With a population of 1.4 billion, China has all the makings of a hotbed for e-commerce, a match made in heaven. According to Global Data, the most populous country has a compound annual growth rate of 13.3 percent between 2018 and 2021, reaching RMB 13.1 trillion (US$ 2.1 trillion) in 2021.  Therefore, one would refrain from betting against China to retain its position as the dominant force in e-commerce for many years. Common prosperity: collective growth or excessive restriction? While the figures seem bright and promising, there wasn’t a lack of controversy behind the country’s rise to prominence in the e-commerce industry.  China’s government…

Hong Kong and Singapore are leading the five economies in Asia-Pacific Economic Cooperation (APEC) in green fintech development, according to a joint paper by ESG and sustainability education firm, GoImpact, and the Chinese University of Hong Kong’s Business School (“CUHK Business School”).  This puts them ahead of other APEC powerhouses, including Indonesia, the Republic of Korea, and Thailand. What is green fintech?  The report indicated that green fintech should consist of three elements, environment, finance, and technology. The terminology focuses primarily on the four essential players within the ecosystem: green fintech startups; government/quasi-government organisations; green-fintech-related associations; and financial institutions. What…

In recent years, Hong Kong has become a hotbed for online scams and crime, with many citizens falling for new and creative ways that defraud their money and sometimes their life savings.  Fraudsters are constantly finding new ways to exploit the system and take advantage of unsuspecting victims. While the online world has brought many benefits, it has created new opportunities for scammers. This is seen in the number of cybercrime cases, which rose to 14,160 involving HK$2.04 billion this year, up from 10,185 and HK$1.93 billion in losses over the same period last year. Secretary for Security of Hong Kong…

Hong Kong’s digital asset industry has been dealt a blow in recent years, with the city losing its luster as a global hub for digital assets.  As the global landscape of digital assets evolves, Hong Kong is taking steps to ensure it remains a leading player in the industry. The government is announcing a series of policies and initiatives to win back the city’s role as a leading digital asset hub. As part of its repositioning efforts, Hong Kong is exploring several pilot projects involving non-fungible tokens (NFT), green bond tokenization, and a digital Hong Kong dollar to test the technological…

A new report estimated that China’s insurtech market would grow 36.88 percent CAGR between 2022 and 2031 to reach 34.05 trillion yuan (US$4.76 trillion). In 2021 alone, the market’s revenue was 1514 billion yuan (US$211.7 billion), according to Research Nester, a leading service provider for strategic market research and consulting. The report attributed the explosive surge to the increasing use of smartphones in the country, with the world’s largest population at over 1.45 billion people. In 2020, it was estimated that more than 160 million 5G devices were sold. That’s over 50 percent of all smartphone shipments. That year also…

Mobile banking is growing in popularity in Asia, with a new study showing the region is home to some of the world’s best banking experiences on mobile devices, such as in Hong Kong and Singapore. The study, conducted by Sia Partners’ 2022 Mobile Banking Benchmark, found that Hong Kong and Singapore’s mobile banking offering is the joint best in Asia and fifth globally. This is a significant achievement and speaks to the growing importance of mobile banking in the region. Banks that can provide a great mobile banking experience for their customers will be well-positioned to succeed in the post-pandemic…