London-based fixed income, currency and commodities (FICC) data analytics company Mosaic Smart Data is the winner of the inaugural InvestHK UK Fintech Awards. It was announced on 20 March by InvestHK in conjunction with the UK Department for International Trade. The UK Fintech Awards 2018 follow the launch last September of the UK-Hong Kong Fintech Bridge (“the Bridge”) to foster closer collaboration at government, regulator and business level in the Fintech sector. The competition received 30 submissions from companies based in the UK. It also drew interest from the wider global Fintech community with enquiries from Fintech companies overseas, including Singapore, Australia…

Hong Kong Cyberport Management Company Limited  announced the appointment of Mr Peter Yan as Chief Executive Officer following a global search, succeeding Mr Herman Lam who would leave the position in late March 2018.   Dr. Lee George Lam, Chairman of Cyberport, said “We are very pleased to have Mr. Yan joining us. He is passionate about serving Hong Kong and has the outstanding executive management skills and rich digital technology industry experience to lead Cyberport. Since the establishment of the Innovation and Technology Bureau in late 2015, the Government has been striving to build a better innovation and technology ecosystem.…

The 2018 Hong Kong Fintech Week, hosted by Invest Hong Kong (InvestHK), is set to offer an entirely new dimension that taps both Hong Kong’s pre-eminent position as Asia’s financial hub and its unique position as an entry point to the Greater Bay Area. The third annual Hong Kong Fintech Week, which runs from 29 October to 2 November 2018, will be the first cross-border Fintech event, expanding from Hong Kong into Shenzhen. It follows the huge success of the previous two years and the continued rise of Hong Kong as a magnet for global Fintech companies. “Hong Kong is…

Ant Financial participated in Money20/20 Asia industry event, where chief technology officer and chief operations officer of global business group, Cheng Li presented the opening keynote speech to an audience of 1800 gathered at the city state. Equal opportunities Citing the examples of a herdsman and a small merchant whose store is located at the foot of Mount Everest 5200m above sea level, Cheng went on to explain how technology is pathing the way for such communities to now enjoy financial services that were previously closed to them. When China started moving into the mobile age a few years ago, Ant…

Azimo, a digital disruptor of traditional money transfer services, has launched an improved service for transfers to China. Customers will now be able to send money from 24 countries in Europe to individual bank accounts in China, delivered in local currency. With 99% coverage of bank accounts in China, low rates and fast delivery times, Azimo’s service is now superior to any other provider in the market. With £4.1 billion (US$5.6 billion) transferred to China from Europe each year, Azimo’s online service will cut the cost of sending money by around 50%, meaning the typical customer will save around £10…

gini, a local fintech startup, today announced the launch of its namesake app, the city’s first all-in-one personal financial management application. The gini app introduces a new alternative for Hongkongers to get insights into their spending habits, take control of their financial life, and aims to help users enjoy the best deals based on their habits and preferences. At launch, the app is compatible with Bank of China (Hong Kong), Citibank, Hang Seng Bank, HSBC and Standard Chartered Hong Kong. The beta version of gini is now available for download via Apple App Store. gini has recently conducted a survey…

“As mobile payment is increasingly welcomed by mainland Chinese outbound tourists, WeChat Pay plans to constantly invest in its cross-border business, with the aim of duplicating the domestic WeChat lifestyle overseas,” Grace Yin, WeChat Pay Director for Overseas Operation today commented on the latest white paper issued by Nielsen, a global leading information and measurement company. The white paper named “Outbound Chinese Tourism and Consumption Trend: 2017 Survey” found that over 90% Chinese tourists would use mobile payment overseas given the option. 83% of Chinese tourists would ask whether or not the local merchants support mobile payment while abroad; only…

The Investor Education Centre (IEC) launched Money Month 2018, a Hong Kong-wide campaign to promote good financial planning and well-being among the Hong Kong public. The launch ceremony was attended and supported by representatives from the Financial Services and the Treasury Bureau, Education Bureau, Hong Kong Monetary Authority, Insurance Authority, Mandatory Provident Fund Schemes Authority, Securities and Futures Commission and many financial education partners. The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, said: “Advancing financial education is one of the highlights of the government policy. Equipping individuals with financial literacy skills can help contribute to the overall…

In achieving our long-term vision of fuelling FinTech innovation by connecting specialist and companies all over the world, it is vital that we establish a strong presence in the global marketplace. As such Fintechfans will be launching local websites for our job board in various strategic positions worldwide. This will help us to better serve the local job markets as well as enable FinTech companies to reach the best candidates, by exposing them to a truly international talent pool. Hong Kong will be our first focus. Hong Kong is not just one of the strongest financial hubs in Asia…

The Securities and Futures Commission (SFC) entered into an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to establish a framework for cooperation on financial technology (Fintech) (Note 1). Under the agreement, the SFC and FINMA will cooperate to share information on emerging Fintech trends, developments and related regulatory issues as well as on organisations which promote innovation in financial services. In addition, the agreement provides for a bilateral mechanism for referrals of innovative firms seeking to enter one another’s markets. “This agreement with the FINMA strengthens cooperation between our two markets,” said Mr Ashley Alder, the SFC’s Chief…

JD.com, China’s largest retailer online or offline, has launched a new accelerator, AI Catapult, for the development of artificial intelligence and blockchain technologies. Beginning in March, AI Catapult, which is part of JD’s AI program, will partner with innovative blockchain startups to build new businesses and create and test real-world applications of their technologies at scale. Participating startups will have the opportunity to work with a wide variety of operational teams within JD which, in addition to being the largest retailer in its home market, also operates the largest nationwide last-mile logistics network. AI Catapult, which will be based…

CONNECT by Crossbridge, a Singapore’s based robo-advisor, has celebrated Chinese New Year early with the introduction of Singapore’s first digital advisory platform in Simplified Chinese. The introduction of a Simplified Chinese version marks another milestone for CONNECT by Crossbridge which, in addition to being the first robo-advisor to launch in Singapore, was the first to introduce digital on-boarding for accredited investors and the first to introduce Cash Plus™ Certificates denominated in Singapore dollars. Developed in collaboration with top-tier industry providers and introduced on 1st November 2016, CONNECT by Crossbridge is an intuitive digital platform that brings customised, actively managed, investment portfolios to accredited investors. Its goal-based…

The FinTech Association of Hong Kong (FTAHK) and FinTech Australia have signed a memorandum of understanding to strengthen the ties between each other’s FinTech industries and lift support for businesses seeking investment, partnerships and expansion into each other’s markets. Australia and Hong Kong have enjoyed a close trade and investment relationship that extends back over 70 years. Hong Kong is already Australia’s seventh most important destination for services exports, valued at AUD$2.4bn in 2016, and sixth largest source of services imports, valued at AUD$3bn. Both countries enjoy significant government and regulatory support for their FinTech communities.  In July 2017, the…

China has achieved remarkable success in financial inclusion over the last 15 years. Traditional financial service providers have dramatically increased the reach of the formal financial sector, including through the world’s largest agent banking network. China has also been a leader in the fintech revolution, with new technology-driven providers transforming how Chinese consumers make payments, borrow, save, insure themselves against risk, and invest. China’s rate of account ownership – a basic metric of financial inclusion – has increased significantly and is now on par with that of other G-20 countries. A new report examines China’s approach to financial inclusion over the past…

Ascential announced in Hangzhou recently the launch of its trailblazing FinTech event Money20/20 at Hangzhou International Expo Center on 14-16 November 2018. The move reflects China’s rapid ascent to become a true world leader in FinTech and global interest in Hangzhou, in particular, as a hotspot for FinTech in China. Duncan Painter, CEO of Ascential, commented: “China has now taken the lead in the global FinTech industry. To deeply connect the Chinese and global markets, we are honoured to bring Money20/20 to China and provide a platform where China’s FinTech leaders and international innovators can connect. Leveraging Money20/20’s global resources and…

Citi Hong Kong was named “Digital Bank of the Year” by the Asset Magazine and swept top awards across every banking category at The Asset Triple A Digital Awards 2017 in Hong Kong. The Citi Mobile App has earned Citi numerous accolades including Best Retail Social-Media Banking Experience, Best Digital Wealth Management Experience, and Most Innovative Mobile Banking Application while the Citi Cash Back Visa Card campaign was named the Most Innovative Social Media Project. The multiple wins underscore Citi’s digital progress, which has contributed to a strong year of growth for the bank’s consumer franchise. Ms. Angel Ng, Consumer…

The third annual StartmeupHK Festival 2018, organised by Invest Hong Kong (InvestHK), ended Friday, 2 February following a week of events covering multiple facets of the start-up sector across a sweep of different industries, giving glimpses of the future while demonstrating the dynamic and vibrant nature of Hong Kong’s start-up scene in the present.  The week drew more than 6,000 delegates and well over 150 speakers, presenters, panelists to the Hong Kong Convention and Exhibition Centre, to tackle broad themes such as fintech, healthtech, smart city, retail technology and the Internet of Things. InvestHK’s signature event, the Venture Forum, which kicked…

The Securities and Futures Commission (SFC) once again alerts investors to the potential risks of dealing with cryptocurrency exchanges and investing in initial coin offerings (ICOs). Following a statement on ICOs released on 5 September 2017 , the SFC has taken regulatory action against a number of cryptocurrency exchanges and issuers of ICOs. The SFC has sent letters to seven cryptocurrency exchanges in Hong Kong or with connections to Hong Kong warning them that they should not trade cryptocurrencies which are “securities” as defined in the Securities and Futures Ordinance (SFO) without a licence. Most of these cryptocurrency exchanges either…

The Hong Kong Monetary Authority (HKMA) published today a revised Guideline on Authorization of Virtual Banks for public consultation. As part of the package of initiatives announced in September 2017 to bring Hong Kong into a New Era of Smart Banking, the HKMA will facilitate the establishment of virtual banks in Hong Kong and will carry out a review of the Guideline on Authorization of Virtual Banks first issued in 2000. The HKMA welcomes the establishment of virtual banks in Hong Kong.  It believes that the development of virtual banks will promote fintech and innovation in Hong Kong and offer…

Hong Kong Applied Science and Technology Research Institute (ASTRI) collaborates with Red Hat to enhance the HKMA-ASTRI Fintech Innovation Hub (the Hub), using Red Hat OpenShift Container Platform to create a collaborative and open environment. Founded by the HKSAR Government in 2000 with an aim to enhance Hong Kong’s competitiveness in technology-based industries through applied research, ASTRI set up the Hub in partnership with the Hong Kong Monetary Authority (HKMA) in 2016. This collaboration allows ASTRI to install Red Hat’s enterprise-grade Kubernetes container application platform on its isolated virtual machines in the Hub, thereby benefiting the Hub users in the…