In Q2 and Q3 2022, consumer credit activity in Hong Kong increased in key product categories amid eased COVID-19 restrictions, the launch of Phase II of the Consumption Voucher, as well as improved consumer sentiment and employment situations, new findings from a research by American consumer credit reporting agency TransUnion reveal. The TransUnion Q3 2022 Industry Insights report and Consumer Pulse Study share consumer credit trends and explore how their personal finances changed during the past quarter. Findings from the study show that credit activity in Hong Kong increased during Q2-Q3 2022, recording growth in the origination of loans on…

The Hong Kong Exchanges and Clearing (HKEX) announced that it will be setting up a new office in New York and will build out its team over the coming months. The new New York office will complement HKEX’s existing international reach from its offices in Shanghai, Beijing, and Singapore. Headed by Roger McAvoy, Managing Director and Head of Business Development, North America, the New York office will provide an on-the-ground dedicated team for HKEX’s North American customers. The new office will promote HKEX’s liquid primary and secondary cash markets as well as its exclusive connectivity with Mainland China’s markets and…

Hong Kong is looking to enhance its climate data availability and sustainability reporting through the partnership between the Green and Sustainable Finance Cross-Agency Steering Group and international non-profit CDP. The Steering Group is co-chaired by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC). Both entities will work together to facilitate data flow by providing financial institutions with better data resources to assess climate and environmental related risks and transition towards carbon neutrality. They also aim to support capacity building and upskilling to facilitate local companies in disclosing high-quality climate and other environmental-related data. As part…

Toss, a South Korean super app operated by fintech startup Viva Republica, announced that it has raised a US$405 million Series G funding round and is now valued at US$$7 billion, according to a report by TechCrunch. This is the third tranche of Toss’ Series G as the company had previously raised approximately US$226 million and US$175.8 million in the third quarter of 2022. In addition to that, the super app had managed to secure US$410 million in pre-Series G funding just last year. The fundraise was led by Tonic Private Equity which was joined by the state-run Korea Development Bank…

RD Wallet Technologies, a Hong Kong-based e-wallet operator offering payment services to corporates, announced that it has been granted the Stored Value Facility (SVF) license by the Hong Kong Monetary Authority (HKMA). The company was set up by Norman Chan, its current Chairman, after he stepped down as the Chief Executive at HKMA in 2020. RD Wallet is a B2B electronic payment platform which will facilitate cross-border trade as it supports currencies commonly used in regional trade. According to RD Wallet, it will be announcing the launch of its services for corporate customers soon. Norman Chan, Chairman of RD Wallet…

The Hong Kong government is seeking feedback firm the public for the next three months until 20 March 2023 on its proposal to enhance the regulation of crowdfunding activities. The Financial Services & the Treasury Bureau has published a consultation paper which sets out various recommendations on enhancing the transparency and accountability of crowdfunding activities. This includes requiring in-principle future crowdfunding activities to make an application and obtain permission before commencement and ensuring sufficient transparency to the public during and after the conduct of crowdfunding activities. The paper also suggests setting up a Crowdfunding Affairs Office to centrally process regulatory…

Travel and leisure booking platform Klook has partnered with AXA Hong Kong & Macau to provide insurance protection for its customers. Under this partnership, AXA and Klook will first launch “Klook Travel Care” for its Hong Kong customers. The offering covers COVID-19 related trip cancellation before departure, medical expenses incurred or trip interruption to those who contract COVID-19 during the journey. It also covers activities such as self-driving and amateur sports. Klook’s customers can review their policies and submit claims through the Emma by AXA app, the insurer’s all-in-one insurance and health services platform, to streamline the claims process. This allows…

Hong Kong’s Securities and Futures Commission (SFC) has announced the appointment of Julia Leung as its Chief Executive Officer for a three-year term, effective 1 January 2023. She is currently the Deputy Chief Executive Officer since 2018 and an Executive Director of the Intermediaries Division of the SFC Leung will be succeeding Ashley Alder who will take up a new appointment in the United Kingdom as Chair of the Financial Conduct Authority in January 2023. Lui Tim Leung, Chairman at SFC said, “I am certain Ms Leung’s dedication to the Commission will continue in her new role, and the SFC will…

Adyen, a global payments firm for businesses, has announced the launch of its unified commerce solution in Japan for in-person payments. This will enable Japanese businesses to optimise their authorisation rates, block fraud, and provide seamless cross-channel journeys. The unified commerce solution gives businesses end-to-end control of transactions across different sales channels on Adyen’s single platform. These businesses can now access features such as click-and-collect, endless aisle, and cross-channel returns. “This isn’t simply about digitisation or going cashless. It’s about being fast, flexible, and building for growth. Very few platforms in Japan can centrally merge payments data from stores and…

HashKey Group, a Hong Kong-based digital asset management and blockchain solutions provider, has partnered with digital insurer ZA International to invest in digital assets, Web 3.0 and distributed ledger technology (DLT) amongst other areas. Through this MoU, both entities will be pooling their resources, expertise and experience, and work to achieve this. ZA International is the international arm of China’s ZhongAn Online P&C Insurance and holds both virtual banking and digital-only insurance licenses in Hong Kong. The company had recently unveiled its plan to tokenise its ZA Coin offered under its reward programme. Meanwhile, HashKey has made investments in over…

Amazon Web Services (AWS) announced the launch of a new interactive, game-based learning experience to help individuals and organisations develop their digital skills. Professionals and teams can play AWS Industry Quest: Financial Services to learn and build solutions for fraud prevention, data lakes for financial services, serverless deposit accounts, and more. Players have quick access to over 20 solutions, each of which takes approximately one hour to complete and can be done in any order. They will be able to personalise their avatar, take over a virtual financial services firm, rebrand it, and by completing solution-building exercises, boost the company…

Hex Trust, a fully-licensed and insured provider of bank-grade custody for digital assets, announced that Mark Cheng has joined its Board of Directors. Mark brings with him years of experience, vast knowledge and an expansive network in GameFi, digital assets and investments. He is a Senior Advisor at Animoca Brands and a Founding Partner at GameFi Ventures, a venture capital firm with a focus on blockchain games with portfolio companies including YugaLabs, Phantom Galaxies, Aradena, Gamee, and Meta Prints. Previously, Mark spent eight years as Partner and COO at Mind Fund, a venture capital firm backing early-stage startups from incubation…

Hong Kong’s livi bank has partnered with FWD General Insurance to launche a home insurance offering that is available through its app at an annual premium of HK$4202. Application for the Easy HomeCare offering is fully digital and can be completed in three steps. Customers can then view and maintain their insurance via the livi app as well as make the premium payments using the livi Debit Mastercard. The Easy HomeCare covers the loss or damage of household contents such as furniture and electrical appliances etc. It also provides comprehensive protection covering valuables including jewellery, gold, silver, photographic equipment and more…

HashKey Group, a Hong Kong-based digital asset management and blockchain solutions provider, has signed a partnership with Swiss crypto bank SEBA. Through this partnership, HashKey will become SEBA Bank’s preferred digital asset trading and market development partner following the latter’s recent expansion to Hong Kong. Meanwhile, SEBA Bank will be the banking partner of choice for HashKey in Switzerland. The two groups are also committed to complying with and embracing the regulatory frameworks of their respective jurisdictions through Know-Your-Customer and Anti-Money Laundering policies and measures. HashKey Group, through its subsidiary Hash Blockchain Limited (HBL), was recently granted approval from the…

Cross border payments firm Airwallex has partnered with global digital travel platform Agoda to make travel planning easier for Hong Kong SMEs and startups. These Hong Kong SMEs and startups with Airwallex Business Accounts can will have access to a 7% discount when they book selected accommodations using their Airwallex Borderless Cards. Additionally, they will also receive 20% cashback on airfares and accommodation booking around the world. Airwallex’s partnership with Agoda comes at a time when demand for travel has significantly increased over the past month, as quarantine measures and travel restrictions ease. In a recent Airwallex Hong Kong SME…

Hong Kong’s virtual bank ZA announced that it has launched its sandbox trial of ZA Dash, an express online business account opening service, to address the pain points of local small and medium-sized enterprises (SMEs). This service is offered by ZA Bank under a pilot trial arrangement within the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox. The sandbox trial of ZA Dash will run for a month until 30 December 2022 and ZA is planning to invite 100 local SMEs across different sectors to participate. Eligible companies can complete the business account opening procedures fully online in one working day…

Cryptocurrency exchange Binance announced it has acquired 100% of Sakura Exchange BitCoin (SEBC), a Japanese crypto exchange service provider. Terms of the transaction was not disclosed. Through this acquisition, Binance enters the Japanese market, as a Japan Financial Services Agency (JFSA) regulated entity. This is also Binance’s first license in East Asia. SEBC is a JFSA-registered crypto exchange that offers its customers consultation services in addition to its brokerage service. The Tokyo-based exchange currently supports 11 trading pairs. Just a year ago, Binance was issued a warning by JFSA for operating in the country without the necessary approvals. Binance has turned…

Switzerland’s crypto bank SEBA announced that it has officially opened its Hong Kong office and appointed Ludovic Shum as Managing Director to lead the team. The bank said in a statement that it has a strong conviction for Hong Kong to become its first strategic location in APAC through its subsidiary. SEBA Hong Kong’s initial activities will focus on consultancy services and market research, as well as engaging strategic partners for its head office in Switzerland. The bank provides a suite of fully regulated banking and investment services, including trading, structured products, bank accounts, cards, credit, staking, and crypto and…

Hong Kong’s Credit Reference Platform (CRP) has completed system testing and officially commenced operation on 28th November 2022. CRP’s launch was announced by the Hong Kong Association of Banks (HKAB), Hong Kong Association of Restricted License Banks and Deposit-taking Companies and the Hong Kong S.A.R. Licensed Money Lenders Association. The three credit reference agencies (CRAs) shortlisted under the Multiple Credit Reference Agencies (MCRA) Model are Nova Credit Limited, PingAn OneConnect Credit Reference Services Agency (HK) and TransUnion. Under the MCRA Model, all credit providers are required to connect to the CRP which is a financial infrastructure to facilitate the transmission…

Fusion Bank announced that it has been granted licensing from the Hong Kong Securities and Futures Commission (SFC) to offer digital wealth advisory services. The bank secured Type 1 (dealing in securities) and Type 4 (advising on securities) licenses, allowing it to expand into the wealth management space. So far, two other virtual banks – ZA Bank and WeLab Bank – have been granted similar licenses in Hong Kong. Licensed as a virtual bank by the Hong Kong Monetary Authority, Fusion Bank is a joint venture between Tencent, Industrial and Commercial Bank of China (ICBC Asia), Hong Kong Exchanges and Clearing…