Keep forgetting your password? So does former finance chief John Tsang, and that’s why he’s backing this fintech start-up

By his own admission, Hong Kong’s former financial tsar John Tsang Chun-wah is not the most likely chairman of a financial technology company that claims to be on the cusp of revolutionising mobile payments security.
“I seldom do any online shopping. I still read a printed version of the newspaper instead of reading it via a smartphone. But I believe in fintech and the commercial power of the mobile phone, because now over 80 per cent of people in Hong Kong have a mobile phone,” said Tsang, who recently invested in and was made chairman of Benefit Vantage, a fintech start-up.
“I wanted to get involved with a business that could break new ground in terms of how people use e-commerce or play mobile games.”
Benefit Vantage is aiming to launch a new service in September they claim will eradicate the need for a username or password when a merchant is verifying the identity of a customer paying with their mobile phone.
It’s an innovation Tsang himself could have benefited from over the years.
“Many online merchants require you to set up a password. How can one remember so many passwords? Many people, including myself, tend to forget it within five minutes,” he said.