Lufax Holding’s subsidiary LU Hong Kong has partnered with BNY Mellon Investment Management to launch an open robo-advisory platform, offering tailor-made asset allocation solutions through its professional AI investment consultant “Lucy”. The Hong Kong Securities and Futures Commission (SFC) had granted LU Hong Kong regulatory approval in June 2020 to provide investment and wealth management services for its Hong Kong customers. Under the agreement, BNY Mellon will provide investment advice to LU Hong Kong based on the risk profiles and investment restrictions defined by the latter. BNY Mellon does not consider circumstances of individual investors in offering investment advice to…

Hong Kong capital market firms are investing in cloud-based regtech solutions to enhance their risk and compliance management capabilities amidst new challenges triggered by the pandemic, a new survey by FIS has found. Short for regulatory technology, regtech has emerged as a key tool for companies and regulators to adapt to the evolving financial landscape. According to the survey, 23% of firms consider risk management, new regulations and compliance requirements as their biggest upcoming challenges. Consequently, 87% and 89% of buy- and sell-side firms are focussing on cloud-based regtech for risk and compliance management. According to the report, 50% of buy-side…

ZA International announced that it has entered into a mutual collaboration agreement with BC Technology Group, the parent company of OSL Digital Securities which is a Securities and Futures Commission (SFC)-licensed digital asset platform. The collaboration will see OSL become the exclusive digital asset trading partner to ZA International and support its first digital asset transactions. ZA said in a statement that the OSL platform utilises a modular interface, enabling institutional investors and professional investors to trade under a protection mechanism. OSL will also leverage ZA International’s advanced and proprietary technologies in areas such as facial recognition and machine learning…

The COVID-19 pandemic has sped up digital transformation and accelerated the shift to digital channels, introducing new cyber risks which insurance companies need to manage and mitigate, insurers and cybersecurity experts said during a virtual panel discussion. Simon Chandran, Financial Services Technology Consulting Partner at EY in Hong Kong, explained during a Fintech Fireside Asia session, “EY runs a global international security survey every year and what we see from our respondents, and those from the insurance sector as well, is significant increases in the types of phishing attacks, the sophistication of malware attacks and ransomware as well. It…

Kakao Pay, a fintech subsidiary of Kakao which is the South Korean firm that runs the KakaoTalk messenger app, announced that it has kicked off its initial public offering (IPO) filing, planning to raise up to 1.632 trillion won (US$1.4 billion). This follows that of Kakao Bank’s plans for an IPO as the digital-first lender looks to raise US$2.3 billion. On July 2, Kakao Pay filed its registration statement to the Financial Services Commission (FSC) for an IPO on the Korea Composite Stock Price Index (KOSPI). The firm will make its debut on KOSPI on August 12. Kakao Pay said that…

If extracted effectively and used properly, payment data hold immense value, allowing businesses to make smarter decisions to optimize authorization rates and increase revenue, according to a whitepaper by payment fintech Checkout.com. The paper, titled Optimizing authorization rates with access to meaningful payments data, looks at two critical payment metrics online businesses should pay attention to, delves into how businesses can improve these metrics, and provides expert advice to help online merchants boost their payment performance. Two critical payment metrics for online commerce To improve payment performance, online businesses must have access and analyze two critical data points, the paper…

Hong Kong-based digital asset custody service provider Hex Trust announced it has successfully secured investment from Cyberport, a local fintech hub and digital community. The sum was not disclosed. The investment enables Hex Trust to scale operations, hire key talents across Hong Kong and Asia, and enhance its licensing framework to meet Asia’s rising institutional demand for digital assets. Hex Trust is also planning its expansion into the European market, where it has already closed a strategic partnership with SIA, the European leader in banking technology infrastructure. The firm said that it will continue enhancing its proprietary bank-grade custody platform,…

Hong Hong virtual bank Airstar Bank announced the appointment of Xiaomi’s Chief Financial Officer Alain Lam Sai Wai as its new Chairman of the Board of Directors. The previous chairman Lei Jun, the Chinese billionaire entrepreneur who founded Xiaomi, has stepped down from the role. Lei Jun will continue to focus on Xiaomi Corporation’s business and new product development. Additionally, Lei will also support Airstar Bank’s development at Xiaomi’s level. Born and raised in Hong Kong, Lam graduated from the University of Oxford with a Master’s degree and has worked in the finance industry for over twenty years prior to…

Hong Kong virtual bank Mox and Mastercard announced a smart new feature called “Flip” on the all-in-one numberless Mox Card which enables customers to flip freely between spending on their debit and credit accounts. The virtual bank had previously rolled out more payment innovations; its numberless bank card, Apple Pay and Google Pay payment options as well as the launch of Mox Credit on its all-in-one Mox Card. Mox said that it now has more than 130,000 customers and its Mox Card has already been used close to 4 million times with more than 40% of its card spending being…

Invest Hong Kong (InvestHK) announced that the Global Fast Track 2021 programme is now open for applications from fintech scale-ups and established firms intending to scale from Hong Kong to the GBA area, Asia and beyond. Selected companies will earn a spot to be showcased prominently at Hong Kong Fintech Week 2021 on November 1 to 5. Now in its second year, the programme will introduce applicants to its corporate and investor champions who will explore business opportunities with them. The group of more than 50 champions represents a wide spectrum of Hong Kong and international companies, including banks, tech…

One of Hong Kong’s eight virtual banks Mox announced the appointment of Jayant Bhatia as its new Chief Product Officer effective on 1st July 2021 onwards. As Mox’s Chief Product Officer, Jayant will lead and develop the product strategy and propositions that delivers value to Mox’s customers and its business. Jayant has more than 18 years of experience in banking, coming over from Standard Chartered Bank in Singapore, where he was the Global Head of Deposits, Mortgages and Payments. Jayant brings with him the experience of running businesses across Unsecured Lending, SME Banking, Deposits and Payments. In his last role…

The COVID-19 health crisis temporarily halted in-person industry events and conferences, and gave the virtual events industry a hefty boost. Though physical restrictions are being lifted in all parts of the world, virtual events and webinars continue to see strong traction and rising popularity. For fintech professionals looking to stay up to date with the latest trends and network with their peers from the comfort of their own home, we’ve compiled a list of the top 10 upcoming fintech webinars and virtual events focused on the Hong Kong market to watch live. ASIFMA Tech & Ops Week 2021 June 21…

Hong Kong virtual bank livi announced an expansion of its collaboration with Mastercard as it became the first bank in Hong Kong to launch Mastercard Token Connect. This is a payment innovation that integrates tokenisation technology with livi’s debit card line-up to provide a more seamless and secure online payment experience for customers. With Mastercard Token Connect, customers can now bind their livi Debit Mastercard and livi PayLater debit cards to designated merchants online using the app. After binding, customers can make payments at these merchants’ checkouts in a single click, without having to manually enter their card details, ensuring…

Hong Kong digital tech park Cyberport has announced that the application stage for the first phase of its Fintech Proof-of-Concept Subsidy Scheme has closed and received over 80 applications. The scheme was commissioned by the Financial Services and the Treasury Bureau with the Hong Kong government earmarking HK$10 million for it. 54 applications were approved following detailed vetting by the advisory panel, involving a total grant of around HK$6.1 million. Each application will be submitted to an advisory panel composed of the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes…

WeLab Bank, a homegrown virtual bank authorised by the Hong Kong Monetary Authority, has integrated the use of Apple Pay into its platform. Apple Pay is a safe, secure and private way to pay that helps customers avoid handing their payment card to someone else, touching physical buttons or exchanging cash — and leverages iPhone’s security to protect every transaction. Customers can simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a…

Local banking giant Hang Seng Bank is ramping up its innovation push, teaming up with digital tech park Cyberport to empower young and promising startups, gain exposure within the innovation company community, and support those looking to expand across the Greater Bay Area (GBA). The strategic partnership, announced on May 27, is part of Hang Seng’s broader innovation strategy to support local entrepreneurship, experiment innovative business models and develop business opportunities in the Greater Bay Area, Gilbert Lee, Head of Strategy and Planning and Chief of Staff to CE, told Fintech News Hong Kong in an interview. “Under the pillar…

BC Technology Group, a digital asset and fintech company as well as the parent company of OSL, secured an investment of US$ 70 million (HKD 543.19 million) from GIC, a Singaporean sovereign wealth fund. The company intends to develop and enhance the platform technology of its digital asset business and has earmarked approximately HK$100 million as reserves for future expansion in markets including UK, Singapore and America. The funding comes shortly after BC Group’s recent tie up with Standard Chartered to launch a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe. Hugh Madden,…

ZA International has announced the launch of a new integrated financial brand ZA One which offers the IPOGo service, enabling users to capture investment opportunities in initial public offerings (IPOs). IPOGo focuses on capturing the growth of IPOs of Hong Kong-listed stocks, with a dedicated team of experts providing an all-in-one service from stock selection, subscription to selling. Based on research and a quantitative model, the investment team identifies quality new stocks and sells them at the opportune moments after listing. With calculation based on the frequency of new stock issuance and the minimum subscription amount, each user can maximise…

The Hong Kong Monetary Authority (HKMA) has unveiled “Fintech 2025”, its new strategy for driving fintech development in Hong Kong which includes further testing of Central Bank Digital Currencies (CBDCs). According to a statement by HKMA, the new fintech strategy aims to encourage the financial sector to adopt technology comprehensively by 2025. The five focus areas put forward by the strategy are: Future-proofing Hong Kong for CBDCs As part of this plan, HKMA will strengthen its research work to increase Hong Kong’s readiness in issuing CBDCs at both wholesale and retail levels. In addition to the continued effort on wholesale…

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…