From the press release desk this week…
Technology
Temasek is setting up new groups to explore opportunities in artificial intelligence and blockchain technologies, according to a Bloomberg report. Temasek is creating “experimental pods” that will focus on these areas. Chia Song Hwee, chief operating officer for Temasek International, will oversee the new groups…
Hong Kong-based Convoy Global Holdings has entered a strategic partnership with UK-based Tandem Money, a digital financial services and virtual bank provider. Under the partnership, Convoy will invest an initial HK$153.8m ($19.66m) investment in Tandem Money. Convoy’s strategy is to focus on transformational opportunities of fintech and businesses and the new partnership builds on its existing investments in Nutmeg in the UK and Currency Fair in the Republic of Ireland. The intention is to utilise Tandem’s technology to offer digital financial services to Hong Kong consumers, and in time, launch a virtual bank, subject to regulatory approval…
Around 54% of Hong Kong investors are keen to use technology to manage their personal finances, according to Legg Mason Global Asset Management’s global investor survey. But at the same time, investors show a degree of uncertainty about the ability of technology solutions to replace humans in investment advisory. Around 24% of investors said they always or often use an online platform or robo-adviser when making an investment decision…
Stockholm-headquartered mutual fund distribution, trading and custody firm MFEX will be acquiring RBC Investor and Treasury Services’ (I&TS) global fund platform technology and will be providing distribution services to RBC I&TS. The acquisition will expand its offering for both distributors and asset managers in both Europe and Asia. As a result of the acquisition, MFEX will expand its geographic footprint through new local offices in London, Luxembourg and Kuala Lumpur…
ESG
MSCI ESG Research issued a statement that said it downgraded Nissan from B to CCC, the lowest industry-relative rating, in September, before the company sacked chairman Carlos Ghosn following allegations of financial misconduct. The downgrade was primarily attributed to systemic failures in corporate governance. Specifically, Nissan admitted to undertaking inadequate safety inspections in 2017 and to falsifying emissions data at five of its domestic plants in July. The rating is also a result of weak management of emissions and product safety, two of the most pronounced areas of risk for the automobiles industry. Other factors included over boarded executive directors and an entrenched board, both raising questions as to the effectiveness of board oversight and potentially impeding structural reforms…
Investor education
Singapore’s Minister of Education and the Monetary Authority of Singapore have co-launched a national financial education programme that will improve Singaporeans’ financial health. The services under Money Sense include a free online financial health check tool and a financial education curriculum to equip the youth with financial skills…
