Global fintech platform Airwallex announced its partnership with London-based investing app Plum to support its cross-border payments and FX needs. Airwallex was chosen as Plum’s global payments and FX partner to support the launch of the latter’s new stock investing feature that will allow for its customers to trade in 500+ U.S. stocks across a range of large tech brands and options, including major Fortune 500 businesses. With the Airwallex integration, Plum can collect, hold and convert funds in multiple currencies and more quickly bring to market new features to customers on their investing journey. Founded in 2015, Airwallex operates…

In Asia Pacific (APAC), the rapid development of cross-border e-commerce has fueled demand for cross-border payment capabilities and embedded financial solutions as small, online businesses embrace digital technologies to broaden their reach and go global, a recent report by Currencycloud shows. Embedded finance enables any company to embed pre-built financial solutions via an API integration into their offerings. These solutions can be anything ranging from payments and lending, to other specialised services such as insurance coverage, and investments. There are many reasons for the rise of embedded finance, including friendly regulations, acceleration toward a cashless society, and the growth of e-commerce. But…

Despite phenomenal growth, current buy now, pay later (BNPL) models are showing to be rather unprofitable. Quinlan and Associates, an independent strategy consulting firm, estimates that in Asia-Pacific (APAC), the largest BNPL firms, including Australia’s Afterpay and Japan’s Paidy, are currently running average profit margins of -15% per annum (p.a.), while the more nascent players operating in emerging markets like the Philippines’ Cashalo and Indonesia’s Akulaku are suffering from profit margins of -100% p.a. This means that under their current business models, APAC BNPL players are facing a combined loss of US$5.2 billion by 2025, the firm estimates. These figures…

In a fintech startup’s race to scale up, they will face challenges across many fronts, including improving product profitability, recruiting and retaining talent, managing risks as well as complying with regulations. In this article, Oracle NetSuite addresses the 9 key emerging pain points that fintech startups face. 1. Securing growth capital from investors In a slowly maturing market, one of the biggest development challenges for fintech startups is attracting and persuading investors to back them. Having a brilliant or unique product isn’t enough in itself. Investors will also look at the business infrastructure as well as its sustainability and potential to…

UCOLLEX, a Hong Kong-based NFT platform, announced that it has completed a US$10 million Series A funding round led by Animoca Brands and MCP IPX One Fund (IPX Fund), which was established by MCP Asset Management (Japan). The company runs a next-generation creators’ platform that makes NFTs available to everyone, helping creators build their fanbase economy with the best-of-class technology and community — shaping a world where fans can engage with the creator’s metaverse. The raise will enable UCOLLEX to invest extensively in blockchain technology and establish metaverse frontiers. With this expansion, UCOLLEX aims to increase its visibility and presence across…

The Asian Financial Forum (AFF) witnessed more than 66,700 viewers from 80 countries and regions on its online platform, featuring 60 speeches and panel discussions, as well as a virtual exhibition showcasing cutting edge fintech innovations and solutions with the theme “Navigating the Next Normal towards a Sustainable Future”. Heavyweight speakers share views on a range of topics Several keynote speeches were featured at the AFF 2022, including an address by Mark Carney, United Nations Special Envoy on Climate Action and Finance. Carney shared his insights on how to build a sustainable financial system as a way of mitigating the…

Payments Network Malaysia (PayNet), the national payments network and shared central infrastructure for Malaysia’s financial markets, has named Farhan Ahmad as its new Group Chief Executive Officer effective 12 April 2022, succeeding Peter Schiesser. Farhan was the Founder and Chief Executive Officer of Bento for Business, a fintech company based in Chicago and San Francisco that provides payment and expense management services to small and mid-sized businesses. He has extensive experience within the payments and banking services industry, having held significant leadership roles in several financial institutions like Barclays, Discover Financial Services, JP Morgan Chase, Bank One and FirstUSA. He…

Cross border payments firm Airwallex has introduced the U.S. Airwallex Borderless Card, a virtual Visa card issued by Community Federal Savings Bank (CFSB). Airwallex’s customers domiciled in the United States can now instantly generate and issue multi-currency virtual payment cards that can be used to promptly pay third parties, such as vendors and other online merchants, wherever Visa cards are accepted. Using the Airwallex Borderless Card, U.S. companies can now transact in more than 140 currencies. Over the coming months, Airwallex plans on expanding the U.S. Airwallex Borderless Card functionality, including the issuance of physical multi-currency payment cards for business…

StockViva, a fintech company that provide real time investment analysis and education from key opinion leaders (KOLs), announced that it has raised more than US$3 million in a Series A funding round. The company received the funds from Farquhar VC from Singapore, Kharis Capital from Luxembourg, and Hong Huan Group, Angelhub, along with several individual investors from Hong Kong. Combined with the previous US$2 million investment by Alibaba Hong Kong Entrepreneurs Fund from Hong Kong, K3 Ventures founded by MX Kuok from Singapore and individual investors across Asia, StockViva has raised more than US$5 million to date. Launched in 2018,…

livi bank, one of Hong Kong’s eight virtual banks, has been granted an insurance agency license from the Hong Kong Insurance Authority. This paves the way for the bank to introduce a range of insurance products within the livi app. livi will initially partner with life insurance provider, BOC Group Life Assurance, one of its shareholder’s subsidiaries. BOC Life offers a comprehensive range of services in life insurance, wealth management and retirement protection. The bank said that it will be tailoring a range of products specifically to meet the needs of its customers by providing them with seamless access to…

HSBC Hong Kong has announced the appointment veteran banker Luanne Lim as its Chief Executive effective today onwards. Luanne was appointed Interim Chief Executive in September 2021. Prior to that, she was Chief Operating Officer at HSBC Hong Kong, a role that she has held since 2017. She has more than 25 years of experience in the banking industry. Since joining the bank in Singapore in 1999, she has held leadership roles and spearheaded strategic growth initiatives across a number of markets in Asia, including Hong Kong, mainland China, Indonesia, Malaysia, Singapore and Vietnam. During her time as Chief Operating…

The evolution of digital transformation in APAC, accelerated by the pandemic and globalisation has been unprecedented in the last few years. To navigate this new world, and to shed more light on this topic, payments firm Payoneer partnered with the Digital Transformation & Leadership Podcast by Danny Levy, to talk about APACs’ digital evolution with insights from AirAsia and Payoneer. Featuring Mohamad Hafidz, Head of Payments & Financial Services at AirAsia and Nagesh Devata, APAC Regional VP & Head of Enterprise at Payoneer, this podcast episode got behind the scenes with these business leaders to understand how they are digitally transforming their companies, the…

Hong Kong’s virtual bank Mox announced that it has made two senior appointments for the Chief Information Officer (CIO) and the newly-created Chief Data, Security, and Innovation Officer (CDSIO) positions. Christian Piccardi joins Mox as the CIO while David Walker assumes the new CDSIO role. Both Christian and David will report directly to Barbaros Uygun who is the CEO of Mox. Christian is a proven technology and IT veteran with over 25 years of experience. He joins from ING Austria, where he, as the CIO, led the technology operations to become more agile while optimising productivity, resilience and operational efficiency.…

The Hong Kong Monetary Authority (HKMA) announced that the Banking Talent Programme that it has jointly organised with the banking industry will be further extended for 6 months until the end of August this year. Since the introduction of the programme in 2020, a total of more than 600 fresh graduates have been provided with job opportunities and professional training. The employment period of graduates recruited in 2021 under the programme will expire at the end of February this year. After balancing different considerations and taking into account the feedback from the banking sector, the HKMA said that it has…

Global payments network EMQ further strengthens its multi-currency B2B payment offerings for enterprises with options including same-day settlement in RMB and USD across its payout network reaching over 150 banks in China. With EMQ Connect API, customers can pay directly in RMB and USD with same-day payment options, thereby improving the speed and cost of international payments across the global marketplace. The latest development comes on the heels of a recent series of expansion initiatives to bolster EMQ’s network infrastructure and product portfolio with real-time payments capabilities across Europe, Hong Kong, China, Thailand, Singapore, South Korea, India, Indonesia, Cambodia, Vietnam,…

HashKey Group, a Hong Kong-based digital asset financial services group, announced that its asset management subsidiary has completed an initial closing of its new fund in December 2021 with commitments of US$360 million. The fund seeks to invest in companies and projects building products and services utilising blockchain technology that may include but are not limited to venture equity in Asia as well as early-stage tokens and major liquid tokens. It also aims to provide investors institutional-grade exposure to a full spectrum of blockchain technology and crypto assets. Since 2015, HashKey Group has invested in companies and projects across the…

Global Fintech-as-a-Service platform Rapyd announced that it has completed the acquisition of  Neat, a Hong Kong-based cross-border trade enabling platform for small and medium-sized businesses (SMBs) and startups. Neat’s services, capabilities, and licenses will be integrated into Rapyd’s platform providing an easy-to-use online global trade solution optimised for SMBs, entrepreneurs, and growing companies. With the integration of Neat into the Rapyd Global Payments Network, users will now be able to incorporate new companies in minutes, streamline receivables and payables in a single venue, starting with Hong Kong and soon in other trade-friendly markets around the world. Users will also be…

Babel Finance, a Hong Kong-based crypto financial-services startup, has raised US$40 million from a slew of global investors. The investors include Tiger Global Management, Sequoia Capital China, Sequoia-affiliated Dragonfly Capital, Bertelsmann through its Asia-focused investment arm BAI Capital, and Zoo Capital. With this investment, Babel Finance said that it will innovate its offerings which includes crypto lending, crypto prime financing, and crypto asset management. Additionally, Babel Finance had used this financing round to build strategic external partnerships which includes an investment in Paradigm, an institutional liquidity network for derivatives traders. The company has also acquired the services of blockchain data…

Though crypto-assets do not pose a risk to financial stability just yet, they very well might in the near future as this new asset class continues to develop at a rapid pace. The fast-growing cryptocurrency ecosystem, the rising prevalence of crypto-assets, and tech firms’ involvement in stablecoin projects, are calling for regulators to bring crypto-assets within the regulatory perimeter. In Hong Kong, the central bank is working on a new regulation to tackle these risks. The regime will be introduced no later than 2023/24, the Hong Kong Monetary Authority (HKMA) says. “A risk-based approach” On January 12, 2022, the HKMA…

The Sandbox, a decentralised gaming metaverse and a subsidiary of Animoca Brands, has committed US$50 million to global venture accelerator Brinc for The Sandbox Metaverse Accelerator Programme, which will target 100 startups to enhance the open metaverse. With applications now open and the first cohort scheduled to start in Q2 2022, The Sandbox Metaverse Accelerator Programme is a dedicated track within Launchpad Luna, the accelerator launched in mid-2021 as a partnership between Brinc and Animoca Brands. The new programme aims to accelerate 30 to 40 startups a year over a three-year period. Blockchain startups in the fields of art, collectibles,…