AQUMON helped CMB Wing Lung Bank Launch Hong Kong's First Retail Bank Based Robo Advisor

HONG KONG, Dec. 3, 2019 /PRNewswire/ -- Hong Kong-based fintech company 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 an automated mutual fund portfolio solution. By combining investment algorithms with a scalable technology platform, AQUMON's robo advisor is able to make sophisticated investment advice available to the bank's customer, at a fraction of the cost. The first phase of the project was made public in May 2019, and the second phase will be launched in early 2020.

Robo advisory solutions have received much attention in recent years and are regarded by the financial industry as one of the main pillars in the new era of digitalization. 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. AQUMON, in partnership with these financial institutions, is 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. After completing a risk assessment, and answering investment preference questions, 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.

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