Author: Eric Jiang
Virtual banks in Hong Kong have the opportunity to dominate the Web 3.0 industry if they expand their services, according to legislator Johnny Ng Kit-Chong. With the government’s support, virtual banks have the potential to grow significantly in the next two years, utilizing their virtual operations to save costs and improve efficiency. Despite challenges, such as the difficulty for Web 3.0 companies to open accounts, Ng believes that virtual banks can break even by 2026 and contribute to the city’s financial ecosystem. He suggests that government intervention is needed to create a blueprint for Web 3.0 development, enabling virtual banks…
Vitasoy International Holdings, a Hong Kong-based drink company, saw a 2.5-fold increase in net profit despite a small revenue decline. This success was attributed to the launch of new innovative products like banana and strawberry soy milks, and a zero-sugar lemon tea, which resonated well with consumers. For the year ended March 31, the company reported a 155% increase in net profit, reaching HK$116.4 million (US$15 million). Revenue slightly dropped by 2% to HK$6.2 billion, with Mainland China contributing HK$3.4 billion and Hong Kong revenue rising by 4%. CEO Roberto Guidetti emphasized the importance of innovation for sustained growth, highlighting…
Alipay, the popular Chinese mobile payment service by Ant Group, has introduced a new feature for hair loss testing using artificial intelligence (AI). Users can upload four pictures of their head to self-test for balding and receive recommendations on whether to seek medical advice. Powered by Ant’s AntBrayer multimodal model, the platform combines language and image recognition to provide accurate results. Alipay, competing with WeChat Pay, is enhancing its app with diverse functionalities including finance, lifestyle, healthcare, and social features. The hair loss checker has garnered attention in China, where stress, pollution, and unhealthy lifestyles have contributed to a rise…