HSBC has completed a private placement of its first digitally native structured product in Hong Kong. The bank issued US dollar-denominated notes in a digitally native format on blockchain infrastructure, exploring how tokenisation can streamline key stages of the product lifecycle, including issuance, settlement and servicing. Marketnode, an APAC digital market infrastructure operator, supported the transaction. The firm acted as both the tokenisation agent and the digital paying agent, managing payment flows between HSBC and the investor. “Tokenisation can help make markets more efficient and accessible by streamlining key steps across product lifecycles, from issuance and settlement through to ongoing…

OSL Group has secured authorisation as a Crypto-Asset Service Provider (CASP) from the Austrian Financial Market Authority. The Austrian Financial Market Authority granted the approval under the European Union’s Markets in Crypto-Assets Regulation (MiCAR). OSL Group, which is listed on the Hong Kong Stock Exchange, can now offer regulated digital asset services across all 30 European Economic Area (EEA) countries. Under the new framework, OSL EU, the firm’s European subsidiary, can provide custody, spot trading, on and off-ramp conversion, and crypto-asset transfer services. The services are available to institutional and eligible clients. The harmonised framework removes the need for firms…

The Securities and Futures Commission (SFC) has ordered internet brokers and virtual asset trading platforms in Hong Kong to stop using one-time passwords for client login and device binding. According to a circular issued by the regulator, firms must adopt stronger alternatives to combat the growing threat of phishing attacks involving stolen client credentials. The mandate requires firms to implement phishing-resistant authentication methods as soon as practicable. Firms must complete the transition within 12 months from the circular’s issuance. Large internet brokers are expected to adopt the measures immediately. The regulator said one-time passwords carry associated risks and that stronger…

Hang Seng Bank has partnered with Alipay+ to enable its customers to make cross-border QR payments directly through the bank’s mobile app. The integration allows users to make QR payments at over 100 million merchants across more than 55 countries and regions without needing to pre-fund a third-party wallet. The service covers markets including the Chinese Mainland, Europe, the US, Australia, South Korea, and Malaysia. According to Ant International, Hang Seng Bank is the first banking partner in Hong Kong to join the Alipay+ network. Customers see the payment amount based on the Alipay+ exchange rate before confirming the transaction.…

Animoca Brands has completed a live pilot of AI-powered commerce capabilities in Hong Kong, developed in collaboration with Visa. Users can deploy AI agents that identify rewards and complete purchases on their behalf within user-defined preferences and spending controls. Built for Minds by Animoca Brands, the capabilities support the platform’s persistent AI agents. Initially available through the Bruce Lee Club Ltd eShop, the pilot combines Visa Intelligent Commerce with a cardholder rewards directory. Rather than manually searching for promotions or comparing benefits, users can authorise their AI agents to surface relevant Visa offers based on eligible cards and execute transactions.…

Grace Investment Machine (GIM) has secured US$20 million in a Series A funding round to develop agentic AI systems for capital markets. The financing marks the investment technology company’s third funding round within its first year of operations. A US venture capital firm and Hony Capital co-led the round, with IDG Capital and existing investor Monolith Capital also participating. GIM will use the capital to build multi-agent systems that generate, test, and refine investment hypotheses using market data. The company aims to move beyond AI models that only assist with research. Instead, it is focusing on closed learning loops where…

Hyundai Card has completed a stablecoin-based cross-border remittance pilot for Hyundai Motor Company. The proof of concept successfully moved funds between the automaker’s US and Mexican corporate entities, marking a step beyond traditional blockchain testing toward real-world intercompany settlement use cases. The transaction involved converting US$20,000 from Hyundai Motor America into the stablecoin USDT, transferring the funds to Hyundai Motor Mexico, and converting the digital assets back into US dollars. Hyundai Card reported that the entire process took an average of seven minutes, compared with the three to four hours typically required for traditional interbank transfers. To prepare for the…

JCB, Resona Holdings and ODAWARA have partnered to develop an ultra-wideband (UWB) hands-free payment system for public buses in Japan. The initiative aims to reduce boarding times and ease the workload on drivers amid a nationwide labour shortage. This collaboration builds on a March 2026 agreement between JCB and Resona. The addition of ODAWARA, a transit fare equipment manufacturer, will allow the companies to begin technical trials with bus operators in the current financial year. UWB technology provides high-speed data transmission and precise positioning. The system identifies passengers as they board and alight, processing UWB transit payments without requiring them…

Adyen has released the Hong Kong edition of its Adyen APAC Retail Index 2026, revealing that while Hong Kong consumers are increasingly using AI for product discovery, many remain reluctant to let AI complete purchases on their behalf. The report highlights the emergence of “agentic commerce,” where AI agents browse, decide and complete purchases on behalf of shoppers. Although 74% of surveyed consumers have used AI shopping assistants, 45% are uncomfortable letting an AI complete a purchase, even after manually reviewing the product and price. The trend is strongly generational, with 26% of Gen Z using AI shopping assistants daily,…

Alipay has upgraded its contactless merchant devices into an offline business operations network powered by AI agents. The company is connecting its conversational AI assistant, Xiaoyu, to 30 million Alipay Tap devices. This deployment allows offline businesses and small merchants to run digital operations, review business analysis, and coordinate marketing activities through conversational interactions with the assistant at their terminals. Voice-driven merchant operations The upgrade expands the capabilities of the device beyond standard payment acceptance by adding AI-driven management features. Merchants can speak to the assistant to receive intelligent analysis of their operations. They can also track top-selling products and…

Airwallex has launched Octopus as a local payment method for online and offline checkouts in Hong Kong. The integration allows merchants to accept payments across ecommerce and in-store channels through Airwallex’s unified financial infrastructure. The rollout coincides with a recovery in Hong Kong’s retail sector, driven by improving visitor arrivals. According to data from the Hong Kong Tourism Board, the city welcomed approximately 23 million visitors between January and May 2026, marking a 14% increase year-on-year. Retail sales in the region also saw year-on-year growth of 12.8% in March and 8.6% in April 2026, creating an opening for businesses to…

Hong Kong Exchanges and Clearing (HKEX) and the China Foreign Exchange Trade System (CFETS) are jointly developing an electronic fixed income and currency (FIC) trading platform in Hong Kong. The initiative aims to improve trading efficiency, enhance transparency, and reduce transaction costs. The collaboration has received joint backing from the People’s Bank of China (PBOC), the Hong Kong Monetary Authority (HKMA), and the Securities and Futures Commission (SFC). This platform will strengthen financial cooperation between Hong Kong and the Chinese mainland while reinforcing the city’s standing as an offshore RMB business hub. Building a next-generation electronic trading venue is a…

Hong Kong has commenced trial operations for a new central clearing and settlement system to support local gold trading. Operating under the government-owned Hong Kong Precious Metals Central Clearing Company (HKPMCC), this infrastructure provides services for bilateral and over-the-counter (OTC) gold transactions. Bank of China (Hong Kong) serves as the designated vault and settlement institution. To facilitate physical gold deposits and withdrawals, a central ledger records settlement activities and gold transfers. Balances are held on an unallocated basis for commingled holdings of 400-ounce bars meeting international standards. According to the Financial Services and the Treasury Bureau (FSTB), initial gold batches…

Alipay has launched an AI Open Platform to help enterprise developers integrate AI into merchant services. The Ant Group company is testing the system by invitation, according to Tech in Asia and Yicai, aiming to connect partner services directly to its built-in AI assistant, Abao. The platform operates on a dual-track system. Developers can convert existing services into interfaces that AI systems can call directly. For unmodified mini-programs, the platform uses AI screen-reading technology to execute tasks with user authorisation. Partners using the platform can distribute their services across multiple devices through a single connection. Alipay stated that the system…

Eddid Financial, Ant Digital Technologies, and SageRock Capital have signed a MoU to explore the development of green energy tokenisation products in Hong Kong. Using blockchain technology, the companies aim to enhance the transparency and credibility of environmental, social, and governance (ESG) and green projects in the region. Bringing together complementary expertise, SageRock Capital will contribute asset integration capabilities, Eddid Financial will provide wealth management and capital markets experience, and Ant Digital Technologies will supply blockchain infrastructure. The companies said they will explore blockchain-enabled pathways for green energy development while complying with requirements set by the Hong Kong Securities and…

Hong Kong’s Social Welfare Department (SWD) has launched a free cross-border remittance service for elderly recipients of portable cash assistance. Proposed in the 2025 Policy Address, this initiative allows seniors in Guangdong and Fujian provinces to receive payments directly into Hong Kong dollar accounts at designated Mainland banks. Eligible welfare programmes include the Comprehensive Social Security Assistance (CSSA) under the Portable CSSA Scheme. Coverage also extends to the Old Age Living Allowance and the Old Age Allowance under the Guangdong and Fujian Schemes, both of which fall under the wider Social Security Allowance Scheme. Applicants must hold a Type I…

JCB and MUFG Bank have signed a MoU to form a strategic alliance across the ASEAN region. Both financial institutions aim to capture the growing affluent market and accelerate the adoption of digital payments in Southeast Asia. Integrating MUFG Bank’s partner network and digital investments with JCB’s global payment infrastructure serves as the primary focus. This collaboration will connect card products with existing financial services like deposits and investments. Under the new agreement, cardholders will receive exclusive benefits in Japan designed specifically for affluent consumers across ASEAN. Launching during the 2026 fiscal year, an upcoming Indonesian premium credit card marks…

Alibaba has banned its employees from using Anthropic’s AI coding tool, Claude Code, following the discovery of hidden tracking software used to identify users in China. The internal restriction, reported by The Next Web, takes effect on 10 July. The decision follows growing tensions between the two technology companies over intellectual property. Alibaba added Claude Code to its list of high-risk software due to security vulnerabilities, recommending that employees switch to Qoder, its proprietary coding platform. A developer discovered the tracking mechanism in late June after analyzing the software. The hidden markers had been active since April, checking system timezones…

Fraud and AML in Asia have shifted over the past year. Alongside the system-level attacks that continue, panellists point to a growing move towards human compromise, scams that target the customer’s judgement rather than the bank’s defences. This LexisNexis Risk Ready 2026 panel, hosted by Vincent Fong of Fintech News Network, works through that shift from four angles, security, compliance, customer experience and payments, and asks what financial institutions should actually do about it. The conversation moves from how scams have become more personalised and harder to detect, to the awkward questions underneath them: who should be liable when a…

According to the Securities and Futures Commission (SFC), Hong Kong’s total assets under management (AUM) reached a record HK$42.2 trillion (US$5.4 trillion) in 2025. Surging net fund inflows of 193% year-on-year pushed total AUM above the previous 2021 peak, as detailed in the regulator’s Asset and Wealth Management Activities Survey 2025. Asset management and fund advisory businesses grew 19% to HK$31 trillion. Private banking and wealth management operations expanded 24% to HK$12.9 trillion over the same period. Investors from outside mainland China and Hong Kong accounted for more than 54% of total AUM. The sector also remained predominantly institution-oriented. Asset…