WeBank, a digital-only bank in China, announced its summer enrichment programme on FISCO BCOS Blockchain Experience at the Singapore Management University (SMU). FISCO BCOS is a secure, reliable, easy-to-use, and high-performance financial-grade blockchain platform, which was launched by FISCO open-source working group in 2017. The collaboration aims to improve SMU students’ understanding and skills in blockchain and encourage innovation in blockchain practices. Since the signing, WeBank and Associate Professor Paul Griffin from the School of Computing and Information Systems at SMU have worked together to create two full-term elective courses which combine theoretical study with practical learning, and a summer…

SC Ventures, the innovation and ventures unit of Standard Chartered, announced a partnership with BC Technology Group, the parent company of Hong Kong’s licensed digital asset platform OSL. The joint venture (JV) was formed to establish a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe and aims to launch in the fourth quarter of 2021, subject to regulatory approvals. BC Group’s Chief Information Officer Usman Ahmad will be CEO of the new company, and Nick Philpott of SC Ventures will be its COO. The JV will be underpinned by BC Group’s leading OSL…

Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has released a paper outlining the conclusions to its consultation on a proposed licensing regime for virtual asset exchanges. The Hong Kong government is proposing legislative changes to enhance anti-money laundering and counter-terrorist financing (AML/CTF) regulation through the introduction of a regulatory framework for so-called virtual asset services providers (VASPs). Currently, virtual asset exchanges are regulated only by a voluntary opt-in licensing mechanism. Since the regime was introduced in November 2019, the Securities and Futures Commission (SFC) has accepted four applications for review and granted just one license to OSL. The…

The global pandemic continues to take a heavy toll on Hong Kong households’ financial situation with many still concerned over whether they will be able to pay their bills, results from a new TransUnion survey found. TransUnion’s latest Consumer Pulse study, formerly Financial Hardship Report, indicates that Hong Kong consumers’ financial health is worsening as a result of the prolonged impact of COVID-19. Out of 750+ Hong Kong adults surveyed in March 2021, 78% said their household income was negatively impacted by the pandemic, up from 69% during the last wave of the survey in November 2020. Respondents cited reduced…

Fintech firms UP Fintech, Sea, Huobi Technology and Razer were among the companies that were added to MSCI global indexes on May 27, 2021, reflecting their growth achievements. MSCI indexes are a measurement of stock market performance in a particular area, providing investors with key insights on specific market segments. Constituents for MSCI indexes are changed on a quarterly and semi-annual basis to reflect the evolution of the underlying equity markets and segments. UP Fintech, Sea added to MSCI Global Standard Indexes Following the results of MSCI’s May 2021 Semi-Annual Index Review, online brokerage firm UP Fintech Holding was added…

Hong Kong insurer YF Life and HKBN Enterprise Solutions (HKBNES) have teamed up to launch a Google Cloud-powered Cantonese voice chatbot dedicated to insurance services and is set to be launched early next year. The chatbot leverages Google Cloud’s AI technology and HKBNES’s one-stop ICT capabilities to deliver seamless voice dialogue and enhanced services for YF Life’s customers. To support its business development strategy, YF Life seeks to deliver optimised customer experiences to effectively service the multi-lingual needs of customers. To facilitate YF Life to meet customer expectations, as well as the finance and insurance regulatory compliance requirements, HKBNES has…

Airstar Bank, one of Hong Kong’s eight virtual banks, has launched a pilot trial of corporate banking services for SMEs through the Fintech Supervisory Sandbox administered by the Hong Kong Monetary Authority (HKMA). At this stage, the pilot trial aims for greater participation to include SMEs from different sectors, allowing them to experience and enjoy the hassle-free and convenient banking services. The pilot trial now is open to 100 SMEs, those who are interested to participate in the regulatory sandbox can register online at the Airstar Bank Corporate Banking SME Service website as trial users. Applicants and connected parties holding…

Digital life insurer Blue has launched the #WeSupport campaign to provide its customers with free post-vaccination protection from 8 April 2021 to 31 July 2021. Blue offers two complimentary protections where eligible customers can receive HK$300 pharmacy expenses protection and HK$200,000 compassionate death protection upon successful registration on its online insurance platform. With the WeSupport Health Complimentary Pharmacy benefit, customers will receive a free one-year “WeGuard PharmaEASY Protector” entry plan of HK$300 pharmacy expenses benefit upon successful registration. A wide range of pharmacy items such as cold and flu medicine, vitamins, fever cooling gel sheets, face masks, hand sanitising wipes, and…

The Fintech Innovation Lab Asia Pacific program is returning for its eighth edition this year with more opportunities for young and promising startups. Founding partner Cyberport will be giving the finalists from the 2021 cohort the opportunity to participate in the 24-month Cyberport Incubation Program (CIP) and gain access to Cyberport’s Marco Fund. “Accenture and Cyberport have a common goal of driving digital adoption in the Asia Pacific (APAC) financial services ecosystem,” Fergus Gordon, managing director and banking industry lead for growth markets at Accenture, told Fintech News Hong Kong. “Digital innovation within financial services skyrocketed during the COVID-19 pandemic…

Airwallex, a cross border payment company, announced the launch of its online card payment acceptance solution in Hong Kong, allowing local merchants to accept online card payments made around the world using Visa and Mastercard. As a principal member of Visa and Mastercard, Airwallex’s online card payments solution enables Hong Kong merchants to receive online payments from users everywhere, and allows for them to optimise working capital flow. The introduction of Airwallex’s online card payments solution in Hong Kong follows the debut of the same service in the UK and Europe in September 2020, and is a step towards building…

ZA Bank and Mox are leading Hong Kong’s virtual bank race, making up 70% of all virtual banking customer deposits as of the end of 2020, Reuters reported, citing the lenders’ annual reports. Hong Kong’s eight virtual banks accumulated total customer deposits of HK$15.8 billion (US$2.03 billion) at the end of 2020. Of this, ZA Bank, operated by a unit of online-only insurance firm ZhongAn, had deposits of HK$6.04 billion (US$780 million), representing a 39% market share, while Standard Chartered-backed Mox Bank, which garnered HK$5.2 billion (US$670 million), accounted for 33% of the market. Financial services consultancy Quinlan and Associates…

The Hong Kong Monetary Authority (HKMA) announced the implementation plan for the third and fourth phases of its Open API framework. The next steps in the framework are account information for phase 3 and transactions for phase 4. Following the implementation of the first 2 phases of the Open API framework in January and October 2019 respectively, its progress stalled as the regulator was bogged down by uncertainties on data and privacy governance. HKMA had commissioned an external consultant to analyse and recommend the ways forward for the implementation of Phases III and IV, taking into consideration international practices and…

Ping An Insurance announced the initial close of Ping An Voyager Partners, LP, a growth stage venture fund, having secured approximately US$200 million in commitments toward its planned US$475 million offering. Targeted at institutional investors, Voyager Partners will make investments in fintech, healthtech and related businesses around the world. Voyager Partners will be managed by Global Voyager Fund (HK), a wholly-owned subsidiary of Ping An with a significant track record in venture investing in fintech and digital health. In 2017, Ping An committed US$1 billion to support Global Voyager’s investment strategy. Global Voyager is an investment manager licensed by Hong…

Airwallex announced that it has secured its Electronic Money Institution (EMI) license from the Dutch Central Bank (DNB) on 30 April 2021 which gives it access to the European single market. This latest approval adds to Airwallex’s existing licenses in its core markets, including the UK, United States, Australia, and Hong Kong. With its EU EMI license, Airwallex will soon be able to offer an enhanced range of products and services to customers across Europe, bolstering its growth by offering businesses an end-to-end solution for FX, card issuing and online payments. Earlier this year, Airwallex announced an additional capital raise…

The Hong Kong University of Science and Technology (HKUST) signed a Memorandum of Understanding (MoU) with the Tencent Finance Academy (TFAHK) to nurture fintech talent. Leveraging HKUST’s academic foundation in fintech and Tencent’s practical industry experience, the MoU aims to establish a strategic partnership in fostering the development of fintech by nurturing talents and collaborating on education and research and development projects. It sets out the plan for both parties to collaborate on the fintech case study series for tertiary education purpose, with the goal to provide real business cases for students to comprehensively improve their knowledge on fintech. The…

livi bank, one of Hong Kong’s eight virtual banks, has introduced a new Buy Now, Pay Later (BNPL) solution with the launch of livi PayLater that offers an instant instalment service with a virtual Mastercard debit card. The livi PayLater offering features automatic instalments, flexible repayment periods from 3 to 36 months and is available for transactions between HKD100 and the approved credit limit. According to livi’s statement, customers can get approval in seconds with a simple application process with transparent monthly handling fees. Customers will receive a handling fee waiver for up to 3 months on any livi PayLater…

Robo-advisor AQUMON has introduced SmartGlobalX, a smart bitcoin ETF investment portfolio that integrating its flagship SmartGlobal algorithms with a Bitcoin Exchange Traded Fund (ETF), to allow clients to invest in securitised cryptocurrency assets from US$ 1,000 onwards. AQUMON said that compared with cryptocurrency trading that demands rich investment experience, intense time and attention, SmartGlobalX can help investors manage risks and get stable returns through data-driven, automated strategies. With lower management fees of 0.4%-1% and <1% tracking errors, Bitcoin ETFs are believed to be more liquid and secured with a higher return compared to other bitcoin investment options. By investing in…

Hong Kong’s virtual bank ZA Bank has joined hands with ZA Insure, a fully digital insurer under the ZA brand, to offer pure life insurance “ZA Life Protection” via the former’s mobile app. ZA Bank was granted an Insurance Agency License in January this year from the Hong Kong Insurance Authority (IA), allowing it to act as an agent of ZA Insure. The new product offers up to HKD 10 million life protection, which is reportedly the highest sum insured among Hong Kong’s virtual insurers at present. Physical checkups are not required for the applicants, while family medical history will…

Payoneer, the global payment and commerce-enabling platform, announced that it is collaborating with eBay to manage payouts for sellers in select countries including China on the latter’s core marketplace. eBay has teamed up with Payoneer to modernise its marketplace, remove complexities and create a more streamlined payment experience for sellers around the world. With the help of Payoneer, eBay sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites. Starting in April 2021, Payoneer will manage payouts for eBay sellers from Greater China as…

Remittance firm Wise, formerly known as TransferWise, has rolled out the feature enabling Hong Kongers to receive funds from abroad with just their mobile number via the Faster Payments System (FPS). With this latest feature, recipients can share their name and either a mobile number, email address or unique FPS ID to the sender without having to provide complicated bank details and codes. The sender is required to have a Wise account to proceed with the transaction. All Hong Kong residents registered for FPS stand to benefit from this feature, such as those who need to receive money from friends…