Hong Kong wealth managers to get productivity boost from new Fintech platform
Fintech startup Mioying Financial Technology announced the launch of its wealth management platform MPro in Hong Kong. The platform offers end-to-end data and analytics capabilities, including robo-advising and compliance management, to Hong Kong’s wealth and asset managers
The platform is an end-to-end operating system for portfolio data and analytics. It integrates internal and external data sources that then feed into reporting and analytics tools, giving users better insight into every level of finance. It also supports third-party integration to a wide range of external strategy libraries and provides compliance management tool to help clients streamline workflow.
The company claims that Hong Kong’s wealth managers still mostly rely on manual calculations and Excel to handle increasingly complex data analysis and operational processes. This is despite the relative maturity of the industry and its exposure to Fintech developments.
Mioying CEO Jason Tu (photo left) claims this lack of progress is putting Hong Kong’s reputation as a global financial hub at risk.
He claims that much of the Fintech focus has been on product distribution, moving offline to online. He also says claims have been made around the use of advanced trading algorithms with few willing to do the ‘dirty work’ to aggregate data and streamline processes.
He believes that large enterprise software companies serving the finance industry (particularly in Asia Pacific) have completely missed out the last tech trend from cloud SaaS to artificial intelligence.
“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,” he added.
“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.”
Tu says says Mioying’s portfolio analysis system is open to third party strategy libraries via API and its workflow management system is going to be marketed as a white-label solution for other companies to use as part of their own workflow and compliance processes.
Mioying is backed by Chinese VC, ZhenFund, and has offices in Shanghai and Hong Kong.
Feature photo courtesy of iStockPhoto