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MIOTECH PARTNERS WITH SILVERHORN TO REDEFINE BIG DATA FOR ASSET MANAGEMENT

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MIOTECH PARTNERS WITH SILVERHORN TO REDEFINE BIG DATA FOR ASSET MANAGEMENT

Big data leading the fintech transformation in Hong Kong

Mioying Technology (MioTech), a big data solutions provider for asset management firms, announced today an agreement with Silverhorn Investment Advisors to deliver its industry-leading big data asset management platform in assistance of managing Silverhorn’s client assets. According to Jason Tu, CEO and Co-founder of MioTech, the AI-enabled asset management platform will enhance Silverhorn’s Client investing experience to a new level and will also revolutionize the financial industry in Hong Kong, transforming the way financial institutions visualize and analyze data in an elegant and unique way.

Headquartered in Hong Kong and with offices in Beijing and Zurich, Silverhorn is a leading wealth management boutique with a core focus in Asia. “We look forward to our collaboration with MioTech,” said Mike Imam, Managing Partner & CEO of Silverhorn. “Their innovative platform gives us the ability to visualize our sophisticated investment philosophy and share the outcome with our clients on the same platform. This will help to facilitate insightful and focused conversations with our clients in a way that no others could.”

Financial institutions store and process terabytes of market and transactions data every second, mostly through excel and outdated systems. MioTech’s cutting-edge graph database allows asset managers to integrate custodian, fund admin, market price, as well as micro and macroeconomics data to form a complete knowledge map. Based on its knowledge map, the technology allows parallel computing on a massive scale, substantially improving data processing capacity for financial institutions. MioTech also builds its AI-enabled analytics engine to provide in-depth insights into investments and portfolios at every level and from any angle, making it easier for investment managers to make data-driven decisions.

According to Silverhorn, MioTech’s white-labeled solution makes it stand out from other industry players. With complete flexibility, each investment manager can define its own universe within the system to deliver Silverhorn’s “Intelligent Investing” value proposition to different clients. The system can tag and report on any investment product, investment processes, and client groups. Its modularized visualization components can demonstrate complex financial situations and scenario analyses at one click. At the same time, its built-in messaging platform enables investment managers to have seamless communication with investors, bringing efficiency, transparency, and intelligence to the entire investment process.

“The platform will enhance Silverhorn’s capacity to deal with clients’ complex investment needs,” said Jason Tu, MioTech CEO and Co-founder. “Our solution to Silverhorn paves the way for MioTech to open up the FinTech world in Hong Kong. We are committed to building world-class technology to empower financial institutions in Asia.”

According to PwC’s 2017 Global FinTech Report, a stunning 82% of financial institutions in Hong Kong are planning to work with fintech providers within the coming five years. Companies are hoping to reduce internal costs, and to thrive in a hyper-competitive environment while seizing ever-growing market opportunities.

MioTech’s team is made up of technical and financial experts from Silicon Valley, New York, Mainland China and Hong Kong. The team includes former employees from Standard Chartered Bank, Oracle, LinkedIn and Google, etc. and has extensive experience in technology and finance. Built on top of its team and product strength, MioTech will expand its market presence beyond Hong Kong and enter Mainland China and Singapore by the end of 2017.

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Sunak to use budget to expand apprenticeships in England

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Sunak to use budget to expand apprenticeships in England 1

LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.

Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.

The scheme will extended by six months until the end of September, the finance ministry said.

Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.

Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.

Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.

“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.

(Reporting by Andy Bruce, editing by David Milliken)

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UK seeks G7 consensus on digital competition after Facebook blackout

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UK seeks G7 consensus on digital competition after Facebook blackout 2

LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.

Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.

“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.

“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”

Dowden said recent events had strengthened his view that digital markets did not currently function properly.

He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.

“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.

Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.

“Nick strongly agreed with the Secretary of State’s (Dowden’s) assertion that the government’s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.

Britain will host a meeting of G7 leaders in June.

It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.

The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.

Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.

(Reporting by William James; Editing by Gareth Jones and John Stonestreet)

 

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Britain to offer fast-track visas to bolster fintechs after Brexit

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Britain to offer fast-track visas to bolster fintechs after Brexit 3

By Huw Jones

LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.

Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.

“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.

Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.

Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.

The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.

“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.

Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.

The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.

It also recommends more flexible listing rules for fintechs to catch up with New York.

“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.

“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”

SCALING UP

Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.

“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.

A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.

“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.

The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).

“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.

($1 = 0.7064 pounds)

(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)

 

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