Hong Kong BGE Limited (BGE) has secured its license to operate as a virtual asset trading platform (VATP) as of 17 June 2025, according to the Securities and Futures Commission (SFC) website. With BGE’s entry, Hong Kong now has 11 licensed VATPs. BGE is the fourth company to obtain a license this year, the third being Bullish HK Markets Limited in February 2025. Other licensed virtual trading platform operators include OSL Digital Securities Limited, Hash Blockchain Limited, Panthertrade (Hong Kong) Limited, and YAX (Hong Kong) Limited. The SFC extended its swift licensing process for VATPs to new applicants in January…

The head of China’s central bank has promised to boost the global adoption of the digital yuan and called for the development of a multi-polar global currency system, where several currencies dominate the world economy, according to a Reuters report on 18 June 2025. China will set up an international e-CNY operations centre in Shanghai, People’s Bank of China Governor Pan Gongsheng announced at the Lujiazui Forum, a meet-up of local and foreign financial industry executives and regulators. The remarks follow renewed interest in a global yuan, driven by trade tensions and growing demand for alternatives to dollar-based assets. China…

JD.com plans to secure stablecoin licenses in a series of major markets, founder Richard Liu announced at a Beijing press briefing on Tuesday, according to The Block. He added that JD’s global stablecoin project could cut cross-border payment costs by 90% and complete transactions in 10 seconds, faster than SWIFT’s system. The goal would be for global consumers to use JD’s coin for seamless worldwide transactions, he noted. JD’s stablecoin push aligns with evolving regulations on dollar-pegged stablecoins in the USA, sparking global discussions. Stablecoins are purportedly touted as the newest front in competition among Chinese e-commerce giants. According to…

The Central Bank of the UAE (CBUAE) and CIPS, the operator of China’s Cross Border Interbank Payment System, have signed a MoU to strengthen cooperation in payment infrastructure and improve the efficiency of cross border transactions between the UAE and China. Under the agreement, both parties will collaborate on initiatives aimed at supporting the use of their respective payment systems for transactions between the two countries. The partnership will also cover areas such as risk management, compliance, and the exchange of expertise to enhance the security and stability of cross border payment infrastructure. Saif Al Dhaheri, Assistant Governor for Banking…

In just under three years, Trust Bank has gone from a new entrant to becoming Singapore’s 4th largest bank. Fintech News Networks Chief Editor sits down with Trust Bank CEO, Dwaipayan Sadhu where he reveals the secret sauce behind how they scaled to over a million customers in Singapore’s overbanked market. In this video, we talk about: Why over 70% of new users come through referrals Their approach to building a modern core banking stack from scratch How a full banking license gave them an edge over digital-only challengers

Airwallex has officially launched Airwallex Yield in Hong Kong on 18 June 2025, which it advertises to offer businesses returns of up to 3.97% (for USD as of 16 June 2025) on multi-currency balances with no minimum lock-up period necessary. Arnold Chan, General Manager, Asia-Pacific, Airwallex, shared, “In today’s dynamic market environment, businesses are actively seeking ways to make their capital work harder. Airwallex Yield gives them a seamless and flexible way to earn returns on their balances, all from within the Airwallex platform.” With Yield integrated into the Airwallex platform, businesses can manage working capital and surplus funds in…

Rokid has launched its latest augmented reality device, Rokid Glasses. In China, the Rokid AR payment glasses support in-store payments enabled by Alipay’s digital payment technology and multidimensional risk control solution for AR glasses. Rokid announced via a press release on 17 June 2025 that the product will begin rolling out to users in June 2025. More than 250,000 units have already been pre-ordered. To make payments using AR glasses, users first link their Alipay account through the Rokid app and activate voice verification. At the store, they can initiate a transaction by saying instructions such as “Rokid, pay 10…

Invest Hong Kong (InvestHK) reinforced its role as a global business hub through a strategic visit to the Gulf Cooperation Council  (GCC) region, forging strong partnerships. The InvestHK GCC fintech delegation built on the momentum from the Chief Executive’s earlier visit to the Middle East in May, which saw three Memoranda of Understanding (MOUs) signed by InvestHK. The InvestHK GCC fintech delegation, made up of leaders from top financial and fintech firms founded locally, in Mainland China or overseas with operations in Hong Kong, engaged in high-level meetings. This included meetings with local government organisations, private equity partners and tech…

As crypto adoption accelerates, regulators are ramping up enforcement of the Financial Action Task Force’s (FATF) Travel Rule compliance in APAC. Governments remain cautious, driven by concerns over financial stability and the absence of centralised control. As a result, many have passed legislation to implement the Travel Rule for virtual asset service providers (VASPs). Yet according to Sumsub’s guide on enabling secure crypto payments, 75% of jurisdictions in the region are still either non-compliant or only partially compliant, leaving loopholes that fraudsters are already exploiting. Identity fraud is a major concern, especially with the use of AI to carry out…

Hong Kong virtual insurer OneDegree has made significant progress in the Middle East, securing 20 contracts since entering the region in 2023, according to a recent interview with the South China Morning Post. In the interview, co-founder Alvin Kwock Yin-lun said that OneDegree is seeking further growth in the Middle East. The company has already insured 20 of the 34 firms licensed by Dubai’s Virtual Assets Regulatory Authority, including digital asset exchanges, as well as custody services and trading providers. OneDegree had reported no claims, losses, or incidents among its clients after launching its products, which were aligned with United…

Customs officials are partnering with the University of Hong Kong to develop a Hong Kong cryptocurrency tracing tool. This initiative follows the detection of seven suspected money laundering cases involving virtual assets totalling over HK$9 billion (approximately US$1.1 billion) in recent years. Mario Wong Ho-yin, Assistant Commissioner for Intelligence and Investigation at the Customs and Excise Department, stated on Thursday in a media meet-up that the department would intensify its efforts to combat cross-border money laundering, according to a South China Morning Post report. This includes closer collaboration with academics, the financial sector, virtual asset industry players, and law enforcement…

Ant International is making moves to apply for stablecoin issuer licenses in Hong Kong, according to a Bloomberg report which cited sources familiar with the matter. The company intends to submit its application once Hong Kong’s Stablecoins Ordinance takes effect in August 2025. It will also apply for similar licenses in Singapore and Luxembourg. Hong Kong’s stablecoin regime is expected to offer greater clarity for stablecoin issuers and encourage institutional participation in the digital asset space. Stablecoins, which are digital tokens typically pegged to fiat currencies, serve as a more stable alternative to volatile cryptocurrencies like bitcoin and ether. They…

Legislator Ko Ju-chun of the Chinese Nationalist Party (KMT) voiced concerns over the government’s handling of cybersecurity threats related to its Taiwan digital ID system, calling for greater accountability, according to a report by Taipei Times. Speaking at a press conference on 11 June 2025, Ko criticised the government’s response to the misuse of the Natural Person Certificate system, a key component of its e-governance strategy. The Taiwan digital ID program has issued approximately 8 million certificates, with around 4 million in use, Ko shared. Citing data from the Financial Supervisory Commission (FSC), Ko noted that “watched” bank accounts, those…

It’s been one year since Boost Bank launched in Malaysia — so what have they achieved, and where are they headed next? In this milestone interview, Boost Bank CEO Fozia Amanulla joins Fintech News Network’s Chief Editor Vincent Fong to reflect on their journey so far: from hitting RM700 million in deposits and launching RM160 million in SME loans, to onboarding unbanked Malaysians through embedded banking

HashKey Exchange, one of the licensed virtual exchanges in Hong Kong, expanded its bank deposit services to 32 countries and regions, 15 more than before. The move significantly broadens its users’ fiat deposit and withdrawal channels. The platform now supports multi-currency deposits and withdrawals, inclusive of offshore Renminbi (CNH), Hong Kong Dollars (HKD), US Dollars (USD), and Euros (EUR). The expanded fiat gateway is inclusive of accepted bank transfers to the following list of countries and regions: Hong Kong, China, Japan, Germany, Netherlands, Austria, Brazil, Singapore, Canada, South Korea, France, United States, Turkey, Australia, Switzerland, United Kingdom, Argentina, Belgium, Spain, Greece,…

South Korea’s newly elected President Lee Jae-myung is pushing forward with plans to allow stablecoin issuance by local companies, fulfilling a key campaign promise, according to a Bloomberg report. On Tuesday, the ruling Democratic Party proposed the Digital Asset Basic Act. The act aims to enhance transparency while cultivating competition in the cryptocurrency sector. It would enable South Korean companies with a minimum of KRW 500 million (approximately US$367,876) in equity capital to issue stablecoins, provided that reserves are held to guarantee refunds. The proposed act also mentions that asset-linked digital assets would also require approval from the Financial Services…

Wonder, a payment and fintech platform, has announced its partnership as the purported first omnichannel payment facilitator for Octopus Cards Limited (Octopus) in Hong Kong on 10 June 2025. The Wonder and Octopus partnership aims to enable offline and online Octopus acceptance via Wonder’s payment terminal and digital platform. Merchants will be able to deploy Octopus, along with over 30 other payment methods, through Wonder’s Know Your Customer (KYC) onboarding process, and have all merchant fund settlements occur directly via Wonder’s platform. Through the Wonder and Octopus partnership, merchants, regardless of size or industry, will also be apparently able to…

China’s Cross-Border Interbank Payment System (CIPS) and the Central Bank of the United Arab Emirates (CBUAE) have signed a MoU to strengthen cooperation on cross-border payments, the People’s Bank of China (PBOC) announced. According to the statement by the PBOC, which oversees and regulates CIPS, the agreement is expected to enhance payment infrastructure and improve the efficiency of cross-border transactions. As part of the agreement, CIPS and the UAE’s central bank will collaborate on the development of a cross-border payment connectivity programme, aimed at providing local currency clearing services for financial institutions across the Middle East and North Africa. The…

The Government welcomed the Legislative Council’s June 4 passage of the Banking (Amendment) Bill 2025, aimed at improving crime prevention through conditional account information sharing among banks. Based on a report from GovHK, the Amendment Ordinance establishes a voluntary, secure electronic system for information sharing between banks and the related law enforcement agencies. When suspected money laundering, terrorist financing, or related activities are detected, information about corporate and individual accounts can be shared swiftly via HKMA-designated platforms. It also offers legal protection to banks that share relevant information. This Hong Kong bank information sharing mechanism allows banks and law enforcement…

Citigroup is cutting 3,500 tech jobs in mainland China to streamline operations and cut costs. The Citigroup China layoffs move, however, purportedly does not affect its pledge to serve the country’s corporate and institutional clients, according to a South China Morning Post report. The layoffs affect tech support staff in Shanghai and Dalian who serve the Asia-Pacific region, with the cuts set to be completed in the fourth quarter, Citigroup said on Thursday. Some roles will be cut, others relocated, and office space reduced, Citigroup said, noting that separation packages exceed local industry norms. Its core Shanghai banking unit and…