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Launch of ixCrypto BTC/ETH 50/50 Index and ixCrypto BTC/ETH Proportional Index


HONG KONG SAR – Media OutReach Newswire – 9 May 2024 – Today, IX Asia Indexes (“IXAI”) announced the launch of ixCrypto BTC/ETH 50/50 Index (“ixCrypto 50/50”) and ixCrypto BTC/ETH Proportional Index (“ixCrypto Proportional”).

The two indexes are designed for cryptocurrencies beginners for their first knowledge and first investment in cryptocurrencies. The ixCrypto 50/50 and ixCrypto Proportional are developed on Bitcoin (BTC) and Ethereum (ETH) only and should be more acceptable for retail investors due to their dominance in market capitalization and volume in the crypto market. Based on IXAI’s 2024 Q1 review result, Bitcoin together with Ethereum comprised 68.87% and 56.68% of total market capitalization and volume respectively. IXAI launches the new indexes that cater to not only investors’ demand, but also regulators’ direction, which prefer retail to invest solely in Bitcoin and Ethereum rather than a broader range of cryptocurrencies.

The two new indexes provide benchmarking value (to track the performance of Bitcoin and Ethereum) and facilitate ETF issuers and fund managers for the creation of index tracking funds. ixCrypto 50/50 Index is a two-constituent index with equal weight on ixCrypto Bitcoin Index (IXBI) and ixCrypto Ethereum Index (IXEI), while ixCrypto Proportional Index is a two-constituent index with weight according to the market capitalization of Bitcoin and Ethereum with respect to their aggregated total market capitalization at 74.97% and 25.03% respectively (Appendix 1). The two new indexes based on historical long-term returns outperformed the cryptocurrency market and BTC significantly due to their higher weighting on ETH, while also can achieve risk diversification (Appendix 2).

Appendix 1

Constituent Weightings of
ixCrypto BTC/ETH 50/50 Index and Proportional Index

90-day-average Crypto Market Cap 90-day-average Crypto Volume Index Level* Cumulative Market Cap Coverage Weight in BTC/ETH 50/50 Weight in BTC/ETH Proportional
IXBI $1,048,001,688,171 $34,255,641,195 16833.37 51.63% 50.00% 74.97%
IXEI $349,874,454,279 $16,226,856,611 30077.54 68.87% 50.00% 25.03%

* On 31 March 2024

Correlation of IXBI and IXEI

1 – Month 3 – Month 6 – Month 1 – Year 3 – Year 5 – Year Since Inception YTD
Correlation 0.8892 0.8005 0.7663 0.7922 0.8248 0.7974 0.7954 0.8006

As of 31 March 2024

Appendix 2

Statistics Comparison of ixCrypto Index Series

Index Performance Standard Deviation

(Monthly Return)

Reward-to-Risk Ratio*
1 Year (%) 3 Years (%) Since
Inception (%)
1 Year (%) 3 Years (%) Since
Inception (%)
1 Year 3 Years Since
Inception
IXCI 119.43 35.77 1258.94 45.21 120.88 173.37 2.64 0.30 7.26
IXBI 148.18 18.28 1583.34 50.95 117.85 171.17 2.91 0.16 9.25
IXEI 95.17 89.64 2907.75 44.94 139.54 209.81 2.12 0.64 13.86
BTC/ETH 50/50 111.37 55.89 2245.55 46.43 126.25 178.19 2.40 0.44 12.60
BTC/ETH Proportional 123.71 27.20 1700.37 48.39 122.59 172.80 2.56 0.22 9.84

As of 31 March 2024
* Reward-to-Risk Ratio: Performance of Index Return / Standard Deviation of Index Return

Hashtag: #IXAsiaIndexes

The issuer is solely responsible for the content of this announcement.

About IX Asia Indexes and IX Index Advisory Committee

IX Capital International Limited is an award-winning index and investment advisory company. The index business arm- IX Asia Indexes, providing real-time digital asset and innovative indexes, disseminated 24×7 globally and built on robust infrastructure. Since the launch of the first crypto benchmark index (“IXCI”) launched in Hong Kong in December 2018, the ixCrypto index series expand into 27 indexes designed for exchange futures product, mark to market and fund managers’ portfolio construction purposes. To ensure the professionality and impartiality of the index methodologies and operations, IX Asia Indexes has established its index advisory committee with representation from different industries, including fund management, exchanges, brokerage, financial blockchain experts, crypto service providers, etc. The committee will meet quarterly a year to discuss matters relating to the IX Asia Indexes, including to review and to comment the data sources, methodologies, and operations of IX Asia Indexes, to provide guidance to the future development of new IX Asia Indexes and to handle other issues and decisions on an as-needed basis.

IX Asia Indexes was awarded the Fintech Award (wealth investment and management) 2019 and 2021 organised by ETNet. It as well won an award for Startup of the Year and Basic Technology (Big Data) from Hong Kong Fintech Impetus Awards 2022 by Metro Broadcast and KPMG. It also won Asia Pacific Enterprise Achievement Award 2024 by Echolade. IX Asia Indexes completed its IOSCO compliance statement and obtained ISO/IEC 27001:2013 UKAS certification.

Website:

Advisory Committee:

About IX Crypto Indexes

The ixCrypto index (“IXCI”) is the first crypto index launched in Hong Kong. It was launched on 12 December 2018. It is denominated in USD with a base value of 1000 and a base date on 3 December 2018. Designed to be easy to understand while providing a good representation of the crypto market, ixCrypto index aims to cover the top 80% of the cumulative free-float adjusted market capitalization in the crypto universe and, at the same time, the crypto currencies should fall within the top liquid cryptos ranked by trading volume in the 90 days preceding the review date. The index is to be reviewed quarterly and with a fast entry rule. Real time indexes are disseminated every 5-second for 24×7 since 23 June 2022. Real time index data together with ixBitcoin Index and ixEthereum Index can be obtained from IX Capital International Data Services. For IXCI, IXBI and IXEI, the indexes are also available through Nasdaq Global Index Data Service (GIDS) with the tickers “IXCI”, “IXBI” and “IXEI”, with dissemination interval kept at 15-second unchanged.

Colt wins Best Information Vendor (Platinum) by Shanghai Stock Exchange’s China Investment Information Services Limited


HONG KONG SAR – Media OutReach Newswire – 9 May 2024 – Colt Technology Services, the digital infrastructure company, has been named “Best Information Vendor (Platinum)” by China Investment Information Services (CIIS) Limited, at CIIS’s Sixth Global Information Vendor Conference held in Hong Kong on 22 March 2024.

Wesley Elder, Product Director, Global Capital Markets, Colt Technology Services (second to right), receiving the Best Information Vendor Award (Platinum) at the CIIS Global Information Vendor Conference.
Wesley Elder, Product Director, Global Capital Markets, Colt Technology Services (second to right), receiving the Best Information Vendor Award (Platinum) at the CIIS Global Information Vendor Conference.

CIIS is a wholly-owned subsidiary of the Shanghai Stock Exchange (SSE), and is the overseas sole agent of SSE market data. With the award, Colt was recognised by CIIS for its active participation in exchange feed changes by providing valuable, prompt feedback, compliance, and licensing as a top real-time global data vendor that delivers all the components needed to connect to, and maintain, low latency market data – including managing performance, latency and bandwidth of data feeds.

Colt is a licensed market data vendor who offers direct and normalized market data feeds for equities, derivatives, commodities and foreign exchange (FX) from more than 50 exchanges and liquidity venues worldwide. Colt is also an official real time data vendor for a number of Chinese exchanges offered by CIIS which includes Shanghai Stock Exchange (SSE), China Financial Futures Exchange (CFFEX) and Zhengzhou Commodity Exchange (ZCE). In addition, with CIIS’ extensive network and support, Colt was able to obtain real time data from other Chinese exchanges such as the Shanghai Futures Exchange (SHFE), Shanghai International Energy Exchange (INE), further enhancing its coverage in the Chinese capital market.

Wesley Elder, Product Director, Global Capital Markets, Colt Technology Services, said: “We’re grateful for this recognition by CIIS, as we strive to bring our capital market expertise to the world. The digital era has opened up more opportunities in market data licensing, and for capital markets participants. Colt will continue to expand our coverage in the region, and innovate towards delivering market data feeds at consistently low latencies, even during periods of volatility, enabling our customers to capture market opportunities in today’s increasingly fast-paced landscape.”

In March 2024, Colt was also named “Top Derivatives Data Vendor” (Global category) at the 2023 HKEX Awards held in Hong Kong. The award recognised Colt as one of HKEX’s top data vendors based on annualised derivatives data revenue generated from 3 January 2023 to 29 December 2023, highlighting Colt’s significant contribution in providing market data to capital markets participants and HKEX clients worldwide.
Hashtag: #Colt

The issuer is solely responsible for the content of this announcement.

About Colt Technology Services

Colt Technology Services (Colt) is a global digital infrastructure company which creates extraordinary connections to help businesses succeed. Powered by amazing people and like-minded partners, Colt is driven by its purpose: to put the power of the digital universe in the hands of its customers, wherever, whenever and however they choose.

Since 1992, Colt has set itself apart through its deep commitment to its customers, growing from its heritage in the City of London to a global business spanning 40+ countries, with over 6,000 employees and more than 80 offices around the world. Colt’s customers benefit from expansive digital infrastructure connecting 32,000 buildings across 230 cities, more than 50 Metropolitan Area Networks and 250+ Points of Presence across Europe, Asia, the Middle East, Africa and North America’s largest business hubs.

Privately owned, Colt is one of the most financially sound companies in the sector. Obsessed with delivering industry-leading customer experience, Colt is guided by its dedication to customer innovation, by its values and its responsibility to its customers, partners, people and the planet.

For more information, please visit

Forging Forward: ASEAN, EU Launch Blue Book 2024-2025

Ambassador of the European Union to ASEAN Sujiro Seam (Left), Secretary General of ASEAN Kao Kim Hourn (center), and Permanent Representative of the Philippines to ASEAN and Country Coordinator for ASEAN-EU Dialogue Relations, Hjayceelyn M. Quintana (right) (Photo supplied)

The Association of Southeast Asian Nations (ASEAN) and the European Union (EU) launched the ASEAN-EU Blue Book 2024-2025 at the ASEAN Headquarters in Jakarta on 8 May. The Blue Book underscores the strategic partnership between ASEAN and the EU and showcases new cooperation programs under the EU’s Global Gateway strategy.

Laos Embraces Online Shopping via Social Media, Cross-Border Innovation

Laos Embraces Online Shopping via Social Media, Cross-Border Innovation
[FILE: this image is used only for representational purpose (photo: Pexels)

In Laos, where traditional retail infrastructure lags behind its Southeast Asian neighbors, online shopping has become a trend despite its limited e-commerce presence, largely driven by social media platforms and innovative cross-border shopping.

Siam Piwat reaffirms its position as Thailand’s No.1 global destination developer, with ICONSIAM and Siam Paragon winning world-class awards once again

ICONSIAM and Siam Paragon ascends global ranks – steadfast on becoming world’s most recognized destinations in Thailand


BANGKOK, THAILAND – Media OutReach Newswire – 9 May 2024 – Siam Piwat – a leading real estate and retail developer, the owner and operator of world-renowned destinations such as Siam Paragon, Siam Center and Siam Discovery, and a joint venture partner of ICONSIAM and Siam Premium Outlets Bangkok – is delivering extraordinary, unprecedented experiences to further solidify its position as Thailand’s No.1 global destination developer, with ICONSIAM, a world-class landmark along the Chao Phraya River, recently named one of the Best Shopping Malls in Asia by Retail in Asia, a leading retail business media in Asia, while ICONSIAM and Siam Paragon have been ranked by Cleverthai.com, a lifestyle media outlet from Malaysia, among the top five best shopping malls in Bangkok.

6 World-Class Experiential Destinations under Siam Piwat, including award-winning Siam Paragon and ICONSIAM.
6 World-Class Experiential Destinations under Siam Piwat, including award-winning Siam Paragon and ICONSIAM.

ICONSIAM named one of Asia’s ‘Best Shopping Malls’

ICONSIAM - Thailand’s new iconic global landmark on the Chao Phraya River
ICONSIAM – Thailand’s new iconic global landmark on the Chao Phraya River

ICONSIAM has once again reaffirmed its position as the ultimate must-visit destination for travelers from across the globe, having been named by a prominent retail business media as one of the best shopping malls in Asia. This reflects the strength and potential of Siam Piwat Group in leveraging innovative ideas to bring to life projects that set a new paradigm for co-creation and create synergy with experts from all sectors nationwide, thus creating shared value for communities, society, and the country.

ICONSIAM is a convergence of wonders, with elements of art and culture seamlessly integrated into the ultimate shopping and entertainment experience. In addition to its Seven Wonders, ICONSIAM has created first-ever phenomena never before seen in Thailand, through iconic world-class events, such as the spectacular Amazing Thailand Countdown, a grand celebration that has brought joy to the audience worldwide, solidifying the Chao Phraya River as Thailand’s No.1 global countdown destination through the years. In addition, to further establish its status as an art destination, ICONSIAM has brought to life various awe-inspiring art phenomena, including the Da Vinci Alive Bangkok, the most spectacular immersive digital art exhibition in the world. Held at ICONSIAM, it was the first such event in Thailand and the most complete of its kind in Asia.

Siam Paragon: One of the World’s Best Luxury Destinations

Siam Paragon - the first and the biggest world-class shopping and entertainment phenomenon in Thailand
Siam Paragon – the first and the biggest world-class shopping and entertainment phenomenon in Thailand

As one of the world’s best luxury destinations and the number one destination for Thai and international visitors from across the world, Siam Paragon has established itself as the ultimate hotspot for brands seeking to debut their new concept stores or collections in Southeast Asia and Asia. The latest among these is Gentle Monster, which has launched the exclusive Gentle Monster “Jentle Salon Pop-Up pop-up store for the first time in Thailand, along with in 13 other major cities worldwide, presenting the “JENTLE SALON” collection, a collaboration between the Korean eyewear brand and Jennie BLACKPINK, reflecting her unique identity. The pop-up store is open from today until May 31, 2024, on M Floor, Jewel Zone, Siam Paragon.

Siam Paragon has also established itself as the epicenter of world-class luxury experiences through collaborations with various partners and leading brands, including Coach, which has launched the Coach Tabby Shop, transforming Parc Paragon into an immersive new shopping destination, receiving a great response in the past week.

In addition, Loro Piana, having enjoyed tremendous success following the launch of its first flagship store in Thailand at Siam Paragon last year, is set to open a Pop-up Summer Resort collection this May, while Tiffany & Co. is scheduled to unveil its first flagship store in Southeast Asia in May at Siam Paragon as well. This also underscores its strength as the most comprehensive world-class shopping center in Thailand.

Another major entertainment phenomenon at Siam Paragon is “BABYMONSTER PRESENTS: SEE YOU THERE in Bangkok” – the first fan meeting tour of the wildly popular band BABYMONSTER in Thailand, to be held on June 29 at Paragon Hall on the 5th floor. The event was met with such overwhelming reception that an additional session was added.

Siam Center: The Ideapolis

Siam Center, the Ideapolis, is seeking to further solidify its position as the center of limitless creativity and imagination in the arenas of art, fashion, technology, and lifestyle by creating a community space for collectors. Over the years, it has established itself as the ultimate hub for art toys, secret items, limited edition figures, and authentic licensed products and the go-to destination for art toy lovers. In December 2023, Siam Center partnered with Pop Mart to launch the first full-fledged Pop Mart pop-up store in Thailand.

As a hub of pop culture experiences for collectors, Siam Center has partnered with Gashapon Bandai Official Shop, or GBO, to open the first store in Thailand and the largest branch in Asia. The store features gashapon capsule toy vending machines, where fans can try their luck for a chance to get miniature figures of their favorite characters from over 35 popular anime and manga series.

Siam Center also houses many stores for collectors, such as the Zippo New Concept Flagship Store, the brand’s first and only flagship store in Thailand offering all Zippo collections from across the world as well as exclusive collections, and the Gundam Base Thailand, the first flagship store in Southeast Asia. Siam Center is also home to toy and collectibles stores, such as Yumeya and Banpresto Flagship Store, as well as specialty stores and collectibles stores catering to aficionados of fashion, art, lifestyle, and technology.

Siam Discovery introduces Flavor Lab, a new social community and hotspot for popular eateries

To reinforce its position as the Biggest Arena of Lifestyle Experiments where everyone can endlessly experiment, create, and cultivate, Siam Discovery, the Exploratorium, has created an unparalleled dining experience by opening the new zone known as Flavor Laba social community featuring a curated collection of renowned restaurants by Michelin-starred chefs, featuring Thai, Chinese, Korean, and other popular international cuisines, on the 3rd floor of Siam Discovery.

The latest additions include Thailand’s first branch of Roberta’s Pizza from Brooklyn, New York, renowned for its wood-fired pizzas and hipster vibes, and Kyo Roll En – The Parfait Parlour, a Japanese-style dessert café that serves up original sugar-free sweets, Thailand’s first-ever black roll cakes, a signature soft-serve ice cream made from Japanese bamboo charcoal, and authentic matcha green tea from the region of Uji, renowned to be the best green tea in the world. Flavor Lab also features Shoo Loong Kan, serving the original Sichuan hot pot, Bornga, a famous Korean BBQ restaurant by celebrity chef Baek Jong Won: Kagonoya, a premium Japanese shabu restaurant, Kungthong Seafood, renowned for its authentic flavorful Thai seafood dishes, and other popular eateries, such as Babyccino & Co., Duck Donuts, Sundububu & Mil Toast Express, and many more. Today, Flavor Lab is a popular hangout spot in central Bangkok, beloved by both Thai customers and foreign tourists.

All these underscore Siam Piwat Group’s success as Thailand’s No.1 developer of global destinations.

Hashtag: #SiamPiwat #SiamParagon #ICONSIAM #BestShoppingMallsinAsia #ShoppingMallsinBangkok #GlobalDestinations #ThailandRetail #GlobalRetail #RetailAsia

The issuer is solely responsible for the content of this announcement.

Siam Piwat Company Limited

Siam Piwat is a leading world-class retail and real estate developer and the owner and operator of Bangkok’s most visited retail and lifestyle destinations, including Siam Paragon, Siam Center, Siam Discovery, ICONSIAM, ICS and Siam Premium Outlets Bangkok.

Siam Piwat plays a significant role in shaping Bangkok’s retail landscape and is recognized for creating iconic and innovative prototypes, with the goal of consistently delivering extraordinary experiences that delight and inspire all customers.

MAL Management Introduces Single Family Office and VCC Services


SINGAPORE – Media OutReach Newswire – 9 May 2024 – MAL Management is excited to announce the introduction of its new Single Family Office (SFO) and Variable Capital Company (VCC) services.

MAL Management’s Single Family Office (SFO) services cater to the unique financial needs of businesses, providing comprehensive wealth management solutions tailored to their specific objectives. From strategic investment planning and asset allocation to tax optimisation and succession planning, the SFO services empower businesses to effectively manage their wealth and achieve long-term financial sustainability. Combined with MAL Management’s Variable Capital Company (VCC) services, businesses gain access to a holistic suite of solutions for efficient fund management, capital deployment, and strategic growth initiatives within Singapore’s stable and transparent regulatory environment.

This strategic move comes in response to the increasing demand for sophisticated wealth management solutions and the unique challenges faced by businesses, particularly those from mainland China and Taiwan, seeking stability and growth opportunities in Singapore.

Moreover, the Variable Capital Company (VCC) structure has gained significant traction in Singapore due to its flexibility, transparency, and tax benefits. MAL Management recognises the increasing demand for VCC structures among businesses and investors looking for efficient fund management solutions.

The new offerings from MAL Management will primarily benefit medium to high-net-worth individuals and businesses, including those relocating to Singapore, to establish their presence or expand their operations. With a dedicated team of experts and a commitment to delivering tailored solutions, MAL Management aims to be the partner of choice for clients navigating complex financial landscapes.

MAL Management, established in 2011 and affiliated with MAL International Holdings Pte. Ltd., stands as a reputable leader in Singapore’s financial services sector. Their expertise spans a wide spectrum, from bookkeeping & accounting services to corporate secretary services in Singapore, including company incorporation services. Serving as corporate service providers in Singapore, the company prides itself on being a one-stop solution for businesses, offering comprehensive financial and business advisory services tailored to diverse client needs.
Hashtag: #MALManagement



The issuer is solely responsible for the content of this announcement.

Intrusion Inc. and TIM Announce Partnership with Orca Cold Chain Solutions to Enhance Supply Chain Security


PLANO, TX and MANILA, PHILIPPINES – ACCESSWIRE – 9 May 2024 – Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention solutions, and Total Information Management Corporation (TIM), a key provider of technology solutions (Data Center services, Cybersecurity, System Integration) in the Philippines, today announced a deal with Orca Cold Chain Solutions, a cutting-edge logistics and supply chain management company.

Under the terms of the agreement, TIM will provide Intrusion’s advanced threat detection and prevention solutions to Orca Cold Chain Solutions, enhancing the security of their supply chain operations. Intrusion’s technology will help protect their customers’ sensitive data and prevent disruptions to the cold chain, ensuring the integrity and safety of perishable goods.

“We are thrilled to partner with Orca Cold Chain Solutions to bring our cybersecurity expertise to the supply chain industry,” said Tony Scott, CEO of Intrusion. “Our solutions will help Orca’s customers mitigate the risk of cyber threats and ensure the reliability of their operations.”

“We recognize the critical importance of cybersecurity in our industry, and Intrusion’s solutions align perfectly with our commitment to innovation and customer satisfaction,” said Kristoffer Po, AVP of IT and Network Security of Orca Cold Chain Solutions. “This partnership will enable us to provide an additional layer of protection for our customers’ valuable assets.”

After a successful pilot, Orca Cold Chain Solutions has chosen to purchase Intrusion’s applied threat intelligence for 3 years, effective immediately.

Hashtag: #Intrusion

The issuer is solely responsible for the content of this announcement.

About Intrusion Inc.

Intrusion Inc. is a cybersecurity company based in Plano, Texas. The Company offers its customers access to its exclusive threat intelligence database containing the historical data, known associations, and reputational behavior of over 8.5 billion IP addresses. After years of gathering global internet intelligence and working exclusively with government entities, the Company released its first commercial product in 2021. Intrusion Shield is designed to allow businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure. Intrusion Shield observes traffic flow and instantly blocks known malicious or unknown connections from both entering or exiting a network to help protect against Zero-Day and ransomware attacks. Incorporating Intrusion Shield into a network can elevate an organization’s overall security posture by enhancing the performance and decision-making of other solutions in its cybersecurity architecture.

About Information Management Corporation (TIM)

TIM is a Data Center, Cybersecurity, and System Integration company, serving multiple industries in the Philippines. TIM’s portfolio of solutions and services, has more than 38 years of credible track record of enabling and servicing market leaders, and industry movers advancing businesses through technology and services.

About Orca Cold Chan Solutions

Orca is the first cold storage facility equipped with a fully automated storage and retrieval system (ASRS) in the Philippines. ASRS, in conjunction with ORCA’s in-house warehouse management system intelligently transports, stores, and retrieves pallets within its cold storage facility.

Cautionary Statement Regarding Forward-Looking Information

This release may contain certain forward-looking statements, including, without limitation, our expectations for positive results from our recent sales, marketing, and strategic initiatives, which statements reflect management’s expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof and involve a number of risks and uncertainties, including the risk that our recent sales, marketing, and strategic efforts will not result in increased product awareness or sales of our Intrusion Shield. These statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, the risk that this financing fails to provide the needed capital for the Company to execute its current business strategies, the Company does not achieve the anticipated results from its current sales, marketing, operational, and product development initiatives, as well as risks that we have detailed in the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”

MoneyHero Study Shows Inquiries for Urgent Loans in Hong Kong Almost Doubled in Post-Pandemic Era

  • MoneyHero study casts a spotlight on personal loan trends in Hong Kong, analysing organic traffic data and applications through the MoneyHero platform that manages approximately 1.4 million monthly unique users.
  • Year-over-year data also revealed an increase in user interest in loans from licensed money lenders, with the proportion of applications for money lender loans versus bank loans growing from 51% in 2022 to 62% in 2023, while interest in bank loans declined.
  • 47% of MoneyHero users applied for personal loans more than once between 2021 and 2023, and 53% of repeat applications were made during the 2023 tax loan period from October 2023 to January 2024.

HONG KONG SAR – Media OutReach Newswire – 9 May 2024 – MoneyHero Global Ltd (“MoneyHero”), Hong Kong’s largest and most visited digital personal finance platform and a subsidiary of MoneyHero Limited (NASDAQ: MNY), today released the findings of a study on personal loan and consumer behaviour trends in Hong Kong.

The study focused on data over nearly a three-year period from March 2021 to December 2023 and sought to understand how personal loan preferences among Hongkongers shifted during and after COVID-19. Analysing organic traffic data[1] and applications through the MoneyHero platform, the study provided insights into Hongkongers’ personal loan preferences and how consumers are reevaluating their borrowing choices based on their financial needs and loan application requirements.

The study highlighted a significant surge in consumer interest towards urgent loans. Year-over-year (YoY) organic traffic data from MoneyHero’s website revealed high user traffic on its urgent loan pages, witnessing a 36.7% increase over the last two years.

The MoneyHero study also highlighted growing user interest in loans from licensed money lenders, with the proportion of applications for money lender loans versus bank loans through MoneyHero increasing from 51% in 2022 to 62% in 2023 (+9% YoY). In contrast, the proportion of applications for bank loans declined from 36% to 33% over the same period (-3% YoY). This occurred despite the increasing organic traffic to MoneyHero’s bank loans page that grew by 180% over the last two years.

“Economic uncertainty and financing challenges have increased demand for quick access to cash and highlighted a shift towards alternative financing options to address immediate needs,” said Rohith Murthy, Chief Executive Officer of MoneyHero Group. “In another survey, we found that more than half of our users said they would apply for two to three loans for comparison. Indeed, the Annual Percentage Rate (APR) can vary between different loans, ranging from 1% to 1.5%. The personal loan market in Hong Kong has become increasingly competitive, with licensed money lenders introducing a wider array of loan products and rewards programs to attract consumers.”

The shift towards urgent loans and licensed money lenders reflects the growing appeal of short-term fast cash loan options to consumers. Compared to traditional bank loans, these alternatives offer several advantages that resonate with Hongkongers. These include easy application processes, speed of approval and disbursement, flexibility, convenience, less strict eligibility criteria, and shorter repayment periods – key considerations that affect a consumer’s financial decision.

Table 1: Comparison of traditional bank loans and money lender loans (source: MoneyHero Blog)

Traditional banks Licensed Money Lenders
Interest Rate* Lower Higher
Maximum loan amount From HK$2 million to HK$4 million From HK$100,000 up to HK$2 million
Application procedures
  1. Apply from a branch or online.
  2. Borrowers have to provide ID documents and income proof.
  3. Banks to assess borrowers’ credit score with TransUnion.
  1. Apply from a branch or online.
  2. ID documents can be exempted for some loans.
  3. TransUnion credit score assessment can be exempted for some loans.
Approval process Except for pre-approved loans, it usually takes more than 7 working days for approval. Can be completed within a few minutes.

The study also revealed that 47% of MoneyHero users applied for personal loans more than once in the past three years. Notably, for users applying for more than four loan products, 53% of the repeat applications were made during the 2023 tax loan period between October 2023 to January 2024.

The MoneyHero study underscores the critical need for financial literacy tools in the post-pandemic economic climate. As consumers try to keep up with socio-economic changes, so does MoneyHero, expanding its business and bringing more comprehensive solutions to the market. MoneyHero has grown from a first-mover start-up that offered simple product comparisons and blog articles, to being the city’s most prominent personal finance platform, empowering users to make informed financial decisions.

“At MoneyHero, we are committed to empowering Hongkongers by equipping them with the knowledge and tools needed to simplify their financial decisions. Through our impartial comparison of financial products, we aim to enhance financial literacy and guide individuals towards a better financial future. Our commitment to this mission remains, and we will continue to provide accessible and transparent financial information to all Hongkongers, further developing and strengthening our platform as a trusted partner in assisting consumers during times of financial stress.” Rohith added.

To discover how MoneyHero can assist with loan applications, please visit www.moneyhero.com.hk. To borrow or not to borrow? Borrow if you can repay. Don’t pay any intermediaries.

-END-


[1] A visit to a website that originated from a search engine result page but not through a paid advertisement.

Hashtag: #MoneyHero

The issuer is solely responsible for the content of this announcement.

MoneyHero Group

(NASDAQ: ), formerly known as Hyphen Group or CompareAsia Group, is a market leader in the online personal finance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan, the Philippines, and Malaysia with respective brands for each local market. MoneyHero currently manages 279 commercial partner relationships and services 8.7 million Monthly Unique Users across its platform for the 12 months ended December 31, 2023. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.

MoneyHero

MoneyHero is Hong Kong’s largest and most popular digital personal finance platform, on a mission to empower and connect the Hong Kong public to a better financial future. We realise this mission by giving users more clarity, control, and confidence over their financial decisions through comprehensive comparison, insightful content, exclusive rewards, and personalised solutions to find and apply for the right personal finance product.

Launched in 2013, we are part of MoneyHero Group, formerly known as Hyphen Group or CompareAsia Group, a leading fintech company operating in 5 markets, including Hong Kong, Malaysia, the Philippines, Singapore, and Taiwan.