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WealthTech

WealthTech
Stories about how technology is used to enhance the wealth management industry, including mutual funds, and exchange-traded funds
Market reforms – including measures to make IPOs easier – have helped Hong Kong’s Hang Seng Index make a stellar start to 2025. Photo: Sun Yeung
Wealth Report

How Hong Kong’s market innovations are aiming to enhance the city’s trading environment

Reforms are being introduced to sustain the surge in public offerings that has made the city among the world’s leading IPO venues in the last 6 months.

ETFs

Exclusive | Thematic Hong Kong AI and biotech ETFs next for Saudi investors: exchange CEO

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Banking & finance

Young Hong Kong investors want AI involved in their portfolios, survey says

Banking & finance

Hong Kong’s digital banks seek post-Covid growth in wealth management

Hong Kong’s digital banks plan to expand wealth management businesses as deposits and loans surge.

A pedestrian in front of a currency mural on a shop’s gate in Hong Kong on 26 December 2024. Photo: Antony Dickson
Banking & finance

In quest to generate alpha, fund managers see GenAI as ‘holy grail’: Citigroup

The fund management industry is using AI to enhance operational efficiency and productivity, investment research and client engagement, Citigroup study shows.

Banking & finance

Charles Li’s Micro Connect asks staff to back its start-ups with their own cash

The small-business financing platform co-founded by former HKEX chief Charles Li Xiaojia said it is asking staff to invest in the start-ups it backs, confirming an online article that sparked widespread discussion on social media.

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Banking & finance

UBS weighs bonus for investment bankers who refer rich clients

UBS may start rewarding its bankers for referring clients to the firm’s wealth management business, in a first for the Zurich-based lender

A company banner outside the UBS Group AG annual general meeting (AGM) at St. Jakobshalle in Basel, Switzerland, on Wednesday, April 24, 2024. Photo: Bloomberg
United States

FTX says most customers will be fully repaid, less than 2 years after collapse

FTX said in a court filing it owes about US$11.2 billion to its creditors. The exchange estimates it has between US$14.5 billion and US$16.3 billion to distribute to them.

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Fintech

Alternative finance firm Micro Connect pitches model to Southeast Asia at Money20/20

Charles Li, former head of the Hong Kong stock exchange, wants to bring its model of financing for a cut of daily revenue to Southeast Asia as early as the fourth quarter.

Banking & finance

Dubai royal nephew to open US$500 million family office in boost to Hong Kong hub

Sheikh Ali Al Maktoum, the nephew of Dubai ruler, is opening a family office in Hong Kong, one of the first high-profile global investors to respond to the city’s campaign to lure the ultra-rich.

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Dubai hosted a jet-suit race in Dubai in February 2024, claimed to be the first of its kind. AP Photo
Crime in Hong Kong

‘Crypto investors need education’: Hong Kong YouTuber after JPEX allegations

There were early red flags over cryptocurrency platform at the centre of HK$1.5 billion fraud scandal, says YouTuber.

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Cryptocurrency YouTuber Leo says he was beaten up in the street just weeks after he raised red flags over the JPEX trading platform. Photo: Jonathan Wong
Fintech

Prudential Hong Kong invests in AI, clinics amid mainland visitor buying spree

Prudential Hong Kong will continue to invest in AI and technology to boost its insurance business, while it expects mainlanders will continue to come to Hong Kong to buy the policies in the second half, according to its top boss.

Bitcoin

Hong Kong’s Hashkey among city’s first to kick off retail crypto exchange

One of Hong Kong’s first licensed cryptocurrency exchanges has officially started accepting retail users, allowing them to trade bitcoin and ether directly with fiat currencies.

Fintech

Wealth adviser Endowus’s Hong Kong expansion has GBA potential in cross hairs

Wealth adviser Endowus Group raises HK$273 million (US$35 million) aiming to deploy the proceeds in Hong Kong as the city stakes its claim to being Asia’s wealth management centre.

A man walks past a money exchange shop decorated with different banknotes at Central, a business district of Hong Kong. Photo: AP
Banking & finance

Hong Kong, Singapore clients rate wealth management apps poorly: Accenture

Asia’s wealth management firms are not up to scratch with their mobile banking services, according to a survey by consulting firm Accenture.

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More than half the clients of Asian wealth management firms rate their mobile apps poorly. Photo: Shutterstock
X (formerly Twitter)

Twitter employees sue for ‘tens of millions of dollars’ in bonuses

Mark Schobinger, who filed the lawsuit on behalf of himself and other employees, alleges they were promised 50 per cent of their 2022 bonus by executives, assurances made both before and after Elon Musk acquired the company.

NFTs

SCMP spin-off shakes off cooling interest in NFT to raise US$3.25 million

Artifact Labs is planning several new partnerships with global museums after a seed funding round led by Blue Pool Capital and Animoca Ventures, despite cooling interest in NFTs.

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Banking & finance

Vanguard plans to close business in China, exit Ant joint venture, sources say

The US$7.1 trillion asset management giant has informed the Chinese government of intentions to close its unit in Shanghai, according to sources.

Vanguard is also planning to exit a robo-advisory joint venture with Jack Ma-backed Ant Group. Photo: Bloomberg
Fintech

Young blood, fresh ideas are key to Hong Kong’s fintech future, summit hears

The future of financial technology in Hong Kong will rely on young people with new ideas, and the city offers many advantages that will help to nurture the sector, industry leaders told the Greater Bay Area Fintech Talent Summit on Thursday.

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Blockchain

Hong Kong crypto exchange AAX hit by losses at 10kM trading unit: source

Former employee says AAX’s troubles have been partly caused by trading strategies and risk management practices at its market maker 10kM Trading.

Banking & finance

Hong Kong’s ZA Bank and UK’s Wise in online money transfer tie-up

ZA Bank’s tie-up with UK tech firm Wise provides the Hong Kong virtual bank’s users a platform to make international money transfers, while allowing it to grab a bigger share of digital remittances from the city.

Hongkongers named hidden costs and delays in processing payments as their two major complaints when making online money transfers, according to a survey. Photo: Shutterstock
Blockchain

Hong Kong’s crypto about-face attracts bank interest from mainland China

Some mainland banks and family offices are considering starting or reactivating virtual asset projects in Hong Kong, Deloitte China’s digital asset leader said.

Advertisements for crypto exchange show a Bitcoin symbol at a Mass Transit Railway (MTR) station in Hong Kong on October 27, 2021. Photo: Reuters
Hong Kong financial summit 2022

Blockchain, digital currencies are reshaping finance, say banking chiefs

Senior figures from JPMorgan, BlackRock, HSBC and Standard Chartered shared their thoughts on how fintech is shaking up the banking sector at a global banking summit in Hong Kong.

Banking & finance

Hong Kong is gateway to Greater Bay Area opportunities, finance leaders say

Hong Kong is the key to success in the Greater Bay Area (GBA), the place to do business, expand and invest in mainland China’s markets, industry leaders have said in the lead up to a major summit of senior bankers in the city.

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Bitcoin

Crypto wealthy ‘tend to be more entrepreneurial than average affluent investor’

‘Almost 90 per cent of those with a general interest in cryptocurrencies created all their own wealth’, says Wealth-X report.

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An advertisement displays a Bitcoin cryptocurrency token at a subway station in Hong Kong, China, on Thursday, Feb. 10, 2022. Photo: Bloomberg
Fintech

Will Greater Bay Area solidify Hong Kong’s role as a fintech hub?

From faster payments to Wealth Management Connect, Hong Kong has adopted a number of measures in recent years to bolster its bona fides as a fintech hub.

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Illustration: SCMP Graphics
Banking & finance

Hong Kong regulator approves 19 banks to sell wealth connect products

HKMA allows 16 banks to sell products in Hong Kong and the mainland, while three can only sell to Greater Bay Area residents via the southbound route.

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Greater Bay Area

China opens multibillion-dollar link for cross-border wealth management

Greater Bay Area, which is home to four top 10 richest people in China, will have a new cross-border trading scheme for investment products, a core project by Beijing to promote capital flows and investment among the 11 cities in the plan.

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