HONG KONG, June 22, 2017 /PRNewswire/ -- Magnum Research Limited ("Magnum"), a company incubated by the Hong Kong University of Science & Technology, announced completion of series A round today with leading investment from Alibaba Hong Kong Entrepreneur Fund. With services covering all three aspects of finance, algorithm and information technology, AQUMON, Magnum's robo-advisory engine, aims to assist financial institutions and their clients in long term global asset allocation, which eventually leads to transparent, stable, instant and affordable wealth management experiences for users worldwide.
AQUMON incorporates both robust algorithms and a closed-loop IT system, which not only helps financial institutions cut costs through automating their wealth management process, but also creates new possibilities for revenue growth by stimulating inactive investors with the idea of global allocation.
In addition to funding support from Alibaba Entrepreneurs Fund, Magnum will also benefit from rich resources from Alibaba Group's financial ecosystem to expand its global footprint beyond Hong Kong.
Cindy Chow, executive director at Alibaba Entrepreneurs Fund, said: "We are dedicated to discovering and nurturing promising startups with substantial growth potential. We are impressed by Magnum's creative business model, technology capabilities and its excellent team of talents. With support from Alibaba Entrepreneurs Fund and Alibaba's ecosystem, we are optimistic that Magnum will further enhance its business model and expand its market share worldwide."
Kelvin Lei, CEO of Magnum, said: "Magnum possesses top talents in the robo-advisory industry and the team is devoted to revolutionizing the wealth management industry by cutting costs, eliminating allocation barriers and improving customer services. AQUMON is born with the goal of providing general public with the next-generation wealth management tool, which is in line with Alibaba Entrepreneurs Fund's support of leveraging technology to serve the society. We are grateful for Alibaba Entrepreneurs Fund's support and we are determined in becoming a leader in the automated wealth management area."
"Magnum has dedicated itself to algorithm development and technological innovation. Along with our thorough understanding on financial markets, AQUMON is built into a robo-advisory engine recognized by industry experts – it is foreseeable that Magnum's value will increase with AQUMON's growth," added Don Huang, co-founder of Magnum.
Since its establishment in 2015, Magnum has raised more than 3 million USD in capital through its seed investment round, pre-Series A round and the Series A round this time. The team has grown to 25 people, with offices in Hong Kong, Shenzhen and Singapore among others.
Magnum has managed to expand their business in the past two years, from Hong Kong to Mainland China and regions in Southeast Asia, growing quickly compared to its competitors. More than 12 leading financial institutions, including banks, brokerages, insurance firms and wealth management companies, have signed a letter of intent with Magnum. Cooperating products are expected to be rolled out to market in July, benefiting investors craving for automated wealth management services.
About Magnum Research Limited
Magnum Research is a FinTech start-up incubated by the Hong Kong University of Science & Technology. AQUMON, Magnum's robo-advisory engine, strives to provide a holistic solution that tackles challenges of costly global asset allocation and obsolete IT infrastructure faced by asset manager.
Media Contacts:
Summer Yan
Phone: +852-2155 2816
Email: info@aqumon.com
Website: www.aqumon.com
