Monexo, Peer-to-Peer Lending Marketplace, Joins DBS Accelerator, Hong Kong

CYBERPORT, Hong Kong - Aug. 12, 2015 - PRLog -- Hong Kong based Monexo Innovations Limited (www.monexo.co) has been selected by the DBS Accelerator Programme, powered by Nest, as the only peer to peer lending marketplace startup in the programme.

The three-month fintech accelerator programme will provide mentorship from specialists in banking, technology and startups. The programme will conclude with a Demo Day to create opportunities for startups to raise capital.

DBS has committed to supporting entrepreneurs and startups within the Hong Kong fintech space and will provide mentorship from carefully selected business leaders and entrepreneurs to help the 10 selected companies develop their businesses. DBS Bank (Hong Kong)’s Managing Director, Head of Technology & Operations, Hong Kong & Mainland China, David Lynch, said, “We are extremely pleased with the quality and diversity of the applications we received. Clearly, FinTech is attracting a new wave of talent and entrepreneurial thinking. Industry mega trends, such as cloud computing, mobility and wearable technology, the Internet of Things and data science, are unlocking the potential to create new business models and ecosystems. It's energising to see how many high potential startups are moving into the space.”

Nest CEO, one of the active mentors within the programme, Simon Squibb commented that: “Nest has been supporting Mukesh and the Monexo team for a while now so it is great to be able to formalise the relationship through the DBS Accelerator programme. The business has already gained great traction in the peer-to-peer lending space but the programme will give them access to an excellent network, invaluable mentorship and unrivalled marketing support to enable them scale rapidly in key Asian markets."

Mukesh Bubna, Co-Founder and CEO of Monexo commented on Monexo’s participation within the accelerator programme, saying: “Online peer-to-peer lending started as an experiment a decade ago in the United Kingdom. Today it is an industry where banks and peer-to-peer lending marketplaces are partnering. We are excited at the possibilities this accelerator programme could open up for us at Monexo.”

Monexo is a pioneer in the peer-to-peer lending market in Hong Kong, and its first product, using future rental income, is aimed at investor property owners. Borrowers can receive up to 48 months of future rental income upfront. The borrowers assign the rental income to the lenders.

The startup’s traction is evidenced by the partnerships it has formed with brands like:

·      AIG – (http://www.aig.com.hk/ ) for providing Insurance coverage on loans up to HKD 600,000 for certain events.

·      The Hong Kong Trust Company Limited (http://www.hongkongtrustco.com/ )– all lenders and borrowers money are kept in escrow account with them.

·      Robertsons Solicitors (http://www.robertsonshk.com/en/ )– for all legal documentation

·      Thomson Reuters (http://thomsonreuters.com/en.html )– for KYC & AML (Anti-Money Laundering) checks.

The team at Monexo believes that the recent formation of the Fintech Steering Group by John Tsang, Financial Secretary of Hong Kong, marks a step in the right direction to transition Hong Kong from a financial center into a fintech hub.

About Monexo: Monexo (www.monexo.co) is an online Peer-to-Peer lending company incubated at Cyberport, Hong Kong.  Monexo’s vision is to solve the growing gap of credit availability for individuals & MSME (Micro Small Medium Enterprises) across Asia with its fast, simple, convenient and tailored Products for the segment.

Contact Name: Mukesh Bubna

Organisation: Monexo Innovations Limited

Phone Number: +852 36186143

Email: Mukesh.bubna@monexo.co

Website: www.monexo.co