Former HKMA chief executive Norman Chan latest bureaucrat to join fintech bandwagon, sets up digital payment firm
- Round Dollar Wallet Technologies is backed by five investors
- Norman Chan is the latest former Hong Kong finance official to join the private sector after John Tsang and Chan Ka-keung
Round Dollar Wallet Technologies, backed by five investors, will offer digital payment services to facilitate cross border payments, said Chan, who will serve as its chairman.
“Many companies suffer because of the slowness and difficulties in making cross border payments and in managing foreign currency risks,” Chan said in a statement. “I hope Round Dollar Wallet Technologies can promote cross border trading and further enhance Hong Kong’s status as an international financial centre.”
Chan said Round Dollar Wallet Technologies was funded by Hong Kong-based family office Bright Venture Investment, Dragonfly Round, Eminent Vision, HashKey Holdings, and ZhongAn Digital Asset Group, with each owning a 20 per cent of the company. He did not reveal their investment.
He said that the company was in the process of hiring the core team and building the platform. Chan added that he hoped to launch the services soon, mainly targeting regional trading companies.
ZhongAn Digital, a part of ZhongAn International, said in a statement that it hoped that its investment in Round Dollar Wallet Technologies would help to promote fintech in trade and commerce.
A graduate of Hong Kong’s Queen’s College, Norman Chan studied sociology before embarking on his career in civil service and banking. In between stints in the Hong Kong government, he served for two years as Asia vice-chairman of Standard Charted Bank from 2005 to 2007.
He is married to Diana Chan, former managing director of the Mandatory Provident Fund Schemes Authority with whom he has two grown-up children. He has previously told the Post he loves to read Chinese history books, taking important lessons from the past.