HONG KONG, CHINA – Media OutReach – 9 March 2017 – 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.
“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. “We aim to change that by bringing MPro, one of the world’s most technically advanced operating systems for asset management to Hong Kong.”
Mioying’s tech platform MPro integrates internal and external data sources that then feed its intuitive reporting and analytics tools, allowing users to visualize a clearer financial picture at every level. Mioying also supports third-party integration to a wide range of external strategy libraries and provides compliance management tool to help clients streamline workflow.
“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.”
Mioying’s team is made up of technical and financial experts from Silicon Valley, New York, Mainland China and Hong Kong. The team includes former employees of Oracle, LinkedIn, Lufax, Standard Chartered Bank, Deloitte, as well as prominent Silicon Valley startups including Robinhood and Turn.
“We’re a hardcore tech company which also understands Asian financial markets as well as anyone else,” Tu says. “Mainland China’s booming start-up scene and the giants of the BAT — Baidu, Alibaba, and Tencent — have created major leaps forward in technology and talent that we’ve been building on to make MPro as potent and aligned to local user needs as possible.
“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.”
Also published on Medium.