Author: Fintech News Hong Kong

Hong Kong, a shipping and banking hub, is embracing blockchain technology as the city looks to become a leader in fintech. An increasing number of Hong Kong entrepreneurs and policy makers are convinced that blockchain will eventually reshape everything from financial services to supply chains. They believe the city’s hands-off approach towards regulation, along with its expertise in finance and logistics, make it a natural hotbed for blockchain and cryptocurrency development. Over the past years, Hong Kong’s blockchain and crypto startups scene has demonstrated rapid growth, creating some of the most established startups in Asia such as cryptocurrency exchange platform…

Hong Kong, a global financial center with a rising fintech industry, has been hosting an increasing number of regional fintech events. Here’s our pick of the top five upcoming ones: FT Asia Insurance Summit 2017 October 19, 2017 Four Seasons, Hong Kong The FT Asia Insurance Summit 2017 conference will convene a diverse wealth of experience and expertise from across the whole region to discuss how the year ahead will prove pivotal for growth, penetration and innovation in Asia. The event will cover the key factors shaping insurance in Asia including regulatory shifts across the region, growth strategies in…

With cryptocurrencies on rise, there is no doubt that you might have already heard about them. If not cryptocurrency, you might have come across a term called Bitcoin. Bitcoin is a digital currency that exists virtually with its presence on the base of a technology called Blockchain. Bitcoin came in existence on 3rd january, 2009. Since then it was intended to ease the task of transactions which happen all across the web and between people. Today every country has its own currency that further leads to conversion issues and fees bringing in between the role of banks. Now that internet…

IDC Financial Insights has unveiled a list of 11 fast growing fintechs in China, part of the broader FinTech 101 list for Asia/Pacific. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. 11 Fast Growing FinTechs in China Ant Financial Ant Financial is a technology company that brings inclusive financial services to the world. Ant Financial, officially founded in October 2014, originated from Alipay founded in 2004. With the mission of “bring the world equal opportunities”, Ant financial is dedicated to creating an…

IDC Financial Insights has unveiled a list of 10 fast growing fintechs in South Korea, part of the broader FinTech 101 list for Asia/Pacific. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. 10 Fast Growing FinTechs in South Korea 8percent 8% is Korea’s leading online financial service. The 8 percent platform allows many small investors to It is a way to make a loan and the borrower repays it to investors every month. With 8% of online evaluation systems and platform technologies, You can…

The Financial IT magazine unveiled the Digital Only Bank Ranking in their latest special magazine for Sibos & Money 20/20. They mention that this ranking of digital banks is largely subjective. It is based on three criteria: media coverage of the digital bank in question; apparent numbers of employees; and an assessment of the overall impact of the digital bank. They are also asking in their magazine: “One question is: what do potential customers of the digital banks really want? Are they primarily looking for low cost solutions, and benefits from the branchless nature of the digital banks? Alternatively, are the…

DC Financial Insights today unveiled a list of 10 fast growing fintechs in Hong Kong as part of the broader FinTech 101 list for Asia/Pacific. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. Interesting is that all the Fintechs on this list were listed since long time on our Top 20 Fintech Hong Kong List. 10 Fast Growing Fintechs in Hong Kong 8 Securities We’re blowing the world of investing wide open…and everyone is invited. We believe everyone deserves the same access to…

A global survey of over 550 senior executives across 30 markets reveals that ‘Iconic’ firms – those that both maintain the highest levels of customer experience (CX) satisfaction, and have world-leading brand recognition – are more than twice as likely than others to employ comprehensive, leading-edge technology solutions in such areas as Next Generation Self-Service, loyalty program management and ‘voice of the customer’ survey analytics. The study by Genesys, also found that: Iconic firms are nearly three times as likely to consider leadership in technology adoption crucial for maintaining CX excellence. Only half of firms with low levels of CX satisfaction…

The Department for International Trade launched the DIT Hong Kong FinTech Awards 2017 . The Awards offer businesses an exciting opportunity to explore one of the world’s leading FinTech eco-systems in the UK and get connected to potential clients, peers and investors. The Awards aim to promote the UK as an attractive location for Hong Kong’s FinTech companies to invest in whilst providing a fertile environment for local start-ups and entrepreneurs. The UK is home to one of the world’s leading FinTech hubs. It has continued to grow, exceeding £6.6 billion in revenue and employing over 61,000 people. UK FinTech…

Japan has the world’s third-largest economy and has always been associated with the high technological developments. As the country looks to the future, what can we expect from the financial technology sector? How incumbents, fintech startups and scaleups are coordinating its efforts to create a sustainable scenario to boost innovation? Japanese fintechs are divided by clusters states Marília Assis Breite who puts together this interesting Fintech Japan Map to research futher the Japanese Fintech market: a different Fintech Japan back to December 2016 we found here:

The second annual Hong Kong Fintech Week, to be held from October 23 to 27, 2017 at the Hong Kong Convention and Exhibition Centre in Wan Chai, will bring together Hong Kong’s regulators, along with a host of private sector partners, entrepreneurs and industry leaders to discuss the future of finance and the role of Hong Kong in the international fintech scene. The event will focus on showcasing Hong Kong’s fintech ecosystem and highlighting the qualities the city offers to the global fintech community. “The fintech developments we’ve seen in Hong Kong since our inaugural Fintech Week in November 2016…

Hong Kong is ramping up its support for fintech and insurtech innovation with new rulings and bold initiatives that are intended to accelerate development and facilitate collaboration. Many of these initiatives are being undertaken by the Hong Kong Monetary Authority (HKMA), Hong Kong’s currency board and de facto central bank, in a bid to “prepare Hong Kong to move into a New Era of Smart Banking.” In a keynote speech delivered during the Annual Banking Conference of the Hong Kong Institute of Bankers, Norman Chan, the chief executive of the HKMA, outlined the several initiatives that are being launched by…

The Securities and Futures Commission (SFC) today issued a circular announcing the launch of the SFC Regulatory Sandbox to provide a confined regulatory environment for qualified firms to conduct regulated activities utilising financial technologies (Fintech). The sandbox aims to enable qualified firms, through close dialogue with and supervision by the SFC, to identify and address any risks or concerns associated with their regulated activities before their services can be provided to the wider public in Hong Kong. “The SFC recognizes that firms utilising innovative technologies may broaden investor choice and benefit the Hong Kong financial services industry,” said Mr Ashley Alder, the…

The Hong Kong Monetary Authority (HKMA) unveiled a number of initiatives that prepare Hong Kong to move into a New Era of Smart Banking. In a keynote speech delivered during the Annual Banking Conference of the Hong Kong Institute of Bankers, Mr Norman Chan, Chief Executive of the HKMA, outlined how the HKMA will take lead and help the banking sector to rise to a higher level and embrace the enormous opportunities brought about by the convergence of banking and technology. The initiatives to be launched by the HKMA include: Faster Payment System (FPS) – Both banks and Stored Value Facilities…

Deloitte announced the winners of this year’s Rechnology Fast 20 Hong Kong Program (TF20) , including the top three companies — WeLab Holdings Limited, SenseTime Group Inc., and GoGo Tech Holdings Limited. For the Rising Star Program, 10 companies including Klook, TNG were identified for their viable business models and strong growth potentials. In this inaugural year, the winners came from a wide spectrum of industries, spanning FinTech, AI, software, hardware, biotech, media and e-commerce. In addition to offering quality products and services, the winning companies of the TF20 Program have demonstrated remarkable business growth for three years since 2014. WeLab saw a…

Blockchain has become a buzzword in the business world with firms from diverse and varied industries all looking to harness the technology to increase efficiency and cut costs. Interest in blockchain originally came from the banking and financial services industry but quickly grew to others to include transportation and logistics, e-government and digital identity, e-commerce and retail, as well as music and entertainment, among others. To keep up with the rapidly evolving world of blockchain and cryptocurrency, we have selected ten must-read books and research papers on the subject that dive into the subject. Blockchain books Attack of the 50…

The HK$2 billion co-investment scheme (VC Matching Scheme), which was announced by the previous Chief Executive in his 2016’s Policy Address has launched. The Innovation and Technology Commission (ITC) has launched the “Innovation and Technology Venture Fund” on 15 September 2017 and it aims to stimulate private investment in local innovation and technology startups. It is now open for application by venture capital funds to become co-investment partners of the Government, under a specially set up investment vehicle, the Innovation and Technology Venture Fund Corporation.  The deadline of application is 15 January 2018.  A briefing session will be held on 3 October…

“Think Asia, Think Hong Kong,” a large-scale Hong Kong business promotion organised in London by the Hong Kong Trade Development Council (HKTDC) and supported by more than 60 UK organisations, attracted over 2,100 participants from the United Kingdom, Hong Kong and the Chinese mainland. Over a three-day period (19-21 September), a series of activities were held, including business missions, a gala dinner, and a full-day symposium featuring 50 high-profile speakers in panel discussions and thematic seminars, plus more than 220 business matching meetings. Returning to the UK since its launch in 2011, this flagship promotion profiled Hong Kong’s strengths as…

With cybercrime on the increase, payment card security is increasingly a focus for companies and consumers alike. The Payment Card Industry Data Security Standard (PCI DSS) is there to help businesses that take card payments protect their payment systems from breaches and theft of cardholder data. The findings from the Verizon 2017 Payment Security Report (2017 PSR) demonstrate a link between organizations being compliant with the standard, and their ability to defend themselves against cyberattacks. Of all payment card data breaches Verizon investigated, no organization was fully compliant at the time of breach, and showed lower compliance with 10 out…

Chinese securities companies are expanding beyond the traditional brokerage business into wealth management and an overseas footprint, with digitalisation one of the key competitive differentiators, finds KPMG’s latest survey. KPMG China’s 11th annual survey of 129 securities companies in mainland China highlights that revenue from investment banking increased 30 percent year on year to RMB 68.1 billion – the result of an accelerated IPO and bond approval process. Investment banking accounted for one-fifth of the industry’s total income in 2016, compared to nine percent in 2015. Meanwhile, the asset management sector gained prominence in 2016 as it generated nine percent…