Fintech Hong Kong http://fintechnews.hk - FintechNewsHK Fri, 15 Dec 2017 04:19:09 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.8 Prudential Introduces Digital Claims Submission System And AI Platform http://fintechnews.hk/3499/insurtech/prudential-introduces-digital-claims-submission-system-and-ai-platform/ http://fintechnews.hk/3499/insurtech/prudential-introduces-digital-claims-submission-system-and-ai-platform/#respond Fri, 15 Dec 2017 04:19:09 +0000 http://fintechnews.hk/?p=3499 Prudential Hong Kong Limited (“Prudential”) today announced two new additions to its digital transformation line-up that harness automation, artificial intelligence (AI), machine learning and other technological innovations in order to

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prudentialPrudential Hong Kong Limited (“Prudential”) today announced two new additions to its digital transformation line-up that harness automation, artificial intelligence (AI), machine learning and other technological innovations in order to provide a more personalized and accessible experience to customers.

Launched today, eClaims is Hong Kong’s pioneering electronic claims submission system that covers all types of individual hospital claims. It is a new self-service customer platform that enables customers to both submit their hospital claims electronically and get instant claims status updates, making insurance claims an easier and hassle-free experience.

Following a pilot rollout to financial consultants in August this year, Prudential will also be extending a new AI-powered Chinese-language virtual assistant “Ask Prudence” chatbot service to its customers, allowing around-the-clock online inquiry service.

“Prudential is at the forefront when it comes to innovations and has introduced digital solutions, including PRUmobile, myPrudential and PRUone, that provide our customers and agents a convenient, easy and streamlined way to access the information or services they need,”

said Sam Lim, Chief Transformation Officer at Prudential.

“There has been a growing demand for more internet- and mobile-enabled service offerings that complement traditional paper-oriented processes. The new additions seek to offer customers an end-to-end digitalized experience which sits at the core of our customer journey.”

 

Electronic claims submission system for all types of individual hospital claims

prudential eclaims

Prudential’s customer-focused eClaims puts customers at the heart of the claims process, allowing them to submit a claim and upload the required documents anytime, anywhere. Available to Prudential policyholders in Hong Kong who are registered users of the myPrudential online portal, this new service also comes with real-time claims status updates, through instant notifications, making the claims process more seamless and efficient than ever.

 

AI-assisted “Ask Prudence” chatbot offering 24/7 access for Prudential customers and agents

Soon to be launched to Prudential’s customers, the “Ask Prudence” chatbot allows customers to check useful information, such as policy changes, claim request submission procedures, payment methods, etc. With a platform that adopts “Natural Language Processing,” the chatbot, which is initially available with Chinese language, is trained to understand non-scripted questions, clarify queries and deliver responses in a way that simulates human conversations.

On the myPrudential portal, customers can easily open an online conversation window with the “Ask Prudence” chatbot with a simple click of a button.

In addition, a chatbot platform specially-designed for agents has been piloted with Prudential agents. It enables them to instantly retrieve information, such as a customer’s policy cash value, policy premium due to date, claims status and more, allowing them to provide timely service to clients. With machine-learning capabilities at the backend, the service will continue to be enhanced during the pilot stage and will be rolled out to the whole of Prudential’s agency force in Hong Kong in 2018.

“As our chatbot platform matures, it will enable agents to respond more quickly and broadly to customer requests, further driving customer experience and satisfaction,”

Mr. Lim said.

Prudential customer portal

Prudential login portal

 

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Hong Kong-Based FinTech Firm Lion Rock Raises HK$50 Million Investment http://fintechnews.hk/3531/personalfinance/hong-kong-based-fintech-firm-lion-rock-raises-hk50-million-investment/ http://fintechnews.hk/3531/personalfinance/hong-kong-based-fintech-firm-lion-rock-raises-hk50-million-investment/#respond Fri, 15 Dec 2017 04:17:51 +0000 http://fintechnews.hk/?p=3531 Lion Rock FinTech Limited (“Lion Rock”), a Hong Kong-based FinTech company announces that it has raised HK$50 million (6.4Mio USD)  in an equity financing led by Marathon Venture Partners. 9F

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Lion Rock FinTech Limited (“Lion Rock”), a Hong Kong-based FinTech company announces that it has raised HK$50 million (6.4Mio USD)  in an equity financing led by Marathon Venture Partners.

9F Inc., the strategic investor who backed Lion Rock’s last round of financing, continued to invest in this round. The NYSE-listed FinTech company, Yirendai, participated in this round as a new strategic investor. This is a benchmark venture capital financing in the Hong Kong FinTech industry.

iFundThe transaction is subject to approval from the Hong Kong Securities and Futures Commission (“SFC”). Upon completion, Lion Rock will own Noble Apex Advisors Ltd., an SFC licensed company. Noble Apex Advisors Ltd. operates iFund.com.hk, an online fund distribution platform that offers over 1,000 mutual funds from over 50 different asset management companies.

iFund is the largest mutual fund distribution platform in Hong Kong as measured by the number of funds offered. Lion Rock will also operate lionfin.com, a financial media platform providing real-time financial information and comprehensive wealth management information.

Hong Kong, as a major international financial center, is lagging behind when it comes to FinTech development. Despite Hong Kong’s enormous fund sales market, which reached US$62 billion and expected to exceed US$100 billion in 2017, Hong Kong’s fund distribution is dominated by traditional banks whereas the proportion of online distribution is extremely small.

Both fund houses and investors are expecting a sophisticated online financial services platform to serve a bigger role in a FinTech-enabled future.  iFund will integrate online and offline resources and reshape the traditional financial services model with technologies innovations. This will be a major much-anticipated breakthrough in the field of financial innovation in Hong Kong.

Founder of iFund, Dr. Chan Mou-fung, will be Chairman of the Board of Directors of Lion Rock after the completion of this transaction. Dr. Chan says,

“We are honored to receive a strategic investment from China’s outstanding FinTech venture capital funds and industry leaders. It is a validation of our past success and business model. The strong support from the investors and strategic partners will enable us to integrate finance, technology and media resources, making us stronger and more powerful. ”

Mr. Ray Yang, Partner of Marathon Venture Partners, says,

Ray Yang“Marathon Venture Partners has always been focusing on FinTech investments, especially opportunities related to financial infrastructure. We believe that with Hong Kong’s status as an international financial centre, well-established financial and legal system, solid talent base and the government’s commitment to promote FinTech innovations, Hong Kong start-ups will make the mark in FinTech field.

Lion Rock is our first FinTech investment in Hong Kong. We are very pleased to cooperate with heavy-weight strategic partners in this transaction and believe that Lion Rock will become more powerful with the support from the strategic partners and become a leading FinTech company in Hong Kong and globally.”

Mr. Sam Lin, Chief Financial Officer of 9F Inc. and Chief Executive Officer of 9F International, comments,

“Hong Kong as an international financial center, serves as the bridge connecting Mainland China and the world and enjoys unique advantages in the global financial asset allocation. In recent years, 9F has been continuously pursuing international expansion, focusing on, in particular, Silicon Valley, Hong Kong, and Southeast Asia.

We are optimistic about the prospects of Lion Rock and its professional and comprehensive management team. We believe that Lion Rock will enter into a brand new development stage to become a market leader in the FinTech industry in Hong Kong.”

Ms. Yihan Fang, Chief Executive Officer of Yirendai, says,

Yihan Fang

Yihan Fang

“We are very glad to be a strategic investor in Lion Rock.  As a leading FinTech company in China, our Yiren Wealth Management platform provides integrated online wealth management services for mass affluent in China.

We expect Lion Rock to have significant operational synergies with Yiren Wealth Management, with Lion Rock’s resources in funds distributions, asset management and financial information in Hong Kong.  We will explore cooperation opportunities with Lion Rock in offering global asset allocation services for our millions of users.”

 

Featured image via LionFin Facebook page

 

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Deloitte Announces 2017 Asia Pacific Technology Fast 500™ Rankings http://fintechnews.hk/3404/various/deloitte-2017-asia-pacific-technology-fast-500-rankings/ http://fintechnews.hk/3404/various/deloitte-2017-asia-pacific-technology-fast-500-rankings/#respond Thu, 14 Dec 2017 05:17:28 +0000 http://fintechnews.hk/?p=3404 Deloitte Touche Tohmatsu Limited (DTTL) today released the 2017 Asia Pacific Technology Fast 500, an annual ranking of the fastest growing Asia Pacific companies in the software and hardware tech sectors, clean

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Deloitte Touche Tohmatsu Limited (DTTL) today released the 2017 Asia Pacific Technology Fast 500, an annual ranking of the fastest growing Asia Pacific companies in the software and hardware tech sectors, clean technology, media, communications and life sciences.

Wuhan Douyu Network Technology Co Ltd claimed the top spot with a growth rate of 70,776 percent over three years; the second highest growth captured in the 16 years of the program. This year’s top ten winners included three companies focused on mobile entertainment, as the Asia Pacific market for live-streaming and mobile gaming continues to grow.

Based in China, Wuhan Douyu Network Technology Co Ltd (Wuhan Douyu) is a leading live streaming platform backed by Tencent Holdings Ltd. Wuhan Douyu develops and operates Douyutv.com, similar to Amazon-owned Twitch, a live game streaming video platform. Its business activities include research and development of computing and networking technologies, electronics, communications and automatic control technologies.

Toshifumi Kusunoki

Toshifumi Kusunoki

“Our Asia Pacific Technology Fast 500 list of companies are a showcase for technology that is driving innovation in all aspects of consumer’s lives. Our top ten winners consist of companies focussed on mobile entertainment, such as online gaming and e-sports, as well as digital finance and Fintech, and Internet of Things (IoT) solutions,”

said Toshifumi Kusunoki, Deloitte Leader, Technology Fast 500 Asia Pacific.

“We are seeing a large increase in revenue generated from mobile entertainment for Chinese technology companies, as exhibited by Wuhan Douyu’s rapid growth over the past year. Their focus on increasing customer experience and satisfaction through their diversified products, has allowed them to harness the growing middle-class demand for mobile entertainment in China, as a result of bigger data plans and the shift from computers to mobile.”

Commenting on its competitive edge, Chen Shaojie, founder and CEO of Douyu TV, said

“We are honored to be recognized by Deloitte’s Technology Fast 500 Asia Pacific. We have worked very hard since we were founded in 2014 and we have now started recording profits as a result. We will continue actively expanding to maintain our position as the leading live streaming service provider in China.”

 

Geographical Trends

Awardees are selected for the Technology Fast 500 ranking based on percentage fiscal year revenue growth over three years. Of the companies ranked, China continues to dominate in the region, claiming five companies in the top 10 and 119 in the top 500.

“Digital penetration in China continues to grow, so we are seeing an abundance of technology innovations in the market.The generations born in China after 1990 show a much higher propensity to consume, rather than save, due to a lower aversion to credit and a greater acceptance of digital payments. Therefore companies that are focussed on providing China’s Millenials with inexpensive entertainment options, such as gaming and live streaming, or those focussed on eCommerce and Fintech, are continuing to succeed,”

said William Chou, Deloitte’s China Technology Media, and Telecommunications Managing Partner.

The strength of Taiwan technology companies also stood-out this year, with 101 companies in the top 500 (up from 57 in 2016). A Taiwanese company, Egis Technology Inc., which specializes in fingerprint sensor capabilities, made it into the 2017 top ten in the 9th spot.

Technology Fast 500 companies from various countries

image: companies from various countries

Sector Trends

As has been the trend for the past five years, software continues to dominate sector growth. Up from 199 companies last year, the 2017 rankings include 212 software companies in the top 500, accounting for 42 percent of the companies ranked.

Hardware was the second most prevalent sector in this year’s rankings, accounting for 18 percent of the Technology Fast 500. Despite this, only one hardware company made it into the top ten winners, Zero Latency Pty Ltd, an Australian online multi-player virtual reality game.

 

Revenue Growth Trends

The top 500 companies in 2017 averaged revenue growth of 600 percent, an increase of 27 percentage points from 2016, which saw average revenue growth of 573 percent.

The top ten companies in the ranking achieved average revenue growth of 11,995 percent. Both the top 500 and top 10 revenue growth figures are the highest recorded since 2008.

“The Asia Pacific region continues to be at the forefront of revolutionary digital change. The Asia Pacific Technology Fast 500 rankings continue to play an important role in monitoring and identifying trends in this digital revolution,”

saidToshifumi Kusunoki, Deloitte Leader, Technology Fast 500 Asia Pacific.

 

Top 10 companies ranked in the 2017 Asia Pacific Technology Fast 500

 

Company Name Country Industry
Category
Growth
Percentage
1 Wuhan Douyu Network Technology Co Ltd China Communications 70776%
2 Hireup Pty Ltd Australia Software 7713%
3 Guangzhou Fengei Network Technology Co Ltd China Software 7481%
4 Qingdao Yeelight Information Technology Co Ltd China Software 7189%
5 WeLab Holdings Ltd China Software 7130%
6 Beijing Duiawang Education & Technology Co Ltd China Media 5179%
7 zipMoney Ltd Australia Software 4012%
8 Zero Latency Pty Ltd Australia Hardware 3611%
9 Egis Technology Inc Taiwan Software 3580%
10 Connexion Media Ltd Australia Software 3278%

The full list of winners of the 2017 Asia Pacific Technology Fast 500 and details about the nomination and eligibility criteria of the program can be found on www.deloitte.com/fast500asiapacific

 

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10 must Read Books about Innovation in Finance http://fintechnews.hk/3464/various/10-must-read-books-about-innovation-in-finance/ http://fintechnews.hk/3464/various/10-must-read-books-about-innovation-in-finance/#respond Thu, 14 Dec 2017 04:16:48 +0000 http://fintechnews.hk/?p=3464 Daniel Liebau from Lightbulb Capital is presenting his reading list of must read books for Innovation in Finance. If you think in Singapore and Hong Kong about Design Thinking and Innovation,

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Daniel Liebau from Lightbulb Capital is presenting his reading list of must read books for Innovation in Finance.

If you think in Singapore and Hong Kong about Design Thinking and Innovation, then you definitely have to think about Dan and his company, that’s why we think his book recommendations are very valuable for our readers:

10 must Read Books about Innovation in Finance

Principles: Life and Work 

September 19, 2017

by Ray Dalio

Principles by Ray Dalio

Definitively the best book I have read over the period. Ray Dalio and his practices are of course controversial and might better work in a particular type of organization where independent thinking is more relevant than elsewhere. Regardless, and especially for us in Finance, I feel one cannot not read this book. Also his point of view on making work and passion the same thing in life surely resonates with entrepreneurs in Finance well.

 

Visual Thinking: Empowering People & Organizations Through Visual Collaboration

June 6, 2017

by Willemien Brand

Visual Thinking by Willemien Brand

A very high percentile of information absorbed by humans is visual… and we all can’t draw… but is that really so? I am working on incorporating Willemien’s tips and tricks into my work (in and outside of the classroom) now and found this quick read not only practical but also fun.

 

The Wisdom of Finance: Discovering Humanity in the World of Risk and Return

May 23, 2017

by Mihir Desai

The wisdom of Finance by Mihir Desai

Mihir Desai who teaches finance at Harvard connects the core concepts of finance with humanities. He makes clear that many of such concepts like parity, debt, equity, etc. have been around a lot longer than modern finance. Very enjoyable read that makes clear finance is a toolbox to help people get on with their lives as Prof Shiller put it.

Data Smart: Using Data Science to Transform Information into Insight

by John Foreman

Data Smart by John Foreman

is a Data Science book for the rest of us. John Foreman (who is also the Chief Data Scientist at mailchimp.com) writes in a very entertaining, practical way and gets many of the data analytics topics and even a tiny little bit of AI across. When one works through the book following all his examples (in Excel) one will have a good grasp and certainly be ahead of the masses. It might just encourage enough to learn more about the fascinating topic.

 

ReWork: Change the Way You Work Forever

by Jason Fried & David Heinemeier Hansson

ReWork- Change the Way You Work Forever

A book on how to be an entrepreneur in our times where every minute is precious, technology is cheap and the pace of change is accelerating.

 

The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future

by Kevin Kelly

The-Inevitable-Understanding-the-12-Technological-Forces-That-Will-Shape-Our-Future

12 technologies articulated as verbs that will make all the difference to our lives over the next 30 years. Sometimes scary. Sometimes exciting. But for sure noteworthy.

 

Adaptive Markets: Financial Evolution at the Speed of Thought

May 2, 2017

by Andrew Lo

Adaptive Markets- Financial Evolution at the Speed of Thought by Andrew Lo

Prof Andrew Lo of MIT has found the middle ground between the defendants of the efficient market hypothesis and the behavioral finance experts. Is he the next one up for a Nobel Prize in Economics? The Adaptive Market Hypothesis is an interesting concept that borrows from and biology and evolutionary theory to explain financial markets.

 

The pocket Universal Principles of Design

April 1, 2015

by William Lidwell, Holden and Jill Butler

The pocket Universal Principles of Design by William Lidwell, Holden and Jill Butler

This little book contains 150 design principles everyone should know. They range from graphic design to the omnipresent biases first described by Kahnemann and his friend Amos Tversky… is there a book that does not quote these two… oh well. It can be read swiftly as it is well illustrated. There is, therefore, excuse to not “inhale” it!

 

Homo Deus, a brief history of tomorrow

2016

by Yuval Noah Harari

Homo Deus, a brief history of tomorrow by Yuval Noah Harari

As one of my friends put it “if you will only read one book during the rest of your life read this one”. An approach or methodology to think about where we come from and where we will go and how we might evolve. Fascinating!

 

The success equation: Untangling skill and luck in business, sports and investing

by Michael Mauboussin

The success equation- Untangling skill and luck in business, sports and investing by Michael Mauboussin

Fantastic book that shows, amongst many other things: One can be extremely successful without skill, one can be extremely skillful and not successful at all. I wonder how concepts like revesion to the mean are still applicable in our faster future – interesting times… and a great read by someone who has academic and business background.

 

Article first appeared on linkedin.com/pulse/

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2018 Forecasts and 2017 Highlights for Electronic Payments http://fintechnews.hk/3444/mobilepayment/2018-forecasts-2017-highlights-electronic-payments/ http://fintechnews.hk/3444/mobilepayment/2018-forecasts-2017-highlights-electronic-payments/#respond Wed, 13 Dec 2017 04:05:01 +0000 http://fintechnews.hk/?p=3444 The imminent arrival of PSD2 (championing open banking), has seen a mind-shift within banking in 2017. And payments are no exception. At Sibos 2017, I noticed that banks now realize

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The imminent arrival of PSD2 (championing open banking), has seen a mind-shift within banking in 2017.

And payments are no exception. At Sibos 2017, I noticed that banks now realize there is a real benefit in working with fintechs. Banks are back to doing what they do best; focusing on their customers. Trusted third parties (TTP) can offer the services banks need to do this. Everyone is happy.

Author: Darryl Proctor, Product Director, Transaction Banking and Payments for Temenos.

Our 2017 Transaction Banking Survey, further echoed this; 57%, of 100 banks interviewed, already work with TTPs to improve existing bank payment services. I believe that collaborating to bring value to customers will be a focus in 2018 (and beyond), but how?

Prediction #1: Independent real-time payments collaboration – Market driven change

2018 Forecasts and 2017 Highlights for Electronic Payments

image via Pixabay

Without bank interoperability, real-time payments are impossible and until recently, it has been regulation driven. However, in November BNY Mellon and U.S. Bank initiated real-time payments, two years ahead of the Federal Reserves real-time payments deadline.

Perhaps, we may start to see independent real-time payments collaboration emerge, even without regulation, in 2018. Why? Our survey showed that in countries with real-time payments, 80%, of 100 corporates asked said it improved their risk management, 77% their liquidity, and 76% their cash visibility. The business case is clear, bank customers expect real-time payments (processing and information). With 35 countries already offering real-time payments, ambitious banks will begin the move in 2018.

 

Prediction #2: Servicing customers payments AI effectively

robotics

robotics via Pixabay

Artificial intelligence (AI) in payments offers opportunities for customer initiation, accelerating back-end processes and improvements in customer service. The UK’s Co-operative Bank are already actively benefiting; cutting wire-payments processing from an average of 10 minutes with manual input to just 10 seconds using robotic process automation (RPA). Similarly, an audit trail for problem transactions was cut from seven hours to 10 minutes on average.

 

Prediction #3: Payments in the cloud

cloud-computing

cloud computing via Pixabay

To service bank customers effectively, costs must reduce. A cloud payments hub offers this. It lowers the cost per transaction and significantly lowers maintenance costs than on-premise.

Faster implementation, instant control, and ongoing upgrades are ensured, with little to no risk of downtime. Some payment service providers launched cloud solutions in 2017, ideally as part of a wide range of banking solutions and 2018 will see banks adopting this technology.

 

Prediction #4: Gen Xers join Millennials will adopting mobile payment apps.

mobile payments

Mobile payments via Pexels

Approximately 70% of Millennials used mobile banking last year, however, this is set to change with 67% of Gen Xers2 now using mobile banking apps (including payments). Banks need to ensure that they can offer a truly omni-channel mobile payments experience, perhaps through TTPs, or risk losing this loyal and valuable market.

2018 looks to be an exciting year for payments; extensive real-time, AI, cloud, wide mobile adoption all fueled by open banking. To truly benefit banks need to adopt fully-embedded solutions, making 2018 the year that their payments business really comes into its own.

 

Featured image via Pexels

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WeLab raises US$220 million in new strategic financing http://fintechnews.hk/3438/various/welab-raises-us220-million-in-new-strategic-financing/ http://fintechnews.hk/3438/various/welab-raises-us220-million-in-new-strategic-financing/#respond Wed, 13 Dec 2017 03:52:41 +0000 http://fintechnews.hk/?p=3438 WeLab, one of the fastest growing fintech companies in Greater China, announced last month that it has raised US$220 million of combined Series B+ equity and debt strategic financing and has

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WeLab, one of the fastest growing fintech companies in Greater China, announced last month that it has raised US$220 million of combined Series B+ equity and debt strategic financing and has won the backing of the Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and other global banks.

The financing brings WeLab’s total funding to US$425 million and marks a significant milestone for the Hong Kong-based company whose early backers included CK Hutchison’s TOM Group, Malaysian sovereign wealth fund Khazanah Nasional Berhad, and Sequoia Capital, one of Silicon Valley’s best-known investment firms.

This follows WeLab’s US$160 million Series B financing in 2016, which was the world’s second largest fintech Series B of the year, according to a report published by KPMG and CB Insights.

WeLab was founded in 2013 and the mobile lending company operating in Hong Kong and China has since grown its number of users to 25 million and loans processed to US$28 billion. With its proprietary risk management technology, WeLab analyses unstructured mobile big data within seconds to make credit decisions for individual borrowers, creating seamless mobile lending experiences. The company also licenses its technology to banks and telecommunications companies.

simon-loong

Simon Loong

“For this round of strategic financing, it was important for us to have participants that would help scale our business to the next level. We have been able to strengthen our cash position, further diversify financing sources and strengthen relationships with leading, global financial organizations. This will underpin our growth story, and see us deliver even greater fintech innovation in the world’s fastest growing market”

said WeLab Founder and CEO Simon Loong.

 

WeLab plans to use the funds to advance its best-in-class credit technology, scale its rapidly-growing business and accelerate expansion into new products and geographies beyond Greater China.

“With a specific focus in developing innovation and entrepreneurship in Hong Kong, we invest in promising Hong Kong companies with groundbreaking business models and technologies. We were attracted to WeLab because of its innovative business model. As one of the fastest growing fintech companies in Hong Kong and the Mainland, we look forward to working with the team and support their further expansion,”

Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund.

“WeLab has established itself as an exceptional, technology-driven fintech company driven by its professional management team, innovative products and best-in-class technology. Credit Suisse is committed to serving the diverse financing needs of entrepreneurs and we are proud to play a role in helping WeLab access the capital needed to fund its continued growth,”

said Mervyn Chow, Greater China CEO and co-head of Investment Banking & Capital Markets, Asia Pacific for Credit Suisse, which is participating in the strategic financing and acting as placement agent.

 

Improving financial inclusion through technology

According to the World Bank, 36% of China’s population aged 15 and above have borrowed money, but only 10% managed to borrow from a financial institution. By providing a mobile-driven tech solution that is not reliant on consumers having an established credit history, WeLab has been able to provide formal financing and loans to consumers in a more efficient, direct and inclusive way.

Andi Dervishi

Andi Dervishi

“WeLab has demonstrated its ability to effectively make credit decisions based on non-traditional, but otherwise reliable data, for millions of Chinese borrowers without prior credit history,”

said Andi Dervishi, FinTech Investment Group Head of IFC, a member of the World Bank Group.

“We believe the firm’s strategic partnership with banks will result in a sustainable competitive advantage to the company. Similarly, consumers will benefit from improved access to credit and from building a credit history, an important step towards financial inclusion.”

 

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Blue Pool Wins Next Money Asia FF18 Hong Kong Semi-Final http://fintechnews.hk/3432/personalfinance/blue-pool-wins-next-money-asia-ff18-hong-kong-semi-final/ http://fintechnews.hk/3432/personalfinance/blue-pool-wins-next-money-asia-ff18-hong-kong-semi-final/#respond Tue, 12 Dec 2017 09:46:30 +0000 http://fintechnews.hk/?p=3432 Hong Kong fintech startup Blue Pool has won this year’s Next Money Asia semi-final in Hong Kong. Alongside the winners of the other regional semi-finals in Melbourne, Sao Paulo, Singapore,

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Hong Kong fintech startup Blue Pool has won this year’s Next Money Asia semi-final in Hong Kong. Alongside the winners of the other regional semi-finals in Melbourne, Sao Paulo, Singapore, Shanghai, Dubai and Kuala Lumpur, Blue Pool will head to Hong Kong in January 2018 to compete in the 2018 Fintech Finals.

Blue Pool semi final FF18

Blue Pool is a capital markets machine intelligence company. Blue Pool algorithmically maps information to either profitable human behaviors or directly to asset performance.

Using artificial intelligence, it provides portfolio managers, analysts and sell-side traders with signals to make sense of the large volume of information now available, helping them beat the market.

The technology operates across equities, rates, credit and covers over 75k+ securities, works across all stakeholders in capital markets such as custodians, exchanges, asset managers and investment banks, and processes both structured (market data, financial statements, etc.) and unstructured (2m+ daily articles, 10k+ quarterly analyst transcripts, etc.).

It “machine comprehends” the impact on the future cash flows of the underlying assets, and is said to be the first of its kind in the world to algorithmically map Mandarin based information to capital markets.

Blue Pool was founded in 2016 by Luke Waddington, an ex-investment banker at BNP Paribas, the Royal Bank of Scotland and HSBC, and Samir Rath, a former macroeconomist at the Monetary Authority of Singapore (MAS) and a pioneer in HFT algorithmic trading.

The startup, which so far has been funded by its founders, is now preparing to raise capital to expand to the UK and Australia, co-founder Waddington told Digital Finance Media.

Blue Pool is looking to raise US$20 million in its Series A round, which will be used to open an office in London and Sydney, complementing its offices in Singapore and Mumbai, as well as buy data, such as analyst transcripts, Waddington said.

 

Next Money Asia 2018 Fintech Finals

Blue Pool is joining Proviso, an Australian startup helping make financial processes frictionless and the winner of the semi-final in Melbourne, Smarttbot, a robo-advisor platform from Brazil that won the semi-final in Sao Paulo, Checkbox, a regtech startup from Singapore which won the semi-final in Singapore, and Xencio, a cashflow management platform from China and the winner of the Shanghai semi-final, to the list of this year’s Fintech Finals 2018 semi-final winners.

FF18 Semi Finals Sao Paulo Smarttbot

Fintech Finals 2018 Semi Final in Sao Paulo, @nextmoney_, via Twitter

The two last regional semi-finals will take place in Dubai on December 12, and Kuala Lumpur on December 16.

The regional semi-final winners will head to Hong Kong on January 30 and 31, 2018 for the Next Money Asia 2018 Fintech Finals and pitch their solutions to some 2,000 global fintech leaders.

The annual Next Money Asia event is one of the largest fintech conferences in Hong Kong. This year’s event will cover some of the hottest trends in fintech including artificial intelligence, machine learning, cryptocurrencies, blockchain, payments, e-commerce, initial coin offerings (ICOs), cybersecurity, smart cities, and more.

Confirmed speakers include representatives from the likes of Ping An Bank, Atom Bank, Lufax, BBVA, DBS Bank, Bloomberg, EY, Startupbootcamp Fintech, SuperCharger, among many others.

 

Featured image: Blue Pool wins Fintech Finals 2018 semi-final in Hong Kong, Caroline Ada, via Linkedin.

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Thomson Reuters Partners to support Hong Kong FinTech Innovation Hub http://fintechnews.hk/3422/various/thomson-reuters-partners-to-support-hong-kong-fintech-innovation-hub/ http://fintechnews.hk/3422/various/thomson-reuters-partners-to-support-hong-kong-fintech-innovation-hub/#respond Tue, 12 Dec 2017 09:13:25 +0000 http://fintechnews.hk/?p=3422 Thomson Reuters is partnering with the Hong Kong Applied Science and Technology Research Institute (ASTRI) to help accelerate the development of FinTech innovation by bringing technology, tools and content to

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logo_thomson_reutersThomson Reuters is partnering with the Hong Kong Applied Science and Technology Research Institute (ASTRI) to help accelerate the development of FinTech innovation by bringing technology, tools and content to the Innovation Hub launched jointly by ASTRI and the Hong Kong Monetary Authority (HKMA).

ASTRI was established in 2000 by the Hong Kong government to enhance Hong Kong’s global competitiveness in technology-based industries through applied research.  The HKMA-ASTRI Innovation Hub was launched last year to facilitate the development and adoption of FinTech by the financial services industry.

Thomson Reuters will support innovative solutions being developed there by providing access to Eikon and Thomson Reuters Open Platform, its flagship products for financial markets professionals.  Hub users will be able to power the applications they develop with industry-leading content, news and alternate data sets via Thomson Reuters Open APIs.

The new partnership comes as FinTech development in Hong Kong and across Asia continues to accelerate, with advances in data science, analytics tools and new content all being employed to improve customer experience.  Strengthening the FinTech ecosystem is a key priority in Hong Kong’s efforts to boost its overall competitiveness through innovation and technology and to enhance its status as a leading global financial hub.  Partnerships like this between Thomson Reuters and ASTRI are crucial to achieving such a goal.

Sanjeev Chatrath

Sanjeev Chatrath

Sanjeev Chatrath, Managing Director, Region Head – Asia, Financial & Risk at Thomson Reuters, said,

“Our new partnership with ASTRI demonstrates the strong commitment Thomson Reuters has to Hong Kong and the wider financial community, especially as Asia continues to invest in creating a dynamic FinTech industry.

 

By sharing Thomson Reuters Eikon and Open Platform with ASTRI, we’re leveraging our important role in nurturing the region’s financial ecosystem and help firms create value to serve customers better.”

Commenting on this partnership, Dr MeiKei Ieong, Chief Technology Officer at ASTRI, said,

Dr MeiKei Ieong

Dr MeiKei Ieong

“ASTRI works alongside the industry to drive cutting edge FinTech R&D.  ASTRI acknowledges the importance of data in developing disruptive yet market relevant FinTech applications and so we’d like to thank Thomson Reuters for generously granting Eikon and API access to the users of the HKMA-ASTRI Fintech Innovation Hub.

 

The ability to use the latest market data, statistics and insights from Thomson Reuters will surely benefit Hong Kong’s banking sector, and complement the HKMA-ASTRI FinTech Innovation Hub’s strategic goals.”

 

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Adyen Launches Wechat Pay on Point-Of-Sale Terminals to Process Payments for 400m Chinese Consumers http://fintechnews.hk/3397/mobilepayment/adyen-launches-wechat-pay-point-sale-terminals-process-payments-400m-chinese-consumers/ http://fintechnews.hk/3397/mobilepayment/adyen-launches-wechat-pay-point-sale-terminals-process-payments-400m-chinese-consumers/#respond Mon, 11 Dec 2017 09:54:36 +0000 http://fintechnews.hk/?p=3397 Adyen rolled out WeChat Pay, one of the most popular mobile payment apps in China, allowing Adyen merchants to offer WeChat Pay on their point-of-sale terminals worldwide. This is a key

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Adyenadyen rolled out WeChat Pay, one of the most popular mobile payment apps in China, allowing Adyen merchants to offer WeChat Pay on their point-of-sale terminals worldwide. This is a key addition to Adyen’s unified commerce solution. Since 2016, consumers have been able to buy goods online using WeChat Pay through the Adyen platform; now, they can do the same in brick-and-mortar stores.

The addition of WeChat Pay means that Adyen merchants can now accept payments from China’s three largest payment providers, including Alibaba’s Alipay and China UnionPay (UPI). WeChat has 1.3 billion users, 400 million of whom use WeChat Pay for either paying friends (P2P payments) or purchasing a product.

Roelant Prins

Roelant Prins

“We are thrilled to announce that Adyen now offers all three major Chinese payment methods on our clients’ POS terminals worldwide,”

said Roelant Prins, chief commercial officer, Adyen.

“This capability allows our merchants to cater to this incredibly important and large customer base as they travel abroad. After November’s record-breaking Singles Day sales, it’s more important than ever for retailers to find ways to allow Chinese consumers to make purchases with their payment method of choice.”

China’s new buying power is driven by several key trends:

  • Chinese consumers crave luxury goods – Chinese consumers are responsible for up to half of all luxury brand sales worldwide, according to a McKinsey report. This year, it is projected that cross-border buyers in China will spend an average of US$473.26 each on cross-border purchases, which represents 2 percent of the total retail e-commerce market. This is expected to equate to US$85.76 billion in 2017.
  • Chinese consumers are global shoppers this factor has led to cross-border purchases. By 2022, Forrester predicts that cross-border e-commerce could increase by 20 percent, reaching US$630 billion, with China leading the boom.

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Irish Financial Risk Solutions Comes to Asia http://fintechnews.hk/3325/various/irish-financial-risk-solutions-comes-to-asia/ http://fintechnews.hk/3325/various/irish-financial-risk-solutions-comes-to-asia/#respond Fri, 08 Dec 2017 03:31:25 +0000 http://fintechnews.hk/?p=3325 Financial Risk Solutions (FRS), a Dublin-based provider of unit-linked investment administration and compliance oversight software, is pleased to announce the opening of two offices in Asia;  Hong Kong and Malaysia. These are the

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Financial Risk Solutions (FRS), a Dublin-based provider of unit-linked investment administration and compliance oversight software, is pleased to announce the opening of two offices in Asia;  Hong Kong and Malaysia.

These are the first offices outside of Europe for the business.

The decision is the result of research into strategic growth in the region.  FRS met 25 life insurance firms and 15 asset managers across Asia over 18 months, to understand their specific investment administration and oversight requirements.

The research identified that Unit Linked Insurance Plans (ULIPs) or Investment-linked Insurance Plans (ILPs) are growing at a significant pace. This brings challenges for life insurers to scale operations in a robustly controlled risk environment, a key regulatory concern.

FRS software industrialises investment operations, bringing increased efficiency, reducing risk and provides scalability to clients.  Founder and CEO of Financial Risk Solutions, Peter Caslin commented,

Peter Caslin“This has been an exciting year of growth for FRS in terms of new geographies – particularly the growing Asian life insurance market.”

Peter also described their activities in Asia to date,

“FRS has met with many of our regional colleagues through events across Asia. Our reputation for market-leading software solutions has resulted in numerous new relationships, and we look forward to expanding our service to our Asian partners.“

Research published earlier this year from Munich Re puts the growth of the life insurance industry in Asia’s emerging markets at above 10 percent across 2017-2018. The same research placed Asian market share of the global insurance industry at 21.4 percent by 2025.

This opportunity has been noticed by others, with Insurtech companies coming to life in the region. However, Matthew Baldwin, Head of Asia Financial Risk Solutions, believes they can address this head-on,

Matthew Baldwin

Matthew Baldwin

“The ongoing success of FRS is underpinned by our commitment to technological innovation. Our Invest|Pro™  fund administration software enables automated processes, controlled by comprehensive rules and exception reporting. It also includes oversight modules with a specific focus on Asian market requirements.”

The two new office openings, at Menara Darussalam, Kuala Lumpur and International Commerce Centre, Hong Kong,  will see FRS expand their footprint in Asia. Currently, Invest|Pro™ is the core investment administration system for over 35 European life Insurance firms including over 500 UK pension funds. In 2017 the Invest|ProTM software suite reached a significant mark, surpassing £100bn in assets under management.

 

Featured image via Pixabay

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