HashKey Group’s crypto fund HashKey Capital Limited has been granted an uplift of its Type 9 asset management license by the Securities and Futures Commission (SFC) of Hong Kong to manage funds exclusively investing in virtual assets. With this, the fund joins the first batch of Hong Kong’s licensed virtual asset managers operating in compliance with the SFC’s “Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets” published in October 2019. “HashKey Group was among the first enthusiasts and advocates of the crypto industry. This Type 9 license uplift reinforces our commitment to fostering…

Ant Group’s online insurance agency platform Ant Insurance has launched digital operation platform Xingyun (translated as nebula) for insurance companies in China. According to Ant Insurance, the Xingyun platform is the first of its kind in the country. Powered by Ant Group’s technologies, the Xingyun platform can help insurers improve operational efficiency and customer experience through smart digital operation covering the whole business process including sales, operations and customer service. The company says that Xingyun can identify 107 types of verification documents, such as receipts from hospitals, for insurance claim settlements with an identification accuracy rate of above 95%. It…

Hex Trust, a digital asset custodian which is fully licensed in Hong Kong and Singapore, announced that Henri Arslanian has joined its advisory board. Henri brings with him years of extensive experience, vast knowledge and an expansive network in digital assets, fintech and finance. He is the former PwC Crypto Leader and Partner, the former Chairman of the Fintech Association of Hong Kong and an Adjunct Professor at the University of Hong Kong where he teaches a fintech course. Henri advises several crypto exchanges, investors, financial institutions and tech firms on their fintech and crypto initiatives. He has also worked…

Data science and machine learning are some of the most complex yet important business concepts today. And many companies, irrespective of their niche, rely on them to deliver a better user experience to their customers. But what role do data science and machine learning play in the development of innovative financial systems, especially in countries like Indonesia? The lack of credit history data combined with the substantial use of mobile phones in Indonesia represents a sweet spot for fintech companies to deliver advanced user-friendly consumer financial solutions. In this episode of Data Point of View, Laurie Hood, Chief Marketing Officer…

Chubb, a global provider of insurance products, announced that Belinda Au has been appointed President of Chubb Life Hong Kong, subject to regulatory approval. Au has more than 30 years of experience in the insurance industry and joins Chubb Life from Sun Life Financial, where she served as Chief Executive Officer, Singapore. Earlier in her career, Ms. Au held senior leadership roles in distribution and marketing in Hong Kong and Shanghai with AIA and Manulife. In her new role, Au will have executive operating responsibility for the company’s life insurance business in Hong Kong. This includes the integration of the…

In the past, most businesses were brick-and-mortar establishments. Recently, the business sector has seen a dramatic shift as more businesses are going online. This shift has brought about many changes, including how to handle finances. And many businesses are opting for online business accounts. Why? Because there are many advantages to which a company can benefit from it. Read on to know more: 1. Saves Time For businesses, whether big or small, time is money. So, anything that can save time is usually a good investment. And one easy way is by getting an online business account. With an online…

In Hong Kong, skills shortages and challenges in securing investment have been identified as the top two most pressing issues by local fintech companies, hampering their ability to grow and scale, a new study by Google Hong Kong and financial consultancy Quinlan & Associates found. The study, which polled 126 Hong Kong fintech companies and interviewed several C-suite executives in the sector, found that intense competition for talent in Hong Kong has resulted in the majority of fintech companies in the city facing a severe talent gap. Skill sets in sales and product design were found to be in highest…

Cross border payments firm Airwallex announced plans to provide further support for the city’s Small and Medium Enterprises (SMEs) and startup community. Airwallex will commit an additional HK$2.25 million to the initiative, raising its total commitment to HK$4.5 million this year. This follows the successful launch of its Hong Kong Small and Medium Enterprises (SMEs) initiative in April this year which saw more than 450 of its SME customers benefit from the initiative. The newly launched relief measures are available starting today and includes rental support. Compared to other major cities in the Asia-Pacific region, Hong Kong has the highest…

Animoca Brands’ Japanese subsidiary announced that it has raised a total of US$45 million to increase the value and utility of its branded content while fostering the development of a safe and secure NFT ecosystem in the country. The investment came in equal parts from its parent company Animoca Brands and Japan’s largest bank MUFG. Animoca Brands Japan has been considering a collaboration with MUFG for NFT related business opportunities, according to a March announcement. The recent fundraise has pushed the company’s pre-money valuation to approximately US$500 million. Animoca Brands Japan said that it will use the new capital to…

Standard Chartered’s innovation, fintech investment and ventures arm SC Ventures announced that it has invested funds in Chekk, a Hong Kong-based KYC, KYB and data management platform.  Details of the investment was not disclosed. SC Ventures joins Chekk’s multi-million dollar financing round announced in June this year, led by HSBC and with participation of venture capital firm SOSV. Through this investment, SC Ventures aims to accelerate the company’s product development and boost its sales organisation. SC Ventures said that this would help meet the increasing demand of the global identity verification market for individuals and corporates that is anticipated to…

DBS Bank Hong Kong has introduced LiveBetter, a one-stop digital sustainability platform in its digibank app that encourages customers to foster a more sustainable life. With features like Know Better and Invest Better, LiveBetter in the DBS digibank HK app aims to remove the barriers and customer inertia toward sustainable living. The one-stop digital platform makes it simple and easy to access an array of sustainability-centric educational resources and services. This is done through the Know Better feature which delivers bite-sized content that shows how customers can adopt habits that lead to a greener lifestyle. Customers can find eco-friendly tips…

China’s fintech sector has taken a big hit these past couple of years amid a broad crackdown on the tech sector that started in 2020. After largely giving tech companies free rein to grow, China has tightened its grip on its Internet sector, vowing to curb monopolistic behavior among platform companies and strengthen the protection of consumer privacy and data security. Regulators introduced new regulations on fintech in November 2020, forcing Jack Ma’s Ant Group to call off what would have been a record initial public offering (IPO) just days before the firm was due to go public. But fresh…

A ranking of Asia Pacific (APAC)’s top 100 fastest growing technology startups has named 18 fintech companies among the region’s most promising tech startups and up-and-coming tech leaders. These companies were selected by KPMG and HSBC among 6,472 tech startups with valuations up to US$500 million across 12 markets – Mainland China, India, Japan, Australia, Singapore, South Korea, Hong Kong, Malaysia, Indonesia, Vietnam, Taiwan and Thailand –, recognizing them for their potential long-lasting impact on the global business landscape over the next decade, as well as for standing out as leading examples for future growth. Of the overall Leading 100…

Hong Kong’s virtual bank ZA has officially launched its investment fund service where customers can build their fund portfolios based on personal financial goals. Users can immediately subscribe to the funds after opening an investment account via the ZA Bank app which reportedly just takes 5 minutes. ZA said that all subscription fees will be waived during the promotion period with no hidden charges. Customers will have access to a host of fund products managed by international fund managers including Franklin Templeton, AllianceBernstein, Invesco, and more. The product suite covers various asset classes, countries, and industries, with investment themes spanning from…

Invest Hong Kong (InvestHK) and the Hong Kong Monetary Authority (HKMA) jointly announced the addition of the Central Bank Digital Currency (CBDC) track to the Global Fast Track 2022 programme. Global Fast Track, organised by InvestHK and co-organised by Finnovasia, is a one-stop programme with a business matching portal, pitching competition, and mentoring sessions to help global fintech companies explore potential business partnerships and investments. The CBDC track invites banks, fintechs and tech firms to submit innovative solutions in eight focus areas, including retail CBDC (rCBDC) adoption, wholesale CBDC (wCBDC) adoption, programmable money, interoperability, privacy, cybersecurity, foreign exchange and liquidity…

In Asia, bigtechs and new digital banking challengers are rapidly gaining ground, forcing incumbent banks to rethink their business strategy and become a part of the super-app ecosystem, a new report by Finextra, in association with Infosys Finacle and OneSpan, says. The paper, titled The Future of Digital Banking in Asia 2022, explores Asia’s booming digital banking ecosystem and highlights emerging trends. Asia has emerged as the leader in banking innovation these past couple of years, a trend driven by the region’s large population of unbanked, demand for inclusive and accessible banking services, and rising Internet penetration. In Asia Pacific…

ShopBack, a Temasek-backed shopping and rewards platform, announced that it will be expanding its footprint to Hong Kong with a soft launch on 8 August. According to ShopBack, it has already onboarded over 250 merchants in Hong Kong ranging from local to global players, including Watsons, Disney+, Apple, KFC, Booking.com, Farfetch, Taobao, Sasa, ParkNShop, iHerb, and more. ShopBack’s entry into Hong Kong occurs in tandem with the group’s first global brand refresh across all its 10 markets in the Asia Pacific. The company reported that it drove US$3.5 billion in sales to 10,000 merchants in 2021 and launched its ShopBack Pay…

OSL Digital Securities Limited (OSL) announced it that it became the first Type 1 SFC-licensed digital asset broker to distribute security tokens to professional investors in Hong Kong in a private security token offering (STO). Participants in the offering include Animoca Brands, Head & Shoulders Financial Group, China Fortune Financial Group, Volmart and Monmonkey Group Asset Management. Each token represents a US$10,000 unit of a bitcoin-linked, coupon-rate USD bond. The bond was issued by a subsidiary of OSL parent company, BC Technology Group (BC Group), and BC Group also acted as the bond guarantor. The tokens were developed using the…

Cross border payments firm Airwallex announced the launch of its Airwallex Online Payments App on e-commerce platform Shopify. The Airwallex Online Payments App is a payment gateway plugin that merchants can integrate on their online store to accept payments from their global customers. This new app is offered through Airwallex’s payment acceptance solution that covers a wide range of payment methods. In addition to being able to accept payments globally, Airwallex merchants can also receive settlements in 7+ major currencies including USD, thus avoiding unnecessary currency conversions and related fees. Merchants are also able to accept payments directly into their…

It is evident that digital acceleration is creating a new payments paradigm as corporate non-cash payments are forecasted to reach US$200 billion transactions by 2025. Shifting global payments priorities are placing new pressures on payments operations. Payments executives are facing increasing expectations to transition their departments from cost centers to creators of enterprise value. What strategic considerations can help businesses meet digital economy demands and maximise end-to-end payments efficiency? A recent study from LexisNexis Risk® Solutions and Capgemini Invent explores the evolution of corporate payments with insights from 400 managers and executives working with corporate payments. The global study outlines…