Hong Kong’s digital banks, operating for over five years, continue to face losses, making business consolidation or parent company support increasingly urgent. Mox Bank, the largest loss-maker among the city’s eight digital banks in the first half of last year, has acquired a US$1 billion (over HK$7.8 billion) personal instalment loan portfolio from its parent, Standard Chartered Hong Kong. The acquisition is expected to help Mox Bank break even in the first half of this year and move closer to profitability. According to the Hong Kong Economic Journal, this follows a precedent in June 2021 when WeLab Bank received the…

GTN, a Dubai-based fintech firm, has obtained a Type 1 license from the Securities and Futures Commission (SFC) in Hong Kong. The license establishes a dedicated local team and positions Hong Kong as GTN’s sixth regulated subsidiary, alongside the UK, US, Singapore, UAE, and South Africa. The move enables the company to connect global firms to US$3 trillion in capital flows between China and international markets. “GTN has provided access to Hong Kong and China markets across its network for several years and has witnessed increasing demand from clients globally to trade in this high-growth region. Securing a regulatory license…

South Korea’s Naver said it plans to deploy AI agents across all of its services within the year, as it seeks to strengthen revenue from AI-driven offerings. According to Yonhap News Agency, the company outlined its mid- and long-term strategy at a shareholders’ meeting in Seongnam, near Seoul, focusing on services that interpret user intent and carry out actions. “AI has become a critical inflection point that determines a business’ competitiveness,” Chief Executive Officer Choi Soo-yeon said. “As we have already been demonstrating AI transformation across various sectors, we will offer differentiated agentic experiences that only Naver can deliver.” Naver…

WeLab Bank CEO Tat Lee is reportedly set to move into a group-level role as Head of Banking and AI. The appointment would shift Lee from leading the bank to overseeing banking and AI initiatives across the group. Until official announcement on effective date, Tat Lee will continue to serve as CEO of WeLab Bank, and the Bank remains committed to advancing AI innovation and driving product development. WeLab said it will share details on the effective date of Lee’s appointment and any related leadership changes in due course. This planned leadership update follows several milestones in WeLab’s technology strategy,…

Grab has agreed to acquire the Taiwan delivery business of Delivery Hero SE’s foodpanda for US$600 million in cash, on a cash-free and debt-free basis. The transaction is subject to regulatory approvals and customary conditions, with completion expected in the second half of 2026. Anthony Tan, Group CEO and Co-founder of Grab, said the deal would mark the company’s entry into Taiwan, its ninth market and first outside Southeast Asia. “This acquisition will mark Grab’s expansion into Taiwan… Our longstanding expertise in managing complex delivery logistics for dense and high-traffic cities is well-suited for Taiwan’s bustling cities,” he said, adding…

Adyen has expanded its partnership with Cathay Pacific, Hong Kong’s home airline. The collaboration, which began in 2014, now includes direct acquiring services in Hong Kong, Australia, New Zealand, the US, Japan, and India. The introduction of direct acquiring in these markets is intended to improve payment performance. Since the recent roll-out in India, Cathay Pacific has seen a 10% increase in authorisation rates. “At Cathay Pacific, we believe that a seamless and trusted shopping experience is essential to elevating ourselves to become the most loved service brand of our customers,” said Kinto Chan, General Manager, Sales and Distribution, Cathay…

Huawei and Yowpay, a Luxembourg-based fintech specialising in SEPA instant payments, have announced a partnership to launch the world’s first Open Banking/SEPA smartwatch point-of-sale (POS) application. The application allows a Huawei smartwatch to function as a payment terminal. Using Yowpay’s account-to-account (A2A) payment orchestration, merchants can accept SEPA payments directly via the watch. Customers scan a dynamic QR code displayed on the watch face with their smartphone, bypassing traditional card networks and lowering transaction fees. “Our goal has always been to make payments as seamless as a heartbeat,” said Christian Caumont, CEO of Yowpay. “By integrating our Open Banking and…

China plans to expand access to its digital yuan by allowing 12 additional banks to handle the currency, according to sources familiar with the matter. The move is part of Beijing’s effort to accelerate adoption of the e-CNY and deepen its use within the domestic economy. The move will increase the number of authorised institutions from 10 and is expected to include lenders such as Shanghai Pudong Development Bank, China Everbright Bank and Bank of Ningbo. Launched in 2019, uptake of the digital yuan has been gradual. Retail adoption has faced competition from established payment platforms such as Alibaba’s Alipay…

SBI VC Trade, the digital asset arm of SBI Holdings, is launching a USDC lending product that provides regulated access to returns on dollar-pegged crypto assets in Japan. The service allows retail investors to lend stablecoins through a licensed domestic platform. To mark the rollout, the company will offer an annualised yield of 10% for a 12-week term during the initial phase, according to Finance Magnates. SBI VC Trade said it plans to maintain a rate of around 5% annually thereafter, which remains above most US dollar time deposit rates that typically range between 0.01% and 4%. Under the programme,…

Bank Indonesia (BI) has confirmed that Japanese visitors to Indonesia can now use QRIS (Quick Response Code Indonesian Standard) for payments. As reported by CNBC Indonesia, BI Deputy Governor Filianingsih Hendarta announced the update following the central bank’s Board of Governors Meeting on Tuesday (March 17). She stated that QRIS cross-border payments with Japan have received the necessary licensing. Initially, the system only supported outbound transactions from Indonesia, but authorities have now granted approval for Japan outbound transactions as well. This means Japanese travellers in Indonesia can pay using QRIS at local merchants, completing the bilateral payment integration between the…

Crypto.com has partnered with KG Inicis, Payment Gateway (PG) and Value Added Network (VAN) provider in South Korea, to enable digital asset payments for foreign visitors through Crypto.com Pay. KG Inicis, which processes over 400 million transactions annually, will support the integration of Crypto.com Pay across its merchant network. The feature allows international travellers to pay with digital assets for a range of goods and services and facilitates payments on Korean e-commerce platforms. Merchants can receive payments instantly in fiat or digital assets, while users gain flexibility in payment options. “KG Inicis boasts an unrivalled merchant acceptance network with 40%…

Bithumb will face a six-month partial business suspension and a 36.8 billion won (around US$28 million) penalty over repeated failures to meet customer verification obligations aimed at preventing money laundering. This penalty is the largest ever imposed on a virtual asset exchange, surpassing the 35.2 billion won fine that authorities levied on Upbit in November last year. Existing Bithumb users can continue trading, while new customers will face temporary limits on external transfers, though deposits, withdrawals, and trading remain unrestricted. According to The Chosun Daily, the Financial Services Commission (FSC) announced on March 16 that the Korea Financial Intelligence Unit…

Ant Group is nearing the completion of its acquisition of Bright Smart Securities & Commodities Group, a deal first agreed nearly a year ago, according to people familiar with the matter. As Bloomberg reports, the company is close to securing regulatory approvals in mainland China, although authorities have yet to announce a final decision. Bright Smart chairman Yip Mow Lum agreed in April to sell his 50.55% stake, around 858 million shares, to Wealthiness and Prosperity Holding, an entity ultimately controlled by Ant. The deal values the stake at HK$3.28 per share, or HK$2.81 billion. Since the announcement, Bright Smart’s…

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…