Hong Kong based Fintech Hyphen Group Raises $22M

Hyphen Group, a Fintech firm backed by Hong Kong-based billionaire Richard Li, has reportedly secured $22 million in capital via a funding round that was led by PCCW.

The company stated that the amount secured is more than its initial $20 million target.

The company also confirmed that its Chief Executive Officer Sam Allen has resigned, but will stay on as a shareholder and advisor to the business.

According to reports, his role will be assumed by Derek Fong and Kenneth Chan, who are representatives of Hyphen’s biggest shareholder Pacific Century Group, as interim CEOs.

As noted in the update, Fong and Chan will be working cooperatively with Hyphen president and chief commercial officer Prashant Aggarwal and CFO and COO Shaun Kraft.

Established back in 2014, Hyphen had been launched as a personal finance platform, known as CompareAsia Group – which was prior to its rebranding during the past year. Based in Hong Kong as well as Singapore, the company reports that it reached over 8 million+ monthly users and teamed up with more than 270 financial service providers.

The company has made several rounds of layoffs during 2022 after anticipated investment deals were not completed. During the past year, Bloomberg revealed that Hyphen had been in discussions for a potential SPAC deal that could have put the firm’s valuation at around $1 billion.

As mentioned in the announcement, Hyphen Group is a banking and insurance products online comparison platform that is focused on helping consumers throughout Asia with saving money and making informed choices regarding personal finance.

In other recent updates from Hong Kong, ZA Bank has announced a currency exchange service.

The digital bank states that the service will incorporate zero handling fees with no additional charges and real-time quotations to offer users a transparent experience. Last month, Wise, a digital currency transfer and payment provider, announced services for ZA Bank.

According to a note from ZA Bank, its currency exchange service enables:

  • Real-time quotation with a 3-step instant exchange — users can log into the ZA Bank App to check the live exchange rates whenever they want. In just three steps, they can easily exchange currencies within their savings accounts, converting their money into three major currencies (i.e. USD, RMB and HKD) in real-time.
  • 24/7 FX trading platform — ZA Bank offers a round-the-clock currency exchange service1. Users can exchange foreign currencies at their preferred exchange rates anytime, anywhere, to tap every FX opportunity.

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