Ready to bloom: the rise of CBDCs in Asia
We delve into how and why Asia has surged ahead in the global race for CBDC development.
Hong Kong
The latest fintech news, resources and expert analysis in Hong Kong by the leading intelligence provider for the worldwide fintech community.
Bank of Singapore hires former Credit Suisse exec as Greater China COO
Ronnie Cheung will lead operations and governance for the private bank’s Hong Kong branch.
Joy Cheng named as new head of Citi Commercial Bank in Hong Kong
Cheng first joined Citi back in 1993, and has since risen through the ranks of its corporate banking division.
HSBC is on an AI hiring spree with call for three new executives
The job openings are within HSBC’s digital business services unit and ventures, innovation and partnerships team.
SME lender FundPark doubles credit facility with Goldman Sachs to $500m
The $250m expansion builds on an earlier $250m ABS facility secured by the fintech in April 2022.
Hong Kong’s Allied Banking Corporation extends Finastra partnership with core upgrade
The group is migrating from Finastra’s Equation core to its cloud-based Essence solution.
Digital asset firm HashKey bags $100m Series A funding at unicorn valuation
The latest round saw participation from both new and existing investors, HashKey says, without divulging names.
UK’s Kodelab to provide lending tech for HKMA CBDC pilot with Ripple and Fubon Bank
The pilot is part of the HKMA’s three-stage approach to CBDC development.
Singapore’s Endowus raises $35m as it eyes regional expansion
The round saw participation from existing investors including UBS Next, EDBI and Prosus Ventures.
Hong Kong fintech Micro Connect raises $458m Series C funding
According to Forbes Asia, the funding round values the start-up at $1.7 billion, making it Hong Kong’s latest unicorn.
Ant Group enables Alipay+ mobile wallet integrations in Thailand
The mobile wallets include Alipay HK (Hong Kong SAR), Kakao Pay (South Korea), and Touch ‘n Go eWallet (Malaysia).
Digital banking group Tyme lands $77.8m in pre-Series C funding
Existing investor Tencent also increased its stake to become Tyme’s third-largest stakeholder.
Hong Kong Monetary Authority kickstarts e-HKD retail CBDC pilot
A total of 16 firms have been chosen from across the financial, payments and technology sectors to take part.
Crypto exchange OKX readies for Hong Kong launch
OKX sees “immense potential” in Hong Kong and is committed to building out the local ecosystem.
Hong Kong’s Livi Bank launches Livi Business for SMEs
Livi Business offers SMEs and entrepreneurs access to “fast, simple and personalised” financial services.
Shanghai Commercial Bank taps Salt Edge for PSD2 compliance solution
With the partnership, the bank says it will be able to offer customers a secure connection to external apps.
Hong Kong proposes tighter rules for digital asset exchanges
The proposed framework will bring virtual assets in line with securities brokers and automated trading venues.
Hong Kong’s ZA Bank names Ronald Iu as CEO
Iu served as chief risk officer (CRO) of ZA Bank, a role he will step down from immediately.
Singapore’s Osome raises $25m in Series B funding
The start-up uses machine learning to help businesses automate accounting, payroll and tax reporting.
Quantifeed to acquire fellow wealthtech Alpima
Together, Quantifeed and Alpima will create “a world-class technology platform”.
Hong Kong’s WeLab considers new funding round
According to Bloomberg, the fintech firm is valued at around $2 billion.
Hong Kong fintech Reap bags $40m Series A funding
The funding will be used to boost its global market expansion plans.
Bain Capital taps Chekk for KYB and KYC solutions
Chekk says its SaaS solutions “remove the pain and costs” from interactions between companies and customers.
HSBC-backed trade platform Serai shuts down
Serai was on a mission “to simplify global trade” by providing supply chain solutions to brands and manufacturers.
ICYMI fintech funding round-up: Tranch, Quantifeed, Chekk & Crowd Data Systems
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Babel Finance bags $80m Series B at $2bn valuation
The firm says it limits business to Bitcoin, Ethereum and stablecoins, and serves around 500 “select clientele”.
Hong Kong’s Planto partners NZ fintech Cogo to promote sustainability
The new software will enable consumers and small businesses to view their daily carbon footprint.
Mastercard, Pine Labs and DBS Bank to roll out BNPL credit card offering
The solution will be available on all DBS Mastercard, Visa and American Express credit cards.
FX platform M-DAQ acquires B2B cross-border paytech Wallex
The deal forms part of M-DAQ’s growth strategy as it looks to expand into new international markets.
Challenger bank Mox makes two senior tech hires
Mox has a new CIO and a new chief data, security, and innovation officer (CDSIO).
AI-focused fintech Qraft Technologies secures $146m SoftBank investment
Qraft’s US CEO says investment management is “ripe for disruption” thanks to AI.
Taipei Fubon Bank revamps private banking tech with Avaloq
The roll-out will start in Hong Kong and Singapore, followed by the onshore market of Taiwan.
UK paytech Rapyd acquires Neat for Asian expansion
Neat provides a cross-border trade enabling platform for small businesses and start-ups.
WeLab to launch new digital bank in Indonesia following BJJ acquisition
WeLab has raised $240m to fund the acquisition – “the largest fintech funding in Indonesia in 2021”.
Finastra offloads Fusion Summit treasury business in China, Macau and Hong Kong
The buyer is CloudWing Network Technologies, a subsidiary of Hundsun Technologies.
BNPL start-up Pace raises $40m in pan-Asian Series A
The Singapore-based company has plans for international expansion.
Airwallex adds $100m funding with Series E extension
The new capital injection adds to the firm’s $200m Series E funding.
Singapore fintech Sleek raises $14m to fund global expansion
The company’s platform acts an ‘operating system’ for entrepreneurs and small businesses.
Hong Kong-based Qupital raises $150m to boost expansion plans
Partners in Series B include Citi, GBA Homeland and Nordstar.
Filipino BaaS player Netbank picks Chekk for KYC services
Netbank to integrate Chekk platforms into its white-label offerings for customers and businesses.
