First Digital, the group behind the FDUSD stablecoin, has agreed to list on Nasdaq by merging with a special purpose acquisition company (SPAC). The deal with CSLM Digital Asset Acquisition Corp III (KOYN) values First Digital at US$250 million before new capital is raised. Both companies expect it to close in the first half of 2027, pending shareholder and regulatory approval. First Digital will then be fully owned by a new holding company in the Cayman Islands. Founder and CEO Vincent Chok will hold shares with ten votes each. Other shareholders will have one vote per share. The group reported…

Hong Kong’s Securities and Futures Commission (SFC) will introduce revised retail fund rules in November 2026. The SFC confirmed the measures in its newly published consultation conclusions paper. Under the revised Code on Unit Trusts and Mutual Funds (UT Code), retail funds may adopt a Value-at-Risk (VaR) approach. VaR is a statistical measure of potential fund losses over a given period. Funds will be able to apply it when managing their derivative exposure. According to the SFC, the change will support broader fund strategies and widen the range of retail products available to investors. In addition, the revised code streamlines…

SBI Holdings, Mesh Connect and Money Forward have reached a preliminary agreement to establish a joint venture in Japan focused on digital asset connectivity and payment infrastructure. The companies aim to establish the venture in 2026, subject to final agreements, internal approvals and any necessary engagement with regulatory authorities. The venture will focus primarily on Japan and aims to simplify digital asset purchases, transfers and payments across cryptocurrency exchanges, wallets and other platforms. Currently, users and businesses often face difficulties managing digital assets across multiple platforms, resulting in fragmented processes for account connectivity, transfers and payments. Connecting digital asset platforms…

Three-quarters of financial institutions lose up to US$5 million a year in customer revenue to failed payments, according to a LexisNexis Risk Solutions payments study. The study surveyed 150 payments executives in North America, Europe, the Middle East and APAC. More than a third of institutions incur costs above US$20 per failed or delayed payment. However, fees typically recover only US$11 to US$15. Many of these failures result from basic data errors. For example, incorrect beneficiary information accounts for 21%. Errors in account numbers and bank details each account for around 15%. Straight-through processing (STP) refers to payments completed without…

Hong Kong will table a bill this year to license virtual asset dealing, custody, advisory and management services. Christopher Hui, Secretary for Financial Services and the Treasury, set out the plan to lawmakers. It forms part of the city’s first five-year plan and the 2026 Policy Address. Hui said both documents shift financial policy from scale to core functions, such as serving the real economy. In addition, his bureau and the Hong Kong Monetary Authority (HKMA) are studying legal changes to tackle scams. The aim is to push technology and telecoms firms to detect and remove more scam content. This…

Bank Negara Malaysia (BNM) and the Hong Kong Monetary Authority (HKMA) have agreed to deepen cooperation across digital assets, tokenisation, trade finance and financial infrastructure. The central banks will establish a joint policy-focused workstream to explore compliant cross-border stablecoin use cases between Hong Kong and Malaysia. The agreement followed a high-level bilateral meeting in Hong Kong on 2 October, where the two regulators discussed financial developments, banking regulation, fintech, payments, capital market connectivity, local currency usage and Islamic finance. Digital asset innovation will form a key part of the collaboration. BNM and the HKMA plan to exchange policy and regulatory…

Mox Bank has the highest-scoring app among Hong Kong banking apps in Sia Partners’ Mobile Banking Benchmark, the South China Morning Post reported. The consulting firm scored more than 140 apps in 20 markets on features, ease of use and user feedback. Apps from Bank of China (Hong Kong), ZA Bank and Citibank Hong Kong ranked second to fourth in the city. All four lenders made Sia’s Asia-Pacific top 10. Mox placed fifth in the region with 67. BOCHK came seventh with 65, followed by ZA Bank at 64 and Citibank Hong Kong at 63. The four apps also moved…

Kyrgyzstan’s Bakai Bank has received a restricted banking licence from the Hong Kong Monetary Authority (HKMA). The licence allows the bank to open a branch in Hong Kong. It will serve companies and financial firms that do business between Central Asia and Asia-Pacific. According to the HKMA, the licence took effect on 5 October 2026. Hong Kong now has 17 restricted licence banks. Banks in this category may accept deposits of HK$500,000 or more. Operating as Bakai Bank Hong Kong, the branch will offer trade, payments and treasury services. Its focus will be on trade, investment and capital flows between…

The Hong Kong Monetary Authority (HKMA) has signed a memorandum of understanding (MoU) with the PAA Digital Trade Alliance (PAA). The agreement aims to promote digital trade finance. Both sides will work on joint projects to link cargo and trade data between Hong Kong and PAA member economies. They signed the MoU at the HKMA’s Cargox Solution Day, which drew more than 300 people from banks, data firms and government bodies. At the event, the HKMA also shared results from its Cargox pilot. Together with the Shanghai Data Bureau, it has linked its Commercial Data Interchange (CDI) to a trade…

China’s artificial intelligence (AI) stakeholders, including large-scale cloud service providers, technology giants, and telecommunication firms, are expected to more than double their annual capital expenditure (capex) on AI infrastructure this year, with ByteDance, Alibaba and Tencent leading the charge, according to a new report by independent research provider Rhodium Group. These firms are projected to spend CNY 932 billion (US$139 billion) on AI infrastructure in 2026, based on desk research and a survey of 13 listed companies, representing a 103% rise from the 2025 figure of CNY 460 billion (US$68 billion). ByteDance will be the largest contributor to China’s AI…

Stripe will launch Stripe Capital, its business funding product, in Japan in 2027. It shared the plan at Stripe Tour Tokyo, a decade after entering the country. More than 150,000 businesses and solopreneurs in Japan now use Stripe, including Toyota, Mercari and Sakana AI. Over 45,000 new firms joined in the past year. “The challenge now is how to help the best of these businesses to scale faster than ever, as the global economy replatforms around AI,” said John Collison, Co-Founder and President of Stripe. Stripe Japan lending plans The OECD has argued that Japan’s lending market holds back growth.…

The Securities and Futures Commission (SFC) and the Securities Commission Malaysia (SC) have launched a Single Submission Arrangement for a Hong Kong Malaysia dual listing. Firms listing in both markets now file just one application and one listing document. This puts into practice the dual IPO listing framework from the memorandum of understanding (MoU) the two regulators signed on 23 July 2026. They expect it to cut duplicate work and compliance costs when firms apply for an IPO. It covers firms that want a primary listing in one market and a secondary listing in the other at the same time.…

HSBC has named its planned Hong Kong stablecoin HSBC RedCoin ahead of a phased rollout starting with everyday payments. The rollout will begin with person-to-person transfers and merchant payments before expanding to wholesale corporate and institutional uses. The bank will also launch a public education series in Hong Kong covering scam prevention and how stablecoins can be redeemed through its banking apps, website and social media channels. “Today, we are naming our Hong Kong stablecoin to reflect our heritage: HSBC RedCoin. Launching our coin is just the beginning. Our goal is to support Hong Kong’s financial innovation, underpinned by the…

Eligible Binance Pay users from overseas can now pay at PayPay-supported merchants across Japan when they visit. The payments go through HIVEX, which lets the two services work together. Binance said about 48 million of these users, in more than 100 countries and regions, can pay at millions of merchant locations in Japan. The service has been open since 30 September 2026. Travellers pay with Binance Pay, while the merchants still get paid in Japanese yen. The service is built for visitors. It covers dining, shopping, places to stay and other travel costs. The launch fits its long-term goal of…

The Hong Kong Monetary Authority (HKMA) announced on 30 September that banks in its IP Financing Sandbox have approved loans for seven pilot cases. These loans range from HK$1 million to HK$39 million. Companies come from sectors such as electronics, construction, toy manufacturing and medical devices. They will use the funds for working capital, business expansion and market promotion. “This first batch of pilot cases has demonstrated the potential for leveraging IPs such as patents and trade marks to access financing,” the HKMA said. In December 2025, the HKMA launched the sandbox together with the Commerce and Economic Development Bureau…

WeLab Bank reported an adjusted profit of approximately HK$14.6 million for the first half of 2026, excluding around HK$20 million in strategic investments in technology, AI and product innovation. The Hong Kong virtual bank recorded HK$492 million in revenue, up approximately 8% year-on-year. Net interest income rose 8.4% to HK$466 million, while net interest margin stood at 10.2%. WeLab Bank’s retail loan portfolio exceeded HK$6.1 billion, representing approximately 11% year-on-year growth. The bank said the portfolio grew at nearly 3.5 times the overall market rate while maintaining a delinquency rate below the market level. Wealth management and multi-currency services also…

Mox Bank recorded a profit before tax of HK$8.63 million in the first half of 2026. This is its first interim profit in six years of operations, and it comes after the bank broke even in the first quarter. Operating income rose 69% year-on-year to HK$513 million. Net interest income made up most of that total, rising 52% to HK$452 million. Deposits totalled HK$20.9 billion, and the customer base reached close to 800,000. “While there is more work ahead to sustain this performance throughout the full year, Mox remains committed to building on this foundation, continuing to broaden its product…

ZA Bank’s first-half net profit rose 44% year on year to HK$70.6 million as growth in wealth management drove fee income to a record high. The Hong Kong digital bank recorded its first half-year profit of HK$49 million in the same period of 2025, following its first monthly profit in 2024. fintechnews.hk Net revenue reached HK$578 million in the six months ended 30 June 2026. Its net interest margin rose to 2.99%. Net fee and commission income increased 76% year on year to a record HK$123 million for the period. Stock turnover rose nearly sevenfold, while investment assets under management…

BNPL is a lifeline for Malaysians shut out of formal credit, or a fast route into debt, depending on who you ask. ShopeePay’s CEO makes his case. Alain Yee joined Shopee in 2019 as CEO of ShopeePay Malaysia, launching the e-wallet two to three years after its main rivals. SPayLater followed in 2021 and cash lending in 2022. He also leads Monee in Malaysia, Sea’s digital financial services business, and is president of the Association of E-Money Issuers (AEMI). Before Shopee, he worked in consulting and finance in London, then at Discovery Channel and McKinsey before joining Astro. In this…

Ping An Digital Bank’s total assets rose 133% year-on-year to more than HK$15.6 billion as of 30 June 2026. At the same time, customer deposits grew 131% to nearly HK$13.7 billion. Net interest income also rose by about 55% to more than HK$140 million. Meanwhile, total loans stood at HK$4.14 billion. The Hong Kong virtual bank, which marks its sixth anniversary this year, launched wealth services in March. By the end of June, fee and commission income had grown sevenfold year-on-year to HK$6.5 million. The bank said investment commissions are now a new source of fee income. It also expects…