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Interviewee | Mr. King Leung, Global Head of Financial Services and FinTech, Sustainability at InvestHK Editor | WuBlockchain Mr. King Leung leads the Financial Services and Fintech, as well as Sustainability teams at Invest Hong Kong (InvestHK), attracting international and Mainland financial services, technology, and sustainability companies to enrich Hong Kong’s financial ecosystem. Prior to joining the government, Mr. Leung was a tech entrepreneur, angel investor, and fintech lecturer. His first data-related startup received early-stage investment from Credit Suisse, directly serving several prominent financial institutions in areas such as wealth management, insurance, and consumer finance. Mr. Leung also worked as a management consultant at Booz Allen & Hamilton and KPMG Consulting in the U.S., and as a venture investor for Innovate@, a technology fund jointly operated by Booz Allen & Hamilton and Lehman Brothers. He holds an MBA with honors in Finance and Strategy from ...

Hong Kong’s Securities and Futures Commission mandates crypto trading platforms to apply for licenses by Feb. 29 or to shut down their businesses by May 31. In a notice issued on Feb. 5, the move aims to safeguard investors , urging them to verify the regulatory status of the platform s they use against the SFC’s published lists of license d and applicant virtual asset trading platform s. The Hong Kong SFC once again reminds that if a virtual asset trading platform operating in Hong Kong fails to submit a license application to the Securities and Futures Commission on or before February 29, 2024, it will have to end its business in Hong Kong on or before May 31,… — Wu Blockchain (@WuBlockchain) February 5, 2024 The SFC’s advisory encourages investors engaged with unlisted platforms to promptly take necessary actions, including account closure, to avoid potential risks. This directive follows the beginning of Hong Kong’s crypto licensing regime in Ju...

Chinese virtual bank ZA Bank has revealed plans to offer crypto trading services with fiat currencies to retail customers. In an interview with the Hong Kong Economic Journal, ZA Bank CEO Ronald Iu said the Hong Kong-based company eventually plans to start offering crypto trading services with fiat via its mobile application ZA Bank App, although he did not provide a timetable. The ZA Bank CEO noted that the company is set to double down on web3, as the virtual bank has already provided commercial banking services to over 80 crypto firms, including OKX’s branch in Hong Kong. In addition to OKX, ZA Bank is also a banking partner for local licensed virtual asset trading platforms HashKey and OSL. Since its inception in 2020, ZA Bank has undergone an expansion of its customer base, reaching a milestone where one in ten adults in Hong Kong now owns a ZA Card. Ronald Iu also said that as of the end of June, customer deposits have surpassed 10 billion yuan (~$1.4 billion), marki...

Hong Kong will not allow retail investors to trade stablecoins until they are officially regulated, which is projected to happen by the end of 2024. As Hong Kong progresses with the adoption of cryptocurrency trading for individual investors, a local official stressed that retail stablecoin trading is not yet allowed . Hong Kong has not adopted regulations for stablecoins like Tether (USDT) or USD Coin (USDC), which means retail investors are not allowed to trade those assets, according to Hong Kong’s Secretary for Financial Services and the Treasury, Christian Hui. The official provided remarks on cryptocurrency regulation in Hong Kong during an online investment committee meeting on Oct. 6, the local news agency Ming Pao reported. Cryptocurrency service providers have been broadly using stablecoin s like USDT as a major trading asset because their value is designed to be stabilized by the peg to United States dollars or assets like gold, Hui said. However, some stablecoin s hav...

Hong Kong -based crypto platform JPEX has reportedly suspended trading and seen one person connected to it arrested after an investigation determined that it has been operating in the country without a license, reports CoinDesk. The Hong Kong Securities and Futures Commission (SFC), which carried out the probe, also claimed that it has received numerous complaints about the exchange. As a result of the investigation and subsequent action, JPEX says it’s delisting all transactions on its Earn Trading interface and ensuring ongoing orders. It also says that it will “gradually adjust the withdrawal fees back to normal levels,” and is even considering restructuring as a Decentralized Autonomous Organization (DAO). In a blog post published Monday, the exchange said: “Recently, due to the unfair treatment by relevant institutions in Hong Kong towards JPEX , a crypto currency trading platform, and a series of negative news, our partnered third-party market makers have maliciously froz...