FWD Group has announced several senior leadership appointments. David Junius will join the company as Managing Director and Group Chief Financial Officer (CFO) effective 1 July 2026, following an initial period serving as Deputy Group CFO. He will succeed Sid Sankaran, who plans to relocate to the United States with his family. Alex Wong has joined the company as Group Chief Actuary, replacing Michael van Vuuren, who recently moved to another organisation. Meanwhile, Knattapisit Krutkrongchai (KK) has been appointed Chief Executive Officer of Thailand, effective 11 May 2026. He will take over from David Korunić, who will retire on 30…

Mastercard has announced a collaboration between its money movement platform, Mastercard Move, and Bank of Shanghai to support bi-directional cross-border payments between China and global markets. The integration allows funds to move into and out of China through Mastercard Move, enabling payments to Chinese bank accounts and facilitating outbound transfers to markets across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. The collaboration is aimed at supporting businesses and individuals who require cross-border payment services. China exports more than US$3 trillion annually, and SMEs depend on reliable cashflow to manage international supply chains. Through the integration,…

The South Korean government is expanding its global AI partnerships beyond OpenAI, as it reviews potential policy cooperation with Anthropic, the developer of the generative AI model Claude. According to The Chosun Daily, citing government and industry sources, the Ministry of Science and ICT is considering formal cooperation measures, including signing a MoU with Anthropic. The discussions reportedly followed a meeting between Bae Kyung-hoon, South Korea’s Deputy Prime Minister and Minister of Science and ICT, and Dario Amodei, CEO of Anthropic, during the AI Impact Summit 2026 in New Delhi last month. During the meeting, both sides discussed Anthropic’s plans…

PayPay’s shares surged in a highly anticipated Nasdaq debut on Thursday (March 12), opening roughly 19% above their offer price and valuing the Japanese payments app at US$12.7 billion. The SoftBank-backed company’s stock opened at US$19, compared with the US$16 offer price, after it and a SoftBank-controlled investment fund sold about 55 million American Depositary Shares below the marketed range of US$17 to US$20, raising roughly US$880 million. The offering proceeded despite global market jitters caused by the conflict in the Middle East. Reuters reported that the US IPO market has also struggled in recent weeks, prompting some companies to…

People familiar with the matter say HSBC and a joint venture led by Standard Chartered will likely be among the first firms to receive stablecoin licenses in Hong Kong within the next two weeks. According to Tech in Asia, the exact number of licenses and the timeline remain subject to change. A possible approval date is 24 March. The Hong Kong Monetary Authority (HKMA) said last month it would grant a small number of licenses this month. The regulator reviewed 36 applications. Hong Kong introduced the Stablecoin Ordinance of Hong Kong last August. The law aims to tighten oversight of…

The taxi industry is moving decisively toward digital payments as the mandatory Hong Kong taxi e-payment requirement, set to take effect on 1 April 2026, shows strong adoption ahead of the deadline. Industry figures show approximately 90% of the city’s 46,000 taxi drivers are already registered with e-payment platforms, positioning the sector for a seamless transition to the new system. Drivers who fail to comply face a HK$5,000 fine and potential jail time, according to a report by the South China Morning Post.  The shift stands to unlock significant commercial opportunity for fintech players, with Octopus reporting a surge in…

SUNRATE has changed the name of its China-licensed entity from Transfar Pay to SUNRATE Pay following following regulatory approval. The renamed entity will serve as SUNRATE’s core operating platform in China, supporting local enterprises with cross-border payment needs. The Singapore-based payment and treasury management firm said it will focus on facilitating two-way fund flows, including helping businesses bring in international capital and expand abroad efficiently and compliantly. The change comes after SUNRATE secured a payment business licence in China in August 2025 through its acquisition of Transfar Pay. The company said the renaming reflects its efforts to deepen its presence…

Financial authorities plan to impose significant sanctions on virtual asset exchange Bithumb for breaching anti-money laundering obligations. The measures could include a six-month partial suspension of its business. The Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, has reportedly issued the exchange with a prior notice of sanctions for violations of the Act on Reporting and Using Specified Financial Transaction Information. Authorities determined that Bithumb continued to conduct transactions with unreported overseas virtual asset business operators, constituting a breach of the regulation. Proposed measures include a six-month partial suspension of business activities, a reprimand warning for the…

HSBC Hong Kong has introduced a new Passbook Consolidation feature on the HSBC HK App, allowing customers to view and manage multiple passbooks in a single digital interface. The feature enables account holders to consolidate their passbooks without the need for paperwork, branch visits, or manual transfer of standing payment instructions. Once consolidated, customers can track their transactions and balances across all accounts through the app at any time, providing a more comprehensive overview of their financial activity. This development forms part of HSBC’s ongoing digital initiatives aimed at improving account accessibility and enhancing customer experience through integrated solutions. By…

PAObank has launched a new wealth service, offering a dual-advantage solution that allows customers to switch between investing and earning interest. The service combines the functionality of a brokerage with the security of a bank, enabling customers to manage investments, insurance, deposits, and other financial products through a single account. Customers can allocate funds and trade a variety of products, including US and Hong Kong stocks, funds, and money market instruments, at any time. Existing retail banking customers can open an investment account in as little as three minutes. New customers can open both savings and investment accounts simultaneously, streamlining…

China said it will inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic risks and strengthen financing for technology companies amid intensifying rivalry with the US. The measures were outlined in the annual government work report presented at the opening of the National People’s Congress (NPC). The report stated that Beijing will further replenish capital at financial institutions and prudently dispose of non-performing assets across the sector, according to Reuters. Analysts expect Beijing to inject capital into Industrial and Commercial Bank of China and Agricultural Bank of China, following the recapitalisation of four other…

The Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), Insurance Authority (IA), and Mandatory Provident Fund Schemes Authority (MPFA) have jointly invited regulated institutions to apply to participate in the GenAI Sandbox++. The initiative expands the scope of the existing GenAI Sandbox. It will now cover sectors beyond banking, including securities and capital markets, asset and wealth management, insurance, mandatory provident fund (MPF), and stored value facilities. Launched in 2024, the original GenAI Sandbox provided a controlled testing environment for authorised institutions in the banking sector. It enabled them to develop and test AI-driven solutions. According to the…

South Korean regulators and lawmakers have agreed to cap major shareholder stakes in cryptocurrency exchanges at 20%, despite opposition from the industry. The ruling Democratic Party’s digital asset task force met with the Financial Services Commission (FSC) on Tuesday to discuss the measure, according to the Korea Herald. The FSC may grant exceptions allowing stakes of up to 34% through enforcement decrees. For major exchanges such as Upbit and Bithumb, lawmakers will enforce the cap after a three-year grace period once the legislation passes. Smaller exchanges would receive an additional three years to comply. The limit would require significant restructuring…

Know Your Customer Limited, a provider of automated business verification solutions, has partnered with DBS Hong Kong to streamline its SME onboarding processes. The collaboration aims to simplify business Know Your Customer (KYC) procedures, addressing the traditionally manual and complex processes involved in verifying corporate structures and ownership. Using Know Your Customer’s digital compliance platform, DBS Hong Kong will gain real-time access to business verification data, including official company documents and automated identification of ultimate beneficial ownership (UBO) networks across more than 140 jurisdictions. The AI-powered platform reduces manual effort, accelerates onboarding timelines, and improves operational efficiency for business clients.…

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have met to discuss additional support measures from the banking industry for residents affected by the fire at Wang Fuk Court (WFC). The discussion follows the long-term housing arrangements announced by the Hong Kong government. The banking sector previously introduced 11 emergency measures after the Tai Po fire incident last year. These included a six-month pre-approved repayment grace period for mortgages, personal loans, and credit card loans. The measures aim to ease immediate financial pressure on affected residents. They also give residents time to address legal…

The Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) held a meeting on March 3 to strengthen bilateral financial cooperation and signed a revised MoU. The two authorities have maintained close collaboration in banking supervision for many years. Building on this framework, the revised MoU extends cooperation to additional areas, including financial infrastructure linkages, exchange of information on currency and statistical data, as well as industry training and engagement. Eddie Yue, Chief Executive of the HKMA, said: “Our joint efforts not only enhance mutual synergy but also enable both cities to make greater contributions to the…

The Bank of Japan (BOJ) is testing the use of blockchain technology for central bank settlements, marking a practical step towards integrating distributed ledger systems into core financial infrastructure. According to a report by The Block, Governor Kazuo Ueda told the FIN/SUM conference in Tokyo that central banks must adapt to what he described as a “new financial ecosystem”, where tokenisation, programmability and blockchain-based settlement could reshape payments and securities markets. While stressing that the BOJ remains cautious, Ueda confirmed the bank will experiment with its current account deposits, the reserves held by financial institutions at the central bank. He…

DBS China can now act as lead underwriter for non-financial corporate bonds in the China Interbank Bond Market after receiving a principal underwriting licence. The licence, granted by the National Association of Financial Market Institutional Investors, allows DBS China to manage underwriting syndicates for non-financial corporate bond issuances in the interbank market. With this and its existing mandates, DBS said it is now the only Singapore-headquartered bank licensed to play a leading role across all onshore corporate bond issuances in the China Interbank Bond Market. Data from Wind Information shows Panda bond issuances in the interbank market grew at a…

Amazon Web Services (AWS) Korea is accelerating infrastructure investment this year. It is also expanding into the public sector and advancing agentic AI. The strategy aligns with the government’s ambition to position South Korea among the world’s top three artificial intelligence nations. According to The Korea Herald, AWS Korea country managing director Ham Kee-ho spoke at a press conference in Seoul. He said the company would “do our utmost to provide greater convenience for customers in Korea and contribute to Korea’s leap toward becoming one of the world’s three leading AI nations, as proposed by President Lee Jae Myung.” The…

Japanese payments app PayPay is aiming for a valuation of up to US$13.4 billion in its US IPO pushing ahead despite turbulent markets. The listing could become one of the largest US IPOs by a Japanese company. The US IPO market has started the year on shaky ground, with some companies delaying flotation plans amid market swings, Reuters reported. Analysts suggested that a strong PayPay debut could bolster investor confidence despite the volatility. According to a regulatory filing, PayPay and its backers plan to sell nearly 55 million American depositary shares, priced between US$17 and US$20 each, potentially raising roughly…