Cross border payments firm Airwallex is now a fully registered Financial Service Provider with the Financial Service Providers Register in New Zealand and has launched its global payment services in the country. Businesses in New Zealand now have access to key Airwallex offerings including international collections, multi-currency wallets in over 11 currencies, and local payouts in over 30 currencies. The full suite of Airwallex’s global products, including multi-currency company and employee cards, spend management and its online payment acceptance capabilities will be progressively rolled out in the market. Airwallex said that its customers now also have the ability to easily…

Despite realizing the opportunities brought about data and analytics, banks and financial institutions in Asia-Pacific (APAC) are still struggling to draw critical insights from their data in an effective and timely manner. This is one of the findings drawn from a new study by tech provider InterSystems and data analyst firm Vitreous World. The survey, which polled 176 line of business leaders in APAC, sought to uncover the biggest technology and data challenges faced by financial services organization across the region, as well as their key data initiatives and priorities for the coming year. Results show that while most financial institutions have…

The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) has made some progresses in advancing Hong Kong’s green and sustainable finance (GSF) agenda and helping the financial ecosystem’s transition towards carbon neutrality. Established in May 2020, the Steering Group is co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission (SFC). Members include the Environment Bureau, the Financial Services and the Treasury Bureau, the Hong Kong Exchanges and Clearing Limited (HKEX), the Insurance Authority and the Mandatory Provident Fund Schemes Authority. Launched by the Steering Group in 2021, the GSF Center has been working to build…

Currenxie, a Hong Kong-headquartered cross-border payments company, announced that it will be participating in Amazon’s Payment Service Provider (PSP) programme. Participating PSPs must have appropriate risk and compliance controls in place and work with Amazon to reduce the potential for fraud and abuse. Amazon marketplace sellers now have the option to select Currenxie as their chosen global payment provider to receive their sales proceeds. Using Currenxie’s Global Account® to transact means that e-commerce sellers can leverage a virtual multi-currency account with over 18 currencies, which they can then use to send and receive payments locally with over 40 countries, without…

The Hong Kong Monetary Authority (HKMA) announced the results of the Tech Baseline Assessment and its plans for further supporting the industry’s adoption of fintech. As part of its “Fintech 2025” strategy, the HKMA is promoting the all-round adoption of fintech by banks and encouraging them to fully digitalise their operations, from front-end to back-end. The Tech Baseline Assessment, rolled-out in June 2021 as part of the “All banks go Fintech” initiative, took stock of Hong Kong banks’ current and planned adoption of fintech in the coming three years. The regulator also assessed whether there may be fintech business areas…

The pandemic has accelerated the growth of non-face-to-face interactions, forcing banks, merchants and others to swiftly deploy digital tools to accurately verify the identity of the person on the other end of a digital transaction. A 2021 study by advisory firm Aite-Novarica looked at ten vendors in the document identification and verification (ID&V) space, highlighting a notable growth in the demand for document ID&V solutions. Within the next two years, 90% of financial institutions surveyed by the firm shared plans to implement mobile identity document capture and verification solutions. These trends are reflective of the changing face of customer expectations and behaviors…

SleekFlow, an Alibaba Entrepreneurs Fund-backed SaaS omnichannel social commerce platform, announced that it has raised a US$8 million Series A funding round. The financing was led by New York-based investment firm Tiger Global Partners with participation from Transcend Capital and AEF Greater Bay Area Fund which is managed by Gobi Partners GBA. This round of funding is the Tiger Global Partners’ second investment in a Hong Kong SaaS startup after investing in a unicorn in April last year. SleekFlow will use the funds to break into the Southeast Asian region, specifically in Singapore and Malaysia, as well as the UK…

Japanese multinational conglomerate SoftBank announced that Alex Clavel has been appointed as Chief Executive Officer of SBGI effective June 30, 2022. Clavel is currently the Managing Partner at SoftBank Group International (SBGI) and will succeed Michel Combes, who has decided to leave SoftBank to pursue new opportunities. He will bring seven years of leadership experience at SoftBank across Tokyo, Silicon Valley and New York to the role, in which he will oversee SBGI’s operations and investment portfolio, including its stakes in Boston Dynamics, SoFi, Fortress, T-Mobile, Arm, among other portfolio companies. Together with the SoftBank Vision Funds, SBGI is responsible…

The Hong Kong Monetary Authority (HKMA), together with the Bank of Israel (BOI) and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Center, announced a joint research on retail Central Bank Digital Currency (CBDC) called Project Sela. This will be led by the BISIH Hong Kong Center and built on the foundation laid by Project Aurum. Project Aurum which was conducted by the HKMA and BISIH Hong Kong Center, studied the benefits and challenges of tiered architectures for the distribution of retail CBDC through commercial banks and payment service providers Meanwhile, Project Sela will take a deep dive…

Invest Hong Kong (InvestHK) has announced the launch of Global Fast Track 2022, a programme that helps fintech companies leverage the unique advantages of Hong Kong to scale in Asia while building a solid foundation for long-term growth. Returning for its third year, Global Fast Track will be a standalone flagship programme that runs throughout the year and is now open for applications from global and local fintech companies until September. Given that fintech firms have varying needs throughout the business cycle, the year-long programme will enable InvestHK, corporates, investors and partners to provide long-term, tailored and holistic support for…

Robo advisor AQUMON announced the appointment of Simon Lee as its Managing Director, Head of Investment Solutions effective Q2 of 2022. Simon will be stepping in to lead the investment solutions department in the management, production and distribution of the company’s AI-powered investment solutions. He brings over two decades of institutional asset management expertise with a strong focus on China and European markets. Simon joins from IMX Shanghai, where he was Head of Investment and Capital Markets, responsible for its long term investment strategies in China and abroad. Prior to IMX, Simon was Head of Institutional Business at CSOP Asset…

China’s WeBank, MYBank and Suning Bank were named the top three leading digital-only banks in Asia-Pacific (APAC), recognized for their growth and success by The Asian Banker’s inaugural ranking of the world’s leading digital banks. The Global Top 100 Digital Bank Ranking 2022, released on May 26, aims to provide a comprehensive assessment of global digital banks, ranking them according to a scorecard derived from a set of evaluation criteria across five key dimensions: customer, market/product coverage, profitability, asset and deposit growth and funding. Of the 100 digital banks that made the 2022 ranking, 43 are located in APAC. These…

Hong Kong’s big data and artificial intelligence (AI) startups are looking to ramp up hiring significantly, a trend that showcases the sector’s growth and dynamism, a new report by the Fintech Association of Hong Kong (FTAHK)’s AI and Big Data Committee says. Titled AI and Big Data Committee: Ecosystem Map and Survey, the report shares findings of a study which polled over 60 companies from across the regional ecosystem to understand the state of the sector, and identify industry participants must pressing’s issues. The study identified a drive to expand, with a vast majority of respondents (82%) sharing plans to…

Alibaba Cloud Hong Kong is hosting its “Fintech Online Day 2022 – Redefine the Future of Regtech and Digital Assets” online this June 16, 2022 to showcase the latest innovations in the financial services industry. From the emerging trend in NFT, metaverse and web3.0, to the innovative financial technology and compliance requirement we faced, this event will bring you the best practices of fintech and regtech solutions and how Alibaba Cloud for Financial Services’ roadmap helps both traditional financial institutions and fintech companies to adapt to the changes of future. How can Alibaba Cloud accelerate the digital transformation for fintechs?…

Hong Kong’s digital insurer OneDegree announced expands its product offerings with the official launch of the “OneDegree Home Insurance”. This latest addition follows the launch of its diverse range of products which include pet, fire coverage and critical illness offerings. OneDegree Home Insurance offers up to HKD 15 million coverage with a premium under HKD 100. Customers can get an instant quote online with just their residential address enabled by Google address auto-fill and the saleable area, and they can easily complete the enrollment in a minute or two by providing quick personal information. The policy takes effect immediately after…

Wisecard Technology, a Chinese solution provider for smart card issuance and innovative payment platforms, has partnered with Zwipe to bring biometric payment cards to consumers in the Asia Pacific (APAC) region. Through this partnership, Wisecard will deliver pre-built personalisation scripts for Zwipe Pay biometric payment cards ensuring much faster and smoother implementation for banks and card personalisation bureaus. Wisecard supplies turnkey personalisation solutions serving more than 150 financial institutions and 50 card personalisation bureaus in more than 60 countries worldwide. Meanwhile, Zwipe is an innovator in the biometric smart card industry with its biometric payment card platform, Zwipe Pay. Kevin…

Despite the heavy blow it has dealt the global economy over the past two years, the pandemic has accelerated digital transformation across multiple sectors. This has led to a spike in demand for talent in the fintech sector. While talent development is an indispensable part of fintech’s future, the Fintech Anti-epidemic Scheme for Talent Development (FAST) received enthusiastic responses with the number of fintech applicants surpassing the initial target of 1,000 when the year-long application period ended in July. FAST is administered by Hong Kong digital tech park Cyberport, which is wholly owned by the HKSAR Government. Successful applicant companies…

Hong Kong’s virtual bank livi is marking its second anniversary with the launch of NFT artwork collectibles “Mochi” that will be its new icon. According to livi, Mochi has “travelled from the future to 2022 to scout for like-minded individuals to build a new world of financial inclusion – the liviVerse – packed with ideas and innovations from the future”. Created by Hong Kong’s renowned artist Ping, livi will be giving out 1,888 of the limited edition Mochi NFT artwork collectible to its customers. Each Mochi NFT artwork is exclusive and “eternal” for the recipient – being non-exchangeable, non-tradable and…

The Securities and Futures Commission (SFC) of Hong Kong cautions investors of the risks associated with investing in non-fungible tokens (NFTs), which have increased in popularity in recent years. According to a statement by the SFC, NFTs are exposed to heightened risks including illiquid secondary markets, volatility, opaque pricing, hacking and fraud as with other virtual assets. The regulator added, “Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs. The majority of NFTs which the SFC has observed are intended to represent a…

COVID-19 accelerated trends toward remote banking and digitalisation, forcing financial institutions to embrace new technologies and processes to keep their businesses functional despite social distancing restrictions. Now, with more and more people relying on digital solutions for interactions and transactions, the industry is turning to the next set of challenges, actively seeking to reimagine customer journeys to not only differentiate themselves from competitors, but also capture new generations of tech-savvy customers. In a new paper, cybersecurity technology firm OneSpan explores how e-signatures, digital identity verification and authentication technologies can unlock new opportunities for financial institutions, highlighting what it believes are the top…