8 future Fintech Unicorn Startups in Hong Kong to Watch in 2018
Hong Kong had a great year 2017 filled with exciting new projects and initiatives, numerous local startups gaining international recognition and a thriving domestic fintech ecosystem.
As year 2018 begins, we have compiled some of Hong Kong’s rising fintech stars that you should be watching closely this year. Here’s our pick of the top eight startups from Hong Kong that you should be keeping an eye on in 2018:
EMQ
EMQ is building a financial network across Asia with a focus on remittances. The company partners with financial institutions and other strategic partners in various countries to enable and settle cross-border remittance via banks and various modes for top-up and last mile delivery. It currently has a presence in Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines.
EMQ closed its US$6.5 million Series A funding round in December 2017 from “well-known Silicon Valley entrepreneurs and international venture capital (VC) firms,” according a report by Deal Street Asia.
In November 2017, EMQ signed a partnership with payment service provider WeChat Pay HK to expand its remittance services in Indonesia. The two companies had previously partnered to launch a similar service in the Philippines.
Qupital
Qupital runs an online invoice discounting platform supporting SMEs to raise cash. Founded in March 2016, the startup aims to address the lack of efficient SME financing solutions in the market.
Qupital currently serves a wide range of SMEs in the export, manufacturing and distribution sectors. The company approaches hedge funds, family offices and other mature professional investors to fund the invoices.
Qupital raised US$2 million in a seed funding round in May 2017, a round led by Hong Kong-London firm MindWorks Ventures and the Alibaba Entrepreneurs Fund. Co-founder Andy Chan said back then that there was no plan to expand to new markets. However, he said that the company was looking into adding new products including support for purchase order financing as well as new features that would enable investors with capital but limited time to pay in money on an automated basis.
WeLab
Founded in 2013, WeLab is a leading fintech startup in Hong Kong specialized in peer-to-peer lending. The firm operates several online lending platforms including Wolaidai, one of China’s leading mobile leading platforms, and WeLend, Hong Kong’s largest online lending platform.
In November 2017, WeLab raised US$220 million in combined equity and debt financing. The round, which WeLab said was its Series B+, brought its total funding so far to US$425 million. Investors include the Alibaba Hong Kong Entrepreneurs Fund, the World Bank’s International Finance Corporation (IFC) and Credit Suisse.
The company said at the time that the capital would be used to partner with more banks to develop financial products and services. It already works with more than 40 banks and is planning to expand into Southeast Asia. The new financing will also be used to develop the company’s artificial intelligence and automation capabilities to detect fraud, lower operating costs and improve customer experience.
TNG Fintech Group
TNG Wallet is one of Hong Kong’s leading e-wallets with over 600,000 downloads. The mobile app features instant money transfer, forex, bank transfer, global bill payment and global SIM top-up functionalities, and more.
TNG Wallet’s network counts 13 countries, 852 banks and over 183,000 cash pick-up points.
The company has already expanded to several other locations in Asia. CEO and founder Alex Kong said the company now has 70% of the market share in the Philippines and 90% in Indonesia. India, Vietnam, Thailand and China are the next target markets for expansion.
In November 2017, TNG Fintech Group raised $115 million in what was then said to be the largest Series A round ever for a Hong Kong startup. The company said it plans to apply for a challenger bank license in Hong Kong.
Read more: http://fintechnews.hk/3697/various/8-fintech-startups-hong-kong-watch-2018/