Hex Trust, an institutional-grade digital asset custodian with licenses in major global financial centers, has recently expanded its advisory board with the addition of Dr. Dimitrios Kavvathas and Marty Jetton. Their appointments are expected to enhance the company’s strategic direction and growth in the digital asset sector. Dr. Kavvathas, with his extensive experience in global financial markets, has a Ph.D. in Economics from the University of Chicago. His career includes over two decades of high-level positions, notably spending 12 years as a Managing Director and Partner at Goldman Sachs in London, before taking on significant roles in Hong Kong. His…

The Government of the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China has today announced the successful offering of approximately HK$6 billion in digital green bonds under its Government Green Bond Programme. This offering, denominated in Hong Kong dollars (HKD), Renminbi (RMB), US dollars (USD), and euro (EUR), marks a significant stride in the region’s commitment to sustainable finance and fintech innovation. The two-year bonds attracted diverse global institutional investors, including major asset managers, banks, insurance companies, private banks, and non-financial corporates. The bonds were issued across four tranches, with interest rates set at 3.800 percent…

Octopus Cards Limited is facilitating a shift towards digital payments in Hong Kong, encouraging the transition from the traditional physical Octopus cards to a smartphone-based wallet. This strategic move is in response to the changing dynamics of the payment system market and aims to keep Octopus competitive. The Octopus card, integral to Hong Kong since 1997, is widely used for various services, including public transport, utility payments, and access control mechanisms. With the adoption of digital wallets, the company aims to offer enhanced convenience by enabling users to manage payments and card top-ups through their mobile devices. Sammy Kam, Chief…

Cyberport has signed a Memorandum of Understanding (MoU) with Huawei Cloud, marking a significant step towards enhancing Hong Kong’s digital innovation and technology sector. This collaboration aims to develop a “Web3 Industry Cloud” platform, bolstering the infrastructure for local Web3 startups and promoting the wider adoption of Web3 technologies. The agreement, endorsed by Peter Yan, CEO of Cyberport, and Jason Zhang, Managing Director of Huawei Cloud Hong Kong, also focuses on talent development, enterprise transformation, and industry support in AI and Web3 fields. This partnership is poised to drive digital transformation efforts, contributing to Hong Kong’s ambition to become a…

Ant Group, the financial technology entity founded by Jack Ma, has witnessed a significant downturn in its quarterly earnings, with a 92 percent reduction as it navigates through an economic downturn and enduring regulatory oversight. Based in Hangzhou, the company reported contributing a profit of 80 million yuan (equivalent to US$11 million or HK$86.01 million) to its parent entity, Alibaba Group Holding Ltd. According to Bloomberg’s analysis derived from Alibaba’s financial disclosures, this equates to an estimated profit of 240 million yuan for Ant’s September quarter. This represents a stark contrast to the 65 percent profit drop observed in the…

MediConCen Limited, an Insurtech company specialising in AI and blockchain-driven insurance claims automation, has announced the completion of its latest Series A funding round, raising US$6.85 million (HK$53.57 million). The investment was led by HSBC Asset Management, with participation from existing investors, including G&M Capital, ParticleX, and new investor Wings Capital Ventures. This latest round brings the total funding raised by MediConCen to US$12.7 million (HK$99.32 million). According to company statements, the new capital will support MediConCen’s expansion efforts in international markets, including the Middle East and Southeast Asia. MediConCen is a Cyberport community start-up that joined the Cyberport Incubation…

bolttech Insurance, the Hong Kong arm of the international insurtech group, has announced the launch of MyTravel, a new travel insurance product. This plan is exclusively available via the online insurance platform of FWD, aiming to provide a streamlined process for insurance procurement. The company states that MyTravel is unique in its provision for changes in travel plans, offering compensation for trip cancellations under any conditions. Specifically, the MyTravel Superior plan provides reimbursements up to HK$25,000 subject to limitations of 50 percent of related public transportation and lodging costs. The plan claims to cover costs associated with missed significant events…

RD Technologies announced its intent to collaborate with the Hong Kong licensed virtual assets trading platform, HashKey Exchange, and financial payment company Allinpay International. This partnership is focused on exploring the integration of stablecoins into payment services, aiming to enhance the functionality and efficiency of online and offline transactions. The trio is set to explore various applications of stablecoins in both online and offline payment transactions, leveraging their collective expertise in digital currency trading, merchant network establishment, and innovative stablecoin development. RD Technologies has highlighted that their collaboration with HashKey Exchange and Allinpay International will leverage the distinctive strengths of…

ZA Bank has rolled out “Savings Pot,” a new feature aimed at helping users manage their savings separately from their daily expenditures. The introduction of this product comes in response to a rising demand for deposit options, as indicated by recent studies from the Hong Kong Deposit Protection Board and user engagement data from ZA Bank. The bank states that “Savings Pot” allows users to access a higher savings rate of up to 4 percent per annum by completing specific monthly challenges. It is designed to offer flexibility, with no minimum deposit requirement, and users can add or withdraw funds…

The Secretary for Financial Services and the Treasury, Christopher Hui, emphasised in a recent blog post the crucial deadline for unlicensed Virtual Asset Service Providers (VASPs) in Hong Kong to submit their licensing applications by 29 February. Hong Kong’s risk-based regulatory approach for Virtual Assets (VAs), established on 1 June last year, mandates that VASPs meet stringent criteria to ensure investor protection and address money laundering and terrorist financing risks. Under this regime, two platforms have already secured licenses to offer Bitcoin and Ethereum trading to retail investors. Hong Kong VASPs operational before the 1 June initiation of the licensing…

Bybit has applied to the Hong Kong Securities and Futures Commission (SFC) to operate as a “virtual asset trading platform,” according to a statement from the company. The website of the Hong Kong Securities and Futures Commission indicates that Bybit, through its associated entity Spark Fintech Limited, has filed a license application. The commission’s website indicates that Bybit’s application is one of 14 from various crypto entities, including OKX, submitted on 16 November. The company’s statement mentioned the importance of the Hong Kong market in its operational strategy, noting the city’s strategic position and financial ecosystem. The pursuit of a…

The Hong Kong Monetary Authority (HKMA) officially appointed Archie Ng as the new Executive Director (Corporate Services), effective 14 February 2024. Archie is set to take over from Donald Chen, who transitioned to Executive Director (Banking Policy) in December 2023. In his new role, Archie will oversee various critical operations within the HKMA, including corporate development, media relations, public engagement, human resources, administration, finance, information technology, and digitalisation initiatives. Archie’s background includes a comprehensive tenure at the Monetary Authority, starting in 2014 as a Senior Manager before advancing to Division Head in 2017. His expertise spans multiple vital areas, such…

These days the majority of our touch points are through digital channels – which is why digital experiences will likely make or break your customer attrition rates. From onboarding all the way to interacting with your digital channels, how should banks and fintechs of the future shape great user experiences? Join practitioners from leading digital first organisations as we discuss winning strategies to win the hearts and minds of Asia’s digital generation. Best practices and philosophies behind seamless user experiences Removing friction from user journeys Tech trends and developments shaping the future of user experience Panelists: Romil Sharma, Group Head…

Dive into the future of fintech with best-selling author Chris Skinner who shares his expert insights on what’s next in the industry in this episode of ‘Banking After Hours’ Interview by Fintech News Singapore’s Chief Editor, Vincent Fong. Co-produced with Backbase. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

Mox Bank announces an update to its savings base rate, now offering a rate of 1.5 percent per annum for Hong Kong Dollar (HKD) deposits. This updated rate, which is 170 percent of the typical savings base rates of most local banks, applies to any amount of HKD deposits across all customer savings accounts at Mox, including Mox Accounts and Mox Invest Accounts. Mox has also introduced a tiered savings rate structure, allowing customers to earn up to a three percent per annum savings rate on HKD deposits up to HK$3 million. “We aspire to be ‘the Best Savings Bank…

Hex Trust, an institutional-grade digital asset custodian, has announced its integration with the XRP Ledger (XRPL), a decentralised Layer 1 blockchain. According to the company, this development allows its principal custody platform, Hex Safe, to incorporate support for XRPL’s native digital asset, XRP, and for Non-Fungible Tokens (NFTs) via the XLS-20 token standard. The XRPL, operational since June 2012, is characterised by its transaction speed, energy efficiency, cost-effectiveness, and reliability. The blockchain’s Proof-of-Association Consensus Algorithm is noted for its role in promoting transaction security and environmental sustainability, as described by Hex Trust. “The XRPL offers developers a robust foundation for…

Programmability is a crucial feature for future payment innovation, an attribute which should be integrated into the e-HKD scheme should the central bank digital currency (CBDC) be issued, a new report by Hang Seng Bank and global management consulting firm Oliver Wyman says. The report, titled “Envisioning Programmable Payments in Hong Kong”, provides insights into the use cases, feedback, and implications of the e-HKD pilot conducted by Hang Seng Bank, emphasizing programmability, traceability and interoperability as essential components of a hypothetical e-HKD scheme and highlighting these features’ potential in mainstream digital payments. Hang Seng Bank conducted a pilot of the…

Fintech solutions provider iFAST Corporation has introduced TreasuryNow, a service aimed at improving the US Treasuries trading experience for investors in Hong Kong. Building on the success of their 2016 platform Bond Express, this platform is said to provide investors with access to a diverse range of US Treasuries with real-time prices and yields. According to the iFast, TreasuryNow offers a streamlined transaction process, reducing wait times and simplifying the traditional bond trading journey. It claims to ensure continuous support, even during US holidays, assisting investors. With a minimum investment requirement of US$1000, TreasuryNow aims to make US Treasuries investment…

Neo, the open-source, community-driven blockchain platform, has officially opened its new Hong Kong office. The office is in Cyberport, Hong Kong’s digital tech and Web3 hub. By establishing a presence in Hong Kong, Neo aims to expand its reach in the emerging blockchain hub and support the region’s Web3 developer talent. In conjunction with the office launch, Neo announced its participation in the Cyberport Incubation Programme. This involvement is said to provide Neo with financial backing, extensive networking opportunities, and support for further growth. The platform also stated its alignment with the Web3 Hub@Cyberport, a project initiated by the Hong…

Floki, a cryptocurrency project, acknowledged that its staking program was labelled as potentially suspicious by Hong Kong’s Securities and Futures Commission (SFC) on 26 January. Floki regretted this classification and noted its ongoing efforts since December 2023 to address regulatory concerns with legal advisors. The project aims to comply with laws globally but faces challenges due to the internet’s global nature. To mitigate regulatory concerns, Floki claims to have warned Hong Kong users against participating and tried to block their access to the program, asserting that no Hong Kong users have joined and that its local marketing was paused. The…