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…

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 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…

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.™ App users will receive real-time updates on the broader cryptocurrency…

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. 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…

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 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…

Organised by the Hong Kong Trade Development Council (HKTDC), the 10th HKTDC Entrepreneur Day (E-Day) will take place at the Hong Kong Convention and Exhibition Centre (HKCEC) from 17-18 May. Featuring more than 270 exhibitors, the event showcases a wide range of innovative technologies, products and supporting services tailored for entrepreneurs. A series of seminars, pitching meetings, business advisory sessions and networking activities will be held, supporting start-ups to build connections, acquire information, seek funds and recruit talents. E-Day will also serve as a platform for investors to seek out innovative ideas for potential investments. The exhibition will be open to the…

Citi announced about 6 strategic partnerships with leading corporations in Hong Kong to accelerate the development of open Application Programming Interface (API) in the city and to make available easy and speedy banking services in response to consumers’ increasingly digital lifestyle. By making use of Citi’s Open API technology in different categories covering Cards, Customers, Money Movement, Onboarding, and Pay with Points, one of the new services has already been launched, while the others will be rolled out in phases in the coming year: 1.    HKTV mall integrated with Citi Pay with Points API Cardholders of Citi points-bearing credit cards can now offset their online purchases conveniently and instantly upon checkout at…

PwC Hong Kong and PwC Singapore announce that they are in a joint business relationship with VeChain Global Technology Holding Limited (“VeChain”), a Blockchain service provider specializing in the Internet of Things, supply chain management and anti-counterfeiting. In connection with this joint business relationship, PwC Hong Kong and PwC Singapore have each acquired a small ownership interest in VeChain. PwC Hong Kong is now in discussions with VeChain to provide trust-based services on the VeChain platform. This will require the use of VeChain Tokens to access and perform transactions on the platform. Raymund Chao, PwC Asia Pacific and Greater China…

Huobi Labs and Tianya Community jointly signed a strategic cooperation agreement to open a Blockchain Lab and Fund in China. Both parties will jointly build a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China. “Under the background of the new era of Chinese socialism characteristics, we have given Hainan Special Economic Zone a new mission of economical reformation.” It is a national-level strategy that President Xi Jiping, personally planned, personally deployed, and personally promoted. Hainan Province has been deeply committed to reforming and opening up. The experimental field and the sandbox functional area need to be integrated from…

Gemalto, a digital security provider , announced that its Service Hub is enabling the secure digitization of Octopus contactless smart cards into Samsung Pay. Named Smart Octopus in Samsung Pay, this new mobile payment service allows consumers to securely pay and travel by simply tapping their designated Samsung smartphones against an Octopus acceptance reader for payment or even door access. Smart Octopus in Samsung Pay leverages Gemalto’s TSH to securely digitize Octopus cards into Samsung Pay, including the transfer of the balance and any associated loyalty programs. Consumers can also easily register their credit card details onto Samsung Pay, providing one more option to top…

Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, announced the launch of its dedicated technology fund for China. With a fund size of US$275 million it promises to back China’s next generation of tech entrepreneurs and support the country’s rapid development into a global technology hub. The fund will invest in China-based companies and cross-border deals, with a strong focus on enterprise tech, fintech, and consumer tech. Eight Roads has been investing in China since the 1990s and will continue to draw upon its deep domain and geographical expertise to help China tech entrepreneurs overcome the hurdles to…

The Hong Kong Polytechnic University (PolyU), AMTD Group Company and AMTD Foundation jointly launch Hong Kong’s first university-industry collaborated Fintech centre. The AMTD FinTech Centre of PolyU Faculty of Business (the FinTech Centre) aims for enhancing Hong Kong’s capabilities to be an international and leading FinTech hub in the world. The launch ceremony of the Centre on PolyU campus was officiated by Mr Nicholas W. Yang, GBS, JP, Secretary for Innovation and Technology of the Hong Kong Special Administrative Region. Dr Annie Wu, SBS, JP, Chairperson of the Global Advisory Committee of AMTD Group, former Standing Committee Member of CPPCC, and Lifetime…

Standard Chartered announced the opening of its Hong Kong innovation lab, the eXellerator, to promote innovation within the Bank and to tap emerging fintech and data science in the region, to bring better products and services to its customers in Hong Kong. The eXellerator in Hong Kong will be part of the Bank’s global network of innovation labs and activities responsible for exploring new technologies and ways of working to improve client and user experiences. The eXellerator, located in Standard Chartered Bank Building in Kwun Tong, with an area of over 10,000 square feet, is a collaboration space for business units,…

The total transaction volume of InsurTech M&As in Asia hit US$460 million in 2017, more than three times that of 2016, as industry incumbents and new entrants to the market pushed towards greater digitalisation, according to the fourth Quarterly InsurTech Briefing from Willis Towers Watson. The new research, produced by Willis Towers Watson Securities and Willis Re, in collaboration with CB Insights, highlights the key InsurTech trends of 2017. It shows that InsurTech transactions continued to focus on capabilities related to digital distribution, consumer models and data analytics, while claims management and other back-end processing applications also became top business…

8 Securities, a Hong Kong based robo-advisory and mobile trading services, announced that it has agreed to receive a strategic investment of USD25 million (Series C investment) from Nomura Asset Management. As part of the strategic partnership, 8 Securities and Nomura Asset Management will launch new digital wealth management services, including robo-advisory and mobile investing solutions for millennials. The newly injected capital will enable 8 Securities to accelerate customer growth, develop new products and R&D, increase the size of its software development team, and expand into new geographies. The two parties also intend to work together on new fintech initiatives in…

The FinTech Association of Hong Kong has appointed its first board of directors with Mr. Henri Arslanian appointed as its Chairman.  This comes as the Association expands its activities in representing the Hong Kong FinTech community at home and overseas. The Association had been run by a temporary board of volunteers since its launch in June 2017. The new board members will serve for a two-year term, renewable once.  They come from across the local community, representing the diversity of FinTech in Hong Kong in gender, stakeholder grouping and background.  Together, they will guide the development of the Association and…

BlackBerry and Microsoft announced a strategic partnership to offer enterprises a solution that integrates BlackBerry’s expertise in mobility and security with Microsoft’s unmatched cloud and productivity products. Through this partnership, the companies have collaborated on a first-of-its-kind solution: BlackBerry Enterprise BRIDGE. This technology provides a highly-secure way for their joint customers – the world’s largest banks, healthcare providers, law firms, and central governments – to seamlessly use native Microsoft mobile apps from within BlackBerry Dynamics. By making Microsoft’s mobile apps seamlessly available from within BlackBerry Dynamics, enterprise users will now have a consistent experience when opening, editing, and saving a Microsoft Office 365 file…

The GFSC has signed its first Fintech agreement of cooperation with the Hong Kong IA, which provides a framework for sharing information between the innovation teams of the two bodies, and in which the two can offer the fullest mutual assistance. As has been noted, the GFSC has worked with the Government of Gibraltar and the financial services industry to consider the opportunities within the Fintech sector, and have established a regulatory framework in Gibraltar for the use of Distributed Ledger Technology (DLT), which came in to effect in January 2018. Additionally, the GFSC established its Innovate and Create Team in February…

Hong Kong small businesses that are investing in technology are enjoying quick returns on their investment, which is leading to the sector topping small businesses from other advanced economies in the adoption of technology. The findings, from CPA Australia’s ninth annual Asia-Pacific Small Business Survey, follow extensive surveying of nearly 3,000 small business operators in Hong Kong, Mainland China, Malaysia, Vietnam, Indonesia, Singapore, Australia and New Zealand. Janssen Chan, Chairperson of CPA Australia’s SME Committee in Greater China 2018, said the survey results show that Hong Kong’s small businesses are more proactive in the use of technologies in their businesses compared to other developed markets such as Singapore and Australia.…

Xero, a global online accounting software provider, announced the presence of a permanent Hong Kong team, bolstering its presence in Asia in addition to its Singapore office and continuing the company’s strong focus on growth. Following two monumental partnerships with HSBC and DBS in 2017, Xero is one of the first companies to centralize financial data with Hong Kong banks through an API integration. The platform connects small businesses directly with their financial data through direct bank feeds, where small businesses get better real-time visibility of their financial situation, enabling them to make informed financial decisions and effectively manage cashflow.…