4 financial technology startups to watch out for in Hong Kong

FinTech, Singapore, financial technology, Hong Kong, Diginex, Aqumon, Bowtie, ZA Bank, startup, digital

Hong Kong, home to a number of unicorns has over the past year witnessed a lot of developments in the local FinTech field. Despite the global disruption of Covid-19 pandemic, Hong Kong has managed to maintain its competitiveness and economic activities in the field of financial services.

As projected by JP Morgan, e-payments in Hong Kong are touted to grow at a compound annual rate of 32% by 2021 from an already sizeable base. With low taxation, legislation favouring free trade, strong capital inflow and progressive regulators the city offers FinTechs a host of rich financial opportunities to set up shop. As the momentum continues, here are 4 FinTechs in Hong Kong to watch out for-

Aqumon: Founded in 2015, AQUMON is a Robo-Advisory firm based in Hong Kong. The platform utilises an algorithmic, data and machine learning approach to enable clients with access to diversified global asset allocation.

In the span of about 4 years, AQUMON has grown out of an incubator in Hong Kong University of Science and Technology and into a fully licensed financial service firm. AQUMON is backed by Alibaba Entrepreneur Fund and in 2019 partners with CMB Wing Lung Bank to launch Wealth-Tech, a retail bank based robo-advisory in Hong Kong.

Bowtie: Founded in 2018, Bowtie is a licensed life insurance company and Hong Kong’s first virtual insurer. Bowtie is backed by Sun Life.

The company allows customers to obtain quotations, underwriting and claims services anytime, anywhere. Designed with medical expertise, Bowtie’s platform directly offers health insurance plans under the Voluntary Health Insurance Scheme (VHIS) to customers.

By eliminating paper, commissions and intermediaries, Bowtie’s mission is to enable a new generation of consumers to access real insurance protection and take control of life protection decisions for themselves.

Diginex: Diginex is a digital assets financial services company focused on delivering a cryptocurrency and digital assets ecosystem offering several products and services. In order to make digital assets more accessible to a wider audience, the start-up partners with institutional investors, corporations and governments.

Diginex provides institutional-grade investment tools for management of digital assets, insured custody, capital markets, exchange and markets. Furthermore, the start-up makes available end-to-end blockchain solutions for corporations and governments.

The group encompasses cryptocurrency exchange EQUOS.io as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform Diginex Access, a securitization advisory service Diginex Capital, market-leading hot and cold custodian, Digivault, and funds business Bletchley Park Asset Management. Also, in April 2020, Diginex partnered with Itiviti to provide NYFIX connectivity for digital asset investors.

ZA Bank: ZA Bank, established by ZhongAn Technologies International, was Hong Kong’s first digital-only bank. The bank aims to provide 24/7 services through an account that can be opened in minutes with just a Hong Kong identity card.

In May 2020, the bank launched new products known as ZA Life and ZA Insure. The bank was able to do this by obtaining a digital-only insurer license from the Hong Kong Insurance Authority.

In addition, ZA Bank also started offering 6% for three-month deposits up to US$25,000, which includes a 4% top up. The bank has gone on to partner with Fiserv to deploy its VisionPLUS global payment software, which supports the entire card payment lifecycle.

 

ALSO READ: Cool FinTech Report

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