Hong Kong and Chinese fintech startup Mioying aims to shake up Hong Kong's financial sector with the launch of its new wealth management platform MPro in the market.
MPro is an end-to-end operating system for portfolio and data analytics. It integrates internal and external data sources into reporting and analytics tools designed to give users closer insight into every level of finance.
The end-to-end platform covers data aggregation, data management, and AI-based analytics.
Mioying CEO Jason Tu said despite the growing importance of Hong Kong as a fintech hub, many wealth managers in the region still rely on manual calculations and Excel for increasingly complex data analysis and operations.
“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. We aim to change that by bringing MPro... to Hong Kong,” he said.
“Many companies claim to have advanced trading algorithms, but very few are willing to do the ‘dirty work’ to aggregate data and streamline processes. Algorithms won’t help if the data set itself is handicapped... 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 said Hong Kong's concentration of financial institutions and stable regulatory environment give it the potential to become Asia’s next B2B fintech innovation hub.
“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.”