MixCare Health, a Hong Kong-based digital health and wellness platform, has partnered with Pacific Prime, an international health insurance broker and employee benefits specialist. The collaboration enables Pacific Prime’s 15,000 Hong Kong employee benefit customers to access MixCare’s AI-powered digital health and wellness platform, which includes more than 4,000 individual well-being services in the country. Integrating the platform of MixCare into the services of Pacific Prime allows convenient access through a Single Sign-On (SSO) login, facilitating a seamless user experience without the need for separate accounts. “By partnering with brokers like Pacific Prime, we are able to provide easy access…

Mox Bank announced that it has tripled its revenue in 2023, driven by an increase in its customer base, deposits, and loan portfolio. The growth was influenced by new services such as “Best In Town Unlimited CashBack,” “Upfront Interest in Cash and Instant Asia Miles,” and the expansion of Mox Invest’s trading services for U.S. and Hong Kong equities and funds. “2023 was a significant year for Mox, marking substantial progress toward our vision of democratising finance. Our products and expanded offerings have resonated with our customers, empowering them to build their financial futures,” said Barbaros Uygun, CEO of Mox,…

The Hong Kong Monetary Authority (HKMA) announced the creation of the Project Ensemble Architecture Community (the Community), a collaborative initiative to shape standards and provide suggestions to support the development of Hong Kong’s tokenisation market. The Community aims to develop industry standards to support interoperability among wholesale Central Bank Digital Currency (wCBDC), tokenised money, and tokenised assets. It will initially focus on establishing a mechanism to support seamless interbank settlement of tokenised deposits through wCBDC for tokenised asset transactions. Additionally, the Community will assist in designing and implementing the Project Ensemble Sandbox, which is targeted to launch by mid-2024. This will facilitate further research and…

The Hong Kong Monetary Authority (HKMA) and Shenzhen authorities have initiated the pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform.  This platform employs blockchain technology and data coding, such as hash values, to verify documents without the need for transferring or storing original documents across borders. The project aligns with ongoing collaborative efforts between the HKMA and Mainland authorities to promote fintech innovation and secure data exchange between Guangdong and Hong Kong, while adhering to existing regulatory frameworks. The platform’s development involved contributions from various stakeholders, including the Shenzhen Municipal Cyberspace Administration, the Hong Kong and Macao Affairs Office of the Shenzhen Municipal…

Ant Group, a Chinese tech giant Alibaba affiliate, announced the expansion of its cross-border payments solution, Alipay+, into new global markets, including Europe, the Middle East, and Latin America. Introduced in 2020, Alipay+ facilitates international transactions by allowing users to make payments abroad using their home country’s mobile apps via QR code scans. “What we found is that people want to use their home e-wallets when they travel abroad. So they don’t want to have to load their card into another app that they don’t know as well,” said Douglas Feagin, Senior Vice President of Ant Group, emphasising the convenience…

The Hong Kong Monetary Authority (HKMA) is set to replace the term “virtual bank” with “licensed digital bank” for the eight branchless lenders operating in the city to boost public confidence and eliminate negative connotations associated with the term. This change aims to eliminate the negative implications associated with the term in Chinese, where ‘virtual’ can suggest ‘fictional’. Arthur Yuen Kwok-hang, deputy CEO of the HKMA, explained that the current Chinese translation might impact public perception negatively. “The name change in English will align with the Chinese terminology, reflecting a more accurate depiction of these banks’ operations,” said, Arthur. This…

Tiger Brokers (HK) has launched virtual asset trading services on its Tiger Trade platform, making it one of the first online fintech brokers in Hong Kong to combine traditional securities and virtual assets trading on a unified platform, according to the company. Professional investors can now trade 18 virtual assets, including Bitcoin and Ethereum, as well as stocks, options, futures, US Treasury bonds, funds, and other global assets from a single account. According to the company, the service operates under stringent local regulations, including a recently upgraded Type 1 license and a partnership with HashKey Exchange, a licensed virtual asset…

The Hong Kong Monetary Authority (HKMA) has released the Hong Kong Taxonomy for Sustainable Finance (Hong Kong Taxonomy). This publication aims to enhance informed decision-making in green and sustainable finance and to facilitate related financial flows. The HKMA has developed this green classification framework after releasing a discussion paper in May 2023, seeking feedback from stakeholders on a prototype. The feedback was largely positive, with stakeholders supporting the clearer definitions of green products, enhanced interoperability, and reduced risks of greenwashing provided by the prototype. Following the consultation, the HKMA refined the prototype into the now-published Hong Kong Taxonomy. This framework…

Cyberport, and Cisco signed a Memorandum of Understanding (MoU) to enhance artificial intelligence (AI), future-ready networks, and cybersecurity capabilities in Hong Kong. This partnership aims to boost innovation and strengthen the digital economy. Under the MoU, both parties will jointly establish an AI lab at Cyberport, focusing on enhancing AI network technologies to improve performance, adaptability, and efficiency. The lab is a strategic move to drive innovation and support the digital economy in Hong Kong. Additionally, the partnership will focus on cultivating technology talent and enhancing cybersecurity capabilities for local enterprises. The MoU was signed in the presence of Professor…

Episode Six (E6), a global provider of payment processing and digital ledger infrastructure, has announced plans to expand its operations in Hong Kong.  The decision comes in response to the region’s growing demand for virtual payment solutions. “We’re seeing increasing demand for virtual card payments, which our platform is perfectly suited for. We’re also seeing an increase in demand for our virtual account, and we’re expected to have growing penetration around these two products in Hong Kong throughout the rest of the year,” said John Mitchell, co-founder and CEO of E6. E6 is also set to broaden its focus to…

The Hong Kong Stock Exchange now lists the Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF. This move introduces some of the first Bitcoin and Ether spot ETFs in a major Asian financial center. These ETFs are managed by Bosera Asset Management (International) Co., Limited, serving as the Investment Manager, and HashKey Capital Limited, acting as the Sub-Investment Manager. The ETFs’ debut in Hong Kong has been met with positive reception, with early trading showing a climb of over three percent for the Bitcoin-focused funds. Offering a unique ‘in-kind’ subscription mechanism, these ETFs enable direct subscription and redemption using…

Hong Kong Science and Technology Parks Corporation (HKSTP) has announced the conclusion of its flagship Elevator Pitch Competition (EPiC) 2024.  The competition, which aims to solidify Hong Kong’s status as a leading global innovation hub, saw tozero, a German startup focused on establishing a lithium-ion battery recycling plant in Europe, claim the top prize.  This includes a cash prize of US$90,000, (HK$704,277) 1,100,000 Asia Miles, and opportunities for investor exposure and strategic partnerships. Winners in other categories included Bizbaz Pte. Ltd. from Singapore in the FinTech category and Roboticplus.AI from Mainland China in the PropTech category, showcasing the diversity and innovative…

Ping An OneConnect Bank (Hong Kong) Limited, a virtual bank focused on small and medium enterprises (SMEs) in Hong Kong, has published its financial outcomes for the fiscal year ending 31 December 2023.  The bank noted an increase in loan assets, reaching HK$2.1 billion, and maintained a loan-to-deposit ratio of 84 percent. Throughout 2023, PAOB experienced substantial loan growth, particularly in the latter half of the year, coinciding with Hong Kong’s economic rebound and increased SME capital demands.  The bank continues to support SMEs by navigating through the evolving economic landscape. PAOB has significantly enhanced its digital banking services through strategic collaborations…

Alipay+, operated by Ant International, has announced a significant expansion in Hong Kong, enabling users from 14 popular e-wallets across nine countries and regions to make payments using their home apps.  This development integrates approximately 1.2 billion users into Hong Kong’s payment ecosystem, enhancing their payment experience in the city known as “Asia’s World City”. Through Alipay+, tourists can now transact seamlessly using their home e-wallets with local merchants displaying the Alipay+ / AlipayHK logos, benefiting from transparent and competitive exchange rates. This integration not only simplifies transactions for visitors but also allows local small and medium-sized enterprises (SMEs) to accept international payments through…

OSL Digital Securities, a Hong Kong-licensed and regulated digital assets exchange, is set to enhance its current brokerage model to include comprehensive advisory and operational support in partnership with Solomon JFZ (Asia) Holdings Limited. This development is key to introducing Hong Kong’s first Spot Crypto ETFs, which will soon be launched. The enhanced collaboration will see Solomon acting as a participating dealer, facilitating in-kind transactions essential for subscribing to or redeeming ETF shares directly with the underlying digital assets. According to the digital assets exchange, this partnership leverages the expertise of OSL in secure digital asset custody and regulated trading…

The Hong Kong Monetary Authority (HKMA) has launched the inaugural FiNETech series, an initiative designed to enhance collaboration across the fintech landscape. It involves around 100 entities from the banking, securities, insurance, and technology sectors. This new platform focuses on key areas such as Wealthtech, Insurtech, Greentech, Artificial Intelligence (AI), and Distributed Ledger Technology (DLT). FiNETech, part of HKMA’s broader “Fintech 2025” strategy, aims to leverage vast growth opportunities across five critical fintech business areas and technologies.  Through an enhanced network of local fintech solutions, FiNETech will provide substantial benefits to the financial services sector. The initiative will offer financial institutions one-stop…

HashKey Exchange, Hong Kong’s licensed virtual asset exchange, has announced the successful facilitation of the first physical subscriptions for the Bosera HashKey Bitcoin Spot ETF and the Bosera HashKey Ethereum Spot ETF.  This development introduces new investment opportunities in Hong Kong’s cryptocurrency market. Working with Bosera International and HashKey Capital, HashKey Exchange has provided essential infrastructure support, including trading and custody services.  The company highlights that introducing physical redemption for these ETFs allows investors to directly acquire assets such as Bitcoin and Ethereum without immediate selling, enhancing cost efficiency and liquidity. These virtual asset spot ETFs received formal approval from the…

The Securities and Futures Commission (SFC) has issued a public alert concerning fraudulent activities by two virtual asset service providers, “CBEX Group” and “Bitget Pro”.  The SFC’s warning follows reports from investors about difficulties in withdrawing assets and unauthorised withdrawals, suggesting these platforms may be issuing false withdrawal records. In response, the SFC has collaborated with the Hong Kong Police Force to block access to the websites linked to these entities. Despite these measures, the public is advised to remain cautious as fraudulent operators may continue to set up similar deceptive sites. Furthermore, both “CBEX Group” and “Bitget Pro” have…

Malaysian e-government services provider MyEG Services Bhd has partnered with MaiCapital, a virtual asset manager licensed in Hong Kong, to develop an exchange-traded fund (ETF) approved by the Securities and Futures Commission of Hong Kong (SFC). The ETF will feature various cryptocurrencies, including Bitcoin and Zetrix, aiming to provide investors with a tool to diversify their portfolios and mitigate the volatility typically associated with single cryptocurrencies. MaiCapital, which holds approval from the SFC to manage funds that may consist entirely of virtual assets, will collaborate with MyEG to launch this ETF. Marco Lim, managing partner of MaiCapital Ltd., stated that this…

In response to the evolving economic landscape and recent changes in consumer and tourist spending patterns, the Hong Kong Monetary Authority (HKMA) has introduced a series of new measures to further bolster its support for small and medium-sized enterprises (SMEs). These initiatives aim to alleviate SMEs’ operational pressures due to varying business performances during the recent long Easter holiday. The Banking Sector SME Lending Coordination Mechanism, established by the HKMA in collaboration with local banks, has introduced nine new support measures tailored for SMEs. These measures include fee waivers, launching unsecured loan products, and incorporating more flexible cash flow management…