Bank of China Group Insurance (BOCG Insurance) announced that it has joined forces with international actuarial and consulting firm Milliman as well as Hong Kong’s insurtech firm CoverGo. The partnership was formed to streamline BOCG Insurance’s motor insurance ecosystem and customer experience. BOCG Insurance has engaged Milliman to implement new rates for motor products, through advanced actuarial and machine learning techniques. Meanwhile, CoverGo will provide its insurance platform to build products faster with no-code, increase distribution through new digital portals, and improve policy and claims admin through automation. BOCG Insurance said that its agents and customers can now purchase motor…

The Insurance Authority (IA), Hong Kong’s insurance regulator, is exploring the development of an open application programming interface (API) framework and has established a working group focused on the initiative, Tony Chan, the associate director of policy and development at the IA, said in a keynote speech at a recent event. The plans were shared during the Actuarial Society of Hong Kong (ASHK)’s 19th Appointed Actuaries Symposium on November 23, 2021, during which Chan stressed the need to foster greater collaboration among insurers, third-party service providers and regulators. Some insurers are already utilizing API technology to facilitate connectivity between their…

Global Fintech-as-a-Service platform Rapyd announced that it has agreed to acquire Hong Kong-based Neat, a cross-border trade enabling platform for small and medium-sized businesses (SMBs) and startups. Terms of the deal were not disclosed, and it is subject to regulatory approval. Neat provides full company incorporation, business accounts, global payment collection and disbursements, as well as credit card-based capital expansion services. According to Rapyd, by integrating Neat into its global payments network, SMBs will be able to incorporate new companies in minutes, streamline receivables and payables in a single venue, starting with Hong Kong and soon in other markets. Additionally,…

With data becoming a core business asset for financial companies, artificial intelligence and machine learning (AI/ML) continues to be a focal point in maximising the competitive advantage of this ‘new oil’. This is according to a new study by LSEG Labs, The Defining Moment for Data Scientists, on the applications of AI/ML in financial services. The study found that the adoption of AI/ML within organisations has remained steady since 2018. Over the last three years, between 40-50% of respondents reported deploying AI/ML in multiple areas. The survey is based on responses from 482 data scientists, quants, model governance professionals and…

AngelHub, an SFC-regulated tech investment platform and sister-company of WHub, announced that it has secures US$ 3 million from Animoca Brands and its existing investor Kharis Capital. The new funding will accelerate AngelHub’s deployment in tech companies, grow WHub’s corporate partnership ecosystem and fuel its international expansion. Hong Kong-based blockchain unicorn Animoca Brands joined forces with AngelHub in order to drive the democratisation of investment in blockchain companies. Both companies entered into a strategic partnership to bring more blockchain investment opportunities through AngelHub. The focus will be on companies in the metaverse, DeFI, NFT and digital infrastructure. As of now,…

Virtual bank WeLab announced the acquisition of PT Bank Jasa Jakarta (BJJ), a commercial bank in Indonesia, with plans to launch its second digital bank in the second half of 2022 following its successful launch in Hong Kong. Headquartered in Hong Kong, WeLab has drawn interest from existing and new investors who have already contributed US$240 million which will be used to acquire the controlling stakes from its existing shareholders and tech investments. The WeLab-led consortium, Welab Sky, has entered into a share purchase and subscription agreement with all the shareholders of BJJ. According to the agreement, WeLab Sky will…

By 2025, Hong Kong’s virtual banks are expected to amass 44,182 small and medium-sized enterprise (SME) customers, a client base that’s set to grow at a compound annual growth rate (CAGR) of 163.6% between 2020 and 2025, estimates Quinlan and Associates, a strategy consulting firm specializing in the financial services industry. These figures were shared in a new report outlining the current positioning of industry players and the future outlook for the space. According to the report, SME customer uptake will rise as more virtual banks open their doors to business customers. Currently, only Ping An OneConnect Bank (PAOB) and…

Hong Kong’s virtual bank Mox announced that now has 200,000 customers, doubling its customer base since May. As one of the eight entities that were granted a virtual banking license by the Hong Kong Monetary Authority, Mox had officially launched to the general public in Hong Kong in September 2020. Mox reports high levels of customer engagement where more than 80% of its customers are currently using at least two or more of its products and services. As the digital bank’s user base grew, so did its card transactions with customers spending more than HKD 3 billion using their Mox Cards.…

The sudden surge in e-commerce activities has brought with it a rapid rise of card-not-present (CNP) fraud, costing e-commerce merchants an estimated US$35.54 billion globally in 2020, a new report by Forrester says. According to the “How to balance risk in an ever-changing retail landscape” report, this massive jump in CNP shows that merchants are overwhelmed with the massive increase in new customers and activities, and calls for greater use of fraud management efficiency metrics. CNP is a category of fraud where the cardholder does not or cannot physically present the card for a merchant’s visual examination at the time…

Travel and leisure booking platform Klook and ZA Tech, the technology venture founded by ZA International and backed by Softbank’s Vision Fund 1, announced a joint venture (JV) that will accelerate the availability and accessibility of travel-related insurance for consumers across the globe. The agreement will synergise Klook’s global presence and hyper-localised go-to-market strategy, alongside ZA Tech’s experience in insurance innovation and technological know-how – ensuring global consumers will have seamless access to a broad selection of travel-related insurance policies at competitive prices. With this JV, insurers will be able to partner with Klook to feature their insurance products on…

Hong Kong Fintech Week (HKFW) 2021 ended on November 5, closing a global conference exploring an array of business opportunities for the fintech industry in Hong Kong and across the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The event which featured renowned speakers from around the world, revealed several key policy announcements and put a spotlight on Hong Kong as the destination for fintech startups and scale-ups to expand business in Asia. The five-day event themed “Scaling Fintech Future Together” had attracted over 20,000 attendees. The conference was host to over 300 speakers, more than 400 exhibitors, and 39 international delegations…

Demand for green finance is surging in Hong Kong but the lack of unified standards or definitions of green financial products is posing regulatory challenges, facilitating greenwashing, damaging investors’ confidence and harming the proper development of the sector. Against this backdrop, technologies and regtech solutions can be put to work and help foster the healthy growth of green finance, enabling better environmental, social and governance (ESG) insight, and bringing investor confidence and transparency, according to a joint report by the Fintech Association of Hong Kong and the Law, Innovation, Technology and Entrepreneurship Lab at the University of Hong Kong. The…

The Mobile Banking Benchmark 2021 survey found that Hong Kong’s virtual banks Mox and Livi stood out as regional leaders, though overall a gap between Asian and European players remains. The survey was conducted by management consulting firm Sia Partners which assessed 135 banks across 17 countries to understand the present state of mobile banking globally, including 16 banks from Hong Kong and six from Singapore. In Hong Kong, Mox Bank, Livi Bank and Hang Seng Bank take the top three places for mobile banking services. Overall for Asia, Sia Partners allocates top ten spots to seven Hong Kong banks…

Cross border payments firm Airwallex announced it has secured an additional US$100 million in a Series E1 financing round, raising its valuation to US$5.5 billion. This extension comes just a month after Airwallex announced an oversubscribed US$200 Million Series E round as the company was looking to accelerate its global expansion plans. This latest round takes Airwallex’s total Series E fundraising to US$300 million, with US$802 million raised in total. Airwallex’s Series E1 funding round was again oversubscribed, on the back of strong underlying business performance and momentum in the third quarter. Lone Pine Capital remained the lead for this…

35 percent of Hong Kong citizens said they are open to use cryptocurrencies or central bank digital currencies (CBDCs) as a payment method in the next five years, according to new research from FIS. More than 1,000 Hong Kong consumers aged 18 and above were surveyed in September 2021, and the research found that cryptocurrencies are set to become a viable option across Hong Kong, despite being a relatively new payment method which is not offered by many merchants yet. The research found that 23 percent of them plan to use these digital currencies to pay for a select few…

In recent years, installing and enabling a virtual private network (VPN) on your personal computer or smart device has gone from a niche luxury to a must-have for many internet users. By masking your IP address and encrypting your online activity, VPNs offer a raft of security, privacy and accessibility benefits that you can scarcely afford to do without. If you’re late to the VPN party and still aren’t sure what all the fuss is about, this handy article will explain what you’re missing. Although not exhaustive in its summary, it should provide an informative introduction to the main advantages…

In Asia-Pacific (APAC), digital wallets are gradually booming in popularity. By 2023, these apps and digital platforms are expected to become the preferred payment method for consumers in Hong Kong and India, a new whitepaper by payment solution provider HPS says. Within the next two years, digital wallets usage will surpass card usage in the two nations, taking a 47% market share in Hong Kong and a 38% market share in India, the report says. In 2019, cards were the preferred payment method in the two countries, representing 40% of transactions in Hong Kong and 31% of transactions in India,…

Hong Kong’s multi-line insurer OneDegree announced a partnership with digital asset exchange HKbitEX to offer protection for its sister company ON1ON’s custody platform. The partnership will ensure that US$100 million of digital assets under management will be protected. OneDegree will cover private key loss and misappropriation due to physical damage to wallets caused by natural events, cybersecurity threats, and employee theft. The insurer is actively developing further solutions to provide comprehensive protection to digital asset participants. These solutions, together with an in-house developed enterprise-grade cybersecurity platform Cymetrics, will help clients understand their cyber exposure and manage their cyber risks. Alvin…

Qupital, a Hong Kong-based financing platform for cross-border e-commerce sellers, announced it has raised US$150 million in a combination of Series B equity funding and a receivables-backed securitisation facility. The Series B round was led by the Greater Bay Area Homeland Development Fund (GBA Homeland), with additional capital injections from investors including the Innovation and Technology Venture Fund (ITVF) of the Hong Kong SAR Government, MindWorks Capital, Silverhorn and Alibaba Entrepreneurs Fund. The majority of funds raised will be used to accelerate Qupital’s core lending business to support e-commerce sellers. As part of its five-year plan, the company is set…

ZA Bank announced that starting from today, new users will get their loan application approval results instantly via ZA Bank’s official website, enjoying a seamless and convenient digital finance experience. In order to receive the preliminary approval results in an immediate manner, applicants only have to visit the “Borrow” page on ZA Bank’s website, click “Apply Now”, and then enter basic personal information. The whole journey will take place on one single website, where an application can be completed in as fast as 90 seconds without the need to submit any proof documents. Devon Sin, Co-Head of Retailing Banking at…