Employees at a multinational company were duped into transferring HK$200 million (US$25.6 million) to local bank accounts after a deepfake video conference call.
Hong Kong among first to propose crypto reserve requirements for banks aligned with new international standards
HKMA issues consultation paper on adopting reserve requirements for cryptoassets proposed by the Basel Committee in 2022 Rules require no changes for tokenised traditional assets at authorised ...
Alibaba shares sink after it shelves IPO plans for two units
Shares in Alibaba sank as much as 7% in Hong Kong on Thursday, after the Chinese tech giant reported disappointing sales figures and announced it would suspend listings plans for two of its units.
China’s VC playbook is undergoing a sea change as U.S. IPO exits get tougher
The Chinese venture capital world that once hoped for giant U.S. IPOs similar to Alibaba's is changing drastically. Geopolitics, slower growth and regulation are forcing VCs in China to look for ...
Alibaba Chairman Says ‘Not In A Hurry’ For Cainiao, Freshippo IPOs Due To ‘Challenging Market Conditions
Alibaba Group has decided to put the IPOs of its logistics arm Cainiao Smart Logistics and brick-and-mortar chain Freshippo on hold due to challenging market conditions.
Year of the Dragon: Hong Kong banks use e-lai see to promote digital payment services, sign up new customers
Hong Kong banks are going all out to promote e-lai see, as sending and receiving lucky money electronically is fast rivalling the traditional practice of handing out red envelopes with money.
In Dystopian News, Scammers Just Used AI-Generated Deepfakes To Dupe A Company Out Of Over $25 Million
An AI-generated representation of the company's chief financial officer was convincing enough to do real damage, Hong Kong police said. View Entire Post › ...
BIZ BUZZ: IPO curtain-raiser rethinks timing
It’s no secret that the market is looking at tycoon Edgar Saavedra’s Citicore Renewable Energy to jumpstart an initial public offering (IPO) revival in 2024. Given its size of P12.9 billion, that ...
HSBC Fined GBP57.4M on Serious Failures in Protecting UK Depositors
The Prudential Regulation Authority (PRA) of the UK fined HSBC HOLDINGS (00005.HK) +0.450 (+0.729%) Short selling $96.09M; Ratio 8.384% GBP57.4 million (nearly HKD570 million) for ...
Hong Kong’s bold plan with Yuan-linked stablecoins
The Hong Kong General Chamber of Commerce (HKGCC) has put forward recommendations for the upcoming budget, advocating the introduction of Chinese yuan-linked stablecoins as part of the region’s ...
Hong Kong stocks extend gains spurred by China’s policy support and state buying; Haidilao surges ahead of Lunar New Year
Hong Kong stocks rose for a second day as investors cheered measures taken by the Chinese government as authorities worried the US$5 trillion sell-off posed a risk to the country’s financial and ...
Asian markets track Wall St higher as Hong Kong extends rally
Hong Kong and Shanghai stocks extended their rally Wednesday on ... The surge on Tuesday came after a unit that controls government stakes in big financial institutions said it would ramp up ...
Hong Kong Finance Worker Falls Prey To Deepfake Video Call, Loses $25 Million After Interaction With ‘CFO’
(MENAFN- Live Mint) "A Hong Kong-based finance employee has been duped of $25 million after after falling prey to a deepfake scam. The worker – affiliated with a multinational company – was persuaded ...
Hackers Steal $25 Million by Deepfaking Finance Boss
Deepfake Scam A multinational company was scammed out of $25.6 million by hackers who fooled employees at the company's Hong Kong branch into believing their digital recreation of its chief financial ...