Digitalisation is reshaping the global economy, and businesses must adapt to capitalise on emerging opportunities. In the 2025–26 Budget, the Hong Kong Special Administrative Region (HKSAR) Government announced it would make reference to the Model Law on Electronic Transferable Records (MLETR) developed by the United Nations Commission on International Trade Law (UNCITRAL) and explore legislative changes to support the digitalisation of trade documents. A legislative proposal is expected to be submitted to the Legislative Council next year. The MLETR serves as a global framework for electronic trade documentation, and aligning local legislation with it represents a significant step in advancing…

Standard Chartered Hong Kong and Know Your Customer Limited have announced a new collaboration aimed at improving real-time know-your-customer (KYC) verifications through the Commercial Data Interchange (CDI), a platform developed by the Hong Kong Monetary Authority (HKMA). The initiative is expected to enhance the efficiency, speed, and security of SME account opening and KYC processes. Through this partnership, Standard Chartered Hong Kong will integrate Know Your Customer’s technology to automate company search data retrieval via CDI’s application programming interface (API). The system also facilitates the identification of ultimate beneficial ownership (UBO) structures, contributing to more accurate risk assessments. By consolidating…

OSL Group, a regulated digital asset platform in Asia, has announced the successful completion of a US$300 million equity financing round, marking the largest publicly disclosed equity raise in the region’s digital asset sector to date. The financing reflects continued market confidence in OSL’s business model and long-term strategy. The capital will support the Group’s international expansion efforts, development of global payment infrastructure, and overall strengthening of its working capital position. Funds will be used to pursue strategic acquisitions, licensing opportunities, and partnerships as part of OSL’s ongoing global expansion. The Group also aims to advance initiatives related to payments…

Toss, the widely used South Korean financial super app operated by Viva Republica, is planning to go public in the US as early as the second quarter of 2026, aiming for a valuation of more than US$10 billion, according to two sources familiar with the matter. As reported by Reuters, the valuation could rise to over US$15 billion if market conditions are favourable. One source added that the offering could raise between US$2 billion and US$3 billion, potentially making it the largest US IPO by a South Korean company since Coupang’s US$4.6 billion debut in 2021. Toss offers a wide…

China has placed three major payment platforms, Alipay, Tenpay and NetsUnion Clearing Corporation, under the direct anti money laundering oversight of the People’s Bank of China (PBOC), as part of a wider effort to strengthen financial regulation and tackle illicit transactions. According to Yicai, the central bank recently revised the Measures for the Supervision and Administration of Anti Money Laundering in Financial Institutions (Trial). The 2014 version of the list of financial institutions already subject to the PBOC’s oversight included three major policy banks, six state owned commercial banks, nine joint stock commercial banks, two brokerages, two insurance firms, China…

The Hong Kong Monetary Authority (HKMA) has reaffirmed its commitment to ensuring the robust and sustainable development of stablecoins in Hong Kong, ahead of the commencement of the Stablecoins Ordinance on 1 August 2025. Eddie Yue, Chief Executive of the HKMA, addressed recent developments in the market and expressed concern over increasing speculative activity and overly idealistic expectations surrounding stablecoins. While acknowledging the public’s interest, Yue emphasised the need to manage risks and ensure proposals are grounded in practical application. “Some recent phenomena warrant our attention,” said Yue, referring to the growing number of institutions engaging with the HKMA regarding…

XTransfer has announced that its global enterprise client base has surpassed 700,000. The company attributes this milestone to the increasing demand from SMEs for secure and compliant cross-border financial solutions. Speaking at the 01VC CEO Summit 2025, XTransfer Founder and CEO Bill Deng said, “Today, for every 100 RMB in Chinese exports, 2 RMB are settled through XTransfer, and one-tenth of SME foreign trade enterprises have registered on our platform. With access to firsthand data insights, we are uniquely positioned to capture shifts in global trade flows.” Deng noted that ongoing trade tensions have prompted many Chinese exporters to revisit…

The Hong Kong Monetary Authority (HKMA) announced that it had concluded investigations and disciplinary proceedings under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) concerning three banks: Indian Overseas Bank, Hong Kong Branch (IOBHK); Bank of Communications (Hong Kong) Limited (BCOM(HK)); and Bank of Communications Hong Kong Branch (BCOM Hong Kong Branch). The Monetary Authority (MA) has issued a public reprimand against IOBHK, ordered the bank to carry out a look-back review of historical transactions, and required it to formulate and implement a remedial plan to address the identified contraventions. A pecuniary penalty of HK$8.5 million has also been…

China CITIC Bank International Limited (CNCBI) has announced it will introduce services and a customer offer related to Payment Connect, a system implemented by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC). The initiative aims to strengthen economic cooperation and exchanges between mainland China and Hong Kong. To enhance financial connectivity, the HKMA and PBoC have launched measures linking mainland China’s Internet Banking Payment System with Hong Kong’s Faster Payment System. This integration enables real-time, small-value cross-boundary payments for residents in both regions. Commenting on the initiative, Wendy Yuen, Head of the Personal & Business…

Hong Kong’s Eddid Financial has announced that its subsidiary, Eddid Securities and Futures, has received approval from the Hong Kong Securities and Futures Commission (SFC) to offer digital asset coin in/out services. The approval marks an expansion of the Group’s activities in the digital asset sector, reinforcing its focus on compliance, risk management, and technology. The move is expected to support the Group’s plans in digital asset trading, including future offerings such as stablecoins and real world asset (RWA) products. Eddid Financial’s trading application, Eddid ONE, will be updated to enable direct deposits and withdrawals of digital assets. Supported tokens…

Hong Kong Customs has uncovered a suspected money laundering operation involving cash smuggling and virtual assets totalling approximately HK$1.15 billion. The operation has led to the arrest of two individuals, one local and one non-local. According to Dimsum Daily, Customs officers launched a financial investigation targeting a 37-year-old local man and a 50-year-old non-local man. Intelligence revealed that the pair had moved large sums of cash out of Hong Kong and conducted rapid and frequent stablecoin and fiat currency transactions originating from a suspicious funding source. These activities were highly inconsistent with their known backgrounds and financial profiles, raising suspicions…

Lendela, a loan matching platform based in Hong Kong, has partnered with credit reference agency TransUnion through a campaign called “Stay Smart, Stay Ahead”. The initiative introduces a free credit-checking tool that gives users access to their credit data, including their credit score, via Lendela’s platform. The tool allows users to check their credit without affecting their scores. The collaboration aims to improve access to credit information and offer personalised financial options. Lendela uses a reverse auction model, allowing financial institutions to submit loan offers tailored to a borrower’s profile. This process is intended to improve loan matching and provide…

Hex Trust, a digital asset financial institution specialising in custody, staking, and markets services, has appointed Rohit Apte as its new Head of Markets. In this role, Apte will oversee the growth and development of Hex Trust’s Markets division, with a focus on supporting institutional clients and broadening the firm’s execution capabilities. Apte will be responsible for leading the company’s Markets and OTC operations, which cater to institutional clients managing complex digital asset strategies. These include large transaction flows, structured products, and treasury solutions. Hex Trust provides access to multiple trading venues, 24/7 client support, and direct connectivity to global…

Alchemy Pay, a global fiat-crypto payment solutions provider, has made a strategic investment in Hong Kong-based HTF Securities Limited via one of its corporate entities. HTF Securities is a licensed corporation regulated by the Hong Kong Securities and Futures Commission (SFC), holding Type 1 (Dealing in Securities), Type 4 (Advising on Securities), and Type 9 (Asset Management) licenses. HTF Securities’ management team brings close to 20 years of experience in Hong Kong’s capital markets, offering a range of services across both primary and secondary markets. These include equities, bonds, funds, brokerage services, securities advisory, and discretionary portfolio and fund management.…

The Hong Kong Monetary Authority (HKMA) has dismissed speculation that it is planning to establish a “bad bank” to absorb non-performing loans in the local financial system, stating that the city’s banking sector remains stable, well capitalised and profitable. “Overall, banks in Hong Kong maintain a healthy balance sheet; their credit risk is manageable and provisions are sufficient,” the HKMA said, as reported by the South China Morning Post. “The HKMA has no intention to set up the rumoured ‘bad bank’. We understand that the relevant banks also do not have such a plan.” This came hours after Bloomberg, citing…

China has officially rolled out a contentious national cyber identification system, despite growing unease among legal experts and internet users about its implications for privacy and censorship. According to the South China Morning Post, the new system, backed by the Ministry of Public Security, the Cyberspace Administration of China, and four other authorities, is intended to “protect the security of citizens’ identity information”. The regulations took effect on Tuesday (July 15), following a year-long beta phase. The virtual ID app generates an encrypted digital identifier composed of random letters and digits, enabling users to verify their identity on websites without…

Despite spending over $200 billion globally on compliance, financial crime continues to surge. AI, deepfakes, and scam networks are evolving faster than traditional defenses. In this panel we discuss: How AI is changing the scam game Real-life deepfake attacks on Malaysian banks The impact of Malaysia’s National Fraud Portal Featuring insights from: Rohit Mittal, Director Market Planning, Financial Crime Compliance, LexisNexis® Risk Solutions Azhar Bin Awang Kechil Chief Retail Banking Officer, al rajhi Bank Malaysia Ken Yon, Senior Director, Risk & Compliance, Payments Network Malaysia (PayNet) Vincent Fong, Chief Editor, Fintech News Network

Taiwan has launched a new Asset Management Hub in Kaohsiung, aimed at accelerating the development of onshore private banking. Cathay United Bank has become the first financial institution to establish private banking operations under this initiative, working in partnership with its longstanding technology provider, Avaloq. Cathay United Bank, headquartered in Taipei, is one of Taiwan’s leading financial institutions with a well-established wealth management business. The bank partnered with Avaloq in 2020 following regulatory liberalisation, adopting the Avaloq platform to support the development of both onshore and offshore private banking services. The platform’s core banking capabilities have been used to enhance…

OCBC Hong Kong has announced a new financing initiative by OCBC Group aimed at supporting serial entrepreneurs in Hong Kong by the end of 2025. The initiative is part of the group’s wider strategy to assist entrepreneurs managing multiple small and early-stage businesses across its core markets of Singapore, Hong Kong, Malaysia, and Indonesia. OCBC Group has set a target of providing S$5 billion in loans to serial entrepreneurs across these four markets by 2028. Since 2019, the bank has extended S$1.5 billion in financing to more than 1,800 serial entrepreneurs in Singapore and Malaysia. The group aims to disburse…

Alessio Quaglini, CEO and Co-founder of Hex Trust, has been appointed as a non-official member of the Hong Kong SAR Government’s Task Force on Promoting Web3 Development. His two-year term commenced on 1 July 2025. The Task Force, chaired by the Financial Secretary, was established in July 2023 to advise on the sustainable and responsible development of Web3 in Hong Kong. It comprises senior government officials, financial regulators, and 20 non-official members drawn from sectors including digital assets, technology, law, academia, and finance. The Hong Kong Government noted that the Task Force has provided “innovative and practical advice” since its…