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5 in 5 minutes - September 08

Hong Kong Startup News Round Up

SFC issues statement on initial coin offerings

The Securities and Futures Commission (SFC) issued a statement on existing regulations that could be applicable to initial coin offerings.

Depending on the facts and circumstances of an ICO, digital tokens that are offered may subject to the securities laws of Hong Kong. SFC gas observed that certain ICOs have terms and features that may mean that the digital tokens are "securities".

The SFC warns investors to be mindful of the investment risk in ICOs.

Hong Kong-based FinTech startup creates All In One token to hedge investors against volatility

Aaress Fintech, a Hong Kong-based company, created the All In One (AIO) token to protect cryptocurrency investors and users against volatility, AIO is an ethereum-based token that draws its value from the combined value of the top 10 cryptocurrencies. AIO tokens are currently being distributed through an Initial Coin Offering, each AIO token started being sold for US$1.

Bank of China completes acquisition of three commercial buildings in Hong Kong, including The Wave

Bank of China (Hong Kong) Asset Management closed on the acquisitions of The Wave, a co-working space in Kwun Tong, through its new commercial property fund.

During an interview with SCMP, BOCHK Asset Management shows interests in shared working spaces, which are "definitely welcomed by young entrepreneurs who cannot afford expensive office rents".

The Wave is an integrated business platform that is redeveloped from an industrial building, it is equipped with event space, private offices, co-working space, pop-up stores and F&B area.

Arrow Electronics to expand its Arrow Open Lab in Hong Kong to promote IoT and Smart city technologies

Arrow Electronics announced the expansion of Arrow Open Lab in Hong Kong, enabling Sensor-to-Cloud-to-Analytics IoT Platform for Sensor Hub. Collaborating with Hong Kong Science and Technology Park, the Sensor Hub will promote Smart City and IoT innovation in the city, by allowing engineers and developers to gather sensory information in real-time.

Arrow will offer engineering expertise, hands-on training and workshops to help startups optimise system-level integration and accelerate the prototyping process for their IoT concept. Founded in 2016, Arrow Open Lab is open to all companies and organizations pursuing innovation and product development in Hong Kong. The relocated main office building at Science Park will serve as the proof-of-concept experience lab for startups to build and commercialize their IoT products.

Globe Telecom partners with Hong Kong's FinTech startup EMQ

Globe announced a partnership with EMQ, a Hong Kong-based FinTech startup that focuses on remittance, to enable EMQ users to send funds to GCash account holders. GCash is the mobile commerce unit of Globe.

Founded in 2014, EMQ allows users to transfer money at lower cost, currently has presence in Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines.

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