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Digital bank Tandem launches in Hong Kong

Tandem has launched in Hong Kong with the digital bank planning to offer its range mortgages, loans and credit cards.

The move is the start-ups first venture into a foreign market, and comes in partnership with Hong Kong-based financial services group Convoy.

The London-based fintech and Convoy signed a deal last November, which saw the Asian firm invest £15m into Tandem.

The digital bank said it would roll out “an early adopter programme” for customers in Hong Kong “before the end of the year”.

 

Dealmakers

Tandem co-founder and chief executive Ricky Knox (pictured), speaking at Hong Kong Fintech Week, said: “Our innovative products and services are perfectly suited to the market here in Hong Kong and we can’t wait to be able to share Tandem with the Hong Kong consumer.”

Tandem, founded six years ago, announced in January it had topped 500,000 customers. It competes against larger UK-based rivals such as Revolut and Monzo, who both launch in the US earlier this year.

In early 2018, Tandem raised £80m of equity capital for the takeover of Harrods Bank, which saw it take on £400m of deposits, a £375m mortgage loanbook and acquire a banking license.

The bank made a pre-tax loss of £23.6m in 2017, saw losses narrow in 2018, and said it expects to make a profit in 2020.

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Roger Baird

Roger Baird

Roger Baird is News Editor at Finixio. He has worked as a financial journalist for 20 years reporting on companies, capital markets and the UK economy.
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