Asia Digest: WeBank sets up tech HQ in Hong Kong; Fave gets MAS nod for MPI licence 

Asia Digest: WeBank sets up tech HQ in Hong Kong; Fave gets MAS nod for MPI licence 

Hong Kong skyline photo by Pixabay.

WeBank, a digital bank founded in Shenzhen, has established its technology company headquarters in Hong Kong while Fave Singapore announced that it has received an in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution (MPI) Licence.

WeBank to establish technology company headquarters in HK

WeBank, a digital bank founded in Shenzhen, has established its technology company headquarters in Hong Kong and plans to invest up to $150 million and create high-skilled technology jobs in the city, according to an announcement.

The Financial Services and the Treasury Bureau (FSTB) and Invest Hong Kong (InvestHK) have been working together to assist WeBank in setting up its technology company headquarters in Hong Kong.

WeBank’s technology company headquarters in Hong Kong will serve as a base for its R&D activities and provide commercialising technology solutions for global markets.

WeBank is known for bringing inclusive financial services to over 4.5 million micro, small and medium-sized enterprises, and nearly 400 million individuals in Mainland China. As of today, WeBank has filed over 3,800 patent applications.

Fave Singapore receives MAS in-principle approval for MPI

Fave Singapore announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence to offer account issuance, merchant acquisition, and domestic money transfer services.

Fave Singapore is operating under the registered entity name Beeconomic Singapore Pte. Ltd. and is part of Pine Labs.

The in-principle approval marks a significant milestone for Fave, underscoring its commitment to deliver secure and efficient payment services for businesses and consumers.

Fave remains committed to driving innovation and growth within Singapore’s vibrant fintech ecosystem having previously participated in MAS’s SGQR+ Proof of Concept to enhance interoperability for QR payments.

The company claims that since 2016, it has helped businesses in Southeast Asia and India to process over $1 billion in transactions and consumers to save over $500 million via its loyalty offerings.

Fave offers payment and loyalty solutions that help businesses accept digital payments, grow their business, and enhance customer loyalty and engagement.

Fave was acquired by Pine Labs in 2021 as part of its expansion efforts in the region.

Edited by: Padma Priya

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