Alibaba Group (9988.HK) revealed plans to invest over 380 billion yuan (US$52.44 billion) into its cloud computing and artificial intelligence infrastructure by 2028, marking a significant push to strengthen its position in these sectors. According to a Reuters report released on 24 February 2025, the Alibaba cloud investment announcement follows the company’s earlier hint of future investments in AI during its quarterly earnings report last week. During the December quarter, Alibaba reported revenues of 280.15 billion yuan. The newly revealed Alibaba cloud investment will exceed what the company has spent on these technologies over the past decade combined, said Alibaba…

The Securities and Futures Commission (SFC) recently participated in a series of dialogues under the International Organisation of Securities Commissions (IOSCO) Asia-Pacific Regional Committee (APRC). Chaired by Ms. Julia Leung, Chief Executive Officer of the SFC, the IOSCO Asia-Pacific Regional Committee (APRC) convened in Vietnam from 19 to 21 February 2025 for a three-day meeting to strengthen regional collaboration on shared priorities. Members committed to a coordinated approach to combat scams and online harm, while exchanging insights and strategies for detecting and investigating investment fraud. The committee also explored leveraging technology’s transformative potential to address emerging challenges in the financial…

WeLab Bank has taken a significant step forward in its AI deployment strategy by exploring innovative solutions to enhance customer service and operational efficiency, according to a report by The Standard on 20 February 2025. The bank’s focus on adopting practical AI applications aims to address specific challenges while ensuring data security and compliance with local regulations. WeLab Bank’s CEO and executive director, Tat Lee, said that large language models like ChatGPT, while powerful, have limited use in Hong Kong’s banking sector due to network instability and high operational costs. He noted that using these models through VPNs often results in…

Fusion Bank, a licensed digital bank in Hong Kong, has completed its migration to a new core banking system in collaboration with Tencent Cloud. The migration, which took 10 months, was supported by WeBank’s digital banking technology. Since commencing operations in December 2020, Fusion Bank has seen rapid growth, necessitating improved service quality and operational efficiency. The bank launched its core banking system migration in December 2023 to address these needs. The migration involved integrating and transforming over 150 subsystems across five banking areas: retail deposits, retail loans, corporate deposits, corporate loans, and foreign exchange services. The process had to…

Hong Kong banks’ mainland credit cards will soon be available in mainland China, marking a significant step towards deeper financial integration under Beijing’s Greater Bay Area initiative, according to a South China Morning Post report. Starting 1 March 2025, banks domiciled in Hong Kong and Macau will be allowed to launch a range of banking services, including issuing debit and credit cards. The announcement, made by the National Financial Regulatory Administration (NFRA), lifts previous restrictions that prevented Hong Kong and Macau banks from offering bank card services to their mainland customers. This new development is part of the Closer Economic…

The Securities and Futures Commission (SFC) outlined 12 key initiatives under the SFC virtual asset ASPIRe roadmap to enhance Hong Kong’s virtual asset (VA) market on 19 February 2025. The framework focuses on five pillars: Access, Safeguards, Products, Infrastructure, and Relationships. The initiative aims to make global liquidity more accessible, improve compliance and product frameworks with a focus on security, and upgrade infrastructure to help traditional finance benefit from blockchain efficiency. The roadmap includes the development of new regulatory frameworks for virtual asset over-the-counter trading and custodial services, expansion of VA product and service offerings, and the optimisation of operational…

Hong Kong is considering approving new cryptocurrency and virtual asset products, including derivatives and margin lending for certain investors, according to the city’s financial regulator. Securities and Futures Commission (SFC) Chief Executive Julia Leung said the plans were under review as Hong Kong seeks to establish itself as a regional digital assets hub and broaden its services to investors. “We are considering derivative products for professional investors, margin lending for certain customers,” Leung told Coindesk’s Consensus Hong Kong 2025 conference, referring to digital assets, Reuters reported. Hong Kong’s financial secretary Paul Chan said on February 19 that the city’s regulators…

The Hong Kong Government has updated its Talent List, now covering 60 professions, with a notable addition of Islamic banking professionals to strengthen the city’s financial sector. The revised list, which takes effect from 1 March 2025 (Saturday), aims to attract skilled overseas professionals, including those with expertise in Islamic banking and finance, under the Quality Migrant Admission Scheme (QMAS), General Employment Policy (GEP), and Admission Scheme for Mainland Talents and Professionals (ASMTP). The updated list now includes 60 professions facing local talent shortages, enabling eligible overseas professionals to benefit from immigration facilitation under the Quality Migrant Admission Scheme (QMAS),…

Bullish HK Markets Limited officially secured its Bullish Hong Kong VATP license on 18 February 2025, issued by the Hong Kong Securities and Futures Commission (SFC). A subsidiary of Bullish Group, the company has been granted Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses by the SFC. These approvals authorise Bullish HK to operate as a virtual asset trading platform (VATP), enabling it to deliver comprehensive services to eligible customers in Hong Kong. Licensed VATPs can serve retail and professional investors (e.g. institutional professional investors), subject to compliance with robust investor protection measures and additional…

TOPPAN IDGATE, a major player in digital identity solutions, has rebranded as TOPPAN Security. This change aligns with the broader TOPPAN Security group’s efforts to unify its identity and streamline operations. The company, a subsidiary of TOPPAN Next, serves as the international development arm of the TOPPAN Group’s security division, focusing on identity verification and authentication solutions for the identity and payment industries. Founded in 1900, TOPPAN is a Japanese company recognised for its expertise in security and digital solutions. TOPPAN Security provides encryption, biometric authentication, and identity verification technologies, working with governments and businesses to enhance digital security while…

Tokinvest, a Dubai-based marketplace for real-world asset tokenisation, and HKVAX, a Hong Kong-based virtual asset trading platform, have announced a partnership aimed at advancing digital asset markets. By linking Hong Kong’s financial infrastructure with Dubai’s growing virtual asset ecosystem, the collaboration seeks to expand opportunities for tokenised investments. The partnership connects Hong Kong, a leading financial hub with a well-established regulatory approach to virtual assets, and Dubai, which has positioned itself as the Middle East’s digital asset centre through its regulatory framework and focus on blockchain technology. By integrating HKVAX’s SFC-regulated platform in Hong Kong with Tokinvest’s VARA-licensed broker-dealer operations…

FWD Group, a multinational insurance company based in Hong Kong, has announced the appointment of Andrew Weir, Dominic Leung Ka Kui, and Laura Deal-Lacey to its Board of Directors, effective 18 February 2025. Richard Sun Po Yuen will retire from the Board on the same date. The Board now comprises 13 directors: two executive directors, two non-executive directors, and nine independent non-executive directors. Professor Frederick Ma, GBS, JP, Chairman of the Board, said, “With these appointments, the Board is increasingly diverse with deep business experience in Asia, which is critical to realising the company’s vision of changing the way people…

On 17 February 2025, Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT announced their partnership to form an HKD stablecoin joint venture. The collaboration aims to apply for a license under Hong Kong’s new regulatory framework, still subject to the passage of the Stablecoins Bill introduced by the Hong Kong Monetary Authority (HKMA), to issue a stablecoin backed by the Hong Kong dollar. Standard Chartered has a history of collaborating with stablecoin issuers worldwide, enabling the JV to leverage its secure banking infrastructure and governance. As an active participant in the HKMA’s tokenised money projects in recent…

With its estimated US$1.6 trillion in cross-border payments, the APAC region is poised to benefit significantly from the surge in cross-border money movement. As remitters, banks, fintechs, and other stakeholders in the ecosystem embrace faster, more secure, transparent, and cost-effective transactions, they stand to gain from the global opportunity that has reached US$200 trillion. Factors such as international commerce growth, digital technology, machine learning advancements, and flexible work arrangements are driving this expansion. Real-time payments have allowed consumers and businesses to experience how beneficial, fast, and easy payments can be, changing their expectations of cross border money movement. Yet despite…

Gaorong Ventures, an early backer of major Chinese internet firms like Meituan and PDD Holdings Inc., has made a $30 million investment in HashKey Group, a licensed crypto exchange operator in Hong Kong, according to a Bloomberg report on 14 February 2025. The Gaorong Ventures HashKey investment values the latter at a post-money valuation above $1 billion, marking a continued interest in crypto-related ventures despite China’s 2021 ban on the asset class. HashKey Group, founded in 2018, operates one of Hong Kong’s first two licensed crypto exchanges and offers services such as crypto trading, venture funding, and asset management. The…

Aspire, a Singapore-based fintech company, has introduced a Visa corporate card designed for small and medium-sized businesses (SMBs) in Hong Kong. The card aims to provide businesses with more accessible financial tools, addressing common challenges such as high fees, low credit limits, and limited visibility over expenses. SMBs form a crucial part of Hong Kong’s economy, yet many business owners rely on personal accounts due to the lack of suitable financial products. Aspire’s Visa card is intended to offer a more practical and cost-effective alternative, improving financial management for these businesses. With growth being a key priority, nearly 79% of…

Standard Chartered Bank (Hong Kong) Limited announced its support for China Asset Management (Hong Kong) Limited, ChinaAMC (HK)on 13 February 2025, during the launch of the first Asia Pacific tokenised retail money market fund. The fund, expected to launch by the end of February 2025, will use Standard Chartered Trustee (Hong Kong) Limited as the Open-Ended Fund Company custodian. The tokenised retail fund leverages Libeara, a tokenization platform incubated by SC Ventures, to enable comprehensive tokenization services. These include fiduciary, fund administration, custody, and cash services. Mary Huen, CEO, Hong Kong and Greater China & North Asia, Standard Chartered, said:…

Hex Trust, a digital asset financial services provider, has acquired Byte Trading to expand its markets and prime services for institutional investors. This acquisition follows key developments, including a strategic funding round with Morgan Creek earlier this month. Byte Trading’s low-latency trading platform will be integrated into Hex Trust’s secure and regulated infrastructure, with the aim of enhancing the latter’s execution capabilities for its institutional clients. Alessio Quaglini, CEO and Co-founder of Hex Trust, said, “The acquisition of Byte Trading marks another important milestone in Hex Trust’s strategic development. Their best-in-class technology accelerates our transformation from a custody provider to a…

OSL Group (863.HK), a leading digital asset company, unveiled its new global branding today, 12 February 2025. The OSL Group rebranding, consisting of its new logo, too, mirrors the company’s continued growth and innovation within the digital asset industry. Kevin Cui, Executive Director and CEO of OSL Group, stated, “The OSL brand has been around since 2018. Rebranding OSL is about staying true to our core: Simply Crypto. By 2025, we’ll expand into markets with clear regulations, focusing on what we do best—harnessing crypto adoption into the financial system to benefit every individual and business. This is how we bring…

A representative from Invest Hong Kong has confirmed that cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), are now considered proof of assets under the New Capital Investment Entrant Scheme visa, according to Yahoo Finance and Coindesk. A Hong Kong-based accountant recently shared his success story on social media, highlighting that Bitcoin and Ethereum were accepted as proof of wealth for the program. However, once approved, visa holders must invest an additional HK$30 million into “permissible assets,” which, according to InvestHK, does not include cryptocurrency investments. Under the said Hong Kong investment visa scheme, applicants must demonstrate ownership of net assets…