Author: Fintech News Hong Kong

A staggering 99 percent of Hong Kong finance leaders cite operational difficulties due to inadequate spend management systems, according to Airwallex’s latest Spend Management Report. The report was curated based on a survey of 200 senior finance professionals in Hong Kong-based small-to-medium-size companies. It highlights the increasing difficulties in managing global spend, driven by factors like evolving supply chains, the rise of hybrid work models, and the complexities of navigating multi-currency transactions and regulatory compliance. Fragmented tools result in fragmented finances The survey found that 78% of finance leaders report inefficiencies and unreliability in their current systems, leading to delays…

The Hong Kong Monetary Authority (HKMA) wrapped up the main session of the Global Financial Leaders’ Investment Summit on 19 November, drawing around 300 leaders from over 120 financial institutions worldwide. More than 100 of these institutions were represented by their group chairmen or CEOs. Themed “Sailing through Changes,” the summit addressed major topics shaping the financial landscape, including macroeconomic shifts, geopolitical challenges, technological advancements, and climate change. Discussions focused on how financial institutions can seize emerging opportunities while navigating associated risks. The event opened with a keynote address by He Lifeng, Vice Premier of the State Council of the…

Over 50 speakers have already been confirmed to take the stage at Money20/20 Asia 2025 in Bangkok, Thailand. The conference returns for its second edition from 22 to 24 April 2025 at the Queen Sirikit National Convention Center. More than 3,000 people from 85+ countries attended in 2024, and next year’s show promises to be even bigger and better. Thirty-six leading names, including OpenPayd, Terrapay, Thunes, Chubb, Trulioo, and Nium, have already signed up as sponsors. Money20/20 Asia’s show focus, Empowering Humanity Through Collaboration: Pioneering Secure, Frictionless, and Sustainable Fintech Innovation in Asia, explores the future of finance and sustainable,…

Fujitsu and SAP Fioneer, a software solution provider for financial services, have partnered to accelerate the digital transformation of Japan’s insurance sector. Both entities will focus on co-developing the Japan Edition of SAP Fioneer Cloud for Insurance. This cloud-based platform aims to modernise core insurance operations by combining localised business content with global industry best practices. Japan’s insurance industry is navigating significant challenges, including an aging population, declining birth rates, the rise of fintech, and evolving customer expectations. To stay competitive, insurers must address outdated systems, IT talent shortages, and compliance requirements while enhancing operational efficiency. The Japan Edition of…

The Hong Kong Monetary Authority (HKMA) has issued a warning to the public regarding overseas crypto firms falsely presenting themselves as licensed banks in the city state. The HKMA has identified two instances where such firms have either directly referred to themselves as a “bank” or used the term “bank card” to describe their products. This misrepresentation could mislead consumers into believing these firms are under HKMA supervision, which is not the case. The HKMA emphasizes that only authorised institutions, including licensed banks, restricted license banks, and deposit-taking companies, licensed by them can conduct banking business in Hong Kong. Using…

In 2023, Malaysia’s first digital bank, ‪GXBank‬ was born as a result of a joint venture between Grab & Singtel’s GXS Group and Malaysian conglomerate Kuok Group. Pei Si Lai, CEO, GXBank shares with Fintech News Network’s Vincent Fong the trials and tribulations of building a bank from scratch This episode of Banking After Hours is brought to you by AWS and is part of a series highlighting Malaysia’s top women leaders in banking.

The Hong Kong Monetary Authority (HKMA) announced a new strategic partnership with key multilateral organisations at the Asia Climate Investment Seminar. This collaboration aims to significantly ramp up sustainable finance initiatives across Asia, focusing on investments that drive down greenhouse gas emissions and support the transition to net-zero. Partners in this initiative include the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and International Finance Corporation (IFC). Together, they will prioritise investments in crucial sectors like renewable energy infrastructure, energy solutions, and sustainable transportation. Actis GP LLP, a key supporter of the partnership, plans to deploy at least US$500…

The Hong Kong Monetary Authority (HKMA), Cyberport, and major banking associations co-hosted the “SME Digital Technology Solution Day” on 11 November to accelerate digital transformation among SMEs. The event brought together over 100 participants, including SMEs in the food and beverage and retail sectors, bank representatives, and technology providers. A key focus of the discussions was how SMEs can leverage big data to improve their operations and competitiveness. The event highlighted the banking sector’s commitment to supporting SME digitalisation, which is a key part of the HKMA’s broader strategy to enhance the competitiveness of Hong Kong’s economy. In October, the…

The financial services industry is approaching a pivotal moment with the rise of tokenised funds, driven by evolving regulations, rapid advancements in tokenised finance, and growing adoption. A new report co-developed by Boston Consulting Group (BCG), Aptos Labs and Invesco delves into this shift, providing an overview of the emerging market of fund tokenisation, exploring the technology’s benefits for investors and institutions, and sharing strategies for managers to seize the opportunities. The report predicts that tokenised funds will reach an inflection point within the 12 to 18 months, spurred by the maturation of regulated on-chain money, including regulated stablecoins, tokenised…

Hong Kong Fintech Week 2024, co-organized by the Hong Kong Monetary Authority (HKMA) and Invest Hong Kong (InvestHK), wrapped up on November 01, drawing over 30,000 attendees from more than 100 economies. Featuring hundreds of distinguished speakers and numerous exhibitors, the event showcased cutting-edge technologies such as artificial intelligence (AI) and blockchain, and discussed some of the biggest trends shaping the global fintech landscape. This year’s event reinforced Hong Kong’s position as a global fintech hub, highlighting its business-friendly environment, robust regulatory framework, and strategic location. Key announcements underscored the city’s commitment to financial innovation, including regulations on digital assets…

Japan’s Mizuho Bank has announced a US$20 million investment in Pollination, a UK-based climate and nature solutions provider. The investment grants Mizuho Bank a minority equity stake in Pollination, enhancing the firm’s investment strategies and decarbonisation projects while expanding its influence in key markets such as Japan, Southeast Asia, EMEA, and Australia. Meanwhile, it will also enhance Mizuho Bank’s ability to assist clients in developing and implementing decarbonisation and nature-focused strategies. The collaboration will prioritise assisting clients in hard-to-abate sectors with their climate and nature transition strategies. This includes offering strategic guidance, facilitating access to investment opportunities, and developing innovative…

OSL Group Limited, a Hong Kong-listed company focused on digital assets, has signed a deal to acquire an 81.38% stake in CoinBest. CoinBest is a licensed crypto asset exchange regulated by the Financial Services Agency (FSA) in Japan. The acquisition will be conducted through OSL Investment (Japan) Limited, a wholly-owned subsidiary of OSL Group. This acquisition is part of OSL Group’s strategy to enter the Japanese market, aligning with its plans for international growth. The move aims to drive product and service innovation, share resources, and enhance global trading liquidity across OSL’s member platforms, including OSL Digital Securities in Hong…

The Public Investment Fund (PIF) of Saudi Arabia and the Hong Kong Monetary Authority (HKMA) have signed a MoU to create an investment fund with a target size of US$1 billion. The fund will focus on investments in sectors such as fintech, manufacturing, renewables, and healthcare. It aims to support the localisation of key industries in Saudi Arabia by investing in companies connected to Hong Kong and the Greater Bay Area, fostering local growth and creating skilled jobs. This initiative is intended to contribute to economic growth and strengthen Hong Kong’s role as a financial hub, drawing on its talent…

Hong Kong Exchanges and Clearing Limited (HKEX) announced plans to open a new office in Riyadh, Saudi Arabia in 2025. This move is intended to strengthen HKEX’s presence in the Middle East and foster connections between China and the Gulf region. The new Riyadh office aims to support HKEX’s engagement with investors and businesses in this economic center, facilitating access to Hong Kong’s financial products. The move builds on HKEX’s recent activities in the region, which include partnerships and collaboration with the Saudi Tadawul Group and the launch of the first Saudi-focused Exchange-Traded Fund (ETF) in Hong Kong last year.…

Standard Chartered and Ant International have completed the first Hong Kong dollar (HKD)-denominated blockchain transaction. This milestone involved intra-group fund transfers between Ant International entities, facilitated by their Whale platform. The Whale platform uses blockchain technology, advanced encryption, and AI to enhance fund movement efficiency and security. This transaction marks Standard Chartered’s first HKD blockchain engagement with Ant International. Both companies are participants in the Hong Kong Monetary Authority’s Ensemble Sandbox, a project exploring wholesale central bank digital currency (wCBDC) for interbank settlement. Standard Chartered is part of the Architecture Community within Project Ensemble, working alongside other participants to develop…

InvestHK has helped 59 fintech companies establish or expand their presence in Hong Kong during the first eight months of 2024. This represents a 44% increase compared to the same period last year. These firms, representing 12 economies, including Mainland China, the US, France, Singapore, Canada, and the UK. This highlight the Hong Kong government’s continued efforts to strengthen its financial services through fintech investment and expertise. King Leung, InvestHK’s Global Head of Financial Services, Fintech & Sustainability, described the influx of fintech firms as beneficial for Hong Kong, bringing both investment and job opportunities and expanding the city’s fintech talent…

Hong Kong’s Securities and Futures Commission (SFC) is expediting the license approval process specifically for deemed-to-be-licensed virtual asset trading platforms (VATPs). Announced during Hong Kong Fintech Week 2024, Dr. Eric Yip, the SFC’s Executive Director of Intermediaries, highlighted the commission’s initiatives aimed at balancing fintech growth with investor safeguards. The SFC aims to grant the first batch of formal licenses to these deemed-to-be-licensed VATPs by the end of this year. The regulator will leverage existing regulatory tools, including risk-based on-site inspections and direct engagement with applicants’ senior management. To further support the growth of licensed VATPs, the SFC is establishing…

Hong Kong’s digital bank, ZA Bank, has begun testing a virtual asset trading service in a regulatory sandbox. The service aims to provide eligible Hong Kong retail investors with a secure and regulated platform to trade virtual assets. This move comes as interest in cryptocurrencies grows, with the global market capitalization exceeding US$2 trillion and a recent study showing 75% of Hong Kong investors are interested in trading them. Following the successful completion of this pilot, ZA Bank intends to prepare for the official launch of the service through the ZA Bank app. Ronald Iu, CEO of ZA Bank, said,…

The Hong Kong Monetary Authority (HKMA) is broadening its efforts in the digital currency space by partnering with both the Banco Central do Brasil (BCB) and the Bank of Thailand (BOT) on separate cross-border tokenisation projects. These collaborations aim to test how central bank digital currencies (CBDCs) and other tokenised assets can enhance international transactions and support financial innovation. With Brazil, HKMA will link its Ensemble Sandbox with BCB’s Drex platform to explore payment-versus-payment (PvP) and delivery-versus-payment (DvP) settlement use cases in areas like trade finance and carbon credits. This partnership builds on a 2018 cooperation agreement between HKMA and…

Hong Kong Monetary Authority (HKMA) debuted Fintech Connect, its first cross-sectoral sourcing platform, during Hong Kong Fintech Week 2024. The platform aims to connect financial institutions with fintech solution providers to foster collaboration and innovation. This includes Qianhai-based fintech providers to strengthen partnerships in the Greater Bay Area. HKMA also rolled out Project Ensemble to enhance asset tokenisation in Hong Kong through its Ensemble Sandbox, supporting use cases across digital bonds, money market funds, CBDCs, and real-world assets. The project completed six tokenisation use cases across four main themes, with a report on these expected in 2025. International collaborations with…