Tag "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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Digitalisation of Financial Services in Hong Kong Comes at a Cost
In Hong Kong, the digitalisation of financial services has expanded financial inclusion through the increasing usage of digital channels and innovations, open banking, as well as advancements in data collection and analytics. But despite the positive outcomes, digitalisation may also
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Hong Kong’s Rapid Digital Adoption Drives Demand for Better Mobile Banking UX
Mobile banking is growing in popularity in Asia, with a new study showing the region is home to some of the world’s best banking experiences on mobile devices, such as in Hong Kong and Singapore. The study, conducted by Sia
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Virtual Banks Could Serve a Quarter of Hong Kong’s Population by 2025
By 2025, virtual banks could be serving a total of 1.9 million customers, or 24.9% of the Hong Kong population, and hold a combined revenue market share of 19.3%, estimates Quinlan and Associates. Though not insignificant, the consulting firm forecasts
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Hong Kong’s Next Phases of Open Banking Presents Exciting Opportunities
Two years into the implementation of open banking and Hong Kong is now heading into Phase III and Phase IV of its strategy, which will see account information and customers’ transactions being made available to third-party providers. As the region
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Redefining Finance for Good: HK’s Chong Hing Bank Sees Digital Shift for Older Customers
Around the world, the COVID-19 crisis has forced banks and their customers to turn to digital tools and processes to compensate for branch and office closures. Many industry participants believe that the digital acceleration taking place today will have a
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15 Fintech Startups From Hong Kong to Watch Out for in 2021
Hong Kong is currently home to more than 600 fintech companies with 76% of them focusing on the business-to-business (B2B) market. These companies leverage technologies including big data, artificial intelligence (AI), blockchain, insurtech, regtech, credittech, and wealthtech to serve the
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HK Fintech Market Sentiment Remains Stable Despite COVID-19 and Social Unrest
Despite the protests and the COVID-19 pandemic, the Hong Kong society has maintained a positive sentiment on the growth prospect of the city’s fintech industry, according to the Hong Kong Fintech Buzz Index (FBI). The Hong Kong FBI, a quarterly
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Wealthtech Firms Make Their Moves in Hong Kong
With shifting demographics, higher expectations and favorable regulations, wealthtech has become a rapidly growing industry around the world. In Hong Kong, the wealthtech industry is gathering more momentum this year with several notable developments being recorded since the beginning of
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An Overview of Digital Wallets in Hong Kong in 2020
Hong Kong has been pushing for greater development and adoption of digital and mobile payments with the Hong Kong Monetary Authority (HKMA) beginning issuing stored value facilities (SVF) licenses in 2016 and virtual banking licenses in March 2019. Over the
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