Citi Global Perspectives and Solutions (Citi GPS) has released the fifth edition of its Disruptive Innovations series, detailing ten exciting new trends in the areas of genetics, robotics, blockchain, the Internet of Things (IoT), and more. Blockchain in commodities Blockchain, the technology underlying cryptocurrencies such as bitcoin, is set to revolutionize both the physical trading of commodities and the electricity markets by substituting traditional trading exchanges with a system that is cheaper, faster and even more secure in diminishing counterparty trading exposures, including for banks. “Physical commodity trading — the oldest form of world trade and trade finance in the…
Author: Fintech News Hong Kong
The new DBS Hong Kong based Startups which will try to shape he future of banking are: Avoka is a software company focused on digital customer acquisition in financial services and government. Founded in 2002 in Sydney, Avoka has won numerous industry awards for its frictionless customer experiences that reduce abandonment and drive revenue for banks, insurers and wealth management firms. Country: Australia Dathena is the first and only data governance platform developed by real users for real users.Our platform was built with state-of-the-art technologies including machine learning and artificial intelligence capabilities. Country: Singapore …
Robo advisors are taking off in Asia, attracting younger generations with digital, low-cost wealth management solutions. In Asia Pacific (APAC), China, Hong Kong, Singapore, Australia, South Korea, India and Taiwan are expected to lead the robo advisory arena with a combined total assets under management estimated to reach US$500 billion by 2021, according to IDC Financial Insights. Following up on our recent article covering the most notorious robo advisory platforms from Singapore, we look today at some of the top robo advisors and digital wealth management companies from Hong Kong. Youyu Robo Advisor Hong Kong-listed Yunfeng Financial Group launched…
Zhenai Inc. China’s largest online matchmaking and dating service provider, announces that PAG, one of the largest investment firms in Asia, has closed the acquisition of a super-majority controlling interest in Zhenai. The transaction size is not disclosed. Founded in 2005 by Dr. Li Song, a successful entrepreneur, Zhenai has grown to become a leader in the online and offline dating and matchmaking business in China. It currently serves over 140 million registered members and it is expected to generate revenues of more than RMB1.6 billion (US$240 million) and net profits of more than RMB200 million (US$30 million) in 2017.…
YBEX is a Hong Kong based financial technology company, delivering an online marketplace for foreign exchange services. they strive to bring the best user experience in the financial services industry through continuous innovation. With YBPay for Apple and Android, users can find, compare and choose the most suitable money service providers for their money exchange and remittance needs. Traditionally, it was difficult and time-consuming for consumers to find a good money service providers, as the retail foreign exchange market is extremely fragmented, the rates update constantly and are very hard to understand. YBPay changed all that by providing real-time rates…
The 11.11 Global Shopping Festival generates bigger numbers every year than any other online sale in the world. This year’s final tally hit a new record: $17.79 billion in gross merchandise volume, up from $14.3 billion in 2015. But Alibaba Group, the Chinese e-commerce giant behind this shopping bonanza, worked hard to make sure Double 11 was about more than just a single number. In fact, the main goal was to ratchet up consumer engagement rather than simply beat last year’s GMV. To that end, the company appears to have succeeded: According to Alibaba, a total of 7.4 billion mobile…
Wesurance, a Hong Kong-based InsurTech provider will launch of Hong Kong’s first mobile platform for insurance purchasing and claiming. Developed in partnership with two industry leaders, Allied World Assurance Company, Ltd and TransUnion, the platform features key technological innovations, including artificial intelligence (AI) and electronic Know Your Customer (eKYC), that will transform the way consumers use insurance in Hong Kong. More will follow…
Element AI, an artificial intelligence company that delivers groundbreaking AI solutions, today announced it has established a joint $45M fund with Korean conglomerates SK Telecom, Hyundai Motor Company, Hanwha. The new fund leverages each partner’s unique value and targets the most promising sectors of commercial AI applications and infrastructure, specifically emerging AI based technologies including autonomous vehicles, household robots, manufacturing, drones, and hardware. The $45M fund will be actively managed by the three Korean companies with investment advisory by Element AI. Capital will be deployed to leading AI companies over the next 36 months. The fund is designed to use…
Insurance is an industry at a turning point. Few could have predicted that ‘innovation’ would become one of its watchwords, but as the digital revolution spurred on by InsurTech gathers pace fundamental changes are beginning to take hold. As we look forward to the launch of InsurTech Rising Asia in Hong Kong next month, when we’ll gather insurance’s digital trailblazers and InsurTech innovators, connecting them around the most pressing industry challenges, here are three crucial questions setting our agenda and that of insurance across the region. How are insurers responding to the customer and tech forces driving change? With…
Cyberport is dedicated in nurturing the new generation of digital technology talents and entrepreneurs. Its FinTech-focused Cyberport University Partnership Programme (CUPP), running in its third year and supported by a number of industry partners, provides students with FinTech aspiration a unique opportunity to sparkle their innovation and creativity. After months of intensive training and mentorship from industry elites, plus 1-week boot camp at the Standard Graduate School of Business (Standard GSB), 21 teams from six local universities pitched at the CUPP 2017 Demo Day today, to unleash their potential to become the future FinTech leaders. 12 winning teams with outstanding…
Bambu, the leading digital wealth company in Asia, won the Best of Show Award at Finovate Asia 2017 in Hong Kong, yesterday. Finovate is a series of conferences focused exclusively on showcasing the best and most innovative new financial and banking technologies. Finovate began in New York 2007, and today it consistently attracts large, high-impact audiences of senior financial and banking executives. The Best of Show awards at Finovate are highly coveted, and many past winners have gone on to great success. Bambu showcased their latest machine learning model, People Like Me, which recommends users their ideal financial goals, based…
According to a report by Forbes, data from CB Insights shows that Fintech financing in Asia-Pacific doubled to $11.2 billion in 2016, from $5.2 billion in 2015. Global investment in fintech were $23.2 billion. The growth in total value of fintech investments were in large part due to large investments in China and Hong Kong, where just 3% of the deals contributed for nearly 43% of total fintech investment globally. This year is shaping up to be another important year in the Chinese fintech sector. The report emphasized a deal from earlier in January, where Ant Financial acquired Texas-based Moneygram and in February invested $200 million in Kakao Pay, a mobile finance subsidiary coming from…
Hong Kong Science and Technology Parks Corporation (HKSTP) held the Elevator Pitch Competition 2017 (EPiC), a leading annual event for the increasingly important Hong Kong start-up industry, at the iconic International Commerce Centre (ICC). After seven months of intense competition, Cathay Photonics Limited has beaten 99 other finalists from across the globe to be crowned champion and claimed an investment prize worth US$140,000. Cathay Photonics Limited is a Hong Kong-based company, founded in 2014 by a group of physicists and engineers that engaged in research and development of specially-coated glass and ceramic products. “This year’s competition was highly competitive and attracted a number of…
The University of Hong Kong is announcse a new MOOC (Massive Open Online Course) on Financial Technology: Introduction to FinTech. Set up to launched in March 2018. The 6-week certified online course on Financial Technology will provide a foundational understanding of the forces that are shaping the world of financial services. The course is structured in six modules covering an introduction to FinTech, Infrastructure, Finance, Data, RegTech and Interface. Class experts in FinTech MOOC will be taught by a combination of academic and practitioners as well as feature prominent guest speakers to illustrate the content with practical business examples. Course Key Facts…
This year’s Hong Kong Fintech Week was all about cutting-edge technologies, enabling greater collaboration, and strengthening Hong Kong’s position on the global fintech scene. One of this year’s key topics was blockchain and cryptocurrencies. Participants and experts were unanimous on the tremendous potential that blockchain held to improve processes, efficiency, and help firms cut costs. But one subject that left regulators puzzled was the topic of initial coin offerings (ICOs), an unregulated means of raising funding that’s been growing in popularity in the startup community. “We’d welcome blockchain and fintech ICOs, but how do I tell the scammers from the…
Artificial intelligence (AI) remained top of a compelling agenda on Day 5, the final day of Hong Kong Fintech Week organised by Invest Hong Kong (InvestHK), one with keynotes from Zhong An, Swiss Re, Pintec and Ping An Technology amongst others on subjects including insurance, loan management, robo-advisory and the future of financial services. Arranged by Finnovasia, the Friday sessions covered AI and deep learning, which inevitably led the conversation into the future of financial services, including the impact of AI on jobs. There was a clear consensus that actuaries, fund managers, financial advisors, insurance agents and others will need to develop new skillsets down the line. The sector…
The umbrella technology artificial intelligence (AI) was the overarching theme on Thursday, Day 4 of Hong Kong Fintech Week organised by Invest Hong Kong (InvestHK), which combined keynotes from Ant Financial, Dianrong, Sentient Technologies and PwC with panel discussions and even an AI masterclass. It was standing room only for latecomers. The venue at the Hong Kong Convention and Exhibition Centre was packed as the speakers and panellists dug down into some of the detail behind machine learning, robo-advisory and other applications of AI. Days 4 and 5 of Hong Kong Fintech Week are being curated and arranged by Finnovasia. Secretary for Commerce and Economic Development…
E-Residency is a digital identity issued by the Republic of Estonia that provides the freedom to run a global EU business entirely online. That provides a range of benefits to entrepreneurs around the world, but it also means that the growth of the programme is limited by where Estonia has Embassies and staff to issue the e-Residency digital identity cards. Until now. From December 2017, e-residents will be able to pick up their digital ID cards from the VFS Global Visa Application Center in Seoul, South Korea. Many countries partner with third party service providers to issue official documents and…
The FinTech Association of Hong Kong (FTAHK) has signed three separate Memoranda of Understanding with the Singapore FinTech Association, the Swiss Finance + Technology Association and the Taiwan FinTech Industry Development Association. These were completed during the HongKong FinTech week that is currently underway. All three associations have the goal of collaborating in the promotion of the global FinTech industry. FTAHK will work with its partners on initiatives to support FinTech development, including potentially making joint responses to their markets’ respective regulators and other relevant local bodies. The associations will also participate in each others’ events, helping to deepen understanding of the…
Invest HK provides a nice infographic about the Hong Kong Fintech Ecosystem.