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…

DBS Bank has wrapped up it acquisition of Citi Consumer Taiwan, positioning itself as the largest foreign bank by assets in that market. The integration was finalised over the last weekend (12 and 13 August 2023). Following this acquisition, DBS Taiwan said that it will have market leadership in loans, deposits, cards and investments among foreign players in the market. The number of its consumer banking customers will more than double to over 1.1 million, its total loan balance increases by 1.5x to about SGD 32 billion, while the total deposit balance climbs by 1.6x to about SGD 36 billion.…

The ever-evolving world of financial technology, or fintech, is a landscape of ceaseless innovation and competition. It’s an ecosystem where the ability to adapt, reinvent, and deliver at the highest level sets successful enterprises apart. Recognizing the unique challenges of this sector, Cynergy BPO, a leading advisory firm in the Philippines, is redefining what it means to offer fintech customer support. “The game has moved beyond the simple confines of customer service,” says John Maczynski, CEO of Cynergy BPO. “We’re looking at a holistic model of support, encompassing front office, back office, and every point of customer interaction.” At the…

The Securities and Futures Commission (SFC) has issued an in-principle approval to the Hong Kong Virtual Asset Exchange (HKVAX). This makes it the third licensed virtual asset operator in Hong Kong after OSL and HashKey Exchange. HKVAX said that once it receives the final approval for its Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses, it will roll out three core products. This includes an OTC brokerage with tight spread and high liquidity, which allows users to easily trade between fiat currencies and virtual assets; an institutional grade exchange platform; and a 100% insured custody…

Hong Kong’s Securities and Futures Commission (SFC) has warned unlicensed virtual asset trading platforms (VATPs) against engaging in improper practices or they may face legal and regulatory consequences. The regulator found that some unlicensed VATPs claim to have submitted license applications when in fact they have not done so. These untrue and misleading claims give the public a false sense of assurance that the VATP is in compliance with the SFC’s regulatory requirements. The SFC has noticed that some unlicensed VATPs have set up new entities in Hong Kong to offer virtual asset services. These new entities may not be…

Hong Kong-based digital asset firms OSL and HashKey Exchange have received approval from the Securities and Futures Commission (SFC) to offer their services to retail investors. These two entities are the first to receive the approval since the SFC announced that it will soon allow licensed trading platform operators to serve retail investors in May this year. OSL said in a statement that it has began offering retail investors the ability to register on its platform and buy/sell digital asset products, starting with the popular cryptocurrencies Bitcoin and Ethereum. “We are extremely proud of this achievement. This is a significant…

With an advantageous geographical location, robust financial sector, and an innovative, conducive regulatory environment, Hong Kong has become a vibrant epicenter of fintech activity. Despite its size, the city has managed to create a dynamic ecosystem that encourages startups to scale rapidly, and is home today to over 800 fintech companies. Hong Kong ranks first in Asia Pacific and ninth globally in the Global Fintech Index 2021. About 74% of its population use at least two fintech services, with over 90% adopting digital payment, according to PolyU Asklora Fintech Adoption Index in April 2023. The adoption rates for virtual wealth,…

In Hong Kong, the digitalisation of financial services has expanded financial inclusion through the increasing usage of digital channels and innovations, open banking, as well as advancements in data collection and analytics. But despite the positive outcomes, digitalisation may also create new risks and amplify existing ones for consumers, especially those relating to data security, data privacy, as well as the fair treatment of consumers, a new report by the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance, says. Titled “The Digitalisation of Financial Services in Hong Kong: Recent…

Cryptocurrency exchange Binance announced that its customers in Japan will now have access to 34 tokens for spot trading. Binance claims that this is the largest number of tokens offered by any digital currency exchange in the country. In December 2022, Binance had acquired SAKURA Exchange BitCoin, a licensed local cryptocurrency exchange service provider, in a bid to expand its footprint to East Asia. The entity was then rebranded as Binance Japan. The launch features Binance Coin (BNB) as well as other tokens including Bitcoin, Ethereum, Ada, Algorand, Atom, Avalanche, Solana, Dogecoin and more. Existing customers residing in Japan who…

Standard Chartered and Ant Group will be deepening their partnership to drive green and inclusive finance, global fund management and sustainable development. Under the expanded cooperation framework, Standard Chartered will support Ant Group to build its global liquidity and foreign exchange management structure, and further strengthen their collaboration in ESG, digital innovation and inclusive finance. Both entities will also jointly contribute to tackling global issues such as climate change and ocean protection. With a partnership that was formed in 2017, Standard Chartered and Ant Group have conducted extensive cooperation in China and multiple markets globally. Dr. José Viñals, Group Chairman,…

Metaverse ecosystem builder Animoca Brands will invest US$30 million in Web3.0 financial super app and ecosystem hi as part of its partnership to expand the utility of fungible tokens and NFTs within the Web3 space. Animoca said in a statement that the partnership is expected to lead to deep integration between its ecosystem and hi’s services that are driving Web3.0’s mass adoption. It will also support hi in delivering real-world use cases for cryptocurrencies and utility tokens, allowing users to directly spend and be rewarded with certain tokens used in the Animoca Brands ecosystem, including SAND, EDU, APE, REVV, GMEE,…

Chinese fintech giant Ant Group has appointed its Peng Yang as the President of the company’s International Business Group (IBG). He succeeds Angel Zhao who is stepping down for personal reasons. Since the beginning of 2023, Ant’s IBG has seen rapid business growth especially its Alipay+ business which connects over 2.5 million global merchants to over a billion Asian consumers via a one-stop integration of over 20 most popular payment methods in Asia. Prior to joining Ant Group’s IBG in February 2023 to lead Alipay+ global business lines, Peng Yang led continued innovation and drove growth for Alipay’s digital life…

Identity verification platform Sumsub announced its plans to make Singapore its APAC headquarters with the aim to forge vital partnerships and serve new clients in the island-state and Hong Kong among other countries in the region. Sumsub said that this move comes in response to the escalating threat of identity fraud in the APAC region with the rise in digital startups. The company offers customisable know your customer (KYC), know your business (KYB), anti-money laundering (AML), Transaction Monitoring, and Fraud Prevention solutions. Sumsub has dozens of existing Asian clients in its portfolio including Binance, DiDi, Huobi, Bybit, Bitwallet. The firm has…

In Hong Kong, the digital asset sector continues to experience rapid development and innovation, driven by the government’s supportive stance in fostering the growth of the sector. This has opened up new opportunities for institutional investors that extend beyond he holding and trading cryptocurrencies and fueled the need for institutional-grade custody solutions, a new report by consulting firm PwC Hong Kong and Hong Kong-based digital asset company Aspen Digital says. The report looks at the crypto custodian landscape at large, shedding light on the role of custody in enabling Asian institutional investors to grow and capture new opportunities in the…

Saving for the future is critically important, especially during economic uncertainty. One proven method to build long-term financial security is investing in Certificates of Deposit (CDs). CDs can be an invaluable asset in your portfolio with their low-risk and high returns earned over a fixed period. However, understanding how to maximize potential investment earnings can be complicated and requires careful research into banks and available rates before committing funds. In this article, we’ll look at what you need to know about CD rates to secure higher returns on your investments – read on to find out more. What are CD…

As the digital economy continues to surge and expand, consumer expectations for fast, secure access to products and services seem never-ending. Furthermore, when it comes to financial services, there is an entire generation of consumers cropping up who have barely stepped foot inside a brick-and-mortar bank. In fact, in its Online Banking Market Outlook, Allied Market Research expects the online banking market to grow from US$11.43 billion in 2019 to US$31.81 billion by 2027, representing a compound annual growth rate (CAGR) of 13.6%. To stay competitive in this explosive market, banks must not only meet the ever-growing demand for a…

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) along with its investment arm SMBC Venture Capital Management (SMBC VCM) and venture capital firm Global Brain has jointly set up a fund worth JPY 30 billion (US4210 million). The “SMBC-GB Growth Fund” aims to invest in promising startups that will underpin future economic growth in Japan. According to the statement, “Global Brain sees the current situation as a unique opportunity for Japanese startups and VCs to bring more Japanese startups to a global unicorn status. We are committed to vigorously investing in new startups with potential to innovate the next generation of business.”…

China has imposed hefty fines on tech giants Tencent and Alibaba’s fintech arm Ant Group for multiple violations, signaling a close to the regulatory crackdown on the sector. Ant Group and its subsidiaries were slapped with a 7.123 billion yuan (approximately US$1 billion) fine while Tencent as well as its payments subsidiary Tenpay will have to fork out 2.99 billion yuan (US$413 million). The People’s Bank of China said that these entities had violated several laws including Anti-Money Laundering, banking supervision, insurance, securities investment fund, consumer rights protection and more. The central bank added that it had supervised and guided…

Hong Kong’s digital insurer OneDegree Group announced that it has closed its first venture debt financing transaction with HSBC. Details of the financing was not disclosed. With this venture debt, OneDegree will be able to bolster its capability to accelerate the expansion of its insurtech, cybersecurity SaaS business and digital asset insurance business internationally and will leverage the global footprint of HSBC as its strategic partner. The facility is provided under the HSBC New Economy Fund also represents the bank’s first venture debt transaction booked in Asia. It is earmarked to support early-stage, high-growth, tech led businesses and stimulate growth in…

In light of the chaotic state of modern politics and current events, it’s easy to understand why many investors feel uncertain about their investments. With news cycles often dominated by headlines filled with economic turmoil caused by global tension, wars overseas, and disagreements between government administrations – both in the US and worldwide – people’s thoughts on investing have become clouded with worry and distrust. It doesn’t have to be the case: It is still possible for those interested in finance to succeed even within today’s dynamic investor landscape. In this article, we’ll look at how politics and current events…