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5 in 5 minutes - October 06

Hong Kong Startup News Round Up

Alibaba Hong Kong Entrepreneurs Fund invests in 6 more Hong Kong startups, CompareAsiaGroup, Origami Labs, Prenetics, Aqumon and Qupital are selected to receive a combined 10 million yuan in investments from the Alibaba Hong Kong Entrepreneurs Fund.

Founded in November 2015, Alibaba Entrepreneurs Fund provides financing to Hong Kong-based startups or startup businesses founder by Hongkongers. It has previously invested in 6 Hong Kong startups including DayDayCook, GoGoVan, Grana, NOSH, Shopline and YEECHOO.

This Hong Kong startup launches Kickstarter campaign for its wireless VR headset

OQTAGON, a Hong Kong-based startup has launched a crowdfunding campaign on Kickstarter for its wireless virtual reality headset, named the Razergon VR.

The headset features an LCD screen with a resolution of 2560 x 1440, with built-in WiFi, Bluetooth, 6GB flash storage, a MicroSD card slot, and wireless motion controller.

OQTAGON is looking to raise HK$391,000 through Kickstarter, backers can get the VR headset at the early bird offer for HK$1,718. The latest delivery date is estimated to be March 2018.

Hong Kong startup Well Being Digital joins Austria's goAustria incubation program

Hong Kong startup, Well Being Digital, was selected to participate in the Austrian government's incubator programme, GIN goAustria. The programme offers site visits, one-to-one mentorship and public presentations in front of possible clients, investors and other Austrian partners.

Founded in 2012, Well Being Digital Limited (WBD101) develops heart rate measurement technology that can be applied to earphones and wrist watches. WBD101 hopes to collaborate with Austrian startups and multinationals to develop smart devices to solve healthcare issues. WBD101 participated in the HKSTP incubation programme and currently has offices in HKSTP and Shenzhen.  

CFTE Partners with SuperCharger to Develop Human Capital in Fintech

The Centre for Finance, Technology and Entrepreneurship announced a partnership with SuperCharger to help accelerate the learning curve for students studying with CFTE.

Through the partnership, CFTE will connect students with FinTech companies and expose them to the FinTech ecosystem. Students will gain first-hand experience of how emerging technologies are being leveraged to create new financial products.

Gatecoin warns potential token delistings from its exchange

Hong-Kong registered bitcoin and cryptocurrency exchange Gatecoin said it has been undergoing regulatory compliance review with their legal advisors on the status of specific tokens that are listed on its exchange, the review follows a statement from SFC on Initial Coin Offering in September.

The compliance review result will determine whether a token listed on its exchange fits the category of a "security" under the Hong Kong Securities and Futures Ordinance, and whether the token is structured in accordance with the SFC's framework.

Gatecoin said clients will have one week to trade their tokens for bitcoins or ether once it has confirmed which tokens are to be removed from the list. Clients that hold balances in delisted tokens will be provided a one-month period to withdraw the funds from Gatecoin accounts.

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