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Robo-Advisory firm Bambu sees Huge Potential for FinTech in Asia

Read full article in Chinese here: Hong Kong Economic Times

English translation: 

Robo-Advisory firm Bambu sees Huge Potential for FinTech in Asia

Hong Kong banks have been strongly pushing for the implementation of FinTech in recent years. Bambu, a Singapore startup working with Standard Chartered Bank, sees huge potential for Asia to lead the global advancement of FinTech. They aim to become the region’s leading Robo-Advisory firm within the next 3 to 5 years. 

Founded in February last year, Bambu has been developing intelligent software and investment solutions to increase the efficiency of wealth management. The company demonstrated one of its software features at a FinTech event last month, where a client is only required to input the purpose of saving and initial investment sum to begin. The software then calculates the time period and financial plan required to achieve the client’s goals while adjusting for external factors such as inflation. 

Huge Opportunity in Asia with only 10+ Platforms Available

As someone with experience in the financial industry, Founder and CEO Ned Phillips said in the interview that the main reason for choosing Asia as the target market is the huge demand for Robo-Advisors in the region. While there are over 100 Robo-Advisory firms in the US and over 50 in Europe, there are only between 10 to 20 such firms in Asia, reflecting a huge market opportunity. 

Although China has always been the primary market in Asia, Bambu has yet to step into mainland China at its current stage. He explained that as a foreign firm, they will not enter the Chinese market hastily due to fierce competition in the local finance industry, choosing instead to select a mainland financial institution to work with as a partner. 

“Starting a company is never easy, but now is the best time to do it.” Phillips explained that it isn’t easy to convince financial institutions to take up FinTech solutions. However, more banks all over the world are beginning to search for new technologies and hence are more open to trying out new solutions. This global push has no doubt been beneficial to Bambu. 

Receiving Enquires from Banks nearly Everyday

In its 2 rounds of funding, Bambu has raised approximately USD$1.3 million in investments and hopes to raise a new round of USD$3.5 million soon. He revealed that the market demand for the latest round of funding has been intense, having reached the full target sum in a short period of time. Currently, they are receiving business enquiries from different banks nearly every day. The current situation is exceptionally optimistic for the company with an estimated revenue growth of 280% this year, reaching a total of USD$1.5 million. 

Bambu won Best Early Startup Stage Award at Fintech Finals 2017

Photocredit: Next Money

Photocredit: Next Money

Singapore based fintech startup Bambu was the winner of the Best Early Stage Startup Award at Fintech Finals 2017 in Hong Kong last month. The award is presented to winners with business robustness, transformative innovation, responsive customer experience, financial forecasts and overall presentation.

Over 200 applications were submitted, 100 start-ups competed in semi-finals and Bambu made it to top 24. The finalists flew in to pitch their ideas and transformation methods for the winning title via a 6-minute pitch to judges and live audiences. Ned Phillips, Founder and CEO of Bambu, delivered the winning pitch among 13 other firms competing for that category.

Bambu, established in February 2016, is a B2B Robo Advisor offering digital wealth services to all companies, financial and consumer brands, looking to tap into the rapid change of financial technology. Based in Singapore, Bambu markets their services Asia-wide.

"FinTech is in an incredibly exciting growth stage right now with many firms competing to build a successful business. To be recognised as a stand out firm in such an environment is a great motivator to keep us building on the journey we are on. A massive thanks to Next Money, Visa and all the start ups that entered for making the FinTech Finals the great success it was.” said Ned Phillips, founder and CEO of Bambu.

Ayannah won the overall title, Best in Show, while DarcMatter won for Best Growth Stage and BIMA for Best Mature Stage. Fintech Finals is Asia’s biggest Fintech conference and showcase, organized by Next Money and sponsored by VISA.

Bambu creates market leading B2B Robo Advisor. Revenue positive within two months from incorporation; secures market leading partners.

Bambu, Asia’s premier B2B Robo Advisor, announced today that it has secured its first revenue contract within two months from it’s initial launch.  While Robo Advisory, the name given to managing investors’ money in a digital environment, is still in it’s infancy in Asia, Bambu has created a product and team that brings world leading solutions to this region. Bambu has built a savings and investing mobile application that will enable companies around the region to offer their client’s the best of breed solutions. Within two months of launching Bambu, partnerships have been formed with the following four firms; Thomson Reuters: who will provide data; Tigerspike: one of the world’s leading digital product companies who will lead design, front end development and integration; Finantix: specialists in advisory and solutioning platforms for wealth and insurance, and Eigencat: a boutique portfolio manager who will create specialised portfolios for Bambu.