Trade finance firm FundPark mulls alliesBusiness | 16 Apr 2019 5:02 pm
Trade finance platform FundPark Chief Executive, Anson Suen Wai-loi, believes that the Hong Kong Monetary Authority seems to prefer issuing virtual bank licenses to applicants who collaborated with financial technology firms.
“For example, Standard Chartered Hong Kong has to collaborate with other technology companies to apply for the license,” Suen said.
He added that FundPark welcomes joining up with commercial organizations, but would not say whether any virtual bank license applicants or winners are in talks with FundPark.
Four licenses were issued by HKMA - including Livi VB, mainly owned by Bank of China Hong Kong, SC Digital Solutions, mainly owned by Standard Chartered, ZhongAn Virtual Finance, and WeLab.
FundPark is a trade finance solution company, which offers a platform for institutional investors to give short-term loans to small-and-medium-sized firms.
FundPark is developing Taiwan and Indonesia markets.
Suen said the firm adopted big-data to check a borrower’s credit background and history.