Hong Kong
Financial Services Are Among The Most At Risk For Digital Fraud in Hong Kong
In Hong Kong, financial services ranked second among the most targeted industries for suspected digital fraud last year, tied with travel and leisure at 7.8% each, new data released by American consumer credit reporting agency TransUnion show. In 2023, the
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9 Must-Attend Fintech Events in Hong Kong in Q2 2024
Hong Kong is home to a vibrant and diverse international fintech hub comprising approximately 1,000 fintech companies, data from the government show. More than 10 of these companies are unicorn startups valued at US$1 billion and over, including HashKey Group,
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Top Trends in Banking in 2024 According to HKMA
The banking landscape is expected to witness significant changes in 2024, influenced by technological advancements, regulatory initiatives and shifting consumer preferences. New reports released by the Hong Monetary Authority (HKMA), French consulting firm Capgemini and tech corporation IBM explore the
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Hang Seng Bank Investigates Significance of Programmability in e-HKD CBDC Adoption
Programmability is a crucial feature for future payment innovation, an attribute which should be integrated into the e-HKD scheme should the central bank digital currency (CBDC) be issued, a new report by Hang Seng Bank and global management consulting firm
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Hong Kong Virtual Banks Struggle to Attract Deposits
Customer deposits are a critical pillar for virtual banks’ operations in Hong Kong, serving as a core foundation of their future growth and success. However, most Hong Kong virtual banks are facing challenges around their customer acquisition and deposit strategies,
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Growth of Hong Kong Fintech Sector Stalls
After years of sustained development, the growth of Hong Kong’s fintech industry is stalling, with business formation slowing down and startup funding plummeting to pre-COVID-19 levels, a joint research report by industry trade group, the Fintech Association of Hong Kong
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6 Ways Hong Kong’s e-HKD Pilot Initiative Explores the Future of Currency
As part of its forward-looking “Fintech 2025” strategy, the Hong Kong Monetary Authority (HKMA) is preparing for the advent of central bank digital currencies (CBDCs), aiming to enhance Hong Kong’s capacity to issue CBDCs at both wholesale and retail levels,
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BIS, Hong Kong and Israel Collaborate on Project Sela for Secure Retail CBDCs
Central bank money has always been the bedrock of global monetary systems, providing a rock-solid foundation of security, impartiality, accessibility, and integrity. Traditionally, this has manifested in physical cash, tangible notes and coins. Yet, in an era of accelerating digitalisation,
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E-Wallets Hong Kong: Who’s Leading, Opportunities, and Challenges
Since their inception in 2016, e-wallets in Hong Kong which operate under Stored Value Facilities (SVFs) licensing have rapidly expanded, with the market now served by an intriguing mix of thirteen non-bank licensees, plus four traditional banks that also operate
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HKMA’s Fintech Roadmap Propels Hong Kong Towards Future Financial Innovation
In recent years, the fintech landscape in Hong Kong has emerged as a transformative force, driving the evolution of the global financial services industry. Its impact extends beyond convenience, as fintech solutions have empowered financial institutions to expand their product
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