Financial authorities plan to impose significant sanctions on virtual asset exchange Bithumb for breaching anti-money laundering obligations. The measures could include a six-month partial suspension of its business. The Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, has reportedly issued the exchange with a prior notice of sanctions for violations of the Act on Reporting and Using Specified Financial Transaction Information. Authorities determined that Bithumb continued to conduct transactions with unreported overseas virtual asset business operators, constituting a breach of the regulation. Proposed measures include a six-month partial suspension of business activities, a reprimand warning for the…

HSBC Hong Kong has introduced a new Passbook Consolidation feature on the HSBC HK App, allowing customers to view and manage multiple passbooks in a single digital interface. The feature enables account holders to consolidate their passbooks without the need for paperwork, branch visits, or manual transfer of standing payment instructions. Once consolidated, customers can track their transactions and balances across all accounts through the app at any time, providing a more comprehensive overview of their financial activity. This development forms part of HSBC’s ongoing digital initiatives aimed at improving account accessibility and enhancing customer experience through integrated solutions. By…

PAObank has launched a new wealth service, offering a dual-advantage solution that allows customers to switch between investing and earning interest. The service combines the functionality of a brokerage with the security of a bank, enabling customers to manage investments, insurance, deposits, and other financial products through a single account. Customers can allocate funds and trade a variety of products, including US and Hong Kong stocks, funds, and money market instruments, at any time. Existing retail banking customers can open an investment account in as little as three minutes. New customers can open both savings and investment accounts simultaneously, streamlining…

China said it will inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic risks and strengthen financing for technology companies amid intensifying rivalry with the US. The measures were outlined in the annual government work report presented at the opening of the National People’s Congress (NPC). The report stated that Beijing will further replenish capital at financial institutions and prudently dispose of non-performing assets across the sector, according to Reuters. Analysts expect Beijing to inject capital into Industrial and Commercial Bank of China and Agricultural Bank of China, following the recapitalisation of four other…

The Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), Insurance Authority (IA), and Mandatory Provident Fund Schemes Authority (MPFA) have jointly invited regulated institutions to apply to participate in the GenAI Sandbox++. The initiative expands the scope of the existing GenAI Sandbox. It will now cover sectors beyond banking, including securities and capital markets, asset and wealth management, insurance, mandatory provident fund (MPF), and stored value facilities. Launched in 2024, the original GenAI Sandbox provided a controlled testing environment for authorised institutions in the banking sector. It enabled them to develop and test AI-driven solutions. According to the…

South Korean regulators and lawmakers have agreed to cap major shareholder stakes in cryptocurrency exchanges at 20%, despite opposition from the industry. The ruling Democratic Party’s digital asset task force met with the Financial Services Commission (FSC) on Tuesday to discuss the measure, according to the Korea Herald. The FSC may grant exceptions allowing stakes of up to 34% through enforcement decrees. For major exchanges such as Upbit and Bithumb, lawmakers will enforce the cap after a three-year grace period once the legislation passes. Smaller exchanges would receive an additional three years to comply. The limit would require significant restructuring…

Know Your Customer Limited, a provider of automated business verification solutions, has partnered with DBS Hong Kong to streamline its SME onboarding processes. The collaboration aims to simplify business Know Your Customer (KYC) procedures, addressing the traditionally manual and complex processes involved in verifying corporate structures and ownership. Using Know Your Customer’s digital compliance platform, DBS Hong Kong will gain real-time access to business verification data, including official company documents and automated identification of ultimate beneficial ownership (UBO) networks across more than 140 jurisdictions. The AI-powered platform reduces manual effort, accelerates onboarding timelines, and improves operational efficiency for business clients.…

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have met to discuss additional support measures from the banking industry for residents affected by the fire at Wang Fuk Court (WFC). The discussion follows the long-term housing arrangements announced by the Hong Kong government. The banking sector previously introduced 11 emergency measures after the Tai Po fire incident last year. These included a six-month pre-approved repayment grace period for mortgages, personal loans, and credit card loans. The measures aim to ease immediate financial pressure on affected residents. They also give residents time to address legal…

The Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) held a meeting on March 3 to strengthen bilateral financial cooperation and signed a revised MoU. The two authorities have maintained close collaboration in banking supervision for many years. Building on this framework, the revised MoU extends cooperation to additional areas, including financial infrastructure linkages, exchange of information on currency and statistical data, as well as industry training and engagement. Eddie Yue, Chief Executive of the HKMA, said: “Our joint efforts not only enhance mutual synergy but also enable both cities to make greater contributions to the…

The Bank of Japan (BOJ) is testing the use of blockchain technology for central bank settlements, marking a practical step towards integrating distributed ledger systems into core financial infrastructure. According to a report by The Block, Governor Kazuo Ueda told the FIN/SUM conference in Tokyo that central banks must adapt to what he described as a “new financial ecosystem”, where tokenisation, programmability and blockchain-based settlement could reshape payments and securities markets. While stressing that the BOJ remains cautious, Ueda confirmed the bank will experiment with its current account deposits, the reserves held by financial institutions at the central bank. He…

DBS China can now act as lead underwriter for non-financial corporate bonds in the China Interbank Bond Market after receiving a principal underwriting licence. The licence, granted by the National Association of Financial Market Institutional Investors, allows DBS China to manage underwriting syndicates for non-financial corporate bond issuances in the interbank market. With this and its existing mandates, DBS said it is now the only Singapore-headquartered bank licensed to play a leading role across all onshore corporate bond issuances in the China Interbank Bond Market. Data from Wind Information shows Panda bond issuances in the interbank market grew at a…

Amazon Web Services (AWS) Korea is accelerating infrastructure investment this year. It is also expanding into the public sector and advancing agentic AI. The strategy aligns with the government’s ambition to position South Korea among the world’s top three artificial intelligence nations. According to The Korea Herald, AWS Korea country managing director Ham Kee-ho spoke at a press conference in Seoul. He said the company would “do our utmost to provide greater convenience for customers in Korea and contribute to Korea’s leap toward becoming one of the world’s three leading AI nations, as proposed by President Lee Jae Myung.” The…

Japanese payments app PayPay is aiming for a valuation of up to US$13.4 billion in its US IPO pushing ahead despite turbulent markets. The listing could become one of the largest US IPOs by a Japanese company. The US IPO market has started the year on shaky ground, with some companies delaying flotation plans amid market swings, Reuters reported. Analysts suggested that a strong PayPay debut could bolster investor confidence despite the volatility. According to a regulatory filing, PayPay and its backers plan to sell nearly 55 million American depositary shares, priced between US$17 and US$20 each, potentially raising roughly…

WeChat Pay HK has become the first e-wallet to offer cross-boundary instant payments via Payment Connect, the linkage between Mainland China’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS). The service enables users to transfer funds from Hong Kong to Mainland bank accounts instantly using their mobile devices. HSBC has supported this launch, building on its long-standing collaboration with WeChat Pay HK to settle funds in Hong Kong dollars through FPS. With Payment Connect, users can now make transfers at any time, with real-time settlement in both Hong Kong dollars and renminbi. The service operates without…

The Hong Kong Monetary Authority (HKMA), the Shanghai Data Bureau (SDB), and the National Technology Innovation Center for Blockchain (NTICBC) announced that they have signed a MoU on digitised cargo trade and finance cooperation. The agreement aims to strengthen collaboration between Shanghai and Hong Kong in digital trade and finance, leveraging Hong Kong’s role as a conduit between the Chinese Mainland and international markets. Under the MoU, the three parties will jointly research digital technologies and their applications, and promote innovation in cargo trade and finance. They will examine the use of digital technology to develop a cross-border platform. This…

Futu confirmed that it increased its investment in Airstar Bank in September last year, subscribing HK$500 million for newly issued shares in Gravitation Fintech HK, the parent company of Airstar Bank. Following completion, Futu’s indirect shareholding in Airstar Bank rose to 68.43%, making it the bank’s controlling shareholder. According to a report by the Hong Kong Economic Journal, the additional capital injection increased Futu’s stake from 44.11% to 68.43%, replacing Xiaomi as controlling shareholder. Xiaomi, a founding shareholder, saw its indirect interest diluted from 50.3% to 28.41%. The transaction marks the first change of a founding controlling shareholder since the…

HSBC Singapore has announced two senior appointments aimed at strengthening its China corridor proposition, as it seeks to support Chinese businesses and entrepreneurs expanding into Singapore and across ASEAN. Singapore continues to serve as a strategic entry point into Southeast Asia and a hub for companies pursuing broader international expansion. The bank said the appointments reflect its focus on facilitating cross-border banking, trade and wealth needs linked to China-ASEAN flows. Wong Kee Joo, Chief Executive Officer of HSBC Singapore, said: “As the region’s leading trade and business hub, Singapore is uniquely positioned to support Chinese companies as they expand into…

Statrys, a Hong Kong-based fintech company providing integrated accounting, business accounts, and company creation solutions, has introduced a transaction-based accounting pricing model on 2 March 2026. It is tailored for small and medium-sized enterprises (SMEs), start-ups, and entrepreneurs seeking greater flexibility and cost transparency. The new model aligns accounting fees with the number of transactions processed each month. This approach is designed to better support early-stage companies and seasonal businesses whose transaction volumes may fluctuate, so clients can select a tier that reflects what they actually do in a given month. Clients will benefit from a transparent pricing structure that…

Startale Group and SBI Holdings have launched JPYSC, a trust bank-backed Japanese yen stablecoin for institutional and cross-border use. The initiative advances Japan’s regulated digital currency infrastructure as global stablecoin competition grows. Japan’s clear legal framework allows financial institutions to issue compliant stablecoins with defined roles and oversight. JPYSC will be the first trust-based stablecoin issued by SBI Shinsei Trust Bank under these regulations. The stablecoin will operate across traditional financial systems and blockchain networks. SBI VC Trade will handle primary distribution, and Startale Group will manage technical development. The project targets a Q2 2026 launch, pending regulatory approval. Financial…

ZA Bank and Nasdaq have announced a collaboration aimed at enhancing digital wealth management in Hong Kong and internationally. The partnership includes the integration of Nasdaq Basic, a real-time US market data solution, into ZA Bank’s trading platform, providing users with access to Best Bid and Offer and Last Sale information for all US exchange-listed stocks. The collaboration also includes initiatives to promote financial literacy and support informed investing, with both parties working on educational programmes for investors of varying experience levels. ZA Bank, which surpassed one million users and achieved profitability in the first half of last year, provides…