China has tested faster cross-border settlement with Malaysia using a 43,000 yuan (US$6,360) digital yuan payment for a fresh durian shipment, according to the South China Morning Post. The transaction settled in about 30 minutes. China Construction Bank’s Xiamen and Labuan branches processed the payment. The channel allows recipients to convert e-CNY directly into Malaysian ringgit without additional intermediary fees. China and Malaysia had previously tested an inbound e-CNY transaction in January. The mechanism enables direct settlement without routing payments through multiple intermediary banks. In June, 26 financial institutions signed agreements to participate directly in Cross-border e-CNY Transfer Services, or…

A 50-year-old insurance professional in Hong Kong reportedly lost around US$3.3 million after an online romantic partner allegedly directed her to a fraudulent cryptocurrency investment platform, crypto.news reported. Hong Kong police recorded 25 investment fraud cases involving online romantic relationships during the week ending July 30, with reported losses totaling nearly HK$70 million, according to Binance. In the case involving the insurance professional, the alleged scammer presented himself as a car dealer before persuading her to invest in virtual currencies through an unfamiliar platform. She continued transferring funds after the platform displayed rising account balances and claimed her portfolio had…

NTT Data has launched its Adaptis payment service in India. The Japanese technology group is expanding its payments footprint following its acquisition of Malaysian payment processing company GHL Systems, as reported by Nikkei Asia. Adaptis is already operational in Japan, Malaysia, Thailand, and the Philippines. Takeo Ueno, CEO of NTT Data’s Indian subsidiary, said the service in India will match the quality provided in Japan. NTT Data initially entered the Indian payments sector in 2019 through the acquisition of Atom Technologies. That entity now operates as NTT Data Payment Services India and serves several million merchants. The company plans to…

The Securities and Futures Commission (SFC) has issued a restriction notice to Futu Securities International (Hong Kong) Limited, restricting dealings in up to HK$125.247 million of client assets. The regulator said an entity suspected of involvement in a fraudulent scheme to create a false or artificial appearance of demand for shares in an IPO holds the accounts. SFC clarified that Futu itself is not the subject of the ongoing investigation and that the restriction notice does not affect the brokerage or its other clients. Under the restriction notice, Futu cannot deal with, process, or assist in the disposal of the…

HashKey is seeking to acquire APEX to expand its institutional trading and clearing operations in Singapore. Its wholly owned subsidiary, HKDAG (Singapore), has signed a non-binding framework agreement with Asia Pacific Exchange and its major shareholder for the potential purchase of the entire company. APEX holds an Approved Exchange licence from the Monetary Authority of Singapore, while its group company, Asia Pacific Clear, holds an Approved Clearing House licence. Together, the licences allow the group to operate trading, clearing and settlement infrastructure in Singapore. The acquisition would strengthen HashKey’s institutional capabilities across trading, custody, payments, clearing and settlement while expanding…

The Hong Kong Monetary Authority (HKMA) has launched a direct linkage between the city’s Central Moneymarkets Unit (CMU) and Switzerland’s SIX. The linkage gives CMU members direct access to securities in the Swiss and Spanish markets, expanding Hong Kong’s cross-border investment infrastructure. The development coincides with the debut of equity post-trade services by CMU OmniClear, the entity established in 2024 to internationalise and commercialise CMU’s operations on behalf of the regulator. This is the first time CMU OmniClear has offered equity post-trade capabilities, enabling investors to manage diversified asset portfolios more efficiently. “This represents a significant step forward in CMU’s…

Lianlian DigiTech and UnionPay International have signed a strategic cooperation agreement to develop AI-agent payment applications for cross-border commerce. Initial efforts will focus on global procurement and AI Token replenishment, integrating AI-assisted procurement workflows with cross-border payment infrastructure. Building on existing B2B payment collaborations, this initiative aims to address structural inefficiencies in cross-border purchasing, including protracted settlement cycles, exchange rate volatility, and manual reconciliation processes. Automating global procurement A human-in-the-loop AI-agent payment solution for global procurement will be the first application under this partnership. It combines Lianlian’s AI platform with UnionPay International’s cross-border payment network. This agent will automate supplier…

Nota Sign has integrated its electronic signature platform with Hong Kong’s official digital identity platform, iAM Smart, enabling businesses and individuals in Hong Kong and the Greater Bay Area to use verified digital identities for cross-border electronic signing. Nota Sign is the global electronic signature platform of Shenzhen-based technology company Fadada. The integration connects Nota Sign with Hong Kong’s digital identity infrastructure, allowing users to complete identity verification and digital signing through a streamlined workflow. The iAM Smart mobile application recorded more than 10 million cumulative downloads by the first quarter of 2026 and provides access to over 1,400 online…

HashKey has launched a single crypto trading app that consolidates its previously separate HashKey Exchange and HashKey Global platforms. The move allows users to access compliant digital asset services across Hong Kong, Singapore, the Middle East, and Bermuda through one interface, subject to their KYC, KYB credentials and local eligibility requirements. Cryptocurrency exchanges have traditionally operated separate regional platforms due to differing regulatory requirements across jurisdictions. HashKey’s “multi-site unification” model combines the front-end user experience while keeping underlying services managed according to each market’s regulatory framework. Users can download the new crypto trading app and manage accounts across HashKey’s Hong…

The Hong Kong Monetary Authority (HKMA) has launched its first Quantum Preparedness Index (QPI) to benchmark the banking sector’s readiness for the transition to post-quantum cryptography (PQC). Introduced alongside a new whitepaper at the FiNETech8 event on 27 July, the index shows the sector is in the early stages of preparation with an initial score of 2.3 out of 10. Developed under the HKMA’s Fintech Promotion Blueprint, the QPI is intended to help banks understand the implications of quantum computing and prepare for related cyber risks. Sector readiness and planning The whitepaper features findings from a survey conducted in early…

KPay has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payments Institution (MPI) licence under the Payment Services Act 2019. The approval applies to KPay’s Singapore subsidiary, KPay Merchant Service (Singapore) Pte. Ltd. An IPA is not itself a licence. It reflects MAS’s assessment that a licence may be issued once the applicant meets specified conditions, provided no material adverse developments arise in the meantime, and MAS reserves the right to rescind it. Subject to fulfilling those conditions, the MPI licence would let KPay offer a broader range of regulated payment services in Singapore,…

Futu Securities International (Hong Kong) has launched Korean stock trading for Hong Kong investors, giving users access to more than 2,700 listed equities across the KOSPI and KOSDAQ markets on the Korea Exchange, along with pre-market auction session trading. Sister brand Moomoo has rolled out the same service for investors in Singapore. The launch follows South Korea’s Financial Services Commission issuing Omnibus Account Guidelines in November 2025, letting overseas brokers offer compliant access to Korean equities without requiring investors to open separate local accounts. Futu said this builds on its earlier rollout of real-time Korean stock market data in April.…

Visa and Lianlian DigiTech have completed a live business-to-business transaction using an AI agent to automate product sourcing, purchasing and payment. The companies said the transaction used Lianlian’s LoopXPay AI agent to source a product sample from a supplier and complete the purchase in a single workflow. The demonstration shows how SMBs can streamline procurement while maintaining spending controls and oversight. LoopXPay identified the purchasing requirement, recommended suitable suppliers, compared options and placed the order. It then executed the payment within predefined spending limits and approval parameters. The workflow was designed to reduce manual effort without removing visibility into commercial…

Shanghai Commercial Bank (Shacom Bank) has partnered with fintech firm Planto to launch a cross-bank financial analytics tool for its corporate customers in Hong Kong. The solution uses the HKMA Interbank Account Data Sharing (IADS) framework to consolidate customer-authorised financial data from multiple banks into a single interface. Expected to launch in early 2026, the tool integrates directly into the Shacom Business mobile app. It replaces manual reconciliation processes with automated data consolidation. Business owners can monitor cash flow patterns across Shacom and 11 other banks. After authorising access via the framework, corporate clients unlock several new analytics features. The…

The Securities Commission Malaysia (SC) and the Securities and Futures Commission of Hong Kong (SFC) have signed a MoU to establish a mutual recognition framework for funds and a simplified dual IPO framework. The agreement aims to broaden investment opportunities, expand access to capital, and deepen cross-border market participation between both jurisdictions. Expanding cross-border fund access Under the MoU, the mutual recognition of funds scheme now covers futures-based ETFs, leveraged and inverse ETFs, commodity ETFs, and listed REITs. Eligible ETFs and listed REITs approved in either market may be offered to investors in the other jurisdiction. They can do so…

Kakao Group has signed a strategic MoU with stablecoin issuer Circle Internet Financial to collaborate on digital asset technology and blockchain-based payment infrastructure. The agreement involves Kakao, Kakao Pay, and Kakao Bank working alongside the global fintech firm, according to a report by Asia Economy. This partnership comes as South Korea continues to develop regulatory frameworks for fiat-linked digital currencies, advance tokenised financial services, and explore models for a domestic digital asset ecosystem. Under the agreement, the two companies will explore commercial opportunities related to won-based digital assets and tokenised financial services. The collaboration will focus on infrastructure and partnership…

Anchorpoint Financial is reportedly preparing to launch its regulated Hong Kong Dollar-backed stablecoin, HKDAP, in July, as reported by The Standard. The joint venture, backed by Standard Chartered Hong Kong, HKT, and Animoca Brands, secured one of the city’s first stablecoin issuer licenses from the Hong Kong Monetary Authority (HKMA) in April. Anchorpoint expects licensed virtual asset trading platforms, including OSL Group and HashKey Exchange, to act as distributors for the token. The firm stated it is continuing preparatory work for a phased issuance of HKDAP and will provide updates in due course. The company is adopting a business-to-business-to-consumer model…

HashKey Group has signed a MoU with South Korean internet bank Kbank and blockchain company BPMG to develop digital asset business models and payment infrastructure. The partnership will explore the use of Korean won stablecoins for cross-border payments and regional trade settlement. Under the MOU, the three companies will divide operational roles to build and test the new financial infrastructure. HashKey will use its institutional network to connect traditional financial institutions with digital asset service providers. Kbank serves approximately 16 million customers. It will evaluate the compliance and feasibility of these business models within South Korea’s financial regulatory framework. BPMG…

Ping An has launched a consumer credit card that allows users to redeem reward points for AI computing resources. The Chinese financial group introduced the Ping An Bank AI credit card at the World Artificial Intelligence Conference 2026, adding AI-related benefits to its retail banking services. The AI credit card integrates computing resources as a new reward option alongside conventional credit card benefits. Cardholders can redeem points for AI computing resources to support different AI usage scenarios. At the same event, Ping An highlighted its Express Service, a financial AI assistant deployed across its banking, insurance, securities and healthcare businesses.…

UOB Private Bank has appointed Judy Chan as its Managing Director in Hong Kong. The Singaporean lender is targeting the territory’s high-net-worth individuals to capture a larger share of the impending intergenerational wealth transfer across Asia, as reported by The Business Times. Chan will oversee client coverage, manage advisory teams, and deliver tailored wealth solutions starting in July. She is based in Hong Kong and reports directly to Chew Mun Yew, Head of Group Private Bank. With nearly 30 years of private and commercial banking experience, Chan most recently served as Market Head for Private Banking at Bank of China…