by Rebecca Oi
January 22, 2024
In the heart of Hong Kong, the 17th Asian Financial Forum (AFF) is set to bring together a diverse array of leaders, innovators, and visionaries.
The Asian Financial Forum 2024, jointly organised by the Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council, focuses on the theme of “Multilateral Cooperation for a Shared Tomorrow.”
The event aims to facilitate discussions on collaborative innovation within the fintech sector, attracting over a hundred global finance and business leaders.
This reflects Hong Kong’s pivotal role in the fintech arena, which houses over 800 fintech companies and 3,900 startups, including ten unicorns. The last year has witnessed a surge in this sector, bolstered by the strategic guidance of regulatory authorities.
Central to the Asian Financial Forum are the Fintech Showcase and Fintech HK Startup Salon, which spotlight six fintech firms from diverse areas like payment systems and regulatory technologies, showcasing the sector’s variety.
At the forum, these fintech companies will present their latest developments, contributing to the broader conversation about the future of fintech globally. The event underscores Hong Kong’s position in the fintech landscape, emphasising its capacity for innovation and technological advancement in financial services.
Six Featured Fintech Companies at the AFF Showcase
Airwallex
Airwallex has developed a system for handling international financial transactions, enabling businesses to conduct cross-border payments.
Their platform supports transactions in over 50 currencies across 130 countries, aiming to facilitate global trade by simplifying financial processes such as payroll and multi-currency accounts.
In August 2023, per regulatory filings, it received a significant capital injection of SG$220 million (approximately US$165 million) from its Cayman Islands-based parent company.
Airwallex has raised US$1.1 billion over 12 rounds of funding to date.
Micro Connect
Micro Connect presents a novel model in microfinance, focusing on connecting global capital with micro and small businesses.
The introduction of Daily Revenue Obligations (DROs) is a significant move, offering investors a new way to engage with the daily financial flows of small businesses, primarily in China.
Micro Connect’s focus extends beyond just financial transactions.
It aims to empower one million small businesses to achieve substantial annual profits and assist 10 million workers in reaching significant annual incomes.
Cynopsis Solutions
Specialising in RegTech, Cynopsis Solutions automates and digitises compliance and regulatory processes, focusing on Know your Customer (KYC) and Anti Money Laundering (AML).
The company is recognised for its excellence with awards like the MAS FinTech Awards and inclusion in the RegTech100.
In 2021, Cynopsis Solutions reported revenue of US$875.3 thousand, with offices in Singapore, the United Kingdom, the United States of America and Vietnam.
Their technological solutions aim to reduce the regulatory burden on financial institutions, addressing a critical need in an era of increasingly complex financial regulations.
Evident Limited
Evident Limited’s services are centred around the launch of Special Purpose Vehicle (SPV) and asset tokenisation.
They aim to assist investors and founders in the often-complex realm of capital management, particularly in alternative investment classes.
As a corporation licensed by the Securities and Futures Commission for Type 1 regulated activities, Evident Limited strongly focuses on various specialities. These include impact investments, private markets, alternative assets, trading, venture capital, startups, real estate, infrastructure, and carbon credits.
Their digital tools and platforms are designed to simplify these processes, making capital raising and management more accessible and efficient.
Propcap Technologies Ltd
Propcap Technologies Ltd, operating in secured real estate lending in the UK and Japan, employs AI and advanced technology to streamline property valuation and borrower risk assessment, enhancing efficiency and accessibility in property investment and lending.
In a significant move towards sustainable finance, Propcap has introduced the “Overseas Property Green Mortgage.” This initiative offers favourable mortgage rates to overseas property buyers selecting energy-efficient properties, aligning with the global urgency to address climate change.
Furthering its commitment to sustainability, Propcap has earned the ESG Registered Badge, a testament to its dedication to sustainable development goals.
Silcube Financial Systems
Silcube Financial Systems offers a unique online platform that allows clients to explore its services independently, departing from traditional sales methods.
This approach enables clients to understand the system at their own pace without sales pressure.
This method aids in reducing costs and accelerating digital adoption in the market.
Silcube focuses on private debt clients, providing essential features like payment plan management and covenant monitoring in a user-friendly interface, all while maintaining simplicity and avoiding the complexities of larger systems.
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