Financial Services

Foreign currency reserves hit US$419.3b in July

It rose from the US$416.3b record in June. Hong Kong’s foreign currency reserve assets rose to $3.26t (US$419.3b) in July 2024, compared to last...

Virtual banks in Hong Kong thrive with 2.2 million depositors in 2023

Hong Kong's eight licensed virtual banks experienced modest growth over the past three years.

Hong Kong a ‘pivotal global financial hub’: Knight Frank

Its urban prosperity is the best amongst new wealth hubs. 

Breadwinners support at least 3 relatives financially: survey

Breadwinners support spouses/partners, parents/in-laws, and children.

Hong Kong’s credit card market to hit $1.02t in 2024

This growth is driven by the city’s robust payment infrastructure and e-commerce growth.

What’s shaping Hong Kong’s asset management sector

The report highlights evolving investment trends such as ESG, alternative assets, and virtual assets.

Hang Seng Bank launches $80b green financing solutions fund

The bank also launched green assessment and knowledge advocacy programmes.

Indosuez appoints Michaël Kofman as Hong Kong CEO

He has nearly 30 years of experience in finance.

HKMA keeps base rate at 5.75%

It said that the high interest rate environment could persist for some time.

Paragon Capital appoints Arthur Fong as CEO, Faye Ng as COO

The appointees bring over 30 and 15 years of finance experience, respectively.

Existing credit card usage up, new card interest down

Credit card enquiries decreased by 8% YoY in Q1 2024.

Mezzofy secures $2M investment for digital coupon innovation

The funding round was led by Isola Capital’s IPVF VII.

Outdated financial methods cost SMEs $160,000 annually

To help solve the issue, KPay launched a unified pay-in/pay-out platform for SMEs.

KPay’s unified payment solutions platform propels SME growth

After expanding into Singapore, KPay aims to dominate APAC and serve over 1 million merchants.

Hong Kongers pay most for ATM withdrawals in Thailand

Thailand has a 2.53% ATM withdrawal fee rate.

97% of consumers prefer traditional banks for top-of-wallet credit card: report

However, most respondents said they opt for other lenders for additional credit products.