Hong Kong’s virtual bank Mox announced the roll out of its ‘Instant Loan’ offering a year after the launch of its operations in the country. This new product, which is already available in its app, allows Mox Credit customers to borrow from up to HKD 25,000 as an introductory offer and pay HKD10 or less in fees and interest. The repayment period for this will be between 3 and 6 months. The application process is reportedly pretty straightforward as it does not require any documentations and will be processed instantly. If successful, the amount will be credited to the customer’s…

The metaverse, a combination of “meta”, meaning beyond, and “universe”, has rapidly emerged as a major trend for companies around the world, a growth that’s been fueled by the global pandemic, lockdown measures, and the boom in cryptocurrencies. In South Korea, financial firms, including brokerages, banks, credit card issuers and insurers, are jumping on the bandwagon, fast embracing the concept to appeal to younger generations. An August 2021 report by the Korea Times shows that brokerage firms and banks are actively building virtual environments for their customers. For example, NH Investment & Securities, one of the largest securities firms in…

China has officially launched the Wealth Management Connect (WMC) with Hong Kong and Macau to carry out cross-boundary investment in wealth management products distributed by banks in the area. The Wealth Management Connect trading scheme will initially handle a total fund flow of 300 billion yuan (US$46.5 billion). The Hong Kong government said that the WMC is the is the first mutual market access mechanism for individual investors who will be able to invest up to 1 million Yuan. Under the scheme, Hong Kong investors will have to open a designated remittance account at an eligible bank of their own choice…

After a period of rapid growth and innovation, the Chinese Internet sector is entering a new phase of development on the back of new stringent regulations, changing demographics and geopolitical tensions, according to the South China Morning Post’s annual China Internet Report 2021. The study, released on August 31, 2021, looks at Beijing’s key role in shaping the country’s technology ecosystem and unveils new trends and insights impacting China’s fast-growing Internet industry. According to the study, a changing regulatory environment, the rise of senior netizens and the “sheconomy”, as well as intensifying geopolitical tensions, are pushing Chinese Internet giants to…

PayPal announced that it has agreed to acquire Paidy, a Japanese buy now pay later solutions (BNPL), for ¥300 billion (approximately US$2.7 billion) and the transaction is expected to close in the fourth quarter of 2021. The acquisition will expand PayPal’s capabilities, distribution and relevance in the domestic payments market in Japan, the third largest ecommerce market in the world, complementing the company’s existing cross-border ecommerce business in the country. Paidy will continue to operate its existing business, maintain its brand and support a wide variety of consumer wallets and marketplaces. Russell Cummer, Founder and Executive Chairman and Sugie as…

Despite advantages including cheaper operational costs and backing from tech firms with deep pockets, Hong Kong’s digital banks will face hurdles in turning a profit. These eight newcomers will have to operate at a loss for at least the next two years and some will likely fail, warns financial information and analytics firm S&P Global. One challenge digital banks face is the high salary of banking professionals in Hong Kong and their thinner base of revenues to support this cost, said Fern Wang, a credit analyst at S&P Global Ratings. Lack of brand recognition is another challenge new entrants face…

Web Summit, the company behind RISE, announced that the tech event will be returning to Hong Kong on 14th to 17th March 2022 as an in-person event at the AsiaWorld-Expo. RISE was launched in Hong Kong in 2015, where it has been hosted five times to gather global tech founders, startups, investors and members of the media to the city. Past speakers have included Alibaba co-founder and executive vice chairman Joseph Tsai, Stripe co-founder and president John Collison, Magic Leap CEO Peggy Johnson, and Sequoia Capital founding managing partner Neil Shen. “We are extremely grateful for the support the city…

In the virtual Demo Day held on September 2nd 2021, 17 teams from South Korea have successfully completed F10’s intensive 6-week Fintech Accelerator programme. The 6-week programme was run by F10 in partnership with Seoul Fintech Lab, which is funded by the Seoul Metropolitan Government and K Accelerator. This partnership enhances the global competitiveness of the promising South Korean startups by leveraging F10’s global network of investors, mentors and experts and at the same time, fulfilling Seoul Fintech Lab and K Accelerator’s aim of promoting innovation in the Korean financial industry. Through the 6 weeks, the 17 startups were introduced…

Over the next three years, Huawei will be committing US$100 million into its Spark program in Asia Pacific (APAC), a startup program aimed at supporting young ventures in the fields of fintech, e-commerce, energy, manufacture and smart city. In particular, the firm said it’s eyeing those in four key emerging markets, namely Indonesia, the Philippines, Sri Lanka and Vietnam. Huawei Spark is a hybrid accelerator program launched in 2020 for deep tech startups that have a business in APAC. It features two distinct programs: the Incubator Tier, a two-year program for seed to early-stage startups; and the Accelerator Tier, a…

ADDX, a Singaporean digital securities exchange formerly known as iSTOX, expects to enlarge its business in China after with a US$200-million agreement tied to a government-granted quota for Chinese offshore investments. The Qualified Domestic Limited Partnership scheme (QDLP) allows domestic investors across China to buy into renminbi funds that focus on overseas investment opportunities. Fund quotas are allocated through a few major cities including Beijing, Shanghai, Shenzhen and Chongqing. ADDX has reached an agreement with the Singapore-regulated wealth and fund management company ICHAM, which has received a US$200-million allocation as part of the Chongqing government’s overall US$5-billion QDLP quota. Under…

Payment infrastructure provider Stripe has deepened its partnership with China’s UnionPay International to widen its access to the booming global Chinese consumer market. Stripe’s partnership with UnionPay International complements its existing Alipay and WeChat Pay integrations. Through a single integration, Stripe users can now access over 1 billion Chinese consumers in and outside mainland China. The integration will enable businesses in more than 30 markets, including Australia, Singapore, Hong Kong SAR, Canada, the United States, the United Kingdom, as well as across the European Union to securely and seamlessly accept payments from billions of UnionPay cardholders globally. Stripe said that…

OneDegree, a Hong Kong-based insurtech startup under the Cyberport Incubation Programme, announced that it has raised US$28 million in a Series B1 funding round, bringing its total funds raised to over US$70 million. This Series B1 funding round includes participation from new investors, including the direct investment unit of Sun Hung Kai & Co. and AEF Greater Bay Area Fund, along with six of its existing investors. The insurtech said that the new funds will be used for its investment in new technology, product development and expansion across both Business-to-Consumer (B2C) and Business-to-Business (B2B) segments. To complement its expansion in…

Hong Kong digital tech park Cyberport announced that it has approved a total grant of HK$10 million for 93 projects for the second phase of its Fintech Proof-of-Concept Subsidy Scheme. The subsidy scheme which was commissioned by the Financial Services and the Treasury Bureau (FSTB) received a total of over 160 valid applications. The scheme aims to encourage financial institutions to partner with fintech companies, including startups, to conduct proof-of-concept projects with innovative financial services products. Each approved project is given a grant of HK$100,000, while projects with greater complexity and broader usage, such as those involving cross-sector or cross-boundary/border…

Airwallex, a cross border payment company, announced its official launch in the US as it continues its international growth momentum. The company first established a presence in San Francisco in 2019, and has grown to a team of more than 30 today across product and engineering, legal, risk & compliance, partnerships and sales. Airwallex plans to continue to expand its US team over the coming months, as it looks to further strengthen its foothold in the market. Its market entry into the U.S. is supported by a partnership with domestic bank Evolve Bank & Trust, a technology-focused financial services organisation…

The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) will be working on a prototype digital infrastructure Project Genesis to improve sustainable investing with tokenised green bond assets. As BIS Innovation Hub’s first green finance project, Genesis will explore the tokenisation of green bonds enabling investment in small denominations, combined with real-time tracking of environmental outputs. BIS said in a statement that green finance has been a key priority for its innovation hub and Project Genesis is an integral part of that. Genesis will be developed together with six partner companies…

MioTech, a Hong Kong-based sustainability data and solutions provider, has raised an undisclosed sum from Guotai Junan International and GIC during a series B+ funding round. The company’s earlier investors include ZhenFund, Horizons Ventures, TOM Group, Moody’s, and HSBC. The firm said that it will use the latest funding to expand and accelerate its product development. MioTech has developed advanced technical solutions to help corporations with ESG data reporting, energy efficiency management, carbon data tracking, and carbon reduction. The company also recently launched its app Mio within WeChat to build green-conscious communities and promote low-carbon lifestyles among individuals. “MioTech is…

Hong Kong-based cryptocurrency platform Crypto.com will become the first innovation and technology partner of the Italian Professional Football League known as Lega Serie A. The multi-year partnership integrates Crypto.com in each broadcast moment where technology enhances the match, as the presenting partner of Virtual Assistant Referee (VAR) and Goal Line Technology. Lega Serie A’s VAR Center in Lissone will also be co-branded as the Crypto.com VAR Center. In addition, Crypto.com will present the Lega Serie A Goal of the Month. This partnership builds on Crypto.com’s sponsorship of Lega Serie A’s Coppa Italia in May of this year. Building on the…

US cryptocurrency exchange Coinbase has signed a deal with banking giant Mitsubishi UFJ Financial Group (MUFG) to begin digital asset trading in Japan. “Our partnership with MUFG will help millions of people in Japan access our platform quickly and begin trading on our exchange by offering MUFG Quick Deposit for all customers in Japan from day one,” the firm said in a blog post. Coinbase added that it will be launching retail products first including a suite of five top assets based on trading volume, and will add more assets and products in the coming months. It also plans to…

The Union Bank of the Philippines (UnionBank) has partnered with digital asset custodian Hex Trust to pilot its digital asset custody service that is in compliance with the Bangko Sentral ng Pilipinas (BSP). The collaboration will start with Hex Trust providing digital asset custody as an internal service for UnionBank employees as a pilot run. This is in preparation for the next stage, to offer a fully commercialised digital asset custody service for the bank’s customers. The bank added that this move allows it to meet the needs of customers who are now looking for a trusted and regulated institution to…

Hong Kong’s virtual bank ZA Bank announced the launch of “Salary FastPass”, an interest-free early payday product in Asia that allows users to get their monthly payroll up to 7 days in advance. ZA Bank said that the Salary FastPass seeks to “give workers back a say in their salary and let them take back control of their payday”. Users can complete the application for the feature within the ZA Bank app, without the need to change their payroll bank account. “Salary FastPass” is now open for applications from a selected group of users who can apply for the product once…