Hong Kong Fintech Week 2022 ‘s second day was every bit as exciting as the first, with a packed schedule of events, announcements, and sessions with some of the biggest names in the industry.  With so much to see and do, day two of Hong Kong Fintech Week was a resounding success – and here are the highlights in case you missed it.  Hong Kong gateway for fintechs between China and global markets The Secretary for Commerce and Economic Development, Hong Kong SAR, Mr.  Algernon Yau, said that Hong Kong is already one of the world’s most competitive economies and…

The seventh edition of Hong Kong’s flagship fintech event Hong Kong Fintech Week (HKFW) 2022 kicked off this week, organised by the Hong Kong Monetary Authority (HKMA) with Invest Hong Kong. The first day of the HKFW 2022 saw several announcements from key government officials, including HKMA’s Chief Executive Eddie Yue who gave the opening keynote. Yue noted the “significant progress” of Hong Kong’s Fintech 2025 strategy which was rolled out in 2021, including progress in regtech, central bank digital currencies (CBDCs), and cross-boundary fintech cooperation. The HKMA also announced new initiatives to spur fintech development in the city and…

Hong Kong’s Financial Services and Treasury Bureau published a policy statement on the development of virtual assets in conjunction with the start of Hong Kong Fintech Week (HKFTW) 2022. The statement recognised the potential of virtual assets and affirmed the government’s commitment to providing a facilitating environment for the development of the virtual assets sector. To this end, Hong Kong is putting together a licensing regime for virtual asset service providers that will align their requirements to those currently applicable to traditional financial institutions. This will provide virtual asset exchanges the same status and credibility as their traditional counterparts, allowing…

Hong Kong Fintech Week (HKFTW) is back for its seventh edition from 31 October to 4 November 2022 as a hybrid event, hosting physical and virtual conferences and events. The event offers an unrivalled opportunity to learn from some of the most influential figures in the industry, network with fellow fintech professionals, and get a taste of the latest technology and trends driving the sector forward. This year’s event did not disappoint, with a slew of interesting activities, announcements, and insightful conversations. Here are some of the key highlights from the first day of the main event: Hong Kong is…

The Hong Kong Monetary Authority (HKMA), Bank for International Settlements (BIS), Bank of Thailand, Central Bank of the United Arab Emirates, and the Digital Currency Institute of the People’s Bank of China have published a report on the completed pilot of the use of central bank digital currencies (CBDCs) by commercial banks for real-value transactions across borders. Project mBridge, which involved 20 banks in Hong Kong, Thailand, mainland China and the United Arab Emirates, successfully conducted 164 payment and foreign exchange transactions totalling over US$22 million (HK$171 million). The six-week pilot held in Q3 2022 is the largest cross-border CBDC pilot…

South Korean computers and electronics manufacturer Samsung is ramping up its fintech play, launching new finance products in India and South Korea, including credit cards, loans for consumer electronics purchases, and a new all-encompassing fintech app. Samsung’s digital lending program Samsung Finance+ in India was officially extended to a broader range of consumer electronics and appliances on October 18, 2022, providing local customers with easy and quick credit to buy products such as televisions, soundbars, refrigerators, washing machines, microwaves, and air-conditioners. The program was initially reserved only for Samsung smartphone buyers. Samsung Finance+, which is being offered in partnership with…

The annual Hong Kong Fintech Week is coming back next week for a multi-day event focusing on the latest innovations and trends emerging in the finance, banking and insurance sectors. Organized by the Financial Services and the Treasury Bureau (FSTB) and InvestHK, and co-organized by the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA), and the Securities and Futures Commission (SFC), the 2022 Hong Kong Fintech Week will take place from October 31, 2022 to November 04, 2022, with the main physical conference to be held on October 31 and November 01. This year’s event is set to attract…

The Hong Kong Monetary Authority (HKMA) has officially launched its Commercial Data Interchange (CDI), one of the key initiatives under its Fintech 2025 strategy. As a consent-based financial data infrastructure, CDI aims to enhance data sharing by facilitating financial institutions to retrieve enterprises’ commercial data, in particular the data of small and medium-sized enterprises (SMEs), from both public and private data providers. With the launch of CDI, financial institutions would be able to streamline a wide range of financial processes, such as Know-Your-Customer (KYC), credit assessment, loan approval and risk management. CDI has registered over HK$1.6 billion in approved SME…

AXA has emerged as the the first insurer in Hong Kong to enter The Sandbox metaverse which is a decentralised gaming virtual world and a subsidiary of Animoca Brands. Through this partnership, AXA Hong Kong has acquired a 3×3 LAND which will enable it to provide an innovative interactive space for its customers. AXA said that it aims to revolutionise the wellness and healthcare experiences for its customers and markets in the broader regions by continuously driving innovation and technological development. Hong Kong has a strong and growing role in The Sandbox with its cultural hub featuring numerous local companies,…

Invest Hong Kong (InvestHK) has unveiled details of Hong Kong Fintech Week 2022 (HKFW), which will take place in person and virtually from 31 October to 4 November. Themed “Pushing Boundaries, Reaping Benefits”, the seventh edition of the flagship event seeks to lead the development of the industry and deliver fintech breakthroughs in different aspects of financial services and beyond. A gathering of global leaders in innovation, technology, and finance Organised by the Financial Services and the Treasury Bureau (FSTB) and InvestHK, and co-organised by the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA), and the Securities and Futures…

HSBC has signed a multi-year agreement with Oracle for a strategic collaboration to accelerate the bank’s digital transformation. The bank will upgrade and migrate select database systems to Oracle Exadata Cloud@Customer, a cloud platform delivered as a managed infrastructure service in the bank’s own data centers. Oracle Exadata Cloud@Customer is an Oracle Cloud Infrastructure (OCI) service that provides a cloud platform that enables HSBC to continue to use Oracle databases in support of its critical systems while retaining control of its data governance, thereby meeting data locality and security regulations. HSBC will also be able to bring cloud automation to…

The metaverse, a concept that refers to an immersive virtual environment which mimics aspects of the physical world using technologies such as virtual reality (VR), is taking hold in Asia. Governments and companies across the region are betting big on the prospects of virtual worlds to better engage with younger generations and provide more convenient ways for the public to access their services. They believe local consumer habits and preferences are conducive to the uptake of what is ought to be the next iteration of the Internet. South Korea’s metaverse scene sees strong traction Local metaverse platforms are growing at…

The Cyberport Venture Capital Forum (CVCF) will be held on 27-28 October in hybrid format again, with the theme of “Thriving in the Dynamic: Refocusing for Growth”. Cyberport, as the digital technology flagship of Hong Kong, is dedicated to facilitating deal flow for startups and enriching the regional venture capital landscape. The forum will engage more than 100 venture capitalists and industry leaders to look into the new situation of the global venture capital market. It will also feature investors and startup financing strategies, new opportunities in Hong Kong and the Greater Bay Area (GBA) markets, as well as the…

imBee, a Hong Kong-headquartered chat management platform, announced that it has raised US$5 million in Series A funding led by global venture capital firm DCM. The company said that it will use the funds to advance its platform offerings, go deeper into existing markets and expand its footprint in the Asia Pacific region. Through imBee multi-chat management platform, financial and professional services firms can now collaborate and communicate internally and externally on a single interface. WhatsApp Business API, WeChat, Facebook Messenger, and Instagram can now be integrated into an all-in-one platform that is linked to the internal communication system of…

Ping An Insurance Group ranked first among China’s financial companies and 5th among global insurance companies on the Forbes’ World’s Best Employers 2022. The group was 8th among all Chinese companies on the list and 211th in the world overall. The World’s Best Employers ranking was jointly prepared by Forbes and market research firm Statista to determine the top employers in corporate impact and image, talent development, gender equality and social responsibility. Statista surveyed 150,000 full-time and part-time employees from multinational companies and organizations in 57 countries and selected 800 companies with the highest overall ratings. According to Forbes, amidst…

The Green and Sustainable Finance Cross-Agency Steering Group has launched an internship for Hong Kong students as part of a collaborative effort to build capability for the industry. The steering group was established by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) in May 2020. It has been working closely with the industry and academia to address capacity and data constraints, developing resources for market participants. The newly-launched Sustainable Finance Internship initiative takes this a step further as it offers students an opportunity to gain practical hands-on experience in sustainable finance. This will deepen their…

Cross border payments firm Airwallex announced that it recently closed its Series E2 financing round with the same US$5.5 billion valuation, bringing its total funds raised to more than US$900 million. The fintech had managed to extend its Series E announced in November last year by securing more funds from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent. HostPlus, an Australian industry superannuation fund, and an unnamed North American pension fund, also participated in this round. Airwallex said that it has multiple new products and services in its pipeline for…

Manulife announced the appointment of Harshal Shah as its new Chief Marketing and Experience Design Officer for Asia, effective 17 October 2022. He will also be a member of the company’s global leadership team. Harshal joins Manulife’s Asia Executive Division Committee and reports to Damien Green, President and CEO of Asia as well as Karen Leggett, Global Chief Marketing Officer. Based in Hong Kong, Harshal will be responsible for progressing Manulife’s marketing, brand, digital, and customer experience across Asia. He will oversee customer insights, design, brand, data analytics, digital strategy, and ManulifeMOVE, and he will work closely with colleagues at…

Despite showing potential to address market needs and foster innovation in the banking sector, Taiwan’s new digital banks still have a long road ahead to reach profitability amid a saturated retail banking market and limitations in the services they are allowed to offer, a new report by research and consulting firm Kapronasia says. Taiwan’s three digital banks, namely Line Bank, Rakuten Bank or Next Bank, are competing against 38 commercial banks for a piece of the island’s 23 million population in one of Asia’s most oversaturated retail banking markets. This is all the while being restricted from potentially more lucrative…

YAS MicroInsurance, a blockchain based insurtech company, announced the completion of its US$4.5 million Pre-Series A funding round. led by Noria Capital, ZEMU VC and JKL Capital. Lead investor Noria Capital will also share its expertise in the Middle East and support YAS in obtaining a digital asset insurance license in the region. YAS said that it plans to use the funds to expand and insure the Web3 economy as it aims to offer cross-dimensional insurance products. “We are on track with our goal to achieve our vision of how future insurance works – autonomous insurance on-chain, as we transition…