Author: Fintech News Hong Kong

SBI VC Trade, a subsidiary of SBI Holdings, has reached a basic agreement to take over customer accounts and assets from DMM Bitcoin. DMM Bitcoin is a Japanese crypto exchange that announced plans to shut down following a significant security breach. The transfer, which includes customer holdings in Japanese yen and cryptos, is expected to be completed by March 2025. DMM Bitcoin faced a devastating hack in May that resulted in the theft of approximately 4,500 Bitcoin, valued at around US$320 million at the time. Despite assurances to reimburse customers fully, the exchange was unable to recover financially and has…

Japanese crypto exchange DMM Bitcoin is shutting down after a devastating Bitcoin loss in May, according to a Cointelegraph report. The exchange suffered a severe security breach that resulted in the theft of approximately 4,500 Bitcoin, valued at around US$320 million at the time. Despite assurances to customers that their deposits would be fully reimbursed, DMM Bitcoin has been unable to recover financially from the incident and has decided to cease operations. The exchange plans to transfer all customer accounts and assets to SBI VC Trade, another Japanese exchange operator, by March 2025. This agreement will ensure that customers can…

Hong Kong banks are steadily advancing their operational resilience capabilities, according to Carmen Chu, Executive Director of Banking Supervision at the Hong Kong Monetary Authority (HKMA). Speaking at a recent industry session on the topic, Chu highlighted the progress made by banks in establishing frameworks that outline critical operations and tolerance levels for disruptions. All banks in Hong Kong have now developed these frameworks, with major banks already tightening their tolerance limits—in some cases, improving from a matter of days to within hours—based on feedback from the HKMA. This progress is crucial as the industry faces increasing pressure to withstand…

MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group, has announced plans to acquire WealthNavi, a Japanese robo-advisory firm, through a tender offer. The offer is set at ¥1,950 per share, representing an 84% premium over WealthNavi’s recent closing price, according to Reuters. This acquisition, valued at approximately ¥99.7 billion (about US$664 million), aims to enhance MUFG’s financial technology services and support Japan’s initiative to encourage greater household investment in financial markets. WealthNavi, in which MUFG already holds over a 15% stake, managed assets exceeding ¥1 trillion as of January, making it Japan’s largest robo-advisor. Featured image credit: Edited from…

Hex Trust, a provider of regulated institutional digital asset custody and services, announced the launch of a new electronic trading platform. Designed to address critical risks highlighted by the collapse of FTX, the platform allows clients to trade digital assets directly from their secure, cold storage accounts. This eliminates the need to transfer assets to exchanges, significantly reducing counterparty risk. Assets remain within Hex Trust’s licensed custody infrastructure throughout the entire trading process, offering an additional layer of security. The platform provides access to deep liquidity and competitive pricing from a global network of providers. It supports a diverse range…

InvestHK has opened a new office in Cairo, Egypt, aiming to attract businesses from the Middle East and North Africa (MENA) region to Hong Kong. This initiative seeks to bolster economic and business cooperation between Hong Kong and the MENA region, aligning with the 2024-25 Budget’s plan to strengthen economic and trade relations with the Middle East. InvestHK Director-General of Investment Promotion, Alpha Lau, made the announcement at the seventh HK International Egyptian Folklore and Oriental Dance Festival. Lau said, “We aim to support corporates in Egypt and the MENA region to establish their businesses in Hong Kong and to…

Checkout.com, a global digital payments provider, has announced its expansion into the Japanese market. This strategic move includes the launch of direct acquiring capabilities and the establishment of a new Tokyo office, reinforcing Checkout.com’s presence in Asia. The company has appointed Noriko Sasaki, a seasoned financial services professional with over 20 years of experience, including leadership roles at Citigroup, PwC, and Accenture, as Country Manager for Japan. Sasaki will lead the company’s efforts to deliver localised payment solutions tailored to the needs of both domestic and international businesses operating in the country. Checkout.com’s direct acquiring capabilities aim to improve payment…

Tokyo-based digital bank Habitto has secured US$11.7 million (JPY1.8 billion) in Series A funding. The round was led by QED Investors and DG Daiwa Ventures (DGDV), with participation from Scrum Ventures, Anthemis Group, and other existing investors. This marks QED Investors’ first investment in Japan. Sean Park, Co-founder of Anthemis Group will be joining the board as an observer as part of the round. Habitto’s mobile app integrates financial tools and free advice, including personalised guidance from digital advisors. The platform is designed to reduce financial anxiety among young Japanese users, offering tailored financial strategies to help them navigate economic…

Fusion Bank, a virtual bank based in Hong Kong, has successfully launched its next-generation core banking system, developed in collaboration with China’s WeBank. The system, designed to enhance operational efficiency and enable quicker adaptation to market changes, marks a major milestone in the strategic partnership between the two banks, which began in September 2023. The core banking project, initiated in December 2023, encompassed the integration of over 150 subsystems across key areas, including deposits, loans, and foreign exchange services for both retail and corporate clients. Leveraging WeBank’s proprietary digital banking technology, the project was completed within 10 months, complying with…

Hong Kong Fintech Week 2024 concluded on 1 November 2024, drawing over 37,000 attendees from more than 100 economies. The event, themed “Illuminating New Pathways in Fintech,” explored the latest advancements in financial technology, with discussions centered around topics such as AI, blockchain, green finance, and cross-border technology integration. The flagship event was organised by the Financial Services and the Treasury Bureau and Invest Hong Kong, alongside co-organisers the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority (IA). Financial Secretary Paul Chan opened the conference, emphasising Hong Kong’s attractiveness for fintech startups. He…

ZA Bank, a Hong Kong-based digital bank, has launched crypto trading services for retail customers. Users can now seamlessly buy and sell Bitcoin and Ethereum, currently the only cryptocurrencies supported, using Hong Kong dollars or US dollars directly within the ZA Bank app. This move comes amidst a global surge in crypto interest, with the market capitalisation exceeding US$2.3 trillion. ZA Bank aims to simplify crypto investments by integrating it into traditional banking services, allowing users to start trading from US$ 70 (HKD 600) and with 0% commission for the first 3 months. The bank partnered with licensed virtual asset…

Hong Kong Exchanges and Clearing Limited (HKEX) has announced the appointments of Paul Chow as Group Chief Sustainability Officer and Jeffrey Ng as Group Chief Communications Officer. In his newly established role, Chow will oversee the development and implementation of sustainability strategies aligned with HKEX’s long-term goals, ensuring ESG factors are integrated into the company’s operations, policies, and culture. He will lead initiatives such as the Core Climate carbon marketplace and oversee HKEX’s sustainability division, while continuing his responsibilities as Group General Counsel, a position he has held since joining HKEX in April 2021. Chow previously served as Group General…

A staggering 99 percent of Hong Kong finance leaders cite operational difficulties due to inadequate spend management systems, according to Airwallex’s latest Spend Management Report. The report was curated based on a survey of 200 senior finance professionals in Hong Kong-based small-to-medium-size companies. It highlights the increasing difficulties in managing global spend, driven by factors like evolving supply chains, the rise of hybrid work models, and the complexities of navigating multi-currency transactions and regulatory compliance. Fragmented tools result in fragmented finances The survey found that 78% of finance leaders report inefficiencies and unreliability in their current systems, leading to delays…

The Hong Kong Monetary Authority (HKMA) wrapped up the main session of the Global Financial Leaders’ Investment Summit on 19 November, drawing around 300 leaders from over 120 financial institutions worldwide. More than 100 of these institutions were represented by their group chairmen or CEOs. Themed “Sailing through Changes,” the summit addressed major topics shaping the financial landscape, including macroeconomic shifts, geopolitical challenges, technological advancements, and climate change. Discussions focused on how financial institutions can seize emerging opportunities while navigating associated risks. The event opened with a keynote address by He Lifeng, Vice Premier of the State Council of the…

Over 50 speakers have already been confirmed to take the stage at Money20/20 Asia 2025 in Bangkok, Thailand. The conference returns for its second edition from 22 to 24 April 2025 at the Queen Sirikit National Convention Center. More than 3,000 people from 85+ countries attended in 2024, and next year’s show promises to be even bigger and better. Thirty-six leading names, including OpenPayd, Terrapay, Thunes, Chubb, Trulioo, and Nium, have already signed up as sponsors. Money20/20 Asia’s show focus, Empowering Humanity Through Collaboration: Pioneering Secure, Frictionless, and Sustainable Fintech Innovation in Asia, explores the future of finance and sustainable,…

Fujitsu and SAP Fioneer, a software solution provider for financial services, have partnered to accelerate the digital transformation of Japan’s insurance sector. Both entities will focus on co-developing the Japan Edition of SAP Fioneer Cloud for Insurance. This cloud-based platform aims to modernise core insurance operations by combining localised business content with global industry best practices. Japan’s insurance industry is navigating significant challenges, including an aging population, declining birth rates, the rise of fintech, and evolving customer expectations. To stay competitive, insurers must address outdated systems, IT talent shortages, and compliance requirements while enhancing operational efficiency. The Japan Edition of…

The Hong Kong Monetary Authority (HKMA) has issued a warning to the public regarding overseas crypto firms falsely presenting themselves as licensed banks in the city state. The HKMA has identified two instances where such firms have either directly referred to themselves as a “bank” or used the term “bank card” to describe their products. This misrepresentation could mislead consumers into believing these firms are under HKMA supervision, which is not the case. The HKMA emphasizes that only authorised institutions, including licensed banks, restricted license banks, and deposit-taking companies, licensed by them can conduct banking business in Hong Kong. Using…

The Hong Kong Monetary Authority (HKMA) announced a new strategic partnership with key multilateral organisations at the Asia Climate Investment Seminar. This collaboration aims to significantly ramp up sustainable finance initiatives across Asia, focusing on investments that drive down greenhouse gas emissions and support the transition to net-zero. Partners in this initiative include the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and International Finance Corporation (IFC). Together, they will prioritise investments in crucial sectors like renewable energy infrastructure, energy solutions, and sustainable transportation. Actis GP LLP, a key supporter of the partnership, plans to deploy at least US$500…

The Hong Kong Monetary Authority (HKMA), Cyberport, and major banking associations co-hosted the “SME Digital Technology Solution Day” on 11 November to accelerate digital transformation among SMEs. The event brought together over 100 participants, including SMEs in the food and beverage and retail sectors, bank representatives, and technology providers. A key focus of the discussions was how SMEs can leverage big data to improve their operations and competitiveness. The event highlighted the banking sector’s commitment to supporting SME digitalisation, which is a key part of the HKMA’s broader strategy to enhance the competitiveness of Hong Kong’s economy. In October, the…

The financial services industry is approaching a pivotal moment with the rise of tokenised funds, driven by evolving regulations, rapid advancements in tokenised finance, and growing adoption. A new report co-developed by Boston Consulting Group (BCG), Aptos Labs and Invesco delves into this shift, providing an overview of the emerging market of fund tokenisation, exploring the technology’s benefits for investors and institutions, and sharing strategies for managers to seize the opportunities. The report predicts that tokenised funds will reach an inflection point within the 12 to 18 months, spurred by the maturation of regulated on-chain money, including regulated stablecoins, tokenised…