https://www.scmp.com/rss/324816/feed Stories about how technology is used to enhance the wealth management industry, including mutual funds, and exchange-traded funds en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu Manulife, HSBC Holdings and Barclays are among the big financial firms that have announced plans to boost their adoption of artificial intelligence, in line with the Hong Kong government’s efforts to promote the use of the technology. Manulife last week said it had relocated Mark Czajkowski, chief AI officer for Asia, to Hong Kong from Singapore, and had appointed Liu Hongjuan as chief AI and data officer of Manulife Hong Kong and Macau, a newly created post, on March 9. HSBC Holdings, the... https://www.scmp.com/business/banking-finance/article/3348897/manulife-hsbc-barclays-among-big-finance-firms-pushing-ai-adoption-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3348897/manulife-hsbc-barclays-among-big-finance-firms-pushing-ai-adoption-hong-kong?utm_source=rss_feed Fri, 03 Apr 2026 09:00:08 +0000 Aileen Chuang Aileen Chuang This Lunar New Year, Hongkongers can gift friends and family digital gold tokens, a new way of blending the city’s tradition of giving gold for good wishes with the convenience of blockchain technology. HSBC added this new transfer feature earlier this month to its retail gold token, which represents fractional ownership of physical gold stored in a secure vault and is the only retail-focused gold token approved by Hong Kong’s Securities and Futures Commission. The bank’s enhancement to its gold... https://www.scmp.com/business/cryptocurrency/article/3343695/what-tokenised-gold-and-why-are-financial-institutions-and-investors-looking-it?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3343695/what-tokenised-gold-and-why-are-financial-institutions-and-investors-looking-it?utm_source=rss_feed Tue, 17 Feb 2026 02:00:17 +0000 Peter Shadbolt Peter Shadbolt Traditionally one of the stock market’s quieter, steadier sectors, healthcare companies used to be regarded as essential, defensive and rarely exciting. But the confluence of artificial intelligence, biotechnology, an ageing global population and Covid-19 has turned healthcare into one of the decade’s most closely watched industries. What started as pandemic-era crisis management for hospitals and technology firms has morphed into a lasting shift. Remote consultations are normal, diagnostics are... https://www.scmp.com/special-reports/special-reports/topics/wealth-alternative-investments/article/3332735/robust-outlook-healthcare-investment-ai-and-ageing-populations-drive-mid-cap-growth?utm_source=rss_feed https://www.scmp.com/special-reports/special-reports/topics/wealth-alternative-investments/article/3332735/robust-outlook-healthcare-investment-ai-and-ageing-populations-drive-mid-cap-growth?utm_source=rss_feed Thu, 27 Nov 2025 22:00:08 +0000 Richard Lord Richard Lord One of the most exciting uses of the blockchain is the tokenisation of real world assets – the ability to represent traditional financial assets as digital units. In theory, you can tokenise anything: funds, stocks, bonds, commodities, real estate, private equity – even artworks. There are a number of compelling advantages to doing so, especially as institutions are already seeing benefits all the way up to the retail level. China Asset Management (Hong Kong), for instance, launched digital... https://www.scmp.com/special-reports/special-reports/topics/wealth-alternative-investments/article/3332738/tokenisation-can-hong-kong-unlock-real-world-asset-potential?utm_source=rss_feed https://www.scmp.com/special-reports/special-reports/topics/wealth-alternative-investments/article/3332738/tokenisation-can-hong-kong-unlock-real-world-asset-potential?utm_source=rss_feed Thu, 27 Nov 2025 21:30:08 +0000 Xinmei Shen Xinmei Shen Hong Kong has approved its first exchange-traded fund (ETF) that tracks the performance of the cryptocurrency token Solana, ahead of the US, as the city moves to cement its status as a digital asset hub. ChinaAMC (HK), the Hong Kong arm of Chinese fund manager China Asset Management, started accepting subscriptions for its new spot Solana ETF on Wednesday after receiving approval from the Securities and Futures Commission last week. The ETF, set to start trading on Monday, directly holds Solana... https://www.scmp.com/tech/article/3329969/hong-kong-approves-first-solana-etf-ahead-us-amid-moves-embrace-crypto?utm_source=rss_feed https://www.scmp.com/tech/article/3329969/hong-kong-approves-first-solana-etf-ahead-us-amid-moves-embrace-crypto?utm_source=rss_feed Wed, 22 Oct 2025 11:57:06 +0000 Joanne Mari Madrid Joanne Mari Madrid Hong Kong is rolling out sweeping capital market reforms, including improved IPO pricing mechanisms and a post-listing over-the-counter market. This is aimed at building on the city’s success in becoming one of the world’s leading IPO destinations in the first half of 2025 by number of listings and funds raised. The proposed updates, according to a summary published by lawyers Latham & Watkins, emerged from a HKEX consultation that ran through the second half of 2024. The resulting reforms are... https://www.scmp.com/special-reports/article/3315666/how-hong-kongs-ipo-reforms-are-aiming-boost-market-stability-and-attract-global-investors?utm_source=rss_feed https://www.scmp.com/special-reports/article/3315666/how-hong-kongs-ipo-reforms-are-aiming-boost-market-stability-and-attract-global-investors?utm_source=rss_feed Tue, 24 Jun 2025 22:15:18 +0000 Enoch Yiu Enoch Yiu Thematic exchange-traded funds (ETFs) tracking Hong Kong-listed artificial intelligence (AI) and biotechnology firms could be listed on the Saudi Exchange, which would pave the way for cross-border listings and closer ties between the two markets, according to the CEO of the largest bourse in the Middle East. Hong Kong companies might also have a chance to list by offering depositary receipts on the Riyadh-based exchange, also known as Tadawul, under new rules proposed by Saudi Arabia’s... https://www.scmp.com/business/markets/article/3312488/thematic-hong-kong-ai-and-biotech-etfs-may-be-offered-saudi-exchange?utm_source=rss_feed https://www.scmp.com/business/markets/article/3312488/thematic-hong-kong-ai-and-biotech-etfs-may-be-offered-saudi-exchange?utm_source=rss_feed Mon, 02 Jun 2025 00:30:10 +0000 Julie Zhang Julie Zhang Nearly three-quarters of Hong Kong millennials not only accept that their wealth managers will use artificial intelligence (AI) tools to construct and adjust their investment portfolios – they expect them to, according to research by EY. While people in the millennial generation – aged between 25 and 41 – had faith in AI, only 43 per cent of baby boomers – aged 58 and above – felt the same way, according to the 2025 Global Wealth Research Report published on Tuesday. “When it comes to using... https://www.scmp.com/business/banking-finance/article/3311593/young-hong-kong-investors-want-ai-involved-their-portfolio-decisions-survey-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3311593/young-hong-kong-investors-want-ai-involved-their-portfolio-decisions-survey-says?utm_source=rss_feed Fri, 23 May 2025 10:31:00 +0000 Enoch Yiu Enoch Yiu Hong Kong’s eight digital banks have vowed to expand their wealth management businesses in the coming years, after five successful years of drawing customers’ deposits gave them the confidence to venture further into a territory long dominated by bricks-and-mortar banks. All eight of the branchless lenders reported a strong increase in deposits, loans and net interest income in 2024. They did not report a net profit, but their losses narrowed due to improved net interest income and fee income... https://www.scmp.com/business/article/3309033/hong-kongs-8-online-banks-set-sights-managing-wealth-after-74-deposits-growth?utm_source=rss_feed https://www.scmp.com/business/article/3309033/hong-kongs-8-online-banks-set-sights-managing-wealth-after-74-deposits-growth?utm_source=rss_feed Sun, 04 May 2025 23:15:14 +0000 Investment managers view generative artificial intelligence (GenAI) as the “holy grail” to create value, but the availability of data and cultural change are some of the main challenges, according to a Citigroup executive. The industry has applied AI via a “three-pronged” approach, according to a Citigroup report published this week based on more than 40 interviews conducted with C-suite executives of top global investment firms, many of which have operations in Asia, including Hong Kong. The... https://www.scmp.com/business/banking-finance/article/3267090/quest-generate-alpha-fund-managers-see-genai-holy-grail-citigroup?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3267090/quest-generate-alpha-fund-managers-see-genai-holy-grail-citigroup?utm_source=rss_feed Wed, 19 Jun 2024 06:00:13 +0000 Micro Connect, a small-business financing platform co-founded by the former head of the Hong Kong stock exchange, Charles Li Xiaojia, said it is asking staff to invest in the start-ups it backs, confirming an online article that sparked widespread discussion on social media. In an internal email attributed to Li and his fellow founder and vice-chairman Gary Zhang, the company said it is gearing up to enter the next phase of its development, where it will “employ the money and power of the... https://www.scmp.com/business/banking-finance/article/3262668/charles-lis-small-business-lender-micro-connect-asks-staff-invest-start-ups-it-backs-out-their-own?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3262668/charles-lis-small-business-lender-micro-connect-asks-staff-invest-start-ups-it-backs-out-their-own?utm_source=rss_feed Tue, 14 May 2024 12:30:22 +0000 UBS considering introducing a reward system for investment bankers who refer clients to the firm’s wealth management business, according to people with knowledge of the matter. Some bankers would likely be in line for payouts in Asia and Europe when they successfully attract new money to the lender’s private banking unit, said the people, asking not to be identified discussing confidential plans. The referral fees would be a first for the Zurich-based lender, echoing earlier incentives that... https://www.scmp.com/business/banking-finance/article/3262193/ubs-weighs-bonus-investment-bankers-who-refer-rich-clients?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3262193/ubs-weighs-bonus-investment-bankers-who-refer-rich-clients?utm_source=rss_feed Fri, 10 May 2024 09:03:24 +0000 Associated Press Associated Press FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX said in a court filing on Tuesday that it owes about US$11.2 billion to its creditors. The exchange estimates that it has between US$14.5 billion and US$16.3 billion to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the... https://www.scmp.com/news/world/united-states-canada/article/3261919/ftx-says-most-customers-will-get-all-their-money-back-less-2-years-after-catastrophic-cryptocurrency?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3261919/ftx-says-most-customers-will-get-all-their-money-back-less-2-years-after-catastrophic-cryptocurrency?utm_source=rss_feed Wed, 08 May 2024 13:58:29 +0000 Charles Li Xiaojia, former head of Hong Kong Exchanges and Clearing, pitched his new venture that finances small businesses and takes a cut of daily revenue at the Money20/20 Asia conference in Bangkok, as the company pushes the model outside China. Micro Connect could be ready to launch the model in Southeast Asia as early as the fourth quarter, Li said on the sidelines of the three-day conference on Wednesday. “I would say at the earliest, our serious push to Southeast Asia is going to be in... https://www.scmp.com/tech/tech-trends/article/3260224/charles-lis-micro-connect-pushes-unique-financing-model-southeast-asia?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3260224/charles-lis-micro-connect-pushes-unique-financing-model-southeast-asia?utm_source=rss_feed Wed, 24 Apr 2024 13:30:18 +0000 Sheikh Ali Al Maktoum, the nephew of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, is opening a family office in Hong Kong, one of the first high-profile international investors to respond to the city’s campaign to lure foreign capital. “I got to see a lot of similarities with Dubai,” Sheikh Ali, 28, said in an interview, recalling his first trip to the city in December, when he firmed up plans for his family office. “Hong Kong is very advanced in so many aspects and has so much to offer in... https://www.scmp.com/business/banking-finance/article/3255792/dubai-royal-nephew-open-us500-million-family-office-boost-hong-kong-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3255792/dubai-royal-nephew-open-us500-million-family-office-boost-hong-kong-hub?utm_source=rss_feed Mon, 18 Mar 2024 07:49:24 +0000 Kahon Chan Kahon Chan Former Hong Kong software operations manager and YouTube personality Leo is not ready to reveal his full name – but he is no longer holding back on his views on under-investigation cryptocurrency platform JPEX. He said it was time for Hong Kong authorities and everyone in the know to educate the public and prevent another case such as the JPEX affair. Leo explained he was beaten up after a single post in 2020 that said JPEX offerings at the time seemed to be a scam and he was convinced the... https://www.scmp.com/news/hong-kong/law-and-crime/article/3237313/silent-no-more-hong-kong-youtuber-relives-attack-after-jpex-video-says-clueless-cryptocurrency?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3237313/silent-no-more-hong-kong-youtuber-relives-attack-after-jpex-video-says-clueless-cryptocurrency?utm_source=rss_feed Tue, 10 Oct 2023 01:00:21 +0000 Prudential Hong Kong will continue to add more agents, open more health clinics and invest in technology including artificial Intelligence (AI) to boost its insurance business, as it sees a buying spree among visitors from mainland China continuing, according to its top boss. The insurer, which is headquartered in London but has its business focus in Asia and Africa, has been investing in AI and other technology to speed up the sales process and enhance client service, according to Lawrence Lam,... https://www.scmp.com/business/article/3234030/prudential-hong-kong-invests-ai-clinics-capture-share-booming-policy-sales-visitors-mainland-china?utm_source=rss_feed https://www.scmp.com/business/article/3234030/prudential-hong-kong-invests-ai-clinics-capture-share-booming-policy-sales-visitors-mainland-china?utm_source=rss_feed Mon, 11 Sep 2023 00:30:15 +0000 Xinmei Shen Xinmei Shen One of Hong Kong’s first licensed cryptocurrency exchanges has officially started accepting retail users, allowing them to trade the two largest crypto tokens directly with fiat currencies amid the city’s push to boost the virtual asset industry. The Hashkey Exchange opened up to retail investors in Hong Kong, enabling them to buy bitcoin and ether with US dollar deposits, the company said on Monday. Retail trading of the two cryptocurrencies using Hong Kong dollars will be allowed “within a... https://www.scmp.com/tech/tech-trends/article/3232597/hong-kongs-hashkey-among-citys-first-kick-retail-trading-cryptocurrencies?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3232597/hong-kongs-hashkey-among-citys-first-kick-retail-trading-cryptocurrencies?utm_source=rss_feed Mon, 28 Aug 2023 14:00:13 +0000 Singapore-based digital wealth adviser Endowus Group platform has raised HK$273 million (US$35 million) in its latest funding round, aiming to deploy the proceeds in Hong Kong as the city stakes its claim to being Asia’s wealth management centre. “The funding will be invested in the Hong Kong market for client acquisition, product education and developing more solutions,” said co-founder and CEO Gregory Van in an interview after his platform drew investments from Citi Ventures, MUFG Innovation... https://www.scmp.com/business/banking-finance/article/3230408/wealth-adviser-endowus-group-raises-us35-million-fund-hong-kong-expansion-eye-greater-bay-area?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3230408/wealth-adviser-endowus-group-raises-us35-million-fund-hong-kong-expansion-eye-greater-bay-area?utm_source=rss_feed Wed, 09 Aug 2023 00:00:09 +0000 Asia’s wealth management firms are not up to scratch with their mobile banking services, according to a survey by consulting firm Accenture. Clients identified mobile apps as the most important medium for their wealth-banking needs, but half of them were unhappy with their firm’s app. In Hong Kong and Singapore, that figure rose to nearly 60 per cent, with respondents saying they did not have a smooth experience across their firms’ various channels. Around two-thirds of those surveyed... https://www.scmp.com/business/banking-finance/article/3229253/hong-kong-singapore-clients-asian-wealth-management-firms-largely-unhappy-digital-services-accenture?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3229253/hong-kong-singapore-clients-asian-wealth-management-firms-largely-unhappy-digital-services-accenture?utm_source=rss_feed Fri, 28 Jul 2023 08:30:16 +0000 Twitter has added another lawsuit to its growing pile. This time the lawsuit is a class-action filed by Mark Schobinger on behalf of himself and other current and former Twitter employees. The lawsuit alleged employees were not paid a proportion of their 2022 bonuses, despite repeated promises from top executives. It was alleged in court documents that employees were promised 50 per cent of their 2022 bonus by execs, including Ned Segal, the company’s former chief financial officer. Schobinger,... https://www.scmp.com/news/world/united-states-canada/article/3224931/twitter-employees-sue-tens-millions-dollars-bonuses?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3224931/twitter-employees-sue-tens-millions-dollars-bonuses?utm_source=rss_feed Wed, 21 Jun 2023 13:27:02 +0000 Artifact Labs, a Hong Kong-based non-fungible token (NFT) company that puts digital versions of artefacts on the blockchain, said it is planning several new collaborations with global museums and cultural institutions after raising US$3.25 million in a seed financing round. “The main purpose of this seed round is really to help the business scale and grow,” said Phillip Pon, CEO of Artifact Labs, in an interview with the South China Morning Post on Tuesday. “That expansion will come from both... https://www.scmp.com/tech/tech-trends/article/3219973/hong-kong-nft-firm-artifact-labs-touts-upcoming-museum-partnerships-after-us325-mln-seed-round?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3219973/hong-kong-nft-firm-artifact-labs-touts-upcoming-museum-partnerships-after-us325-mln-seed-round?utm_source=rss_feed Tue, 09 May 2023 13:30:13 +0000 Vanguard Group, the US asset management giant, has decided to close its remaining business in China after a retreat two years ago, according to people familiar with the matter, abandoning a 27 trillion yuan (US$3.9 trillion) fund market that global competitors are embracing. The Malvern, Pennsylvania-based firm has notified the Chinese government of intentions to close its unit in Shanghai, the people said, requesting not to be named because the matter is private. The company also is planning to... https://www.scmp.com/business/banking-finance/article/3214276/us-asset-manager-vanguard-plans-close-business-china-exit-ant-joint-venture-sources-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214276/us-asset-manager-vanguard-plans-close-business-china-exit-ant-joint-venture-sources-say?utm_source=rss_feed Tue, 21 Mar 2023 07:37:18 +0000 The future of financial technology in Hong Kong will rely on young blood and new ideas, and the city offers many advantages that will help to nurture the sector, industry leaders told a conference. “The importance of connecting young people with fintech is obvious because digitalisation in the financial sector will continue to accelerate in the years to come,” said Howard Lee, deputy chief executive of the Hong Kong Monetary Authority (HKMA). “The younger generation is really the major source of... https://www.scmp.com/business/banking-finance/article/3212981/fintech-summit-young-blood-fresh-ideas-are-key-hong-kongs-digital-finance-future-say-industry?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212981/fintech-summit-young-blood-fresh-ideas-are-key-hong-kongs-digital-finance-future-say-industry?utm_source=rss_feed Thu, 09 Mar 2023 11:59:32 +0000 Xinmei Shen Xinmei Shen Hong Kong cryptocurrency exchange Atom Asset Exchange (AAX), which ceased withdrawals this month and closed its social media accounts, has been hit by losses from affiliated trading unit 10kM Trading, according to a former employee familiar with the matter, at a time when markets are reeling over FTX’s global collapse due to losses at Alameda Research. This employee, who left the company recently and who declined to be named because he is not authorised to speak with the media, said the... https://www.scmp.com/tech/policy/article/3201447/hong-kong-cryptocurrency-exchange-aax-has-been-hit-losses-10km-trading-unit-ex-employee-says?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3201447/hong-kong-cryptocurrency-exchange-aax-has-been-hit-losses-10km-trading-unit-ex-employee-says?utm_source=rss_feed Wed, 30 Nov 2022 01:00:11 +0000 Hong Kong virtual lender ZA Bank has tied up with UK-listed technology company Wise, giving users a platform to make international money transfers, and allowing it to grab a bigger share of the growing digital remittances segment in the city. ZA Bank is the first virtual bank partner of the UK firm in East Asia. “We believe that the combined strengths of ZA Bank and Wise will bring users unrivalled service and convenience,” Calvin Ng, alternate chief executive and co-head of retail banking at ZA... https://www.scmp.com/business/banking-finance/article/3200693/hong-kong-virtual-lender-za-bank-and-uks-wise-online-money-transfer-tie?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3200693/hong-kong-virtual-lender-za-bank-and-uks-wise-online-money-transfer-tie?utm_source=rss_feed Wed, 23 Nov 2022 09:00:19 +0000 Xinmei Shen Xinmei Shen Mainland Chinese financial institutions, strictly banned by Beijing from any involvement with cryptocurrency assets at home, are considering launching related businesses in Hong Kong, where new measures for boosting the city’s status as a crypto hub have drawn interest from the industry. Some mainland Chinese banks, family offices and other financial service providers are considering kicking off or reactivating virtual asset projects in Hong Kong, including offering cryptocurrency services to... https://www.scmp.com/tech/tech-trends/article/3198138/mainland-chinese-banks-banned-crypto-assets-home-weigh-services-hong-kong-after-policy-change?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3198138/mainland-chinese-banks-banned-crypto-assets-home-weigh-services-hong-kong-after-policy-change?utm_source=rss_feed Wed, 02 Nov 2022 23:00:22 +0000 Mia Castagnone Mia Castagnone Technologies such as blockchain and central bank digital currencies are reshaping the future of finance, leaders of major banks said during a global financial conference in Hong Kong. Senior figures from JPMorgan, BlackRock, HSBC and Standard Chartered shared their thoughts on how the fintech industry is shaking up the banking sector during a panel discussion at the Global Financial Leaders’ Investment Summit on Wednesday. President and chief operating officer of JPMorgan, Daniel Pinto, said... https://www.scmp.com/business/banking-finance/article/3198166/cryptocurrencies-blockchain-are-reshaping-future-finance-say-global-banking-chiefs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3198166/cryptocurrencies-blockchain-are-reshaping-future-finance-say-global-banking-chiefs?utm_source=rss_feed Wed, 02 Nov 2022 22:00:19 +0000 Hong Kong is the key to success in the Greater Bay Area (GBA), the place to do business, expand and invest in China’s markets, industry leaders have said in the lead up to a major summit of senior bankers in the city. Swiss lender Julius Baer, the UK’s Standard Chartered, and the American banking giant JPMorgan are among the big international players looking to Hong Kong as their gateway for expansion in the massive economic zone. Julius Baer’s CEO Philipp Rickenbacher, one of 200 senior bankers... https://www.scmp.com/business/banking-finance/article/3197805/hong-kong-gateway-business-opportunities-greater-bay-area-say-financial-leaders?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3197805/hong-kong-gateway-business-opportunities-greater-bay-area-say-financial-leaders?utm_source=rss_feed Mon, 31 Oct 2022 05:00:19 +0000 Cheryl Arcibal Cheryl Arcibal Wealthy individuals who are mainly involved in, or have some investment, in cryptocurrencies are considered more entrepreneurial than the rest of the affluent population, according to the latest report by research group Wealth-X. According to Wealth-X, 84 per cent of the 3.6 million wealthy individuals in the world or those with a net worth of at least US$5 million, are self made with the remainder inheriting their fortunes. This tendency towards entrepreneurship among the wealthy is even more... https://www.scmp.com/business/article/3170033/crypto-investors-are-considered-more-entrepreneurial-and-risk-tolerant?utm_source=rss_feed https://www.scmp.com/business/article/3170033/crypto-investors-are-considered-more-entrepreneurial-and-risk-tolerant?utm_source=rss_feed Thu, 10 Mar 2022 16:30:16 +0000 Chad Bray,Georgina Lee,Enoch Yiu Chad Bray,Georgina Lee,Enoch Yiu As an international financial centre, Hong Kong has been surprisingly traditional when it comes to the local economy. Shopkeepers, crammed into wardrobe-size stores filled with ceiling-high stacks of clothing, hardware or toys, track their accounts in notebooks, often putting price stickers next to their sales records. Handwritten invoices are common, and cash remains king in Asia’s second-largest financial market. It is a different world 14 minutes away by high-speed train across the border in... https://www.scmp.com/business/banking-finance/article/3154984/silent-revolution-underway-hong-kongs-fintech-industry?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3154984/silent-revolution-underway-hong-kongs-fintech-industry?utm_source=rss_feed Sat, 06 Nov 2021 02:00:32 +0000 HSBC, Standard Chartered, Bank of China (Hong Kong) – the city’s three note-issuing banks – are among the 19 Hong Kong lenders that received the greenlight to sell investment products under the Wealth Management Connect scheme in the Greater Bay Area from Tuesday. The Hong Kong Monetary Authority on Monday said 16 banks can sell products in Hong Kong and the mainland, while three banks can only sell products to mainland residents via the southbound route. The launch of the cross-border Wealth... https://www.scmp.com/business/banking-finance/article/3152781/hsbc-standard-chartered-bank-china-hk-among-19-lenders?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3152781/hsbc-standard-chartered-bank-china-hk-among-19-lenders?utm_source=rss_feed Mon, 18 Oct 2021 12:45:45 +0000 China’s regulators will expand the cross-border investment channel with Hong Kong and Macau to encompass wealth management products, in a long-awaited move that will enhance Hong Kong’s standing as the offshore financial centre of the world’s second-largest capital market. The Wealth Management Connect has formally kicked off between Hong Kong, Macau, and the nine provincial cities in Guangdong known collectively as the Greater Bay Area (GBA), according to a statement by the Hong Kong Monetary... https://www.scmp.com/business/banking-finance/article/3148293/wealth-management-connect-chinas-us465-billion-cross?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3148293/wealth-management-connect-chinas-us465-billion-cross?utm_source=rss_feed Fri, 10 Sep 2021 08:06:35 +0000 Chinese telecommunications giant Huawei Technologies is aiming to tap the rapid pace of digitalisation in the global financial services industry after its network gear and smartphone businesses were dragged down by US sanctions. It recently formed an alliance with 25 partners including software developers, fintech companies and risk managers to create an ecosystem that offers digital financial solutions ranging from technical architecture and operational support to brand promotion. It joins Ping... https://www.scmp.com/business/china-business/article/3136358/huawei-set-sights-digital-financial-services-diversify?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3136358/huawei-set-sights-digital-financial-services-diversify?utm_source=rss_feed Tue, 08 Jun 2021 01:30:06 +0000 HSBC, the city’s biggest currency-issuing bank, plans to reopen its offices to all employees in Hong Kong beginning on Monday as the fourth wave of Covid-19 infections subsides and a push to return to the office gathers steam globally. Staff will be able to return to their desks subject to seating capacity plans in individual departments, the bank said in an internal memorandum seen by the South China Morning Post. Like many of its rivals, the London-based lender has only allowed 50 per cent... https://www.scmp.com/business/banking-finance/article/3135993/coronavirus-hsbc-reopen-hong-kong-office-all-employees?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3135993/coronavirus-hsbc-reopen-hong-kong-office-all-employees?utm_source=rss_feed Fri, 04 Jun 2021 02:16:37 +0000 China’s top financial regulators have summoned 13 of the country’s technology companies that run online financial businesses, including Tencent Holdings and Tik Tok-owner ByteDance, and told them to step up anti-monopoly measures and to halt “the disorderly expansion of capital”. The People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange talked as one with the tech-run... https://www.scmp.com/business/china-business/article/3131677/beijing-summons-online-financial-platforms-and-warns-over?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3131677/beijing-summons-online-financial-platforms-and-warns-over?utm_source=rss_feed Thu, 29 Apr 2021 14:33:10 +0000 Reuters Reuters India is set to propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, in a potential blow to millions of investors piling into the red-hot asset class. The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring cryptoassets, said a senior government official who has direct knowledge of the plan. The measure is in line with a January government agenda... https://www.scmp.com/news/asia/south-asia/article/3125423/india-ban-cryptocurrencies-and-fine-miners-traders-investors?utm_source=rss_feed https://www.scmp.com/news/asia/south-asia/article/3125423/india-ban-cryptocurrencies-and-fine-miners-traders-investors?utm_source=rss_feed Mon, 15 Mar 2021 01:08:03 +0000 Investment firm Cambridge Associates is opening a Hong Kong office, ramping up its focus on Asia amid a surge in wealth in the region. The Boston-based company that serves clients such as endowments, family offices and pension funds already has offices in Singapore and Beijing. It hired Edwina Ho in February as senior director of business development for Asia and relocated its head of the global private client practice, Mary Pang, to Singapore from San Francisco, according to a statement... https://www.scmp.com/business/banking-finance/article/3124521/investment-firm-cambridge-associates-ultra-rich-clients?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3124521/investment-firm-cambridge-associates-ultra-rich-clients?utm_source=rss_feed Mon, 08 Mar 2021 06:06:24 +0000 Bloomberg Bloomberg Bitcoin reached another record, coming ever closer to US$50,000, as the world’s largest cryptocurrency extends its breathtaking rally. The token climbed as much as 3.6 per cent to US$49,913 in Asian trading on Tuesday, according to a composite of prices compiled by Bloomberg. Bitcoin’s volatile, fivefold advance over the past year towers above the returns from more traditional investments like stocks, gold and commodities. Bitcoin’s ascent has been buoyed by the widening adoption of the... https://www.scmp.com/business/money/article/3121868/bitcoin-closes-us50000-cryptocurrencys-gain-puts-returns-gold-and?utm_source=rss_feed https://www.scmp.com/business/money/article/3121868/bitcoin-closes-us50000-cryptocurrencys-gain-puts-returns-gold-and?utm_source=rss_feed Tue, 16 Feb 2021 06:21:38 +0000 Karen Kong has not got a restful night’s sleep in the past half a year, after learning that her mother invested all of the family’s savings – more than 1 million yuan (US$153,000) – in a little known peer-to-peer (P2P) lending platform. Worries soon turned into anger and despair as the Beijing-based Jieyue United made its way onto the Chinese government’s liquidation list, and the chance of getting their money back appears to be dwindling. “No one can give us a clear timetable for the... https://www.scmp.com/economy/china-economy/article/3115580/chinas-p2p-purge-leaves-millions-victims-out-cold-losses?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3115580/chinas-p2p-purge-leaves-millions-victims-out-cold-losses?utm_source=rss_feed Mon, 28 Dec 2020 22:30:16 +0000 Ant Group has won approval from the China Securities Regulatory Commission (CSRC) for its blockbuster initial public offering in Hong Kong, according to people familiar with the matter. The Hong Kong stock exchange is expected to consider the Ant listing at a hearing later today, according to the people, who were not authorised to discuss the matter publicly. The dual listing of the operator of China’s largest mobile payment app Alipay in both Shanghai and Hong Kong is expected to be one of the... https://www.scmp.com/business/companies/article/3106046/fintech-giant-ant-group-wins-approval-chinas-securities?utm_source=rss_feed https://www.scmp.com/business/companies/article/3106046/fintech-giant-ant-group-wins-approval-chinas-securities?utm_source=rss_feed Mon, 19 Oct 2020 01:30:36 +0000 China’s Ant Group is adding to its list of financial advisers in preparation for launching its jumbo initial public offering in Hong Kong and Shanghai, according to people familiar with the matter. The public markets debut of the world’s largest unicorn is a major fee event for bankers, given the offering is likely to be the largest on record. A role on the deal also shows the bankers are in a pole position to make a market in its shares and capture future business from Ant as it continues to... https://www.scmp.com/business/banking-finance/article/3105705/chinas-ant-group-adds-list-financial-advisers-worlds?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3105705/chinas-ant-group-adds-list-financial-advisers-worlds?utm_source=rss_feed Thu, 15 Oct 2020 13:30:17 +0000 PrimeCredit, Hong Kong’s biggest nonbank consumer finance group, is up for sale again as its shareholders started early discussions with at least two potential investors in the past few weeks, according to people familiar with the matter. The subprime lender is said to be valued at no less than US$600 million, with Hong Kong’s first virtual lender, ZA Bank, and local online fund and peer-lending firm Elephant Club among the interested buyers, they said. The negotiations suggest the three... https://www.scmp.com/business/banking-finance/article/3104768/hong-kong-subprime-lender-primecredit-back-sale-least?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3104768/hong-kong-subprime-lender-primecredit-back-sale-least?utm_source=rss_feed Fri, 09 Oct 2020 00:30:10 +0000 The next big thing for Hong Kong’s virtual banks is an expansion into wealth management as part of the “next phase” of their development, according to a group of top executives from the city’s newest crop of lenders. Speaking on a panel discussion on Tuesday as part of the Post’s “Redefining Hong Kong” series, Rockson Hsu, chief executive of ZA Bank, said the newest entrants to the city’s crowded banking landscape are focusing on deposits, payments, loans and cards for now. The series was hosted... https://www.scmp.com/business/banking-finance/article/3104469/next-big-thing-hong-kongs-virtual-banks-wealth-management?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3104469/next-big-thing-hong-kongs-virtual-banks-wealth-management?utm_source=rss_feed Wed, 07 Oct 2020 03:30:12 +0000 The economic havoc wreaked by the coronavirus pandemic has taken a financial toll on the world’s wealthy investors, affecting 70 per cent of them and forcing them to delay their retirement plans, according to a study by the Swiss bank UBS. The Covid-19 pandemic has affected how the wealthy think about money, as they now have less to pass on to their next generation, according to the May 2020 survey of 3,750 wealthy individuals in 15 markets including the United States, the UK, Germany, France,... https://www.scmp.com/business/banking-finance/article/3093137/financial-havoc-coronavirus-pandemic-spares-no-one-causing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3093137/financial-havoc-coronavirus-pandemic-spares-no-one-causing?utm_source=rss_feed Tue, 14 Jul 2020 10:15:14 +0000 The novel coronavirus pandemic has not spared the wealthy, individuals with at least US$1 million in assets, having halted the untrammelled economic growth and rise in financial markets seen over the previous decade, according to wealth information and insights provider Wealth-X. If in the previous decade, spanning 2010 to 2019, banking, business and consumer services dominated the industries run by affluent individuals, in the coming years, the technology sector will become a significant source... https://www.scmp.com/business/china-business/article/3084566/coronavirus-halts-wealth-creation-worlds-richest-tech-be?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3084566/coronavirus-halts-wealth-creation-worlds-richest-tech-be?utm_source=rss_feed Fri, 15 May 2020 08:30:20 +0000 The imminent commencement of virtual banks in Hong Kong and Singapore have created more than 1,000 job opportunities for a new generation of bankers, requiring them to be innovative and tech savvy, according to recruitment experts. Competition for talent has sharpened since last year as both cities stepped up their race to spruce up their financial technology (fintech) and online banking offerings, said Jerry Chang, managing director of recruiting firm Barons & Company. “The new [virtual banks]... https://www.scmp.com/business/companies/article/3045251/pin-striped-suit-banking-so-19th-century-virtual-banks-hong-kong?utm_source=rss_feed https://www.scmp.com/business/companies/article/3045251/pin-striped-suit-banking-so-19th-century-virtual-banks-hong-kong?utm_source=rss_feed Thu, 09 Jan 2020 00:15:06 +0000 Jack Ma’s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia’s largest economy for decades. Using real-time payments data and a risk-management system that analyses more than 3,000 variables, Ma’s four-year-old MYbank has lent 2 trillion yuan (US$290 billion) to nearly 16 million small companies. Borrowers apply with a few taps on a smartphone and receive cash almost instantly if they’re approved. The... https://www.scmp.com/business/banking-finance/article/3020457/jack-mas-us290-billion-loan-machine-mybank-changing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3020457/jack-mas-us290-billion-loan-machine-mybank-changing?utm_source=rss_feed Mon, 29 Jul 2019 05:47:38 +0000 The number of family offices around the globe has risen rapidly after years of wealth accumulation in the wake of aggressive monetary easing by global central banks. There are now 7,300 offices, an increase of 38 per cent in the last two years, according to Campden Research, while total assets under management were US$5.9 trillion and the wealth of the families behind them stood at US$9.4 trillion. Campden Research, a division of Campden Wealth, a family office membership association, monitors... https://www.scmp.com/business/money/wealth/article/3019665/global-family-offices-grow-assets-under-management-nearly-us6?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3019665/global-family-offices-grow-assets-under-management-nearly-us6?utm_source=rss_feed Mon, 22 Jul 2019 23:30:10 +0000 Citigroup, which pioneered internet banking in 1998 in Hong Kong, said its Citibank retail banking unit will remain above the fray in the financial services industry’s rush to get virtual banking licenses in the city. “We can offer all types of online banking services that a virtual bank can offer,” said Angel Ng Yin-yee, Citi’s Hong Kong and Macau chief executive, in an interview with South China Morning Post. “Plus, Citi can offer services at our branches that virtual banks cannot.” The... https://www.scmp.com/business/companies/article/3009748/hong-kongs-internet-banking-pioneer-says-it-will-stay-above-fray?utm_source=rss_feed https://www.scmp.com/business/companies/article/3009748/hong-kongs-internet-banking-pioneer-says-it-will-stay-above-fray?utm_source=rss_feed Fri, 10 May 2019 10:14:43 +0000