Fintech bank to domicile in SARBusiness | Samantha Wong and Jasper Ng 19 Oct 2017
Fintech bank ITF Corporation is to set up its headquarters in Hong Kong and expects to start operations next year.
US veteran investor Jim Rogers is among the investors in the world's first Fintech bank. Rogers said at the launch event that he invested in ITF because he believes the traditional banking branch and physical cash will disappear, and this trend is likely to spread for the rest of the world.
ITF said its vision is to build the first Fintech bank to make banking accessible to the masses, as well as small and medium-sized enterprises around the world. It added it has acquired the majority economic rights of an international bank in Vanuatu that has a correspondent banking relationship with Bank of Communications in China and Hong Kong.
ITF will use artificial intelligence to match customers' needs with third- party products placed on its platform. It will make profits via the saving and lending business, as well as charging those who offer the products. Without a physical presence plus the application of technology, ITF can operate with low costs that benefit customers.
Chief executive Lim Hui Jie said Hong Kong has the regulatory and market conditions to help the company to achieve its goal of becoming international.
Meanwhile, online money- borrowing platform WeLend is to launch an app for moblie users, joining hands with telecoms firm 3HK. It said applicants can get money in as fast as an hour through using the app.