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Digital Banking in Asia Sees Prime Time | Fintech Singapore

Digital banks are proliferating in Asia on the back of favorable regulatory changes, market liberalization pushes by governments, and enhanced digital penetration by consumers.
In Singapore’s digital banking race, the Monetary Authority of Singapore granted 4 digital banking licenses with SEA Group and the Grab-Singtel consortium securing the full digital banking license.
Just last month, Vietnamese ride-hailing company Be Group launched its digital banking offering Cake in partnership with VPBank. Integrated into the Be app, Cake provides products and services like a traditional bank, including a checking account and its accompanying debit card, money transfers, bill payments and savings accounts. With over 10 million customers, Be claims to account for nearly a third of the Vietnamese ride-hailing market. ....

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HUYA Inc. Announces Changes to Board Composition

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GUANGZHOU, China, Feb. 26, 2021 /PRNewswire/ HUYA Inc. (NYSE: HUYA) ( Huya or the Company ), a leading game live streaming platform in China, today announced that Mr. Cheng Yun Ming Matthew has been appointed by Linen Investment Limited, a wholly-owned subsidiary of Tencent Holdings Limited ( Tencent ), as a successor director to serve on Huya s board of directors (the Board ), replacing Mr. Zhi Cheng, effective February 25, 2021. Mr. Zhi Cheng no longer serves as a director of Huya following this substitution.
In addition, Huya s Board has approved the appointment of Mr. Cheng Yun Ming Matthew as a member and the chairman of the compensation committee of the Board, effective immediately. ....

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Tencent-Backed Virtual Bank Opens for Business in Hong Kong

Tencent-Backed Virtual Bank Opens for Business in Hong Kong
What’s new: Fusion Bank Ltd. has become the last virtual bank to officially open for business among the eight companies granted virtual banking licenses in Hong Kong last year, according to its Monday statement.
Backed by internet giant Tencent Holdings Ltd., Fusion Bank is the first virtual bank in Hong Kong to connect with WeChat Pay, allowing customers to use their bank accounts to pay and receive money via Tencent’s ubiquitous mobile payment platform.
Fusion Bank also said it is Hong Kong’s first virtual lender to offer foreign exchange trading, which covers Hong Kong dollars, the Chinese yuan and U.S. dollars. ....

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