Blog

In Japan, COVID-19 Puts a Brake on Merchant Cashless Payments Adoption

The COVID-19 pandemic and the resulting economic turmoil have put a brake on merchant adoption of cashless payments, according to a new report by S&P Global Market Intelligence. The Japanese government launched a cashless incentive program last year to sustain

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Jetco Rolls Out Cross-Bank Cardless Withdrawal Service in Hong Kong

Joint Electronic Teller Services Limited (JETCO) today announced the rollout of Hong Kong’s first cross-bank cardless withdrawal service. Customers of participating JETCO member banks can take out cash instantly from any JETCO automatic teller machine (ATM) that supports this service

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Bank for International Settlements (BIS) Appoints Bénédicte Nolens Its Hong Kong Head of Innovation

The Bank for International Settlements (BIS) today announced the appointment of Bénédicte Noella Nolens as head of the BIS Innovation Hub Centre in Hong Kong SAR for a three-year term from 1 July 2020. “I am delighted with Bénédicte’s appointment. Her deep

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APAC Banks Are Backing Open Banking, but What Does ‘Open’ Really Mean?

A survey launched this week by Finastra revealed that close to 100% of financial institutions in Singapore and Hong Kong think Open Banking is important, with two thirds in Singapore calling it a “must have”. Open Banking has not only

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Stripe Opens Tokyo Office After Deepening Partnership with JCB

Stripe, the online payment infrastructure provider powering the likes Amazon, Facebook, Shopify, Zoom, Slack today announced opening of an engineering office in Tokyo, which will focus on building more features and capabilities to meet the specific needs of Japanese businesses.

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How WeChat Pay Determines If You Are Trustworthy With Their Credit Score

WeChat Pay, Tencent’s mobile payments system integrated into the WeChat super-app, has told its users that it will be giving them a credit rating, called “Payment Points.” The system leverages artificial intelligence (AI) and uses users’ data collected from the

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Fintech Funding Hitting Record Lows Amid COVID-19 Crisis

The COVID-19 outbreak has taken a toll on startup funding with fintech investment dropping to levels not seen since 2016 and 2017, according to CB Insights’ State of Fintech Q1’20 Report. Q1’20 VC-backed fintech activity declined to US$6.1 billion across

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Hong Kong Banks Lagging Behind in Openness to Apply New Tech Compared to Virtual Banks

Banks in Hong Kong are embracing fintech, with innovations relating to mobile banking, open banking (APIs), machine learning and predictive analytics, customer identification and authentication, and cloud computing, being commonly applied by over 40% to up to two thirds of

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How Past Lessons in Digital Payments Can Help Banks Navigate in the New Normal

The past couple of decades have seen a complete upheaval in where we buy things and how we pay for them. New technologies have led to huge shifts in consumer behavior and expectation, while businesses have benefitted from faster and

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3 Things You Should Know About Hong Kong’s SME Export Marketing Fund

With businesses scrambling to recoup their losses due to the recent pandemic, digital e-commerce wasn’t left unscathed. Hong Kong’s small and medium-sized enterprises (SME), which rely on online marketing, mobile money, and government resources to sell products internationally, have had

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