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…

The Securities and Futures Commission (SFC) of Hong Kong has issued warnings about two unlicensed virtual asset trading platforms, Bybit and MEXC, advising the public to exercise caution. These platforms have been providing trading services in various crypto-related products without obtaining the necessary licenses or registrations from the SFC. Bybit’s range of offerings includes futures contracts, options, leveraged tokens, and several types of investment schemes targeting investors in Hong Kong and other jurisdictions. MEXC has also been actively promoting its services to Hong Kong investors without SFC’s authorisation. The SFC has underscored that dealing with or marketing such products in…

The Hong Kong Monetary Authority (HKMA) has embarked on phase 2 of its e-HKD pilot programme, aiming to explore and expand upon the innovative applications of digital currency in Hong Kong. This move follows the successful completion of the programme’s first phase in October 2023, which examined domestic retail applications including programmable payments, settlement of tokenised assets, and offline payments. HKMA had published a report on the first phase which included key findings, learnings, and an assessment of the 14 pilots conducted by 16 participating firms. The 16 participating firms include Alipay HK, ARTA-Emali HK, Bank of China (Hong Kong),…

Insurtech OneDegree, is seeking global stablecoin issuers to work with them on the Hong Kong Monetary Authority (HKMA) stablecoin sandbox. Alvin Kwock, co-founder of OneDegree, announced on LinkedIn that the firm is committed to working alongside the HKMA stablecoin sandbox. This venture seeks to refine risk management practices and simplify the licensing pathway for stablecoin issuers, contributing to constructing a more secure and efficient financial ecosystem. OneDegree extends a comprehensive suite of services to stablecoin issuers. These includes third-party validation of stablecoin mechanisms and operational designs for compliance and the use of its proprietary AI and machine learning platform, MAMORI.AI,…

Wise, a global technology company, has been granted a Type 1 Funds Transfer Service Provider license in Japan, becoming one of the first international financial service providers in the country to achieve this status. This license allows Wise Payments Japan K.K. to surpass the previous one million JPY per transaction limit, under the constraints of the Type 2 license it has operated with since 2016. The acquisition of this license introduces an increased level of competition in the Japanese market, enabling both individuals and businesses to send and receive up to 150 million JPY per transaction across more than 40…

Jouk Pleiter, Thomas Fuss, and Karan Oberoi discuss the evolution of Backbase, detailing the strategic pivots it undertook from its initial iteration to emerge as the renowned engagement banking platform it is recognised as today. Interview by Fintech News Singapore’s Chief Editor, Vincent Fong. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

The Hong Kong Monetary Authority (HKMA) announced the launch of a sandbox arrangement for stablecoin issuers today. This initiative establishes a communicative platform between the HKMA, and entities interested in issuing fiat-referenced stablecoins in Hong Kong. It is designed to clarify supervisory expectations and gather input on proposed regulatory frameworks during the consultation phase of the legislative proposal for regulating stablecoin issuers. This move follows a consultation and feedback collection from the market and public on the “Discussion Paper on Crypto-assets and Stablecoins” issued last year. The proposed legislation reflects considerations of market responses, stakeholder engagements, local market needs, and…

Zodia Custody, a digital asset custodian for institutions with backing from Standard Chartered, SBI Holdings, and Northern Trust, has announced Kal Chan as the new Chief Executive Officer of its Hong Kong branch. This appointment comes as Zodia Custody strengthens its foothold in Hong Kong since its market entry in October 2023, aiming to enhance its position in the global digital assets hub. Kal Chan, the newly appointed CEO, is set to drive the company’s expansion in Hong Kong. He will focus on adopting digital assets by meeting the specific needs of financial institutions with top-tier technology, rigorous risk management,…

The Hong Kong general insurance market is set for substantial growth, with expectations to expand from HK$67 billion (US$8.6 billion) in 2024 to HK$85.6 billion (US$10.9 billion) by 2028, achieving a compound annual growth rate (CAGR) of 6.3 percent, according to GlobalData. This growth trajectory includes a forecasted increase of 5.5 percent between 2024 and 2025. The primary driver of this expansion is the personal accident and health (PA&H) insurance sector, which accounts for a significant 31.4 percent of the market. It is projected to grow by a substantial 7.2 percent in 2024. This surge in the market is primarily…

Bank of Singapore appointed Ronnie Cheung as the Chief Operating Officer for its Greater China operations, effective 19 March 2024. She will be based in Hong Kong and report to Cindy Wong, the branch’s chief executive, and Jacky Ang, the global chief operating officer. In her new role, Ronnie is tasked with overseeing the governance and operations of the bank’s Hong Kong branch to facilitate growth across Greater China and will lead the execution of strategic initiatives and transformation efforts in the region. Bringing over 20 years of experience in the banking industry, Ronnie joined Credit Suisse, where she held…

Digital travel platform Agoda and financial services group DBS have unveiled a partnership to offer DBS Hong Kong customers an exclusive reward points redemption system. This initiative allows DBS Credit Cardholders to pay for hotel bookings on Agoda using DBS$ and COMPASS Dollar, enhancing their travel experience with great value deals. Customers can quickly redeem their points by logging into a dedicated Agoda website, choosing their accommodation, and then proceeding to the DBS platform to select the number of points for redemption. This feature simplifies the booking process and offers the flexibility to offset costs partially for those with insufficient…

Bank Saqu, the Indonesian digital bank developed through a strategic partnership between WeLab and Astra Financial, has reached the milestone of half a million new customers within the first three months of its operation. Simon Loong, Founder and Group CEO of WeLab, announced this significant milestone, highlighting the growing demand for digital banking solutions in Indonesia. Launched in November 2023, Bank Saqu, operated by PT Bank Jasa Jakarta, targets young entrepreneurs, small business owners, and freelancers. Bank Saqu’s rapid user adoption rate was over 300,000 individuals signing up within the first two months of launching. The platform allows customers to…

The Securities and Futures Commission (SFC) announced the publication of its Quarterly Report for the period ending 31 December 2023, detailing significant operational and financial milestones achieved in the quarter. The report showcases a robust quarter for the asset management sector, with net fund inflows into Hong Kong domiciled funds soaring by 179 percent quarter-on-quarter to HK$33.5 billion, culminating in a year-on-year increase of 92.9 percent to HK$87.1 billion for 2023. The total assets under management by the 914 Hong Kong-domiciled fund grew by 4.9 percent year-on-year. The SFC’s authorisation of Asia’s first and the world’s largest exchange-traded fund investing…

Hong Kong is home to a vibrant and diverse international fintech hub comprising approximately 1,000 fintech companies, data from the government show. More than 10 of these companies are unicorn startups valued at US$1 billion and over, including HashKey Group, ZA International, WeLab, and Airwallex. This ecosystem is growing on the back of soaring fintech adoption. According to the 2023 PolyU Asklora Fintech Adoption Index, 74% of the Hong Kong adult residents polled are using at least two fintech services and over 90% have adopted digital payments. The adoptions of virtual wealth, virtual banking and insurtech is also high, standing…

Ant Group, in response to new policies by the People’s Bank of China (PBOC) aimed at facilitating international visits, has announced an increase in transaction limits for international travelers using its cross-border payment services. Effective immediately, the single transaction limit for such travelers will be raised from US$ 1,000 to US$ 5,000, with the annual cumulative transaction limit increasing from US$ 10,000 to US$ 50,000. These adjustments apply to Ant Group’s two cross-border mobile payment solutions: Alipay and Alipay+. International travelers have the option to download the Alipay app and link their international cards or utilise their home wallets through…

The Hong Kong Monetary Authority (HKMA) has announced the initiation of Project Ensemble, a new venture aimed at supporting the development of the tokenisation market in Hong Kong via the introduction of a wholesale central bank digital currency (wCBDC). This endeavour is set to explore advanced financial market infrastructure (FMI) possibilities that will facilitate straightforward interbank settlements of tokenised funds with the help of wCBDC. The initial phase of the project will concentrate on the concept of tokenised deposits, essentially digital versions of commercial bank deposits, to be issued by commercial banks for general public use. With wCBDC serving as…

Mox Bank has launched Express Remit, a new service powered by Wise Platform, offering customers a streamlined and cost-effective way to transfer money internationally. This service enables Mox customers to transfer funds internationally directly through the Mox app, offering transactions in ten key currencies (AUD, CNY, EUR, GBP, IDR, INR, JPY, PHP, SGD, and USD) at mid-market exchange rates. The integration with Wise Platform ensures that Mox customers can execute international transfers efficiently, benefiting from the platform’s global payments network. According to Mox, a key feature of Express Remit is its transparent fee structure, offering competitive foreign exchange fees starting…

Mox Bank Limited has announced the rollout of Mox Invest, a new investment service available to its customers in Hong Kong. Mox Invest offers customers unprecedented access to the US and Hong Kong equities, as well as fund trading, setting a new standard for virtual banking innovation in the region. “Mox Invest makes investing straightforward for first-timers while also catering to sophisticated investors. We are making investing accessible and bringing our well-regarded customer-centric approach to the wealth management industry in Hong Kong. We now welcome all new and existing customers to experience this innovative and affordable investing experience,” said Barbaros…