Data from Invest Hong Kong's Start-up Profiling Survey shows private market startup business growth for the country; the number of startups in Hong Kong has increased from 1,558 in August 2015 to 1,926 in August 2016; fintech startups operating from co-working spaces and incubator/accelerator programs in Hong Kong have also increased significantly, growing from 86 in August 2015 to 138 in August 2016. Source
Hong Kong Fintech Week began with an announcement from SuperCharger Fintech Accelerator of eight finalists; the companies provide a range of services including solutions for wealth management, regulatory technology, artificial intelligence, cybersecurity and blockchain; the eight companies will participate in a 12-week program which includes access to SuperChargers corporate partners and mentors. Source
Dianrong is a Chinese online lender run by one of the co-founders of Lending Club, Soul Htite; the company is planning an IPO in Hong Kong and could raise $500 million next year. Source
The CEO of DBS Group Holdings in Singapore believes that Singapore may follow Hong Kong in offering virtual banking licenses;...
According to Hong Kong regulatory officials, two banks have applied to trial biometric technology under a recent fintech sandbox initiative; Hong Kong Monetary Authority Chief Executive Norman Chan notes that the companies want to use biometrics to authenticate securities trading; the fintech sandbox was launched in September; other banks are considering utilizing the sandbox for other areas such as blockchain and artificial intelligence. Source
Hong Kong financial regulator, the Securities and Futures Commission (SFC), has announced that tokens issued via initial coin offerings (ICOs) may be classified as securities; the classification may extend beyond ICOs into digital asset exchanges dealing in the tokens. Source
Ant Group, formerly known as Ant Financial, the creator of Alipay, has said that it is planning to do dual...
Lufax is one of China's leading P2P lenders with support from Ping An Insurance; it is currently planning to launch a global asset allocation platform to facilitate investment for middle income earners across Asia in 2017; the platform will build on the company's offerings in P2P lending and wealth management; Lufax is also working with four investment banks on an initial public offering in Hong Kong. Source
Lufax has reportedly hired five banks to work on a Hong Kong IPO which could raise as much as $5 billion; SoftBank’s vision fund is also in talks to invest in the company according to sources; Lufax is the 10th largest unicorn and has delayed IPO plans over the past few years. Source
Monexo plans to hire 30 to 40 people in a new office in Salt Lake Sector V; company plans to first start with personal loans and has already tied up with CIBIL for credit scores of borrowers; according to Monexo, good borrowers will receive a rate as low as 13%; Monexo has been in operation for 18 months and has offices in Bengaluru and Chennai. Source