HashKey Exchange, Hong Kong’s licensed virtual asset exchange, has announced the successful facilitation of the first physical subscriptions for the Bosera HashKey Bitcoin Spot ETF and the Bosera HashKey Ethereum Spot ETF.  This development introduces new investment opportunities in Hong Kong’s cryptocurrency market. Working with Bosera International and HashKey Capital, HashKey Exchange has provided essential infrastructure support, including trading and custody services.  The company highlights that introducing physical redemption for these ETFs allows investors to directly ac ..read more

The Securities and Futures Commission (SFC) has issued a public alert concerning fraudulent activities by two virtual asset service providers, “CBEX Group” and “Bitget Pro”.  The SFC’s warning follows reports from investors about difficulties in withdrawing assets and unauthorised withdrawals, suggesting these platforms may be issuing false withdrawal records. In response, the SFC has collaborated with the Hong Kong Police Force to block access to the websites linked to these entities. Despite these measures, the public is advised to remain cautious as fraudulent operators may continue to ..read more

Malaysian e-government services provider MyEG Services Bhd has partnered with MaiCapital, a virtual asset manager licensed in Hong Kong, to develop an exchange-traded fund (ETF) approved by the Securities and Futures Commission of Hong Kong (SFC). The ETF will feature various cryptocurrencies, including Bitcoin and Zetrix, aiming to provide investors with a tool to diversify their portfolios and mitigate the volatility typically associated with single cryptocurrencies. MaiCapital, which holds approval from the SFC to manage funds that may consist entirely of virtual assets, will collabora ..read more

In response to the evolving economic landscape and recent changes in consumer and tourist spending patterns, the Hong Kong Monetary Authority (HKMA) has introduced a series of new measures to further bolster its support for small and medium-sized enterprises (SMEs). These initiatives aim to alleviate SMEs’ operational pressures due to varying business performances during the recent long Easter holiday. The Banking Sector SME Lending Coordination Mechanism, established by the HKMA in collaboration with local banks, has introduced nine new support measures tailored for SMEs. These measures inclu ..read more

A recent study by TransUnion has highlighted a substantial increase in credit monitoring services among consumers in Hong Kong. Enrollments surging by over 194 percent in the three months leading up to September 2023 compared to the same period in 2021 marks one of the highest growth rates observed globally. The report also shows a strong recognition of the importance of credit monitoring, with 84 percent of Hong Kong consumers considering it crucial for managing their financial health. Notably, 59 percent of these consumers review their credit reports quarterly. Nidhi Verma According to Nid ..read more

The Bank of Singapore, the private banking arm of OCBC, has appointed Rickie Chan as the new Chief Executive Officer of its Hong Kong branch. The announcement was made earlier today, confirming Rickie’s additional responsibilities alongside his current Head of Private Banking, Greater China role. Rickie brings over 28 years of experience in the financial services sector to his new role. He joined the Bank of Singapore in February 2024, following a distinguished career with several leading institutions.  His previous roles include CEO of Credit Suisse’s Hong Kong branch and Greater China H ..read more

KPay, a fintech and payments company based in Hong Kong, has expanded its operations to Singapore by establishing a headquarters there. The company currently partners with over 30,000 merchants across Asia, including 3,000 in Singapore. To support this growth, the company aims to increase its merchant base in Singapore from 3,000 to over 10,000 and double its local workforce to more than 100 employees. According to KPay, the expansion is part of the company’s strategy to accelerate digital transformation in the Asia Pacific region. This move underscores the company’s commitment to enhancing it ..read more

Credit Data Smart is scheduled to launch on 26 April, marking a significant step in the “Fintech 2025” strategy aimed at enhancing Hong Kong’s data infrastructure for financial technology. The launch is in collaboration with the Hong Kong Association of Banks, the Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies, and the Hong Kong S.A.R. Licensed Money Lenders Association Limited. This initiative supports introducing multiple consumer credit reference agencies (CRAs) in Hong Kong. It enhances market competition and service quality and reduces the operational risk ..read more

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