Tencent has officially unveiled its T1 reasoning model, marking a significant step forward in the increasingly competitive artificial intelligence sector in China. Announced on 21 March 2025, the latest T1 model delivers faster response times and advanced capabilities, particularly for processing extended text documents, according to Tencent’s official WeChat post. The T1 reasoning model is designed to maintain clear content logic and polished text, boasting an exceptionally low hallucination rate. Powered by Tencent’s Turbo S foundational language model, introduced last month, the T1 modeal claims to ensure faster query processing compared to rival models, including DeepSeek’s R1. The Tencent post…
Author: Fintech News Hong Kong
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Ping An Insurance (Group) Company of China, Ltd. (Ping An) announced on 19 March 2025 its financial results for the year ended 31 December 2024, noting that Ping An Insurance achieves 47.8% rise in profits. Ping An’s operating profit attributable to shareholders of the parent company increased 9.1% year on year to RMB121,862 million and net profit attributable to shareholders of the parent company rose 47.8% year on year to RMB126,607 million in 2024. Revenue reached RMB1,141,346 million, an increase of 10.6% YoY. Ping An plans to pay a final cash dividend of RMB1.62 per share for 2024, bringing the total annual cash dividend to…
On 18 March 2025, HashKey Capital received a Type 1 licence from the Hong Kong Securities and Futures Commission (SFC), further strengthening its regulated operations under the SFC. HashKey Capital holds a Type 9 licence, which allows the company to offer asset management products to both retail and institutional clients. Recently, it received approval to provide discretionary account management for virtual assets (VA) under this licence. The company also holds a Type 4 licence, obtained in May last year, enabling it to provide securities and virtual asset investment advisory services. As HashKey Capital secures its type 1 licence, it can…
Ping An Property & Casualty Insurance Company of China (Ping An P&C), a subsidiary of Ping An Insurance, has partnered with FAW Hongqi Auto Sales Co., Ltd. (FAW Hongqi) to introduce Hongqi Intelligent Driving Protection Services. The new initiative aims deliver safer and more convenient travel protection for drivers and promote the development of the intelligent vehicle industry. Traditional auto insurance products are primarily designed around risks associated with conventional vehicles. The rise of intelligent vehicles, which feature advanced driving technologies, has created a demand for new types of insurance coverage. Ping An P&C is addressing these needs by analysing…
The Hong Kong Science and Technology Parks Corporation (HKSTP), led by CEO Albert Wong, conducted the HKSTP European Innovation Mixer Tour to promote Hong Kong as a hub for innovation and technology (I&T) to European sectors. The delegation engaged with over 1,000 global tech talents, fostering new partnerships and talent connections. At the Mobile World Congress (MWC) 2025 in Barcelona, HKSTP and the Hong Kong Trade Development Council (HKTDC) led 24 I&T companies as part of the Hong Kong Pavilion. The pavilion attracted over 7,500 visitors, including representatives from AT&T, Deutsche Telekom, Orange, and Vodafone. More than 1,000 business collaboration…
The 9th edition of the Elevator Pitch International Competition, also known as the EPIC 2025 competition, officially opened on 14 March 2025. The Hong Kong Science and Technology Parks Corporation (HKSTP) made the announcement, calling for startups to showcase their ideas in an initial 60-second pitch. This year’s competition offers a doubled investment pool of US$100 million and introduces two new tech categories, Digital Health Tech and Green Tech, alongside the existing Fintech track. The global competition invites mid- to late-stage startups under 10 years old that aim to expand their R&D or operations to Hong Kong or the Greater…
RedotPay secures $40 million Series A funding, marking a major milestone for the crypto payment platform. The announcement came on 14 March 2025, highlighting the company’s growth and future plans. Venture capital firm Lightspeed led the round, with additional participation from HSG, Galaxy Ventures, DST Global Partners, Accel, and Vertex Ventures, a VC backed by Temasek. The funding will support RedotPay’s efforts to expand its payment ecosystem, enhance product offerings, and strengthen regulatory compliance frameworks while growing its licensing footprint across different jurisdictions. Founded in April 2023, RedotPay provides an alternative to traditional banking, particularly for the unbanked population. The…
BOOM, a Hong Kong-based online investing platform for high-net-worth individuals, announced on 12 March 2025 that it exceeded $2 billion in assets under management, marking a significant milestone in its growth. As BOOM hits $2 billion in AUM, the company anticipates substantial profit expansion in the coming years. According to Boom, the platform provides access to 18 international markets, offering over 50,000 equities and support for 10 currencies within a single account. As part of its growth strategy, BOOM is expanding into digital assets. This includes adding cryptocurrencies and tokenised securities in response to increasing customer demand for new investment…
The push for Hong Kong AI development received a significant boost this week with a HK$200 million (US$25.74 million) donation from the Ng Teng Fong Charitable Foundation and Sino Group. According to the China Daily, the funding will accelerate the advancement of the city’s first homegrown AI language model, HKGAI V1, particularly in developing a mobile application for public use. The donation, announced at a ceremony held at the Central Government Offices in Admiralty on 10 March 2025, underscores Hong Kong’s commitment to positioning itself as a leader in AI innovation. The event was attended by Paul Chan Mo-po, Financial…
Chinese retail traders are rapidly adopting DeepSeek AI trading tools, signalling a significant shift in the country’s investment landscape. This trend is interesting, given the government’s previous crackdown on computer-driven quantitative trading and highlights growing interest in AI-driven investment strategies, reported Reuters. DeepSeek, backed by the hedge fund High-Flyer, emerged as a key player. Known for its cost-efficient large language model, DeepSeek has not only influenced stock market movements but also reshaped public perception of quant funds in China’s US$700 billion hedge fund industry. Investors are now turning to DeepSeek for its ability to help evaluate companies, pick stocks, and…
Episode Six secures strategic investment from Japan Airlines (JAL), according to an announcement on 5 March 2025 from the former, a global provider of ledger and card infrastructure. This investment will support Episode Six’s growth while helping JAL enhance its financial services, including JAL Pay, the core payment feature within JAL’s ecosystem, and expanding new services for JAL’s 30 million customers. The announcement was made during a signing ceremony at Episode 6 (E6)’s headquarters in Austin. John Mitchell, co-founder and CEO of E6, said, “We are excited to strengthen our collaboration with JAL, both as a most valued customer and…
Invest Hong Kong (InvestHK) announced on 10 March 2025 that both of its flagship events, Hong Kong Fintech Week 2025 and the StartmeupHK Festival will be converged to mark their respective 10th anniversaries. The joint event will take place from 3 November 2025 to 7 November 2025 at the Hong Kong Convention and Exhibition Centre and other locations across the city. Hong Kong Fintech Week 2025 will focus on technology and its impact on business, highlighting Hong Kong’s role as an international financial hub and startup centre. In 2024, the number of startups in Hong Kong increased by 10%, with…
In 2024, Ant Insurance, the online insurance brokerage platform of Ant Group, processed 7.25 million health claims, marking a 55% YoY increase. Total health claim payouts through the platform reached RMB 9.2 billion (USD 1.3 billion). The growth reflected the rising demand for health insurance in China, driven by increasing healthcare needs and demographic changes. China’s aging population is a key factor in expanding the health insurance market. By 2035, over 400 million people, or approximately 30% of the population, will be 60 or older, according to projections from China’s National Health Commission. As healthcare needs grow, commercial health insurance…
Ping An Insurance (Group) Company of China, Ltd. has launched its 2025 Spring Campus Recruitment, offering over 2,000 positions across various fields. Central to this initiative is Ping An Talent, the company’s self-developed AI-powered recruitment system, introduced on March 4, 2025. The system promises greater efficiency and fairness in hiring by leveraging artificial intelligence for job matching, interviews, and salary negotiations. With over 10 subsidiaries participating, Ping An is recruiting talent in business, investment & financing, technology, product, and operations, as part of its “integrated finance + healthcare and senior care” strategy. But as AI takes a larger role in…
Hong Kong Exchanges and Clearing Limited (HKEX) announced on 4 March 2025 that it signed a Memorandum of Understanding (MOU) with CMU OmniClear Limited (CMU OmniClear) to boost the Hong Kong post-trade securities infrastructure. The partnership aims to enhance Hong Kong’s post-trade securities infrastructure and support the growth of the city’s fixed-income and currencies (FIC) ecosystem. CMU OmniClear and HKEX will work together to explore ways to improve cross-asset efficiencies in equities and fixed income, expand the use of Mainland bonds as collateral, strengthen Hong Kong’s role as a bond issuance hub, and develop an international central securities depository (ICSD)…
PAO Bank Limited (PAObank) has received its Insurance Agency Licence from the Insurance Authority and signed strategic partnership agreements with China Ping An Insurance (Hong Kong) Company Limited (Ping An) and FWD Hong Kong (FWD) on 5 March 2025. With this, PAObank is introducing both general and life insurance services. PAObank has partnered with Ping An in a bancassurance collaboration, drawing on their expertise in general insurance. Together, they will offer a range of products, including motor, travel, and home insurance, to meet the diverse protection needs of customers. PAObank has also expanded its partnership with insurer FWD after successfully launching…
Fintech solutions provider iFAST HK launches self-service accounts in Hong Kong, catering to the growing demand for independent wealth management among family offices and corporations. This move comes as Hong Kong’s family office sector experiences significant growth, with over 2,700 single-family offices operating in the city as of March 2024, reflecting a clear shift in wealth management preferences. Traditionally reliant on private banks, these family offices are increasingly seeking greater autonomy and control over their investments. In response to this evolving demand, iFAST, leveraging its over two decades of experience supporting intermediaries and institutional clients, is actively expanding its services…
Wise, a global technology company in international money management, launched its international business account in Hong Kong on 3 March 2025. The Wise Hong Kong business account will allow small and medium-sized enterprises (SMEs) in the city to pay, receive payments, and manage over 40 currencies, making it easier for them to grow their businesses internationally. A study from Edgar Dunn & Company, commissioned by Wise, surveyed over 200 finance decision-makers in Hong Kong SMEs and found that 96% had made or received cross-border payments in the past six months. Over half (52%) said they handle these transactions weekly. This…
OSL Digital Securities (OSL), a regulated digital asset platform and part of OSL Group (863.HK), announced the launch of the ChinaAMC HKD Digital Money Market Fund on 28 February 2025, the first retail tokenised fund available in Hong Kong. China Asset Management (Hong Kong) (ChinaAMC HK) issued the fund, which the Securities and Futures Commission (SFC) approved for retail distribution, and it debuted on OSL’s platform. Standard Chartered Bank (Hong Kong) serves as the tokenization agent, digital platform operator, and administrator for the fund, while Standard Chartered Trust (Hong Kong) is the custodian. The ChinaAMC HKD Digital Money Market Fund…
American Express and Alipay introduced a new payment feature that allows eligible global American Express Card Members to link their cards to the Alipay digital wallet on 25 February 2025. This American Express Alipay integration enables payments at merchants across mainland China. American Express is the first foreign payments network licensed to clear Renminbi transactions in China. Through its joint venture, Express (Hangzhou) Technology Service Company, it has partnered with over 30 Chinese banks, third-party payment institutions, and mobile wallet operators to expand card acceptance. With this integration, international travellers can use their American Express Cards for transactions through Alipay…