Rapyd, a Fintech-as-a-Service company, has expanded its all-in-one payment capabilities in South Korea, its sixth global market. The expansion of the Rapyd Global Payments Network first took place in Singapore in November 2019, followed by Brazil in March 2020, the United Kingdom in June 2020 and Mexico and India in July 2020. By partnering with Korean payment service providers, KCP, PayLetter and others, Rapyd is now said to provide access to a comprehensive suite of South Korean payment options across international and local cards (Hyundai Card, Shinhan Card, Samsung Card), mobile wallets (Kakao Pay, Samsung Pay, Toss, and PAYCO), bank…

Working over the last eight months with FinTech leaders and experts, together with global software engineers, computer graphic designers, digital artists, event and media professionals, Hong Kong FinTech Week (HKFW) will attract over 25,000 attendees from over 70 economies and present you the most awaited industry event with exceptional virtual content and business networking experience. What to expect from this year’s most awaited industry event 1.Hear from some of the greatest minds on the planet Probably there was never such a strong lineup of any FinTech event with over 350 Global CEOs, founders, investors and regulators joining from over…

Cyberport has launched a blockchain accelerator programme called Block AdVenture in partnership with R3 and fintech incubator FORMS HK. Blockchain is one of the key technology clusters promoted by Cyberport. Through Block AdVenture, local startups will be equipped with a deeper knowledge of blockchain and assistance in making better use of blockchain platforms. The programme has been designed to help startups validate their business ideas and accelerate their product-market fit through community events, workshops, mentorship from industry leaders and access to prospects and investors. Over the three months of the programme, representatives from R3 and FORMS HK will pass on…

Robo-advisor AQUMON, developed by Magnum Research, announced that it has closed its Series Pre-B round of funding with a total investment of US$ 30 million (HKD 233 million). AQUMON will use the funding to strengthen its brand awareness in the Greater Bay area and increase its R&D spending, especially on software engineering and AI investment research. In addition to that, the company also plans to expand its product offerings to thematic stock portfolios and alpha seeking investment strategies. Fintech News had recently named AQUMON as one of the top 15 fintech startups from Hong Kong to watch out for in…

Temenos, the banking software company, announced that WeLab Bank, Hong Kong-based virtual bank, has publicly launched using cloud-native Temenos Transact to provide a range of next generation digital services for their customers. Designed, built and launched in less than 10 months, the fully digital bank reported 10,000 account openings within the first 10 days of launch. WeLab Bank is powered by cloud agnostic Temenos Transact for core banking along with Temenos Analytics and Financial Crime Mitigation. Implemented on Amazon Web Services and Google Cloud, WeLab is purportedly the first multi-cloud digital bank in Hong Kong. Operating on multiple clouds at…

Tencent’s WeBank, a digital-only bank in China, announced that has enabled accessibility features on its app to ensure visually impaired Chinese citizens can easily access its banking services in conjunction with the White Cane Safety Day on 15 October. According to data from the Second National Sample Survey of Disabled Persons, there are more than 17 million people with visual impairments in mainland China, accounting for around 21% of the total disabled population. However, less than 10% of apps and websites in the market are accessible for the visually impaired. Ting Hua, the developer of accessibility features of WeBank App,…

Cyberport Venture Capital Forum (CVCF), Cyberport’s annual tech investment event, will return on 3-4 November and will be held in a virtual and interactive format for the first time. This year’s event will cover how the tech venture ecosystem has been reshaped under the new normal for investors, enterprises and technopreneurs. The two-day virtual forum will gather more than 50 global venture capital (VC) experts to examine key silver linings through a plethora of illuminating keynotes and panel discussions. Furthermore, over 80 virtual booths will be set up for startups to showcase innovative tech solutions. It is part of a…

More than two years after the Hong Kong Monetary Authority (HKMA) issued the Open API Framework for the Hong Kong Banking Sector, development of open banking is stalling as the industry “is clouded by uncertainty on data and privacy governance,” according to S&P Global Ratings. In a report titled The Future of Banking: One Year On, Hong Kong’s Open Banking Initiative Hits A Roadblock, the financial research and analysis firm cited data security as one of the major roadblocks to Hong Kong’s open banking initiatives, stating that regulators are still deliberating the security features of the Open API Framework. The…

Hong Kong investors show a growing preference for trusted and personalised wealth management solutions amid the pandemic, according to a new report released by Quantifeed, a provider of digital wealth management solutions. The report, “State of Wealthcare – Disconnects Between Hong Kongers’ Desire and Action”, revealed that wealthcare – the financial wellness of an individual – has become an essential part of Hong Kongers’ lives. Alex Ypsilanti, Chief Executive Officer and Co-founder of Quantifeed said, “Hong Kongers clearly indicated their demand for wealth management services. It is time for financial institutions to meet this need by digitising their wealth offering…

Around the world, the COVID-19 crisis has forced banks and their customers to turn to digital tools and processes to compensate for branch and office closures. Many industry participants believe that the digital acceleration taking place today will have a permanent effect on the sector. In partnership with Finastra, Fintech News is running a series of interviews with the industry’s top banking voices to understand how their organizations have responded to these changes. As part of the “Redefining Finance for Good” series, we spoke to Arthur Wong, CIO of Chong Hing Bank, a Hong Kong bank founded in 1948, which…

Airstar Bank, one of Hong Kong’s new virtual banks, announced the appointment of Ronald Iu as the new Chief Executive, succeeding Dr. Frederic Lau. Airstar Bank has also appointed Dr. Frederic Lau as an advisor of the bank and he will remain as a member of the Board of Directors, as well as Vice Chairman of AMTD Group, with both appointments taking effect from October 10, 2020. They added that Dr. Lau played a huge role in building Airstar Bank from its inception to become one of the virtual banks to launch its services to the public in June this…

Hong Kong-based 33 Finance, which provides international prepaid card issuance services, has partnered with American Express to launch the 33 Finance American Express® Prepaid Card in Hong Kong. As American Express’ first prepaid card in Hong Kong, the product is now available either as a single load American Express Gift Card, or a reloadable American Express Personal Card. As consumers continue to shift away from using cash, many new payment solutions are being made available to the market. Among all, prepaid cards are secure, convenient, flexible and versatile, and can be topped up a single time for use as a…

BMW Korea announced that it will launch BMW Vantage, a blockchain-based rewards program before rolling it out for a global launch. BMW Vantage provides integrated services across lifestyles such as mobility, travel, culture, education, both online and offline through its ‘BMW Coin’ ecosystem. The accumulated coins can be used for all paid services in the app and affiliate services. It can be also accumulated by participating in events or games within the app even if you do not purchase their vehicle. In commemoration of the release of BMW Vantage, customers who purchase the New 5 Series and New 6 Series…

End of 2018 we named the 19 fintech startups we believed were the hottest fintechs in Hong Kong. Fast forward 2 years, we look back at these fintech companies to see what they’ve been up to and have nominated 15 new Top Fintech Startup in HK to watch. Wealthtech Futu Securities Futu Securities, a Tencent-backed online stock brokerage, launched in August 2019 a new online wealth management service called Money Plus. Futu Securities raised US$90 million a New York initial public offering (IPO) in March 2019, becoming the first Chinese online broker to go public overseas, according to China…

Hong Kong is currently home to more than 600 fintech companies with 76% of them focusing on the business-to-business (B2B) market. These companies leverage technologies including big data, artificial intelligence (AI), blockchain, insurtech, regtech, credittech, and wealthtech to serve the business and consumer markets with fast, convenient and cost-effective products and services. To help our readers understand and keep up with this rapidly growing and evolving landscape, we have compiled a list of the top 15 fintech companies in Hong Kong to watch out for in 2020/2021. Bowtie Founded in 2018, Bowtie is the first virtual insurance company to provide residents…

Ten fintech companies have been selected for the seventh annual FinTech Innovation Lab Asia-Pacific, a mentorship program created by Accenture that helps startups fine-tune their business plans and solutions by pairing them with mentors from leading financial institutions. This year’s program received applications from 162 companies across more than 30 countries, with solutions related to the five themes for the 2020 program: data & analytics; digital bank solutions; emerging technologies; health insurance ecosystem; and intelligent automation. Leveraging artificial intelligence (AI), advanced analytics, natural language processing and other technologies, the 10 selected startups — which hail from seven markets — have…

EMQ, Hong Kong-based financial settlement network, announced the launch of its high transaction value cross-border settlements in Japan. This launch will enable global businesses to send a maximum of JPY30 million directly into local banks. This enhancement further expands their global payment capabilities into Japan, creating opportunities for global businesses to capture new opportunities across the markets. The launch follows their recent fundraising round of US$20 million Series B led by WI Harper Group. EMQ was also accepted into Taiwan’s Regulatory Sandbox by the Financial Supervisory Commission in Taiwan. “Japan, the third-largest economy in the world, is an important market…

In July 2019, the Financial Supervisory Commission of Taiwan (FSC) gave its approval for the establishment of three virtual banks, though none of them have launched yet. Line Bank, a consortium led by Japan’s Line, was amongst the three companies to receive the green light. Line Bank will target Taiwan’s retail banking market with a particular focus on consumers in the Line ecosystem. It will be offering them an array of conventional financial services such as deposits, loans, payments, and insurance, as well as some innovative services such as bill-splitting and tourism advice. Line Bank will be entering the market…

Ground X, the blockchain affiliate of South Korean mobile platform Kakao, has launched its global Blockchain-as-a-Service (BaaS) to empower enterprises and developers to build and operate blockchain services. KAS, short for Klaytn API Service, is the Blockchain-as-a-Service to utilise Klaytn, the public blockchain platform developed by Ground X. KAS provides a set of Application Programming Interfaces that streamline the process of building and operating blockchain applications in a cloud environment. Developers can use the Klaytn network without installing a separate node to reduce development cost and period. Aimed at speeding and simplifying enterprises’ journey to using Klaytn, KAS can be…

Diginex, a Hong Kong-based digital assets financial services company, announced that it has started listing and trading on Nasdaq. The cryptocurrency exchange operator said that it had completed its business combination transaction with 8i Enterprises Acquisition Corp., a special purpose acquisition company (SPAC). The transaction is said to be the first listed company on Nasdaq with a cryptocurrency exchange. Diginex will trade on Nasdaq under the ticker symbol “EQOS” where it will offer investors the opportunity to participate in the growth of digital assets. Its warrants will trade under the ticker “EQOSW”. Approximately US$50 million was raised, comprising both Diginex’s…