In a recent development, Syfe, Asia Pacific's leading all-in-one digital investment platform, has introduced Cash+ Fixed, which is Hong Kong's first investment service for time deposits. This service allows investors to achieve a fixed interest rate of 4.7% p.a. (HKD, 6-month term) by investing in exclusive time deposits with banks regulated by the Hong Kong Monetary Authority (HKMA). Cash+ Fixed does not have any minimum or maximum investment amount, extra requirements, or management fees. Syfe has negotiated competitive rates with top global banks, ensuring that customers can benefit from good rates without the need to shop around or face common hurdles or restrictions. It is important to note that Cash+ Fixed is not a collective investment scheme or a deposit or savings account. The return rates are fixed, subject to underlying bank risk, and are only available after maturity.
In another news, Hong Kong-based financial service platform Gome Finance Technology (Gome Fintech) plans to acquire Chinese game developer and publisher CashBox Group Technology for HK$200 million (US$25.6 million) as part of a strategic diversification. Gome Fintech's core businesses include commercial factoring, financial leasing, real estate mortgage loans, and money lending business in the Hong Kong region. The acquisition will mark Gome Fintech's entry into the business of artificial intelligence generated content (AIGC). The proposed acquisition will be financed by the issuance of new shares by Gome Fintech, and the company aims to complete the acquisition by the end of the month. After the acquisition, Gome Fintech's revenue is expected to more than triple to 309.5 million yuan (US$42.8) from 82.2 million yuan at the end of 2023, while profits are expected to grow to 54.8 million yuan from 37 million yuan in December. CashBox has over 20 million monthly active users and 126 million accumulated users, with users mainly distributed in countries such as the United States, Brazil, India, and Indonesia. Gome Fintech plans to leverage its payment system to link with CashBox's system for accelerated growth.
In a separate development, Singapore-based robo adviser Syfe has raised US$27 million from new investors and existing venture capital funds, including two undisclosed UK-based family offices, to expand its services in the Asia-Pacific market, particularly in Hong Kong [66104a24]. The funding will be used to introduce more products and accelerate development. The expansion is seen as an opportunity to capture the growth potential in Hong Kong, where 55% of adults are in the mass affluent category. The funding also highlights Hong Kong's attractiveness as a financial centre and its ability to attract family offices and investments. Syfe is optimistic about its growth prospects and is interested in the Wealth Management Connect scheme and opportunities in the Greater Bay Area. The robo adviser has previously partnered with Canadian insurer Manulife and is able to offer deposit products through tie-ups with banks. Syfe has raised a total of HK$615 million since its inception in 2019.
These developments highlight the expansion and diversification efforts in the financial and technology sectors in Hong Kong.