In Hong Kong, the adoption of generative artificial intelligence (genAI) in the financial sector remains focused on internal applications aimed at automating tasks, improving workflows and sharing knowledge. According to research by the Hong Kong Monetary Authority (HKMA), KPMG China and Quinlan and Associates, 80% of genAI use cases in the financial services sector are [...] The post HK Financial Institutions Embrace GenAI to Boost Efficiency and Streamline Internal Operations appeared first on Fintech Hong Kong ..read more

Hong Kong has launched a new initiative aimed at combating corruption within its banking sector. The Hong Kong Monetary Authority (HKMA), the Hong Kong Association of Banks (HKAB), and the Independent Commission Against Corruption (ICAC) joined forces to introduce the Banking Industry Integrity Charter. The charter is a collaborative effort to enhance anti-corruption measures and [...] The post New Charter Launched to Prevent Corruption in Hong Kong’s Banking Sector appeared first on Fintech Hong Kong ..read more

Wallace Lam, the Head of Institutional Banking for DBS Group Holdings in Hong Kong, is set to leave the bank, according to a Bloomberg report citing a spokesperson from Southeast Asia’s largest lender. Lam, who joined DBS Hong Kong in August 2021, had previously resigned from HSBC Holdings earlier that year to bolster DBS’ Greater [...] The post DBS Reshuffles Hong Kong Institutional Banking Leadership appeared first on Fintech Hong Kong ..read more

Hong Kong is set to host the ninth edition of Hong Kong Fintech Week (HKFW) from 28 October to 1 November 2024. Themed “Illuminating New Pathways in Fintech,” this year’s event aims to solidify Hong Kong’s position as a leading global financial and fintech hub. The event is organised by InvestHK and the Financial Services [...] The post 30,000 Expected to Attend Hong Kong Fintech Week 2024 appeared first on Fintech Hong Kong ..read more

Checkout.com has partnered with Octopus to make the widely used Hong Kong payment method available for online transactions. According to Checkout.com, they are the first global payment service provider (PSP) to offer Octopus as an online payment option. With a 98% usage rate among Hong Kong’s 7.5 million residents, Octopus is one of the most [...] The post Checkout.com Adds Octopus as Online Payment Option for Merchants appeared first on Fintech Hong Kong ..read more

The Hong Kong Securities and Futures Commission (SFC) is set to license an additional 11 virtual asset platforms before the year ends. Recently, the SFC granted its third license to the Hong Kong Virtual Asset Exchange (HKVAX), joining OSL Exchange and HashKey Exchange. SFC CEO Leung Fung-yee, in an interview with local media HK01, revealed [...] The post Hong Kong SFC to License 11 More Crypto Exchanges by Year-End appeared first on Fintech Hong Kong ..read more

JCB, the Japanese international payment brand, has announced the availability of Google Pay for its customers. Android smartphone users can now make purchases using Google Pay wherever JCB Contactless is accepted. Currently, only credit and debit cards issued by the JCB Group in Japan can be added to Google Pay. To use this new feature, [...] The post Google Pay Now Available for JCB Cardholders in Japan appeared first on Fintech Hong Kong ..read more

The Hong Kong Monetary Authority (HKMA) and Qatar Central Bank (QCB) are looking to enhance collaboration in areas of sustainable finance and digital assets. The two authorities held a meeting in Doha to discuss ways to strengthen their financial cooperation. The meeting also covered areas such as capital markets connectivity, bond market development, financial infrastructure, [...] The post Qatar and Hong Kong to Collaborate on Sustainable Finance, Digital Assets appeared first on Fintech Hong Kong ..read more

Hong Kong has awarded its third virtual asset trading platform license to Hong Kong Virtual Asset Exchange (HKVAX). This follows previous licenses were issued to OSL Digital Securities and Hash Blockchain (HashKey Exchange). HKVAX has secured Type 1 and Type 7 licenses from the Securities and Futures Commission (SFC), allowing it to deal in securities [...] The post HKVAX Becomes Hong Kong’s Third Licensed Crypto Exchange appeared first on Fintech Hong Kong ..read more

Hong Kong bank depositors will now have increased protection for their deposits as the first phase of enhancements to the Deposit Protection Scheme (DPS) takes effect. The changes, effective from 1 October, raise the protection limit from HK$500,000 to HK$800,000 per depositor per bank. The enhancements also include adjustments to the levy system to ensure [...] The post HK$800,000 Bank Deposit Protection Now in Effect in Hong Kong appeared first on Fintech Hong Kong ..read more