Author: Fintech News Hong Kong

ZA Bank has introduced its new payroll offer, “Salary+,” effective 1 August 2024. Users receiving their monthly salary via ZA Bank can benefit from a welcome offer of up to 8.8 percent p.a. HKD savings rate without needing a separate payroll account. From now until 31 October 2024, new payroll users who receive their first eligible salary of HK$ 8,000 via their account within 90 days of successful registration will receive a 3.59 percent p.a. HKD savings rate-up coupon. Combined with the current basic interest rate of 0.01 percent p.a., users can enjoy a total of 3.6 percent p.a. HKD…

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The Hong Kong government announced that WeBank, a digital bank based in Shenzhen, has set up its technology company headquarters in Hong Kong. This initiative, supported by the Financial Services and the Treasury Bureau (FSTB) and Invest Hong Kong (InvestHK), represents a significant investment of up to US$150 million and aims to create high-skilled technology jobs in the city. The establishment of WeBank’s operation in Hong Kong has been the result of extensive coordination between the FSTB and InvestHK to ensure that the company is well positioned for success upon commencing its activities in our city,” said the Director-General of…

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Octopus has announced a permanent waiver of service fees for over 46,000 micro, small, and medium-sized enterprises (MSMEs) and 25,000 taxi drivers on the first HK$10,000 transactions made through the Octopus App for Business. This initiative, effective from 1 August, aims to support the city’s small businesses by easing fiscal pressure and enhancing their competitiveness in a rapidly evolving market. According to Rita Li Yuk-yi, Octopus’s Sales and Marketing Director, the measure is designed to help micro and small merchants expand their customer base and stay competitive. “Micro and small businesses are the backbone of Hong Kong’s economy. This series…

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The Hong Kong Monetary Authority (HKMA) and the Insurance Authority (IA) recently co-hosted the Insurtech Seminar: Unlocking Bancassurance Potential with Insurtech. The event brought together around 400 professionals from the insurance, banking, and financial technology sectors to explore the potential of Fintech in enhancing bancassurance services. Carmen Chu, the HKMA’s Executive Director (Banking Supervision), emphasised the significant untapped potential in bancassurance and the synergy between banking and insurance. Banks’ vast customer bases, extensive distribution networks, and insurance companies’ expertise in risk diversification and product offerings can deliver integrated and comprehensive financial solutions to meet diverse customer needs. “Data is a…

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The Securities and Futures Commission (SFC) will launch an online application and submission system named e-IP for investment products administered by the Investment Products Division on 29 July 2024. e-IP is developed on the existing WINGS portal and will serve as a one-stop online platform specifically for e-IP users to submit new product applications and post-authorisation or registration submissions, track application progress, maintain information profiles of investment products, and settle fee payments. New product applications and post-authorisation or registration submissions can be submitted through e-IP once the new system is launched. The launch will accompany a three-month parallel run of…

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KPMG has released its annual selection of China’s leading fintech companies, showcasing the top 100 companies that are spearheading innovation within the Chinese financial services sector. The China Leading Fintech 50 and Emerging 50 list showcases the top 100 fintech companies in the country that excel in leveraging technology and data, demonstrating ingenuity, garnering recognition in capital markets, showcasing promising industry development prospects, and achieving notable traction for their products and services. These 100 companies fall into two distinct categories: the Leading Fintech 50, which recognizes the larger and more established fintech enterprises, and the Emerging 50, which features rapidly…

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The Hong Kong ETF market has shown significant growth since its launch in April 2024, with substantial trading volumes and expanding assets under management (AUM). The spot Bitcoin (BTC) ETF recorded a turnover of HK$ 1.14 billion. In contrast, the spot Ethereum (ETH) ETF achieved a turnover of HK$ 33.76 million, highlighting the increasing investor interest in digital asset ETFs in Hong Kong. OSL Digital Securities has played a pivotal role in this growth. OSL partner issuers account for 93 percent of the turnover in spot BTC ETFs and 70 percent of the turnover in spot ETH ETFs. Overall, OSL…

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The Hong Kong Monetary Authority (HKMA) has concluded an investigation and imposed a HK$10 million penalty on DBS Bank (Hong Kong) Limited (DBSHK) for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The investigation by HKMA revealed deficiencies in DBS Bank (Hong Kong)’s systems and controls for AMLO compliance. Specifically, DBSHK failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations between April 2012 and April 2019, and maintain proper records for some customers. The bank also did not have effective procedures to fulfill its duties under the AMLO. In deciding the disciplinary action, the…

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In Japan, the adoption of fintech has been slow compared to regional peers, despite recent advancements in digital payments and digital assets. In 2023, the usage rate of online financial services in Japan stood at about 17%, behind the global average of 27% and a far cry from 30% in South Korea, a new technical note by the International Monetary Fund (IMF) says. Cash still dominates transactions, making up for about 65% of all transactions. This is despite an increase in cashless payments, which rose from 21.3% in 2017 to 36% by the end of 2022, and an increase in…

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WeLab has announced that Ernest Leung has been promoted to President and Group Chief Operating Officer, effective 1 July 2024. This follows WeLab’s recent achievements, including the corporate reorganisation in Hong Kong and the performance of the Indonesian digital bank Bank Saqu. The digital bank, developed through a strategic partnership between WeLab and Astra Financial, has achieved a milestone of one million customers within six months of its launch. Ernest has been with WeLab for five years and has contributed significantly to the company’s growth. He has led various strategic projects, including establishing and operating Bank Saqu, B2B partnerships, and…

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