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Due to the worryingly slow development of digital banking in Hong Kong, regulator Hong Kong Monetary Authority (HKMA) granted virtual banking license it to a total of 8 virtual banks. Since then, these companies have been locked in an intense battle for talent as they
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Cyberport signed a memorandum of understanding Ping An’s fintech arm One connect to o be among the first batch partners of the company’s open Fintech SaaS (Software-as-a-Service) platform, “Gamma O”. The arrangement allows Cyberport’s 350 startups to enjoy priority to
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George Harrap, CEO and Co-founder of Hong-Kong based blockchain remittance startup, Bitspark, has outed SWIFT for hampering fintech from driving innovation in the money transfer sector in his new e-book He argues that the remittance sector is ripe for disruption. However,
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Tencent and Shenzhen Stock Exchange (SZSE) have banded together to form a joint innovation lab, named the SZE – Tencent Financial Technology Joint Laboratory. The lab will focus in what they call “financial sci-tech”, and devote its existence to jointly
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Hong Kong is expected to see a boost in fintech activity after a relatively disappointing year in 2018 as the region saw a sharp dip in the total value of investments. According to Accenture, this was due to new measures
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Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in schemes based on
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In their quarterly results announcement, Tencent revealed that its fintech and cloud services generated RMB21.8 billion (US$ 3.1 Billion) in the first quarter of 2019, a 44% year-on-year growth. This quarter marks the first time the Chinese internet giant is
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The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) entered into a Memorandum of Understanding (MoU) to foster collaboration between the two regulatory authorities in promoting financial innovation. Under the agreement, HKMA and BOT agreed to work together
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Insurtech investment continued its momentum with 85 deals totaling US$1.42 billion recorded in Q1 2019, marking the third-straight quarter to register more than US$1 billion in funding. Over Q4 2018, the deal count increased by 35%, although total funding decreased
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UPDATE: Four of Hong Kong virtual banks have since launched, check out our latest article to find out the progress on Hong Kong’s virtual banking scene Hong Kong Monetary Authority (HKMA) has announced a grand total of eight virtual banking
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