Blockpass, a regtech platform leveraging the use of blockchain, has announced its partnership with QTUM, an open-sourced public blockchain application platform. Through this new partnership, Blockpass and QTUM will work together to support the space. This includes QTUM offering subsidies to specific members of the ecosystem looking to achieve regulatory compliance with On-chain KYC(TM) solutions. QTUM leverages the security of unspent transaction outputs and combining that with EVM smart contracts. QTUM is secured by a Proof of Stake consensus algorithm and has a Decentralized Governance Protocol (DGP), allowing specific blockchain settings to be modified by making use of smart contracts,…

Two years into the implementation of open banking and Hong Kong is now heading into Phase III and Phase IV of its strategy, which will see account information and customers’ transactions being made available to third-party providers. As the region moves deeper into open banking, government-led initiatives such as the Commercial Data Interchange (CDI) and the iAM Smart will bring new and exciting opportunities for the banking and financial services sector to tap into, experts said during a virtual panel discussion. Citing research his firm conducted in partnership with Twimbit, Clive Chan, manager of solutions engineering for Hong Kong and…

InsureTech Connect (ITC), one of the largest insurtech gathering, will be presenting the Digital Distribution & Ecosystems: virtual summit on 25th February 2021. The virtual event will dive deep into the key market trends and topics revolving around digital distribution and ecosystems.  A well-designed distribution channel allows customers to access and purchase products in the most efficient way and ecosystem partners accelerate the way distribution is conducted. Properly developing a digital insurance ecosystem will greatly benefit insurers and it’s ecosystem alike. 2020 has been a strange year for many as the COVID-19 pandemic has affected the way people engage with…

Consultancy firm KPMG has released its annual selection of China’s top fintech companies. This year, the China Fintech 50 report was extended to feature 100 companies to showcase the sector’s growth and fast-changing landscape. The 2020 China Fintech 50, which recognizes both public and private companies, as well as independent fintechs and banking incumbents’ affiliates, features some familiar names including WeLab, OneConnect, Airwallex, WeBank and JD Digits. In addition to naming China’s most promising fintechs, the report also outlines some key trends observed in the sector over the past year. These trends include for example the rapid integration of technology…

Technology has been changing behaviour of people. Many are showing significance reliance on the Internet – mobile network in particular – more than ever. At the same time, technological innovations are led by such behavioural changes. Indeed, successful innovations need more than just insights. They are reflecting how people use technology, and thus change their habits. Finance services industry is also evolving the way they are doing business, as many customers are turning online for their daily activities such as buying stocks, paying bills, or managing their savings and investments, etc. But more often than not, there is an increasing…

South Korea’s Financial Services Commission (FSC) has unveiled its work plan for 2021, outlining key areas of focus and policy tasks for the year, including promoting financial innovation by advancing open banking development and adoption, the regulator said on January 18, 2021. To promote the development and use of contactless financial services, the FSC said it will begin allowing savings banks and credit card companies to provide open banking services in the first half of 2021, which will be followed by financial investment businesses. Moving forward, the government said it will also work to allow more account types to be…

LINE Bank announced that it has been granted an operational license by Taiwan’s Financial Supervisory Commission to launch a virtual bank. LINE Bank has been working with the regulatory authorities on the due diligence process after being one of the three entities to receive a virtual banking license in 2019. The bank said that it will work with all relevant authorities to ensure the stability and reliability of its systems’ operations in preparation for the launch in the first half of 2021 to its 21 million Monthly active users (MAU) in Taiwan. LINE Bank said in a statement that it…

Taiwan is moving forward with its plan to embrace open banking. The country’s Financial Supervisory Commission (FSC) recently granted approval to seven banks to enter the second stage of open banking, Regulation Asia reported earlier. The second phase of open banking, which focuses on consumer information inquiry and involves the exchange of customer data, will give customers of these seven banks access to services provided through open banking. It will include 18 APIs for customer information inquiries and low-risk service applications. Customers will be able to give consent for their information to be shared, and be able to check their…

A new report published by the Hong Kong Monetary Authority (HKMA) looks at six ways banks in the region have used regtech tools for anti-money laundering and combating the financing of terrorism (AML/CFT) purposes. The report, produced in collaboration with Deloitte, details case studies and shares insights of banks which have implemented technologies such as network analytics and robotic process automation (RPA) to combat AML/CFT. The paper is part of the HKMA’s ongoing effort to encourage the adoption of regtech in the banking industry by providing practical guidance and sharing first-hand experience from industry participants. Network analytics and non-traditional elements…

Alibaba Entrepreneurs Fund’s (AEF) JUMPSTARTER 2021 Global Pitch Competition has announced their list of top ten startups where two fintech startups, IPification and FOMO Pay, managed to snag a spot each. JUMPSTARTER is a not-for-profit initiative in collaboration with Cyberport and Hong Kong Science and Technology Parks Corporation (HKSTP) that provides a platform for entrepreneurs to jump start their dreams in Hong Kong focused on showcasing startups and providing high-impact networking opportunities. The four core industry that JUMPSTARTER focuses on are fintech, deep tech, smart city and retail. These top ten startups will have the opportunity to be among the…

Digital transformation is now everywhere, as every industry is actively adopting advanced information and communications technology (ICT) while changing business practices. The digital economy is extending its presence with speed, ease of access, as well as the power penetration that continuously change the behaviors of consumers and enterprises. Such changes complicate the relations between supply and demand, making the market more segmented, diversified, whereas services and products are more personalized. That means organizations must reallocate their resources, and most importantly, rebuild their technological infrastructure to facilitate the pressing needs of agility and scalability. From IoT to BoT “Internet of Things”,…

Rakuten International Commercial Bank (RICB) announced that it has officially launched operations making it the first digital bank in Taiwan. Established in May 2020, Rakuten Bank holds 50% of ownership while IBF Holdings owns 49% and the remaining 1% is held by Rakuten Card. Following in the footsteps of its Asian counterparts, RICB was among the three entities who were granted banking licenses by Taiwan’s Financial Supervisory Commission (FSC). The other two licensees were Japanese app operator LINE Group’s LINE Financial Taiwan and Taiwan telecom operator Chungwa Telecom’s Next Commercial Bank. Both have yet to commence operations so far. The…

ConsenSys, a global blockchain software company, announced a partnership with the Blockchain-based Service Network (BSN), China’s national blockchain infrastructure, to make blockchain more accessible for enterprises and government organisations. As part of the partnership, ConsenSys Quorum, an open-source protocol layer that serves as a foundation for businesses to build Ethereum-based enterprise solutions, will be available in about 80 different cities through BSN’s public city nodes throughout mainland China. The ConsenSys Quorum will be packaged with other mainstream permissioned and public blockchain networks to sell to enterprises and governments, offering a much larger and deeper market in China. So far 108 public…

Hong Kong’s Office of the Government Chief Information Officer (OGCIO) has launched iAM Smart which provides all Hong Kong residents with a single digital identity and authentication to conduct government and commercial transactions online. All Hong Kong residents can apply for iAM Smart accounts, formerly known as eID, free of charge on a voluntary basis. With an iAM Smart account, users can make use of the biometrics in their personal mobile devices to authenticate their identities, which have been verified against their HKID cards during iAM Smart registration, and log in to online services. As such, users will have access…

ZA Bank has been granted an Insurance Agency License from the Hong Kong Insurance Authority (IA), allowing it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand. The move sees ZA Bank become Hong Kong’s first virtual bank to offer insurance products as a digital-only insurer, 10 months after the bank’s official launch. ZA Bank will on-board a suite of ZA Insure products in due course. Users will then be able to access services from quotation, application, underwriting to payment, that can be completed in the ZA Bank’s app. They can also view…

Hong Kong Science and Technology Parks Corporation (HKSTP) has launched the Banking, Financial Services and Insurance Accelerator 2021 (BFSI Accelerator). The BFSI Accelerator aims to bridge corporates and innovators to deliver breakthrough technologies and create a wide array of new business opportunities in the world of banking, financial services and insurance. The BFSI partners include Bank of China (Hong Kong), China CITIC Bank International, China Construction Bank (Asia), Citibank Hong Kong, DBS Hong Kong, Fubon Asset Management, Fusion Bank, Hang Seng Bank, HSBC, Mastercard, Ping An Technology, Prudential Corporation Asia, SCOR, SC Ventures by Standard Chartered, The Bank of East…

WeLab Bank, a virtual bank licensed by Hong Kong Monetary Authority, announces that Tat Lee has been appointed as the new Chief Executive. He succeeds Adrian Tse, who has stepped down from the role for what the bank described as “personal reasons”. Tat has close to two decades of retail banking and fintech experience and was most recently the Alternate Chief Executive and Executive Director of WeLab Bank. Tat joined WeLab as employee back in 2013, at a time when the firm was still in its infancy. Over the last eight years, he has assumed a number of roles in…

Hong Kong digital tech park Cyberport has partnered with R3, a distributed ledger and blockchain software development company, for its accelerator programme Block adVenture where so far 10 teams have been selected. The three-month startup programme focusing on blockchain technology received applications from diverse industries, including payments, wealth management, gaming, entertainment and Chinese medicine supply chain. It’s the latest move by Cyberport and is part of the digital tech park’s ongoing effort to expand its footprint in blockchain, one of its key technology clusters. Block adVenture is a new programme launched in November 2020 by Cyberport in collaboration with industry…

ZA International, digital insurer founded by ZhongAn Online, announced the launch of its “Free Post-Vaccination Protection” as a part of its ZA Relief Fund worth HK$ 6 million established in February 2020 to offer its customers support amidst the pandemic. This is available to all its new and existing customers who are Hong Kong residents holding a valid identity card free of charge. Under the scheme, ZA customers will receive a daily cash grant of HKD 800 for up to 10 days if they are hospitalised within 14 days after getting the vaccine provided by the HKSAR government, and a…

Hong Kong-based cryptocurrency platform Crypto.com has announced a partnership with Booking.com to deliver travel deals to all its users within its app. Crypto.com users who make Booking.com reservations in the app will receive a discount of up to 25% for accommodations. Users who pay using their Crypto.com Visa Card can get up to 8% back on spending along with travel perks, including free and unlimited LoungeKey™ airport lounge access, free ATM withdrawals worldwide, and no foreign transaction fees. According to Booking.com, 65 percent of consumers are excited to travel again in 2021, though the majority (62 percent) expect to be…