WeLab and Astra Finalises 99% Stake Acquisition in Indonesia’s Bank Jasa Jakarta

Hong Kong digital bank WeLab and Indonesian conglomerate Astra International have completed their acquisition of commercial bank Bank Jasa Jakarta (BJJ) after receiving regulatory approval. The acquisition was led by WeLab-led consortium’s WeLab Sky which is backed by investors such as Allianz X, Boyu Capital, Horizons Ventures, SCBX Group and Taipei Fubon Bank Capital. WeLab […]

Data Enrichment Key to Enhancing Accuracy of AI Models in Fintech

Data enrichment, the process of enhancing internal data with relevant, contextual data obtained from external sources, is critical for financial services companies looking to get the most out of their investments in artificial intelligence (AI), allowing them to build more accurate predictive models and improve decision-making, says Mobilewalla, a Singapore-based consumer intelligence solutions provider. In […]

HKMA’s Faster Payment System Sees Steady Growth With 10.9 Million Users

The Hong Kong Monetary Authority (HKMA) announced during the fourth anniversary of its Faster Payment System (FPS) that the service has received 10.9 million registrations as of the end of August 2022. According to them, FPS usage has also been growing steadily with the average daily turnover reaching 928,000 real-time transactions, representing a 17-time surge […]

HashKey Capital Limited Gets SFC Approval to Manage 100% Virtual Asset Portfolio

HashKey Group’s crypto fund HashKey Capital Limited has been granted an uplift of its Type 9 asset management license by the Securities and Futures Commission (SFC) of Hong Kong to manage funds exclusively investing in virtual assets. With this, the fund joins the first batch of Hong Kong’s licensed virtual asset managers operating in compliance […]

Ant Insurance Launches China’s First Digital Operation Platform for Insurance Companies

Ant Group‘s online insurance agency platform Ant Insurance has launched digital operation platform Xingyun (translated as nebula) for insurance companies in China. According to Ant Insurance, the Xingyun platform is the first of its kind in the country. Powered by Ant Group’s technologies, the Xingyun platform can help insurers improve operational efficiency and customer experience […]

How Indonesia’s BNPL Giant Leverages Data Science to Drive Innovation

Data science and machine learning are some of the most complex yet important business concepts today. And many companies, irrespective of their niche, rely on them to deliver a better user experience to their customers. But what role do data science and machine learning play in the development of innovative financial systems, especially in countries […]

Talent and Funding Identified as Most Pressing Issues for HK Fintech Companies

In Hong Kong, skills shortages and challenges in securing investment have been identified as the top two most pressing issues by local fintech companies, hampering their ability to grow and scale, a new study by Google Hong Kong and financial consultancy Quinlan & Associates found. The study, which polled 126 Hong Kong fintech companies and […]

Airwallex Pledges Additional HK$2.25 Million to Support Hong Kong SMEs

Cross border payments firm Airwallex announced plans to provide further support for the city’s Small and Medium Enterprises (SMEs) and startup community. Airwallex will commit an additional HK$2.25 million to the initiative, raising its total commitment to HK$4.5 million this year. This follows the successful launch of its Hong Kong Small and Medium Enterprises (SMEs) […]

StanChart Joins Chekk’s Multi-Million Dollar Funding Round

Standard Chartered’s innovation, fintech investment and ventures arm SC Ventures announced that it has invested funds in Chekk, a Hong Kong-based KYC, KYB and data management platform.  Details of the investment was not disclosed. SC Ventures joins Chekk’s multi-million dollar financing round announced in June this year, led by HSBC and with participation of venture […]

DBS Hong Kong Rolls Out Its One-Stop Digital Sustainability Platform “LiveBetter”

DBS Bank Hong Kong has introduced LiveBetter, a one-stop digital sustainability platform in its digibank app that encourages customers to foster a more sustainable life. With features like Know Better and Invest Better, LiveBetter in the DBS digibank HK app aims to remove the barriers and customer inertia toward sustainable living. The one-stop digital platform […]

18 Fintechs Make APAC’s Top 100 Fastest Growing Tech Startups Ranking

A ranking of Asia Pacific (APAC)’s top 100 fastest growing technology startups has named 18 fintech companies among the region’s most promising tech startups and up-and-coming tech leaders. These companies were selected by KPMG and HSBC among 6,472 tech startups with valuations up to US$500 million across 12 markets – Mainland China, India, Japan, Australia, […]

InvestHK and HKMA Launches a CBDC-Focused Vertical at the Global Fast Track 2022

Invest Hong Kong (InvestHK) and the Hong Kong Monetary Authority (HKMA) jointly announced the addition of the Central Bank Digital Currency (CBDC) track to the Global Fast Track 2022 programme. Global Fast Track, organised by InvestHK and co-organised by Finnovasia, is a one-stop programme with a business matching portal, pitching competition, and mentoring sessions to […]

Temasek-Backed ShopBack Gears up for Hong Kong Launch

ShopBack, a Temasek-backed shopping and rewards platform, announced that it will be expanding its footprint to Hong Kong with a soft launch on 8 August. According to ShopBack, it has already onboarded over 250 merchants in Hong Kong ranging from local to global players, including Watsons, Disney+, Apple, KFC, Booking.com, Farfetch, Taobao, Sasa, ParkNShop, iHerb, and […]