BNPL is a lifeline for Malaysians shut out of formal credit, or a fast route into debt, depending on who you ask. ShopeePay’s CEO makes his case. Alain Yee joined Shopee in 2019 as CEO of ShopeePay Malaysia, launching the e-wallet two to three years after its main rivals. SPayLater followed in 2021 and cash lending in 2022. He also leads Monee in Malaysia, Sea’s digital financial services business, and is president of the Association of E-Money Issuers (AEMI). Before Shopee, he worked in consulting and finance in London, then at Discovery Channel and McKinsey before joining Astro. In this…

Ping An Digital Bank’s total assets rose 133% year-on-year to more than HK$15.6 billion as of 30 June 2026. At the same time, customer deposits grew 131% to nearly HK$13.7 billion. Net interest income also rose by about 55% to more than HK$140 million. Meanwhile, total loans stood at HK$4.14 billion. The Hong Kong virtual bank, which marks its sixth anniversary this year, launched wealth services in March. By the end of June, fee and commission income had grown sevenfold year-on-year to HK$6.5 million. The bank said investment commissions are now a new source of fee income. It also expects…

Embedded finance has settled into the region’s everyday digital life. Payments, credit and wallets now sit inside platforms customers use for something else entirely. What has not settled is who captures the value. The platform owns the journey and the data. Someone further back supplies the licence, the balance sheet and the underlying infrastructure and carries the risk when something goes wrong. Both sides claim the customer, and the economics between them are still being renegotiated deal by deal. The competitive picture is also shifting. Some platforms have stopped partnering for banking capability and started acquiring it. Some fintechs are…

HKEX has welcomed the listing of four exchange traded funds (ETFs) that track three of its cross-market indices. The exchange launched these indices earlier this year to build stronger links with regional and international markets. They are the HKEX Bursa Malaysia Large Cap Index, the HKEX KRX Semiconductor Index and the HKEX Tech & US Tech 100 Index. HKEX developed the Malaysia and semiconductor indices as co-branded benchmarks with Bursa Malaysia and Korea Exchange (KRX). Each index puts about 60 percent of its weight in Hong Kong-listed securities. The other 40 percent goes to overseas securities. According to HKEX, this…

UBS and Mizuho Bank have executed test transactions on Swift’s blockchain-based shared ledger. Through this initiative, both institutions confirmed operational processes for cross-border payments using the platform. Mizuho said the work is intended to enhance service levels for future cross-border payments using tokenised deposits. Swift provides blockchain infrastructure for this ledger, whose minimum viable product (MVP) launched in July 2026. It offers a framework enabling 24/7 cross-border payments with digital currencies such as tokenised deposits. A test environment was established on the ledger, where UBS connected with Mizuho to conduct bilateral payments in two currencies, Swiss francs and Japanese yen.…

Citi has expanded its blockchain-based liquidity product, Citi Token Services, into Japan and the UAE, extending its 24/7 liquidity and payment capabilities across more markets. The service uses tokenised deposits and a private-permissioned blockchain to enable programmable, near-instantaneous movement of liquidity across Citi’s global network. It supports USD transactions in Japan, while the UAE rollout covers both USD and Euro transactions. The expansion brings Citi Token Services to seven markets globally, joining the US, Ireland, Hong Kong, Singapore and the UK. Citi said Japan and the UAE are strategically important markets due to their substantial cross-border flows and roles as…

The Dubai International Financial Centre (DIFC) has granted China Securities a licence to set up a regional office in the centre. Headquartered in Beijing, China Securities is a publicly listed securities firm. Its business spans equity and debt capital markets, investment banking, asset management and institutional services. The firm has also secured authorisation from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC. According to DIFC, the Dubai office will give the firm a base in the region. It will support the firm’s work with clients, investors and financial institutions across the…

UnionPay has launched a plan to make paying easier for international visitors to Shenzhen’s Qianhai district during the 2026 APEC “China Year”. The plan sets out cross-border payment options for inbound travellers ahead of the APEC Economic Leaders’ Meeting in November. Visitors with international UnionPay cards can pay by card or through mobile wallets such as Apple Pay. They can also link the same cards to Alipay, WeChat Pay or the Nihao China App for QR payments. UnionPay says over 200 overseas partner wallets from more than 37 countries and regions can read its QR codes in China’s mainland. Visitors…

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have extended credit support measures for individuals affected by the Tai Po fire until the end of May 2027. The extension gives affected residents additional time to finalise their long-term housing and financial arrangements. All 28 retail banks in Hong Kong will continue to provide a repayment grace period covering both principal and interest on existing mortgages, personal loans and credit card loans held by affected individuals. For Wang Fuk Court (WFC) mortgagors and borrowers who sell their property rights to the Hong Kong SAR Government,…

Hong Kong’s Securities and Futures Commission (SFC) and Accounting and Financial Reporting Council (AFRC) have signed a new memorandum of understanding (MoU). The SFC AFRC MoU widens their cooperation, which previously centred on the financial reporting and audits of listed companies. It now extends to licensed corporations and SFC-licensed virtual asset service providers (VASPs), as well as SFC-authorised funds and registered open-ended fund companies. In each case, the agreement covers financial and compliance reporting, along with the audit and assurance work of their auditors. Under the MoU, both regulators can share information and refer cases to each other. They can…

Hong Kong’s Insurance Authority (IA) has ordered FWD Life Insurance Company (Bermuda) Limited to pay a HK$19.5 million penalty. It comes after an on-site inspection found gaps in the insurer’s anti-money laundering (AML) controls. The IA ran the inspection under Cap. 615, the city’s law on money laundering and terrorist financing, known as AMLO. As a result, it raised concerns in four areas. The regulator found shortcomings in how FWD identified the payer when money came from a third party. It also found gaps in the insurer’s controls on potentially suspicious transactions, including cash payments. The IA also flagged issues…

Hong Kong and Indonesia are exploring QR payment interoperability between the two markets. The Hong Kong Monetary Authority (HKMA) and Bank Indonesia signed a MoU to strengthen cooperation on cross-border payments. The agreement was signed by Bank Indonesia Governor Destry Damayanti and HKMA Chief Executive Eddie Yue. Under the MoU, the two regulators will discuss technical, operational and regulatory issues related to cross-border transactions. They will also explore arrangements that could support interoperability between QR payment systems in Hong Kong and Indonesia. The cooperation is aimed at improving the speed, cost and transparency of cross-border payments between the two markets.…

Hong Kong’s Securities and Futures Commission (SFC) has unveiled a strategic action plan. It supports the city’s First Five-Year Plan and the 2026 Policy Address through measures over the short, medium and long term. The SFC’s strategic action plan covers areas including market development, wider global use of the renminbi (RMB), mutual market access, wealth management, risk management, market quality and financial security. According to the regulator, the plan also aims to align with China’s National 15th Five-Year Plan. At a recent meeting, the SFC’s board discussed how to turn the policy goals into concrete measures for Hong Kong’s capital…

Tencent has launched TenPayGo, a payment app for overseas visitors to mainland China. ITHome (IT之家) reported that it is Tencent’s first payment app for overseas users visiting China. The app lets visitors pay with methods they already know, such as foreign cards and Apple Pay. They can use it at merchants within WeChat Pay’s network in mainland China. TenPayGo has partnered with seven major international card networks, including UnionPay and Visa. Users can link it to almost 60 overseas wallets. The app’s official description says it helps visitors pay through WeChat Pay for travel, dining, shopping and local services. At…

Deutsche Bank Private Bank has launched an agentic AI tool to support Source of Wealth checks, part of its Know Your Customer (KYC) process. Hong Kong and Singapore booking centres began using the tool in early September. A wider rollout across the Private Bank is planned. Dubai-based advisers can also use the tool for accounts booked in Singapore. Source of Wealth checks require banks to establish and document how a prospective client built their wealth. Drawing on information available in the client case and from approved external sources, the tool automates the research, documentation and data preparation for this step.…

DBS Hong Kong has added new rebates and travel benefits to its DBS UnionPay Diamond Debit Card. Cardholders can now earn up to 10% back when they spend in Mainland China, Taiwan and Macau. They also earn 5% back on overseas spending and 2% on local spending, subject to eligibility requirements. Cardholders get up to three one-way limousine rides across the border. They can also use more than 1,900 lounges at airports and China High-Speed Railway stations. The card’s travel insurance covers personal accidents, medical bills and travel inconvenience. “As customers increasingly transact across multiple markets, they are looking for…

Southeast Asia’s first ceramic credit card uses the same zirconia as luxury watches, and there is no application form. The card chooses you. Andrew Jong, Managing Director of Personal Financial Services at Hong Leong Bank, and Atul Singh, Global Head of Distribution at Giesecke+Devrient (G+D), join Vincent Fong to talk through HLB opus, the invitation-only card Hong Leong launched on Visa’s new Infinite Privilege tier.

Kakao Pay and Kakao Bank have signed a memorandum of understanding (MOU) with Fireblocks to explore digital assets in Korea, with a focus on stablecoins. Under the agreement, the three firms will study distribution models suited to Korea’s regulatory, security and service standards. It combines Kakao’s reach across banking and payments with Fireblocks’ network of institutional clients. They also plan to run proof-of-concept tests to see how the frameworks hold up under local rules. “For banks and payment platforms in Korea, leveraging reliable digital asset infrastructure that is engineered to meet institutional requirements from day one is critically important,” said…

Ant Digital Technologies has signed a memorandum of understanding (MOU) with Amundi, Europe’s largest asset manager, to jointly develop tokenised fund solutions. It pairs Ant Digital Technologies’ blockchain infrastructure with Amundi’s asset management expertise and distribution network across Europe. Anvita, Ant Digital Technologies’ overseas brand for tokenisation and blockchain platforms, will handle the tokenisation work. Amundi will contribute its fund management experience and its presence in European markets. The agreement gives Ant Digital Technologies a foothold in Europe. It also gives Amundi access to Asia-Pacific. Hong Kong has emerged as a hub for tokenised finance in the region, and Ant…

Ant Group has restructured its payments and credit operations and appointed Wu Minzhi to head the newly formed Alipay Business Group, Sina Finance reported. The restructuring merges the former Alipay Business Group, the Digital Payment Business Group and the Zhima Credit unit into a single new division, which keeps the Alipay Business Group name. Chief Executive Han Xinyi announced both the reorganisation and Wu’s appointment in an internal letter on 21 September. According to the letter, the move builds on a strategy Alipay had already proposed as AI adoption drives wider use of agentic commerce, in which AI agents carry…