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5 in 5 minutes - September 29

Hong Kong Startup News Round Up

(Updated on September 29, 2017 3:30pm)

HKMA reveals initiatives to promote smart banking

The Hong Kong Monetary Authority revealed a number of initiatives to "prepare Hong Kong to move into a New Era of Smart Banking".

HKMA will initiate the Faster Payment System (FPS) that supports the use of mobile phone numbers or email addresses for payments in Hong Kong dollar and Renminbi. Both Stored Value Facilities (SVF) operators and banks can take part in the FPS.

HKMA will announced the plan to launch an enhanced Fintech Supervisory Sandbox (FSS) 2.0 by the end of 2017, with the new features below:

  • A Fintech Supervisory Chatroom:  A chatroom will be set up to provide speedy feedback to banks and tech firms at an early stage of their FinTech projects;
  • Direct access to the sandbox: tech firms may have direct access to the sandbox by seeking feedbacks from the Chatroom
  • Single point of entry for pilot trials: the sandboxes of the HKMA, the Securities and Futures Commission and the Insurance Authority will be linked up for the FSS2.0, there will be a single point of entry for pilot trials of cross-sector fintech products.

    Click here to see the full press release

SuperCharger FinTech Accelerator Malaysia unveils 10 finalists

SuperCharger FinTech Accelerator Malaysia announced the 10 finalists for the 2017 programme. The 10 startups that will join the 12-week programme are Capnovum, Chekk, MyFinB, Neosurance, Neuroprofiler, Pand.ai, Pulse iD, Solus, Springday and Tramonex.

First launched in Hong Kong in 2015, SuperCharger is a FinTech Accelerator dedicated to both early-stage startups and scale-up FinTech companies. It has launched its programme in Malaysia earlier this year.

Learn more about Hong Kong accelerators and incubators here.

UK's FCA signs agreement with Hong Kong Insurance Authority

The Hong Kong Insurance Authority (IA) and the UK’s Financial Conduct Authority (FCA), have signed a cooperation agreement to support innovation in the financial technology sector.

The FCA has also signed similar agreements with the Hong Kong Monetary Authority and the Securities and Futures Commission, with the aim to offer assistance in fintech innovation in the banking and insurance industry in the UK and Hong Kong market.

Deliveroo raises US$385M, valued at over $2B

The London-based food delivery startup, Deliveroo, has raised US$385 million from investors in a round led by Fidelity and T Rowe Price, with the participation from DST Global, General Catalyst, Index Ventures, and Accel Partners.

The funding will fuel the company's expansion plan as well as the setup of its own kitchens, known as Deliveroo Editions. Deliveroo Editions is currently operating in 12 cities, including Hong Kong, Melbourne, Singapore and London.

The new funding brought the startup's valuation to over US$2 billion. The company has over 1,000 employees worldwide, operating in over 150 cities across 12 countries.

Private wealth in Hong Kong sees 14% increases  in 2017

According to a survey conducted by Private Wealth Management Association (PWMA) and PwC,  Hong Kong's private wealth management industry has recorded a 14% increase in assets under management (AUM) compared to a year ago.

The estimated total private wealth in AUM is over US$800 billion as of July 2017, increased by 14% from US$700 billion in July 2016.

Hong Kong's Air-Conditioning Watch Aricon hits its crowdfunding goal on Kickstarter

Hong Kong-based Aricon launched its first product, an air-conditioning watch “Aircon”, on Kickstarter and has hit its goal. The project was backed by over 1,700 backers and has raised over US$158,000 as of September 28, 2017.

Aricon claims to be "the world's first personal a/c watch. Aricon plans to have its first batch of watches ready as early as December 2017.

Support the project here.

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