Global investment and trading platform moomoo announced the launch of its online brokerage business in Japan on 19 September 2023. Japanese investors can now trade approximately 7,000 US stocks and ETFs on the moomoo platform. They will also be able to trade over 30o selected US stocks and ETFs 24/7 soon. Having launched in Japan in October 2022, the Moomoo app offers market information, education tools and connects Japanese investors with a community of global peers. “We saw great interest in investing US stocks in Japan, especially the younger generation. With the launch of our online brokerage business, Japanese…

Know Your Customer, a regtech firm focused on business KYC verification, is now available on the Hong Kong Monetary Authority’s (HKMA) Commercial Data Interchange (CDI). The CDI is a consent-based financial data infrastructure. It enhances data sharing by facilitating financial institutions to retrieve enterprises’ commercial data, especially SMEs, from both public and private data providers. Know Your Customer’s solution will be able to provide seamless and automated access to the Hong Kong Companies Registry (HKCR) and Inland Revenue Department (IRD), as well as to a global network of official registries across over 130 countries worldwide. Compliance teams at banks and…

More than 1,600 investors have fallen victim to crypto exchange JPEX’s scam in Hong Kong, with losses totaling HK$1.2 billion (US$154 million), according to the South China Morning Post. One investor suffered a loss of HK$40 million (US$5.1 million), the largest in the scandal. The police have arrested eight people in connection with the investigation while bank accounts with HK$15 million (US$1.9 million) have been frozen, and three properties valued at HK$44 million (US$5.6 million) have been seized. JPEX had previously accused the Hong Kong Securities and Futures Commission (SFC) of “continuous unfair treatment” by sending letters to all of its…

Six people have been arrested in Hong Kong as part of an investigation into suspected fraud involving the cryptocurrency exchange JPEX. According to the South China Morning Post, this scandal could cost investors up to HK$1 billion (US$ 127.7 million) in losses. Influencers who had been promoting the crypto exchange, Joseph Lam Chok and Chan Wing-yee, were among the six being held on suspicion of conspiracy to defraud. The arrests come after the Securities and Futures Commission (SFC) warned investors against using JPEX, saying that it is not licensed or regulated in the city. In a statement, the SFC said…

Hong Kong’s Securities and Futures Commission (SFC) has warned investors against using the unregulated cryptocurrency exchange JPEX. The statement stressed that no entity in the JPEX group is licensed by the SFC or has applied for a license to operate a virtual asset trading platform (VATP) in Hong Kong. The SFC found that JPEX has been actively promoting its products and services to the public through social media influencers and key opinion leaders as well as over-the-counter virtual asset money changers (OTC Shops). The regulator has notified these influencers and OTC Shops and requested them to cease promoting JPEX and…

The Hong Kong Monetary Authority (HKMA) has issued a warning to the public to be wary of crypto firms that describe themselves as “banks” or offer “deposits.” The central bank found that some crypto firms are using terms such as “crypto bank,” “crypto asset bank,” “digital asset bank,” “digital bank,” or “digital trading bank,” or claiming to offer “banking services” or “banking accounts.” Some firms also use the word “deposits” to describe funds placed with them by clients, or promote “savings plans” as “low risk” with “high returns” which are misleading the public. The HKMA reminds the public that only…

Hong Kong’s virtual insurer Bowtie announced that it has raised a US$34.9 million Series B2 funding round led by main investor Sun Life Hong Kong and joined by Mitsui & Co., Ltd. In October 2021, Bowtie had closed its US$ 22.6 million Series B1 round led by Mitsui with participation from Sun Life. With the fresh funds, Bowtie said that it aims to expand its operations as well as accelerate its product innovation and vertical integration with healthcare providers to enhance customer experience. Bowtie claims to be the first company authorised by Hong Kong’s Insurance Authority under its Fast Track…

The Hong Kong Monetary Authority’s (HKMA) Chief Executive Eddie Yue was appointed Chair of the meeting of Governors of major emerging market economies (EMEs) for a three-year term, effective 1 September. Yue stepped into the role following the retirement of BIS Deputy General Manager Luiz Awazu Pereira da Silva. The meetings chaired by Yue is a venue for the exchange of views on macroeconomic and financial developments and risks and on other relevant matters in EMEs. Two other appointments were also made. Firstly, the BIS Board of Directors has extended Bank Indonesia’s Governor Perry Warjiyo’s term as Chair of the…

Despite having a rich history of financial innovation, Japan has remained a relatively cash-based society, lagging well behind neighbouring countries in the adoption of cashless payments and fintech services. Recognizing the country’s decline in global competitiveness, the government is now working diligently to catch up with global counterparts, a report by the Australian Trade and Investment Commission (Austrade) says. The report, titled “Fintech Playbook: Japan”, outlines the drivers for demand in fintech in Japan, and presents opportunities for foreign companies aiming to enter the market. In particular, the report highlights the government’s efforts to foster fintech innovation and adoption, outlining…

The Hong Kong and Israel central banks along with the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre have published a report on building a more secure and accessible retail central bank digital currency (CBDC) ecosystem. Dubbed as Project Sela, the report outlined the technical feasibility of a retail CBDC architecture that can promote competition and innovation in digital payments by allowing non-bank payment intermediaries to connect directly to the CBDC ledger of the central bank. Leveraging distributed ledger technology (DLT), a proof-of-concept prototype was developed to showcase how the technical implementation of the proposed architecture can incorporate…

Fintech giant Ant Group’s Chairman and CEO has Eric Jing has come forward to express his support for e-CNY, China’s central bank digital currency (CBDC). The People’s Bank of China (PBoC) had begun the pilot trials of e-CNY in 2019 to support the development of retail payment infrastructures and improve payment system efficiency in parallel with digital economy developments in the country. The South China Morning Post (SCMP) quoted him saying, “Because the biggest feature of the e-CNY is programmability, it can ensure cross-chain communication between the payment blockchain and the business blockchain in the payment chain of yuan clearing,…

Mitsubishi UFJ Financial Group (MUFG) and its subsidiary, Mitsubishi UFJ Innovation Partners (MUIP), have established a JPY 20 billion (US$136.4 million) fund to support startups. The fund, called the MUFG Innovation Partners No. 3 Investment Partnership (No. 3 Fund), will invest in startups with innovative technologies, such as generative artificial intelligence (AI) to enhance the bank’s financial services and products. The No. 3 Fund’s general partner is MUIP with an investment ratio of 0.1% while the limited partner will be MUFG Group entities with an investment ratio of 99.9%. For seed to early-stage startups, MUFG will support startups through equity…

In recent years, the payments industry has undergone a paradigm shift, altering the way consumers and businesses interact financially. According to a McKinsey report, the global payments sector is approaching a staggering revenue opportunity of nearly US$2 trillion. In the Asia-Pacific (APAC) region, this transformation is notably pronounced in cross-border payments, with changing consumer expectations, multiple regulatory landscapes, and multiple payment schemes complicating the industry’s growth trajectory. “It’s not an evolution of payments, but it’s a revolution of payment systems that’s happening in the APAC region,” commented Mahendra Shirali, Director, Business Strategy at SmartStream. The Three V’s: Velocity, Volume, and…

Cross border payments firm Airwallex has announced the launch of a new business readiness campaign for Hong Kong startups. The campaign, called “Airwallex for Startups”, aims to support the growth ambitions of Hong Kong’s early-stage businesses by providing them with access to a range of resources and benefits. This includes offers through Airwallex’s partnerships with online medical insurer Bowtie, The Executive Centre which is a workspace provider and online accounting software Xero. Additional activities, including webinars for startups with Cyberport, as well as networking opportunities with the HKSTP community, will also be made available to Airwallex customers in the coming…

The Hong Kong Exchanges and Clearing Limited (HKEX) has officially opened its new office in London, further extending its existing international reach with offices in New York, Beijing, Shanghai and Singapore. The new office will provide on-the-ground support to customers in the region and help them to access Hong Kong’s capital markets. It will also focus on promoting HKEX’s international equities franchise, its exclusive connectivity with Mainland China’s capital markets and its rapidly expanding derivatives product suite. HKEX already has existing strong ties with the financial community in London through its subsidiary, the London Metal Exchange. Kevin Rideout, Co-Head of…

Crypto bank SEBA announced that its Hong Kong subsidiary has secured the in-principle approval from the Securities and Futures Commission (SFC). The approval includes dealing in securities, such as virtual asset-related products, advising on securities and virtual assets, and conducting asset management for discretionary accounts in both traditional securities and virtual assets. When SEBA Bank secures the full license, it will join the ranks of Hong Kong-based digital asset firms HashKey Exchange and OSL to be a licensed operator in the city. Amy Yu, CEO APAC, SEBA Hong Kong said, “This AIP (approval-in-principle ) signifies that all our efforts are…

HashKey Exchange, one of Hong Kong’s licensed retail virtual asset exchange, announced that it has officially gone live on 28 August (Monday). HashKey received the approval in February from the Securities and Futures Commission (SFC). The exchange offers USD/HKD fiat currency deposit and withdrawal services, allowing direct transfers between bank accounts and HashKey fiat accounts. It also provides retail customers with fiat trading pairs such as BTC/USD and ETH/USD, with plans to support additional fiat currencies and pairs, including HKD in the future. HashKey’s platform also has an independent licensed custody system subject to regular inspections by the securities regulators.…

The Hong Kong Exchanges and Clearing Limited (HKEX) has named John Hsu as Managing Director and Group CTO. He will succeed Richard Leung, who will become Group CIO. Hsu will join HKEX on September 29, 2023 and will report to Leung. He will be a member of the Group’s Management Committee and will head the Group’s IT infrastructure, operations, development, and support functions in Hong Kong. He will also oversee HKEX’s Innovation and Data Lab and its Mainland Technology Centre. John Hsu joins HKEX from HSBC, where he was the CIO for Asia Pacific since May 2019. Before that, he…

Currencycloud, a provider of B2B embedded cross-border solutions, and South Korean cross-border payment company MOIN join forces to make cross-border payments faster, cheaper, and more secure. MOIN aims to reduce the cost of remittances for its customers. By tapping Currencycloud’s competitive FX rates, MOIN will be able to respond to fluctuations in the FX market 24/7. Furthermore, MOIN can now process more than 33 currencies through Currencycloud instead of a range of providers, allowing a faster, more cost-effective remittance service. Ilseok Suh, CEO of MOIN said, “Our strategic approach is to enhance our services to improve customer satisfaction and be…

Clement Cheung Wan-ching has been reappointed as the Chief Executive Officer (CEO) of the Insurance Authority (IA) for a three year term until August 2016. Established in December 2015, the IA is an independent insurance regulator that supervises insurance companies from the former Office of the Commissioner of Insurance in June 2017 and assumed direct regulation of insurance intermediaries in September 2019. Cheung was first appointed as the CEO of the IA in August 2018. Under his leadership, the IA has taken up the full-range of statutory functions as insurance regulator while embarking on a number of initiatives to promote…