JPXI has developed J-WS, JPX’s common infrastructure platform, on AWS.

The platform supports the stable operation of JPX Group’s data and digital services while improving operational quality and functionality through AWS’s advanced cloud technologies.

As part of its ongoing digital transformation, JPXI will migrate the Timely Disclosure Network (TDnet) to J-WS.

TDnet plays a critical role in transmitting material corporate information swiftly and accurately to the market and investors. By moving this semi-essential system, second only to JPX’s trading and clearing system, to J-WS, JPXI aims to enhance system stability, resilience, and cybersecurity.

The migration will incorporate a multi-layered redundant configuration utilising both JPX’s existing Business Continuity Plan (BCP) environment and AWS’s Asia Pacific (Tokyo) and Asia Pacific (Osaka) Regions, significantly strengthening resilience against large-scale disruptions.

JPXI is collaborating with Fujitsu Limited to upgrade TDnet’s infrastructure and functionality.

This includes improving performance and processing capacity for disclosure materials.

To support listed companies facing increasing disclosure requirements, JPXI is also developing a new service using AWS’s generative AI to assist in preparing disclosure documents.

Future plans include a dedicated platform to securely connect JPX’s exchanges and listed companies, facilitating seamless information management and enhanced support.

JPXI also plans to enhance the transmission speed and machine readability of disclosure data and make it accessible through APIs to external platforms.

This will help build an ecosystem where financial institutions, information vendors, and startups can collaborate to develop new value-added services using a common data infrastructure.

With support from the AWS engineering team, including AWS Prototyping and AWS Professional Services, JPXI has strengthened its internal development capabilities and nurtured digital talent.

This approach has enabled the rapid delivery of key projects, such as the Carbon Credit Market System, developed with Hitachi, and J-LAKE, JPX’s integrated data services platform.

JPXI has also utilised AWS’s data analytics tools to improve the way market information is disseminated.

Built on J-WS, J-LAKE consolidates JPX’s market and alternative data, enabling advanced analysis using AI, machine learning, and generative AI.

A new feature on the JPxData Portal now allows users to efficiently search for disclosure materials and identify investment opportunities.

Satoshi Futagi, President and CEO of JPX Market Innovation & Research, said:

“In its long-term vision ‘Target 2030,’ JPX expressed its intention to turn into a global, comprehensive finance and information platform, and it has been working to enhance the appeal of Japan’s financial and capital markets as a whole. JPXI, whose role within the JPX Group is to spearhead the group’s next-generation data and digital businesses, has collaborated with AWS to build several new systems to support these businesses.”

Scott Mullins, Managing Director, Worldwide Financial Services at AWS, said:

“AWS’s experience supporting financial institutions, combined with its advanced capabilities in generative AI, machine learning, and high-performance computing, enables JPX to deliver greater innovation through their data and digital initiatives. Together, we’re working to make Japan’s capital markets more efficient and transparent.”

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The deal represents a total enterprise value of approximately US$2.9 billion (JPY438.5 billion), including debt.

The transaction price reflects a 17.38% premium over CSG’s closing share price of US$68.75 on 28 October, and a 23.07% premium to the 30-day volume-weighted average price (VWAP) of CSG common stock for the period ending on the same date.

According to both firms, the acquisition aims to strengthen NEC’s position in next-generation digital solutions and accelerate innovation in artificial intelligence and cloud-based technologies across various industries.

The integration will combine NEC’s software and digital transformation capabilities with CSG’s software-as-a-service (SaaS) portfolio and global customer base.

CSG’s SaaS products and established presence in sectors such as communications, media, financial services, healthcare, retail, and logistics will complement NEC’s existing operations and those of its subsidiary, Netcracker Technology.

Netcracker specialises in Business Support Systems (BSS) and Operational Support Systems (OSS), areas that align closely with CSG’s expertise.

The transaction is expected to close during the 2026 calendar year.

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The partnership seeks to combine Lenovo’s global technology expertise with Cyberport’s experience in nurturing startups, providing support from proof-of-concept stages to international market expansion.

Serena Cheung, General Manager of Lenovo Hong Kong and Macau, said,

“Cyberport has been successful in fostering a vibrant startup community. Lenovo understands the challenges and opportunities startups face, and through this collaboration, we aim to leverage our technology, resources, global network, and investment experience to help startups transform innovative ideas into market-ready solutions and accelerate their expansion into international markets.”

Dr Rocky Cheng, CEO of Cyberport, added,

“As a national-level technology incubator, Cyberport is committed to building a robust innovation ecosystem. Lenovo’s experience in the global technology sector will provide technical support, industry insights, and opportunities for global expansion to our community companies.”

Under the MoU, Lenovo and Cyberport will collaborate across several areas, including ecosystem development and startup enablement, strategic marketing and ecosystem engagement, and innovation showcase initiatives.

Lenovo will assist startups in scaling their solutions and participating in Cyberport’s Investors Network, while Cyberport will facilitate operational support and global business expansion.

The partnership will also involve co-organised events, workshops, and training sessions in areas such as AI, cybersecurity, edtech, healthtech, proptech, and the low-altitude economy.

Lenovo will establish an Innovation Center at Cyberport to demonstrate digital solutions and serve as a hub for technology-driven projects, which will be featured to visiting delegations.

Lenovo brings experience in empowering startups, supported by a full-stack product portfolio, service integration capabilities, and a workforce of 3,400 engineers in Hong Kong holding over 100 data and AI-related certifications.

The company leverages its global network, spanning 180 markets and more than 30 manufacturing centres, to assist startups in entering international markets.

Lenovo has invested over HKD 1 billion in Hong Kong’s technology sector, focusing on AI, big data, and cloud computing, and has supported more than 30 local innovation and technology companies.

Collaborations with universities have led to the incubation of over 20 startups, providing support in funding, technology, talent, and market access.

The partnership between Lenovo Hong Kong and Cyberport is intended to strengthen the local innovation and technology ecosystem, offering startups support to scale internationally and develop technological solutions with potential global impact.

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Developed by GLEIF, the vLEI is a globally standardised digital form of organisational identity.

By providing organisations and their representatives with cryptographically verifiable credentials, vLEIs aim to support trust and transparency in digital interactions, addressing challenges associated with digitalisation.

As a QVI, TOPPAN Edge will issue and manage vLEI credentials for organisations seeking to enhance transparency and trust across global manufacturing and financial use cases, including supply chain management, international trade, and transactions involving cryptocurrencies and stablecoins.

TOPPAN Edge also intends to offer a Software as a Service (SaaS) platform to encourage wider adoption of the vLEI in Japan.

The service is being piloted in September 2025 by the BRP Consortium Business Site Digital Certification Research and Development Working Group, a private-sector initiative focused on supply chain management for semiconductors and ICT equipment.

The pilot will explore the use of vLEIs to verify organisational existence and authenticity in support of semiconductor business site supply chains.

Alexandre Kech, CEO of GLEIF, said:

“Digital, verifiable organisational identity is the key to establishing trust across the global economy. TOPPAN Edge’s approval as a QVI will help organisations in the region to unlock sustainable economic growth by addressing real-world challenges, such as increasing transparency and resilience across global value chains, breaking down trade barriers through digitalisation, and bridging the gap between traditional finance and digital assets.”

Toshiya Akiho, Director and Executive Vice President at TOPPAN Edge, said:

“As a QVI, TOPPAN Edge will ensure the authenticity of organisations and the individuals affiliated with them in the digital world, contributing to the realization of a safe and secure international transaction environment.”

The announcement follows GLEIF’s introduction of a global Partners Programme to promote the adoption of digital organisational identity through collaboration with key industry participants.

GLEIF has also launched the inaugural vLEI Hackathon to support further development of the vLEI ecosystem.

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In the 2025–26 Budget, the Hong Kong Special Administrative Region (HKSAR) Government announced it would make reference to the Model Law on Electronic Transferable Records (MLETR) developed by the United Nations Commission on International Trade Law (UNCITRAL) and explore legislative changes to support the digitalisation of trade documents.

A legislative proposal is expected to be submitted to the Legislative Council next year.

The MLETR serves as a global framework for electronic trade documentation, and aligning local legislation with it represents a significant step in advancing trade digitalisation.

In support of these efforts, the Hong Kong Trade Development Council (HKTDC) and the International Chamber of Commerce Digital Standards Initiative (ICC DSI) jointly hosted the “Digital Trade Masterclass” at the Hong Kong Convention and Exhibition Centre to examine the potential implications of MLETR on Hong Kong’s cross-border trade.

The event featured industry experts sharing practical insights into digital transformation, aiming to help businesses strengthen their service capabilities.

Over 200 small and medium-sized enterprises attended.

Hong Kong, as an international financial and trading centre and a leading re-export hub, is well positioned to leverage its advantages in connecting mainland China with global markets.

The city offers high-quality professional services, a strong financial infrastructure and an environment that supports innovation in trade.

The HKTDC works in partnership with the HKSAR Government to highlight Hong Kong’s role in delivering high value-added services across the trade supply chain.

At the event, Professor Frederick Ma, Chairman of the HKTDC, said the shifting trade landscape presents a timely opportunity to reinforce Hong Kong’s competitive strengths.

“The HKTDC is dedicated to helping businesses leverage innovative technologies to equip businesses to be future-ready. Our Asian Logistics, Maritime and Aviation Conference examines trends in global trade and supply chains, innovation and digitalisation, while our support programmes, including Transformation Sandbox, help enterprises scale up their capabilities in key areas, including digital transformation and supply chain solutions, to empower SMEs and start-ups to benefit from digital trade.”

Speakers at the event also discussed challenges associated with digital transformation in trade.

Kenise Sin, Senior Data Analyst in the Financial Infrastructure Department at the HKMA, highlighted how reliance on paper-based processes continues to limit SMEs’ access to trade finance.

“SMEs’ access to trade finance has long been hindered by different pain points in the process. For instance, the heavy reliance on paper-based documents has led to inefficiencies and difficulties in tracking and verifying the transactions.”

Sin added that the HKMA aims to release a digitalisation roadmap for cargo data across sea, road and air transport by the end of the year, and plans to integrate this data into the CDI to support trade finance efforts.

Over the next two years, the HKMA will collaborate with the Airport Authority Hong Kong, the Transport and Logistics Bureau and pilot banks to make use of cargo data and the CDI.

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Rokid announced via a press release on 17 June 2025 that the product will begin rolling out to users in June 2025. More than 250,000 units have already been pre-ordered.

To make payments using AR glasses, users first link their Alipay account through the Rokid app and activate voice verification. At the store, they can initiate a transaction by saying instructions such as “Rokid, pay 10 RMB.”

The Rokid AR payment glasses then scan the merchant’s Alipay QR code, and users confirm the payment with a voice command. Payment details are shown on the display.

According to the news release, AR glasses could offer a more efficient payment method by completing transactions in seconds, compared to the 20 to 30 seconds typically required for phone-based QR code payments. The hands-free design also allows users to make payments without needing to use a smartphone.

Zhu Mingming, Founder and CEO of Rokid, said,

“Equipping Rokid Glasses with payment capabilities brings users a smoother and more intuitive experience, while also ushering the AI glasses industry into the era of payment. Behind this innovation is close collaboration with Alipay on both payment and risk technologies. Looking ahead, we will continue to explore new experiences together.”

Zhang Aijuan, Vice President of Ant Group and Rotating President of the Digital Payment Business Unit, added,

“Rokid Glasses deliver a brand-new user experience. Alipay will fully support the growth of emerging industries and continue to create more value for users.”

Integrating payment functions into AR glasses suggests a shift toward more seamless and intuitive commerce.

In the future, this technology may allow users to complete transactions through simple actions like looking at or gesturing toward a product, reducing friction in both physical and digital shopping experiences.

The technology may also enable interactive product discovery by providing real-time information, virtual try-ons, and personalised recommendations. For businesses, this creates opportunities to engage customers through immersive experiences and targeted, location-specific promotions.

In 2024, Alipay introduced Alipay Tap!, a feature that enables users to make payments by tapping their unlocked phone on a merchant terminal or Alipay Tap! Tag. Users do not need to open an app or scan a code.

As of April 2025, the payment feature has gained over 100 million users.

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The InvestHK GCC fintech delegation, made up of leaders from top financial and fintech firms founded locally, in Mainland China or overseas with operations in Hong Kong, engaged in high-level meetings.

This included meetings with local government organisations, private equity partners and tech incubators across the GCC, facilitated by InvestHK.

The Director-General of Investment Promotion at InvestHK, Alpha Lau, said,

“In today’s evolving global economy, Hong Kong has showcased its irreplaceable strategic value as a ‘super connector’. We recognise opportunities in high-potential markets, such as the GCC region, which are actively diversifying their economies through innovations. By partnering with InvestHK, companies can effectively access these competitive markets with the government’s support.”

The Global Head of Financial Services, FinTech & Sustainability at InvestHK, King Leung, added,

“Leveraging our in-depth understanding of each participating company, we successfully showcased Hong Kong as an efficient platform for connecting high-quality enterprises, earning broad recognition from local governments, businesses, and investors across the GCC region.”

Over the past two years, firms like Evident Group, LianLian Global, OneDegree, and others have joined the delegations, with delegates crediting the HKSAR Government for enabling meaningful results through its support and connections.

Evident Group’s delegation participation led to a milestone MOU with Zand Bank, the UAE’s AI-powered bank. This marked the start of a strategic collaboration, focused on delivering innovative alternative investment solutions for the latter’s private wealth clients.

By leveraging Evident Group’s secure digital market infrastructure, the partnership aims to broaden access to private equity secondaries, private credit, and tokenised infrastructure, highlighting how digitalisation of private markets can strengthen Hong Kong’s role as a bridge for global private wealth.

Next, LianLian Global sees Hong Kong as a vital hub for expanding its presence in the GCC. Using InvestHK delegations to build key government-to-government relationships, most notably with the Central Bank of the UAE, opened new strategic pathways.

Also, at the Dubai FinTech Summit, LianLian Global secured a cooperation agreement with Lulu Money to extend payment services into Mainland China.

Thirdly, Lingfeng Capital secured its approved-in-principle from the UAE’s Financial Services Regulatory Authority as a licensed fund manager in the UAE. Lingfeng Capital has set up its regional headquarters in Abu Dhabi after identifying growth opportunities during the first delegation visit last year.

Building on this momentum, Lingfeng Capital is now establishing a fund in Abu Dhabi to support portfolio companies from Hong Kong, Mainland China, and beyond as they expand into the GCC region.

Finally, OneDegree has earned recognition from GCC government officials for its digital asset insurance solutions.

Backed by investment from Dubai Insurance and approved by the Central Bank of the UAE through its partnership with Dubai Insurance Co., OneDegree is set to provide digital asset insurance in the UAE. Walaa will be providing reinsurance capital for OneDegree’s global digital asset playbook.

A key milestone for OneDegree was a private meeting with senior leadership of the Kingdom of Saudi Arabia’s Insurance Authority during last year’s delegation visit.

The 2025 InvestHK GCC fintech delegation was built on groundwork laid by HKSAR officials to deliver concrete business outcomes, reinforcing Hong Kong’s role as a globally connected, outward-facing economy. As a “super connector” and “super value-adder,” Hong Kong continues to drive two-way economic growth through innovation and strategic partnerships.

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The layoffs affect tech support staff in Shanghai and Dalian who serve the Asia-Pacific region, with the cuts set to be completed in the fourth quarter, Citigroup said on Thursday.

Some roles will be cut, others relocated, and office space reduced, Citigroup said, noting that separation packages exceed local industry norms. Its core Shanghai banking unit and Guangzhou service centre remain unaffected.

Marc Luet, Citigroup’s Japan, Asia North and Australia Cluster and Banking Head, said,

“We are committed to our corporate and institutional clients in China and supporting their cross-border banking needs, as well as clients across our international network who do business there.”

The bank serves many top firms, including 70% of Fortune 500 companies operating in China, Luet said.

He added that Citigroup, the third-largest US lender, still plans to set up a fully owned securities and futures unit in China, though progress appears delayed by US-China tensions.

The Citigroup China layoffs surprised staff there, who had expected a hiring freeze and gradual tech support reduction instead, according to two sources familiar with the strategy.

The layoffs are purportedly part of CEO Jane Fraser’s plan to cut 20,000 jobs globally by 2026 to boost profitability. Earlier, it is said that Citigroup also cut staff and gave up office space in the US, Indonesia, the Philippines, and Poland.

Other banks have also downsized in China due to the weak economy and sluggish capital markets. HSBC cut 900 jobs in its Pinnacle unit in February, while Morgan Stanley, UBS, and Bank of America trimmed investment banking staff last year, the report shared.

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The industry is robust, with 19 of the top 50 global banks home-grown in Asia.

But unless these banks continue to invest in emerging technologies to drive innovations and productivity, they could be exposed to greater resilience risks in the longer term.

The Asian banking world has been challenging and fast evolving due to geopolitical tensions, interest rates under stress, inclusion and microfinance needs, consumers’ increasing demand for hyper-personalised services, a deteriorating risk environment, operational efficiency challenges, and, on top of that, increasing regulatory oversight.

Perceived Risks and their Business Disruption

Each of these challenges require technology investments to resolve.

In this context, the bank must decide on what its priority investments will be. Let’s briefly review some of these bets that could be potential winners in 2025 and beyond.

Banks need to be agile in their transformation initiatives.

Agility requires a mix of technology infrastructure and a build strategy that enables fast deployment of new capabilities.

The build strategy could be a platform strategy, microservices architecture enabling fast integration of external capabilities, or a mix of adopt and build.

What fits best for each capability requires a fine decision that is both an art and a science.

What is needed is an infrastructure that facilitates innovation.

All of us who have struggled with the “Technology Bill of Material” understand that the legacy infrastructure setup processes are in months in an age where innovation, POC, and A/B tests are required within days.

That is where cloud computing is important, and it must be in the mix.

Cloud computing is also important as more and more of the enhancements require extensive data computing.

While agility helps build an architecture for fast innovation deployment, banks still need to decide on enhancements.

Three factors are coming into play in today’s digital age. These are functionalities that increase revenue, automation opportunities to improve efficiency, and, finally, build trust through resiliency and avoiding financial crime.

In global market intelligence firm International Data Corporation’s (IDC) survey (Jun’24), 41% of the banks stated that they require new products and services to generate revenues.

Main Business Priorities

Launching any new product requires data, which may comprise of a mix of synthetic data generation and data management techniques.

It also requires effort to build the right models, whether that may be techniques like graph and RAG or models such as agentic, generative, predictive, or interpretative.

Servicing, operational excellence, and risk management remain the main areas of deployment.

Embedded finance and new product development are good use cases for revenue enhancements through AI deployment.

Climate risk is also emerging as a real threat, with project risk being affected and personal credit worsening with extreme climates impacting an individual payment’s ability and propensity.

Geospatial data-based solutions could be a possible investment that will pay off in the long run.

Placing these bets could eventually lead to positive leverage for BFSI players.

Join me and my team at our 2025 Financial Services event series taking place across Singapore, China and India from June to August, as we explore the latest trends and insights in DX adoption by Asian banks, and showcase how banking and financial services leaders can develop holistic ecosystems with the help of technologies while reaping AI dividends through operational efficiency and CX enhancements in a multi-polar world.

To sweeten the pot, this year’s event will feature the announcement and celebration of the 2025 winners of the IDC Financial Insights Innovation Awards, which aims to recognise outstanding achievements and best practices in the BFSI sector for their use of technology to enable them to grow and prosper in the age of digital economy.

Submit your nominations now and become the next BFSI rising star in 2025!

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Bridging Global Markets with Blockchain Innovation

Crypto custody regulation in Hong Kong is witnessed in Project Ensemble, a collaboration between the Hong Kong Monetary Authority (HKMA) and the central banks of Brazil and Thailand. The project has been exploring how blockchain-based tokenization can facilitate seamless, efficient international payments.

It has enabled banks and companies to test real-world scenarios with tokenised deposits, assets and wholesale central bank digital currency (CBDC). At Hong Kong Fintech Week 2024, the HKMA revealed new partnerships with Brazil’s and Thailand’s central banks to study international uses of digital tokens as part of Project Ensemble.

Stablecoins and Accelerating Business Efficiency

Similarly, stablecoins represent an exciting frontier. Stablecoins, cryptocurrencies pegged to traditional currencies like the US dollar, have the potential to revolutionise payments, lending, and financial transactions due to their reduced volatility compared to other cryptocurrencies.

Interestingly, Hong Kong’s recently released its gazettal of Stablecoins Bill, aiming to establish a regulatory framework for fiat-referenced stablecoins (FRS) in Hong Kong and address potential financial stability risks.

Under this new regulatory regime, entities involved in issuing FRS or actively marketing them in Hong Kong will be required to obtain a license from the Hong Kong Monetary Authority (HKMA). This includes issuers of FRS pegged to both foreign and Hong Kong dollars.

The Bill also grants the HKMA the authority to oversee and enforce compliance, ensuring effective implementation of the regime.

A regulated framework is particularly vital given ongoing concerns about transparency in the stablecoin ecosystem. Many stablecoins provide disclosures and maintain reserves in segregated accounts, but only about half of major issuers disclose their custodians or undergo auditor attestation.

None report their counterparties, leaving gaps in transparency that raise questions about the safety and reliability of these assets. By addressing these issues, Hong Kong’s regulatory framework seeks to bolster user confidence in stablecoins.

This, in turn, promotes their wider adoption and unlocks their potential for global business efficiency and innovation.

e-HKD, Advancing Towards a Central Bank Digital Currency Future

The Hong Kong Monetary Authority (HKMA) has kicked off Phase 2 of the e-HKD Pilot Programme. This expanded initiative, Project e-HKD+, brings together 11 groups of companies to test use cases for e-HKD and tokenized deposits. The tests focus on three main themes: offline payments, programmability, and tokenized assets.

The pilot aims to examine the practical implementation and commercial viability of new digital money forms. The HKMA aims to understand the challenges of designing and operating a digital money ecosystem for both public and private currencies.

To support this effort, the HKMA is establishing an e-HKD Industry Forum for collaborative discussions and working groups on specific topics. An e-HKD sandbox will be available to participants for accelerated development and testing. Key findings are expected to be shared by the end of 2025.

Challenges and Opportunities Ahead

While blockchain promises increased transparency and security, concerns about data privacy and the potential for misuse in illicit activities remain.

Furthermore, as stablecoins and CBDCs gain traction, regulators must balance innovation with consumer protection. The Hong Kong government is working on legislation to address these concerns, ensuring that both digital currencies and traditional financial systems can coexist harmoniously.

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