According to the Asian Scam Report 2024 published by the Global Anti-Scam Alliance (GASA), over 40% of Asians encounter scams monthly. Hong Kong and Thailand face scams most frequently, with up to 90% of its citizens facing scams once per month or more. Identity theft, investment fraud, and online platform scams are among the most common threats, bearing the brunt of a $688 billion scam burden in 2024 alone.
Scammers are constantly evolving their techniques and utilizing new technologies such as AI and blockchain. Additionally, illicit funds are moving across borders. To effectively intercept these funds and combat fraud, a robust cross-border joint defense network is essential.
Taiwan’s FinTechOn 2024 forum took place on 4th November and the Asia FinTech Alliance (AFA) made its debut at FinTechOn this year, where representatives of FinTech associations from 14 Asian economies signed a memorandum of understanding (MOU) on anti-fraud collaboration. The goals include raising public awareness of FinTech-related fraud; establishing channels for sharing information and insights on anti-fraud; developing and promoting best practices in anti-fraud; and creating a unified cross-border approach to handle reported fraud incidents internationally.
“Virtual asset regulation and fraud prevention require both public-private collaboration and international cooperation,” said Jin-Lung Peng, Chairman of Taiwan’s Financial Supervisory Commission (FSC). “AFA and international platforms like FinTechOn facilitate partnerships and exchanges among countries to address the most pressing FinTech challenges.”
“Taiwan has completed amendments to four anti-fraud laws and the Money Laundering Control Act to enhance its regulatory framework. To build public trust in the virtual asset industry and bolster industry confidence, it is essential to foster smooth dialogue between the government and industry stakeholders,” said Shih-Chieh Huang, Deputy Minister of Taiwan’s Ministry of Justice, who expressed strong support for AFA’s anti-fraud initiative.
AFA was formally launched last year and recently marked its first anniversary. Jalcyn Tsai, Honorary Chairwoman of Taiwan FinTech Association (TFTA), serves as the founding Chairperson of AFA, which comprises association members from 14 Asian economies, including TFTA, Korea FinTech Industry Association (KORFIN), Elevandi Japan, Philippines’ Fintech Alliance.Ph, FinTech Association of Malaysia (FAOM), Thai FinTech Association (TFA), FinTech Association of Hong Kong (FTAHK), Singapore FinTech Association (SFA), Fintech Indonesia, Mongolian Fintech Association (MFA), Cambodia Association of Finance and Technology (CAFT), FinTech Alliance Nepal, Vietnam Fintech Club, and India’s Fintech Convergence Council (FCC).
“International cooperation, tracking and eliminating the source, and law enforcement via technologies are key priorities in combating fraud,” stated Tou-Hui Chang, Chief Prosecutor of Taiwan High Prosecutors Office. “It’s challenging to combat cross-border fraud as the operation centers of illicit actors are always set overseas. With this backdrop, it’s critical to build international cooperations, including mutual legal assistance and coordination among law enforcement, police, and the private sector, such as partnerships between virtual asset exchanges across different countries.”
Regulation and anti-fraud are the two major topics in FinTechOn forum this year. FinTechOn is Taiwan’s most authoritative FinTech policy discussion platform. AFA’s participation in this forum underscores Taiwan’s leading role in Asia’s FinTech regulatory harmonization
About Taiwan FinTech Association (TFTA)
The Taiwan Fintech Association (TFTA) is a non-profit organization that aims to promote the development and innovation of financial technology (fintech) in Taiwan. It was established in 2017 and has since become one of the leading voices in the fintech industry in Taiwan.
TFTA advocates for regulatory policies and measures that support fintech innovation both domestically and internationally. TFTA has strong connections with government units, industry stakeholders, and international organizations. TFTA serves as a crucial platform for connecting, collaborating, and facilitating development within the Taiwan fintech community.
TFTA is an official member of the Asia Fintech Alliance (AFA), which is an alliance comprising FinTech associations from various Asian countries and regions.
This strategic partnership between TFTA and the AFA enables Taiwan to actively engage with the wider Asian FinTech community, aligning with regional trends and amplifying the country’s influence in the global FinTech landscape.
Founding Members from Pillar Industries and the Leaders in the AI Community
Come Together to Celebrate the Launch of the Association
HONG KONG, Nov. 29, 2024 –The Artificial Intelligence Association of Hong Kong (AIHK) is excited to announce its official launch and its plans to propel Hong Kong’s AI innovation. AIHK is an independent, industry-agnostic platform dedicated to promoting and advancing the development, adoption, commercialization, and use of AI across businesses, corporates, enterprises, institutions and organizations that operate in Hong Kong and beyond.
AIHK is founded and chaired by Neil Tan, who has over 20 years of experience in corporate strategy, mergers & acquisitions, business and partnership development across the banking, management consulting and tech industries. Neil is currently the Managing Partner at Tsunami Advisors, an advisory and consulting firm dedicated to helping FinTech, Artificial Intelligence, Digital Asset, and Web3 firms expand, grow and scale in the Asia Pacific Region. He is also one of the committee members of Task Force on Promoting Web3 Development established by the Hong Kong SAR Government under Financial Secretary Paul Chan.
“Our mission is clear: to position Hong Kong as a global AI innovation hub. By bringing together leaders from various sectors, we will create a collaborative environment that fosters AI innovation and accelerates the adoption of the technology to drive growth for key industries that make up Hong Kong’s economy. The association will provide the perfect platform for business leaders, technology innovators and the public sector to come together to advance the understanding, application and use of AI for the betterment of business, industry and society,” said Neil Tan, Founder & Chairman of AIHK at the launch ceremony.
AIHK’s Founding Members include C-Suites and senior executives from prominent organizations including AXA Hong Kong and Macau, Cathay Pacific, Clifford Chance, Chow Sang Sang, DBS Bank, HKT, Li & Fung, Prudential Hong Kong, PwC HK, Standard Chartered, Tessellation and Towngas to name a few. Founding Members represent key sectors in Hong Kong including the consumer, energy, finance, insurance, legal, logistics, manufacturing, retail, telecom, and transport sectors, and all of them have roles and responsibilities for driving the AI strategy and execution within their respective organizations.
AIHK’s Mission and Vision
AIHK was set up with the goal to foster a vibrant AI ecosystem and better position Hong Kong as a leading AI innovation hub. AIHK’s mission is to help businesses and organizations harness the potential and power of AI, align with international standards and introduce new AI-related use cases and applications to boost productivity, efficiency and competitiveness across the key industries in Hong Kong.
The four pillars of AIHK’s strategy includes:
Policy & Governance
AIHK will actively engage with policymakers to influence and shape AI regulations that impact businesses in Hong Kong, ensuring that the interests of its members are represented. The association will advocate for robust corporate governance frameworks that promote ethical and responsible AI use across all sectors.
Ecosystem & Community
AIHK aims to foster a vibrant ecosystem that supports collaboration among businesses, researchers, and government entities, enhancing the overall AI landscape in Hong Kong. By building a strong community, AIHK will facilitate networking opportunities that encourage the sharing of best practices, use cases and innovative applications.
Collaboration & Partnership
AIHK will serve as a catalyst for collaboration among industry professionals, leading researchers, and global experts to drive joint initiatives that address common challenges in AI implementation. Through strategic partnerships, the association will enhance knowledge exchange and promote the development of AI technologies that benefit the broader community.
Knowledge & Education
AIHK will work closely with its members and external partners to provide educational resources that keep stakeholders and the broader ecosystem informed about industry trends and advancements in AI. By offering workshops, seminars, and knowledge-sharing sessions, AIHK will empower its members to enhance their skills and understanding of responsible AI practices.
By embracing a cross-sector, cross-function, and cross-industry approach, AIHK believes that diverse perspectives will drive innovation and growth in the AI industry.
Calling on Industry Leaders and Members of the AI Community
Whether it’s an individual who wants to contribute to Hong Kong‘ AI development, corporations that are looking towards digital transformation, or Small to Medium-sized Enterprises (SMEs) and startup ventures looking to AI to scale their business and operations, AIHK welcomes industry leaders and corporate members of the AI community to participate. AIHK will focus on growing its network, members’ expertise and technical know-how to help shape different industries and together, advance the development, adoption, commercialization, and use of AI across Hong Kong and beyond.
AIHK membership will provide members with exclusive networking opportunities, access to AIHK-organized events, on-demand webinars, contribution to industry whitepapers, discounts to workshops and seminars, as well as co-marketing and thought leadership opportunities.
A word from AIHK’s Corporate Founding Members
Dominic Maffei, Head of Digital Assets & Fintech, Hong Kong, at Standard Chartered, remarked, “AI-driven innovations are not just trends; they’re essential for staying competitive in the evolving financial landscape. Incorporating AI into operations allows businesses to predict market trends and enhance efficiency.”
Natasha Cheng, Director of Tessellation Group, said, “AI accelerates design and prototyping process, optimizes supply chains with accurate demand forecasting, automates production for efficiency, enhances quality control through image recognition, enables mass customization, and offers insights into consumer behavior – ultimately saving costs and time for a more agile future.”
Queenie Chan, General Manager of Business Analytics & e-Development at Towngas, said, “Artificial intelligence is set to revolutionize the energy sector by enhancing operational efficiency and optimizing customer engagement strategies. The establishment of the Artificial Intelligence Association of Hong Kong is a crucial initiative that will drive innovation and collaboration across industries, positioning Hong Kong as a global leader in AI advancements.”
Rocky Mui, Partner at Clifford Chance, highlighted the importance of regulation and said, “The decisions made by regulators in the coming months and years about how to regulate AI will be critical to the AI innovation landscape in Hong Kong and beyond. AI regulation should promote agility, innovation and clarity for businesses, but also transparency, accountability, and fairness, ensuring that AI systems are designed and deployed in a manner that aligns with ethical standards and societal values. Collaboration between regulators and industry will be key to ensuring that we have a responsible AI policy that strikes the right balance between fostering innovation and safeguarding stakeholders.”
Sam Lim, Chief Information Technology Officer of Prudential Hong Kong, stated, “Artificial Intelligence is revolutionizing the insurance industry. Our unwavering commitment to Al applications ensures that we consistently deliver value and security to our customers.”
About AIHK
The Artificial Intelligence Association of Hong Kong (AIHK) is a non-profit association dedicated to promoting and advancing the development, adoption, commercialization, and use of AI across businesses, corporates, enterprises, institutions and organizations. The mission of AIHK is to propel and position Hong Kong as a global AI innovation hub by bringing together leaders from various sectors, creating a collaborative environment that fosters AI innovation and accelerating the adoption of the technology to drive growth for key industries that make up Hong Kong’s economy.
Appendix
List of Founding Members by alphabetical order:
(Corporate Founding Members are designated with *)
Founding Members
Title
Company
Alan Lau
Chief Business Officer
Animoca Brands *
Andrew Eldon
General Manager, Digital Experiences
Cathay Pacific
Ankit Suri
CEO & Founder
Planto
Benson Wong
Managing Director, Head of Digital Products and Channels, International Private Bank
JPMorgan Chase & Co.
Caroline York
Director of Marketing
Serotonin
Dominic Maffei
Head of Digital Assets & Fintech HK
Standard Chartered *
Gary Ho
Chief Information Officer
AXA Hong Kong and Macau *
Jeanne Lim
CEO & Founder
BeingAI
Keith Ip
Chief Technology Officer
Li & Fung
Kok Tin Gan
Founder of PwC’s Darklab
PwC HK
Marcos Chow
Group Chief Information Officer
HKT
Medhy Souidi
Head of Innovation & Experiences
DBS Bank
Natasha Cheng
Director
Tessellation
Neil Tan
Founder & Managing Partner
Tsunami Advisors
Peggy Lau
Director Artificial Intelligence
Chow Sang Sang
Queenie Chan
General Manager, Business Analytics & e-Development
Towngas *
Rocky Mui
Partner
Clifford Chance *
Sam Lim
Chief Technology & Digital Officer
Prudential Hong Kong *
Yannick Mahé
Head of Business Engineering & Growth Engineering, Greater China Region
– Infineon wins prestigious award in the category “Electrical Engineering and Electronics”.
– The company makes significant progress in implementing its ambitious sustainability strategy.
– German Sustainability Award is Europe’s largest award for ecological and social commitment.
MUNICH and DUESSELDORF, Germany, Nov. 29, 2024 — Infineon Technologies AG — has won the German Sustainability Award in the “Electrical Engineering and Electronics” category. “The jury is of the opinion that Infineon has assumed a leading role in the field of sustainability and serves the sector as a ‘beacon’ for successful transformation,” the judges said in their statement. The German Sustainability Award recognizes companies which make effective and exemplary contributions to transformation and which function as role models within their industry.
“We are particularly honored and delighted to win the German Sustainability Award,” said Elke Reichart, Member of the Management Board and Chief Digital and Sustainability Officer at Infineon, who accepted the award in Duesseldorf. “We at Infineon work hard to drive decarbonization and digitalization and to create a more sustainable future. This award is recognition, as well as an incentive to be a role model in sustainability and to continue rigorously implementing our ambitious sustainability strategy – together with our employees, customers and partners.”
Infineon is pursuing a comprehensive and ambitious decarbonization strategy. The company is making good progress towards the goal it defined in 2020: achieving climate neutrality by 2030. Since then, emissions have been reduced by more than two thirds while revenue has almost doubled. Moreover, Infineon is intensifying its collaboration along the entire supply chain. As a pioneer in its industry, Infineon this year began reporting emissions at the individual product level, referred to as the Product Carbon Footprint. The data is already available for half of all Infineon products today.
Infineon’s semiconductors are decisive in making the generation, transmission, storage and use of energy more efficient. A recent example of sustainable product innovation by Infineon is a new type of energy-saving silicon carbide (SiC) module, whose developers were nominated for the 2024 Deutscher Zukunftspreis. The solution increases the energy efficiency of existing high-performance electrical applications such as solar and wind power plants and train drives. Among other things, the module also facilitates the efficient electrification of large drives such as those found in agricultural and construction machinery, ships and aircraft. In concrete terms, a single electric locomotive equipped with the new drive system saves around 300 megawatt hours per year, which corresponds to the annual energy requirements of 100 single-family homes.
The German Sustainability Award is Europe’s largest award for ecological and social commitment. The jury of the German Sustainability Award (DNP) selected winners in 100 different sectors from among around 2000 competing companies. The German Sustainability Award works together with the German Chamber of Industry and Commerce (DIHK), WWF Germany, PwC Germany, Leuphana University Lüneburg (CSM Lüneburg) and numerous other industry associations to design and implement the competition.
About Infineon
Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The Company had around 58,060 employees worldwide (end of September 2024) and generated revenue of about €15 billion in the 2024 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).
HONG KONG, Nov. 26, 2024 — Chaaat.io, an emerging leader in providing user-friendly tools for customer acquisition, engagement, and retention, is excited to announce the launch of its latest feature: Bookingz.
Designed to deliver a seamless booking experience, Bookingz allows users to schedule appointments entirely through WhatsApp. This launch arrives at a time when businesses and individuals are increasingly seeking efficient ways to interact with customers on platforms they use daily, as communication channels like email are dwindling in performance. WhatsApp, with its 2 billion active users, has become a central communication hub for both individuals and businesses. Bookingz enables businesses of all sizes to offer efficient, convenient appointment booking directly through WhatsApp.
Simplifying Making Bookings
Bookingz transforms the customer journey in several key ways. Businesses that sign up with Bookingz can send a WhatsApp link to their customers, who can then experience a fully streamlined booking process that stays within WhatsApp, eliminating the friction of switching between apps or websites.
Bookingz manages the process on behalf of the business, eliminating the need for the business owner or representative to tediously go back and forth suggesting availabilities. Users can simply request availabilities and then confirm a booking, all from the safety of WhatsApp.
Bookingz also delivers a much higher click-through and booking rate than email. The platform leverages WhatsApp’s high open rates – roughly 80-90%, compared to the meager 5% standard open rates offered by email, to send reminders and follow-ups that customers are more likely to see, ensuring appointments are top-of-mind and helping avoid no-shows and last-minute cancellations.
Keeping things in one place
Beyond streamlining the booking process, Bookingz enhances customer engagement by staying within the familiar and trusted space of WhatsApp. This user experience approach increases booking rates by reducing the enormous friction that business owners will see with alternative booking solutions that force customers to download apps, sign up and/or log in.
End users can make a booking with businesses by sending a WhatsApp message, with the assistant guiding them through each step in real time. Whether booking an appointment, scheduling a consultation, or arranging a meeting, customers can request and secure bookings without leaving the app. For businesses, this user-friendly design requires no technical skills and can be launched with just a few clicks.
The Future of Customer Interaction
With the launch of Bookingz, Chaaat.io is setting a new standard for customer engagement and service. By simplifying the process of offering booking services through WhatsApp, Chaaat.io is reshaping the accessibility of booking automation. This democratization of business tools allows even the smallest companies to leverage advanced features and deliver exceptional customer experiences.
As businesses prioritize customer experience and seek personalized, convenient interactions, Chaaat.io‘s innovations are poised to influence how SMEs communicate with customers around the world. Bookingz is just one of many Chaaat.io features designed to help companies strengthen customer relationships, enhance engagement, and drive revenue growth.
In today’s evolving digital landscape, tools like Bookingz are essential for any modern, customer-focused business to keep up with modern customer behaviour.