership and mentorship activities targeting game-changing blockchain-based products and entrepreneurs across the globe. It has so far allocated approximately US$700 million through VC partnerships in the United States, Europe and Asia.

Incoming Block.one Group President Rob Jesudason said,

Rob Jesudason

Rob Jesudason

“Our partnerships and investment efforts through EOS VC are critical in driving adoption and innovation in the EOSIO ecosystem. We are committed to supporting companies that want to build businesses and DAPPs on the platform. Mike has extensive experience in investment banking and is one of the most respected individuals in the financial services industry in Asia. I am delighted he is joining the team.”

 

 

Jefferies Asia CEO Michael Alexander

Michael Alexander, image via cryptoinvestor.asia

Mike Alexander said,

“Block.one is shaping the next generation of technology and the internet. The vision of its founders has resulted in it being one of the fastest-growing organizations in the world and I am excited to be joining. The company’s unique position as the publisher of the EOSIO open-source code means that it is poised to lead the way in investments related to the burgeoning platform.”

Alexander had been at Jefferies for just under eight years and has more than 25 years of experience in Asia capital markets. Before joining Jefferies, he was Group Head of Sales and Sales Trading at CLSA Hong Kong, Director of Asian Proprietary Trading at Deutsche Bank Hong Kong, and Head of Proprietary Trading at JPMorgan Hong Kong and Ord Minnett.

 

Featured image: Jefferies Asia CEO, Michael Alexander via www.cryptoinvestor.asia

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China’s Internet Landscape Explained: How it’s Reshaping the lives of 772m Internet Users http://fintechnews.hk/5854/various/chinas-internet-landscape-explained-how-its-reshaping-the-lives-of-772m-internet-users/ http://fintechnews.hk/5854/various/chinas-internet-landscape-explained-how-its-reshaping-the-lives-of-772m-internet-users/#respond Tue, 10 Jul 2018 08:00:00 +0000 http://fintechnews.hk/?p=5854 During the RISE international tech conference , the 2018 China Internet Report was released exclusively on Abacus, a new media platform from the South China Morning Post (SCMP). Covering twelve industries,

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During the RISE international tech conference , the 2018 China Internet Report was released exclusively on Abacus, a new media platform from the South China Morning Post (SCMP).

Covering twelve industries, this hundred-page report summarizes China’s dynamic internetindustry for international readers.

China’s internet is now ubiquitous across the country’s industries and population, and it continues to change and grow. The report includes key information about China’s internet landscape, including lists of Chinese unicorns, the country’s top internet companies and most active investors, and a side by side comparison of the internet population in China and the US.

 

The report begins with a summary of four overarching themes that captures the uniqueness of China’s tech industry growth over the past year. It then delves more deeply into 12 sectors of importance: ecommerce, content & media, social & messaging, sharing economy, artificial intelligence, smart devices, autonomous cars, blockchain, fintech, education, gaming and esports.

Here are some key takeaways from the report:

  • Chinese internet giants are doing everything: In China, it’s not enough to do one thing well — the internet giants have decided to do everything. BAT (Baidu, Alibaba,Tencent) have exposure to most key sectors by either building in-house or through investment. BAT is also growing beyond the domestic market; combined, the big three have had invested in 150 companies outside of mainland China.Internet Giants
  • Chinese internet companies are playing an important role empowering the country’s next wave of development: 490K online shops are run by rural households and 55M rural students are reachable by live-streaming classes.Rural Population
  • China is a cashless society: China’s total mobile payment transaction volume hit $15 trillion USD in 2017 with the Alibaba-Tencent duopoly dominating 92% of the market.
  • Retail digitization adds new form of O2O: Online grocery is expected to become a $30 billion USD business in 2018; major players like Tencent, JD, and Alibaba are all making significant investments in new forms of online-to-offline (O2O) grocery stores.
  • Short video apps captured the most eyeballs in 2018: Over 230M people in China are actively using Kuaishou, the country’s leading short video app; Douyin, China’s second most popular short video app, was the most downloaded iOS app in Q1 2018 globally, beating out YouTube, WhatsApp, and Facebook.
  • China remains the world’s largest gaming market and is still growing: China captured US$30.8 billion in gaming revenue in 2017, which is more than one-fourth of total global gaming revenue. In China, more than 200M viewers tune in to esports via live streaming each year. Top Chinese game streaming sites each have more active streamers than Twitch has.
  • Artificial intelligence is one of the Chinese government’s key priorities: Autonomous driving, computer vision and voice intelligence are among the areas of focus.
  • Chinese people love cryptocurrencies, but the government doesn’t: A few Chinese cryptocurrencies have reached over $1 billion in market cap. The Chinese government wants to be a front-runner in blockchain technology, but has completely nbanned crypto trading.

 

Featured image via Pixabay

 

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Global Fintech Hub Index 2018: China is The World’s Leading Fintech Hub http://fintechnews.hk/5817/various/global-fintech-hub-index-china-hong-kong/ http://fintechnews.hk/5817/various/global-fintech-hub-index-china-hong-kong/#respond Tue, 10 Jul 2018 07:57:36 +0000 http://fintechnews.hk/?p=5817 Unsurprisingly, with fintech giants like Alibaba and Tencent Holdings, Chinese cities nabbed top spots in a new Global Fintech Hub Index 2018 (GFHI). Meanwhile Hong Kong ranked 13th in a

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Unsurprisingly, with fintech giants like Alibaba and Tencent Holdings, Chinese cities nabbed top spots in a new Global Fintech Hub Index 2018 (GFHI). Meanwhile Hong Kong ranked 13th in a list compiled to portray global fintech landscapes based on insights from governments, enterprises and consumers across world.

Global Fintech Hub Index

Fintech hubs typically thrive on growing technological adoption by a diverse range of participants, a globalised market, real-time services and a generally flat organisational structure.

Indicators of successful fintech hubs include the availability of demand, capital, talent, and policy regulation within the city. These ultimately help fintech hubs fulfill their potential of becoming the strong driving forces and engines of growth that future global financial markets and economies need.

Building on data from enterprises, consumers and governments, GFHI then bases its findings on the following categories:

  • Fintech Industry: which is based on the number of fintech companies and total value of venture capital investments in the country
  • Fintech Consumer Experience, which measures fintech adoption rates
  • Fintech Ecosystem: which measures the potential of future fintech development, based on the policy and regulatory environment, regional macroeconomic performance, and research and development

Using data compiled from a range of sources, the index’s goal is to put forward evidence-based best practices in an effort to promote better understanding of global fintech hubs.

China Cities Dethrone American Cities As Fintech Hubs

The regional rankings saw the Yangtze River Delta area placed first, followed by the Silicon Valley in second place and Greater Beijing in third. Beijing scored the highest in the city rankings, followed by San Francisco, and then Shanghai.

Global Fintech Hub Index

China’s fintech scene has largely been helped by a welcoming regulatory environment for new fintech firms to get a foothold.

China has also managed to attract the capital it needs to fund new enterprises. Fintech firms there drew up to 1.1 bil USD worth of investments in the first quarter of 2018 alone, according to Fintech Global.

The result has been a much higher adoption rate than most countries. China’s overall fintech adoption rate stood at 69% according to EY’s Fintech Adoption Rate of 2017.

Its closest rival was India, at 52% adoption. Around 83% of Chinese consumer surveyed used fintech services to conduct money or payment transfers, the fintech segment with the highest adoption rates there.

Meanwhile 58% used them for savings and investments purposes. Around 47% used accessed insurance products through fintech.

Hong Kong Ranks High but Still Falls Behind Singapore

By contrast, HK’s fintech adoption rate stands at 32% as of 2017. Although scoring the 13th spot in the city rankings, Hong Kong has not managed to unseat Singapore, which still ranks eighth in the index.

Singapore’s strong regulatory environment and clear frameworks have largely been contributory to its ongoing success as a fintech hub.

Yet Hong Kong has seen no less encouragement in that sense. Its 2018-2019 budget tabling set aside 500 mil HKD for developing financial services over the next five years. It set a further 50 mil HKD aside for innovation.

Paul Chan

“To shine in the fierce I&T (innovation & technology) race amidst keen competition, Hong Kong must optimise its resources by focusing on developing its areas of strength, namely biotechnology, artificial intelligence, smart city and financial technologies (Fintech), and forge ahead according to the eight major directions set out by the Chief Executive,” Hong Kong’s financial secretary Paul Chan during the budget speech.

So far, 2017 investments into HK fintech firms are showing progress, having risen to US$545.7 bil, from US$215.3 mil the previous year. Hong Kong banks and financial institutions could be the next driver of growth here, even as they look to harness the fuller potential of fintech in financial services.

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Abu Dhabi and Hong Kong Advance Fintech Cooperation http://fintechnews.hk/5832/various/abu-dhabi-and-hong-kong-advance-fintech-cooperation/ http://fintechnews.hk/5832/various/abu-dhabi-and-hong-kong-advance-fintech-cooperation/#respond Tue, 10 Jul 2018 07:42:09 +0000 http://fintechnews.hk/?p=5832 Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, and the Hong Kong Monetary Authority signed a co-operation agreement to jointly promote and enable financial services innovation, and

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Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, and the Hong Kong Monetary Authority signed a co-operation agreement to jointly promote and enable financial services innovation, and accelerate cross-border FinTech business opportunities in Hong Kong and the United Arab Emirates (UAE).

With this agreement, ADGM has established strategic FinTech collaborations with eleven leading regulators to advance innovation and FinTech growth globally.

Mr Nelson Chow, Chief Fintech Officer of the HKMA and Mr Richard Teng, Chief Executive Officer of the FSRA, sign and exchange the Co-operation Agreement in Hong Kong on 26th of June 2018.

The new agreement will allow the HKMA and the Financial Services Regulatory Authority (FSRA) of ADGM to collaborate and refer innovative businesses and activities to each other’s market, facilitate greater sharing of relevant information, providing support in the authorisation processes where appropriate, and explore projects that are mutually beneficial to both jurisdictions.

The agreement was signed in Hong Kong between Mr Nelson Chow, Chief Fintech Officer of the HKMA and Mr Richard Teng, Chief Executive Officer of the FSRA of ADGM.

Mr. Chow said,

Nelson Chow

Nelson Chow

“We are pleased to establish a closer relationship with the FSRA so that both authorities could better support financial innovation in our jurisdictions. ADGM’s commitment to the pursuit of innovation resonates strongly with Hong Kong’s ambitions.

 

The co-operation between the HKMA and the FSRA would strengthen the two authorities in their respective roles and initiatives in FinTech. We are particularly pleased to start a dialogue with FSRA on the opportunity to build a cross-border trade finance network using distributed ledger technology.”

Mr. Teng added,

Richard Teng

Richard Teng

“We are glad to further our partnership and collaboration with HKMA by way of this FinTech agreement.  Hong Kong has remained a long-term strategic and economic partner of Abu Dhabi and the United Arab Emirates. This co-operation augments ADGM’s commitment in supporting the growth and financial developments of Abu Dhabi and the Middle East, Africa and greater Asia regions.

 

We look forward to working closely with the HKMA to support our FinTech start-ups and our innovative businesses, from regulations to adoption, in advancing and applying their solutions to each of our respective financial markets and jurisdictions”.

As the FinTech Hub in the MENA region, ADGM values the importance of FinTech bridges with like-minded international financial centres and jurisdictions to foster a robust and sustainable global FinTech ecosystem.  These cross-border partnerships enable ADGM to maintain a practical, open and inclusive global FinTech centre to continue serving the communities in Abu Dhabi and the greater MENA region.

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Coin Company Sponsoring an English Football Team in the Premier League http://fintechnews.hk/5825/various/coindeal-sponsoring-an-english-football-team-in-the-premier-league/ http://fintechnews.hk/5825/various/coindeal-sponsoring-an-english-football-team-in-the-premier-league/#respond Mon, 09 Jul 2018 16:47:23 +0000 http://fintechnews.hk/?p=5825 There is hot news about the first cooperation of it’s kind – the crypto-based CoinDeal exchange, founded by Adam Bicz, Kajetan Maćkowiak and Filip Dzierżak from Wroclaw, became the official

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There is hot news about the first cooperation of it’s kind – the crypto-based CoinDeal exchange, founded by Adam Bicz, Kajetan Maćkowiak and Filip Dzierżak from Wroclaw, became the official sponsor of the Wolverhampton Wanderers team, which this year, after six years of absence, returns to the English Premier League.

Coindeal sponsors Wolverhampton Wanderers

This is a historical event. It is a first time that the logo of the company established by the Poles would appear on the T-shirts of the English Premier League team. The logo will be displayed throughout the Molineux stadium and also it will be printed on training shirts and athletes’ seats. The amount of the sponsoring has not been disclosed. Unofficial sources say that the appearance on one of the leading European leagues on T-shirts costs around £20 million.

Wolverhampton Wanderers FC is an English football club based in the city of Wolverhampton, performing in the 2018/2019 season in the Premier League.

The club was founded in 1877 as St. Luke’s Club. Two years later the team merged with the local cricket team and The Wanderers football and since then it has been called Wolverhampton Wanderers. The Wolves was one of the twelve teams that founded the Football League and is a four-time winner of the England Cup.

CoinDeal’s marketing activities are not only focused on supporting sports teams, but the exchange platform also has charity activities to its credit. In June this year, CoinDeal exchange supported the Wrocław Foundation “Na ratunek dzieciom z chorobą nowotworową.” [Saving children with cancer]

CoinDeal’s team is still coming up with ideas for more and more exciting actions, as Kajetan Maćkowiak says:

At CoinDeal, we are acutely aware of the impact that football marketing can have on our brand. We believe that Wolves will help us reach sports and trading fans all over the world.

According to the Wolves Executive Director, Laurie Dalrymple:

CoinDeal is a bold and fast growing company and we believe that our cooperation will be exceptionally successful. We are glad that CoinDeal will be our sponsor during the first season after returning to the Premier League.

Wolverhampton Wanderers

Wolverhampton Wanderers

The company, founded by the Poles, is an international company in which more than a hundred specialists from all over the world are involved. The company is registered in Cyprus, where the head offices of the CoinDeal are located. CoinDeal plans to enter the U.S. market as well – currently working on obtaining an official license. The exchange started only in March 2018 and has already been very successful. One of the significant successes was being listed on a high position in the prestigious ranking of cryptocurrency exchange markets at the end of June this year – CoinMarketCap.

Also, the founders of CoinDeal recently presented their brand during Consensus 2018 in New York, the biggest blockchain-based even in the world.

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