The iFAST Financial Hong Kong had organised its annual awards ceremony and cocktail event in The Upper House at Admiralty Hong Kong on 4th May 2023 to recognise outstanding advisors and companies in the past year. Since its launch in 2012, the iFAST Wealth Advisers Awards (IWAA) has been an annual event that recognises excellence in wealth management. The ceremony aims to honor wealth advisory companies and noteworthy individual advisors who have excelled in providing clients with valuable advice and guidance to achieve their financial objectives, delivering exceptional client service, and exemplary business practices in the wealth management industry over…
Author: Fintech News Hong Kong
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Mitsubishi UFJ Financial Group (MUFG) announced plans to establish two new debt funds for Japanese and European startups worth almost US$400 million in total. The group’s subsidiary MUFG Bank and Israeli fintech Liquidity Capital will be providing the funding under their Singapore-based joint venture Mars Growth Capital which was founded in 2021. The soon-to-be established Mars Japan Fund is worth JPY 20 billion (US$148 million) and aims to contribute to creating and supporting the growth of Japanese-born unicorns. The fund will utilise the knowledge of both MUFG Bank and Liquidity Capital as well as leverage the expertise of Mars Growth…
The fintech space is experiencing unprecedented challenges when it comes to anti-money laundering (AML) compliance. From a global pandemic that shifted users online to economic downturns and sanctions resulting from geopolitical conflicts, fintech firms face daunting challenges that can harm their operations. With the fintech industry expected to grow by US$305.7 billion in 2023, compliance with AML regulations is more crucial than ever to avoid reputational damage and monetary losses. Financial data specialist Refinitiv in collaboration with Fintrail has interviewed fintech experts to understand the AML challenges facing the industry. The resulting whitepaper delves into the cause and effect of rising AML…
Chinese fintech giant Ant Group is mulling the sale of its stake in its Hong Kong-based virtual bank, according to Bloomberg, citing people familiar with the matter. The report added that the plans are still in preliminary stages as Ant Bank has been in talks with potential investors and the deal could be subject to changes. This could be a much-needed lifeline as the virtual bank suffered about HK$232 million (US$30 million) in losses for 2021. As of December 2021, Ant Bank had HK$545,000 of loans outstanding and HK$741 million in deposits. Ant Bank, one of the eight digital banks…
The Hong Kong Exchange & Clearing Limited (HKEX) announced that Patrick Khong has been appointed as its Managing Director and Co-Head of Data and Analytics. Working in partnership with Andy Shum as Co-Head of Data and Analytics, Khong will help drive HKEX’s data management strategy, oversee the group’s data governance and design, work on and deliver a range of data and analytics technology initiatives. As a senior member of HKEX’s Innovation and Data Lab, he will work closely with the Group IT functions as well as business teams across the organisation, supporting the development of data-driven solutions. Khong joins HKEX…
Hyphen Group, a Hong Kong-based fintech firm, is said to be in merger talks with Bridgetown Holdings, a U.S.-listed special purpose acquisition company (SPAC) jointly owned by PCCW and backed by billionaires Peter Thiel and Richard Li. In November 2022, PCCW was the lead investor in Hyphen’s US$20 million funding round where the group contributed US$11.4 million to the sum. The merger could value the combined entity at a few hundred million dollars as well as include a private investment in public equity (PIPE) from institutional investors. Bloomberg reported that the companies are hashing out the final details of the…
Hong Kong’s virtual bank ZA said that its users are now required to complete additional authentication when binding ZA Card to new digital wallets. The new measure for contactless mobile payments seeks to offer a more secure spending experience and has been rolled out in response to the latest circular issued by the HKMA. On top of the existing verification required for binding ZA Card to a new digital wallets such as Apple Pay, Google Pay and more, users will need to authenticate the first ZA Card transaction made on the digital wallet in the app within 3 hours to…
UOB Hong Kong has tied up with Swiss testing and inspection group SGS in a bid to to promote sustainable finance as well as contribute to environmental protection and sustainable development. The joint initiative will help companies that are looking for ways to make their business greener and advance towards a net-zero future. The collaboration sees the provision of services including professional sustainable finance certification, evaluation and accreditation as well as green and sustainable financial solutions. Ricky Ng, Head of Wholesale Banking at UOB Hong Kong said, “At UOB, we have laid out a comprehensive roadmap for our net zero…
Making its grand return to Hong Kong after four years, Asia’s flagship innovation and technology event, the Digital Economy Summit (DES) 2023 took place at the Hong Kong Convention and Exhibition Centre (HKCEC) on April 13-14, 2023. The two-day summit was jointly organised by the Government of the Hong Kong Special Administrative Region and Cyberport, and took place in a hybrid format physically at the HKCEC as well as virtually. Over 100 international speakers gathered to share their specialised input into innovations and technologies that are shaping a smarter city future, along with insights into the advancements that will kickstart…
CMCC Global, a Hong Kong-based venture capital firm, announced the launch of a new US$100 million fund focused solely on blockchain opportunities. The move demonstrates the firm’s confidence in the island’s potential to become a hub for virtual asset trading. The fund will concentrate on three primary areas of interest: infrastructure, fintech, and consumer. According to co-founder Charlie Morris, who shared the news with Bloomberg Television, these areas are driving the digital assets space forward. “We see places like Hong Kong having a real opportunity at this point in time to bring those firms and entrepreneurs to the city,” said…
China-based messenger app WeChat has announced that it has expanded digital yuan payments to its short video and mini-app platforms. This update is an extension of the e-CNY payments option that WeChat has already supported since early 2022. The move is part of the Chinese government’s efforts to boost the adoption of the digital yuan, which forms part of the country’s monetary base, M0. While the central bank has set up a network of e-CNY payment gateways across China, WeChat Pay, and its rival Alipay are still some of the country’s most ubiquitous digital payment methods. The expansion of e-CNY…
Hong Kong’s livi bank, has announced accelerated growth in 2022 driven by revenue-generating offerings in retail banking, small and medium-sized enterprise (SME) banking, and the Greater Bay Area (GBA). The bank’s operating income turned positive in 2022, reaching HK$17 million, thanks to the successful launch of livi FlexiLoan, with a loan balance of over HK$1.3 billion. Meanwhile, the deposit balance remained stable at HK$3 billion. In addition, livi Business, which offers a fully digital process, gained 1,200 customers by the end of April 2023, with a total approved loan amount of HK$70 million. Invoice financing was also introduced, using livi’s…
Asia-Pacific (APAC) is home to one of the fastest growing fintech industries in the world and some of the biggest players globally. The region’s large population and high fintech adoption rate make APAC one of the world’s biggest adopter of digital financial services. Favorable regulations like digital banking licensing regimes and government initiatives such as real-time payment infrastructures are facilitating the development of innovative digital solutions and fueling fintech usage. As fintech innovation continues to expand in APAC, event organizers are scheduling a number of fintech conferences and gatherings across the region to bring together industry participants, experts and stakeholders…
2022 was a trying year for the global fintech industry, which faced several macroeconomic challenges, including rising inflation, skyrocketing costs of living and a looming global recession. Venture capital (VC) funding plummeted 46% last year compared with 2021 as investors pumped the brakes on investments and focused instead on managing their current portfolios. The public market, meanwhile, endured a severe correction, with emerging, publicly traded fintech companies recording a staggering 72% decline in 2022, according to the F-Prime Fintech Index. A new analysis by Flagship Advisory Partners, a strategy consultancy and mergers and acquisitions (M&A) advisory firm focused on payments…
Digital wealth platform Endowus has officially launched its digital wealth management services in Hong Kong, its first overseas expansion market after Singapore. Investors can start building single and multi-fund portfolios via the Endowus Fund Smart solution, offering over 140 funds across asset classes including cash and money market, fixed income, equity, multi-asset and commodities. Meanwhile, Endowus Private Wealth clients can gain access to alternative strategies such as hedge funds, private equity, private credit and private real estate. The Endowus’ Investment Office adopts a proprietary fund selection framework, SMART+, to screen, measure, refine and track funds offered on the platform. The…
The Hong Kong Monetary Authority (HKMA) has issued new requirements for authorised institutions (AIs) to enhance security controls when binding payment cards to contactless mobile payment services, such as Apple Pay, Google Pay, and Samsung Pay. This move comes in response to a recent spike in fraud cases, with over 60 complaints received by HKMA in Q1 2023 involving unauthorised transactions after payment cards were linked to new mobile payment services. Typically, these frauds involved phishing emails or SMS messages to obtain cardholder information and one-time passwords. The HKMA requires AIs to implement additional authentication measures, such as two-way SMS,…
The Philippines has rapidly emerged as the world’s leading contact outsourcing destination, providing fintech companies with advanced technology and multilingual support they need to operate and expand globally. As China continues to experience rapid fintech adoption, innovation, and disruption, companies are increasingly turning to the Philippines for its cutting-edge technological capabilities and diverse talent pool, making it an attractive outsourcing destination that can help propel Chinese firms to new heights on the international stage. One of the key reasons behind the Philippines’ appeal as a fintech outsourcing destination is its adoption of advanced technologies that drive efficiency and enhanced customer…
Adoption of blockchain is nearing an inflection point as central banks ramp up digital currency initiatives and consumers continue to embrace tokenization and Web3 gaming, Citi analysts said in a new report. The paper, titled Money, Tokens, and Games: Blockchain’s Next Billion Users and Trillions in Value, shares predictions for the blockchain industry over the next years, arguing that central bank digital currencies (CBDCs), tokenized assets and blockchain-based micropayments, including those within metaverse games, will drive mass adoption of the technology, which by 2030, is projected to be measured in billions of users, and trillions of dollars. According to the…
OSL, a SFC-licensed digital asset platform and member of BC Technology Group, has launched an Artificial Intelligence (AI) Trader Bot to offer an improved user experience to its clients. The beta client facing implementation of the AI initiative is expected to launch by the end of April 2023 and OSL will provide updates on its progress in the coming months. The new AI initiative features machine learning algorithms and large language model (LLM) technology to automate OSL’s trading services, from support, to quotations to execution. It also uses historical activity coupled with market events for propensity modeling, to predict and suggest…
Since the term ‘fintech’ was first coined in the early 2010s, the financial technology sector and the ecosystem around it has undergone a massive evolution. A fluctuating economic climate has seen some startups go public, while others have gone under – meanwhile, the pace of innovation has witnessed new technology, business models, and the requisite regulatory modifications to contend with this swiftly-changing environment. To uncover more on where the fintech sector is heading and what trends are developing in different territories around Asia, Fintech News Malaysia Chief Editor Vincent Fong hosted a virtual webinar with Terry Chan, the Finance and…