HONG KONG, Nov. 20, 2018 /PRNewswire/ -- Convoy Global Holdings Limited ("Convoy" or the "Company", stock code: 1019), a diversified retail financial services group, announced today a strategic partnership with Tandem Money Limited ("Tandem"), a leading U.K. digital financial services and virtual bank provider. The partnership is cemented with an initial 15 million pounds (equivalent to approximately HK$153.8 million) investment in Tandem Money Limited by Convoy. This is the first-ever partnership between a Hong Kong financial services company and a U.K. virtual bank provider. Convoy's strategy is to focus on the transformational opportunities of fintech and businesses, and the partnership with Tandem builds on its existing investments in Nutmeg in the U.K. and CurrencyFair in the Republic of Ireland.
The intention is to utilise Tandem's technology to offer digital financial services to Hong Kong consumers and, in time, to launch a virtual bank, depending on regulatory approval and the grant of a banking licence.
Unleashing Synergies to Achieve Convoy's Vision
Founded in 2013 by Mr. Ricky Knox and Mr. Matt Cooper, Tandem is one of the most established virtual banks in the U.K., operating with a full bank license under the supervision of the Prudential Regulation Authority ("PRA") of the Bank of England. Tandem Bank is a pure digital bank built from the ground up and currently serves over 300,000 customers. Tandem's digital platform offers a full suite of market-leading retail banking services, including deposits, mortgages, loans and credit cards combined with an integrated money management service offering.
Tandem utilises a data-driven cash management and wealth management structure to offer customers high value-added services, including cash management, savings, debt management and AI-driven financial planning.
Tandem acquired Harrods Bank Limited in January 2018, which brought with it 80 million pounds of capital, a sizeable mortgage book and 400 million pounds of deposits, placing Tandem in a prime position to launch a full-service and digital-only bank.
Mr. Ng Wing-Fai, Group President and Executive Director of Convoy, said, "Spearheaded by Michael Yap, our Head of Venture Capital, Convoy has been actively developing our fintech initiatives over the past three years. By securing a series of strategic fintech investments, we are now fully equipped to achieve our business vision to provide innovative services and experience to both current and prospective customers. Our partnership with Tandem is the culmination of an intense research and negotiation process. It underlines our aim to bring the most comprehensive financial management services and cutting-edge cybersecurity technology to Hong Kong, and also highlights our commitment to leading the development of the fintech sector in Hong Kong."
"Through our partnership with Tandem, we can capitalise on their technological leadership, providing our customers with a digital platform, while giving them access to our extensive financial services network and customer base."
Affording Customers New Service Experiences
Mr. Ricky Knox, Chief Executive Officer & Co-founder of Tandem, said, "We see a powerful opportunity to significantly expand our presence in Asia, one of the most vibrant virtual banking markets, and begin the expansion of our banking services across the globe. The U.K. has been leading the virtual banking revolution and it is time to capitalise on the wave of changing regulation around the world - and improve more customers' lives with money."
Mr. Michael Yap, Head of Venture Capital of Convoy, said, "Consumers expect the ease and convenience of digital services from their banks. Tandem has the most capable technology and engineering team in the virtual bank sector, especially in areas of cybersecurity and product innovation. Our partnership with Tandem will deliver the new service experience and value to customers, combining intelligence, low-cost, convenience and security. Tandem will collaborate with Convoy's existing, complementary fintech partners, Nutmeg and CurrencyFair, to identify further ways to bring their expertise to Hong Kong and the rest of Asia. We shall focus in the coming months on integrating these partnerships, but we remain on the lookout for new ideas and collaborations to bring further value to our customers."
This pioneering strategic partnership between Convoy and Tandem focuses on bringing Tandem's product innovation, technologies and compliance disciplines to financial services customers in the Greater Bay Area. A team of experts at Tandem will work with Convoy in Hong Kong on immediate collaboration and implementation.
Photo - https://mma.prnewswire.com/media/787470/Convoy_Global_Holdings_Limited.jpg [https://mma.prnewswire.com/media/787470/Convoy_Global_Holdings_Limited.jpg] Photo - https://mma.prnewswire.com/media/787471/Convoy_Tandem.jpg [https://mma.prnewswire.com/media/787471/Convoy_Tandem.jpg]
CONTACT: Corporate Communications Department of Convoy Global Holdings Limited, Ms. Bobo Wong / Ms. Apple Cheng, Tel: (852)-3601-3699 / (852)-3601-3944, Email: firstname.lastname@example.org / email@example.com; Boscobel & Partners: George Trefgarne / Charlotte Walsh, Tel: +44 203-642-1310
Web site: http://www.convoy.com.hk/