Hong Kong-based fintech AQUMON has partnered with CMB Wing Lung Bank to launch Wealth-Tech, Hong Kong’s first retail bank based robo advisory offering that allows investors access to a tailor-made and automated mutual fund portfolio solution. By combining investment algorithms with a scalable technology platform, AQUMON’s robo advisor is able to offer retail bank customers access to more sophisticated investment advice at a fraction of the cost. The first phase of the project was made public in the second quarter of 2019, and the second phase will be launched in early 2020. 

 

Robo advisory solutions has received much attention in recent years and is regarded by the financial industry as one of the main pillars in the new era of digitalization within the industry. Kelvin Lei, CEO of AQUMON, noted that: “Automation is an important direction for the transformation of the wealth management industry. Large financial institutions such as CMB Wing Lung Bank have advantages in terms of customer reach and resources and we are looking to take the lead in terms of industry transformation.”

 

Clients can find the robo advisory offering, Wealth-Tech, through CMB Wing Lung Bank’s mobile app. In terms of the experience, after completing a risk assessment, clients are automatically recommended a tailor-made portfolio investing into approximately 8-12 mutual funds.

 

 

 

The first phase of Wealth-Tech was launched in the second quarter of 2019. It is estimated that the second phase of Wealth-Tech will be officially launched in early 2020 and details of the robo advisory portfolios can already be seen on CMB Wing Lung Bank’s mobile app.

 

This robo advisory offering is provided by AQUMON, a financial technology company incubated at the Hong Kong University of Science and Technology. After more than three years of development, AQUMON has partnered with more than 60 financial institutions in Hong Kong and beyond, including various large banks, brokerages, insurance, and wealth management companies. AQUMON’s early investors include the Alibaba Entrepreneurs Fund, affiliates of BOC International Holdings Limited (BOCI), and the Hong Kong University of Science and Technology. 

CMB Wing Lung Bank (formerly known as Wing Lung Bank), founded in 1933, is among the oldest local Chinese banks in Hong Kong. In 2008, CMB Wing Lung Bank was acquired by China Merchants Bank Co., Limited (China Merchants Bank). As at 30th June 2019, its consolidated total assets stood at over HK$300 billion. 

 

 

 

About us

As a leading startup in the FinTech space, AQUMON aims to make sophisticated investment advice cost-effective, transparent and accessible to both institutional and retail markets, via the adoptions of scalable technology platforms and automated investment algorithms.

AQUMON’s parent company Magnum Research Limited is licensed with Type 1 & 4 under the Securities and Futures Commission of Hong Kong. In 2017, AQUMON became the first independent Robo Advisor to be accredited by the SFC.

AQUMON’s investors include Alibaba Entrepreneurs Fund, Bank of China International and HKUST.

 

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