OneDegree has expanded its digital asset insurance portfolio by unveiling OneInfinity Cyber Insurance, aimed at a broad spectrum of industries beyond Web3 companies. This development comes when the digital landscape is increasingly besieged by cyber threats, amplified by the advent of AI technologies. With a significant portion of cyber risks in Asia, either uninsured or underinsured, there’s a pressing need for more robust defences against the rising wave of AI-driven cyber threats. OneDegree’s cyber insurance is tailored to address the complex nature of modern cyber threats, providing comprehensive coverage that includes traditional cybersecurity incidents and those unique to AI advancements.…

Adyen, a financial technology platform for enterprise businesses, has announced a significant partnership with PayMe by HSBC. This partnership marks a strategic move for Adyen to become an acquirer for the popular mobile payment service in Hong Kong. This collaboration enables Adyen’s merchants to offer PayMe as a payment option, enhancing the online checkout experience for Hong Kong customers. PayMe by HSBC is a widely used payment app in Hong Kong. It is accepted at over 65,000 physical and online merchants, from local start-ups and SMEs to large-scale daily necessity providers and boasts a user base of more than three…

HKbitEX, affiliated with Tykhe Capital Group Limited, has announced that it received preliminary approval from the Hong Kong Securities and Futures Commission (SFC) for Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses under the Securities and Futures Ordinance (SFO). According to the company’s statements, this development positions Tykhe Capital Group as the first to navigate the comprehensive licensing path for virtual asset services under Hong Kong’s newly established Virtual Asset Service Provider (VASP) regime. With these approvals, HKbitEX aims to expand its offerings to include automated trading and Over-The-Counter (OTC) services for recognised virtual assets…

HashKey Exchange, a licensed crypto exchange in Hong Kong, has partnered with Victory Securities, a corporation licensed by the Hong Kong Securities and Futures Commission (SFC). The partnership focuses on institutional virtual asset custody services, utilising Omnibus accounts to offer a secure and efficient management solution for virtual assets. This collaboration is aimed at improving virtual asset custody and trading services. Victory Securities brings to the table its SFC licenses in Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management), offering virtual asset dealing, advisory services to retail investors, and asset management services in…

HSBC has unveiled the HSBC Gold Token for its retail customers in Hong Kong. This development introduces tokenised gold to the retail market, accessible through the bank’s online and mobile platforms. The HSBC Gold Token, which represents physical gold ownership digitally via blockchain, responds to the increasing customer demand for digital assets and an interest in gold investments. HSBC states that this service is the inaugural venture into the retail sector by a banking institution offering tokenised gold, utilising the distributed ledger technology of HSBC Orion, the bank’s platform for digital assets. “We are proud that HSBC Gold Token, powered…

The introduction of the Faster Payment System (FPS) in Hong Kong has significantly transformed the landscape of financial transactions within the region, offering a testament to the city’s adaptability and forward-thinking approach in the fintech domain. Since its inception in September 2018, the FPS has transformed financial transactions and made them incredibly convenient. It has ushered in a seamless transition towards banking digitally, enabling users to conduct instant interbank transfers easily. This innovation has rendered the conventional methods of fund transfers, such as physical visits to banks or ATMs, obsolete for many, offering a new level of convenience. Surging popularity…

Ant International announces that it is integrating its Alipay+ service with two million merchants in Japan, aiming to address the payment challenges international visitors face. This development seeks to provide a more inclusive payment ecosystem, enabling visitors to use their preferred e-wallets from their home countries effortlessly. Data from the first three weeks of March show a 200 percent increase in transaction volume through Alipay+ compared to the same period in 2023, as stated by Douglas Feagin, President of Ant International. This surge underscores an emerging trend toward digital payment preferences among international visitors in Japan. Alipay+ is compatible with…

Hang Seng Bank announced the HK$33 billion SME Power Up Fund to bolster the growth, cross-border development, and sustainable advancement of small and medium-sized enterprises (SMEs) in Hong Kong. The fund addresses the challenges SMEs face today, from cash flow difficulties and increasing operational costs to the need for environmentally sustainable practices. Hang Seng Bank’s SME Power Up Fund aligns with the government’s initiatives to support SMEs, offering a range of loan products under the SME Financing Guarantee Scheme. These include the 80 percent and 90 percent guarantee products under the SME Financing Guarantee Scheme and specialised products for innovation,…

The Bank of East Asia (BEA) has announced a collaboration with PingAn OneConnect Credit Reference Services Agency (HK) Limited (PAOCCRA) to enhance the credit evaluation process for SMEs in the trade sector. This initiative leverages the Commercial Data Interchange (CDI) system provided by the Hong Kong Monetary Authority (HKMA), utilising electronic customs declaration data as alternative data for credit approval. By obtaining loan applicants’ data from Tradelink Electronic Commerce Limited with consent, PAOCCRA will share this information with BEA through CDI, streamlining the loan evaluation and approval process. This method facilitates quicker access to financing for SMEs, requiring no financial…

The BIS Innovation Hub Hong Kong Centre, in collaboration with the Hong Kong Monetary Authority (HKMA), has initiated the second phase of Project Aurum. This phase aims to explore and enhance privacy measures for retail central bank digital currencies (CBDCs). Following the successful completion of its first phase, which developed a comprehensive CBDC system featuring both a wholesale interbank system and a retail e-wallet, Project Aurum’s next stage will delve into privacy enhancements. This decision comes in response to public consultations that have underscored privacy as a critical factor for the adoption of CBDCs by consumers. Project Aurum 2.0 will…

Hong Kong Cyberport has announced the Hong Kong Special Administrative Region (HKSAR) Government’s appointment of three new Directors and re-appoint six existing Directors to its Board from 1 April 2024 to 31 March 2026. The Board welcomes new Directors Nicholas Chan, Ken Wong, and Patrick Tsang. The re-appointed Directors include Simon Chan Sai-ming (Chairman), Christopher Chao Yu-hang, Ivy Cheung Wing-han, Michael Leung Kin-man, Erica Ma Yun, and Maggie Tsoi Tsz-shan. These appointments ensure continuity and the infusion of new ideas, which are essential for Cyberport’s ongoing initiatives in technology and innovation. Simon Chan, Chairman of Cyberport, said, “We are very pleased…

The banking industry stands at the brink of a major transformation, driven by rapid technological advancements and changing customer expectations in a dynamic digital landscape. This transformation is not without its challenges, as banks grapple with the critical task of bridging the gap between traditional banking services and the demands of a digital-first customer base.  Factors such as the unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to this connection, underscoring the urgent need for banks to fortify their operational resilience (OpRes) and Information Technology resilience (ItRes).  In this context, the notion of resilience…

The Global Shipping Business Network (GSBN), in partnership with Ant Group, has developed a prototype electronic bill of lading (eBL) to digitise the longstanding paper-based processes in the shipping industry. According to GSBN CEO Bertrand Chen, this advancement is part of Hong Kong’s wholesale central bank digital currency (wCBDC) project. Founded in October 2020, GSBN, a non-profit organisation led by shipping industry stakeholders including Cosco Shipping and OOCL, aims to leverage blockchain technology to bring the global shipping industry into the 21st century. The introduction of the eBL prototype marks a significant milestone in this endeavour, especially after the Hong…

The Hong Kong Monetary Authority (HKMA) advises the public to exercise caution following reports of entities falsely claiming involvement in the e-HKD Pilot Programme. These entities have promoted e-HKD-related investment opportunities to attract investors under pretenses. The HKMA will officially announce all participants of the e-HKD Pilot Programme through its authorised channels. The public is encouraged to consult the HKMA’s official list of participating firms for accurate information. It is important to note that legitimate participating firms in the e-HKD Pilot Programme and other HKMA-operated “sandbox” programmes are prohibited from soliciting funds from the public or offering any investment products…

The Government Pension Investment Fund (GPIF) of Japan, holding the title of the world’s largest pension fund with assets amounting to US$1.5 trillion (227 trillion yen), is broadening its investment strategy to potentially include Bitcoin. This strategic exploration was highlighted in a recent Bloomberg Japan report, emphasising the fund’s initiative to diversify its robust portfolio further. With a vast management portfolio of approximately 225 trillion yen as of December 2023, the GPIF’s traditional investment focus has spanned domestic and international equities, bonds, and alternative assets like infrastructure and real estate. Considering additional assets such as Bitcoin represents an exploratory step…

Ant Group, a leader in financial technology based in China, is undergoing significant organisational restructuring, which includes the appointment of Han Xinyi as the new President of the company. This information comes from an internal email sent by the group’s CEO and Chairman, Eric Jing, which was revealed by a source familiar with the matter. This reorganisation represents the most substantial change within the Jack Ma-founded company since it faced a US$984 million (HK$7.6 billion) fine from Chinese regulators in July last year, marking the end of a comprehensive regulatory review. According to the source, Han Xinyi will oversee Ant…

The Securities and Futures Commission (SFC) has warned regarding several suspicious websites falsely representing themselves as “KKR Global.” These sites are accused of impersonating the licensed entity, KKR Capital Markets Asia Limited, and engaging in suspected fraud related to virtual assets. Victims have reported being approached through instant messaging apps to invest in cryptocurrencies on KKR Global websites, only to find themselves unable to withdraw their investments later. They were also asked to pay high fees under the pretext of “wallet verification.” The SFC has listed these sites on its Suspicious Virtual Asset Trading Platforms Alert List as of 19…

The Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC have announced a strategic partnership aimed at fostering innovation and enhancing bank-fintech collaboration. The three-year agreement, marked as the city’s inaugural public-private initiative in this domain, aims to strengthen Hong Kong’s position in the fintech, startup, and innovation and technology (I&T) sectors, as well as support the city’s ambitions in the digital economy. The partnership focuses on five areas including the establishment of an international fintech corridor as well as ecosystem growth and support. The latter includes HSBC’s plan to organise a series of workshops aimed at helping fintech…

The Hong Kong Science and Technology Parks Corporation (HKSTP) announced the selection of 74 leading startups to compete in the final round of the eighth annual Elevator Pitch Competition 2024 (EPiC 2024). Among these, 24 fintech startups from seven countries have been chosen as semi-finalists for the HKSTP’s annual flagship startup event. Chosen from over 600 entrants, these startups emerged from the first series of global semi-finals held in key innovation centers: Hong Kong, Silicon Valley, Stuttgart, and Singapore. Scheduled for 26 April 2024 at the sky100, Hong Kong’s tallest skyscraper, the EPiC 2024 Grand Finale will showcase startups specialising…

UnionPay, a Chinese state-owned financial services firm, has unveiled Project Excellence 2024 in a bid to optimise payment services across the country. The project comes in response to the State Council’s recent guidelines calling for improvements in the payment services sector to cater to diverse user needs, including those of senior citizens and international visitors. Under the leadership of the PBOC and local governments, China UnionPay will team up with banks, China UMS, and acquirers both within and outside of China’s mainland. The initiative aims for the extensive availability of full solutions in all use cases across China, enhancing collaboration…