Hong Kong Startup News Roundup - 8 November 2020

Hong Kong fintech startup Statrys nets $5m in angel round

Statrys, a Hong Kong-based digital payment services platform, announced that it has raised US$5 million in a funding round from an angel investor.

Founded in 2018, Statrys provides payment solutions for small and medium-sized enterprises (SMEs), startups, and entrepreneurs.

The company claimed that with its platform, SMEs can set up a business account easier. It is also developing Statrys-Xero integration, a new feature that will help synchronize payments with users’ Xero accounts, bridging the gap between payments and accounting software. The New Zealand-headquartered Xero is a cloud-based accounting software platform for SMEs.

Statrys is looking to expand into the Asian market to help support SMEs and entrepreneurs with their business accounts and their forex and other payment needs. According to the company, larger payment processors charge higher fees for these services while banks don’t even provide them.

Hong Kong Fintech Week 2020: SFC Announces New Crypto Regulatory Regime for Virtual Asset Exchanges

Hong Kong’s Securities and Futures Commission’s introduces new licensing regime to regulate previously unregulated markets and restates expectations regarding security token offerings.

The second day of Hong Kong Fintech Week regulators and market participants from across the fintech industry spectrum featured more speeches and discussions.

Ashley Alder, Chief Executive Officer of the Securities and Futures Commission (SFC), delivered the day’s biggest headline in his keynote speech, announcing that the Financial Services and Treasury Bureau (FSTB) would be issuing a consultation paper proposing a new licensing regime for virtual asset service providers (VASPs), effectively creating a legal framework that brings previously unregulated activities within the SFC’s regulatory perimeter.

Alder also reminded the market of certain regulatory requirements pertaining to security token offerings (STOs) as the first wave of security token trading platforms start to receive their SFC licences.

Moody's takes stake in Hong Kong fintech startup MioTech

Financial services firm Moody's on Thursday said it acquired a minority stake in MioTech, a Hong Kong-based fintech startup that uses artificial intelligence to generate data for asset managers and investors in the greater China region.

The parent of credit rating agency Moody's Investors Service did not disclose the amount of the investment -- which it made through a new funding round for MioTech -- but said it was financed with cash on hand and that the deal was not expected to have a material effect on its 2020 financial results.

The investment comes after an earlier funding round led by Horizons Ventures, Hong Kong billionaire Li Ka-shing's private investment arm, in January this year. Horizons Ventures also led a $7 million early funding round in 2017.

MioTech's algorithm-driven services tap into databases, including Chinese provincial records on chemical spills, labor strikes and enforcement penalties as well as social-network posts and news articles to help evaluate companies -- and their suppliers and shareholders -- on ESG.

unspun collaborates with H&M’s Weekday

San Francisco- and Hong Kong-based unspun brings its custom-fit technology to the mainstream through collaboration with H&M Group's brand, Weekday. Weekday and unspun, along with YR Live (event and experience company) and TG3D (body scanning company), launch their custom denim jeans on November 5th, 2020 in Stockholm at Weekday's Götgatan store. Customers consumers can create their personal, custom made perfect fit denim.

ABOUT THE COLLABORATION

After scan, customers can visualize the custom pair of jeans fitted on their digital avatars - a first for the fashion industry. The other first for the fashion industry is the opportunity to get a custom-fit product from a body scan with a mainstream brand. The reasons why unspun and Weekday teamed up for this project are to bring the best fit products and an engaging experience to customers, while reducing the industry’s waste and carbon footprint. 

Customers can choose from two marquee styles along with four fabric selections, hem and waist options, and various combinations of trim. After completing the instore process, a customer will receive their body scan jeans within two to three weeks.