Imagine a world where you can access all your banking needs at your fingertips without ever having to step into a physical branch. That’s the promise of virtual banks in Hong Kong – a new breed of digital-only financial institutions redefining how we think about banking. Leading the way in Asia, Hong Kong’s virtual banks have set a precedent for the region, demonstrating how technology can transform financial services. Virtual banks have disrupted the traditional banking model, offering new opportunities for consumers and businesses. By harnessing advanced technology, they have optimised finan ..read more

In a move reflecting the challenging market conditions in the Asia-Pacific region, particularly in Hong Kong and China, global investment banks Morgan Stanley and HSBC have recently implemented targeted job cuts within their investment banking teams. Sources indicate that Morgan Stanley has laid off approximately 50 bankers in the Asia-Pacific region, excluding Japan, with 80 percent of the affected individuals based in China and Hong Kong. The cuts come amidst a challenging market environment, as evidenced by the bank’s first-quarter results, which showed a 12 percent year-on-year decline in ..read more

Endowus, an independent digital wealth advisor in Asia, has officially launched its comprehensive wealth management platform in Hong Kong. The launch follows significant technological enhancements aimed at better serving local investors. The platform includes a bilingual, full-featured version of the Endowus app. This development caters to a broad range of investors, from novices to experienced individuals, by allowing users to tailor investment portfolios to their specific financial goals or to invest directly in funds through the Endowus Fund Smart platform. The updated app also introduces c ..read more

Mox Bank has appointed Igor Lau as the new Chief Customer Officer (CCO), effective 1 April 2024. Igor Lau steps into this role with significant industry experience, having served in various capacities within Mox, including a stint as Interim CCO since early 2023. As CCO, Igor will oversee the development and refinement of Mox’s customer experience strategies. His responsibilities encompass customer experience design, brand proposition development, strategic partnerships, and analytics. Igor’s professional background includes over 22 years in building customer relationships and brand management ..read more

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 financial services sector experienced a staggering 190% year-over-year (YoY) increase in suspected digital fraud compared to the previous year, marking the highest growth rate across all industries analyzed. The data, released as part of the 2024 State of Omnichannel Fraud Report, draw on proprietary insights from TransUnion’s global intelli ..read more

Hong Kong has taken a significant step by granting initial approvals to three Chinese asset managers to launch exchange-traded funds (ETFs) backed by spot virtual assets such as Bitcoin and Ether. This initiative is part of Hong Kong’s ongoing strategy to integrate digital assets into its financial ecosystem and attract global fintech innovation. Harvest Global Investments Ltd., Bosera Asset Management (International) Co. Ltd., and China Asset Management (Hong Kong) Ltd., all subsidiaries of leading Chinese mutual fund companies, received the go-ahead in principle from the SFC. Each company an ..read more

ZA Bank has launched a new business loan in collaboration with Global Payments Asia-Pacific (Hong Kong) Limited, a subsidiary of Global Payments. This partnership allows eligible merchants within the Global Payments ecosystem to quickly and easily obtain ZA Bank’s pre-approved credit facilities without the need for traditional bank statements or financial reports. This initiative is a part of the bank’s commitment to leveraging technology to improve the financing options available to SMEs in Hong Kong, which aligns with recent initiatives by the Hong Kong Monetary Authority (HKMA). ZA Bank str ..read more

During the Perspective and Vision Forum at the Digital Economy Summit 2024, Financial Secretary Paul Chan provided an in-depth look into the commitment of Hong Kong to accelerating its digital economy. His speech outlined several strategic initiatives aimed at integrating advanced technologies across diverse sectors, bolstering both the competitiveness and operational efficiency of the city. Paul Chan Paul highlighted the establishment of the Digital Economic Development Committee, which was created to spearhead the transition of Hong Kong into a leading digital economy. This committee, comp ..read more

Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), shared his thoughts on the future of money and payment systems in an increasingly digital world at the International Conference on Central Bank Digital Currencies and Payment Systems. The monetary authority has been researching central bank digital currencies (CBDCs) in Hong Kong since 2017 and is working on one of the most advanced explorations of a multi-CBDC platform globally. Eddie Yue Eddie discussed the potential of tokenisation, a process of transforming the rights to an asset into a digital token, to enable the in ..read more

Tencent has announced comprehensive enhancements to its payment platform, Weixin Pay, aimed at improving the experience for visitors to mainland China. These initiatives simplify registering for WeChat and linking international credit cards, ensuring convenience and security. Upon downloading or updating to the latest version of the WeChat app, overseas users can now easily register for a WeChat account with a non-Chinese mobile number and link their international credit cards to Weixin Pay. This simplified process offers users access to millions of merchants across China, catering extensively ..read more