WeLab, a pan-Asian fintech platform, has announced strategic actions to accelerate growth, scale, and profitability in Hong Kong and Southeast Asia. These initiatives aim to fortify a robust foundation for WeLab’s continued expansion. In Hong Kong, WeLab has completed a corporate reorganisation, consolidating its position as a leading player with 650,000 users. WeLend, now a wholly-owned subsidiary of WeLab Bank, will continue to offer distinctive products and services under their respective brands. This strategic move aims to elevate operational synergy and efficiency between the two entities, leveraging their established market positions to unlock new growth opportunities. After the reorganisation, WeLab…

Ping An Insurance recently announced the upgrade of its “Ping An Family Doctor” brand. The upgraded service features a one-stop, proactive health management system focused on “proactive health management, chronic disease control, and full disease management.” “As a world-leading financial brand, Ping An never forgets its original aspiration and vision, remains customer-needs oriented, and provides customers worry-free, time-saving, and money-saving healthcare services to further promote the high quality, systemic and standardised development of ‘Internet + Family Doctor’, and support the national ‘Healthy China’ vision with the national ‘Healthy China’ vision by offering worry-free, time-saving, and cost-effective services,” said Michael Guo,…

The Hong Kong Export Credit Insurance Corporation (ECIC) has announced the launch of its first trade credit insurance cover based on SCOR Smart Credit, an alternative data underwriting tool developed by SCOR Reinsurance Co. (Asia) Ltd. (SCOR). This new product aims to support cross-border e-commerce trade by offering protection for trade loans granted by FundPark Ltd. (FundPark), a Hong Kong-registered fintech company, to Hong Kong merchants. The initiative seeks to facilitate SMEs’ access to trade financing and encourage their development in cross-border e-commerce trade. SCOR Smart Credit is an applied data-driven underwriting engine that analyzes data from various sources using…

Internet and technology company Tencent is actively participating in the validation of cross-border payment use cases as Project mBridge reaches its Minimum Viable Product (MVP) stage. This initiative aims to enhance the quality of cross-border clearing and settlement services. Building on the efficient and cost-effective features of mBridge, Tencent leverages its fintech capabilities and cross-border use cases. Tencent’s e-CNY project team, operated by Tenpay and WeBank, has been involved in Project mBridge since September 2023. Project mBridge, led by a consortium including the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre, the Bank of Thailand, the Digital Currency…

Open banking in South Korea is a clear leader among many of its Asian peers. It has successfully implemented a variety of initiatives linked to open banking, open finance, and open data policy initiatives, with significant contributions from the government in establishing a solid framework for data sharing. The success of open banking in Korea is evident from its rapid adoption and usage. By September 2022, the number of registered users for open finance reached a total of 54.8 million, a nearly fourfold increase from 14.2 million users in January 2022. A new report by the World Bank, Korea Institute…

The Cyberport University Partnership Programme (CUPP) 2024, organised by Cyberport Academy and Web3Hub@Cyberport, was officially launched on 15 June. In response to the Hong Kong SAR Government’s allocation of HK$50,000,000 to foster the growth of the Web3.0 ecosystem, this year’s Cyberport Academy programme incorporates Web3.0 elements to cultivate young talents in the field. The programme, supported by 11 local universities, has admitted 20 teams comprised of about 50 university students and recent graduates. These participants, called CUPPers, will attend an entrepreneurship boot camp at Draper University in Silicon Valley, USA. The camp includes seminars, company visits, mentorship, business coaching, pitching sessions…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

One of the most visible drivers in the Asia-Pacific (APAC) economy in 2023 has been the rapid adoption of digital technology combined with the innovations that arose during the COVID-19 pandemic. In the area of e-commerce and payments, consumer habits have shifted, and businesses and governments have embraced these new digital channels of creating, exchanging and transmitting value. In the region, non-bank financial institutions and fintechs have proliferated in recent years, giving banks a run for their money. These fintechs provide consumers and businesses with financial services such as mobile banking, micro-lending, crowdfunding, investment management, remittances, and more. However, a…

Julia Leung, Chief Executive Officer of the Securities and Futures Commission (SFC), delivered a keynote address at the Greenwich Economic Forum in Hong Kong. The event gathered global leaders from finance, business, academia, and the public sector to discuss technology’s transformative impact on financial markets. In her speech during the Greenwich Economic Forum, Julia highlighted the rapid technological advancements, mainly distributed ledger technology (DLT), and their potential to revolutionise financial services. She discussed the increasing use of DLT in virtual assets and trade finance, emphasising its potential benefits in enhancing efficiency, reducing costs, and improving transparency in financial transactions. “Tokenisation…

The Sandbox, a user-generated content (UGC) metaverse platform under Animoca Brands, has announced a US$20 million (HK$156 million) funding round through convertible promissory notes, capped at a US$1 billion (HK$7.81 billion) valuation. Kingsway Capital and Animoca Brands led this strategic investment round, including contributions from LG Tech Ventures and True Global Ventures. The funds will advance The Sandbox’s vision of a decentralised virtual world that merges culture and gaming, allowing the community to participate actively in the ecosystem’s growth. Key areas of development include enhancing the earning potential for creators by upgrading the Game Maker and VoxEdit 3D editor tools,…

Futu Holdings Limited has completed an investment of HK$440 million in Gravitation Fintech HK Limited, the parent company of Airstar Bank, a licensed virtual bank in Hong Kong. This investment makes Futu the second largest beneficial owner, with an indirect 44.11 percent stake in Airstar Bank. Xiaomi holds a 50.3 percent stake, and AMTD remains a shareholder, though its holding is undisclosed. Futu Holdings Limited provides digitalised financial services through its platforms, Futubull, and moomoo. These platforms offer investment services, including trade execution, clearing, margin financing, securities lending, and wealth management. Additionally, Futu offers corporate services such as IPO distribution,…