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…

Hyundai Card launched six new debit and hybrid cards tailored to Apple Pay users in April. The South Korean issuer is targeting teens and consumers in their twenties to capture their everyday spending habits before they transition to credit card usage. Consumers in this younger demographic accounted for 61% of new sign-ups within the first 50 days of the launch. This represents a 13% increase compared to Hyundai Card’s existing debit and hybrid portfolio. The adoption rate was higher for the specific Apple Pay rewards variants, with 69% of total issuance coming from younger users. Spending data reflects this targeted…

DBS has signed a MoU with South Korea’s Samsung Securities to establish a strategic partnership in wealth management. The collaboration pairs Samsung Securities’ presence in the Korean capital markets with the global wealth platform of DBS to broaden cross-border investment options for clients. The two financial institutions will focus on four key areas of collaboration. DBS clients will gain access to the South Korean market through investment solutions provided by Samsung Securities. In return, Samsung Securities clients will be able to tap into the multi-asset global wealth solutions offered by DBS. The firms will also explore providing joint advisory services…

RedotPay has selected OpenPayd to enhance its treasury operations and cross-border remittance services. The company will integrate OpenPayd’s financial infrastructure to streamline how users move funds between local and digital currencies. This collaboration aims to strengthen RedotPay’s backend payment infrastructure by optimising liquidity management. Through this integration, the platform expects to process transactions securely and without delays, enabling faster multi-currency payment options for its users. By drawing on OpenPayd’s capabilities, RedotPay intends to offer a single platform that connects traditional banking with digital finance. The company noted that this infrastructure will support its ongoing global expansion while maintaining a flexible…

JCB has rolled out contactless payment acceptance on the Taipei Metro. The integration allows cardholders to tap physical cards or mobile devices directly at equipped fare gates to enter the transit network. While local stored-value cards like EasyCard and iPASS remain the default for most daily commuters, the JCB integration offers an alternative for tourists or riders who prefer to bypass ticket purchases and top-ups. The Taipei Metro, which commenced operations in 1996, covers over 100 kilometres and connects Taipei City with New Taipei City. It serves as a primary transport route for both residents and visitors travelling to major…

Ping An Bank has partnered with China UnionPay and Tencent Cloud to launch a debit card that rewards users with AI computing power. The product experiments with adding token packages and compute credits alongside traditional retail banking incentives to attract younger digital users, according to Wallstreetcn. The AI Compute Card will become available through the Pocket Bank app of Ping An Bank and its physical branches starting in July. Within the partnership, UnionPay provides the payment network and ecosystem aggregation layer for the AI tools. Tencent Cloud and other model providers supply AI applications such as WorkBuddy. The bank manages…