Hex Trust, Hong Kong’s institutional-grade digital asset custodian, has obtained a Virtual Asset Service Provider (VASP) license from the Dubai regulator VARA. Following its minimum viable product (MVP) operational license granted in February 2023, Hex Trust can now offer virtual assets custodial services to institutional clients and sophisticated investors in Dubai. Hex Trust’s Dubai office, led by Regional MENA Director Filippo Buzzi, was established in June 2022. “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai. Hex Trust is fully committed to expanding into the Middle East…

Luxembourg-based financial services company Banking Circle has tied up with fintech giant Ant Group to embark on a liquidity management project. The partnership aims to explore innovations related to tokenised deposits, with a focus on enhancing the efficiency and speed of global fund settlements. To achieve this, Banking Circle will harness its robust infrastructure in conjunction with Ant Group’s blockchain platform. This blockchain platform will play a pivotal role in facilitating cross-border payments and liquidity management more efficiently. Beyond the advantages in liquidity management, the structure is Web 3.0 compatible and provides further opportunities for cost-saving with FX and additional…

The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) have signed an MoU to deepen fintech innovation supervisory cooperation in the GBA. Under the MoU, the three authorities agreed to link up, in the form of a network, the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox, and the AMCM’s Regulatory Requirements for innovative fintech trials. This will provide a one-stop platform for pilot trials of cross-boundary fintech initiatives and strengthen the synergy of fintech supervisory cooperation across the three regions. The MoU is part of the three…

Broadridge Financial Solutions has expanded its Shareholder Disclosure solution to meet the specific regulatory requirements in Hong Kong, Australia, and the UK markets. The solution is now operating live in all three markets. The solution leverages next-gen blockchain technology and intelligent APIs to support client workflow and connectivity needs. According to Broadridge, it has a proven track record of increasing transparency and automation through the digitisation of shareholder disclosures, supporting market intermediaries that are obliged to respond to disclosure requests from issuers under SRD II. Hong Kong, Australia, and the UK markets have specific disclosure requirements namely the Hong Kong…

The Global Financial Leaders’ Investment Summit in Hong Kong concluded yesterday with a well-attended seminar featuring 20 global leading investors who shared their insights on navigating a challenging investment landscape. The seminar, titled “Conversations with Global Investors,” was jointly organised by the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Hong Kong Academy of Finance (AoF). The three-day summit welcomed over 350 participants, including more than 90 group chairmen or CEOs from the world’s top financial institutions, representing banks, securities firms, asset owners, asset managers, private equity and venture capital firms, hedge funds and insurers.…

Swiss crypto bank SEBA announced that its Hong Kong subsidiary has received a license from the Securities and Futures Commission (SFC). The company had received an in-principle approval in August this year. The license permits SEBA Hong Kong to deal in and distribute all securities, including virtual assets-related products. This includes OTC derivatives and structured products with underlying virtual assets; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets. SEBA Hong Kong said that it has commenced operations, offering its services to corporate treasuries, funds, family offices, and high-net-worth…

The Hong Kong Monetary Authority’s (HKMA) Global Financial Leaders’ Investment Summit’s main sessions had kicked off yesterday, bringing together around 300 international and regional leaders from 160 global financial institutions. The HKMA hosted a welcome dinner on 6 November at the Hong Kong Palace Museum to officiate the summit. The summit focused on the theme of “Living with Complexity” and addressed the macroeconomic challenges and evolving investment landscape facing the global financial industry. Speakers also discussed opportunities arising from long-term trends, including the Chinese economy, technology, and sustainability. The three-day summit will conclude today (8 November) with the “Conversations with…

Hong Kong’s insurtech OneDegree Global has made its first external investment in Eazy Digital, a Bangkok-based SaaS platform for insurance companies and brokers. The sum was not disclosed. The investment is said to be a part of a strategic partnership between the two companies aimed at setting a new standard in Asia’s insurance sector. OneDegree’s IXT, a scalable modern insurance platform, will be integrated with Eazy Digital’s AMS, enhancing lead management, automating labor-intensive tasks such as generating quotes, issuing policies, and processing endorsements, and offering real-time insights into key performance indicators (KPIs) and service level agreements (SLAs). This integration is…

Alibaba Cloud announced that Salesforce Sales Cloud, Service Cloud, and Salesforce Platform will become available on its platform starting 18 December 2023. The partnership enables companies in China, especially multinational companies, to use Salesforce’s powerful CRM tools on Alibaba Cloud, ensuring they meet market needs and comply with China’s data residency laws and local app ecosystems. Sales Cloud is a sales growth platform that empowers sales teams to identify sales leads, manage customer relationships, track sales progress, and automate processes to help close deals faster and drive revenue. Meanwhile, Service Cloud serves as a tool for customer service teams, aiming…

Cyberport, a digital technology hub in Hong Kong, announced that it will cooperate with the members of the Cyberport Technology Network (CTN), Amazon Web Services (AWS), Polygon Labs, and Ant Group to launch two Web 3.0 transformation and support programmes at the recent Hong Kong Fintech Week. Firstly, the “Web2 to Web3 Enablement Programme”, is a collaboration between Cyberport, AWS, and Polygon Labs. It aims to help large enterprises adopt Web 3.0 technology by matching them with Web 3.0 startups based on their needs. AWS will provide its cloud resources to large enterprises and recommend suitable Web 3.0 solutions, while…

The Hong Kong Science and Technology Parks Corporation (HKSTP) showcased 30 fintech innovations from 2 to 3 November 2023 at Hong Kong Fintech Week 2023. The innovations were presented by 30 park companies from various sectors, including AI, digital asset/Web 3.0, Environmental, Social, and Governance (ESG), and regulatory technology (regtech). The HKSTP Pavilion also hosted 100 business matching engagements between the park companies and renowned major corporates from banking, financial services, and insurance. These engagements were in line with this year’s Hong Kong Fintech Week theme of “Fintech Redefined” and HKSTP’s commitment to being a catalyst for collaboration and partnerships.…

The eighth edition of Hong Kong Fintech Week, the city’s flagship fintech event, wrapped up on 2 November 2023, with over 30,000 participants from more than 90 economies. The event, which was co-organised by the Hong Kong Monetary Authority (HKMA) and InvestHK, announced several initiatives worth taking note of here: Hong Kong and Thailand central banks work on cross border QR payments The HKMA is working closely with the Bank of Thailand to link Hong Kong’s Faster Payment System (FPS) and Thailand’s PromptPay, in a new service called “FPS x PromptPay QR Payment”, scheduled for launch on 4 December. Users…

The top speeches from the second day at Hong Kong Fintech Week. The day started with a Keynote by Dr Bernard Chan, Acting Secretary for Commerce and Economic Development, HKSAR “Our city is indeed back with a bang,” declared Dr Bernard Chan. The Acting Secretary for Commerce and Economic Development affirmed the Hong Kong SAR Government’s determination to attract enterprises and investment to solidify the city’s status as China’s international I&T hub. “We will continue our endeavour to attract enterprises, in particular those that are important to our development. And Fintech of course is among industries of strategic importance to…

Hong Kong’s Chief Executive, John Lee, got Hong Kong FinTech Week 2023 underway with a bang, telling a packed keynote audience that the city is the ideal environment for Fintech. Citing Hong Kong’s position as one of the world’s leading financial centres and China’s major financial sector, he said “No other economy can claim our unique advantage under the one country two systems principle, to draw on and create opportunities from both our country and the world at large.“ This year’s event theme is “Fintech Redefined”, which he noted will help shape the future of Fintech in every dimension. After…

The annual Cyberport Venture Capital Forum 2023 kicked off on the 31st October, gathering over 80 influential venture experts and entrepreneurial visionaries. This year’s theme is “Venture Forward: Game Changing through Innovation” where the focus was to delve into the prospects and strategies for the venture capital market to capitalise on emerging trends such as Web 3.0 and AI. This year’s forum also took the lead in fostering regional collaboration, with specific focuses on the Middle East, ASEAN, and the Greater Bay Area, recognising them as promising hubs of opportunity. “As we ‘venture forward’, innovation is the key to ‘change…

HSBC and fintech giant Ant Group have successfully tested the use of tokenised deposits in intra-group payment transactions, in a first-of-its-kind initiative in Hong Kong. The test, conducted under the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox arrangement, encompassed the issuance, transfer, and redemption of deposit tokens. The use of tokenised deposits has the potential to enable always-on, real-time treasury fund movement between accounts held by a corporate within the HSBC network. This could lead to efficiencies and innovations in corporate treasury management. During the test, HSBC was connected to the blockchain platform developed by Ant Group. The platform, supported…

The Hong Kong Fintech Week will shine a spotlight on the future of fintech through six key themes, including Web 3.0, AI, and emerging frontiers. The conference will be held on 2-3 November at the Hong Kong Convention and Exhibition Centre in Wan Chai. One of the highlights of the conference was the panel discussion on how Web 3.0 is impacting culture. The panel featured Sebastien Borget, Co-Founder & COO of The Sandbox; Arnoldo Concepcion, Co-Chief Operating Officer of Animoca Brands; Cameron Kates, Chief Legal Officer of Yuga Labs; and Harry Liu, CEO of Forj Netwok. The conference will also…

HashKey Exchange, a licensed virtual asset exchange in Hong Kong, has announced the launch of its mobile app. According to HashKey, it is the first licensed virtual asset exchange app in Hong Kong. Since its launch, HashKey Exchange has accumulated a total trading volume exceeding US$600 million, with a 24-hour trading volume surpassing US$100 million on 30th October. The app is said to offer a smooth and simple user experience, with a KYC process that has been reduced from 28 minutes to 8 minutes now. HashKey Exchange has launched a zero trading fee campaign during the app launch period, with…

The Hong Kong Monetary Authority (HKMA) has ordered banks to implement several new security measures to further strengthen the digital banking services. The new measures are designed to protect customers from fraudulent transactions, including enhanced monitoring for suspicious transactions and additional customer authentication. Banks should establish dynamic fraud monitoring rules incorporating the latest threat intelligence and customers’ historical data and transaction patterns. These rules should encompass a broad spectrum of risk factors, including but not limited to, geographical locations of logins, the time between successive logins and the value of the requested transaction. To bolster fraud detection capabilities, scam intelligence sources…

The Securities and Futures Commission (SFC) of Hong Kong said that it “supports and sponsors” the development of a voluntary code of conduct for environmental, social and governance (ESG) ratings and data products providers. The code of conduct will be developed by an industry-led working group, which will be led by the International Capital Market Association (ICMA). The SFC, the Hong Kong Monetary Authority, and the Insurance Authority will sit as observers to the working group. The code of conduct is expected to align with international best practices, as recommended by the International Organization of Securities Commissions (IOSCO). It is…