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Hong Kong Startup News Round Up - 7 April 2019

5 in 5 minutes

Neat granted the Money Lender License

FinTech startup Neat, a digital banking alternative, has been granted a Money Lender’s License in Hong Kong, which marks their first step in their pursuit of global financial regulation.

The move also marks Neat’s full turn away from virtual banking license that has been hotly discussed in Hong Kong’s FinTech scene—and has most recently been granted to three licensees, including companies affiliated with ZhongAn and Standard Chartered.

Neat is also applying for a Money Service Operator (MSO) license, and a Trust and Corporate Service Provider license (TCSP) license, soon to be followed by a HKMA license in Hong Kong.

LetsVenture partners with AngelHub to launch an India-Hong Kong Passageway for Investors & Startups 

AngelHub, Hong Kong's first regulated startup investment platform has signed a partnership agreement with LetsVenture, one of the largest Angel Investors Networks in India during a co-anchored Investors’ Masterclass in Hong Kong.As part of this strategic partnership, early-stage startups, businesses, and investors affiliated with both LetsVenture and AngelHub will now have access to early-stage startup investment opportunities in both regions.

Considering the thriving growth and potential for startups and investors in both India and Hong Kong, this alliance will provide collaborative opportunities to leverage the startup ecosystem in both the markets.

Former Hong Kong Financial Secretary John Tsang joins virtual insurer Bowtie

Former Financial Secretary and Chief Executive hopeful John Tsang Chun-wah has joined Hong Kong’s first virtual insurer, Bowtie Life Insurance, as a senior adviser. Analysts said the appointment of a well-known figure like Tsang could give the digital startup a secret weapon as it battles for market share with big, established insurance companies.

“We don’t aim to compete with traditional insurance companies. We have different roles to play. We aim to serve the Hong Kong community, bringing them better protection and security,” Tsang said.

Animoca Brands partners with Formula 1® to develop "F1® Delta Time" blockchain game 

Animoca Brands Corporation Limited has secured a global licencing agreement with Formula 1® ("F1") to develop and publish F1® Delta Time, a blockchain game based on the world-famous racing series.

As part of the licencing agreement, Animoca Brands will assist in driving fan engagement by developing and publishing the blockchain game. Animoca Brands believes that the licensing agreement can considerably broaden the Company's consumer reach, and it aims to drive growth and product uptake by leveraging the significant brand power of Formula 1.

Legacy Trust and Ledger Vault Introduce World-first Institutional Grade Digital Asset Custody Solution 

Cryptocurrency hardware wallets maker Ledger and Hong Kong-licensed trust and custody company Legacy Trust have partnered to provide “institutional-grade” cryptocurrency custody. The solution is aimed to increase the movement of institutional money into digital assets.

By utilizing Ledger’s multi-signature cryptocurrency wallet management product Ledger Vault, Legacy Trust said it can now “securely and efficiently” custody clients’ digital assets, such as bitcoin, and perhaps most notably, will also start offering custody of ethereum-based ERC-20 tokens.

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