Hay Yip

The CEO Panel talks about how the respective banks are navigating the uncertainties. At the same time, the market presents an encouraging opportunity for banks. The new CIES scheme is expected to bring in HK$15B to invest in HK. And 7% of HK people are millionaires. Adrian Li of The Bank of East Asia, Limited (BEA) says they are striving to become a #digital led and #customercentric bank which resonates a lot among the esteemed bankers. How to do it? BEA is leveraging #technology to enable it to be a #efficient and #trusted bank. #formshk #fintech #fintechconsulting #HKIB #AnnualBankingConference

42

Developments driven by a combination of innovation and sustainability point to long-term growth and an acceleration of the green transition, argues Bonnie Y Chan, Chief Executive Officer, Hong Kong Exchanges and Clearing Limited (HKEX) #AMNC24

53

1 Comment

Amid falling interest rates, cash investors looking for potentially more attractive returns may consider the Fullerton Short Term Interest Rate Fund. The Fund is designed to achieve medium-term capital appreciation for investors seeking short-dated, quality bonds. It has a stable 20-years return track record since inception. Learn how to optimise your cash further at: https://lnkd.in/gAsjPvyb #interestrates #fixedincome #quality #stability Mark Yuen Angus Hui Kylie S. Melvin Lee Cynara Tan Stephen Tan Sharon Chua, CAIA Jocelyn Tay Zhi Wei Tan, CFA, CESGA Ernest Yeo Sam Ye Calvin Liew, CFA   Disclaimer: Prepared by Fullerton Fund Management Company Ltd (UEN: 200312672W). The value of the units may fall or rise. Please read the prospectus on fullertonfund.com before investing. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. 

106

Hong Kong Monetary Authority (HKMA) issues warning of fraudulent websites (2024 July) – China CITIC, DBS Bank, Julius Baer & Royal Bank of Canada.  Read - https://lnkd.in/gHH6Jimd follow Caproasia | Driving the future of Asia The Hong Kong Monetary Authority (HKMA) has issued warning of fraudulent websites (2024 July) – China CITIC, DBS Bank, Julius Baer & Royal Bank of Canada.  HKMA: “The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or One-Time Password, by phone, email or SMS (including via embedded hyperlinks).  Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.  A hyperlink to the press release is available on the HKMA website.” China CITIC Bank International Limited, China CITIC Bank, DBS Bank, Julius Baer, RBC

1

Zero Fintech Group Partners with Standard Chartered Bank (Hong Kong) Limited to Enhance A.I. Financing Solutions for X Wallet with HKD800 Million Funding Limit Zero Fintech Group is thrilled to announce a strategic financing deal with Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”) to enhance A.I. financing solutions for X Wallet. This collaboration includes the funding limit up to HKD800 Million from Standard Chartered to support Group’s asset and business growth. This partnership is a pivotal move for Zero Fintech Group as it seeks to leverage proprietary A.I. technology of X Wallet to drive efficiency and innovation within the financial sector. With Standard Chartered’s funding support, X Wallet will enhance its capabilities to provide users with streamlined, cost-effective financial solutions tailored to their needs. Carlos Chau, Executive Director at Zero Fintech Group, said, “We are excited to join forces with Standard Chartered to elevate X Wallet’s offerings. This funding support not only fuels our technological advancements but also allows us to focus on building a robust financial ecosystem that prioritizes cost efficiency and user-centric solutions.” The funding support by Standard Chartered will also facilitate the creation of a comprehensive financial ecosystem in X Wallet, integrating various Fintech services to provide users with seamless access to a wide range of financial products from lending to payment. This holistic approach aims to redefine customer experience and empower users in their financial journeys.

8

Most Hong Kong SMEs face a highly unsatisfactory banking experience, especially when it comes to lending, reflecting extensive documentation requirements, the need for collateral and/or personal guarantees, and a lack of transparency in processing times along the lending journey. To this end, we have identified key challenges being faced by SMEs along their lending journey: 1.    ACQUISITION SMEs face challenges when choosing between different loans on offer due to the lack of availability / limited transparency of loan details, requiring extra effort to visit or call lenders for more information. While preliminary loan approval timelines are highlighted by some lenders, the approval process itself remains undisclosed. 2.    ONBOARDING / ACCOUNT SETUP Onboarding times often stretch far beyond what’s promised, with traditional banks taking as long as 96 days, virtual banks 11 days, and NBFIs 9 days to set up an SME account. These long delays are a function of relatively opaque documentation requirements and regular back-and-forth meetings / calls with RMs. A number of traditional banks also continue to impose minimum deposit requirements (going as high as HKD 200,000+) to set up a business banking account. 3.    LOAN APPLICATION / MONETISATION Traditional banks tend to stick to tried-and-tested hybrid or offline methods for SME loan applications, with SMEs needing to fill out and submit considerable amounts of physical paperwork and conduct branch visits. The complexity of document requirements, from tax documents to personal guarantees, coupled with recurring document requests, adds to the challenge. Like onboarding, most SMEs often find themselves in a waiting game, as processing SME loans takes considerably longer than advertised (i.e. up to 6-10 weeks). 4.    ACCOUNT MAINTENANCE Throughout the loan period, lenders conduct periodic account reviews to adjust their loan terms accordingly. Reviews are often conducted at random and typically require additional documents to be presented during in-person visits or calls with RMs. 5.    LOYALTY / RETENTION Due to the lack of active engagement initiatives from local lenders, there is minimal ongoing engagement with most SMEs beyond transactional interactions, stifling long-term loyalty. Ultimately, addressing these operational inefficiencies is essential to streamline the lending journey. To understand how SME lenders can address these challenges, download our recent Hong Kong SME lending report: https://lnkd.in/gRNZstuh For more insights on how we can support you in truly unlocking the SME loan market in Hong Kong, connect with our team at enquiries@quinlanandassociates.com. #HongKongSMEs #SME #SMELending #SMEFinancing #Banks #NBFI #HKloans #SMEloans #Businessloans #SMEbanking #Digitaltransformation #Digitalbanking 

8

Hong Kong – Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”) and the Hong Kong Institute of Information Technology (“HKIIT”) signed a Memorandum of Understanding on 18 April 2024, with an aim of nurturing more versatile fintech talents for Hong Kong society. ICBC (Asia) and HKIIT are committed to promoting technology and digital transformation and making contributions to Hong Kong's development into an international innovation and technology (I&T) hub. Through this collaboration, ICBC (Asia) will provide students with opportunities for internships and participation in business case projects as well as employment support, while HKIIT will assist ICBC (Asia) employees in acquiring the latest knowledge and skills related to I&T and fintech through its "SkillsUP" in-service training services. We look forward to this collaboration helping students and industry practitioners to equip with the latest information technology knowledge and skills, creating broader development opportunities for them.   #HKIITStrategicCooperationMOU #ICBCAsia #FintechTalents #SkillsUP

27

🌍💸 As the festive season approaches, remittance services see a surge in usage, with many sending funds to loved ones abroad. Traditional banks and digital platforms both offer remittance services, but how do their fees, convenience, and security compare? 🤔 Our CEO Cassandra Wee recently shared insights with Lianhe Zaobao 联合早报 理财锦囊：年底跨境汇款旺季 慎选平台省钱又安心 on navigating these options—covering key topics like hidden fees, secure transactions and choosing the right platform for your needs. At AMTD PolicyPal ValueChampion, we are committed to empowering financial wellness by helping you make informed decisions. Whether you're sending gifts or financial support, understanding the costs and ensuring secure transfers is crucial. 💡 Stay tuned for more updates as we help you navigate the festive season with smarter financial choices! #FinancialWellness #Remittance #PersonalFinance https://lnkd.in/gx7ZSSRz

4

The Hong Kong Monetary Authority (HKMA) has announced a new operational resilience requirement mandating that all retail banks must be able to easily switch to a different credit reference agency (CRA) in the event of a service disruption at one CRA. https://lnkd.in/gBgsbGca

8

Hong Kong Green Finance Association (HKGFA) is proud to be a supporting organization of Hong Kong FinTech Week . Special thanks to the panelists Leiming Chen, Chief Sustainability Officer from Ant International, Helena Fung, Head of Sustainable Finance and Investment APAC from LSEG (London Stock Exchange Group) and Tasos Zavitsanakis, Co-Head APAC Sustainable Finance Office from UBS for their industry insights and latest market developments, on Day 1 at the Green Fintech and Impact stage on ‘Unlocking Sustainable Growth: Financial Innovations for a Greener Future’ 🌿💡 moderated by Jenny Lee, Deputy Secretary General, HKGFA. Key Takeaways: 💸LeiMing shared practical considerations, insights and success of “Mybank,” Ant International’s innovative financial solution that leverages technology, data and Gen AI to make financing more accessible to SME clients in Mainland China. He discussed the challenges for small and medium-sized enterprises (SMEs) in meeting sustainability standards, the importance of taxonomies, and ecosystem-wide collaboration. 🌿Tasos delved into the challenges and opportunities faced by green fintech companies in accessing capital. His insights on the necessity of diverse financing options, including blended finance, infrastructure financing and private credit, along with introducing a comprehensive framework for technology evaluation, incentivizing corporate adoption, sparked discussions on the importance of public-private partnerships for sustainable technology innovation. 📊Helena emphasized the data sets, risk assessment, analytic tools available to help asset managers and asset owner manage the transition risk, and allocate capital. She also highlighted the downstream impact of scope 3 reporting on SMEs, innovative tools to support greening the supply chain and the importance of standardization of data and policy for comparable metrics to scale sustainable finance. 💡Jenny reiterated the urgent need for global emissions to decrease over 40% by 2030 to achieve net zero emissions by 2050, and the additional investment of $4trn required annually between now until 2050 for the transition. Learning from success stories such as “Mybank” and greater industry collaboration can help scale the financing and adoption of green innovations. Congratulations to Finoverse for bringing together industry experts and hosting a successful event! 🔍 #HKFTW #greentech #sustainablefinance

29

The Hong Kong SAR Government is committed to promoting FinTech development, to enhance the competitiveness of our financial services industry and accelerate digitalisation. To support the Government’s strategy, Invest Hong Kong actively assists enterprises in the sector in setting up or expanding their business in Hong Kong. In the first eight months of this year, we gave assistance to 59 FinTech companies from 12 economies. This represented a 44% increase in the number of companies compared to the same period in 2023. Learn from King Leung, our Global Head of Financial Services, FinTech & Sustainability and Henry Chui, Partners Group Head of Private Wealth APAC and Hong Kong Office about the foreign investment of FinTech industry in Hong Kong. If you also would like to explore the FinTech landscape in Hong Kong, you may also contact King Leung for more. #FinTech #HongKong #InnovationHub

93

2 Comments

🌟 Exploring Banking Options in Hong Kong? 🌟 Navigating the banking landscape as an expat in Hong Kong can be challenging. That's why our team at Top FDI has put together a comprehensive guide to help you find the best online banks tailored for foreigners. From user-friendly account setups to competitive fees and superior customer service, our article covers everything you need to know to make an informed decision. Stay informed and make your financial management seamless with the best options available. #TopFDI #Banking #Finance #ExpatLife #HongKong #OnlineBanking #FinancialServices #ExpatsInHongKong

2

Today’s FiNETech 4 was joined by 300 subject experts from across the industry. Carmen Chu, Executive Director (Banking Supervision) of the HKMA, highlighted in her opening remarks the launch of the Supervisory Incubator for DLT – a new supervisory arrangement to help banks responsibly unlock the transformative potential of DLT. https://lnkd.in/gAJawEJw FiNETech 4, co-hosted by the HKMA and the Securities and Futures Commission (SFC), is the fourth edition of the flagship FiNETech Series. This cross-sectoral engagement amongst the banking, securities, insurance, mandatory provident fund and technology sectors from Hong Kong and Mainland China, provides useful opportunities for exploring exciting collaborations and the unique applications that DLT has to offer. Hazel Law from Securities and Futures Commission (SFC) shared insights on DLT’s transformative power to revolutionise financial services, highlighting the need for robust risk management to unlock its full benefits. While Vivien K. from Private Wealth Management Association (PWMA), Dominic Maffei from Standard Chartered, Emmanuelle Pecenicic from Fidelity International, and HKMA further discussed the opportunities, risks, and challenges of integrating DLT within the financial ecosystem, and explored the global landscape of tokenisation and DLT adoption, as well as looking at future trends. During the fireside chat, thought leaders from WeLab, Moon Lab, and altech shared insights on the potential for tokenised information to redefine data management and the keys to successful adoption. DLT solution providers took the stage to showcase their latest innovations during the rapid-fire demo sessions. Looking forward, HKMA will continue promoting and facilitating innovations in the realm of Fintech. Our gratitude is also extended to financial regulators (Insurance Authority, Mandatory Provident Fund Schemes Authority (MPFA)), the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, industry associations (The Hong Kong Association of Banks, FinTech Association of Hong Kong), technology communities (HKSTP - Hong Kong Science and Technology Parks Corporation, Cyberport Hong Kong), and consultancy firms KPMG China and Quinlan & Associates for their support. Special thanks to all participating DLT solution providers: ABT Tech Limited, altech, Blockchain Solutions Limited, DigiFT, HashKey Group, Moon Lab, OneConnect Smart Technology, Universal Digital Payments Network, Safeheron, S.F. EXPRESS CO. LTD, Singular Global, Sprout, StarCompliance, Tencent Cloud, WeBank, Xalts. Learn more: https://lnkd.in/gzc-3kJq #HKMA #FiNETech #FintechPromotionRoadmap #DLT

307

2 Comments

The transformative potential of DLT and RWA Tokenization, unlocking new market opportunities, operational efficiencies and enhanced risk management capabilities. 👏

1

MPF Ratings continues to assess the performance of the MPF Funds, highlighting the best performers and providing valuable insights for MPF members! According to the latest data, the 2024 Gold Rated scheme - AIA MPF has multiple funds that have excelled across various investment horizons, securing top positions in their respective categories: ．NO. 1 in 3 Year, 5 Year & 10 Year Return: Equity Fund (Asia) category - AIA Asian Equity Fund ．NO. 1 in Year-to-Date, 1 Year, 3 Year & 5 Year Return: Equity Fund (Global) Index Tracking sub-category - AIA World Fund ．NO. 1 in 5 Year Return: Equity Fund (HK & China) category - AIA Greater China Equity Fund ．NO. 1 in 3 Year Return: Equity Fund (US) category - AIA North American Equity Fund ．NO. 1 in 10 Year Return: Mixed Asset Fund (81-100% Equity) category - AIA Growth Portfolio ．NO. 1 in Year-to-Date & 1 Year Return: ESG Fund category - AIA Green Fund Stay tuned for more insights on MPF fund performance! Note: The data presented is based on MPF Ratings statistics as of August 31, 2024 #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

5