The Hong Kong Fintech Week (HKFW) 2023 will feature an inaugural Women in Tech Lounge, curated by HSBC. The lounge will serve as a unique space for students, senior technology leaders, and entrepreneurs to connect and share experiences. The goal is to foster meaningful conversations about careers and entrepreneurship in fintech, while emphasising the importance of diversity and inclusion. The Women in Tech Lounge will be located in the Venture Stage Hall 3DE at the HKFW Main Conference, which will take place on 2-3 November at the Hong Kong Convention and Exhibition Centre in Wan Chai. The lounge will kick…

Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has announced a partnership with Google Play and E.SUN Bank to expand payment options in Taiwan. The collaboration will enable Google Play users in Taiwan to make payments using RMS’ payment methods, including cash-over-counter transactions at over 13,000 convenience stores, as well as virtual account/bank transfer payment methods. RMS’ payment solutions will offer consumers in Taiwan an alternative payment method across international convenience store chains, without the service fees that may come with credit card payments. By offering payment options with stringent Know Your Customer (KYC) processes, RMS is able…

The Hong Kong Monetary Authority (HKMA) has published a report on the first phase of its e-HKD pilot programme which was first launched in November 2022. An e-HKD is a digital version of the Hong Kong dollar that is issued and backed by the HKMA. It is still under development, but the HKMA is exploring the potential benefits of an e-HKD, such as faster, more cost-efficient, and more inclusive transactions. The report, which was published on 30 October 2023, discusses the key findings, learnings, and the HKMA’s assessment of 14 pilots conducted by 16 participating firms. The 16 participating firms…

Metaverse ecosystem builder Animoca Brands and Saudi Arabia’s NEOM Company have announced a strategic partnership to drive Web3.0 development in the region. NEOM is a special economic zone in the north west of the Kingdom of Saudi Arabia with more than 3,600 staff – from 97 countries – already living and working here onsite. As part of the partnership, NEOM Investment Fund will invest US$50 million in Animoca Brands. The two companies will also work together to build Web3.0 enterprise service capabilities that can be used in Riyadh and the NEOM region. The two companies plan to establish a hub…

Zodia Custody, a digital asset custodian backed by Standard Chartered, SBI Holdings, and Northern Trust, will expand its footprint to Hong Kong. This is the company’s fourth major expansion in the Asia Pacific region this year, following launches in Japan, Singapore, and Australia. Zodia Custody’s presence in Hong Kong will allow institutional investors to accelerate their adoption of digital assets via safeguarding and risk management services. The company will also look to develop local partnerships to create more innovative, bespoke solutions for the Hong Kong and wider Asia-Pacific market. “Moving into the Hong Kong market has always been a fundamental…

E-commerce has evolved significantly in the last few years, ushering in an era of connected payments. This era is characterised by the emergence of innovative payment types, cutting-edge payment infrastructure, and novel business models. A key symptom of the connected payments era can be observed in the fact that successful businesses have started to embrace the power of payments as a revenue accelerator. Payments are no longer viewed as the cost of doing business but rather as an opportunity to accelerate revenue, reduce the overall cost of processing and improve the customer experience. Payment departments in today’s environment are focused…

Virtual banks in Hong Kong have gained significant popularity in recent years, with over 45% of individuals and 76% of SMEs surveyed by the Hong Kong Association of Banks (HKAB) having an account. The survey also found that 30% of individual respondents expressed an intention to sign up for a virtual bank account in the next three months. Among the key factors that motivated individual respondents to open virtual bank accounts included high deposit interest rates, rewards for opening an account, and convenience to use. SMEs are also embracing virtual banks as even ones with existing traditional bank accounts are…

MUFG’s subsidiaries have established a debt fund framework for Japanese institutional investors to provide loans to overseas startups. The two subsidiaries are MUFG Bank and Mitsubishi UFJ Trust and Banking Corporation (MUTB). Japanese institutional investors will be able to participate in the fund, which will be insured by Nippon Export and Investment Insurance (NEXI). Other participants in the fund include Daido Life Insurance Company, Joyo Bank, and The Hachijuni Bank. The new fund framework is the first of its kind for Mars Growth Capital, which has previously only provided loans to startups with MUFG Bank as its sole investor. MUFG…

Korea Investment Partners Southeast Asia (KIPSEA), a Singapore-based venture capital firm, has raised US$60 million for its first fund focused on Southeast Asia, according to TechCrunch. Investors Samsung Life Insurance, Korea Development Bank, Korea Growth Investment Corporation, Woomi Global, Mirana Ventures and Korea Investment & Securities. KIPSEA’s sector-agnostic fund, which focuses on seed to Series B startups, will invest US$2 million to US$3 million in startups, especially with plans to expand into South Korea. Additionally, KIPSEA will set aside a small percentage of the fund for South Korean companies expanding into Southeast Asia. About 60% of the fund will be…

HashKey Exchange, one of the licensed crypto exchanges in Hong Kong, has partnered with Web3.0 data services provider Purise to offer compliant digital asset trading and data analytic services. Under the partnership, HashKey Exchange and Purise will work together on virtual assets, financial compliance, and data analysis. They aim to explore “diverse possibilities within the compliant financial framework”, to provide more comprehensive and convenient integrated services to participants in the Web3.0 ecosystem. Livio Weng, Chief Operating Officer of HashKey Group said, “We are delighted to establish this strategic partnership with Purise. We believe that by leveraging each other’s strengths…

Hong Kong Fintech Week is returning this year from October 30 to November 05, 2023, promising a bigger than ever conference with exciting announcements, a showcase of Hong Kong’s most exciting fintech innovations and line-up of top experts and decision-makers. This year’s event, themed “Fintech Redefined”, will focus on the industry’s paradigm shift to a new era in the fintech ecosystem where new models, rules and value creation will emerge. The event, organized by the Financial Services and the Treasury Bureau (FSTB) and Invest Hong Kong (InvestHK), and co-organized by the Hong Kong Monetary Authority (HKMA), the Securities and Futures…

Regtech company Know Your Customer has partnered with Joint Electronic Teller Services Limited (JETCO), a bank consortium, to give Hong Kong financial institutions faster access to official company data. This will help banks to streamline their know-your-customer (KYC) and know-your-business (KYB) processes, which are used to verify the identity and background of customers and businesses. The partnership will allow Know Your Customer’s clients to use JETCO’s Commercial Data Interchange (CDI) Portal to request and access data from the Hong Kong Companies Registry and Inland Revenue Department in real time. Know Your Customer’s platform provides live access to company registries in…

Global cross-border payments infrastructure network Thunes and China Construction Bank (CCB) have announced a partnership to collaborate on cross-border payments. Thunes had recently opened a Beijing office in June 2023. The partnership will enable Thunes to support CCB in offering international payment acceptance for Chinese small to medium-sized businesses (SMBs) and outbound cross-border payments for CCB’s consumers. Both products are expected to be launched in 2024. Thunes is a Singapore-based company that provides payment solutions in over 130 countries. CCB is one of the largest commercial banks in China, with over 14,000 branches. Peter De Caluwe, CEO, Thunes said, “Financial…

Shanghai-based global payment company Fuiou Pay has partnered with Visa Cross-Border Solutions to provide its China-based SME exporter clients with a comprehensive, secure cross-border funds collection and settlement solution. The Visa Cross-Border Solutions (VXBS) combines the best of Visa’s homegrown cross-border and cash management capabilities with solutions enabled by its acquisition of Currencycloud. The partnership will enable Fuiou Pay to provide its clients with access to more than 30 currencies at competitive foreign exchange (FX) rates. Additionally, Fuiou Pay has obtained Visa’s acquiring membership, which will allow it to facilitate payments within Mainland China with cards issued by overseas issuers.…

The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have updated their policy on virtual asset-related products (VA-related products) for intermediaries. These measures encompass selling restrictions where complex VA-related products will be restricted to professional investors, with only a limited subset exempt from this requirement. Intermediaries will be required to assess their clients’ understanding of virtual assets and VA-related products before conducting transactions. In cases where clients lack sufficient knowledge, intermediaries can proceed only if they provide comprehensive training on virtual asset nature and risks. Additionally, intermediaries must ensure that their clients possess the financial capacity…

Hong Kong based Airwallex, announced it has signed a definitive agreement to acquire MexPago, a Mexico-based payment service provider and an Institution of Electronic Payment Funds (IFPE) license-holder. The transaction is subject to regulatory approvals and customary closing conditions. This acquisition will enable Airwallex to expand its financial infrastructure into Latin America and advance its mission to empower and support businesses to grow and operate across borders. It is an important part of Airwallex’s broader growth strategy in the Americas, where the company has seen more than 460% YOY revenue growth. Luis Castillejos Ordaz, CEO of MexPago, said, “Airwallex’s ability…

The Hong Kong Monetary Authority (HKMA) has set up the Central Bank Digital Currency (CBDC) Expert Group to foster collaboration on CBDC research. They also partnered with five major universities in Hong Kong to be a part of the group. The goal of the CBDC Expert Group is to bring together professionals from various fields like business, computer science, and law to help HKMA learn more about digital currencies. The group will help the HKMA study and understand the important policy and technical issues around CBDC. They will also offer advice, training, and workshops on CBDC and related fintech topics.…

Cyberport, Hong Kong’s Web3.0 hub, is launching a series of Web 3.0 events called “Web3 Innovators Season” from October to November to deepen public awareness of the industry, foster exchange in the industry, and accelerate the development of the local ecosystem. Since the allocation of HKD 50 million in the 2023-24 Budget earlier this year, Web3 Hub@Cyberport has developed rapidly and brought together over 210 Web 3.0 companies and startups. It focuses on three key pillars to promote the development of the Web 3.0 ecosystem, including talent cultivation, industry development and public awareness of the industry. In late August this…

Explore the impact of new digital insurance licenses on the industry, their potential to address underserved communities, collaboration opportunities with traditional insurers, and the future of digital insurance in Malaysia at this panel discussion. Speakers: Lau Chin Ching, Director of Financial Development and Innovation, Bank Negara Malaysia Khoo Ai Lin, CEO, Zurich Life Insurance Malaysia Rohit Nambiar, Group Chief Executive Officer, Tune Protect Group Yen Ming Lee, Co-founder & Chief Executive Officer, PolicyStreet Moderated by: Malek Ali, Founder, Fi Life

The Hong Kong Fintech Week 2023 (HKFW), themed “Fintech Redefined”, will take place from 30 October to 5 November 2023. The event is expected to attract over 30,000 attendees and garner over 5 million online views from more than 90 economies. At this year’s conference, global leaders will bring together global leaders and world-leading fintech innovations to chart the future of the sector. Together, they will delve into the future trajectory of fintech across six pivotal themes. Themes of the Hong Kong Fintech Week 2023 A key focus will be on global regulations, particularly the emphasis on sustainable and green…