Hong Kong’s digital bank livi bank announced the launch of its travel insurance offering, first general insurance product, in time for the relaxation of the quarantine rules in the country. The ‘Travel Now’ plan covers medical expenses, trip cancellations and interruptions due to sickness, including COVID. It also offers protection on hazardous activities and car rental as well as comprehensive coverage on personal belongings, including mobile phone and laptop, as well as liability cover. Customers will also get free premium for children, from the second child onwards, and complimentary pet-related protection. The travel insurance plan provides two levels of tailored…

The Hong Kong Monetary Authority (HKMA) announced the implementation details of the Pilot Scheme on Training Subsidy for Fintech Practitioners (the Scheme). In the 2022-23 Budget, the Financial Secretary announced plans to implement the Scheme this year, so that practitioners who have attained fintech professional qualifications can receive reimbursement of up to 80% of the training costs. The scheme will provide around 1,500 places to promote the professional development of fintech talent and expand the fintech talent pool in Hong Kong. As the Enhanced Competency Framework on Fintech (ECF-Fintech) for banking practitioners became the first set of fintech professional qualifications…

The Bank for International Settlements – BIS Innovation Hub Hong Kong Centre, Hong Kong Monetary Authority, Bank of Thailand, People’s Bank of China and the Central Bank of The UAE announce the successful completion of the first CBDC pilot involving four jurisdictions and real-value transactions. Previously known as Project Inthanon-LionRock, the project was renamed as “m-CBDC Bridge” to explore the capabilities of distributed ledger technology (DLT) in facilitating real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis. The m-CBDC Bridge project also explored business use cases in a cross-border context using both domestic and…

Ant Group announced that Alipay+ will be integrated into Asian e-wallets AlipayHK, the Philippines’ GCash, Malaysia’s Touch ‘n Go, and Thailand’s TrueMoney in an effort to jointly promote cashless travel in South Korea as travel restrictions were lifted in the country. Users of these 4 e-wallets will now be able to pay at over 120,000 merchants using their local mobile payment apps. The initial phase of the merchant roll-out covers major tourist activities including payments for taxi, duty free shops, convenience stores, and food and beverage chains. Introduced by Ant Group, Alipay+ is a suite of global cross-border digital payments and…

Tokyo Stock Exchange (TSE) and the New York Stock Exchange (NYSE) announced a new agreement to support cross-border investment between the U.S. and Japan during Japanese Prime Minister Fumio Kishida’s visit to the NYSE. The agreement focuses on three key areas; the development of investment products, marketing activities targeted at U.S. and Japanese investors, and the exchange of information on sustainability, digital technologies, market operations and other topics. The NYSE and TSE have developed a cooperative relationship over decades, including the signing of an agreement on cooperation in February 2000 and the establishment of a strategic alliance in January 2007.…

True Global Ventures 4 Plus Fund and Follow On Fund (TGV 4 Plus FoF) has invested US$38 million in Animoca Brands and bought US$16 million in equity from the secondary market. This comes in addition to TGV’s participation in the company’s recent US$110 million round led by Temasek, Bayou Capital and GGV. “TGV has been a wonderful supporter of the company and its ecosystem such as The Sandbox since 2019 and we are honoured that they continue to support Animoca Brands and its vision,” said Yat Siu, Co-Founder and Executive Chairman of Animoca Brands. The recent funding comes with new…

Hong Kong digital bank WeLab and Indonesian conglomerate Astra International have completed their acquisition of commercial bank Bank Jasa Jakarta (BJJ) after receiving regulatory approval. The acquisition was led by WeLab-led consortium’s WeLab Sky which is backed by investors such as Allianz X, Boyu Capital, Horizons Ventures, SCBX Group and Taipei Fubon Bank Capital. WeLab first acquired 24% of BJJ in December 2021 with plans to launch its second digital bank in the second half of this year. The digital bank then announced that it had entered into a partnership with Astra International to acquire the majority stake in BJJ…

The BIS Innovation Hub’s Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) will look into the use of decentralised finance (DeFi) tools to improve access to finance for unfunded and underfunded small and medium enterprises (SMEs). The launch of Project Dynamo aims to deliver a prototype for the compliant use of DeFi tools such as blockchain and smart contracts for this purpose. According to a joint statement by BIS and HKMA, the intention is to enable policymakers and the financial services industry to develop a deeper understanding of whether and how these technologies can reduce transaction and borrowing costs,…

Data enrichment, the process of enhancing internal data with relevant, contextual data obtained from external sources, is critical for financial services companies looking to get the most out of their investments in artificial intelligence (AI), allowing them to build more accurate predictive models and improve decision-making, says Mobilewalla, a Singapore-based consumer intelligence solutions provider. In a new paper titled Improving Predictive Modeling Accuracy for Fintechs with Data-Centric AI, the firm explores why data quality, breadth, and depth are crucial for businesses to build accurate predictive models, and how data enrichment and feature engineering benefit AI in fintech. According to the…

With a strong capital pool and supportive government-led policies, Hong Kong has offered a solid foundation for companies to innovate, scale and transform the future of fintech. Today, Hong Kong has one of the highest consumer fintech adoption rates (67%) in the world, ranking above markets such as France, US and Japan. It also has a high business-to-business (B2B) fintech adoption rate with 66% of fintech companies focusing on the B2B market. The city is home to over 600 fintech companies including three fintech unicorns, namely Amber Group, Babel Finance, and WeLab, according to CB Insights. Using data from Tech in Asia, we have…

The Hong Kong Monetary Authority (HKMA) announced during the fourth anniversary of its Faster Payment System (FPS) that the service has received 10.9 million registrations as of the end of August 2022. According to them, FPS usage has also been growing steadily with the average daily turnover reaching 928,000 real-time transactions, representing a 17-time surge since its launch in October 2018. In addition to small-value transfers such as person-to-person payments for sharing the bill when eating out, many people have been using the FPS for account top-ups and merchant payments. The FPS can also be used to pay utility bills…

HashKey Group’s crypto fund HashKey Capital Limited has been granted an uplift of its Type 9 asset management license by the Securities and Futures Commission (SFC) of Hong Kong to manage funds exclusively investing in virtual assets. With this, the fund joins the first batch of Hong Kong’s licensed virtual asset managers operating in compliance with the SFC’s “Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets” published in October 2019. “HashKey Group was among the first enthusiasts and advocates of the crypto industry. This Type 9 license uplift reinforces our commitment to fostering…

Ant Group’s online insurance agency platform Ant Insurance has launched digital operation platform Xingyun (translated as nebula) for insurance companies in China. According to Ant Insurance, the Xingyun platform is the first of its kind in the country. Powered by Ant Group’s technologies, the Xingyun platform can help insurers improve operational efficiency and customer experience through smart digital operation covering the whole business process including sales, operations and customer service. The company says that Xingyun can identify 107 types of verification documents, such as receipts from hospitals, for insurance claim settlements with an identification accuracy rate of above 95%. It…

Hex Trust, a digital asset custodian which is fully licensed in Hong Kong and Singapore, announced that Henri Arslanian has joined its advisory board. Henri brings with him years of extensive experience, vast knowledge and an expansive network in digital assets, fintech and finance. He is the former PwC Crypto Leader and Partner, the former Chairman of the Fintech Association of Hong Kong and an Adjunct Professor at the University of Hong Kong where he teaches a fintech course. Henri advises several crypto exchanges, investors, financial institutions and tech firms on their fintech and crypto initiatives. He has also worked…

Data science and machine learning are some of the most complex yet important business concepts today. And many companies, irrespective of their niche, rely on them to deliver a better user experience to their customers. But what role do data science and machine learning play in the development of innovative financial systems, especially in countries like Indonesia? The lack of credit history data combined with the substantial use of mobile phones in Indonesia represents a sweet spot for fintech companies to deliver advanced user-friendly consumer financial solutions. In this episode of Data Point of View, Laurie Hood, Chief Marketing Officer…

Chubb, a global provider of insurance products, announced that Belinda Au has been appointed President of Chubb Life Hong Kong, subject to regulatory approval. Au has more than 30 years of experience in the insurance industry and joins Chubb Life from Sun Life Financial, where she served as Chief Executive Officer, Singapore. Earlier in her career, Ms. Au held senior leadership roles in distribution and marketing in Hong Kong and Shanghai with AIA and Manulife. In her new role, Au will have executive operating responsibility for the company’s life insurance business in Hong Kong. This includes the integration of the…

In the past, most businesses were brick-and-mortar establishments. Recently, the business sector has seen a dramatic shift as more businesses are going online. This shift has brought about many changes, including how to handle finances. And many businesses are opting for online business accounts. Why? Because there are many advantages to which a company can benefit from it. Read on to know more: 1. Saves Time For businesses, whether big or small, time is money. So, anything that can save time is usually a good investment. And one easy way is by getting an online business account. With an online…

In Hong Kong, skills shortages and challenges in securing investment have been identified as the top two most pressing issues by local fintech companies, hampering their ability to grow and scale, a new study by Google Hong Kong and financial consultancy Quinlan & Associates found. The study, which polled 126 Hong Kong fintech companies and interviewed several C-suite executives in the sector, found that intense competition for talent in Hong Kong has resulted in the majority of fintech companies in the city facing a severe talent gap. Skill sets in sales and product design were found to be in highest…

Cross border payments firm Airwallex announced plans to provide further support for the city’s Small and Medium Enterprises (SMEs) and startup community. Airwallex will commit an additional HK$2.25 million to the initiative, raising its total commitment to HK$4.5 million this year. This follows the successful launch of its Hong Kong Small and Medium Enterprises (SMEs) initiative in April this year which saw more than 450 of its SME customers benefit from the initiative. The newly launched relief measures are available starting today and includes rental support. Compared to other major cities in the Asia-Pacific region, Hong Kong has the highest…

Animoca Brands’ Japanese subsidiary announced that it has raised a total of US$45 million to increase the value and utility of its branded content while fostering the development of a safe and secure NFT ecosystem in the country. The investment came in equal parts from its parent company Animoca Brands and Japan’s largest bank MUFG. Animoca Brands Japan has been considering a collaboration with MUFG for NFT related business opportunities, according to a March announcement. The recent fundraise has pushed the company’s pre-money valuation to approximately US$500 million. Animoca Brands Japan said that it will use the new capital to…