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Tuesday, June 25, 2019

News > Fintech

Tandem secures £15m investment for Hong Kong expansion

Theo Osborn | 17:00 Wednesday 21st November 2018

Tandem has secured £15m of funding from Hong Kong-based financial services group Convoy Global Holdings.

Convoy plans to utilise Tandem’s technology to offer digital financial services to customers in Hong Kong and eventually launch a virtual bank, depending on regulatory approval and the granting of a banking licence.

A team of experts at Tandem will work with Convoy in Hong Kong on immediate collaboration and implementation towards the project.

This is in line with Convoy’s strategy of focusing on the transformational opportunities of fintech and adds to its existing investments in Nutmeg in the UK and Irish online P2P currency exchange CurrencyFair.

Tandem will work with Nutmeg and CurrencyFair to identify further ways to bring its expertise to Hong Kong and the rest of Asia as part of the partnership.

Ng Wing-Fai, group president and executive director at Convoy, said: “By securing a series of strategic fintech investments, we are now fully equipped to achieve our business vision to provide innovative services and experience to both current and prospective customers.

“Our partnership with Tandem is the culmination of an intense research and negotiation process.

“It underlines our aim to bring the most comprehensive financial management services and cutting-edge cybersecurity technology to Hong Kong, and also highlights our commitment to leading the development of the fintech sector in Hong Kong.

“Through our partnership with Tandem, we can capitalise on [its] technological leadership – providing our customers with a digital platform – while giving [it] access to our extensive financial services network and customer base.”

Ricky Knox, chief executive officer at Tandem (pictured above), added: “We see a powerful opportunity to significantly expand our presence in Asia – one of the most vibrant virtual banking markets – and begin the expansion of our banking services across the globe.

“The UK has been leading the virtual banking revolution and it is time to capitalise on the wave of changing regulation around the world – and improve more customers’ lives with money.”

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