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,…

The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, began visiting the Netherlands on June 3. He engaged with senior financial officials, regulators, and fintech and asset management professionals during his stay. He also attended Money 20/20 Europe, the largest fintech event in Europe, where he participated in a fireside chat on June 4 to discuss Hong Kong’s financial innovations. Christopher highlighted Hong Kong’s pioneering efforts in issuing tokenised green bonds. The first issuance in February 2023 was the world’s first government green bond issued through tokenisation. The second, a multi-currency bond amounting to US$770 million…

Hong Kong-based digital coupon platform Mezzofy announced on Wednesday the completion of its Pre-Series A funding round, raising US$2 million (HK$15.62 million) to support global expansion and product advancements geared towards a Web3 future. Isola Capital’s IPVF VII led the funding round with participation from Ooosh Tech Lab and co-investment from Hong Kong government-backed Innovation and Technology Venture Fund (ITVF). With this funding, Mezzofy aims to expand its market presence and reach, including entering the United States and Europe, the largest digital coupon markets. The company also plans to enhance its product capabilities using big data, AI, and blockchain technologies.…

The Hong Kong Monetary Authority (HKMA), alongside the mBridge project team, has announced that Project mBridge has reached the Minimum Viable Product (MVP) stage. This initiative, aimed at addressing cross-border payment challenges through central bank digital currencies (CBDCs) and innovative solutions, marks a significant step in enhancing the efficiency and security of international transactions. Building on feedback and insights from the 2022 pilot, the project team has developed and enhanced the prototype platform in technology, legal, and governance areas. The four founding central banking institutions—the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the…

HashKey Global, a globally licensed digital asset exchange, has reported a significant increase in its trading volume for May 2024. The exchange’s daily trading volume surged to US$348 million (HK$2.7 billion), marking a 173 percent month-over-month increase. This growth was primarily driven by the success of the first Launchpool phase, which achieved a remarkable yield rate of 37.68 percent. HashKey Global’s Launchpool initiative drew substantial market interest, with over 2,157 users locking assets on the first day. The total amount pledged reached US$109 million (HK$851 million), with the highest single-user earnings recorded at 6,500 ZK. This made it the most…

The latest Industry Insights Report by TransUnion revealed that consumer demand for new credit cards in Hong Kong remained subdued towards the end of 2023. However, growing credit card balances indicate increased use of existing cards, with lenders extending additional capacity to borrowers in Q1 2024. According to TransUnion, credit card enquiries decreased by 8 percent year-over-year (YoY) in Q4 2023, and origination volumes dropped by 20 percent YoY. During Q1 2024, outstanding balances increased by 8.6 percent, and average balances grew by 7.5 percent, showing greater use of existing cards. TransUnion’s Q1 2024 Consumer Pulse survey reveals that 38…

KPay, a financial and business management platform, has launched a unified pay-in and pay-out platform for SMEs in Hong Kong. This platform aims to streamline financial operations for SMEs, reduce reliance on outdated methods, and improve efficiency. A recent study by KPay revealed that SMEs in Hong Kong spend over 2,298 hours annually on financial management, costing each SME an average of HK$160,000 annually. The study highlighted significant inefficiencies due to reliance on paper and basic spreadsheets. KPay’s new platform addresses these issues by offering a comprehensive solution for payment collection, bill management, reconciliation, and financial data analysis within a…

DBS Taiwan has partnered with Thales to bring over two million cards to its customers, including more than one million sustainable credit and debit cards made from Polylactic Acid (PLA), a bio-sourced, eco-friendly alternative to traditional plastic. This makes DBS Taiwan the largest issuer of PLA cards in Asia. The partnership supports DBS Taiwan’s largest credit card renewal operation following its merger with Citibank. Thales is helping produce up to 30 card body artworks to support DBS Taiwan’s ambition to become the largest and most environmentally friendly international commercial bank in Taiwan. Derived from renewable resources such as non-edible corn,…

Bank Saqu, the Indonesian digital bank developed through a strategic partnership between WeLab and Astra Financial, has achieved a milestone of one million customers within six months of its launch. This rapid growth underscores the increasing demand for digital banking solutions in Indonesia. Launched in November 2023 and operated by PT Bank Jasa Jakarta, Bank Saqu targets explicitly young entrepreneurs, small business owners, and freelancers. The WeLab digital bank unit saw impressive user adoption rates, with over half a million new customers within the first three months of its operation. It has now doubled that number, reaching one million customers. Bank…

OCBC Group, a banking institution in Southeast Asia, has announced a significant investment of HK$1.5 billion (US$192 million) to enhance its digital platform and upgrade its offices in Hong Kong and Macau. This strategic move aims to capitalise on these regions’ growing banking and wealth management opportunities. The investment includes HK$1 billion dedicated to technology upgrades across OCBC’s core banking systems in Hong Kong and Macau, scheduled to be completed by 2026. These enhancements will incorporate advanced artificial intelligence (AI) and machine learning technologies, significantly boosting the bank’s digital banking capabilities. Customers can expect faster and more efficient online banking…

Ant Group and Mastercard, along with 12 overseas payment partners of Alipay+ and other major international card organisations, have launched the International Consumer Friendly Zones programme in Shanghai. This initiative aims to enhance the travel experience for global travellers and stimulate growth for local businesses in China. Supported by relevant authorities and local governments, the programme will include participation from over 20 primary shopping areas, renowned tourist attractions, both of Shanghai’s international airports, key high-speed railway stations, and a fleet of 25,000 taxis. Iconic landmarks such as the Bund, Nanjing Road shopping district, and the Oriental Pearl TV Tower are…

Spark Fintech Limited, a subsidiary of the crypto exchange Bybit, has withdrawn its application to the Securities and Futures Commission (SFC) in Hong Kong. Effective 1 June 2024, Spark Fintech will suspend all products and services on its Hong Kong platform except for customer withdrawals. Affected clients are advised to withdraw their remaining funds as soon as possible following the provided instructions. Many crypto firms are withdrawing their applications for VATP licenses in Hong Kong. Recent withdrawals include Willows Asia Technology Company Limited (IBTCEX), QuanX Lab Limited, and HBGL Hong Kong Limited (Huobi HK). Other firms, such as AMMBR (HK)…

DBS Group Holdings is hiring additional private bankers in Hong Kong as the bank continues to attract significant funds from mainland China and Taiwan. The North Asia business head, Sebastian Paredes, disclosed that the number of clients acquired from mainland China has reached nearly 1,200 so far in 2024. Sebastian, who also chairs DBS’s China unit, noted that the bank has experienced “substantial” financial inflows from Taiwan over the past year. “We continue to hire. This year, for example, we are expanding our headcount in the private banking business by more than 25 percent,” said Sebastian in an interview on…

The Securities and Futures Commission (SFC) reminds the public that the non-contravention period for virtual asset trading platforms (VATPs) operating in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615) (AMLO) will end on 1 June 2024. All VATPs in Hong Kong must be either licensed by the SFC or deemed-to-be-licensed applicants under the AMLO. Operating a VATP without proper licensing is a criminal offence, and the SFC will take appropriate action against any breaches. Reminder for investors Investors are urged to trade virtual assets only on SFC-licensed VATPs. The “List of licensed virtual asset trading platforms”…

Currencycloud, known for simplifying multi-currency business operations, and Pyvio, a Hong Kong-based fintech building financial services infrastructure, have announced a partnership to offer efficient and cost-effective cross-border payment solutions for Chinese e-commerce businesses operating in emerging markets. This partnership enables Pyvio to use Currencycloud’s technology to collect and pay funds in over 180 countries and 30 currencies, including CNH and CNY. Chinese online merchants need help managing payment collection and payouts in different markets, especially in emerging regions where infrastructure is less developed, and ensuring compliance within complex regulatory landscapes can be difficult. By collaborating with Currencycloud, Pyvio aims to…

XTransfer, a B2B cross-border trade payment platform in China, has partnered strategically with TerraPay, a global money movement company. This partnership aims to improve payment solutions for small and medium-sized enterprises (SMEs) involved in international trade by providing secure, compliant, fast, and cost-effective cross-border payments and fund collection solutions. Through this partnership, XTransfer will utilise TerraPay’s global payments infrastructure to enhance its service offerings. This will enable XTransfer’s customers to execute local payments globally and settle payments in local currencies across 136 countries and regions, including emerging markets such as Africa, Latin America, and Southeast Asia. This collaboration between XTransfer…

Aspire, an all-in-one finance platform headquartered in Singapore, has successfully obtained a Money Service Operator (MSO) License issued by the Hong Kong Customs and Excise Department. Aspire provides a unified suite of financial solutions to small and medium-sized enterprises (SMEs) in Hong Kong, including local business accounts for payables and receivables management, international payments, and payment gateway solutions. Aspire’s integrated platform facilitates multi-currency cash management and domestic and cross-border money transfers, supporting the city’s fast-growing SME segment across various industries. Amidst Hong Kong’s macroeconomic challenges, there is a resurgence in business digitalisation, with 93 percent of local SMEs recognising its…

The Bank of Thailand has signed a memorandum of understanding (MoU) with China to advance the development and usage of Central Bank Digital Currencies (CBDCs). This partnership aims to promote cross-border payments and enhance financial cooperation between the two countries using digital currencies. The MoU, titled the Cooperation Framework for Bilateral Local Currency Transactions, was signed by Pan Gongsheng on behalf of China and Shethabu Suthiwanalyubu, representing the Bank of Thailand. This initiative establishes a framework for cooperation and facilitates using local currencies for cross-border payments, reducing reliance on intermediate currencies and streamlining financial transactions. Both countries are members of…

The Hong Kong Monetary Authority (HKMA) delegation, led by Chief Executive Eddie Yue, concluded a three-day visit to Kuala Lumpur, Malaysia, aimed at strengthening financial collaboration between the two countries. During the visit, the delegation held bilateral meetings with Bank Negara Malaysia (BNM), focusing on strategic areas such as digital finance, fintech, green and sustainable finance, payment systems, the use of local currencies for cross-border trade, and Islamic finance. Representatives from both the HKMA and the BNM also participated in the Malaysia Business Forum, organised by the Hong Kong Association of Banks.  The forum, attended by over 160 senior representatives…