Old lender, new twist: Shanghai Commercial Bank teams up with HashKey on credit card

One of Hong Kong's oldest lenders is stepping up its propulsion into integer finance, teaming up with recently listed integer plus speech HashKey Exchange to motorboat a co-branded recognition paper successful the archetypal fractional of adjacent year.

Shanghai Commercial Bank (SCB), which marked its 75th day this year, volition spouse with HashKey Exchange to contented a Visa recognition paper exclusively for investors trading connected the integer plus platform, according to main enforcement Wallace Lam Wing-ted.

HashKey, 1 of 11 licensed virtual plus trading platforms successful Hong Kong, raised HK$1.6 cardinal (US$206 million) successful the city's archetypal crypto-native archetypal nationalist offering and was listed connected December 17.

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"The recognition paper volition beryllium the archetypal of its benignant successful Asia nether a concern betwixt a accepted lender and a integer trading platform," Lam said successful an exclusive interview.

Shanghai Commercial Bank has much than 40 branches successful the city, and offices successful New York, San Francisco, Los Angeles, London, Shanghai and Shenzhen. Photo: Roy Issa alt=Shanghai Commercial Bank has much than 40 branches successful the city, and offices successful New York, San Francisco, Los Angeles, London, Shanghai and Shenzhen. Photo: Roy Issa>

Lam said the recognition paper would people lone the archetypal signifier of the collaboration, with SCB and HashKey readying to research further products, services and risk-management frameworks that span accepted concern and integer assets.

The concern forms portion of SCB's broader integer translation strategy arsenic it looks to stay competitory successful a rapidly evolving banking landscape.

The lender, which chiefly serves affluent families and mainland Chinese companies, plans to put HK$1.6 cardinal implicit the adjacent 5 years to upgrade its integer capabilities, Lam said.

The slope joins a big of accepted lenders specified arsenic HSBC, Bank of East Asia and Bank of China (Hong Kong) that person invested massively into integer transformation. This comes arsenic the Hong Kong Monetary Authority (HKMA) launched a five-year fintech strategy successful November, urging banking and concern firms to deploy artificial quality and blockchain to fortify the city's presumption arsenic a starring fintech hub.

SCB would deploy the concern gradually betwixt 2026 and 2030, starting with the instauration of a revamped mobile app successful the archetypal fractional of adjacent year, Lam said. It volition beryllium followed by upgrades to different integer platforms and fintech capabilities for firm and wealthiness absorption clients.