Hong Kong Cyberport has appointed Dr Rocky Cheng as the new Chief Executive Officer, effective 3 April 2024. Dr Rocky will take the helm following the completion of Peter Yan’s six-year term. With over 30 years of experience in the information technology and financial sectors, Dr Rocky brings a robust background in developing innovation and technology (I&T). His expertise in managing large corporate institutions and his active engagement in public service roles have significantly contributed to the I&T sector. “As Cyberport enters its 21st year and has been commissioned by the Hong Kong Special Administrative Region of the People’s Republic…

The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) unveiled six policy measures to bolster financial cooperation between Hong Kong and Mainland China. Among these, two fintech-related initiatives stand out: the enhancement of cross-boundary credit referencing to streamline corporates’ cross-boundary financing activities and the expansion of cross-boundary e-CNY (digital Chinese yuan) pilots in Hong Kong, particularly within the Greater Bay Area. These measures aim to promote the testing and integration of e-CNY in cross-boundary payments and financial services. Eddie Yue, Chief Executive of the HKMA, said, “We are pleased to see the announcement of the six…

Qupital, an Asian data-driven financing platform for SMEs, has secured its Series B2 financing round The funding, contributed by investors from Hong Kong and Southeast Asia, is intended to expand its securitisation facility with Citi, supporting its e-commerce loan portfolio. Qupital states it has disbursed over US$2 billion (HK$15.6 billion) in total loans since 2016, focusing on cross-border e-commerce financing sectors. The company claims its proprietary credit model, utilising big data, moves beyond traditional collateral-based lending, aiming to provide e-commerce merchants with timely and cost-effective working capital by leveraging inventory value. This financing round fully reflects our investors’ confidence in…

Pakistan’s financial platform, NayaPay, has partnered with Alipay+, managed by Ant International, aiming to enhance digital payment solutions and stimulate economic growth. NayaPay states that this collaboration will introduce QR codes compatible with RAAST and Alipay+ partners, enhancing foreign exchange inflows and unifying Pakistan’s cashless payment framework with global markets. The alliance is designed to grant Pakistani businesses, particularly SMEs, access to over 25 Alipay+ global partners and 1.5 billion consumer accounts. NayaPay states that the initiative will ensure efficient and secure transactions, marking significant progress in Pakistan’s digital commerce and aligning with the State Bank of Pakistan’s vision for…

The Hong Kong Monetary Authority (HKMA) issued a public consultation paper, seeking views on a proposal to permit Authorised Institutions (AIs) to share customer account information to prevent and detect financial crime. This move addresses the escalating issue of financial crime, particularly digital fraud, which threatens public trust in digital financial services. The consultation seeks feedback on enabling AI-to-AI information sharing, including proposed legislative changes to safeguard AIs legally and ensure data privacy and customer confidentiality. The approach is consistent with practices in other international financial centres. Eddie Yue, Chief Executive of the HKMA, said, “Fraud and financial crime risks…

The Securities and Futures Commission (SFC) of Hong Kong released its Strategic Priorities for 2024 to 2026. It outlines a comprehensive strategy to advance Hong Kong’s securities markets while addressing evolving risks and protecting investors in a shifting capital market and global landscape. The SFC aims to maintain market resilience by reinforcing the city’s financial market and infrastructure, ensuring a robust foundation for sustainable and safe market growth. Enhancing the global competitiveness and appeal of Hong Kong capital markets is also a priority for the SFC, by reinforcing its status as an international asset and wealth management hub and a…

HashKey Exchange, a virtual asset exchange based in Hong Kong, and Animoca Brands, a firm specialising in digital property rights for gaming and the metaverse, have entered a strategic partnership, formalised through a Memorandum of Understanding (MoU). This collaboration seeks to strengthen the Web3 and digital entertainment ecosystem in Asia by exploring cooperative opportunities in virtual assets, including public Web3 education and potential asset listings on HashKey Exchange. Animoca Brands will also open an account on HashKey Exchange, underscoring a shared dedication to the compliant trading of virtual assets. As part of their alliance, both companies will focus on building…

OCBC has announced the appointment of Seth Tan as the new Head of Corporate Banking for its China unit. Seth’s appointment, which became effective on 15 January, positions him in Shanghai where he will oversee banking relationships with state-owned enterprises and large corporates across the China market. With over 27 years of banking experience, Seth succeeded Ang Eng Siong, who was appointed Chief Executive of OCBC China. Seth’s career includes roles such as the co-head of structured finance Asia at Sumitomo Mitsui Banking Corporation and the founding head of Infrastructure Asia, an initiative by Enterprise Singapore and the Monetary Authority…

FundPark, a fintech startup focusing on trade finance for small and medium enterprises (SMEs), has obtained a US$500 million (HK$3.9 billion) funding facility from Goldman Sachs. This marks the second funding initiative between FundPark and the investment bank, doubling the initial facility provided in 2022. Anson Suen Wai-loi, CEO and co-founder, stated that the increased investment reflects confidence in FundPark’s past performance and ability to utilise the capital efficiently. The funds will be directed towards providing trade finance solutions to SMEs, a sector often underserved by traditional banking institutions. The Asian Development Bank estimates a global financing gap of US$2.5…

Finastra has announced the successful migration of Allied Banking Corporation (Hong Kong) to cloud-based operations, marking a significant upgrade from Finastra’s Equation core banking solution to the advanced Essence solution. In addition, the Allied Banking Corporation has implemented Retail Analytics by Finastra to enhance its reporting capabilities. This transition aligns with the bank’s strategy for modernisation, aiming at cost reduction and operational efficiency enhancement. “Finastra’s Equation core banking solution powered our business for 15 years, and whilst our needs were being met, we wanted to future-proof our operations and open the door for expansion into new products and services,” said…

Financial Partners, a financial services group, has disclosed an investment of US$40 million into spot Bitcoin Exchange Traded Funds (ETFs) offered by Grayscale and Fidelity. This step is part of the company’s broader strategy to integrate advanced technology, including artificial intelligence (AI), into its trading operations and to expand its presence in the digital asset sector. Kai Tai Wong, CEO of Financial Partners, stated, “The company takes pride in its extensive investment experience, and we see the integration of AI in trading as the next natural step in the evolution of our investment strategies. In their statement, the company also…

HashKey Group, which runs one of the two licensed cryptocurrency exchanges in Hong Kong, has successfully closed its Series A funding round, securing nearly US$100 million. According to the company, the Group’s pre-money valuation is over US$1.2 billion (HK$9.38 billion). The funding round saw contributions from both new and existing shareholders, including institutional investors, Web3 institutions, and strategic partners. The capital raised will be used to develop HashKey’s Web3 ecosystem, diversify its licensed business in Hong Kong, and promote global, compliant, and innovative development. HashKey’s portfolio includes HashKey Capital, HashKey Cloud, HashKey Tokenisation, and HashKey NFT, among others. Featured image…

OSL Group a SFC-licensed digital asset platform, announces the appointment of Patrick Pan as CEO, spearheading its global expansion strategy for 2024 in the digital assets sector. The group said that this initiative marks a significant move to enhance OSL’s presence beyond Hong Kong and Singapore, focusing on regulated digital asset platforms. Patrick’s extensive experience across global digital platforms and e-commerce will be instrumental in driving OSL’s strategic pillars: Geographic Expansion, Service Innovation, Digital Finance Synergy, and Unwavering Compliance. These areas are key to OSL’s goal of setting industry standards and offering comprehensive digital asset services globally. OSL Group believes…

The Bank of East Asia (BEA) officially opened its new BEA Tower in the Qianhai special economic zone, Shenzhen.The recent inauguration of the BEA Tower signifies a major advancement in the bank’s growth in the Greater Bay Area, emphasising wealth management and fintech. The 105-year-old bank invested 1.4 billion yuan (US$196 million) in this new facility, which includes its Qianhai branch, the Beast fintech innovation centre, and a data lab, housing around 500 employees. Adrian Li Man-kiu, co-CEO of Bank of East Asia, during the event said, “This building will serve as our strategic hub for the Greater Bay Area,…

Octopus has announced the expansion of its QR payment services for taxis in Hong Kong. Starting from 25 January, approximately 21,000 taxi drivers in the region will be able to accept QR code payments from UnionPay, AlipayHK, and Alipay through the Octopus App for Business and Octopus Mobile POS. Taxi drivers can enter the payment amount into the updated Octopus App for Business, allowing passengers to make payments either by tapping their Octopus card or scanning a QR code on the paired Octopus Mobile POS. In addition, Octopus is initiating a referral program to encourage more taxi drivers to join…

On January 01, 2024, South Korea officially launched a pilot program for a digital nomad visa scheme, allowing foreigners to stay for up to two years while maintaining a job back home, officials said on December 29, 2023. The visa program, called the Workcation Visa, offers an immigration pathway for remote workers, which was previously not available. It allows foreigners to work and travel in South Korea and aims to revitalize the local economy, riding on the so-called “workcation” trend where employees work remotely from a different location to attract skilled and high-paid professionals. The new visa scheme is currently…

Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) announced key initiatives to strengthen the region’s position in sustainable finance. The group welcomed the Accounting and Financial Reporting Council as a new member and outlined three major initiatives for 2024. Firstly, the Steering Group plans to adopt International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards, considering Hong Kong-specific requirements. This move, supported by a working group led by the Financial Services Department, the Treasury Bureau, and the Securities and Futures Commission (SFC), focuses on sustainability reporting, assurance, data, technology, and capacity building. Secondly, leveraging technology for sustainability reporting…

Hong Kong-based virtual insurer OneDegree Group has appointed Michelle Ip as CEO of its technology division, OneDegree Global, and Robin Scott as General Manager of the newly established OneDegree Middle East division. Michelle, who joined OneDegree in 2022, brings extensive experience in the insurance and insurtech sectors in Hong Kong from previous roles at Manulife and FWD. She also founded Sugar AI, contributing to the insurtech landscape. Robin, appointed as General Manager, has been with the OneDegree since 2021. His prior experience includes legal and transformation roles in a Southeast Asian conglomerate and a career in law with Freshfields in…

Ant Group, an affiliate of Alibaba Group, is in advanced negotiations to acquire Dutch payment company MultiSafepay. The deal, pending regulatory approval, is estimated to value MultiSafepay at approximately US$200 million according to a source. MultiSafepay, founded in 1999, specialises in payment acquiring and processing services and is currently serving over 18,000 small and medium-sized businesses across various regions, including offices in Spain and Germany. This acquisition marks another step in the strategy of Ant Group to enhance its global payment network, following previous acquisitions such as Singapore-based 2C2P in 2022 and British firm WorldFirst in 2019. Featured image credit:…

XTransfer, a cross-border trade payment platform from China, announced its international expansion to over 200 countries and regions worldwide. This follows the company’s launch in Hong Kong in 2023, with a recent entry into Vietnam. The company now serves micro, small and medium enterprises (MSMEs) globally with convenient, fast and low-cost solutions for international trade payments. XTransfer has also partnered with major banks worldwide such as such as J.P. Morgan Chase Bank, DBS Bank, and Deutsche Bank to provide compliant payment accounts and services for MSMEs. With the mission of supporting MSMEs worldwide, the company aims to build global payment…