A former senior executive at a Hong Kong fintech firm has been sentenced to six and a half years in prison. He stole more than HK$19 million from his employer and laundered part of the proceeds to fund gambling and a lavish lifestyle. According to the South China Morning Post, the High Court on Wednesday (February 11) jailed Shum Lok-man, 38, after he pleaded guilty to three counts of theft and two counts of money laundering. He admitted to gambling away about 99% of the stolen funds. Shum worked as an assistant vice-president at Eddid Securities and Futures. He controlled…
Author: Fintech News Hong Kong
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The Securities and Futures Commission (SFC) issued a guidance extending virtual asset (VA) services to margin financing for licensed brokers providing VA dealing services (VA brokers). It also set out a high-level framework for virtual asset trading platforms (VATPs) developing VA‑related leveraged products for professional investors. The SFC introduced the ASPIRe Roadmap in February 2025 to guide the development of Hong Kong’s digital asset market. Under this roadmap, VA brokers may offer VA financing to their securities margin clients. This is subject to sufficient collateral and investor safeguards. It allows margin clients with strong credit profiles to participate in VA…
Chubb Investment Management (HK), a wholly-owned subsidiary of Chubb, has launched Chubb Wealth, an insurer-backed wealth management platform licensed by the Securities and Futures Commission (SFC) in Hong Kong. The platform offers digital investing and wealth management services covering the entire client lifecycle, from onboarding and investment execution to advisory support. Chubb Wealth operates a transparent fee structure, with all fees disclosed upfront. The platform does not charge platform fees, mutual fund trading fees, or back-end mutual fund fees. Minimum investments for mutual funds start at US$100. The platform provides clients with access to a curated selection of funds across…
Hong Kong’s central bank is moving ahead with plans to issue an initial batch of stablecoin licenses in March, despite China’s longstanding opposition to cryptocurrency activity. The Hong Kong Monetary Authority (HKMA) is reviewing 36 applications for issuers under the city’s Stablecoins Ordinance, which came into effect in August and requires licenses for entities issuing stablecoins pegged to the Hong Kong dollar. “We hope that by March we will be able to make a decision,” Eddie Yue, HKMA Chief Executive, told a Legislative Council meeting on February 2, noting the authority’s review of the initial tranche of applications. Stablecoins are…
Alchemy Pay has upgraded HTF Securities Limited’s Type 4 (Advising on Securities) license to include virtual asset advisory services. The upgrade was carried out in collaboration with HTF Securities, a licensed corporation regulated by Hong Kong’s Securities and Futures Commission (SFC). The license enhancement follows Alchemy Pay’s earlier strategic investment in HTF Securities. It expands the company’s regulated capabilities in Hong Kong’s digital asset sector. Under the updated approval, HTF Securities may provide regulated virtual asset advisory services to both institutional and retail clients. The Type 4 license upgrade marks the first phase of a broader regulatory plan by Alchemy…
South Korea’s financial regulator has said that local cryptocurrency exchange Bithumb’s accidental giveaway of more than US$40 billion in bitcoin to customers highlights the need for stronger rules to address vulnerabilities in digital assets. The exchange said on February 7 it had unintentionally distributed the bitcoin as promotional rewards, prompting a sharp selloff, Reuters reported. Lee Chan-jin, Governor of the Financial Supervisory Service (FSS), told a press conference that regulatory mechanisms must be improved to manage such risks. “It is a case that shows the structural problems of electronic systems for virtual assets. There are many areas we are seriously…
OSL Group has launched USDGO, a US dollar stablecoin designed for institutional settlement and corporate payments. As part of OSL Group’s global payments infrastructure, USDGO supports cross-border transactions for businesses operating across Asia. OSL Group has issued an initial US$50 million of the stablecoin on the Solana blockchain, with plans to expand to additional networks. Fully backed 1:1 by US dollars, USDGO undergoes third-party audits. Anchorage Digital Bank, a federally chartered crypto bank in the US, issues the stablecoin, while OSL Group acts as its branding operator and distributor. Across multiple jurisdictions, USDGO supports liquidity management and settlement and remains…
Asia-Pacific’s fintech market is the most dynamic and fragmented in the world. While legacy banks struggle to keep up with shifting regulations and local payment rails, one European powerhouse is making a massive bet on the region. Gabriel, Stefanak, Business Development Head, Decta, breaks down why the current “fragmented” vendor stack is a ticking time bomb for financial institutions and how DECTA’s “Full-Stack” model, owning everything from issuing to acquiring, is their ultimate moat for entering APAC.
RedotPay has launched its Solana card, a virtual payment card allowing users to spend SOL, stablecoins, and other Solana-based digital assets for everyday purchases worldwide. The card expands RedotPay’s support of the Solana ecosystem by enabling users to spend, send, and manage Solana-based assets. The Solana card uses Solana’s high-throughput blockchain to provide near-instant settlement for merchants. There is a one-time US$10 application fee, and new users receive USDⓈ 5 in spending vouchers upon registration. “We’ve been focused on the Solana ecosystem since December 2024, when we first enabled users to deposit stablecoins via Solana. The launch of the Solana…
XPENG has appointed Antom as the first global payment partner for its electric vehicle (EV) charging platform to support international growth. Ant International’s Antom provides a unified infrastructure designed to simplify the complex payment landscape encountered during global expansion. The partnership debuted in Hong Kong on 9 February 2026. Initial implementation allows drivers to use the XPENG app to manage the end-to-end “Search, Locate, Charge, Pay” process. Users in the region can currently settle payments via AlipayHK at over 1,600 public chargers. Credit card options are expected to be available for these customers shortly. Singapore, Thailand, Malaysia, and Indonesia are…
Hong Kong could potentially double the size of its fund industry by moving from legacy infrastructure to token-based finance, according to a whitepaper from Boston Consulting Group (BCG) and Aptos Labs, with contributions from Hang Seng Bank. The report, Digital Money: A Chance for Hong Kong’s Fund Industry to Double Up, draws on results from Phase 2 of the e-HKD Pilot Programme under Project e-HKD+. The pilot showed strong investor demand for features offered by digital money, including 24/7 trading access. Traditional “message-based” settlement systems rely on intermediaries updating separate ledgers with instructions. Token-based finance differs. It embeds value, ownership,…
The Hong Kong Monetary Authority (HKMA) has issued a public alert regarding a fraudulent website and online login screens that falsely claim to be associated with the HKMA. The fraudulent website operates under the domain name hkma-gov[.]org. In addition, authorities have identified fraudulent online login screens with domain names containing the term “ensemble.” These sites falsely present themselves as the HKMA’s official website and attempt to mislead members of the public into opening accounts. The HKMA has clarified that it has no connection with the aforementioned website or login screens. It reiterated that it does not contact individual members of…
At Web Summit Qatar, Visa and UnionPay International (UPI) announced an agreement to enable cross-border money transfers into Mainland China via Visa Direct. Once fully implemented, clients will be able to send remittances and business-to-consumer payments to over 95% of UnionPay International debit cardholders in Mainland China through a single connection. The integration links Visa Direct’s global network with UPI’s MoneyExpress platform, offering a streamlined and secure way for consumers and businesses worldwide to send money into one of the world’s largest remittance markets. “Global business now moves at internet speed, but money hasn’t always kept pace,” said Vira Platonova,…
The Hong Kong Monetary Authority (HKMA) published a Fintech Promotion Blueprint to support responsible innovation and fintech development in the banking sector. Under the “Fintech 2030” framework, the Blueprint focuses on advanced applications of AI and distributed ledger technologies (DLT). High-performance computing supports these developments. The Blueprint positions data excellence and cyber resilience as core foundations. They aim to strengthen banks’ ability to manage risks associated with advanced technologies. The Blueprint outlines initiatives across ecosystem collaboration, technological advancement, and talent and outreach. In the coming months, the HKMA will roll out four flagship projects. The first is a Quantum Preparedness…
Gaming isn’t just a hobby; it’s a global infrastructure challenge. In this episode Vincent Fong (Chief Editor, Fintech News Network) explores the intersection of gaming and fintech with Livia Ang (Global Business Director, NetEase Games) and Juan Pablo Ortega (CEO & Co-Founder, Yuno). We discuss how NetEase Games, the powerhouse behind global hits like Marvel Rivals, Eggy Party, and LifeAfter navigates the complexities of international expansion where “standard” payment stacks are no longer enough. Key Discussion Points: The Fragmentation Crisis: Managing 450+ providers through a single API. The D2C Economic Trap: Why saving 30% on app store fees is a…
Hang Seng Investment has announced the retirement of Rosita Lee as Chief Executive Officer, effective 30 January, following more than two decades with the organisation. Lee’s tenure coincided with a period of steady development for the company. Her leadership spanned multiple market cycles and contributed to the strengthening of Hang Seng Investment’s operations and governance. William Wong has been appointed Chief Executive Officer, succeeding Lee in the role. He joins Hang Seng Investment with more than 30 years of international experience across Mainland China, Hong Kong, Japan and the UK. His career spans banking, securities, asset management and public accounting.…
South Korea’s Financial Services Commission (FSC) said the Korea Exchange (KRX) will begin operating an AI-driven market monitoring system from 3 February. The system aims to strengthen early responses to market manipulation and other unfair trading activities. Authorities noted a recent increase in attempts to influence or manipulate stock prices through the spread of false information online. Verifying the large volume of data circulating in cyberspace has remained difficult. The system follows comprehensive measures announced jointly by the FSC, the Financial Supervisory Service (FSS) and the KRX in July 2025. Those measures were aimed at addressing unfair trading practices in…
Wonder, a fintech and payments platform serving merchants in Hong Kong and the Asia Pacific, has raised US$12 million in venture debt from HSBC Innovation Banking in Hong Kong. The multi-year funding will support the company’s expansion in the region. It will also enable T+0 instant settlement services and further product development. The debt will provide capital for Wonder to scale its operations. It will also help develop its full-stack omni-channel payments platform. The platform serves SMEs, insurers, telecommunications firms, multinational corporations, retailers, transport providers, and public sector clients. Jason Ngan, Founder and CEO of Wonder, said: “This funding will…
The eighth Hong Kong-Switzerland Financial Dialogue took place in Bern, Switzerland, on 29 January. The Hong Kong Monetary Authority (HKMA) and the State Secretariat for International Finance (SIF) under the Federal Department of Finance of Switzerland co‑organised the event. The Dialogue aims to support cooperation in financial services between Hong Kong and Switzerland. It also provides a forum for exchanging views on key issues in the global financial system. The meeting was chaired by Darryl Chan, Deputy Chief Executive of the HKMA. Christoph König, Deputy State Secretary of the SIF, also chaired the session. Representatives from the Swiss National Bank,…
The Hong Kong Academy of Finance (AoF) and the Tsinghua University PBC School of Finance (Tsinghua PBCSF) signed a MoU to establish a framework for collaboration on research, knowledge exchange and financial leadership development. The agreement covers potential cooperation between the AoF, including its research arm, the Hong Kong Institute for Monetary and Financial Research, and Tsinghua PBCSF. Planned initiatives include faculty and scholar exchanges, joint seminars and academic conferences, collaborative research projects, and support for efforts aligned with reinforcing Hong Kong’s role as an international financial centre. Enoch Fung, CEO of the AoF, said the institutions had previously worked…