A venture capital firm fueling FinTech and SaaS innovations in Hong Kong's startup landscape

Wings Capital Ventures

Wings Capital Ventures invests in Hong Kong-based startups with the potential for regional expansion, particularly in the FinTech and SaaS sectors, from seed to A round. Through our investments, we offer comprehensive support and guidance to propel young companies towards their full potential.

🌍 The world’s first comprehensive artificial intelligence (AI) 🧠 rules will come into effect throughout the European Union (EU) on August 1. 

Dayta AI’s Patrick Tu said the EU’s mandates surrounding “the quality, relevance, and representativeness of training data will require us to be even more diligent in selecting our data sources”.

“Such focus on data quality will ultimately enhance the performance and fairness of our solution,” he added.

Tu said the AI Act provides “a comprehensive, user rights-focused approach” that “imposes strict limitations on personal data usage”. By comparison, the “rules in China and Hong Kong seem to focus more on enabling technological progress and aligning with the government’s strategic priorities”, he said. 

#artificialintelligence #ai #wingscapitalventures #wcv #hkvc #hkstartup

🚀 Exciting News Alert! 🚀
We are thrilled to announce a significant milestone for Wings Capital Ventures as we continue our journey of fostering innovation and supporting promising startups in Hong Kong and Asia. Today, we are delighted to introduce four exceptional individuals who are joining us as Venture Partners, each bringing unique expertise and insights to our team.

🌟 Alby Lee: With over two decades of experience in the banking sector, spanning private banking, consumer banking, transaction banking, and operations, Alby has held key leadership roles across prominent banks in the UK, Europe, and Asia. Her deep understanding of financial markets and extensive network will be invaluable as we explore opportunities in the fintech space and beyond.

🌟 Desmond Lin: Bringing over 15 years of expertise in the insurance industry with an extensive international network, Desmond has a proven track record in venture capital, private equity, M&A and corporate development in Asia. He has served on the boards of several insurers, insurtech and healthtech companies in Asia, driving strategic initiatives and fostering innovation in the evolving insurance landscape and the expanding ecosystem of stakeholders.

🌟 Annie Tay: A distinguished Fellow of the Institute and Faculty of Actuaries, brings over three decades of hands-on expertise in insurance and wealth management. Her experience spans institutions and startups across developed, emerging, and offshore markets (Bermuda, Isle of Man, BVI). Demonstrating unwavering professionalism and leadership integrity, Annie fosters genuine collaboration and cultivates strong Boards and leadership teams. With a mission to build the insurance industry for the next generation, she leverages her extensive expertise in customer proposition, regulatory governance, strategy, corporate finance, investments, actuarial science, enterprise risk management, and operational transformation.

🌟 Plato Wai: A seasoned business development expert with more than 15 years of experience in technology entrepreneurship and business development in Hong Kong, Plato is also a respected columnist and author. His deep insights into emerging technologies and market trends will be instrumental in identifying promising investment opportunities and nurturing our portfolio companies towards success.
 
Together, with our new Venture Partners on board, we are more equipped than ever to identify and nurture the next generation of game-changing startups. We are confident that their collective expertise will propel Wings Capital Ventures to new heights of success.
 
Please join us in welcoming Alby Lee, Desmond Lin, Annie Tay, and Plato Wai to our team! We look forward to the exciting journey ahead as we continue to drive innovation and make a meaningful impact in the startup ecosystem.

#wingscapitalventures #wcv #venturecapital #vc

🍾We are very delighted to see the merger between BINERY and mesha! This merger brings resources from US and UAE to Binery and brings customers from Asia to Mesha🌏. 

It is also very encouraging for a global startup to identify a HK startup as a springboard 📈 for their Asia expansion🛫.

We look forward to the wonderful journey 🚀 ahead with Mesha!

#fintech #saas #startup #venturecapital #hkvc #wcv #wingscv

Back in January, Deloitte released a comprehensive report, "Turning innovations into wealth: How to fill the commercialisation gap in Hong Kong", which succinctly summarized the current state of HK's innovation & technology (I&T) development, focusing on the challenges and opportunities that the I&T sector is facing. The report is full of industry and government insights, and I would recommend to anyone interested in this ecosystem.

With only ~1% of GDP spent on R&D per year, HK has a lot to catch up to other tech-leading economies which regularly spend 3-5% of GDP on R&D every year. A lot of things should be done in order to address the R&D gap, and many are already underway, including:

💡 Setting long-term strategic directions and supportive measures for the I&T sector
💡 Fostering a conducive startup environment, such as incentivizing startup formation and I&T job creation
💡 Talent acquisition from the overseas
💡 Funding schemes like RAISe+ aim to catalyze research outcomes into commercial successes
💡 Fostering a culture of innovation and bolstering public trust in the I&T sector

To develop HK into an I&T hub of Asia, there are many development gaps to be filled, and I'm sure many startups, tech entrepreneurs, researchers and industry participants have personal experiences facing these issues. They include:

✏ Increase demand for homegrown tech, starting with government procurements
✏ Nurture more local I&T talents, in addition to acquiring overseas talents
✏ Help startups navigate the GBA market
✏ Address the acute funding gap being faced by the startup ecosystem, especially early-stage funding. A lot can be done, including public allocation towards homegrown early-stage VC/PE managers, encouraging overseas VC/PE funds to be domiciled in HK, encouraging private investments in HK's I&T sector, etc.

Another important part of the report is to address the R&D commercialization gap, based on both push factors (academia's collaboration with industry, tech licensing, etc) and pull factors (industry's demand for homegrown R&D outputs). Ex-founders who have successfully grown and scaled tech businesses, and VC investors with experience in investing across different growth stages of startups, can contribute tremendously as well.

Last but not least, tech means GROWTH in Hong Kong.

#startup #hongkong #innovation #technology #researchanddevelopment #hkvc #venturecapital #deloitte 

📒 The full report can be found at the bottom of the linked article on Deloitte's website: 📒

🎉 Congrats to Bowtie Life Insurance Company for selling the highest number of policies via direct channel for 7 consecutive quarters since Q2 2022 in Hong Kong (source: Insurance Authority). 🏆🏆🏆🏆🏆🏆🏆

In the overall market, Bowtie was also top 10 🏅 in the number of polices sold across all channels.

When Bowtie was founded in 2018, few believed medical and life insurance policies could be sold directly online, but we were fortunate and grateful to be one of them. Not only we believe in innovation and technology, but the combination of these with founders' vision and domain expertise. Let's "Make Insurance Good Again"!

#makeinsurancegoodagain #insurtech #fintech #venturecapital #wcv #wingscv #hkvc

🎉 Congrats to WeLab's Bank Saqu by Bank Jasa Jakarta for reaching 500,000 customers in 3 months. 🚀

At Wings Capital Ventures, we believe FinTech companies from Hong Kong can become leading players in Asia, such as WeLab building a digital bank in Indonesia!

#fintech #digitalbanking #venturecapital #wcv #wingscv #hkvc

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