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Innovative HONG KONG FINTECH business CHOOSES UK FOR R&D HUB
Country: Hong KongA Hong Kong fintech specialist has chosen the UK as the hub for its research and development division after partnering with Artificial Intelligence (AI) experts at one of its most cutting-edge universities.
Actelligent is working with a team from the University of Edinburgh to create a pioneering tech platform that will help investors cross borders by connecting them with overseas brokers and industry experts.
The first-of-its-kind platform, which launches in March 2019, will create an ‘ecosystem’ where corporates, brokers and industry experts can interact and share knowledge with investors looking for overseas investment opportunities.
Actelligent made the decision to invest in the UK, which is ranked third in the world for fintech investment, after it received support from the Department for International Trade (DIT) in the UK and Hong Kong as well as Scottish Development International (SDI). It has opened one office in London, where it can build relationships with the City’s influential financial sector, and another in Edinburgh, where it has opened its new research and development hub.
Another example of how the UK brings innovation to life
The business decided to open its Edinburgh base after being introduced to experts in Artificial Intelligence (AI) at the University of Edinburgh by SDI. With its world-class research facilities, the University is now working with Actelligent to develop AI technology that automatically summarises the platform’s investment reports and analyses the sentiment signals of companies.
CEO Charmaine Lo, who worked in investment banking for 12 years at companies such as Norges Bank Investment Management, Morgan Stanley and Merrill Lynch before founding Actelligent, said: “The UK is one of the leading fintech centres in the world, receiving $3.3bn of fintech investment last year. Scotland is leading the way in AI and also has a huge capital base. This, combined with London’s reputation as a major financial hub, the UK’s low corporation tax and the global mindset of UK fund managers, makes it a great place for us to do business.”
In addition to connecting Actelligent with the University of Edinburgh, DIT and SDI helped the company secure Regional Selective Assistance (RSA) grants – Scotland’s main national scheme for providing financial assistance to industry – worth £305k for creating 20 new fintech jobs. To fill these roles, Actelligent will be able to draw on the UK’s 76,000-strong, skilled fintech workforce, making it easier to hire the software engineers and architects needed to support the continuing technical development of the online platform.
Changes in European financial regulations have made the launch of Actelligent’s platform in Europe particularly timely. The recently introduced Markets in Financial Instruments Directive 2 (MiFID 2) has made the rules around how investors access market research stricter. Actelligent will offer an alternative way for investors to access this information, by putting them directly in touch with research and industry experts through web presentations and live chats.
Charmain Lo added: “The support DIT gives to businesses looking to invest in the UK is invaluable and unmatched anywhere else. As well as introducing us to key contacts, DIT also helped us establish the practical elements of our UK business. This included advising on the market and sector, setting up a corporate bank account, finding the right office space and UK accountant, support on sponsoring license applications and so on.
“For us, everything is now coming together ahead of our launch and we couldn’t have done it without the support of the DIT team in both Hong Kong and the UK.”
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