Author: Fintech News Hong Kong

The Hong Kong Monetary Authority (HKMA) has announced plans to connect the Hong Kong FPS with mainland China’s Internet Banking Payment System (IBPS) this year, enabling small cross-border transactions using mobile phone numbers. Based on South China Morning Post, three more banks, HSBC, Standard Chartered, and Bank of Communications, will now offer remote account-opening services for Hong Kong residents seeking to set up mainland accounts without needing to travel. These institutions join five other banks that have provided similar services since 2019. “These measures will allow Hong Kong residents who want to travel, live or work on the mainland while…

Read More

The 18th Asian Financial Forum (AFF) kicked off yesterday (13 January) at the Hong Kong Convention and Exhibition Centre. The forum expects over 3,600 attendees from over 50 countries and regions to attend. Themed “Powering the Next Growth Engine”, the forum aims to address the changing global economic landscape and explore new drivers for growth in a world facing resource constraints and environmental pressures. It highlights the crucial role of innovation, such as AI, renewable energy, and fintech, in powering future economic growth. The event features over 130 speakers, including policymakers and business leaders from around the world. The opening…

Read More

Hong Kong-based HashKey Group announced that its subsidiary, HashKey MENA FZE, has received In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for a Virtual Asset Service Provider (VASP) license. Upon final approval, the license will enable HashKey MENA FZE to provide Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services in Dubai to retail, qualified, and institutional investors. This milestone also supports the expansion of HashKey OTC, the Group’s over-the-counter trading arm, in the Middle East. HashKey Group holds licenses in Hong Kong, Singapore, Japan, and Bermuda, is registered as a VASP in Ireland, and is pursuing…

Read More

Some Hong Kong digital banks are rethinking their strategies and considering physical branches in Hong Kong, according to reports from the South China Morning Post (SCMP). This shift comes after the HKMA’s recent rule change, aimed at supporting their growth. WeLab Bank, ZA Bank, and Mox Bank are open to adding brick-and-mortar branches, while Livi Bank has opted to remain fully digital for now. The respective Hong Kong digital banks shared their perspectives in separate responses. The HKMA granted eight virtual bank licences in Hong Kong in 2019 to foster innovation and competition. In October, it introduced a new rule…

Read More

WeLab Bank announced that it achieved breakeven in December 2024, just over four years after its launch. This update follows ZA Bank, which became the first Hong Kong digital bank to achieve monthly profitability in September 2024. WeLab attributed this to its larger loan portfolio with reduced lending costs, diverse revenue sources, and improved operational efficiency. Its corporate restructuring in 2023, which integrated the online lending platform WeLend as a wholly owned subsidiary, supported this progress by enhancing scale and operations. WeLab Bank recorded a 26% year-on-year increase in net interest income, totaling nearly HK$700 million, and a 50% rise…

Read More

Fintech in South Korea has witnessed remarkable growth over the past decade, driven by a digitally-savvy population, government support and a dynamic startup ecosystem. A 2024 report by Julie Choi, partner director at Tenity, a Swiss startup incubator, delves into the state of South Korea’s fintech industry and the key factors behind its expansion. The report first looks at the history of fintech in South Korea, emphasizing the progress initiated by the Financial Services Commission (FSC) since 2014. That year marked a turning point for the sector, as the authority intensified its efforts to drive fintech innovation by taking measures…

Read More

The Hong Kong Monetary Authority (HKMA) announced the launch of the Supervisory Incubator for Distributed Ledger Technology (DLT) on 8 January 2025. This initiative aims to support banks in responsibly harnessing the transformative potential of DLT, fostering innovation while ensuring prudent oversight. The Incubator is a newly introduced supervisory framework designed to help banks harness the full potential of Distributed Ledger Technology (DLT) by effectively mitigating the associated risks. By strengthening risk management capabilities at individual banks and across the broader industry, this initiative aims to address challenges that may arise as banks transition to offering production-ready services—such as deposits…

Read More

Intuit QuickBooks, a cloud-based accounting software platform, is hosting a free three-part webinar series titled “The Future of Accounting & AI”. The webinar series offers accountants, bookkeepers, and finance professionals a chance to explore the transformative potential of AI in their practices. The sessions aim to provide practical insights and strategies from global experts, industry leaders, and peers to help participants adopt cutting-edge technologies, streamline workflows, and enhance client value. The first session, Navigate the Now. Anticipate the Next., will feature Inbal Rodnay, an AI adoption expert in Australia and New Zealand. Rodnay will discuss trends, challenges, and opportunities shaping…

Read More

The 18th Asian Financial Forum (AFF) will take place on 13-14 January 2025 at the Hong Kong Convention and Exhibition Centre. The forum, themed “Powering the Next Growth Engine,” is expected to attract over 3,600 finance and business leaders. Organised by the Hong Kong government and the Hong Kong Trade Development Council, the AFF will feature over 100 speakers, including prominent figures like former World Bank Chief Economist Justin Lin Yifu, AI expert and Co-Chair of the World Economic Forum’s Council on AI Stuart Russell, Sinovation Ventures Chairman and leading AI authority Dr. Kai-Fu Lee, and Alibaba Chairman Joe Tsai.…

Read More

HashKey Group has announced that its subsidiary, HashKey Europe Limited, has received Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. This marks the group’s first VASP license in full compliance with the EU’s Fifth Anti-Money Laundering Directive (AMLD5). HashKey Europe can now offer a range of regulated services, including exchanging virtual assets for fiat currencies or other virtual assets, facilitating virtual asset transfers, and providing secure custodian wallet services. This approval is part of HashKey’s broader global expansion strategy, adding Ireland to its list of regulated markets, which already includes Hong Kong, Singapore, Japan, and Bermuda.…

Read More

Hong Kong Virtual Asset Exchange (HKVAX), Hong Kong’s third virtual asset licensed trading platform and Victory Securities (8540.HK), a regulated financial services provider, have signed a Memorandum of Understanding (MoU) to establish a virtual asset strategic partnership on 6 January 2025. The collaboration aims to strengthen the Hong Kong virtual asset ecosystem by integrating HKVAX’s infrastructure and virtual asset capabilities with Victory Securities’ institutional expertise and extensive financial service platform. The partnership will focus on virtual asset brokerage, distribution, RWA, and tokenization opportunities, enhancing investors’ access to high-quality tokenized assets. Both entities seek to build a robust ecosystem, creating innovative…

Read More

The Hong Kong Monetary Authority (HKMA) concluded its annual review of Domestic Systemically Important Authorised Institutions (D-SIBs) on 31 December 2024. Following the evaluation, the list of designated D-SIBs remains unchanged from the one published on 29 December 2023. The current list of D-SIBs, found in the annex, consists of HSBC, Bank of China, Standard Chartered Bank, Hang Seng Bank, and ICBC. These banks continue to hold this designation, which requires them to maintain additional capital buffers to mitigate systemic risk, which could potentially affect the financial system. Under the D-SIB framework, authorised institutions designated as D-SIBs must integrate a…

Read More

The Hong Kong Monetary Authority (HKMA) and Cyberport have announced the first cohort of its Generative Artificial Intelligence (Gen AI) Sandbox initiative. This program aims to explore the potential of generative AI in the banking sector through innovative and practical use cases. From over 40 proposals, 15 use cases submitted by 10 banks and four technology partners have been selected. The participating banks are Bank of China (Hong Kong), China CITIC Bank International, China Construction Bank (Asia), Citibank (Hong Kong), Dah Sing Bank, Hang Seng Bank, HSBC, Livi Bank, Societe Generale, and Standard Chartered. The technology partners include Aereve, Alibaba…

Read More

QuickFest, the virtual conference tailored for accounting professionals, bookkeepers, and consultants, will return on 14-15 January 2025. Organised by Intuit, the two-day event brings together global participants to explore advancements in accounting practices and technologies. After drawing over 15,000 attendees from more than 200 countries in 2024, QuickFest 2025 aims to provide actionable strategies for navigating the rapidly evolving accounting landscape. The programme will feature expert-led sessions on topics such as artificial intelligence, social media marketing, practice automation, and tools for managing mid-sized, multi-entity clients. Key sessions include: AI in Practice: Integrating artificial intelligence to streamline workflows and enhance client…

Read More

In 2024, Hong Kong further cemented its position as a leading fintech hub in the world, with the number of fintech companies increasing by 15% year-on-year. This expansion was fueled by growth in verticals including digital assets, green fintech and cybersecurity. 2024 saw the government introduce several initiatives to drive tokenization, including Project Ensemble, the EvergreenHub, and the stablecoin issuer sandbox, aimed at enhancing efficiency in fields such as capital markets and payment systems. To promote the responsible development of artificial intelligence (AI), Hong Kong implemented new policies and launched collaborative efforts like the GenAI Sandbox, fostering innovation while addressing…

Read More

East Asian countries, especially Hong Kong, China and South Korea, have become global hotspots for fintech innovation, driven by rapid technological adoption, supportive regulatory environments, and robust consumer demand for digital financial services. These countries are home to some of the world’s most prominent and fast-growing fintech firms. South Korea’s Kakao Bank, a fully digital bank, serves over 23 million users, or approximately 40% of the population, while Viva Republica, the creator of the Toss platform, is valued at KRW 10-20 trillion (US$7.2 billion–US$14.5 billion). In China, Ant Group, an Alibaba affiliate, owns the popular Alipay mobile payment platform which…

Read More

The Securities and Futures Commission (SFC) announced today that it has granted Hong Kong VATP licences to four virtual asset trading platform (VATP) applicants. This was achieved through its swift licensing process designed for handling deemed-to-be-licensed applicants. This decision follows the completion of risk-based on-site inspections conducted by the SFC after launching its inspection programme in June. The four applicants for VATP are Accumulus GBA Technology (Hong Kong) Co., Limited, DFX Labs Company Limited, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Limited. As part of their licensing conditions, the approved platforms will operate within a restricted…

Read More

Chief Executive of Hong Kong’s ZA Bank, Ronald Iu, is reportedly planning to step down early next year, according to a report by HKEJ. Sources indicate Iu may transition to a leadership role at another digital bank, Ping An OneConnect Bank (PAObank). Iu, who has led ZA Bank since February 2023, previously served as its Chief Strategy Officer from February 2022 to February 2023. Prior to that, he held senior leadership roles at Airstar Bank, including Chief Executive and Alternate Chief Executive. ZA Bank was the first of Hong Kong’s eight virtual banks to achieve monthly profitability this year. Nearly…

Read More

ZA Bank reported a strong market reception for its Tax Loan on 17 December 2024, achieving double-digit growth in both application numbers and loan amounts. Launched in early November, the ZA Bank Tax Loan features an annualised percentage rate (APR) as low as 1.3%, compared to the previous year’s low of 1.8%. By the end of November, the number of applications had increased by approximately 10% year-on-year. The average loan amount also surged by around 40%. To further capitalise on the positive demand, the bank has introduced a new “Rate Watch” offer, which guarantees a cash reward of HK$ 888…

Read More

Hong Kong is set to host the 18th Asian Financial Forum (AFF) on 13 and 14 January 2025, marking the region’s first major international finance and business event of the year. Co-organised by the Hong Kong government and the Hong Kong Trade Development Council (HKTDC), the AFF 2025 forum will be held at the Hong Kong Convention and Exhibition Centre under the theme “Powering the Next Growth Engine.” The two-day event will bring together policymakers, business leaders, financial experts, investors, entrepreneurs, and tech leaders. They will gather to discuss pressing global issues such as geopolitical tensions, economic challenges, and emerging…

Read More