The Hong Kong Monetary Authority (HKMA), in collaboration with Hong Kong Cyberport Management Company Limited (Cyberport), announced on 15 October the second cohort of the Generative Artificial Intelligence (GenA.I.) Sandbox. Ant Digital Technologies has joined the programme as a technology partner. This cohort places emphasis on responsible AI governance, with use cases exploring “AI vs. AI” applications, using AI to perform automated quality checks on AI-generated outputs to enhance accuracy and consistency. In response to rising concerns around deepfake-related fraud, the Sandbox will also test advanced defence mechanisms. Through the GenA.I. Sandbox, Ant Digital Technologies will support several financial institutions…

Visa has announced that its Tap to Ride contactless payment service is now available on the Guangzhou Metro, offering inbound visitors to China a more convenient way to pay for travel. Guangzhou is the second city in the Greater Bay Area, after Hong Kong, to introduce the service, further improving cross-border transport convenience in the region. Travellers with Visa chip cards can now tap their cards directly at entry and exit gates marked with the Visa contactless symbol to access Guangzhou Metro stations. The feature provides a seamless payment option without the need to purchase separate metro tickets. Visa’s Tap…

YZi Labs (formerly Binance Labs) has led a US$50 million funding round in Better Payment Network (BPN), a payment network built to work with multiple stablecoins. The investment reflects YZi Labs’ interest in supporting new financial systems that use stablecoins, operate on fast blockchains, and combine traditional and decentralised approaches to balance speed, flexibility, and regulatory compliance. Many current fintech platforms require large sums of money to be held in local accounts in advance to make payments possible. BPN’s system allows stablecoins to be created, exchanged, and removed in real time across countries, reducing the need to lock up capital.…

PAObank, a member of Ping An Insurance, and OneConnect, an associate of Ping An, have been selected for the second cohort of the Hong Kong Monetary Authority’s (HKMA) Generative Artificial Intelligence (GenA.I.) Sandbox in partnership with Hong Kong Cyberport Management Company Limited. Their joint project, the “Anti-Fraud Strategy Platform,” uses advanced AI to strengthen the detection of deepfake-related fraud, enhance risk management, and support fraud investigations to improve customer protection. Within the HKMA’s sandbox environment, PAObank and OneConnect will continue refining the platform’s ability to identify deepfake technologies. Using AI-powered facial recognition, the system verifies user selfies in real time,…

The Hong Kong University of Science and Technology (HKUST), Hong Kong Investment Corporation Limited (HKIC), and Gobi Partners have launched a new fund focused on early-stage start-ups incubated at the university. The Gobi-Redbird Innovation Fund (Gobi-RIF) is intended to support university-developed technologies in reaching international markets, linking academic research with industry applications. As the second fund under the Redbird Innovation Fund (RIF) framework, Gobi-RIF targets four sectors: biotechnology, Industry 4.0, AI and robotics, and fintech. The fund combines HKUST’s research capabilities with Gobi Partners’ experience in venture capital across 16 locations in Asia. The initiative is backed by HKIC under…

Hong Kong Fintech Week 2025 will return from November 03 to 07, showcasing the city’s strengths as both a leading international financial center and a thriving startup hub. This year will mark a special 10th anniversary edition, jointly presented with the StartmeupHK Festival. The combined event is expected to attract over 37,000 executives, 800 speakers, and 700 exhibitors from more than 100 economies, uniting global leaders to share insights and explore the future of technology and finance. This year’s Hong Kong Fintech Week will provide a dynamic environment for collaboration, resource optimization, and business growth. It will explore how emerging…

HashKey Exchange is expanding its Southeast Asia footprint through a new partnership with Malaysia’s HATA, uniting two licensed digital asset platforms under one regional push. The MoU outlines plans to build a secure and transparent framework for digital asset services, leveraging both firms’ strengths in Hong Kong and Malaysia. The collaboration will focus on technology, regulations, user experience, and business model innovation to support the region’s growing digital finance ecosystem. Both exchanges will assess API connectivity and system integration to improve efficiency and market liquidity. They will also study regulatory frameworks in markets including Hong Kong and Malaysia to establish…

Bybit has announced a partnership with DigiFT to support UBS’s USD Money Market Investment Fund Token (UBS uMINT), the first tokenised investment fund launched by UBS Asset Management. Through this partnership, Bybit will allow shares of UBS’s tokenised money market fund, distributed via DigiFT, to be used as collateral for trading on its platform. The move marks a step forward in Bybit’s efforts to link traditional finance (TradFi) with the digital asset market. The UBS uMINT, issued by UBS Asset Management, is a money market fund built on the Ethereum blockchain. Opened to external investors in November 2024, the fund…

For more than a decade, banks have been busy “going digital”. They built apps, digitised forms, and automated obvious tasks. It worked. Mobile banking became expected, more processes went paperless, and many core systems were moved to the cloud (or at least parts of them). Yet even with all that, many banks still haven’t completed that journey. Globally, over 80% of banks have not fully migrated both their core banking and customer-facing digital channels to the cloud. A recent study also showed that while 91% of banks and insurers have initiated cloud transformation, more than half have moved only minimal…

Charles Hoskinson, co-founder of the Ethereum blockchain and CEO of Input Output, is turning his attention to South Korea as a hub for the next wave of innovation at the intersection of blockchain and AI, technologies he believes hold vast potential for both public and industrial benefit. During a recent visit to Seoul, Hoskinson met with technology leaders and industry stakeholders to explore collaboration opportunities. He commended the South Korean government’s plan to establish a ₩100 trillion (approximately US$70 billion) AI investment fund, expressing strong interest in contributing to the country’s ambitious vision. Speaking to The Korea Herald, Hoskinson said:…

ShopBack has launched ShopBack Pay in Hong Kong, allowing consumers to earn and redeem Cashback directly in-store. As part of the rollout, Octopus, Hong Kong’s most widely used payment method with 98% penetration, has been added to ShopBack Pay, alongside Visa, Mastercard, Apple Pay, and Google Pay. “At Octopus, we’re all about making local spending simple and rewarding. In partnership with ShopBack, shoppers are offered more payment options while enjoying generous rewards. This not only helps local merchants strengthen their existing customer base but also drives local retail market growth,” said Edwin Lai, General Manager, Retail Business & Partnership at…

RedotPay, a fintech company focused on advancing financial inclusion through stablecoin payments, has expanded its integration with the Circle Payments Network (CPN). The company introduced a new feature, “Send Crypto, Receive MXN,” aimed at offering a faster and more affordable payment option for Mexico, one of the world’s largest remittance corridors. The feature allows users to convert between cryptocurrencies and fiat currencies more efficiently. “Cryptocurrencies enable financial inclusion in a way no other asset class ever has. But the real value is in being able to spend, send, and receive crypto as easily as local currency,” said Michael Gao, CEO…

HashKey Group, operator of Hong Kong’s largest licensed cryptocurrency exchange, has confidentially filed for an IPO in the city, according to a Bloomberg report citing sources familiar with the matter. The listing could take place as early as this year, with one source estimating that the company may raise up to US$500 million, though details remain subject to change as discussions progress. HashKey operates trading, venture investment, and asset management businesses across Hong Kong and Singapore. Earlier this year, Gaorong Ventures invested US$30 million in HashKey at a pre-money valuation exceeding US$1 billion. Hong Kong introduced a regulatory framework for…

PT Bank Amar Indonesia (Amar Bank), a digital bank serving retail and MSME segments, has announced that SBI Holdings, a Japanese financial services group, has acquired a stake in the bank. Following the transaction, SBI Holdings holds more than 5% of Amar Bank’s shares, making it the third-largest institutional investor after Tolaram and PT Jagat Raya Imajinasi. President Director of Amar Bank, Vishal Tulsian, said: “We aim to collaborate with their portfolio of companies and leverage their strong financial services ecosystem to share expertise, build synergies, and ultimately deliver even greater value to our retail and MSME customers across Indonesia.”…

Binance Japan and PayPay Corporation have entered into a capital and business alliance aimed at advancing digital finance in Japan. As part of the agreement, PayPay has acquired a 40% equity stake in Binance Japan. The partnership combines PayPay’s user base and experience in cashless payment infrastructure with Binance’s blockchain expertise and leadership in digital assets. The collaboration will focus on developing products and services that integrate cashless payments with digital assets, providing a more seamless financial experience for users. Initially, the alliance will enable Binance Japan users to make deposits and withdrawals via PayPay Money, a digital wallet service…

Anthea Holding, a global crypto-fintech group offering life insurance products denominated in cryptocurrencies through its wholly owned subsidiary, Anthea Insurance, has announced the completion of a US$22 million Series A funding round. The company, which seeks to integrate life insurance with digital assets, has drawn significant interest from international investors. The round was led by Yunfeng Financial Group, with participation from a range of strategic and financial investors specialising in insurance, asset management, and fintech innovation. The funding marks a key milestone in Anthea’s effort to modernise life insurance for the digital economy. The investment will support the launch of…

Visa-free access to destinations such as Malaysia, Singapore, South Korea, and Thailand helped boost spending by Chinese tourists, according to Weixin’s latest National Day and Mid-Autumn Festival report. Weixin Pay’s cross-border transactions rose 21 percent year-on-year during the first five days of October, reflecting strong outbound travel demand. Transportation bookings made through Weixin Mini Programs increased 2.5 times, driven by platforms such as Uber, Grab, and DiDi, as well as rail services like Korail in Korea and Frecciarossa and Italo in Italy. Hong Kong and Macao remained the top destinations for mainland tourists, recording the highest cross-border payment volumes. Ride-hailing…

HSBC announced that it, together with its wholly owned subsidiary, The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific), has made a conditional proposal to take Hang Seng Bank private through a scheme of arrangement. If approved, HSBC Asia Pacific would acquire all remaining shares held by minority shareholders and Hang Seng shares would be withdrawn from the Hong Kong Stock Exchange. The Proposal offers HK$155 for each Hang Seng share, representing a 33% premium over the 30-day average closing price of HK$116.5 per share. This reflects a significant increase compared with Hang Seng’s historical trading prices and analyst…

Everywhere you look today, identity is the real currency. Whether you’re opening a bank account or applying for government services, the same question comes back again and again. Who are you, and how can anyone be sure? That question has grown far beyond the teller’s counter. It now runs through the veins of the global economy, shaping how governments roll out digital services and how banks try to balance security with convenience. Digital identity has not-so-quietly become the infrastructure for growth, trust, and even inclusion. The Push to Make Identity Digital Fabrice Jogand-Coulomb, who is the Vice President of Mobile…

Fraud and scams are on the rise in Southeast Asia, from job scams and forced scam centers to deepfake impersonations and multimillion-dollar corporate fraud. In this episode of Banking After Hours, I’m joined by Julius Rajeswaran, COO of ‪Ryt Bank, and Tai Vo, Director of Market Planning, Fraud & Identity, APAC at ‪LexisNexis Risk Solutions‬, to explore: Why Southeast Asia is a hotbed for scams How digital banks like Ryt Bank are rethinking fraud prevention The role of AI, behavioral data, and consortium-level intelligence Best practices from leading banks across the region