Posts From Fintech News Hong Kong
Over 1,600 Investors Lost HK$1.2 Billion in JPEX Crypto Exchange Scam
More than 1,600 investors have fallen victim to crypto exchange JPEX‘s scam in Hong Kong, with losses totaling HK$1.2 billion (US$154 million), according to the South China Morning Post. One investor suffered a loss of HK$40 million (US$5.1 million), the
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JPEX Crypto Exchange Accuses SFC of Unfair Treatment as Police Arrest Six
Six people have been arrested in Hong Kong as part of an investigation into suspected fraud involving the cryptocurrency exchange JPEX. According to the South China Morning Post, this scandal could cost investors up to HK$1 billion (US$ 127.7 million)
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Hong Kong’s SFC Warns Investors Against Unregulated Crypto Exchange JPEX
Hong Kong’s Securities and Futures Commission (SFC) has warned investors against using the unregulated cryptocurrency exchange JPEX. The statement stressed that no entity in the JPEX group is licensed by the SFC or has applied for a license to operate
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Beware of Crypto Firms Using the Word ‘Bank’, HKMA Cautions
The Hong Kong Monetary Authority (HKMA) has issued a warning to the public to be wary of crypto firms that describe themselves as “banks” or offer “deposits.” The central bank found that some crypto firms are using terms such as
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Hong Kong Digital Insurer Bowtie Bags US$34.9 Million in Series B2
Hong Kong’s virtual insurer Bowtie announced that it has raised a US$34.9 million Series B2 funding round led by main investor Sun Life Hong Kong and joined by Mitsui & Co., Ltd. In October 2021, Bowtie had closed its US$
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HKMA’s Eddie Yue Appointed to Key Role at BIS
The Hong Kong Monetary Authority’s (HKMA) Chief Executive Eddie Yue was appointed Chair of the meeting of Governors of major emerging market economies (EMEs) for a three-year term, effective 1 September. Yue stepped into the role following the retirement of
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Japan Government Pushes for Fintech Development
Despite having a rich history of financial innovation, Japan has remained a relatively cash-based society, lagging well behind neighbouring countries in the adoption of cashless payments and fintech services. Recognizing the country’s decline in global competitiveness, the government is now
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BIS, Hong Kong and Israel Release Report on Secure Retail CBDCs
The Hong Kong and Israel central banks along with the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre have published a report on building a more secure and accessible retail central bank digital currency (CBDC) ecosystem. Dubbed as
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Ant Group CEO Eric Jing Says Digital Yuan Could Bring ‘Huge Synergy Effects’
Fintech giant Ant Group‘s Chairman and CEO has Eric Jing has come forward to express his support for e-CNY, China’s central bank digital currency (CBDC). The People’s Bank of China (PBoC) had begun the pilot trials of e-CNY in 2019
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MUFG Sets up JPY 20 Billion Fund to Support Startups With Innovative Tech
Mitsubishi UFJ Financial Group (MUFG) and its subsidiary, Mitsubishi UFJ Innovation Partners (MUIP), have established a JPY 20 billion (US$136.4 million) fund to support startups. The fund, called the MUFG Innovation Partners No. 3 Investment Partnership (No. 3 Fund), will
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