At the event, WeBank presented its work in technological innovation, practical applications, and inclusive finance.

WeBank Technology Services highlighted its focus on technology exports and establishing a strategic presence in Hong Kong.

The Hong Kong Fintech Week x StartmeupHK Festival, jointly hosted by the Financial Services and the Treasury Bureau, the Commerce and Economic Development Bureau, and InvestHK, ran from 3 to 7 November at the Hong Kong Convention and Exhibition Centre. This year’s theme was “Curating the New Fintech Era.” The event drew over 37,000 participants from more than 100 economies, with more than 800 speakers and over 700 exhibitors.

On the first day, John Lee, Chief Executive of the Hong Kong Special Administrative Region, and other government officials visited the WeBank booth.

WeBank shared its inclusive finance products, distributed core banking system, AI applications, and Web3-inspired digital artworks.

The bank’s proprietary distributed core banking system supports annual IT O&M costs per account of US$0.3, peak daily transaction volumes exceeding 1.4 billion, and system availability of 99.999%.

To date, WeBank has served over 430 million individual customers and more than six million MSMEs.

With the development of AI, WeBank is positioning itself as an AI-native bank, deploying over 100 AI-focused applications, more than 730 agents, and over 50 digital employees to improve efficiency.

At Fintech Week, the bank demonstrated its AI-native banking roadmap, selected AI use cases, and a live interaction with its digital employee, Emily Ye.

Henry Ma, Executive Vice President and Chief Information Officer of WeBank and Director of WeBank Technology Services, said:

“The financial industry is undergoing a profound transformation, and the future of AI-native banking is within reach. We are leveraging AI to empower business processes, create digital employees, and explore next-generation human-AI interaction models to make financial services smarter and more inclusive.”

WeBank Technology Services aims to establish its Hong Kong headquarters as a global sales and innovation centre.

Building on WeBank’s capabilities, it offers digital finance and infrastructure solutions internationally, supporting financial digitalisation and local digital economies.

The company has expanded into Hong Kong, Indonesia, Malaysia, and Thailand, engaging with over 20 potential partners and securing cooperation agreements exceeding US$100 million.

Featured image credit: WeBank

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Joined by leaders from the banking and technology sectors, Ng discussed how ZA Bank is leveraging Interbank Account Data Sharing (IADS) to deliver practical, user-focused applications and emphasised the importance of industry collaboration in advancing open banking.

Guided by its vision of being “Your Future Bank for Now,” ZA Bank continues to apply technology to make banking simpler and more intuitive.

“The true value of IADS lies not just in data sharing, but in how that data is transformed into features that make customers’ daily lives easier,”

Ng said.

The bank has introduced an IADS-enabled instant loan approval feature that allows users to authorise data sharing from other banks for automatic credit assessment, removing the need for document uploads.

ZA Bank also plans to extend IADS applications to areas such as one-click eDDA setup for automatic loan repayments, repayment scheduling based on salary cycles, and personalised financial insights powered by real-time data.

Ng noted that open banking represents more than a technological development, it marks a shift in user experience.

“Technology should simplify life, not complicate it. At ZA Bank, we aim to make banking more intuitive and human. The future of finance lies in proactive, data-driven services that anticipate users’ needs, not just respond to them,”

he said.

ZA Bank maintains that collaboration across the fintech ecosystem is essential to drive innovation and develop more personalised and flexible solutions.

Featured image credit: ZA Bank

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Following the transaction, SBI Holdings holds more than 5% of Amar Bank’s shares, making it the third-largest institutional investor after Tolaram and PT Jagat Raya Imajinasi.

President Director of Amar Bank, Vishal Tulsian, said:

“We aim to collaborate with their portfolio of companies and leverage their strong financial services ecosystem to share expertise, build synergies, and ultimately deliver even greater value to our retail and MSME customers across Indonesia.”

Navin Nahata, MD of Fintech & Infrastructure at Tolaram, added:

“As the controlling shareholder of Amar Bank, we believe that SBI Holdings’ entry as a shareholder continues to validate Amar Bank’s strategy and mission to revolutionise banking services for Indonesia’s retail and MSME customers.”

Amar Bank, supported by its global and local partners, remains committed to advancing financial inclusion and supporting Indonesia’s retail and MSME sectors.

Featured image credit: Amar Bank

This article first appeared on Fintech News Indonesia

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The bank said growth was supported by credit management and risk controls, alongside flexible pricing strategies.

Net interest income reached HK$430 million, also up about 70 percent compared with the same period last year.

The net interest margin rose to 10.7 percent, well above the market average, while its cost-to-income ratio improved 40.3 percent year-on-year.

The loan-to-deposit ratio stayed around 80 percent.

WeLab Bank said its credit performance held steady despite economic challenges.

While the wider market delinquency rate climbed 8.5 percent, the bank’s rate fell 3.7 percent.

It accounted for 11 percent of Hong Kong’s new unsecured personal loans during the period and reported nearly 340 percent year-on-year growth in assets under management.

Looking ahead, the bank said it plans to expand its use of artificial intelligence (AI) in partnership with Google.

Upcoming initiatives include new financial products in lending, foreign exchange and wealth management, as well as AI-driven tools to improve efficiency, decision-making and employee innovation.

Earlier this year, WeLab also partnered with Google on its first fully AI-generated advertisement in Hong Kong and said it will continue exploring new applications of AI across operations, product design and marketing.

Tat Lee, Chief Executive of WeLab Bank, said,

“In the first half of 2025, we continued to sustain profitability, delivering strong revenue growth, a net interest margin significantly above market levels, and a delinquency rate far below the industry average — all driven by our strength in credit risk management.

As an AI-first digital bank, WeLab Bank is committed to delivering hyper-personalised and impactful customer experiences with Generative AI and AI Agents.”

Featured image: Edited by Fintech News Hong Kong, based on image by fledermausstudio via Freepik

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Revenue rose 82 percent from a year earlier, driven by a 43 percent increase in net interest income and a 56 percent jump in fee income.

Customer deposits climbed to over HK$21.1 billion, while total assets reached HK$24.65 billion.

The bank’s net interest margin reportedly remained steady at 2.38 percent.

Wealth management remained a strong contributor, with assets under management from investment users rising more than 125 percent year-on-year.

The bank’s platform offers access to funds, US stocks and crypto, reflecting growing demand for a broader range of investment products.

ZA Bank has also expanded its role in Hong Kong’s digital asset market.

It serves as a banking partner for most licensed virtual asset trading platforms and provides services to more than 300 Web3 companies.

Earlier this year, it became the first digital bank in the city to launch custody services for stablecoin reserve assets under the regulatory sandbox.

The results mark a milestone for the lender, which last year became the first among Hong Kong’s virtual banks to achieve monthly profitability.

The bank also recently disclosed that it has surpassed one million users.

Calvin Ng, CEO of ZA Bank, said,

“As Hong Kong’s first digital bank, ZA Bank has reached a significant milestone – recording our first-ever half-year profit and surpassing one million users within just five years.

This achievement demonstrates that even in a mature financial market like Hong Kong, seizing the right opportunities can still lead to meaningful breakthroughs.”

Featured image: Edited by Fintech News Hong Kong, based on images by ZA Bank, and lifeforstock via Freepik

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The collaboration seeks to integrate banking and insurance services, aiming to create greater value for customers through joint initiatives.

As part of this partnership, PAObank has introduced its first joint programme with CPAIHK, which includes a set of customer offers.

The initiative reflects PAObank’s approach of combining financial services with additional protection benefits, supported by what the bank refers to as its “insurance DNA.”

Ronald Iu, Chief Executive of PAObank, said:

“As a member of Ping An, PAObank is committed to integrating insurance into our banking services. Each company within the Group carries unique strengths, enabling us to create a ‘1+1>2’ experience for our customers. This collaboration with CPAIHK is just the first step in our strategic blueprint, aiming to build an integrated insurance and banking ecosystem where customers can fulfil their financial needs within a single app.”

Kelvin Cheung, Managing Director of CPAIHK, added:

“CPAIHK consistently leverages the Group’s integrated financial platform to deliver warm financial services. We are delighted to deepen our collaboration with PAObank, integrating insurance and banking services to provide our customers with superior wealth management and protection solutions.”

To mark the anniversary, PAObank is offering incentives that combine banking services with insurance coverage.

Customers who complete a series of account-related activities by September 30 can qualify for cash rewards.

In addition, new eligible retail banking customers who open an account using the referral code 【PAOBPR】 will receive travel insurance provided by CPAIHK, as well as preferential time deposit rates.

CPAIHK customers who open a PAObank account are eligible for enhanced rates.

Featured image credit: Edited by Fintech News Hong Kong, based on image by rawpixel.com via Freepik

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The company also plans to issue a Korean won-backed stablecoin once regulatory conditions in its home market permit.

This marks Toss’s first overseas expansion and a step towards entering digital currency markets as government support for stablecoins grows in South Korea.

Toss, operated by Viva Republica, is entering the Australian market with the aim of creating a unified financial platform.

Chief Executive Lee Seung-gun confirmed the company’s plans in an interview with Reuters, stating,

“We proved in Korea that a startup can compete head-on with entrenched players.”

Toss intends to offer a single digital application through which users can manage various financial tasks.

The company has already established a unit in Australia and is preparing to launch initial services such as peer-to-peer transfers by year-end.

Toss will enter a market where the average Australian holds around 2.4 bank accounts, suggesting demand for tools that help users consolidate account management.

Toss views Australia’s open banking rules as providing a favourable environment.

Under the Consumer Data Right (CDR), banks are required to share customer data with approved third parties, enabling fintech companies to develop applications that integrate multiple accounts.

Australia’s New Payments Platform (NPP), which supports instant transfers and request-to-pay functions, is also expected to be central to Toss’s service model.

Alongside its overseas move, Toss is preparing to issue a Korean won-denominated stablecoin, though only once regulators give approval.

Lee said,

“We will issue and distribute won-based stablecoin, that I can say for sure.”

The firm has begun discussions with regulatory bodies on how and when such a launch might proceed.

South Korea’s Financial Services Commission announced in August that it intends to introduce a regulatory framework for stablecoins by October, potentially allowing local firms to begin developing and issuing won-backed digital assets.

Toss is not alone in this effort; institutions including Kakao Bank and Kookmin Bank have shown interest through trademark filings.

The initiative comes amid growing institutional demand for digital assets in South Korea.

In July, shares in major banks rose following disclosures of stablecoin-related trademark applications, coinciding with policy proposals from President Lee Jae-myung, who has pledged a more crypto-friendly stance, including support for a won-backed stablecoin.

Since launching in 2015, Toss has gained more than 30 million users in South Korea with services spanning payments, credit scoring, loans and insurance.

Many of these features are expected to be introduced to overseas markets, starting with Australia.

The Australian launch will act as a test case for the firm’s wider global plans, which may include both financial services and stablecoin offerings once regulatory conditions are met.

Featured image credit: Toss

This article first appeared on Fintech News Singapore

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Yet for all the progress, the players still face their toughest milestone yet: profitability.

According to the Hong Kong Fintech Report for 2025, while banks like livi bank and Mox have managed to narrow the gap between net interest income and losses, none turned a profit as of FY2024.

Sustainable profitability remains a box to be ticked.

Source: Hong Kong Fintech Report 2025

And the stakes in the pool are only getting higher. Globally, the digital banking market is projected to reach US$15.4 trillion by 2032, according to SEON.

The real question now is this: which levers will Hong Kong’s digital banks pull to finally cross the profitability mark?

WeLab Bank

A couple of months ago, WeLab shared that it hit profitability in Q12025, without taking into account tax and share-based compensation expenses. The digital bank’s milestone announcement said that it is on track to secure its full-year profitability target.

In an interview with Fintech News, WeLab’s Founder and Group CEO, Simon Loong, shared that the relentless pursuit of a viable business model has been WeLab’s cornerstone of building a profitable digital bank.

The group has anchored its strategy on online lending and digital wealth management, products with clear and sustainable revenue streams.

WeLab Bank CEO Tat Lee also divulged that the bank plans to broaden its offerings with new products and business banking services, while also investing in AI-driven agents to deliver more tailored investment and lending solutions.

ZA Bank

ZA Bank, Hong Kong’s first digital bank, has been active in 2025 with a string of strategic initiatives. Most recently, it announced its collaboration with BNY, a global financial services company.

ZA Bank intends to tap into the latter’s USD clearing capabilities, extensive account network, and cross-border infrastructure to deliver seamless and secure international payment solutions to its customers.

The bank has also integrated Click to Pay with Visa as a standard card feature, offering customers a faster and more secure online checkout experience. The tokenised solution, powered by Visa Token Service, replaces sensitive card details such as 16-digit Primary Account Numbers with tokens, adding multiple layers of security.

Beyond product enhancements, ZA Bank’s parent company, ZA Global, led a US$40 million Series A2 financing round for RD Technologies. Alongside the funding, ZA Bank signed an MoU with RD Technologies, covering custodial infrastructure and a distribution partnership.

Leadership changes have also been part of its 2025 story, with Calvin Ng appointed as the bank’s new CEO in March.

These developments show that ZA Bank’s strategy is three-pronged. It consists of strengthening the bank’s cross-border capabilities, deepening its ecosystem partnerships, and upgrading customer-facing offerings.

Ant Bank

Ant Bank secured a US$100 million capital injection from its parent company, Ant International, in April 2025. The funds will be channelled into strengthening its services and product innovation, expanding partner collaborations, and delivering more personalised and flexible financial solutions to customers.

Leveraging Ant International’s technological strengths, the bank has rolled out a suite of inclusive financial services, including low-interest personal revolving loans and affordable fund investment products starting from just HK$1.

Additionally, Ant Bank announced a strategic partnership with AXA Hong Kong and Macau and AlipayHK to introduce embedded insurance offerings powered by advanced technology. The partnership combines AXA’s expertise and extensive portfolio with Ant Bank and AlipayHK’s “E-wallet X Digital Bank” model to create a seamless insurance experience.

Taken together, these moves point towards a strategy centred on financial inclusion and ecosystem partnerships.

Mox Bank

This year, Mox Bank rolled out its first general insurance product, Personal Accident Cushion, offering three plan options tailored to different customer needs starting from HK$20 monthly. Underwritten by QBE, the plan provides coverage for accidental death or permanent disablement, with double indemnity for incidents that occur while travelling as a fare-paying passenger on public transport.

Looking ahead, Mox plans to broaden its insurance offerings to compete more directly with traditional insurers. At the same time, the bank is working to strengthen its wealth management services, refine its lending products, and introduce new digital features designed to elevate the overall customer experience.

Mox’s CEO Barbaros Uygun also recently highlighted a central theme shaping its digital banking landscape: customer empowerment. He noted that empowerment represents a new model for banking, one where banks and customers work together to create solutions that genuinely make a difference.

PAOBank

PAOBank started the year strong by launching its Cross-Border E-Commerce Revolving Loan in January, intending to empower SMEs to scale their e-commerce business presence.

Developed in collaboration with Mybooster, a partner of Amazon’s Seller Lending Programme, the facility gives local SMEs greater flexibility and convenience in accessing financing, using commercial data to streamline credit assessments.

PAOBank also secured a license from the Insurance Authority and entered strategic partnerships with both FWD and China Ping An Insurance (Hong Kong) Company Limited, setting the stage for an accelerated push into insurance product offerings.

At the leadership level, the bank appointed Ronald Iu, formerly of ZA Bank, to head its management team. Under his direction, PAOBank is looking to leverage advanced financial technology while deepening its footprint in SME and retail banking.

It seems that PAOBank’s strategy for 2025 is centred on strengthening its SME financing capabilities, expanding into insurance through new licenses and partnerships, and leveraging fresh leadership to drive technology-led growth.

livi bank

According to its press release, livi bank has been sharpening its focus on SME innovation, offering solutions such as the SME Financing Guarantee Scheme to address a wide range of business needs.

Beyond lending, the bank is also playing an active role in shaping Hong Kong’s fintech landscape, joining the first cohort of the GenAI Sandbox in collaboration with the HKMA and Cyberport.

Looking ahead to 2025, livi bank plans to build on this momentum by strengthening its lending and insurance services, while broadening its fintech offerings.

Fusion Bank

Fusion Bank started off the first quarter of 2025 strong, with the completion of its core banking system migration with Tencent Cloud. According to Billy Chiu, the Alternative Chief Executive and Chief Technology Officer of Fusion Bank, the upgrade is expected to deliver a 53% reduction in non-labour IT costs compared to 2024.

The new core system is also set to enhance agility, allowing Fusion Bank to react faster to market shifts and speed up the rollout of new products.aIR

In parallel, the bank also signed a commercial cooperation agreement with WeBank Technology Services, a subsidiary of China’s WeBank, giving it access to proprietary digital banking technology.

These moves reflect a strategy focused on driving efficiency gains through technology and strengthening digital infrastructure to compete more effectively.

Airstar Bank

Airstar Bank has completed the full migration of its operations to the cloud with Tencent Cloud, a move it says will help lower costs, speed up product iteration, and allow resources to scale dynamically in line with future business expansion.

The bank was also among the first to join the launch of Payment Connect, a joint initiative by the HKMA and PBoC that enables instant cross-border payments between the two jurisdictions. In March 2025, Airstar further strengthened its leadership team with the appointment of Ting Jiang as Chief Risk Officer.

Together, these steps point to a strategy focused on strengthening Airstar’s technology backbone, supporting cross-border ambitions, and reinforcing risk governance.

Featured image by vecstock on Freepik

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The funding will support PAObank’s ongoing efforts to enhance product development and strengthen its technological infrastructure, with a focus on further expanding its retail banking services.

“This investment reflects our shareholders’ confidence in the promising prospects of digital bank,”

said Ronald Iu, Chief Executive and Executive Director of PAObank.

“PAObank will continue optimising our product and user experience, bringing efficient and flexible banking solutions to our customers.”

As the digital bank marks its fifth anniversary, PAObank is entering a new phase of its business strategy.

Having established a foundation in SME banking services, the bank is now placing greater emphasis on the growth of its retail banking segment.

Earlier this year, PAObank launched an insurance offering in March, followed by the introduction of new services such as currency exchange and foreign currency savings accounts.

These additions aim to broaden the bank’s product portfolio and improve accessibility to financial services.

Featured image credit: Edited by Fintech News Hong Kong, based on image by PAObank via LinkedIn

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According to a pitch deck shared with investors during a secondary share sale last year, the company is actively evaluating “hiring, licensing [and] scoping” opportunities in the Chinese market.

Revolut is also eyeing expansion across the Middle East as part of its broader push for global growth. The pitch deck, seen by Sifted, characterised the regulatory environment in the Asia Pacific region as “neutral”, while describing the Middle East and North America as “friendly”.

In contrast, the UK and Europe’s regulatory regime was branded “aggressive”.

The London-based fintech has faced ongoing regulatory challenges in its home market, particularly in its efforts to obtain a full UK banking license.

Insiders now expect the company to miss its 12-month mobilisation deadline set by the UK’s banking regulator.

A spokesperson for Revolut told City AM that the firm is “progressing through the final stages of mobilisation” and is “looking forward to launching a fully regulated UK bank” in 2025.

The delay prompted Chancellor Rachel Reeves to attempt to arrange a meeting between Revolut and regulators.

However, Bank of England Governor Andrew Bailey overruled the proposal, citing concerns that regulatory processes should remain independent of political influence.

While Revolut remains a standout in Britain’s fintech landscape, fears are growing that the company may opt to list in the United States instead of London.

Chief Executive Nik Storonsky previously remarked that a London IPO was “not rational” given the greater liquidity available in US markets.

Earlier this month, Reeves used her Mansion House speech to announce a series of regulatory reforms aimed at boosting fintech listings and retaining high-growth firms in the UK.

Featured image credit: Edited by Fintech News Hong Kong, based on image by altumcode via Unsplash

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