Hong Kong may look like a city straight out of a sci-fi flick, but in some aspects, some of its tech can be a little prehistoric. Case in point:
“The technology systems serving Hong Kong’s wealth management sector haven’t made any progress in the past decade, putting its reputation as a global financial hub at growing risk,” says Jason Tu, CEO of Mioying Financial Technology.
The solution? As per Media Outreach, it’s a new, “hardcore” fintech OS from Mioying:
Mioying, a fintech start-up backed by Chinese VC firm ZhenFund, is launching its wealth management platform MPro in Hong Kong.
Mioying aims to transform Hong Kong’s wealth and asset management industry with MPro, its end-to-end operating system for portfolio data and analytics. Despite the rapid growth of Asia’s fintech industry — where investments surpassed both the US and Europe in 2016 — Hong Kong’s wealth managers still mostly rely on manual calculations and Excel to handle increasingly complex data analysis and operational processes.
In contrast, MPro has algorithms which aggregate data from various sources and – using AI-based analytics – gives users a “clearer financial picture” of things through their tools. I know, right? You’ve heard that pitch before and it doesn’t really sound all that impressive now. As the company’s CEO points out however, their product is a little more nuanced than that:
“Many companies claim to have advanced trading algorithms, but very few are willing to do the ‘dirty work’ to aggregate data and streamline processes,” says Tu. “Algorithms won’t help if the dataset itself is handicapped: that’s why MPro provides an end-to-end solution covering data aggregation, data management, and AI-based analytics. For robo-advising and other cutting edge fintech services to prove sustainable, we need to clean and structure our data as rigorously as possible — in other words, putting the emphasis on ‘tech’ back in fintech.”
At any rate, Tu hopes that his team’s efforts would ignite a fintech renaissance of sorts in Hong Kong. According to State Street, investment providers in the former colony – together with those in mainland China – currently lag their peers in Australia and Japan as far as digital transformation is concerned. They’re also behind in using big data and analytics, and lower in the totem pole in digital infrastructure.
“Hong Kong’s concentration of financial institutions and its stable regulatory environment give it the potential to become Asia’s next cradle of B2B fintech innovation. With MPro’s launch, we’re hoping to not only give wealth and asset managers the tools they desperately need to match and beat their overseas competitors, but also encourage Hong Kong and mainland China’s fintech community to new heights with their own development efforts.”
Let’s see how it goes for them. Stay tuned.
Photo: Nik Cyclist