Alibaba Cloud, the cloud division of the Chinese e-commerce giant, is launching several initiatives to support its ecosystem partners, including the Independent Software Vendor (ISV) Acceleration Program, training programs, and new incentives. Through these initiatives, the firm aims to increase stickiness through value-added services, create synergies and ultimately expand its ecosystem of partners by supporting these organizations’ growth in Southeast Asia. The move is part of Alibaba Cloud’s broader global strategy and ambition to expand its presence in Southeast Asia, recognizing the region’s growing digital transformation, increasing cloud adoption and strong growth prospects. Launch of the ISV Acceleration Program At…

The banking sector has undergone a significant transformation thanks to the introduction of cloud and open-source technologies. Previously, banks relied on legacy systems and proprietary software, resulting in operations being siloed, scalability being limited, and high costs. However, with the advent of cloud and open-source technologies, banks can adopt a more agile and collaborative approach to innovation. In an interview, Jimmy Ng, Chief Information Officer and Group Head of Technology and Operations at DBS, and Marjet Andriesse, Senior Vice President (SVP) and General Manager of Asia Pacific Japan and China at Red Hat, delved into the role of cloud and…

Invest Hong Kong (InvestHK) had announced today the official launch of its year-round fintech accelerator Global Fast Track 2023 (GFT). The accelerator is established through three pillars – the Global Scaleup Competition, the Business Matching Platform, and the always-on GFT Alumni Programme. InvestHK and partnering regulators of the 2023 GFT, including the Hong Kong Monetary Authority, the Insurance Authority, the Securities and Futures Commission, together with the Customs and Excise Department, set the goal and vision to facilitating the world’s most innovative fintech firms to launch and succeed in Hong Kong, across Asia, and beyond. This year, InvestHK appointed WHub…

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) is set to enhance collaboration between the financial services sectors of the two jurisdictions. The CBUAE and the HKMA agreed to strengthen cooperation in three major areas; financial infrastructure, financial market connectivity between the two jurisdictions and virtual asset regulations and developments. In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts. A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’…

Hong Kong’s virtual insurer Bowtie announced that its total insured amount exceeded HK$60 billion with over 90,000 customers since its launch four years ago. Meanwhile, Bowtie’s overall recurring revenue recorded over 100% growth to HK$170 million last year. The COVID-19 pandemic has increased the demand for private healthcare services and medical insurance among Hongkongers, leading Bowtie’s accumulated website traffic to grow over a one hundred million. Even after the pandemic situation has improved, the online search volume for Voluntary Health Insurance Scheme (VHIS) products is said to remain strong. In terms of VHIS product sales, Bowtie’s premium income reached HK$80…

Amazon Web Services (AWS) will support the Hang Seng University of Hong Kong (HSUHK) in its efforts to establish a Cloud Innovation School (CIS). Touted to be the first of its kind in Hong Kong, the CIS aims to foster the development of the startup community and prepare technology talents for the job market. The school will focus on four areas; Cloud Computing Training and Education, Cloud Course Development, Academic Research, and Employment and Entrepreneurship Development. It will provide HSUHK students with comprehensive and practical training in cloud computing, artificial intelligence (AI) and data analytics, using AWS’s cloud courses and…

Hong Kong’s virtual bank ZA said that it plans to introduce virtual asset trading services for retail investors under the city’s new licensing regime announced yesterday. By partnering with Hong Kong-licensed virtual asset exchanges, ZA Bank aims to obtain the required regulatory approvals to enable retail investors to trade virtual assets by using fiat currency within the ZA Bank app. Upon obtaining the necessary regulatory approvals, ZA Bank said that it will work closely with relevant stakeholders to implement appropriate safeguards to ensure the safety and integrity of its services. In addition to that, ZA Bank also plans to educate…

The Hong Kong Securities and Futures Commission (SFC) announced that it will soon allow licensed trading platform operators to serve retail investors following positive feedback from its consultation paper. On 1 June 2023, the SFC will begin enforcing the guidelines for Virtual Asset Trading Platform operators. The guidelines will include, safe custody of assets, segregation of client assets, avoidance of conflicts of interest and cybersecurity standards and requirements expected of licensed trading platforms among others. The SFC will also provide additional guidance on the new regulatory requirements and other implementation details including license application procedures. The SFC said that virtual…

The Hong Kong Monetary Authority (HKMA) has commenced its e-HKD Pilot Programme with a total of 16 firms selected from the financial, payment and technology sectors whom will participate in the first phase this year. The firms include Alipay HK, ARTA-Emali HK, Bank of China (Hong Kong), China Construction Bank, Fubon Bank (Hong Kong), Ripple Labs, Giesecke+Devrient, Standard Chartered, Hang Seng Bank, HSBC, Visa, Industrial and Commercial Bank of China, Mastercard, Boston Consulting Group, HKT Payment, and ZA Bank. The regulator will currently look into potential use cases in six categories, including full-fledged payments, programmable payments, offline payments, tokenised deposits,…

The Hong Kong Exchanges and Clearing Limited (HKEX) announced that Andrew Loong has joined the group as Managing Director and Head of Digital Assets. In his new role, Loong will oversee the development of the digital assets ecosystem in HKEX’s markets, including digital product offerings and building robust digital infrastructure. Loong will report to HKEX Group Head of Emerging Business & FIC, Glenda So. He succeeds Andrew Walton who leaves HKEX in July. For nearly two decades, Loong has worked in a number of major banks and financial institutions, with extensive experience in the digital assets and fixed income market…

Cross border payments firm Airwallex has partnered with online travel company Expedia Group to help customers save when booking hotel stays amidst the surge in both business and personal travel. Through this partnership, existing and new Airwallex customers will receive a 10 percent discount for hotel stays when booking on the platform, starting from today. According to Expedia’s Traveler Value Index 2023, one in three people are planning on business travel in the year ahead. With this increase in demand, and as Covid restrictions are lifted all around the world, Airwallex said it has been identifying ways to continue to…

HSBC announced the appointment of Brad Jones as the new Head of PayMe, its mobile wallet  in Hong Kong with 3 million users and a network of nearly 55,000 online and physical merchants. In his new role, Jones will be responsible for driving the next chapter of the wallet’s growth and devising its development roadmap. Jones joins the company from Wave Money, a mobile financial services provider in Myanmar, where he served as the Chief Executive Officer. He is a specialist in electronic funds transfer, having spearheaded mobile money and innovation for Visa in the Asia Pacific, North Africa and…

In Hong Kong, fintech is reaching mainstream adoption among consumers. Digital payments are becoming the norm in people’s daily lives, virtual banking and wealthtech are gaining rapid traction, and virtual assets are emerging as a legitimate new asset class that provides diversification. These are among the key findings drawn from a survey of more than 2,000 Hong Kong residents aged 18 or above conducted by the Hong Kong Polytechnic University (PolyU) and local fintech startups Asklora. Results of the latest PolyU-Asklora Fintech Adoption Index (FAI), released in April 2023, revealed high adoption of key digital financial services, with 94% of…

The South Korean central bank has reportedly partnered with tech giant Samsung Electronics to research Central Bank Digital Currencies (CBDCs) for offline payments. According to local media The Korea Herald, the Bank of Korea (BOK) and Samsung has signed a Memorandum of Understanding (MoU) on Monday (15 May) to research offline CBDCs. Samsung Electronics took part in a CBDC study that had two phases and was conducted by the BOK last year. The study looked into the use of offline CBDC technology which allows transactions and payments between mobile devices through near field communication (NFC) without online connection, using Samsung’s…

In recent years, the Asia-Pacific (APAC) region has been at the forefront of the FinTech revolution, with many innovative companies disrupting traditional financial services. For APAC FinTech founders and their investors, the decision to raise capital through an initial public offering (IPO) is a significant milestone in their journey toward growth and expansion. The London Stock Exchange (LSE) remains a popular option for international companies looking to access global capital markets. Approximately 40 percent of the companies listed in London are international in nature. A listing on the LSE can be an option for growth companies seeking to raise capital and achieve…

Hex Trust, an institutional-grade digital asset custodian licensed across global financial hubs, has partnered with The Sandbox, a decentralised gaming virtual world, to enable fully-licensed and highly-secure custody of assets such as LAND in the metaverse. Hex Trust has fully integrated LAND into its digital asset custody platform, Hex Safe, which provides digital asset support, including cryptocurrencies, security tokens, and NFTs. Additionally, The Sandbox has also added Hex Trust as a certified partner and to its directory list for custody services. The integration enables institutional investors, brands, and corporations to store LAND assets with Hex Trust, instead of having to…

The Macau Pass has been officially approved to provide acquiring services to Alipay+, a suite of cross-border payments and marketing solutions operated by Ant Group. This means that in addition to Alipay, AlipayHK, WeChat Pay, Simple Pay and other e-wallets launched by other banks in Macau, Macau Pass payment devices can now also accept the Philippines’ GCash, Malaysia’s Touch ‘n Go eWallet and Thailand’s TrueMoney, following South Korea’s Kakao Pay. The cooperation with Alipay+ will accelerate the digital transformation of local merchants in Macau as this will create a connected international digital payments ecosystem for Macau Additionally it also helps…

Digital transformation has become the most important strategic initiative for many financial services firms, with innovative technologies underpinning core business strategies. The third-annual Broadridge Digital Transformation and Next-Gen Tech study surveyed 500 C-level executives and direct reports across the buy- and sell-sides from 18 countries to understand where they stand today, and what they expect in 2023 and beyond. The findings of the report highlight how digital transformation is changing the business landscape in Asia Pacific. Firms classed as leaders in Broadridge’s digital maturity framework were 11 times more likely than other companies to be at an advanced stage of applying AI,…

Cross border payments firm Airwallex has officially launched its operations in Tel Aviv, Israel as the first step of its Middle East expansion plans and appointed Or Liban as its Head of Israel and the Middle East. The company already serves many of Israel’s leading technology businesses, including Papaya Global and OurCrowd as well as global companies such as Shein, Qantas, Plum and Navan (formerly TripActions). “Setting up local operations in Israel is just the first step in our ambitious plan for expansion across EMEA in 2023. Israel is at the forefront of tech innovation and a global hub for…

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) and early-stage venture capital firm Incubate Fund has co-founded the US$200 million “SMBC Asia Rising Fund” in Singapore. Since its inception in 2010, the Japan-based Incubate Fund has invested more than JPY 98.3 billion (approximately US$729 million) in more than 450 startups. During a period of 10 years, the fund will invest in startups that contribute to the growth of SMBC Group’s business including financial institutions in Asia in which SMBC Group has an equity stake. This includes collaborations with startups focused on lending tech, payment, supply chain finance, Banking-as-a-Service, digital assets, and more. Under…