Standard Chartered’s innovation, fintech investment and ventures arm SC Ventures announced that it has invested funds in Chekk, a Hong Kong-based KYC, KYB and data management platform.  Details of the investment was not disclosed. SC Ventures joins Chekk’s multi-million dollar financing round announced in June this year, led by HSBC and with participation of venture capital firm SOSV. Through this investment, SC Ventures aims to accelerate the company’s product development and boost its sales organisation. SC Ventures said that this would help meet the increasing demand of the global identity verification market for individuals and corporates that is anticipated to…

DBS Bank Hong Kong has introduced LiveBetter, a one-stop digital sustainability platform in its digibank app that encourages customers to foster a more sustainable life. With features like Know Better and Invest Better, LiveBetter in the DBS digibank HK app aims to remove the barriers and customer inertia toward sustainable living. The one-stop digital platform makes it simple and easy to access an array of sustainability-centric educational resources and services. This is done through the Know Better feature which delivers bite-sized content that shows how customers can adopt habits that lead to a greener lifestyle. Customers can find eco-friendly tips…

China’s fintech sector has taken a big hit these past couple of years amid a broad crackdown on the tech sector that started in 2020. After largely giving tech companies free rein to grow, China has tightened its grip on its Internet sector, vowing to curb monopolistic behavior among platform companies and strengthen the protection of consumer privacy and data security. Regulators introduced new regulations on fintech in November 2020, forcing Jack Ma’s Ant Group to call off what would have been a record initial public offering (IPO) just days before the firm was due to go public. But fresh…

A ranking of Asia Pacific (APAC)’s top 100 fastest growing technology startups has named 18 fintech companies among the region’s most promising tech startups and up-and-coming tech leaders. These companies were selected by KPMG and HSBC among 6,472 tech startups with valuations up to US$500 million across 12 markets – Mainland China, India, Japan, Australia, Singapore, South Korea, Hong Kong, Malaysia, Indonesia, Vietnam, Taiwan and Thailand –, recognizing them for their potential long-lasting impact on the global business landscape over the next decade, as well as for standing out as leading examples for future growth. Of the overall Leading 100…

Hong Kong’s virtual bank ZA has officially launched its investment fund service where customers can build their fund portfolios based on personal financial goals. Users can immediately subscribe to the funds after opening an investment account via the ZA Bank app which reportedly just takes 5 minutes. ZA said that all subscription fees will be waived during the promotion period with no hidden charges. Customers will have access to a host of fund products managed by international fund managers including Franklin Templeton, AllianceBernstein, Invesco, and more. The product suite covers various asset classes, countries, and industries, with investment themes spanning from…

Invest Hong Kong (InvestHK) and the Hong Kong Monetary Authority (HKMA) jointly announced the addition of the Central Bank Digital Currency (CBDC) track to the Global Fast Track 2022 programme. Global Fast Track, organised by InvestHK and co-organised by Finnovasia, is a one-stop programme with a business matching portal, pitching competition, and mentoring sessions to help global fintech companies explore potential business partnerships and investments. The CBDC track invites banks, fintechs and tech firms to submit innovative solutions in eight focus areas, including retail CBDC (rCBDC) adoption, wholesale CBDC (wCBDC) adoption, programmable money, interoperability, privacy, cybersecurity, foreign exchange and liquidity…

In Asia, bigtechs and new digital banking challengers are rapidly gaining ground, forcing incumbent banks to rethink their business strategy and become a part of the super-app ecosystem, a new report by Finextra, in association with Infosys Finacle and OneSpan, says. The paper, titled The Future of Digital Banking in Asia 2022, explores Asia’s booming digital banking ecosystem and highlights emerging trends. Asia has emerged as the leader in banking innovation these past couple of years, a trend driven by the region’s large population of unbanked, demand for inclusive and accessible banking services, and rising Internet penetration. In Asia Pacific…

ShopBack, a Temasek-backed shopping and rewards platform, announced that it will be expanding its footprint to Hong Kong with a soft launch on 8 August. According to ShopBack, it has already onboarded over 250 merchants in Hong Kong ranging from local to global players, including Watsons, Disney+, Apple, KFC, Booking.com, Farfetch, Taobao, Sasa, ParkNShop, iHerb, and more. ShopBack’s entry into Hong Kong occurs in tandem with the group’s first global brand refresh across all its 10 markets in the Asia Pacific. The company reported that it drove US$3.5 billion in sales to 10,000 merchants in 2021 and launched its ShopBack Pay…

OSL Digital Securities Limited (OSL) announced it that it became the first Type 1 SFC-licensed digital asset broker to distribute security tokens to professional investors in Hong Kong in a private security token offering (STO). Participants in the offering include Animoca Brands, Head & Shoulders Financial Group, China Fortune Financial Group, Volmart and Monmonkey Group Asset Management. Each token represents a US$10,000 unit of a bitcoin-linked, coupon-rate USD bond. The bond was issued by a subsidiary of OSL parent company, BC Technology Group (BC Group), and BC Group also acted as the bond guarantor. The tokens were developed using the…

Cross border payments firm Airwallex announced the launch of its Airwallex Online Payments App on e-commerce platform Shopify. The Airwallex Online Payments App is a payment gateway plugin that merchants can integrate on their online store to accept payments from their global customers. This new app is offered through Airwallex’s payment acceptance solution that covers a wide range of payment methods. In addition to being able to accept payments globally, Airwallex merchants can also receive settlements in 7+ major currencies including USD, thus avoiding unnecessary currency conversions and related fees. Merchants are also able to accept payments directly into their…

It is evident that digital acceleration is creating a new payments paradigm as corporate non-cash payments are forecasted to reach US$200 billion transactions by 2025. Shifting global payments priorities are placing new pressures on payments operations. Payments executives are facing increasing expectations to transition their departments from cost centers to creators of enterprise value. What strategic considerations can help businesses meet digital economy demands and maximise end-to-end payments efficiency? A recent study from LexisNexis Risk® Solutions and Capgemini Invent explores the evolution of corporate payments with insights from 400 managers and executives working with corporate payments. The global study outlines…

The Hong Kong Monetary Authority (HKMA), Bloomberg and the Hong Kong United Youth Association (HKUY) have partnered to launch the Greater Bay Fintech Talent Initiative aimed at bridging a potential technology skills gap in the region. With the Greater Bay Area (GBA) aiming to bring the economic area of Southern China closer together, this initiative is designed to accelerate local talent development and equip students with relevant skills and knowledge for a digitally integrated financial region. Alongside HKMA, in its capacity as the convening partner, and Bloomberg and HKUYA as the organising partners, more than 20 corporations are supporting the…

Hong Kong digital tech park Cyberport announced that the Fintech Anti-epidemic Scheme for Talent Development programme (FAST) is now open for further applications from eligible fintech companies with a physical presence in Hong Kong. The programme aims to benefit more enterprises in need and generate more opportunities for talents locally and internationally looking to join the fintech industry. Applicants must have commenced operations before 1 January 2022 and have not obtained subsidy from the scheme previously. Each company can apply for one subsidised position, which should be created on or after 18 July 2022 for an employment period not less…

Investment holding company Huobi Technology has applied for trading licenses from the Hong Kong Securities and Futures Commission (HKSFC) through its subsidiary Huobi Services. Huobi has applied for the Type 1 (securities trading) and Type 7 (provision of automated trading services) licenses from HKSFC. As early as 2019, HKSFC introduced virtual asset regulatory sandbox, which allows virtual asset trading platforms that meet the prescribed requirements to apply for a license to conduct Type 1 (securities trading) and Type 7 (provision of automated trading services) regulated activities for the provision of virtual asset trading services. Huobi Tech’s subsidiary had been working…

Animoca Brands, the company driving digital property rights via NFTs and gaming to build the open metaverse, announced that it has raised US$75.32 million. According to a report by CoinDesk, the fundraise values Animoca Brands at US$5.9 billion. The current raise is the second tranche of the funding previously announced in January 2022, which was extended to accommodate due diligence processes. The company had previously secured about US$358.8 million at a pre-money valuation of US$5 billion in the first tranche. Investors in the current tranche included Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund,…

Hong Kong’s virtual bank WeLab announced that it has launched its digital wealth advisory solution, GoWealth Digital Wealth Advisory (GoWealth). Customers can now kick start their personalised investment plan from HKD100. In April this year, WeLab was granted Type 1 (dealing in securities) and Type 4 (advising on securities) licenses from the Hong Kong Securities and Futures Commission (HKSFC). Following this, WeLab’s new offering received over 65,000 beta users over a two-month trial period. GoWealth taps the investment expertise of asset management firm Allianz Global Investors (AllianzGI) to enable WeLab’s customers to reach their financial goals with an end-to-end approach.…

Indonesian conglomerate PT Astra International through its subsidiary PT Sedaya Multi Investama (SMI), together with Welab Sky, a consortium led by Hong Kong digital bank WeLab, plans to jointly acquire Indonesia’s PT Bank Jasa Jakarta (BJJ). As of last year, WeLab Sky already held a 24% stake in BJJ. Upon the completion of this transaction which is subject to obtaining relevant regulatory approvals, WeLab Sky and SMI will each hold 49.56% of BJJ. The deal was made with plans to transform BJJ into a digital bank that aims to provide accessible and innovative digital banking solutions for Indonesians. This partnership…

Digital wealth platform Endowus has appointed Steffanie Yuen as its Head of Hong Kong as the firm expands to its first overseas market. Steffanie will establish and lead Endowus’ presence in Hong Kong as the firm looks to launch its wealth management and advisory services in the city by Q4 2022. With over 12 years of experience in fintech, wealth management and investment banking, Steffanie joins Endowus from Value Partners, where she was responsible for leading the group’s Direct Distribution, Marketing, Communications and Investor Relations functions and other key strategic growth initiatives. Prior to that, she was the Business Development…

OneConnect Financial Technology, a technology-as-a-service provider for financial institutions, announced that it has successfully listed, by way of introduction, its ordinary shares on the main board of the Stock Exchange of Hong Kong (SEHK). The shares are traded on the main board of SEHK under the stock code “6638” in board lots of 500 shares, and the stock’s short name is “OCFT”. The company’s American depositary shares (ADSs), each representing three shares, remain primarily listed and traded on the New York Stock Exchange (NYSE). In connection with OneConnect’s listing, the company’s depositary facility for its ADSs is expected to be…

Starting a business is no easy task. There are so many things to think about- from coming up with a clever and innovative idea, to registering your company with the right governing body. In this day and age, it’s especially important to make sure that you’re doing everything by the book, as there are more regulations than ever before when it comes to starting a business. We will walk you through every step of the process, from choosing the right entity type for your company to filing all of the necessary paperwork. So whether you’re just getting started or you’ve…