AXA Hong Kong and Macau has announced a strategic partnership with Ant Bank (Hong Kong) and AlipayHK to offer a range of insurance products and services to millions of active AlipayHK users through Ant Bank and its Mini App within the AlipayHK app. This collaboration includes solutions for savings, health protection, and wealth accumulation, aimed at addressing the diverse needs of customers in wealth management and protection, and supporting them in achieving their financial objectives. The partnership combines AXA’s expertise and comprehensive insurance portfolio with Ant Bank and AlipayHK’s “E-wallet X Digital Bank” model, leveraging advanced technology to deliver embedded…

Hong Kong’s first digital bank, ZA Bank, has released findings from its latest survey, the Hongkongers’ Cryptocurrency Trading Behaviour Survey, revealing a growing trend among local investors to turn to digital banks for cryptocurrency trading. According to the survey, nearly 70% of respondents highlighted “one-account convenience” and the ability to “trade directly with bank deposits” as the key reasons for choosing digital banks. Approximately 60% of participants also cited the regulated platforms and the perceived security and stability of banks as significant factors in their decision. The survey’s results suggest that digital banks are increasingly competing with traditional cryptocurrency exchanges,…

Many will agree that the economics of fraud have shifted dramatically, making it more affordable than ever for fraudsters to execute large-scale operations with minimal investment. Today, anyone can access the resources needed to launch fraudulent schemes, regardless of their technical expertise. Sumsub, a global full-cycle verification platform, coins this trend as the “democratisation of fraud” in their 2024 APAC Identity Fraud report. This shift is largely driven by Fraud-as-a-Service (FaaS) technological platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud. Inside APAC’s Identity Fraud Trends:…

The Hong Kong Science and Technology Parks Corporation (HKSTP) has launched the HKSTP Co-Acceleration Programme, marking the city’s first Public-Private Partnership (PPP) in innovation and technology (I&T). The initiative includes a new private fund managed by a HKSTP subsidiary licensed by the Securities and Futures Commission (SFC) as an Investment Manager of a Hong Kong Limited Partnership Fund (HKLPF). The fund will target three key global sectors – Generative AI, Intelligent Connected Systems, and Sustainability—and aims to co-invest with private partners in promising startups based in Hong Kong. The goal is to support these companies through their acceleration stage and…

Hong Kong Virtual Asset Exchange (HKVAX), a virtual asset trading platform licensed by the Securities and Futures Commission (SFC), has announced a strategic collaboration with Microsoft Hong Kong through the signing of a MoU. The partnership aims to advance institutional digital asset trading and reinforce Hong Kong’s position as a leading virtual asset hub in Asia. The collaboration will focus on three key areas. Firstly, HKVAX will leverage Microsoft Azure’s cloud infrastructure and artificial intelligence capabilities to enhance trading experiences. This initiative aims to support the development of a secure, efficient, and intelligent trading environment. Secondly, the two parties will…

Online broker Futu introduced AI-powered tools using DeepSeek, a Hangzhou-based start-up. Futu joins around 20 Chinese brokers and fund managers, including Sinolink Securities and CICC Wealth Management, in adopting DeepSeek’s AI technology. By integrating DeepSeek models, firms like Futu are enhancing how they conduct research, manage risks, make investment decisions, and interact with clients. This trend aims to attract retail investors who may lack the time, training, or tools to perform in-depth research and data analysis, said Dr Kenny Tang, chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators. He added, “AI could partly help with data…

Cross-border payments are now entrenched in the global economy, with 771 million people using them every year, according to payments giant Visa. As the remittance landscape evolves, so do consumers’ expectations of their payment providers. To better understand these shifting needs, a recent Visa report surveyed 6,500 consumers who made cross-border payments in the past year. The report spanned 13 jurisdictions, with a focus on remittance trends in key APAC regions: Australia, Hong Kong, the Philippines, and Singapore. Visa’s report, Unlocking the future: banking on cross-border payment habits, found that 45% of those surveyed send or receive remittances monthly. Yet…

The Hong Kong Monetary Authority (HKMA) has released guidelines for authorised institutions interested in providing staking services for virtual assets (VAs). These measures, introduced via a circular, aim to ensure proper internal controls, transparency, and risk management. The move is in light of the growing adoption of digital assets and proof-of-stake blockchain protocols. Staking services involve committing or locking client-owned virtual assets to support blockchain validation processes, generating rewards in return. The HKMA’s guidelines apply to authorised institutions and their locally incorporated subsidiaries offering these services through custodial arrangements. The HKMA outlined several key requirements for authorised institutions to implement…

Kroll, an independent provider of global financial and risk advisory solutions, released findings from its Kroll 2025 Financial Crime Report today (7 April 2025). The survey revealed that 70% of senior executives in Hong Kong expect financial crime risks to increase over the coming year. While slightly below the Asia Pacific (APAC) average of 77% and the global average of 71%, the sentiment in Hong Kong reflects growing concern, especially around cyber threats and the fast-evolving use of AI by criminal actors. According to the report, 66% of respondents from Hong Kong identified cybersecurity risks and criminal exploitation of AI…

Hong Kong has established itself as a thriving fintech hub, boasting a mature and expanding sector. A new report produced by Invest Hong Kong (InvestHK), in partnership with HKUST Business School, the Fintech Association of Hong Kong (FTAHK), and the Financial Services Development Council (FSDC), provides a comprehensive overview of this landscape, sharing insights form a survey of 130 fintech companies operating in the city, and exploring the growth of the sector these past couple of years. Findings from the study indicate that Hong Kong has emerged as an attractive destination for fintech entrepreneurs. Half (50.1%) of the surveyed firms…

The Government published the Banking (Amendment) Bill 2025 in the Gazette on 28 March 2025. The Bill aims to improve the efficiency of crime detection and prevention in Hong Kong by facilitating secure information sharing among authorised institutions (AIs) under specified conditions. The proposed legislation introduces a voluntary mechanism allowing AIs to share corporate and individual account information through secure platforms designated by the Hong Kong Monetary Authority (HKMA) when they detect suspected prohibited conduct, such as money laundering, terrorist financing, or the financing of weapons of mass destruction. This Hong Kong Banking (Amendment) Bill 2025 is designed to help…

OSL Group, a publicly listed company focused on crypto assets, announced the launch of OSL Wealth on 3 April 2025. This new wealth management platform is designed for traditional investors handling crypto assets. OSL Wealth in Hong Kong will allow the Group to leverage the city’s position as a global financial hub while continuing its efforts in global expansion and innovation. OSL Wealth helps professional investors explore a range of investment opportunities in the digital asset market. Through its prime brokerage, OTC trading, crypto exchange, and custody services, OSL Wealth offers a full range of wealth management solutions. These include…

Ray Chan, co-founder of the meme platform 9GAG, officially completed the acquisition of a controlling stake in Howking Technology International Holdings Limited on 1 April 2025. He also announced plans to rename the company as MemeStrategy Inc., capturing the company’s latest business outlook and strategic ambitions. The move underscores the company’s positioning as Asia’s purportedly first publicly listed virtual asset ecosystem venture, which is the MemeStrategy virtual asset ecosystem. The proposed name change is subject to approval by shareholders at the upcoming Extraordinary General Meeting. MemeStrategy has also officially announced the latest appointments to its Board of Directors. Ray Chan…

ZA Bank offers Click to Pay with Visa as a standard card feature from 1 April 2025, enabling cardholders to have a faster, seamless and more secure experience at online checkout. The digital bank’s partnership with Visa aims to meet the growing demand from issuers, acquirers, and merchants to improve customer satisfaction and enhance the online shopping experience. Click to Pay with Visa claims to reduce checkout time from minutes to seconds.  As ZA Bank offers Click to Pay with Visa, registered cardholders can apparently now bypass guest checkout, skip form fields, and eliminate the need to remember passwords, all…

ZA Bank appoints Calvin Ng as its new CEO, effective 27 March 2025. Calvin, who has served the bank for over six years, including as its Executive Director since September 2022, will lead the bank in its growth and innovation in Hong Kong’s digital banking space. Calvin has been closely involved in the Bank’s development and strategic direction. He contributed to key milestones, including the application for a digital banking licence in Hong Kong, the Bank’s official launch, and its growth in the digital banking sector, which reportedly now serves over 800,000 users. Under his leadership, ZA Bank introduced cryptocurrency…

Tencent has officially unveiled its T1 reasoning model, marking a significant step forward in the increasingly competitive artificial intelligence sector in China. Announced on 21 March 2025, the latest T1 model delivers faster response times and advanced capabilities, particularly for processing extended text documents, according to Tencent’s official WeChat post. The T1 reasoning model is designed to maintain clear content logic and polished text, boasting an exceptionally low hallucination rate. Powered by Tencent’s Turbo S foundational language model, introduced last month, the T1 modeal claims to ensure faster query processing compared to rival models, including DeepSeek’s R1. The Tencent post…

Ping An Insurance (Group) Company of China, Ltd. (Ping An) announced on 19 March 2025 its financial results for the year ended 31 December 2024, noting that Ping An Insurance achieves 47.8% rise in profits. Ping An’s operating profit attributable to shareholders of the parent company increased 9.1% year on year to RMB121,862 million and net profit attributable to shareholders of the parent company rose 47.8% year on year to RMB126,607 million in 2024. Revenue reached RMB1,141,346 million, an increase of 10.6% YoY. Ping An plans to pay a final cash dividend of RMB1.62 per share for 2024, bringing the total annual cash dividend to…

On 18 March 2025, HashKey Capital received a Type 1 licence from the Hong Kong Securities and Futures Commission (SFC), further strengthening its regulated operations under the SFC. HashKey Capital holds a Type 9 licence, which allows the company to offer asset management products to both retail and institutional clients. Recently, it received approval to provide discretionary account management for virtual assets (VA) under this licence. The company also holds a Type 4 licence, obtained in May last year, enabling it to provide securities and virtual asset investment advisory services. As HashKey Capital secures its type 1 licence, it can…

Ping An Property & Casualty Insurance Company of China (Ping An P&C), a subsidiary of Ping An Insurance, has partnered with FAW Hongqi Auto Sales Co., Ltd. (FAW Hongqi) to introduce Hongqi Intelligent Driving Protection Services. The new initiative aims deliver safer and more convenient travel protection for drivers and promote the development of the intelligent vehicle industry. Traditional auto insurance products are primarily designed around risks associated with conventional vehicles. The rise of intelligent vehicles, which feature advanced driving technologies, has created a demand for new types of insurance coverage. Ping An P&C is addressing these needs by analysing…

The Hong Kong Science and Technology Parks Corporation (HKSTP), led by CEO Albert Wong, conducted the HKSTP European Innovation Mixer Tour to promote Hong Kong as a hub for innovation and technology (I&T) to European sectors. The delegation engaged with over 1,000 global tech talents, fostering new partnerships and talent connections. At the Mobile World Congress (MWC) 2025 in Barcelona, HKSTP and the Hong Kong Trade Development Council (HKTDC) led 24 I&T companies as part of the Hong Kong Pavilion. The pavilion attracted over 7,500 visitors, including representatives from AT&T, Deutsche Telekom, Orange, and Vodafone. More than 1,000 business collaboration…