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…

Customer deposits are a critical pillar for virtual banks’ operations in Hong Kong, serving as a core foundation of their future growth and success. However, most Hong Kong virtual banks are facing challenges around their customer acquisition and deposit strategies, resulting in a slow uptake and low deposit levels, a new report by Hong Kong strategy consulting firm Quinlan and Associates says. The report, titled the Duel for Deposits: Crafting a Winning Strategy for Hong Kong’s Virtual Banks, investigates the various challenges facing the city’s digital banks with respect to their deposit acquisition, retention and monetization strategies, examining how these…

Standard Chartered has appointed Sidney Wang as Managing Director and Market Head for Greater China in its Private Banking division. With over 20 years of experience in banking and wealth management, Sidney will be based in Hong Kong and report to Peter Tung, Regional Head for Greater China & North Asia. Sidney’s appointment is part of Standard Chartered’s ongoing efforts to strengthen its private banking operations in the Greater China region. Before joining Standard Chartered, he spent 15 years in HSBC’s private banking unit. Sidney helped launch HSBC’s onshore private banking operations in mainland China and led coverage of Asian…

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have issued a consultation paper proposing a regulatory regime for stablecoin issuers in Hong Kong. This announcement invites feedback from the public and stakeholders, signalling a significant step in fostering the healthy and sustainable development of the region’s virtual asset ecosystem. Under the proposed regime, stablecoin issuers would be required to obtain a license from the HKMA. Requirements for licensees include local incorporation with a management presence in Hong Kong, adherence to financial resources criteria, and the implementation of an effective stabilisation mechanism. This mechanism…

The Securities and Futures Commission (SFC) of Hong Kong has issued a public warning about two entities, LonShiX and Bitbank (Global) Financial Holding Group, for suspected virtual asset-related fraud. The SFC has identified LonShiX as claiming a fake Hong Kong address on its website and using individuals who falsely present themselves as authorised investment professionals on social media and messaging apps to attract investors. Additionally, concerns have been raised about Bitbank (Global) Financial Holding Group, which has adopted a name similar to that of a legitimate Japanese cryptocurrency exchange, without any actual affiliation. This entity is suspected of spreading false…

The Hong Kong Monetary Authority (HKMA) pinpointed several critical areas that authorised financial institutions need to address in their digital marketing efforts in a recent thematic review. Key issues include the rigorous assessment of marketing materials, effective selection and management of third parties such as personal financial service platforms and influencers, promoting informed decision-making among customers, and the adept handling of influencer marketing. This review is in line with the enhancements made to the Code of Banking Practice (CoBP), which were introduced in December 2021 to improve customer experience and protection in the digital banking environment. The digitalisation trend has…

Hong Kong will be the center stage for the 17th Asian Financial Forum (AFF), slated for 24-25 January 2024, at the Hong Kong Convention and Exhibition Centre (HKCEC). Co-organised by the Hong Kong Special Administrative Region (HKSAR) government and the Hong Kong Trade Development Council (HKTDC), next year’s forum, under the theme “Multilateral Cooperation for a Shared Tomorrow,” aims to bring together over a hundred leaders from the global financial and business sectors. Luanne Lim, Chairperson of the AFF Steering Committee and Chief Executive, Hong Kong, of HSBC said, “The importance of fostering multilateral cooperation cannot be overstated, as it…

Hong Kong’s virtual bank Mox has initiated a beta phase for its new investment service, Mox Invest. This initial phase sees the service being gradually introduced to existing customers through an invitation-only approach. Mox Invest offers the virtual bank’s users a range of trading options, encompassing both U.S. and Hong Kong equities including the option for fractional securities trading, as well as access to a exclusive investment fund. The bank has partnered with Allianz Global Investors Asia Pacific Limited (AllianzGI) to introduce this exclusive fund through Mox Invest. This fund, which can be entered with a minimum investment as low…

The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) will work together to explore and develop effective policy and regulatory responses that support climate finance in the Middle East and Asia. The DFSA, an independent financial services regulator within the Dubai International Financial Centre (DIFC), a purpose built financial free zone in the city. This new partnership builds upon the existing relationship between the DIFC and the HKMA, with a focus on enhancing sustainable finance and contributing to the global net-zero transition. In December 2017, the DFSA signed a cooperation agreement with the HKMA to collaborate…

UnionPay International has recently partnered with online travel agency Trip.com to provide more payment options for travelers. Under this partnership, Trip.com’s global sites will now accept UnionPay for all major transaction currencies, including but not limited to Hong Kong SAR, Singapore, Korea, Thailand, Malaysia, Indonesia, the Philippines, Vietnam, and other key travel markets. UnionPay International already offers card issuance in 79 countries and regions and this latest collaboration extends online payment acceptance to over 200 million UnionPay cardholders outside mainland China. In the Hong Kong market, local cardholders will be able to transact in Hong Kong Dollars through the integration…

The Hong Kong Exchanges and Clearing Limited (HKEX) announced the upcoming retirement of Alejandro Nicolas Aguzin, the current Chief Executive of the organisation. Aguzin has informed the Board of Directors that he will not seek reappointment when his current contract ends in May 2024. Under his leadership, HKEX achieved significant milestones, expanded its international presence, and enhanced its product offerings. In succession to Aguzin, Bonnie Chan Yiting will assume the role of Chief Executive effective 24 May 2024, for a three-year term until 23 May 2027. Chan’s appointment as Chief Executive has been approved by the Securities and Futures Commission…

Hong Kong’s insurtech OneDegree has secured an investment from the Dubai Insurance Company for its Series B funding round as part of a partnership to offer digital asset insurance in the United Arab Emirates (UAE). The sum was not disclosed. The insurtech had previously announced that it had raised US$55 million for its Series B in June from existing investors Gobi Partners, Sun Hung Kai and Bitrock. This partnership aims to bring innovative insurance solutions to the rapidly evolving digital asset landscape in the MENA region. The partnership will begin by offering commercial liability insurance, specifically professional indemnity and directors…

As more businesses are becoming digital, keyboards are essential tools in the workforce. This means businesses must take the time to find a suitable keyboard for their workers. In this guide, we take a look at the many different types of keyboards that are available from suppliers such as RS Industrial Components, as well as some things to consider when purchasing a keyboard. Keep reading below and learn more. Types of keyboards Computer keyboards can usually be grouped into two main categories – basic or extended. Within these two categories, there are many different types of keyboards, which offer various…

The impact of artificial intelligence (AI) is well recognized in the financial sector with industry professionals showing concerns about job displacement. However, the industry is taking proactive measures to address the transformative impact of AI on work, including enhancing technical and soft skills, increasing investment in technology, and revising business strategies, a new report released on December 06 by the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), says. The report, titled “Advancing Talent Development in Financial Services: Emerging Global Trends and Their Impact on Hong Kong”, discusses…

Japanese international payments firm JCB has partnered with GLN to integrate Korean code payment services into Smart Code merchant locations across Japan by the end of the fiscal year 2023. This integration will enable Korean tourists using services such as GLN, KEB Hana Bank, and KB Kookmin Bank to transact at these merchants. This follows a similar integration with Thailand’s Kasikornbank. With South Korea being the largest source of tourists to Japan, there is a demand for diverse payment options catering to Asian visitors. However, the varied specifications of code payment services have historically posed a challenge for Japanese merchants.…

Bank of China (Hong Kong) (BOCHK) completed an inaugural cross-border transaction using the electronic Chinese Yuan (e-CNY) for a bulk commodity purchase valued at 24 million yuan (approximately HK$26.16 million). The transaction was a joint effort with the Bank of China, BOCHK’s parent company, which facilitated an e-CNY transaction for Bao-Trans Enterprises. The enterprise received the digital currency from Baosteel Group in exchange for iron ore. This marks BOCHK’s first instance of aiding a local business using e-CNY for cross-border bulk commodity transactions. This follows the bank’s launch of its ‘corporate e-CNY cross-boundary transaction pilot’ programme.” BOCHK’s Deputy Chief…

The accelerated energy transition amidst pressing climate concerns has compelled industry players to contribute actionable solutions in driving positive change and sustainable development. Rising up to the challenge, Petronas, a global energy corporation, has significantly expanded its scope beyond traditional oil and gas operations, delving into the realms of technology, sustainability and innovative digitalisation through its initiative, Petronas FutureTech. This programme, integral to the company’s business growth and industry advancement, demonstrates Petronas’ commitment to staying at the forefront of the rapidly evolving energy sector while also furthering a more environmentally responsible agenda, marking a pivotal shift towards embracing the future…

China is advancing its use of blockchain technology for identity verification, targeting its vast population of 1.4 billion, according to an announcement at a Beijing conference held yesterday. The initiative, known as the Real-Name DID (RealDID) service, is a joint venture between the Ministry of Public Security of China and the national-level Blockchain-based Service Network (BSN). RealDID is engineered to offer a spectrum of services, including verification of personal real names, protection of personal data through encryption, secure private logins, business identity checks, and personal identification certificate services. It empowers Chinese citizens to register and log into online platforms using…

Japanese international payments firm JCB along with French identity technologies company IDEMIA and Malaysian fintech Soft Space will be embarking on the second phase of their “JCB Digital Currency” (JCBDC) pilot project in early 2024. This initiative aims to experiment with offline peer-to-peer (P2P) payments using Central Bank Digital Currency (CBDC). Previously, in the first phase of the JCBDC project that kicked off in December 2022, the trio developed a CBDC payment solution, which allowed merchants to accept digital currency payments without altering their existing point-of-sale systems or payment cards. Following the success of this pilot in Tokyo earlier in 2023,…