Japanese multinational conglomerate SoftBank announced that Alex Clavel has been appointed as Chief Executive Officer of SBGI effective June 30, 2022. Clavel is currently the Managing Partner at SoftBank Group International (SBGI) and will succeed Michel Combes, who has decided to leave SoftBank to pursue new opportunities. He will bring seven years of leadership experience at SoftBank across Tokyo, Silicon Valley and New York to the role, in which he will oversee SBGI’s operations and investment portfolio, including its stakes in Boston Dynamics, SoFi, Fortress, T-Mobile, Arm, among other portfolio companies. Together with the SoftBank Vision Funds, SBGI is responsible…

The Hong Kong Monetary Authority (HKMA), together with the Bank of Israel (BOI) and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Center, announced a joint research on retail Central Bank Digital Currency (CBDC) called Project Sela. This will be led by the BISIH Hong Kong Center and built on the foundation laid by Project Aurum. Project Aurum which was conducted by the HKMA and BISIH Hong Kong Center, studied the benefits and challenges of tiered architectures for the distribution of retail CBDC through commercial banks and payment service providers Meanwhile, Project Sela will take a deep dive…

Invest Hong Kong (InvestHK) has announced the launch of Global Fast Track 2022, a programme that helps fintech companies leverage the unique advantages of Hong Kong to scale in Asia while building a solid foundation for long-term growth. Returning for its third year, Global Fast Track will be a standalone flagship programme that runs throughout the year and is now open for applications from global and local fintech companies until September. Given that fintech firms have varying needs throughout the business cycle, the year-long programme will enable InvestHK, corporates, investors and partners to provide long-term, tailored and holistic support for…

Robo advisor AQUMON announced the appointment of Simon Lee as its Managing Director, Head of Investment Solutions effective Q2 of 2022. Simon will be stepping in to lead the investment solutions department in the management, production and distribution of the company’s AI-powered investment solutions. He brings over two decades of institutional asset management expertise with a strong focus on China and European markets. Simon joins from IMX Shanghai, where he was Head of Investment and Capital Markets, responsible for its long term investment strategies in China and abroad. Prior to IMX, Simon was Head of Institutional Business at CSOP Asset…

China’s WeBank, MYBank and Suning Bank were named the top three leading digital-only banks in Asia-Pacific (APAC), recognized for their growth and success by The Asian Banker’s inaugural ranking of the world’s leading digital banks. The Global Top 100 Digital Bank Ranking 2022, released on May 26, aims to provide a comprehensive assessment of global digital banks, ranking them according to a scorecard derived from a set of evaluation criteria across five key dimensions: customer, market/product coverage, profitability, asset and deposit growth and funding. Of the 100 digital banks that made the 2022 ranking, 43 are located in APAC. These…

Hong Kong’s big data and artificial intelligence (AI) startups are looking to ramp up hiring significantly, a trend that showcases the sector’s growth and dynamism, a new report by the Fintech Association of Hong Kong (FTAHK)’s AI and Big Data Committee says. Titled AI and Big Data Committee: Ecosystem Map and Survey, the report shares findings of a study which polled over 60 companies from across the regional ecosystem to understand the state of the sector, and identify industry participants must pressing’s issues. The study identified a drive to expand, with a vast majority of respondents (82%) sharing plans to…

Alibaba Cloud Hong Kong is hosting its “Fintech Online Day 2022 – Redefine the Future of Regtech and Digital Assets” online this June 16, 2022 to showcase the latest innovations in the financial services industry. From the emerging trend in NFT, metaverse and web3.0, to the innovative financial technology and compliance requirement we faced, this event will bring you the best practices of fintech and regtech solutions and how Alibaba Cloud for Financial Services’ roadmap helps both traditional financial institutions and fintech companies to adapt to the changes of future. How can Alibaba Cloud accelerate the digital transformation for fintechs?…

Hong Kong’s digital insurer OneDegree announced expands its product offerings with the official launch of the “OneDegree Home Insurance”. This latest addition follows the launch of its diverse range of products which include pet, fire coverage and critical illness offerings. OneDegree Home Insurance offers up to HKD 15 million coverage with a premium under HKD 100. Customers can get an instant quote online with just their residential address enabled by Google address auto-fill and the saleable area, and they can easily complete the enrollment in a minute or two by providing quick personal information. The policy takes effect immediately after…

Wisecard Technology, a Chinese solution provider for smart card issuance and innovative payment platforms, has partnered with Zwipe to bring biometric payment cards to consumers in the Asia Pacific (APAC) region. Through this partnership, Wisecard will deliver pre-built personalisation scripts for Zwipe Pay biometric payment cards ensuring much faster and smoother implementation for banks and card personalisation bureaus. Wisecard supplies turnkey personalisation solutions serving more than 150 financial institutions and 50 card personalisation bureaus in more than 60 countries worldwide. Meanwhile, Zwipe is an innovator in the biometric smart card industry with its biometric payment card platform, Zwipe Pay. Kevin…

Despite the heavy blow it has dealt the global economy over the past two years, the pandemic has accelerated digital transformation across multiple sectors. This has led to a spike in demand for talent in the fintech sector. While talent development is an indispensable part of fintech’s future, the Fintech Anti-epidemic Scheme for Talent Development (FAST) received enthusiastic responses with the number of fintech applicants surpassing the initial target of 1,000 when the year-long application period ended in July. FAST is administered by Hong Kong digital tech park Cyberport, which is wholly owned by the HKSAR Government. Successful applicant companies…

Hong Kong’s virtual bank livi is marking its second anniversary with the launch of NFT artwork collectibles “Mochi” that will be its new icon. According to livi, Mochi has “travelled from the future to 2022 to scout for like-minded individuals to build a new world of financial inclusion – the liviVerse – packed with ideas and innovations from the future”. Created by Hong Kong’s renowned artist Ping, livi will be giving out 1,888 of the limited edition Mochi NFT artwork collectible to its customers. Each Mochi NFT artwork is exclusive and “eternal” for the recipient – being non-exchangeable, non-tradable and…

The Securities and Futures Commission (SFC) of Hong Kong cautions investors of the risks associated with investing in non-fungible tokens (NFTs), which have increased in popularity in recent years. According to a statement by the SFC, NFTs are exposed to heightened risks including illiquid secondary markets, volatility, opaque pricing, hacking and fraud as with other virtual assets. The regulator added, “Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs. The majority of NFTs which the SFC has observed are intended to represent a…

COVID-19 accelerated trends toward remote banking and digitalisation, forcing financial institutions to embrace new technologies and processes to keep their businesses functional despite social distancing restrictions. Now, with more and more people relying on digital solutions for interactions and transactions, the industry is turning to the next set of challenges, actively seeking to reimagine customer journeys to not only differentiate themselves from competitors, but also capture new generations of tech-savvy customers. In a new paper, cybersecurity technology firm OneSpan explores how e-signatures, digital identity verification and authentication technologies can unlock new opportunities for financial institutions, highlighting what it believes are the top…

Babel Finance, a Hong Kong-based wholesale crypto financial services provider, announced that it has raised a US$80 million Series B financing round at a valuation of US$2 billion. The main investors in this round include Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital. Other investors include Circle Ventures and a number of family offices in the Asia-Pacific region. Babel Finance’s major businesses are crypto lending and trading, with a focus on serving institutional clients, including crypto-native institutions, traditional financial institutions such as banks and investment funds, as well as ultra-high-net-worth accredited investors and…

Quantifeed, a digital wealth management solutions provider for financial institutions, announces its Series C funding round led by HSBC Asset Management’s (HSBC AM’s) alternative investments business, HSBC Alternatives. The size of the funds raised were not disclosed. HSBC AM is joined by Daiwa PI Partners and current shareholders, including global asset manager Franklin Templeton and global investment firm LUN Partners Group. Quantifeed said that it will use the funds to strengthen its solutions for advisors, portfolio managers and end-customers. It intends to enrich its portfolio design, advice and trading engines, and enable wealth management across a broader set of asset…

Provenir, an AI-powered risk decisioning software provider, announced it has been selected to join TransUnion’s Strategic Alliance Distribution Programme. Through this alliance, TransUnion’s clients will be able to take advantage of Provenir’s platform to gain deeper insights for greater decisioning speed and accuracy. The way consumers interact with financial services products is changing, rapidly – consumers expect instant decisions, personalised offers and automated, digital experiences. Meanwhile, fraud losses hit US$56 billion in 2020 and fraud attacks are only getting more sophisticated and widespread. To address these challenges, financial organisations are increasingly seeking technology that provides flexibility, scalability, access to new…

The latest research by the International Data Corporation (IDC) and Thought Machine, a cloud native core banking technology firm, revealed that 40% of banks in the Asia Pacific will make significant changes to their current core banking systems in the next three years. The “A Clear Path Ahead: Migrating to Digital Core” report found that the transformation of core systems is now becoming a priority with 75% of banks saying that they have delayed full-blown replacements. Banks are facing a reality check when it comes to legacy core banking systems which present several challenges. Among them is the inability to quickly bring…

Syfe, a digital investment platform headquartered in Singapore, announced that it has expanded its footprint to Hong Kong, its first market expansion since its launch in 2019. The firm is licensed in Hong Kong under Types 1 (Dealing in Securities), 4 (Advising on Securities), as well as 9 (Asset Management), and is regulated by the Securities and Futures Commission (SFC). Syfe provides investors access to institutional-level investment strategies and advisory services previously only available for the top level of high-net worth individuals. Its technology also allows Syfe to deliver its high-end and personalised advisory through its app – all without any…

InsureTech Connect Asia (ITC Asia) will be hosting the first 3-day in-person event since the pandemic from 7 – 9 June 2022 at Suntec Convention & Exhibition Centre, Singapore. The insurtech event has offered unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, and insurance industry executives from across the globe. Exploring the growth potential of the Asia Pacific region, the conference will gather senior industry executives, investors, and startups to share and showcase how they have adapted and accelerated in the face of the pandemic. Attendees will have access to an enriching conference that will…

In Hong Kong, the COVID-19 pandemic continues to take a toll on people’s financial health as family members from low-income households are put out of work and forced to turn to part-time work and credit to make ends meet. This is according the Q1 2022 results of TransUnion’s quarterly Consumer Pulse Survey, which polled more than 1,000 adults in February 2022 to understand how Hong Kong consumers’ personal finances have changed and measure evolving consumer attitudes. Results from the survey show that tightened social distancing regulations caused by the fifth wave of COVID-19 has affected companies and small businesses, leading…