5 in 5 minutes - September 01

SFC partners with Dubai Financial Services Authority to promote FinTech

The Securities and Futures Commission has teamed up with Dubai Financial Services Authority (DFSA) to establish a framework for the two regulators to promote FinTech innovation among the two markets.

They will work on information sharing, innovation projects and referrals of FinTech firms seeking to enter one another's markets.

TiENPAY Limited launches its T8Coin initial coin offering (ICO)

TiENPAY Limited, a FinTech firm that offers a global digital mobile wallet has launched an initial coin offering for its T8Coin. The offering will power the company's development of a blockchain-based disbursement platform.

The company also launched a licensed digital currency exchange in Hong Kong to allow the trading and conversion between cryptocurrencies, Bitcoin, and flat currencies which include US dollar, Australian dollar, CNY and Hong Kong dollar.

GoGoVan to merge with 58 Suyun

GoGoVan has agreed to a merger with 58 Suyun, the freight business arm of Chinese online classifieds giant 58 Home. The merged company would be a startup valued at over US$1 billion.

The joint venture will be named as 58 Suyun in China and GoGoVan overseas. 58 Suyun will hold the majority stake in the combined company. The company plans to expand to 200 more Chinese cities and provide services to corporate clients in 40 mainland cities.

Veridium Labs plans US$150 million token sale for fund its assets trading platform

Headquartered in Hong Kong, Veridium Labs is an environmental technology startup. According to Reuters, the startup hopes to raise US$150 million in October by selling two types of tokens backed by forest carbon offset credits and other credits used to fund environmental mitigation efforts.

The startup plans to sell VERIDIUM membership tokens, which will grant access to the trading platform, and TGR tokens, which is the actual environmental mitigation credits backed by so-called “REDD+” forest carbon offset credits. The carbon offset credit reduces carbon dioxide emissions. The funding will be used to build a platform that enables trading of assets backed by natural capital.

WeWork expands to Hong Kong's Kowloon East

WeWork announced that it has leased a full floor at Mapletree Bay Point in Kwun Tong, pinning the Kowloon East side of Hong Kong.

The New York-based shared office operator has 2  existing Hong Kong venues in Causeway Bay and Wan Chai. It is reported that the operator is in talks to set up a space in Central.