In a major cross-border crackdown, Hong Kong police and law enforcement agencies from six countries and regions arrested over 1,800 individuals and froze HK$157 million in fraudulent funds during a joint operation held in April and May 2025. The Hong Kong anti-scam operation was coordinated through the Frontier+ platform, a cross-border anti-scam collaboration platform. The effort involved over 2,700 officers from Hong Kong, Macao, South Korea, Thailand, Malaysia, Singapore, and the Maldives, according to a China Daily report. Authorities dismantled online shopping, phone, job, and investment scam syndicates, freezing 32,000 bank accounts, according to a news conference held in Hong…

Online brokerage Tiger Brokers intends to increase its Hong Kong headcount by two times to capture more offshore Chinese wealth, according to CEO and founder Tinahua Wu. The Singapore-headquartered firm currently has 60 staff members in Hong Kong, according to a Reuters report. Wu emphasised Hong Kong’s strategic importance as a global financial centre and its backing from China for the Tiger Brokers Hong Kong expansion move. He noted a rise in securities trading activity in the offshore Chinese market, with mainland investors funnelling HK$651 billion into Hong Kong-listed shares via Southbound Stock Connect this year. This was more than…

In this episode of Fintech Fireside Asia, I sit down with Tessa Wijaya, Co-founder and COO of Xendit, one of Southeast Asia’s leading fintech unicorns. Known by many as the “Stripe of Southeast Asia,” Xendit has raised over $500 million and powers billions in annual payments across Indonesia, the Philippines, and beyond. But behind the billion-dollar valuation lies a much grittier story. Tessa opens up about: Knowing when to let go of a failing idea What it really took to build payment infrastructure in Southeast Asia The system crash that nearly broke Xendit

The Securities and Futures Commission (SFC) has updated its guidance on acceptable non-face-to-face (NFTF) account opening approaches, reflecting the growing digitalisation and automation in intermediaries’ business activities. There are five acceptable NFTF account opening approaches, and the circular provides three updates to these approaches. First, regarding certification services, a key update includes that certification services which are recognised by the Electronics Transactions Ordinance can applied for client identity verification for NFTF account opening. More convenient methods of remote onboarding are purportedly available to intermediaries. Next, the SFC has also formally included iAM Smart, the Hong Kong government’s digital identity platform,…

NTT Docomo, the mobile arm of Nippon Telegraph and Telephone (NTT), has announced plans to acquire online bank SBI Sumishin Net Bank in a landmark deal valued at approximately US$5.1 billion. NTT Docomo shared that it will initiate a tender offer for SBI Sumishin shares to take the online bank private for the planned NTT Docomo SBI Sumishin acquisition, the Wall Street Journal reported. NTT Docomo, along with SoftBank Corp. and KDDI, has been ramping up its financial services offerings as smartphones become the go-to tool for buying groceries to managing bank accounts. NTT’s mobile arm stated that the NTT…

Visa, a digital payments provider, has announced a partnership with ZA Bank to roll out Click to Pay in Hong Kong today. This purportedly helps the digital bank pioneer Click to Pay, enabling cardholders to complete transactions without manual entries. With Click to Pay activated, users can skip guest checkout, avoid filling out form fields, and no longer have to be concerned about remembering passwords once their Visa card is set up via ZA Bank’s app. The process is designed to cut checkout times to under a minute. To complete an online purchase, consumers need with their registered email, phone…

PAObank today announced the appointment of Ronald lu as its new Chief Executive Officer and Executive Director, effective immediately, on LinkedIn. According to the post, as the new PAObank CEO, lu’s hiring reaffirms the bank’s commitment to delivering exceptional SME and retail banking services, especially as it navigates the next chapter in its digital banking journey. lu brings with him more than 20 years of banking and finance experience. In his new role, he will lead PAObank’s management team to further strengthen its presence in the financial sector, particularly in the evolving digital banking space. He shared, “As PAObank marks…

The Hong Kong Monetary Authority (HKMA) signed a Memorandum of Understanding (MoU) on 29 May 2025 with the HKUST Business School. Through the partnership, both parties intend to collaborate on applied cybersecurity research that meets the needs of Hong Kong’s financial sector. The HKMA-HKUST cybersecurity MoU sets out a strategic framework to drive research and knowledge in cybersecurity, a crucial segment.  The partnership will focus on developing practical applications, emerging threat awareness, and industry-specific talent development. Under the MoU, both the HKMA and the HKUST Business School will explore innovations related to supervisory technology, also known as suptech, and regulatory…

Brad Jones has stepped down as CEO of PayMe by HSBC, effective 23 May 2025, after two years in leading one of Hong Kong’s most widely used digital wallets. Jones joined PayMe by HSBC in mid-2023, he shared in a LinkedIn post announcing his departure. He also highlighted several key achievements during his tenure, including the launch of the PayMe UnionPay virtual card and an over 50% increase in the PayMe by HSBC merchant network, which now extends to Hong Kong taxis. Looking ahead, Jones will join the Advisory Board of Peppermint Innovation Limited, starting in August 2025. Peppermint Innovation…

Alibaba Cloud, part of the Chinese technology company Alibaba Group, plans to rapidly establish a global cloud computing network, according to a China Daily report. The Alibaba global cloud computing network would cover regions such as Asia (including China, Japan, and South Korea), Southeast Asia, the Middle East, Europe, and the Americas to help Chinese businesses grow internationally. The organisation plans to accelerate its global expansion in large language models and invest more in building overseas consulting, technology, and service teams, according to Wu Yongming, CEO of Alibaba Group and chairman and CEO of Alibaba Cloud Intelligence Group. Alibaba Cloud…

Citigroup announced on 22 May 2025 that it has launched Citi AI, a suite of tools for its employees in Hong Kong, according to Reuters. The tools help with internal operations such as retrieving information from Citi’s policy library, summarising documents, and drafting electronic communications, among other tasks, the statement said. Aveline San, CEO of Citi Hong Kong and Macau and head of banking, shared that these initiatives align with the Hong Kong Monetary Authority’s dedication to encouraging the responsible use of AI within the banking sector. Citi AI is currently accessible to 150,000 employees in 11 countries, including the…

Coinbase has disclosed that a cyberattack earlier this year resulted in the theft of sensitive customer data and could cost the company up to $400 million. The breach occurred in February but was only revealed publicly in mid-May after internal investigations and regulatory notifications were underway. The attackers reportedly used social engineering techniques rather than exploiting technical flaws. According to the company, a small group of overseas employees and contractors were bribed into handing over access credentials. This allowed unauthorized entry into systems linked to user account data and internal tools. While Coinbase confirmed that only a limited number of…

Ant International has launched a tokenised deposit solution in collaboration with HSBC. This move enables real-time HKD and USD payments between its corporate wallets at HSBC Hong Kong to enhance treasury management efficiency. The solution is built on HSBC’s new Tokenised Deposit Service, described as the first bank-led, blockchain-based settlement service in Hong Kong. It was developed following a successful joint pilot involving HSBC and Ant International’s internal treasury platform, Whale. Ant International became the first client to implement the service, completing an instant intra-group fund transfer by digitising USD deposits into tokens on HSBC’s distributed ledger. The transaction was…

The Hong Kong Monetary Authority (HKMA) announced on 22 May 2025 that its Commercial Data Interchange (CDI) is now connected to the Land Registry via the government’s Consented Data Exchange Gateway (CDEG) (LR@CDI). This Hong Kong LR@CDI linkage allows CDI-participating banks to automate their land search processes. The connection is another step in meeting banks’ need for government data, following the integration of the Companies Registry with CDI through CDEG (CR@CDI). By connecting to the Land Registry through the CDI-CDEG linkage, banks can use an API to directly access land and ownership information. The Hong Kong LR@CDI linkage simplifies processes…

The Hong Kong government welcomed the Legislative Council’s passing of the Stablecoins Bill today, 21 May 2025. The bill would aim to establish a licensing regime for fiat-referenced stablecoin (FRS) issuers in Hong Kong. The Hong Kong Stablecoins Bill also aims to strengthen Hong Kong’s regulatory framework for virtual asset (VA) activities, promoting financial stability while encouraging financial innovation. Upon the implementation of the Stablecoins Ordinance, any person who, while doing business, issues an FRS in Hong Kong or issues an FRS that is purported to maintain a stable value in Hong Kong dollars (whether in or outside Hong Kong)…

What started as a RM6,000 loan funded out of their own pockets has grown into over RM4 billion disbursed to more than 2,000 SMEs. Xing Xian shares the raw, behind-the-scenes story. From an impromptu pitch that caught Bank Negara Malaysia’s attention, to the early struggles, hard lessons, and the real mission behind CapBay. The accidental pitch that led to CapBay being founded How the founders used their own savings to fund their first borrower Why leaving their destiny at the hands of the banks nearly killed their momentum CapBay’s role in funding digital-first businesses across Southeast Asia

Ping An Insurance (Group) Company of China, Ltd, announced that its subsidiary, Ping An Property & Casualty Insurance (P&C), launched the global version of EagleX, dubbed EagleX Global Version, on 20 May 2025. The platform offers users worldwide disaster risk assessments, alerts, and claims services to help them respond better to climate-related disasters. Back in 2017, Ping An P&C launched EagleX, pioneering the use of advanced technologies such as big data, meteorological disaster models, satellite remote sensing, and machine learning. The platform uses over 2 trillion data points, including information on geography, disasters, weather, and insurance. It evaluates risks for…

FWD Group, an insurance company backed by billionaire Richard Li Tzar-kai, submitted a new application for an initial public offering in Hong Kong on 19 May 2025, according to a press release from the group. The insurer’s application to the Hong Kong Stock Exchange confirmed an earlier Bloomberg report that it might be filed as early as Monday. Morgan Stanley and Goldman Sachs Group Inc. are acting as joint sponsors, with HSBC Holdings Plc serving as the financial adviser, according to the HKEX application. FWD Group is reportedly planning an IPO this year, aiming to raise several hundred million dollars,…

In a fresh crackdown on crypto-related crime in Hong Kong, the Hong Kong police arrested 12 individuals for running a cross-border money laundering scheme that laundered HK$118 million (US$15 million) through cryptocurrency and over 500 mule bank accounts, as reported by Cointelegraph. The syndicate was successfully brought down on 15 May 2025, with the arrest of nine men and three women from Hong Kong and mainland China. The criminal organisation rented a unit in Hong Kong’s Mong Kok district to plan and execute its money laundering operations. Of the US$15 million laundered, over US$1.2 million was tied to 58 reported…

Adyen and JCB Co., Ltd. have launched JCB’s card-on-file (COF) tokenisation service, designed to improve the security of credit card transactions for e-commerce merchants. Adyen is purportedly the first to introduce and implement JCB’s new technology domestically and globally. COF tokenisation aims to improve the security of online payments, which could offer JCB cardholders and merchants greater peace of mind and protection. For context, card-on-file or COF tokenisation refers to payment details, such as card numbers and expiration dates, which are stored by merchants with the cardholders’ consent. The COF tokenisation service by JCB replaces JCB-branded COF data with an anonymised…