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Grab eyes Singapore banking licence as regulator studies virtual banks: sources

Grab, South-East Asia's most valuable startup, is exploring a move into Singapore banking as regulators in the South-East Asian city-state consider allowing online-only banks, four people with knowledge of the process said.

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Tencent, Alibaba, Xiaomi units win Hong Kong online banking license

Hong Kong’s banking regulator has issued four more online-only banking licenses to units of Alibaba, PingAn and smartphone maker Xiaomi, as well as to a JV involving Tencent, ICBC and Hillhouse Capital.

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Singapore studying whether to allow digital-only banks

Singapore is discussing the possibility of allowing virtual banks to operate in the city state, the Monetary Authority of Singapore said on May 7.

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A payments app backed by Jack Ma that’s mimicking Ant Financial

Mynt, the Philippine payments app backed by billionaire Jack Ma’s Ant Financial, plans to roll out insurance products en route to becoming a sprawling financial services platform in its Chinese ally’s image.

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It’s not a cashless society yet in Hong Kong where banknotes still rule

Going cashless may be all the rage in mainland China and places chasing “smart nation” targets, but for now at least, hard cash still rules in Hong Kong.

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Cryptocurrency and pyramid schemes add to RM182bil surge in illegal fundraising in China

Police investigated more than 10,000 cases of illegal fundraising last year, a 22% rise in the caseload, according to top prosecutors.