What The FinTech #180 - 2 Dec 2024
🚀 Welcome to the Latest Edition of What The FinTech! 🌟
Stay ahead in the dynamic world of fintech with this quick and easy read. We’ve got the headlines, insights, and links to the stories that matter most. For those who crave deeper dives, our full Substack newsletter is packed with exclusive interviews, in-depth analyses, and more!
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In this edition, explore the latest fintech updates and insights, plus a sneak peek into our podcast lineup. Join us as we uncover the trends, ideas, and stories shaping the fintech world.
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🎙️ Podcast Announcement
🎙️ What The FinTech Podcast – New Episode Dropping Soon! 🚀
This week, we're back with a fresh episode of What The FinTech. Stay tuned for deep dives into fintech's hottest topics, exclusive conversations with industry leaders, and insights you won't find anywhere else.
📢 Keep your eyes (and ears) open—it's one you won't want to miss! 🎧
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💬 Top Stories in Fintech & Emerging Technologies
🇭🇰 HONG KONG
ZA Bank Launches Retail Crypto Services 🔗 Hong Kong’s ZA Bank is the first in Asia to offer retail crypto trading for Bitcoin and Ethereum. Partnering with HashKey Exchange, the bank provides secure and compliant trading services with 0% commission for the first three months.
AIHK Launches to Position Hong Kong as an AI Hub 🤖 The Artificial Intelligence Association of Hong Kong (AIHK) was launched to promote AI innovation and adoption. With a mission to build a vibrant ecosystem, AIHK will support businesses, align with global standards, and create AI-related use cases that boost productivity across industries.
OneDegree Supports HKMA’s AI Sandbox 🛡️ OneDegree is backing the HKMA’s Generative AI Sandbox with AI Red Team solutions. This initiative helps banks test and deploy AI responsibly while addressing risks like security, bias, and privacy.
US Lawmakers Question Hong Kong Banking Links ❓ US lawmakers are scrutinizing Hong Kong's financial system for alleged money laundering and sanctions evasion. Accusations involve aiding controlled exports to Russia and transactions with Iran, which Hong Kong denies.
HKMA Completes Credit Data Smart Migration 📊 The HKMA successfully transitioned all consumer credit reference services to Credit Data Smart. This milestone enhances market competition and operational risk mitigation in Hong Kong’s credit ecosystem.
Bilby Turns Bureaucratic Notes into Insights 🔍 Bilby, a Hong Kong-based AI startup, uses machine learning to analyze China’s government documents, providing insights into policy shifts and personal networks 📊🤖. With J.P. Morgan piloting its services, Bilby is expanding its expertise to markets like India 🌏.
AirWallex Expands with Yield Asset Management 💸 AirWallex is diversifying beyond payments by adding asset-management licenses in Hong Kong and Australia. Its Yield program aggregates customer funds into a professional money manager’s account, offering businesses and individuals the opportunity to earn interest on spare cash.
🇸🇬 SINGAPORE
Rise in Authorized Payment Scams 💳 Singapore faces a rise in authorized payment scams where victims unknowingly transfer money to scammers. Authorities have introduced frameworks to mitigate risks and improve shared responsibility among financial institutions.
Maybank Opens Lifestyle Branch ☕ Maybank launched its second lifestyle branch in Singapore, featuring unique design elements and a café. This initiative aims to provide an engaging, relationship-focused banking experience.
Accenture’s AI Refinery Hub in Singapore 🌟 Accenture has opened its AI Refinery Hub in Singapore, supported by the EDB. The hub will advance generative AI research and development, enabling industries like healthcare and financial services to scale AI responsibly.
Singapore Banks as Safe Havens 🏦 Singapore's banks are seen as stable investments amid global market volatility, offering high dividend yields and minimal earnings downside risks.
Barclays to Open Private Banking Hub 💼 Barclays plans to establish a private banking center in Singapore by 2026, catering to ultra-wealthy clients and family offices in the region.
🇨🇳 CHINA
Baidu Expands AI with ERNIE Model 🤖 Baidu's ERNIE 4.0 Turbo AI model processes 1.5 billion daily API calls, reflecting significant enterprise adoption. This highlights China's commitment to indigenous AI innovation.
Baidu’s Affordable Robotaxis 🚖 Baidu's Apollo Go robotaxis, priced under $30,000, are transforming autonomous transport economics. With fares as low as 4 yuan, the service is scaling rapidly across China.
Tencent & Intel’s 3D Handheld Gaming Device 🎮 Tencent and Intel introduced the Sunday Dragon 3D One, a glasses-free 3D handheld gaming device. The experimental product merges 3D gaming with portability.
Ping An’s $850M Western Market Fund 💰 Ping An launched an $850M private equity fund targeting Western markets despite regulatory challenges. This is one of the largest Chinese funds aimed at global investments in a decade.
🌏 ASIA
Chainlink Leads Blockchain Innovations in Banking and Markets 🔗💡 Chainlink dominated Q4 2024 with groundbreaking initiatives showcased at Sibos in Beijing, SmartCon in Hong Kong, and the Singapore FinTech Festival (SFF) . Collaborating with global financial giants, Chainlink unveiled solutions for corporate actions, blockchain privacy, and tokenization, redefining financial infrastructure and bridging DeFi with traditional finance
Vietnam SuperPort Transforms Logistics 📦 Vietnam SuperPort integrates AI and blockchain to revolutionize cross-border logistics and aims to be Southeast Asia’s first net-zero logistics hub by 2040.
India Backs Eight Quantum Tech Startups 🔬 India is supporting eight startups advancing quantum technology, including innovations in communication, sensing, and superconducting systems. This move reinforces India’s leadership in quantum tech.
Santander Builds SME Trade Platform 🌍 Santander partnered with Dentsu to create a global SME platform, simplifying trade across 45 markets by offering tailored insights and exclusive discounts.
Tata Digital Launches Neu Flash Quick Commerce ⚡ Tata Digital’s Neu Flash introduces rapid delivery services for groceries, apparel, and electronics, expanding India’s growing quick commerce market.
HSBC Launches Smart Transact for Payments 🔗 HSBC’s Smart Transact simplifies domestic and global business payments across multiple markets. This platform offers seamless account and transaction management for growing businesses.
Thailand’s Digital Wallet Initiative 📲 Thailand’s digital wallet program boosts financial inclusion and GDP growth, solidifying its position as a regional leader in tech-driven economic development.
Maybank Reports Profit Growth 📈 Maybank’s profits rose 7.6%, driven by Islamic banking and fee-based services. The bank continues to focus on growth areas like wealth management and bancassurance.
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🌟 That’s a wrap for this edition of What The FinTech! 🚀
We hope you found this snapshot of fintech innovation as exciting as we did. Remember, the fintech world is always evolving, and we're here to keep you ahead of the curve.
📬 Stay curious, stay connected—our Substack is where the deeper stories live, and our socials are your quick stop for fresh updates.
If you enjoyed this, why not share it with friends or colleagues who live and breathe fintech too? Together, we can grow this incredible community of innovators, dreamers, and changemakers. 💡
✨ What’s next? More breaking news, insightful analysis, and exciting podcast episodes coming your way. So, stay tuned and let’s continue this fintech journey together!
📢 Got ideas, feedback, or collaboration opportunities? My inbox is always open. Let’s create something amazing.
Cheers,
Medhy
Your Fintech Navigator 🌏