Hong Kong based AI wealth management software provider MioTech raised a $7m Series A led by Horizon Ventures, the private investment arm of Hong Kong business tycoon Li Ka-shing.
Well-funded startups also developing AI-based tools for wealth managers include Addepar and Palantir. But Tu says that while consumers have benefitted tremendously from tech innovations by companies like Google, Facebook, Alibaba and Tencent, the financial industry lags behind because many financial service firms rely on in-house tech teams, which means that “fintech continues to be more ‘finance’ than ‘tech,’ especially in Asia.”