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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

For the investment management industry, the holy grail is to find an alpha generation idea. Photo:
Shutterstock

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.

19 Jun 2024 - 2:00PM

Banking & finance

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

14 May 2024 - 8:30PMvideocam

Banking & finance

UBS weighs bonus for investment bankers who refer rich clients

10 May 2024 - 5:03PM

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.

8 May 2024 - 10:38PMvideocam

FTX says it has enough money repay most of their customers in full, after the exchange’s collapse. Photo: Reuters

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.

24 Apr 2024 - 9:30PM

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.

19 Mar 2024 - 9:58AMvideocam

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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.

10 Oct 2023 - 11:29PM

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

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.

11 Sep 2023 - 8:30AM

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.

28 Aug 2023 - 11:02PM

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.

9 Aug 2023 - 8:00AM

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.

28 Jul 2023 - 4:45PMvideocam

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.

21 Jun 2023 - 9:27PM

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.

9 May 2023 - 9:43PMvideocam

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.

21 Mar 2023 - 3:47PM

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

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.

12 Mar 2023 - 5:17PMvideocam

The future of fintech in Hong Kong will rely on young blood and new ideas, and the city offers many advantages that will help to nurture the sector, industry leaders said. Photo: Shutterstock

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.

2 Dec 2022 - 11:13AM

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.

25 Nov 2022 - 5:15PM

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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.

3 Nov 2022 - 7:00AM

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.

3 Nov 2022 - 6:00AM

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.

31 Oct 2022 - 1:29PMvideocam

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.

11 Mar 2022 - 2:37AMvideocam

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

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.

12 Nov 2021 - 6:24PMvideocam

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.

19 Oct 2021 - 8:53AMvideocam

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.

13 Sep 2021 - 12:34PM

Huawei eyes ‘intelligent finance’ as US sanctions hit smartphone sales

The Chinese telecoms giant aims to diversify by tapping the rapid pace of digitalisation in the global financial services industry after its network gear and smartphone businesses were dragged down by US sanctions.

8 Jun 2021 - 9:34AMvideocam

Huawei’s enterprise business climbed 23 per cent on the year to 100.3 billion yuan (US$15.67 billion) in 2020. Photo: AP

HSBC to reopen Hong Kong office to all employees on Monday

HSBC has maintained about 50 per cent capacity in its Hong Kong offices for much of the pandemic.

4 Jun 2021 - 3:17PMvideocam

HSBC’s main building in Central, Hong Kong. Photo: Sam Tsang

Regulators turn up the heat on China’s fintech platforms

Regulators say there have been beaches of consumer rights with some platforms operating outside permitted business areas.

30 Apr 2021 - 1:15AMvideocam

India ‘to ban cryptocurrencies and fine miners, traders, investors’

The bill would give holders of cryptocurrencies up to six months to liquidate their digital assets, after which penalties would be levied. Even China, which has banned mining and trading, does not penalise possession.

15 Mar 2021 - 9:07AMvideocam

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