Robo-Advisor AQUMON, a HKUST Incubatee Receives yet Another Round of Funding
by Fintech News Hong Kong September 7, 2018Designed by Magnum Research, Aqumon is a robo advisory service aimed at making wealth management more accessible to the Hong Kong public using artificial intelligence.
The company recently announced that it has closed an undisclosed sum of financing from the Alibaba Hong Kong Entrepreneurs Fund, Bohai XinWang, and BOC International, a subsidiary of Bank of China.
According the press release issued by Magnum Research, beyond just receiving capital from BOC International, they also aim to integrate Aqumon’s robo advisory solution to provide global asset allocation services to BOC International’s clients.
Lixin Wang, Managing Director of BOCI Direct Investment Department, sharing similar sentiments said,
“The advantages of equipping financial institutions with AI technology are gradually coming into effect. More traditional financial institutions are starting to embrace and incorporate AI technology in various projects.”
Incubated the Hong Kong University of Science and Technology, Magnum Research has secured more than USD 10 million in financing since its inception in 2015.
The company now consists of more than 50 team members, including AI talents, PhDs in quantitative fields and has expanded its office locations from Hong Kong to Shenzhen and Singapore.
At present, Magnum Research has initiated partnership with over 30 domestic and overseas financial institutions, including multinational banks, brokerages, insurance companies and wealth management companies.
The company commented that their next step would be to launch Qzhitou, a platform tailored for investors beyond Hong Kong though specifics of the platform were not made available.
Magnum Research’s CEO Kelvin Lei remains optimistic on the market potential commenting citing Asia’s rapidly growing wealth management industry and its many pain points as a reason.
He added, “Any improvements addressing these pain points will bring huge impact to the industry. Targeting these issues, Magnum Research independently developed its own AI algorithm and trading system, allowing investors to penetrate through all information layers and gain access to underlying assets directly.”
