The former chief executive of the Hong Kong Monetary Authority, Norman Chan, launched Round Dollar Wallet Technologies, a fintech firm focused on cross-border payments.
Chan will serve as the chairman for Round Dollar Wallet Technologies, according to a statement, which is backed by five investors: family office Bright Venture Investment, Dragonfly Round, Eminent Vision, HashKey Holdings, and ZhongAn Digital Asset Group. The investors own 20 percent each but the sum of the investment were left undisclosed.
ZhongAn Digital, an arm of ZhongAn International which also owns a licensed virtual bank in the city, said that it hoped its investments in the new fintech company will boost fintech in trade and commerce.
Fruits of his Labor
The 65-year old Chan is now furthering the efforts he made to promote fintech during his tenure as Hong Kong’s central banking chief between 2009 and 2019 before stepping down last October.
Chan boasts a rich career in both the public and private sectors including a two-year stint as the Asia vice-chairman for Standard Chartered between 2005 and 2007.
Round Dollar Wallet is currently hiring a core team and building a platform with the aim of launching soon to mainly target regional trading firms.
