Author: Fintech News Hong Kong

AXA Hong Kong and Macau (AXA) and HK Express Airways (HK Express) have entered an exclusive insurance partnership, offering tailored travel insurance solutions to HK Express customers. HK Express customers can now easily access “HK Express Travel Insurance” via a simple “one-click” process when booking flights on the official website. This integration simplifies travel preparations and offers peace of mind during journeys. The “HK Express Travel Insurance” provided by AXA includes comprehensive coverage such as medical expenses up to HK$500,000, baggage and personal belongings coverage up to HK$12,000 for Japan travels, and rental car excess coverage up to HK$6,000 for…

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Tiger Brokers (HK) has announced that it has received approval from the Securities and Futures Commission of Hong Kong (SFC) to upgrade its license. This will allow it to extend crypto trading services to retail investors in Hong Kong, following the recent introduction of these services for professional investors. Retail investors can now trade Bitcoin (BTC) and Ethereum (ETH) through Tiger Trade, Tiger Brokers’ flagship investing platform. The platform supports seamless trading and managing of various global assets, including stocks, options, futures, US Treasury bonds, and funds, alongside virtual assets, at competitive rates. John Fei Zeng, Chief Financial Officer and…

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Ant Group announced the release of its 2023 Sustainability Report, highlighting substantial progress since the launch of its ESG strategy in 2022. The report details advancements in four core pillars: Technological Innovation, Digital Inclusion, Green and Low-Carbon Development, and Open Ecosystem. Technological innovation Ant Group has significantly increased its investment in technology R&D for three consecutive years, reaching RMB 21.19 billion yuan (US$2.92 billion) in 2023. This investment supports the BaiLing Foundation Model, which was approved to serve the Chinese public in 2023. The model powers AI assistants, such as the smart financial manager, that enhance user access to services…

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Qupital, a data-driven fintech platform specialising in supply chain financing solutions for e-commerce businesses, has announced a significant development in its financial landscape. The company has successfully refinanced its securitisation facility, with HSBC joining Citigroup as a senior lender, marking a strategic expansion of the facility. Since its inception in 2016, Qupital has disbursed over US$2 billion while maintaining a low default rate of below 0.1 percent. This achievement establishes Qupital as a pioneer in e-commerce loan securitisation within Asia. According to Qupital, the new facility, tailored by the HSBC New Economy Fund, underscores the platform’s commitment to providing competitive…

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XTransfer, a Chinese B2B cross-border trade payment platform, and Banking Circle, a tech-driven payments bank, have formed a strategic partnership to reduce the cost and processing time of cross-border payments for XTransfer’s clients, benefiting Chinese suppliers with significant markets in Europe and the Middle East. The partnership aims to minimise costs associated with global trade payments. XTransfer provides SMEs with secure, compliant, cost-effective cross-border payment and fund collection solutions. Banking Circle offers a comprehensive local clearing network for major currencies and a robust FX engine supporting 24 currencies, ensuring quick, low-cost payments without hidden fees. Integrating the infrastructure of Banking…

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The fintech sector in Japan is flourishing, with robust growth in digital payments, buy now, pay later (BNPL) services, digital banking, crowdfunding, insurtech, and regtech. E-commerce ecosystems such as d-Barai, PayPay and Line Pay are quickly expanding, signaling a shift from Japan’s traditional reliance on cash transactions. QR code payments, for instance, saw a staggering growth from nearly zero in 2018 to JPY 7.9 trillion (US$50 billion) by 2022, with a notable 50% increase just between 2021 and 2022, according to Deutsche Bank. This shift has significantly boosted the ratio of cashless payments from 13% in 2010 to 36% by…

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Airwallex, a global payments and financial platform, has reported a significant increase in its customer base in Hong Kong, with a 79 percent year-over-year growth in the first quarter of 2024. Reflecting this growth, Airwallex Hong Kong saw a 108 percent year-over-year revenue increase for the first quarter 2024. Transaction volume also rose by 86 percent, indicating a strong demand among Hong Kong businesses for international operations. Arnold Chan, Asia General Manager of Airwallex, noted the acceleration of digital technology adoption in Hong Kong, contributing to the city’s economic progress and the growing number of businesses seeking financial services and…

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Ripple, an enterprise blockchain and crypto solutions entity, has announced the launch of the XRPL Japan and Korea Fund to support innovation on the XRP Ledger (XRPL) in Japan and Korea. The XRPL Japan and Korea Fund will support various initiatives to foster the use and development of the XRP Ledger in both countries. These initiatives include collaborations with companies in Japan and Korea to explore enterprise use cases, funding and support for promising projects, investments in early-stage companies, and support for local events, hackathons, and educational programs. This fund is part of Ripple’s 1 Billion XRP commitment to providing…

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CoverGo, a Hong Kong-based insurtech and global no-code insurance SaaS platform, has launched CoverGo Distribution, an AI-powered platform designed for omnichannel insurance distribution. CoverGo Distribution’s flexible architecture and advanced technology enable insurers, MGAs, brokers, and other stakeholders to distribute life, health, and P&C products across various channels. These channels include direct, agent, broker, bancassurance, embedded insurance, and affinity partnerships. The platform incorporates AI-enabled workflows, automation, patented no-code configuration capabilities, integration middleware APIs, and modern experience journeys. These features help insurance businesses launch products quickly, boost conversions, reach new customers, reduce turnaround times and costs, provide seamless customer experiences, and streamline…

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South Korea’s fintech industry has grown remarkable in recent years, driven by several factors. For one, South Korea boasts a highly developed technological infrastructure with widespread high-speed internet and a high rate of smartphone penetration. This provides a strong foundation for fintech services, allowing for seamless digital transactions and innovation within the financial sector. Additionally, the government is proactively fostering the fintech industry through initiatives such as its regulatory sandbox, which allows fintech companies to test new products in a controlled environment, as well as open finance and open data policies. These initiatives are contributing to industry growth by encouraging…

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