ITF to become “the world’s first fintech bank”
A new bank, Into the Future (ITF), is gearing up for launch in Hong Kong and Singapore. Among its investors is Jim Rogers, an American businessman based in Singapore and the co-founder of the Quantum Group of Funds (which he started with George Soros).
“Fintech is obviously going to change everything,” Rogers told International Investment at the recent unveiling of ITF.
ITF has applied for licences in both jurisdictions and hopes to open for business next year. It has established correspondent banking relationships with the Bank of Communications Shanghai and Bank of Communications Hong Kong.
It is also in the process of acquiring a bank in Vanuatu.
Its founders are Lim Hui Jie and Ignious Yong.
ITF claims it is “the world’s first fintech bank”, brining “financial freedom to the masses through financial accessibility, financial opportunities, and financial literacy”.
It will offer digital – online and mobile – banking services and will partner with other fintech firms in the region for product and service development.