HSBC Rolls Out Hong Kong Dollar Stablecoin RedCoin to 3.3 Million PayMe Users
The HKMA-licensed token runs on a private ledger and pays no interest. HSBC's tracker showed HK$83.2 million in circulation six days after launch.
Fintech & Crypto
Digital Assets
- Crypto
Bitcoin Ends October Down 7.3% Near $77,500 as Binance Hack Sinks 'Uptober'
Ether lost 16% as a record $6.3 billion theft, an AI stock rout and ETF outflows handed crypto a second straight losing October.
- Digital Assets
Hong Kong Passes Crypto Tax Reporting Law, Exchanges Must Collect User Data From 2027
The OECD framework requires crypto platforms, brokers and ATM operators to report users' trades, with the first cross-border data swaps in 2028.
- Digital Assets
Hong Kong SFC Opens 24/7 Trading in Two ChinaAMC Tokenized Money Market Funds
PantherTrade, the Futu-owned crypto platform, now lists the HKD and USD funds for retail investors. Tokenized retail products in Hong Kong hold US$1.3 billion.
- Fintech
Paytm Profit Rises Tenfold to INR 2.25 Billion as EBITDA Margin Hits 10% for First Time
India's payments group lifted revenue 28% on lending distribution and merchant subscriptions, and says a proposed UPI merchant fee would add margin on top.
- Crypto
South Korea Presses Crypto Exchanges on Cold Wallets After $6.3 Billion Binance Hack
The Financial Services Commission called Upbit, Bithumb and other operators to an emergency meeting and asked for more cold storage, reserves and round-the-clock monitoring.
- Crypto
Upbit Trading Volume Falls 20% in October as Hong Kong Bitcoin ETFs Stall
Asian crypto activity thinned in October, with Korean and Japanese exchange turnover down and Hong Kong's spot bitcoin funds flat for weeks.
- Fintech
PB Fintech Profit Rises 43% to INR 192 Crore as Policybazaar Faces IRDAI Commission Caps
The Policybazaar parent grew premiums 38% in the September quarter, but India's insurance regulator wants to cap what brokers can earn, and the stock has lost more than a third since June.
- Payments
India's UPI Hits Record 25.47 Billion Payments in October as Festive Spending Lifts Value
Daily payment value topped 1 trillion rupees for the first time, while NPCI pushed a planned merchant fee on larger payments past Diwali.
- Fintech
Maya Targets 2027 IPO After GCash Parent Mynt's Record P60.9 Billion Philippine Listing
Chairman Manuel V. Pangilinan wants a Manila listing even if foreign backers push for Nasdaq, as the bourse courts the No. 2 e-wallet.
- Digital Currency
PBOC Signs 30 Billion Yuan Swap and Digital Currency Pact With Oman, Courts Bank Indonesia
China's central bank paired a five-year currency swap with a CBDC memorandum, then met Bank Indonesia a day later on payment links and digital money.
