OneDegree, known for its digital asset insurance solutions under the OneInfinity brand, has expanded its portfolio with a new cyber insurance offering tailored for SMEs. OneInfinity Cyber Insurance provides flexible coverage limits from HK$1 million to HK$4 million, addressing incident response, business interruption, data recovery, cyber extortion, and more. The application process is streamlined, featuring a digital-led approach with under 30 underwriting questions and a real-time cyber risk assessment powered by Cymetrics, allowing eligible SMEs to obtain coverage quickly. A recent global technology outage on 19 July 2024, caused by a faulty update to Microsoft Windows, has underscored the vulnerability…
Author: Fintech News Hong Kong
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Invest Hong Kong (InvestHK) has opened applications for the 7th edition of its fintech programme Global Fast Track (GFT) 2024, accepting submissions until 20 September. The programme invites fintech companies from both local and international markets to pitch their ideas on global platforms, offering mentorship and business matchmaking to help unlock their potential. The global finalists of the GFT’s pitching competition will compete in the grand finale at Hong Kong Fintech Week (HKFW). This year’s programme includes new features aimed at strengthening Hong Kong’s position as the premier international fintech hub. King Leung, Global Head of Financial Services, Fintech and…
The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…
Fintech company KPay has integrated HSBC’s PayMe as a new payment method, expanding payment options for merchants and customers. This integration allows the 33,000 merchants in KPay’s Hong Kong network to accept payments from approximately 3.2 million PayMe users. KPay’s merchant app provides real-time transaction data, enabling merchants to understand and monitor their businesses better. Brad Jones, head of PayMe by HSBC, stated that the partnership with KPay will drive financial inclusion in the electronic payment space. KPay, founded three years ago, now serves over 33,000 merchants across Hong Kong, Singapore, and Japan. The company aims to expand its merchant…
Hong Kong’s banking sector has seen significant advances in technology, notably with the emergence of generative artificial intelligence (genAI), transformations in risk management, and the introduction of new environmental, social and governance (ESG) and climate requirements. These developments are highlighted in the latest edition of the Hong Kong Banking Report by KPMG, released earlier this month. Hong Kong’s banks exceed global average in Generative AI adoption The report highlights significant technological progress, particularly the emergence of genAI. The technology is increasingly being used for tasks such as data analysis and employee service through sophisticated chatbots. A survey by Finastra reveals…
ZA Bank announces its role as the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers. This development follows the Hong Kong Monetary Authority’s (HKMA) recent initiative to open sandboxes for stablecoin issuers, highlighting Hong Kong’s commitment to becoming a leader in the fintech and Web3 ecosystems. ZA Bank has partnered with RD InnoTech Limited, one of the first participants in the HKMA’s sandbox. RD InnoTech will be the first stablecoin issuer to use ZA Bank’s reserve banking services. This partnership aims to enhance the stability and reliability of digital assets, encouraging broader adoption and…
The Hong Kong Monetary Authority (HKMA) is formulating a regulatory regime for stablecoin issuers in Hong Kong, recognising the growing interconnectedness between the traditional financial system and virtual asset markets. As part of this effort, the HKMA has launched a sandbox arrangement to facilitate dialogue between the HKMA and industry stakeholders on the proposed regulatory requirements. The sandbox arrangement allows the HKMA to communicate supervisory expectations and guidance on compliance to entities interested in issuing fiat-referenced stablecoins in Hong Kong. It also provides a platform for participants to share feedback on the proposed regulatory framework. The HKMA has admitted the…
The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have released the consultation conclusions on the legislative proposal to regulate fiat-referenced stablecoin (FRS) issuers in Hong Kong. This follows a two-month public consultation period, which received 108 submissions from market participants and stakeholders. The majority of respondents supported the introduction of a regulatory regime for FRS issuers aimed at managing potential monetary and financial stability risks and providing transparent safeguards. The proposed regulatory requirements received broad approval, with some suggestions for enhancements. “In addition to the existing regulatory regime for VA trading platforms, the…
The Hong Kong Securities and Futures Commission (SFC) has added seven crypto exchanges to its Alert List for conducting unauthorised activities without the required licenses. This brings the total number of flagged exchanges to 39, with 28 added in 2024 alone. The seven newly identified unlicensed exchanges are Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest. These exchanges are suspected of engaging in fraudulent activities and compromising investor safety. The SFC has maintained the Alert List since January 2020, cataloguing the region’s licensed and unlicensed crypto exchanges. Earlier this year, the SFC mandated that all crypto exchanges apply for operational…
HashKey Global, a globally licensed digital asset exchange, will launch UXLINK (UXLINK) on its HashKey Launchpool on 15 July 2024. Users can lock their UXLINK and USDT tokens to earn UXLINK rewards over five days, with yield generation starting on 18 July 2024. Participants can earn additional UXLINK by inviting friends. Each investor will receive 100 UXLINK per invitee who joins the launch pool on a first-come, first-served basis. Deposits for UXLINK open on 15 July 2024, with spot trading starting on 18 July 2024 and withdrawals available on 19 July 2024. UXLINK deposits and withdrawals will be conducted via…
Last year, Visa collaborated with HSBC and Hang Seng Bank to pilot tokenisation projects as part of the Hong Kong Monetary Authority (HKMA)’s e-HKD Pilot Programme. In a report, Visa presents collective learnings on these efforts, highlighting the potential value of tokenisation, including higher payment efficiency, reduced settlement risk, enhanced transaction transparency and 24/7 availability. The pilot projects focused on using tokenized deposits, which are digital representation of bank deposits minted on a bank’s blockchain ledger, backed by the institution’s balance sheet. Visa provided technical and engineering expertise for this pilot, including creation of a simulated central bank ledger, while…
The Hong Kong Mortgage Corporation Limited (HKMC) has announced the appointment of Colin Pou Hak Wan as Chief Executive Officer (CEO), effective 26 December 2024. Colin will succeed Raymond LC Li, retiring from the mortgage corporation. Paul Chan, Chairman of the HKMC, expressed gratitude for Raymond’s 11 years of dedication and significant contributions, particularly the successful launch of various new measures benefiting society and the business community. “I look forward to Colin continuing to lead the healthy development of the Corporation after he takes up office, so as to serve the society and business community of Hong Kong,” said Paul…
ZA Bank has introduced its new payroll offer, “Salary+,” effective 1 August 2024. Users receiving their monthly salary via ZA Bank can benefit from a welcome offer of up to 8.8 percent p.a. HKD savings rate without needing a separate payroll account. From now until 31 October 2024, new payroll users who receive their first eligible salary of HK$ 8,000 via their account within 90 days of successful registration will receive a 3.59 percent p.a. HKD savings rate-up coupon. Combined with the current basic interest rate of 0.01 percent p.a., users can enjoy a total of 3.6 percent p.a. HKD…
The Hong Kong government announced that WeBank, a digital bank based in Shenzhen, has set up its technology company headquarters in Hong Kong. This initiative, supported by the Financial Services and the Treasury Bureau (FSTB) and Invest Hong Kong (InvestHK), represents a significant investment of up to US$150 million and aims to create high-skilled technology jobs in the city. The establishment of WeBank’s operation in Hong Kong has been the result of extensive coordination between the FSTB and InvestHK to ensure that the company is well positioned for success upon commencing its activities in our city,” said the Director-General of…
Asia Pacific’s regulators have been experimenting with digital banking licenses in the past decade, paving the way for a new breed of banks but has it panned out and what does the future hold for it? Special thanks to the following thought leaders for sharing their views: Jessica Lam, Group Chief Strategy Officer, WeLab Simon Beitz, Managing Director and Chief Executive Officer, Alex Bank Nick Woodruff, Chief of Staff, Trust Bank Sheyantha Abeykoon, Group CEO, Boost Manu Panda, COO, Maya Bank
Octopus has announced a permanent waiver of service fees for over 46,000 micro, small, and medium-sized enterprises (MSMEs) and 25,000 taxi drivers on the first HK$10,000 transactions made through the Octopus App for Business. This initiative, effective from 1 August, aims to support the city’s small businesses by easing fiscal pressure and enhancing their competitiveness in a rapidly evolving market. According to Rita Li Yuk-yi, Octopus’s Sales and Marketing Director, the measure is designed to help micro and small merchants expand their customer base and stay competitive. “Micro and small businesses are the backbone of Hong Kong’s economy. This series…
The Hong Kong Monetary Authority (HKMA) and the Insurance Authority (IA) recently co-hosted the Insurtech Seminar: Unlocking Bancassurance Potential with Insurtech. The event brought together around 400 professionals from the insurance, banking, and financial technology sectors to explore the potential of Fintech in enhancing bancassurance services. Carmen Chu, the HKMA’s Executive Director (Banking Supervision), emphasised the significant untapped potential in bancassurance and the synergy between banking and insurance. Banks’ vast customer bases, extensive distribution networks, and insurance companies’ expertise in risk diversification and product offerings can deliver integrated and comprehensive financial solutions to meet diverse customer needs. “Data is a…
The Securities and Futures Commission (SFC) will launch an online application and submission system named e-IP for investment products administered by the Investment Products Division on 29 July 2024. e-IP is developed on the existing WINGS portal and will serve as a one-stop online platform specifically for e-IP users to submit new product applications and post-authorisation or registration submissions, track application progress, maintain information profiles of investment products, and settle fee payments. New product applications and post-authorisation or registration submissions can be submitted through e-IP once the new system is launched. The launch will accompany a three-month parallel run of…
KPMG has released its annual selection of China’s leading fintech companies, showcasing the top 100 companies that are spearheading innovation within the Chinese financial services sector. The China Leading Fintech 50 and Emerging 50 list showcases the top 100 fintech companies in the country that excel in leveraging technology and data, demonstrating ingenuity, garnering recognition in capital markets, showcasing promising industry development prospects, and achieving notable traction for their products and services. These 100 companies fall into two distinct categories: the Leading Fintech 50, which recognizes the larger and more established fintech enterprises, and the Emerging 50, which features rapidly…
The Hong Kong ETF market has shown significant growth since its launch in April 2024, with substantial trading volumes and expanding assets under management (AUM). The spot Bitcoin (BTC) ETF recorded a turnover of HK$ 1.14 billion. In contrast, the spot Ethereum (ETH) ETF achieved a turnover of HK$ 33.76 million, highlighting the increasing investor interest in digital asset ETFs in Hong Kong. OSL Digital Securities has played a pivotal role in this growth. OSL partner issuers account for 93 percent of the turnover in spot BTC ETFs and 70 percent of the turnover in spot ETH ETFs. Overall, OSL…