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
The CEO of DBS Group Holdings in Singapore believes that Singapore may follow Hong Kong in offering virtual banking licenses;...
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
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
The leading Chinese online insurance company, ZhongAn Online Property & Casualty Insurance Co, started trading on the Hong Kong stock...
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
China and Hong Kong have raised $3.03 billion in proptech since 2013; this is approximately 41% of the total investment in proptech across the globe; the startups are focused on brokerage and leasing, investment and financing, project development and property management; half of the startups are in brokerage and leasing; article shares what has led to the current robust proptech market in Asia Pacific. Source
The new expansion into Hong Kong is SoFi’s first foray into international markets; SoFi Invest will allow investors access to...
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
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