Andrew Work speaks to Kevin Mak, CEO of Ironfly Technologies, at the Jumpstarter Competition sponsored by Alibaba Enterprise Ventures, Cyberport and HKSTP. Ironfly offers an institutional solution to manage assets more efficiently by using a system that compliments others.
NEXCHANGE: Hi, I’m Andrew Work for NexChange and we are down at the Jumpstarter competition sponsored by Alibaba,Cyberport and the Science and Tech Park and there’s a million US dollars on offer for the company that eventually makes it through to the finals. Today the fintech companies are pitching and I’ve got with me one of those companies.
This is Kevin Mak, he is the CEO of Ironfly Technologies and they have I believe an institutional solution. Kevin, tell me about your solution, what you’re doing and why it is so unique?
KEVIN MAK: Sure, the typical problem with buy-side systems these days, whether you’re an asset manager or a hedge fund or some kind of high net worth, one of the hardest things to do is actually manage your assets. It’s a strikingly difficult problem that actually stops people from looking a lot of new assets because of the existing assets being just hard to handle themselves. Often if you’ve been around for a while, you’ll have seven different systems doing eight different things.
What we offer is not something that replaces one or two of them but something that complements all the things that you existing have, so yes you end up with one more system but you get to access all your old ones through one portal. Whether that’s on your phone or whether that’s on your computer, it’s all nice and easy done for you.
NEXCHANGE: So you avoid the old problem where people get the trouble and they try to rip out the old systems, replace them with a new one. it’s usually a disaster, you make sure they don’t go down that path.
KEVIN MAK: That’s right, I mean no one really wants to be the guy that actually does that in general. No one wants to be the tech guy that actually said well ‘let’s rip stuff out’. Oh well if it doesn’t work then that’s your fault. So what we do is we offer simple software as a service so if you don’t like what we do, you can break it off at any time. So we take the risk but we make sure it works.
NEXCHANGE: So one fintech solution to rule them all and the asset managers to bind them.