Only 51% of Hong Kong institutions have adopted a ‘disruptive’ strategy, compared to 56% globally and 59% in China, according to the PwC Global Fintech Survey 2017. However, 82% of financial institutions in Hong Kong intend to form partnerships with fintech companies in the next three to five years. Hong Kong respondents identified regulatory uncertainty (60%) as the key challenge to fintech innovation. 87% also noted the difficulty of hiring and retaining people who can innovate. Regulatory uncertainties Experts have warned about the risk of Hong Kong falling behind other hubs in terms of fintech development. Ian Wood, a…

Fintech has become a hotly debated topic in Taiwan. To boost the development of financial innovation, regulators and government agencies have committed significant resources to establish dedicated organizations and funding schemes, as well as foster collaboration between market participants. Government push In September 2015, Taiwan’s Financial Supervisory Commission (FSC) officially announced the establishment of its Fintech Office, a platform responsible for the planning and promotion of fintech developments. The office particularly focuses on researching and exploring topics that include digitalization of the financial environment, mobile payment, third party payment, Internet financing (peer-to-peer lending), online investment, and the Internet-of-Things, among others.…

A renowned innovation hub and a global financial center, Hong Kong is uniquely positioned to become a launch pad for fintech startups that are looking to tap into the world’s biggest consumer market. According to a survey conducted by EY, Hong Kong has the highest rate of fintech use of all markets surveyed (29.1%), followed by the US (16.5%), Singapore (14.7%), the UK (14.3%), Australia (13%) and Canada (8.2%). Hong Kong also has a strong and supportive community of fintech authorities and investors which have contributed to the development of the local fintech scene and helped nurtured some of the…

Regtech, or regulatory technology, is perceived as one of the hottest trends in the financial services industry for its potential benefits in helping financial institutions meet know-your-customer (KYC), anti-money laundering (AML) and countering terrorist financing (CTF) data and reporting requirements, and help banks save millions in related costs. Regtech refers to companies developing technologies that simplify and streamline compliance, risk management, reporting and data management, among other things. In particular, cloud computing, business process outsourcing and Big Data can reduce costs and allow companies to better focus on their core business, says IBS Intelligence. Big Data promises to help banks…

Ecommerce in Hong Kong is rapidly improving, with the latest market size showing consistent growth and average spend per user is also up. A whole 80% of all consumers now transact or research online. A lot of consumers in Hong Kong looks online to find the material of need and the frequently habit of shopping will maybe surprise. Take a look below, to see the infographic, that will give you key insights in statistics and trends for the way ecommerce consumers in Hong Kong acts. Article first appeared visual.ly

The way in which we bank is changing. Bricks and mortar branches are expensive to run with high rents, salaries, and dedicated tech installations. Some of the challenger banks have no physical presence and there is an abundance of customers who no longer want or need to go into branch. They are more than happy to swap the branch queue for digital banking. In fact, as demand for high street services decreases, banks are closing their doors. HSBC shut 1000 branches in 2015/2016 alone according to a report by the BBC which represented 27% of its network. HSBC are by…

Bitcoin is payment system invented in 2008. It is described as the first decentralized digital currency and is presently the largest of its kind in terms of total market value.  Futurism made a nice Infographic that takes you through the history of bitcoin, here is how it looks like. Article first appeared on futurism.com

Healthy growth and climbing income levels will continue to fuel demand for insurance products and greater innovation in Asia-Pacific (APAC), according to EY. The rise of millennials and advances in digital technology are raising customer expectations for innovative insurance products and digitally-enabled business models. More specifically, the growing demand for technology-driven solutions will push insurers to enhance digital capabilities. They will leverage digital technology to reach new clients, up-sell insurance services to existing ones, and enhance digital interfaces between sales agents and customers. With nearly two-thirds of the population of APAC now using smartphone, insurtech is expected to grow quickly…

CoAssets a crowdfunding platform specialising in facilitating funding for real estate and small to medium‐sized enterprises, is pleased to announce that it has signed a non‐binding Memorandum of Understanding (MOU) to invest in Fintech Pte Ltd, a Hong Kong Fintech company. Fintech Pte Ltd, a subsidiary of Brighten Management Limited, owns Piggiebank, an online platform that provides users with investment products. Piggiebank has raised more than S$8m (~HKD44million) over 12 months, and has an indicative valuation of S$20m. “We are very excited to invest in Fintech Pte Ltd.    This partnership is an important step to growing CoAssets beyond our current…

As the financial technology (fintech) industry begins to boom, many people from within and from outside the industry are calling for regulations to be examined and brought up to date. China and particularly Hong Kong is a world leader in fintech, this is because of its financial services heritage and its cutting-edge investment and tech industry. Companies including  CreditEase, a $1bn investment fund, and of course Alibaba are making huge waves around the world, including the USA where CreditEase have recently announced several major investments in fintech companies. Research suggests that all the main players in the world of financial…

It is a brilliant time to be an investor, as the costs of trading in terms of expenses is cheaper than ever. Furthermore, investment strategies that were once only commercially feasible for large institutional funds, are now available to all investors via the likes of low-cost mutual funds. The amateur investors now have more opportunity to be successful than ever before due to the volume of data available and the power of investment software which provides information to aid decision making. How does this compare to financial advice? Despite the best efforts of the regulators such as the FCA, the…

Xhai Studios (“Xhai”) an innovative mobile game developer and publisher, announced today that it will be using a new and promising blockchain technology to be incorporated into its platform services that it is developing. Blockchain technology is a cost-efficient technology that not only serves the financial industry well, but it can also be a transformative technology when applied to the video gaming industry. Game developers can now distribute their products on a new type of platform that is more direct, effective and cost efficient, thereby giving flexibility to both the developer and the gamer. Xhai shall be using the revolutionary…

Jim Marous, from The Financial Brand, describes the integrated fintech experiences of the future at Next Money 2017 Fintech Finals. https://thefinancialbrand.com/63285/banking-internet-of-things-iot-data-analytics-payments/ http://fintechnews.sg/7948/iot/internet-things-poised-disrupt-banking-insurance/ Featured Picture via FinancialBrand, https://thefinancialbrand.com/63285/banking-internet-of-things-iot-data-analytics-payments/

Gini has chosen data-aggregation specialist eWise to deliver Hong Kong’s first ever customer relationship management platform to create customer loyalty programs through the secure aggregation of end-user’s credit cards and bank accounts. Gini is an online-to-offline digital commerce technology that enables merchants and marketers to target loyalty and rewards based on actual transaction data from banks, and represents a technological breakthrough for marketers, who have long struggled to properly target consumers in a market dominated by offline spending. Launching in Hong Kong in Q2 2017, the CRM platform will help merchants identify and reward customers with discounts, offers and incentives…

Loyyal, the leading blockchain network for the loyalty and rewards industry, today announced a client and value-added reseller relationship with Quidam Ltd., an Asia-based (Hong Kong) provider of next generation data brokering and analytics solutions based on A.I. and blockchain technology for the media industry. As a client, Quidam will run a number of pilots on the Loyyal platform, testing and leveraging the unique capabilities of blockchain technology for the delivery of its services as a digital marketing agency to its clients. The pilots discussed focus on mass media and global gaming companies and will become available in the first…

Lendit USA Review: State of the Chinese Fintech Market with Ning Tang of CreditEase. LendIt USA is the world’s biggest show in lending and fintech, and in 2017 the event returns to New York City, taking over the Javits Center on March 6-7. More than 5,000 attendees from over 40 countries will gather to share ideas, network and learn the latest in all things lending and fintech. With 16 tracks of content, including digital banking, block chain, insurance, and auto financing, as well as our annual PitchIt @ LendIt startup competition, there truly is something for everyone. Also new to 2017 is the first annual LendIt Industry Awards evening,…

AsiaPay, a leading payment gateway service provider in Asia since 2000, has announced a collaboration with Peach Aviation, a well-known low cost carrier (LCC) in Japan, to offer UnionPay and AliPay Online Payment acceptance service for its travelers from China andAsia. Growing volume of passengers prefers to choose low fare air tickets especially those in China and Asia. Yet, the existing payment system of some airlines may not be timely updated to offer its customers with a comprehensive choices of convenient payment options in China and Asia to pay for travel expenses. AsiaPay provides secure, robust, one-stop multi-payment options for China and Asia passengers to book air tickets online and mobile in a speedy and convenient way so as to satisfy the need of express checkout nowadays. As…

Secretary for Financial Services & the Treasury Prof KC Chan says the Government has implemented initiatives to promote fintech application, investment and development in Hong Kong. Prof Chan told legislators today the number of fintech-related startups increased from 86 in mid-2015 to 138 last November. He said Hong Kong attracted US$370 million worth of venture capital investment in fintech companies between January 2014 and September 2016, according to statistics from a consultancy firm. In the 2017 Policy Address the Chief Executive pledged to establish the city as a hub for the application and setting of standards for cutting-edge fintech, such…

Tencent said they wouldn’t participate in the “Red packets” (红包 / Hongbao) war this year. …well, they won it anyway! Key highlights: 14.2 billion red packets sent in 24 hours, 76% year over year growth! 760,000 were sent in 1 second Guangdong is the province which sent the largest number of packets Beijing is the city which sent the largest number of red envelopes! According to Reuters , WeChat users even sent 46 billion digital red packets over Lunar New Year Infographic original source –  wetalkchat.com

EquiChain, a London-based Fintech company with an Asia regional office in Hong Kong, announces its working prototype for capital markets.  The company plans to implement a full end-to-end ‘execution to custody’ (E2C) pilot in 2017, positioning EquiChain to deliver the full potential of distributed ledger technology (DLT). The company also announces the closing of its initial funding round, secured from its board members, advisors and close stakeholders. EquiChain has already established an impressive coalition of active supporters, including top global asset managers such as Henderson Global Investors and Legal & General Investment Management. Reflecting its focus on enhancing the investment…