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.
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 digitalisation.
“Automation is an important direction for the transformation of the wealth management industry,” said Kelvin Lei, CEO of AQUMON. “Large financial institutions such as CMB Wing Lung Bank have advantages in terms of customer reach and resources.”
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 eight to 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.
After more than three years of development, AQUMON has partnered with more than 60 financial institutions, 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.