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Personal Finance news | Njus Hong Kong

Tencent & ICBC’s Virtual Bank Renamed to Fusion Bank

Personal Finance Fintech Hong Kong

Infinium Limited, the virtual bank jointly owned by Tencent, Hong Kong Exchanges and Clearing, Hillhouse Capital and Perfect Ridge today announced that it has been renamed Fusion Bank.
'Infinium Limited, the virtual bank jointly owned by Tencent, Hong Kong Exchanges and Clearing, Hillhouse Capital and Perfect Ridge today announced that it has been renamed Fusion Bank.The Chinese name of the virtual bank, “Fu Rong”, carries an implied meaning of “connecting the globe and financially empowering the community”, according to its press release.Mr.Jim Lai, Vice President of Tencent and Chairman of Fusion Bank, said, “Renaming the business allows us to better deliver the brand concept of Fusion Bank.Fusion Bank brings together elites in various fields of FinTech to unleash the power of collaboration, drives the development of the FinTech industry and builds a brand-new ecosystem of wealth management in Hong Kong.Looking ahead, Fusion Bank will provide the general public with intelligent, smart, secure and reliable financial services, through its unwavering energy, unlimited creativity and cutting-edge financial technology.”   Mr.Eric Sum, Chief Executive Officer of Fusion Bank, said, “Since the grant of the virtual banking license from the Hong Kong Monetary Authority (“HKMA”), we have been planning the organizational structure, personnel arrangement, product development, as well as process design and user experience, aiming to offer an efficient, innovative and secure full- service virtual banking financial services to local citizens and small- and medium-sized enterprises (“SMEs”). Through FinTech innovation and creative ideas, we expect Fusion Bank to create revolutionary breakthroughs and opportunities, and bring in a new era to the local financial services market after its official launch.” Fusion Bank was granted its virtual banking license in Hong Kong by the HKMA in 2019 alongside 7 other virtual banks . Image Credit: Ennweekly . The post Tencent & ICBC’s Virtual Bank Renamed to Fusion Bank appeared first on Fintech Hong Kong .'

China’s New Fintech Strategy Includes a “Chinese Version” of Regulatory Sandboxes

Personal Finance Fintech Hong Kong

China’s central bank, the People’s Bank of China (PBoC) has revealed at the 4th Global Fintech (Beijing Summit) that it is currently drafting new policies for China’s fintech sector.
'China’s central bank, the People’s Bank of China (PBoC) has revealed at the 4th Global Fintech (Beijing Summit) that it is currently drafting new policies for China’s fintech sector.This new plan, will include regulatory sandboxes for at least 10 major cities including the usual suspects like Beijing, Shanghai and Shenzhen according local media report.Li Wei who heads the technology department of PBoC told local media that they will be exploring a Chinese version of the fintech supervisory sandbox with focuses on “risk compensation” and “withdrawals mechanisms for the financial markets” through the pilot zones with the 10 major cities.Details of the new plan is expected to be released soon.Image Credit: Wikimedia Commons . The post China’s New Fintech Strategy Includes a “Chinese Version” of Regulatory Sandboxes appeared first on Fintech Hong Kong .'

WeLab Eyes to Launch Virtual Bank by This Year

Personal Finance Fintech Hong Kong

It’s been several months now since the Hong Kong Monetary Authority (HKMA) announced the 8 licensees granted approval to operate a virtual bank in Hong Kong.
'It’s been several months now since the Hong Kong Monetary Authority (HKMA) announced the 8 licensees granted approval to operate a virtual bank in Hong Kong.Since then all the players were clamoring for talent and racing to launch their respective virtual banks.Among these players is WeLab, the only homegrown and standalone fintech startup to be granted a license by HKMA.In an interview with Bloomberg on the sidelines of the wildly popular tech conference RISE, Simon Loong, CEO, WeLab, said that he is eyeing to have WeLab’s virtual bank to be up and running by end of this year.Simon sees that virtual banks like WeLab will have an inherent advantage in being mobile first as they do not have to deal with legacy systems and unwinding layers of work done over the years.In building WeLab’s virtual bank, Simon said they are looking at “three I’s” — instant, intelligent and interactive.He further added that their current priority is to “rebuild the core functions of a bank but in a more innovative and a more tech driven approach.” and to hire talent.In particular Simon told Bloomberg that they are massively hiring specifically for talent in technology, products and compliance.Simon predicts that when the virtual banks launch in Hong Kong, many of the older generation will use it as a secondary account and slowly transition into using it as their primary account.With the younger generation who are opening their account for the first time, he foresees that virtual banks will end up being their primary account.     . The post WeLab Eyes to Launch Virtual Bank by This Year appeared first on Fintech Hong Kong .'

Hong Kong’s Central Bank is Now Working with France to Cultivate Fintech Innovation

Personal Finance Fintech Hong Kong


'The Hong Kong Monetary Authority (HKMA) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s central bank, entered into a Memorandum of Understanding (MoU) on 5 July 2019 to help each other grow their fintech.Under the MoU, the HKMA and ACPR may collaborate on referral of innovative businesses, information and experience sharing, joint innovative projects, and expertise sharing.The HKMA and ACPR share the view that through closer collaboration, both authorities can create an environment conductive to financial innovation in their respective markets, ultimately leading to mutually beneficial outcomes.Norman Chan said, Norman Chan “To capture more fully the enormous opportunities offered by the new era of smart banking, there is a need to continue our cross-border fintech collaboration with major markets such as Europe.The signing of this MoU with France, one of the largest economies in Europe and a fast-growing fintech hub, signifies the HKMA’s commitment to further strengthening our ties with Europe in the area of fintech.” Villeroy de Galhau said, Villeroy de Galhau “This MoU underscores the strong bilateral ties between the HKMA and the ACPR.In particular, Hong Kong has become one of the most dynamic fintech hubs in Asia.This collaboration will help both authorities share their expertise on the regulation of digital finance and ease the international expansion of innovative financial businesses.” The exact nature of their collaboration will remain to be seen.The newly minted partnership with France’s central bank is one of the many collaborative relationships that Hong Kong has formed.Others include its collaboration with Bank of Thailand (BOT), to jointly research Central Bank Digital Currency (CBDC) where both authorities apply the knowledge gained from their respective CBDC studies.Another partnership was struck with the Malaysian central bank to, in parts, facilitate and promote frameworks for Islamic finance, and to promote cross-border activities on Islamic finance standards.Featured Image of HKMA building via Wikimedia . The post Hong Kong’s Central Bank is Now Working with France to Cultivate Fintech Innovation appeared first on Fintech Hong Kong .'