In a Fireside Chat set on the Future Stage at the recent Hong Kong FinTech Week Day 1, Quantifeed’s CCO, John Robson sat with HSBC to discuss how the bank is now more open to working with FinTechs and in fact, are becoming more like one itself. FinTechs and banks are now becoming partners, working together synergistically to achieve a common goal- to help everyone grow their wealth and be serviced with advice at every stage of their life.
Hong Kong FinTech Week 2022 marked a significant defining moment for Hong Kong in a post-pandemic era. The highly anticipated event was organised by the Financial Services and the Treasury Bureau (FSTB) and InvestHK, and co-organised by the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA), and the Securities and Futures Commission (SFC)
Mr Christopher Hui, The Secretary for Financial Services and the Treasury, said about the event, “At a time when Hong Kong is heading towards a post-pandemic recovery, we are striving to strengthen international connectivity, and this year’s Hong Kong FinTech Week is even more meaningful.”
Partnerships Between FinTech and Banks Going Strong
A panel of speakers including Peter Dingle, Jenny Wang, and Thomas Elliott shared how their areas of business are partnering FinTechs to offer smarter and more relevant solutions for their clients.
Jenny Wang, Global & Asia Head- Personal and Premier Wealth Solutions at HSBC shared, “The bank is moving towards being the world’s universal bank. We are motivated to serve every wealth need here in Asia, where the world’s wealth circulation is at its highest.” To do this, Jenny shares that data, supported by technology is key to achieving this goal. “We want to provide world-class customer journeys. One single channel across a customer’s life stage, supporting them in their personal and financial growth through the years. We can do this by building on rich data and analytics to provide hyper-personalised engagement that will encourage loyalty.”
Peter Dingle, Head of Ecosystems & Partnerships, Venture Capital, HSBC Asset Management, adds on, “FinTech is transforming wealth management and the banking industry. There are big opportunities for us right now to take small exposures to FinTechs.” Just recently, Quantifeed’s growth and expansion have been bolstered by its Series C led by HSBC Asset Management. “We’re excited about companies like Quantifeed who are democratising wealth. This is an exciting development for the bank.”
More than just being a part of our Series C, Quantifeed also received support from the bank in lending, allowing them to undertake this new phase of journey with us. Thomas Elliott, Managing Director, Head of Client Coverage, Commercial Banking Hong Kong said, “Hong Kong cannot be an international finance centre without a vibrant FinTech sector. As market leaders, HSBC must be able to come in to cover these companies, early in their lifecycles, propelling the industry into the future.” He adds, “The traditional way of lending doesn’t work with FinTechs, so we have created a 1.1 billion dollar fund to support companies like Quantifeed – looking at revenue potential, cash burn rate, and its management and leadership teams. We are excited to be able to go in as early as Series A and to support companies to do bespoke things like acquisition lending.”
Digital Client Servicing is the Future
We’re never going to see a time when clients are going to be serviced with less digital capabilities. Jenny Wang shares, “We look forward to more collaborative opportunities with FinTechs who can bring us high value and quality solutions. We want to provide our customers with greater expertise and capabilities so we look forward to building up our technological capabilities.” Quantifeed is excited about our growing partnerships with HSBC. We remain optimistic about the city’s continuing rise to becoming the wealth management centre for Asia and the world.
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