The Hong Kong Monetary Authority (HKMA) has officially launched its Commercial Data Interchange (CDI), one of the key initiatives under its Fintech 2025 strategy. As a consent-based financial data infrastructure, CDI aims to enhance data sharing by facilitating financial institutions to retrieve enterprises’ commercial data, in particular the data of small and medium-sized enterprises (SMEs), from both public and private data providers. With the launch of CDI, financial institutions would be able to streamline a wide range of financial processes, such as Know-Your-Customer (KYC), credit assessment, loan approval and risk management. CDI has registered over HK$1.6 billion in approved SME…

AXA has emerged as the the first insurer in Hong Kong to enter The Sandbox metaverse which is a decentralised gaming virtual world and a subsidiary of Animoca Brands. Through this partnership, AXA Hong Kong has acquired a 3×3 LAND which will enable it to provide an innovative interactive space for its customers. AXA said that it aims to revolutionise the wellness and healthcare experiences for its customers and markets in the broader regions by continuously driving innovation and technological development. Hong Kong has a strong and growing role in The Sandbox with its cultural hub featuring numerous local companies,…

Invest Hong Kong (InvestHK) has unveiled details of Hong Kong Fintech Week 2022 (HKFW), which will take place in person and virtually from 31 October to 4 November. Themed “Pushing Boundaries, Reaping Benefits”, the seventh edition of the flagship event seeks to lead the development of the industry and deliver fintech breakthroughs in different aspects of financial services and beyond. A gathering of global leaders in innovation, technology, and finance Organised by the Financial Services and the Treasury Bureau (FSTB) and InvestHK, and co-organised by the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA), and the Securities and Futures…

HSBC has signed a multi-year agreement with Oracle for a strategic collaboration to accelerate the bank’s digital transformation. The bank will upgrade and migrate select database systems to Oracle Exadata Cloud@Customer, a cloud platform delivered as a managed infrastructure service in the bank’s own data centers. Oracle Exadata Cloud@Customer is an Oracle Cloud Infrastructure (OCI) service that provides a cloud platform that enables HSBC to continue to use Oracle databases in support of its critical systems while retaining control of its data governance, thereby meeting data locality and security regulations. HSBC will also be able to bring cloud automation to…

The metaverse, a concept that refers to an immersive virtual environment which mimics aspects of the physical world using technologies such as virtual reality (VR), is taking hold in Asia. Governments and companies across the region are betting big on the prospects of virtual worlds to better engage with younger generations and provide more convenient ways for the public to access their services. They believe local consumer habits and preferences are conducive to the uptake of what is ought to be the next iteration of the Internet. South Korea’s metaverse scene sees strong traction Local metaverse platforms are growing at…

The Cyberport Venture Capital Forum (CVCF) will be held on 27-28 October in hybrid format again, with the theme of “Thriving in the Dynamic: Refocusing for Growth”. Cyberport, as the digital technology flagship of Hong Kong, is dedicated to facilitating deal flow for startups and enriching the regional venture capital landscape. The forum will engage more than 100 venture capitalists and industry leaders to look into the new situation of the global venture capital market. It will also feature investors and startup financing strategies, new opportunities in Hong Kong and the Greater Bay Area (GBA) markets, as well as the…

imBee, a Hong Kong-headquartered chat management platform, announced that it has raised US$5 million in Series A funding led by global venture capital firm DCM. The company said that it will use the funds to advance its platform offerings, go deeper into existing markets and expand its footprint in the Asia Pacific region. Through imBee multi-chat management platform, financial and professional services firms can now collaborate and communicate internally and externally on a single interface. WhatsApp Business API, WeChat, Facebook Messenger, and Instagram can now be integrated into an all-in-one platform that is linked to the internal communication system of…

Ping An Insurance Group ranked first among China’s financial companies and 5th among global insurance companies on the Forbes’ World’s Best Employers 2022. The group was 8th among all Chinese companies on the list and 211th in the world overall. The World’s Best Employers ranking was jointly prepared by Forbes and market research firm Statista to determine the top employers in corporate impact and image, talent development, gender equality and social responsibility. Statista surveyed 150,000 full-time and part-time employees from multinational companies and organizations in 57 countries and selected 800 companies with the highest overall ratings. According to Forbes, amidst…

The Green and Sustainable Finance Cross-Agency Steering Group has launched an internship for Hong Kong students as part of a collaborative effort to build capability for the industry. The steering group was established by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) in May 2020. It has been working closely with the industry and academia to address capacity and data constraints, developing resources for market participants. The newly-launched Sustainable Finance Internship initiative takes this a step further as it offers students an opportunity to gain practical hands-on experience in sustainable finance. This will deepen their…

Cross border payments firm Airwallex announced that it recently closed its Series E2 financing round with the same US$5.5 billion valuation, bringing its total funds raised to more than US$900 million. The fintech had managed to extend its Series E announced in November last year by securing more funds from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent. HostPlus, an Australian industry superannuation fund, and an unnamed North American pension fund, also participated in this round. Airwallex said that it has multiple new products and services in its pipeline for…

Manulife announced the appointment of Harshal Shah as its new Chief Marketing and Experience Design Officer for Asia, effective 17 October 2022. He will also be a member of the company’s global leadership team. Harshal joins Manulife’s Asia Executive Division Committee and reports to Damien Green, President and CEO of Asia as well as Karen Leggett, Global Chief Marketing Officer. Based in Hong Kong, Harshal will be responsible for progressing Manulife’s marketing, brand, digital, and customer experience across Asia. He will oversee customer insights, design, brand, data analytics, digital strategy, and ManulifeMOVE, and he will work closely with colleagues at…

Despite showing potential to address market needs and foster innovation in the banking sector, Taiwan’s new digital banks still have a long road ahead to reach profitability amid a saturated retail banking market and limitations in the services they are allowed to offer, a new report by research and consulting firm Kapronasia says. Taiwan’s three digital banks, namely Line Bank, Rakuten Bank or Next Bank, are competing against 38 commercial banks for a piece of the island’s 23 million population in one of Asia’s most oversaturated retail banking markets. This is all the while being restricted from potentially more lucrative…

YAS MicroInsurance, a blockchain based insurtech company, announced the completion of its US$4.5 million Pre-Series A funding round. led by Noria Capital, ZEMU VC and JKL Capital. Lead investor Noria Capital will also share its expertise in the Middle East and support YAS in obtaining a digital asset insurance license in the region. YAS said that it plans to use the funds to expand and insure the Web3 economy as it aims to offer cross-dimensional insurance products. “We are on track with our goal to achieve our vision of how future insurance works – autonomous insurance on-chain, as we transition…

Hong Kong’s digital bank livi bank announced the launch of its travel insurance offering, first general insurance product, in time for the relaxation of the quarantine rules in the country. The ‘Travel Now’ plan covers medical expenses, trip cancellations and interruptions due to sickness, including COVID. It also offers protection on hazardous activities and car rental as well as comprehensive coverage on personal belongings, including mobile phone and laptop, as well as liability cover. Customers will also get free premium for children, from the second child onwards, and complimentary pet-related protection. The travel insurance plan provides two levels of tailored…

The Hong Kong Monetary Authority (HKMA) announced the implementation details of the Pilot Scheme on Training Subsidy for Fintech Practitioners (the Scheme). In the 2022-23 Budget, the Financial Secretary announced plans to implement the Scheme this year, so that practitioners who have attained fintech professional qualifications can receive reimbursement of up to 80% of the training costs. The scheme will provide around 1,500 places to promote the professional development of fintech talent and expand the fintech talent pool in Hong Kong. As the Enhanced Competency Framework on Fintech (ECF-Fintech) for banking practitioners became the first set of fintech professional qualifications…

The Bank for International Settlements – BIS Innovation Hub Hong Kong Centre, Hong Kong Monetary Authority, Bank of Thailand, People’s Bank of China and the Central Bank of The UAE announce the successful completion of the first CBDC pilot involving four jurisdictions and real-value transactions. Previously known as Project Inthanon-LionRock, the project was renamed as “m-CBDC Bridge” to explore the capabilities of distributed ledger technology (DLT) in facilitating real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis. The m-CBDC Bridge project also explored business use cases in a cross-border context using both domestic and…

Ant Group announced that Alipay+ will be integrated into Asian e-wallets AlipayHK, the Philippines’ GCash, Malaysia’s Touch ‘n Go, and Thailand’s TrueMoney in an effort to jointly promote cashless travel in South Korea as travel restrictions were lifted in the country. Users of these 4 e-wallets will now be able to pay at over 120,000 merchants using their local mobile payment apps. The initial phase of the merchant roll-out covers major tourist activities including payments for taxi, duty free shops, convenience stores, and food and beverage chains. Introduced by Ant Group, Alipay+ is a suite of global cross-border digital payments and…

Tokyo Stock Exchange (TSE) and the New York Stock Exchange (NYSE) announced a new agreement to support cross-border investment between the U.S. and Japan during Japanese Prime Minister Fumio Kishida’s visit to the NYSE. The agreement focuses on three key areas; the development of investment products, marketing activities targeted at U.S. and Japanese investors, and the exchange of information on sustainability, digital technologies, market operations and other topics. The NYSE and TSE have developed a cooperative relationship over decades, including the signing of an agreement on cooperation in February 2000 and the establishment of a strategic alliance in January 2007.…

True Global Ventures 4 Plus Fund and Follow On Fund (TGV 4 Plus FoF) has invested US$38 million in Animoca Brands and bought US$16 million in equity from the secondary market. This comes in addition to TGV’s participation in the company’s recent US$110 million round led by Temasek, Bayou Capital and GGV. “TGV has been a wonderful supporter of the company and its ecosystem such as The Sandbox since 2019 and we are honoured that they continue to support Animoca Brands and its vision,” said Yat Siu, Co-Founder and Executive Chairman of Animoca Brands. The recent funding comes with new…

Hong Kong digital bank WeLab and Indonesian conglomerate Astra International have completed their acquisition of commercial bank Bank Jasa Jakarta (BJJ) after receiving regulatory approval. The acquisition was led by WeLab-led consortium’s WeLab Sky which is backed by investors such as Allianz X, Boyu Capital, Horizons Ventures, SCBX Group and Taipei Fubon Bank Capital. WeLab first acquired 24% of BJJ in December 2021 with plans to launch its second digital bank in the second half of this year. The digital bank then announced that it had entered into a partnership with Astra International to acquire the majority stake in BJJ…