On 29 August, a group of more than twenty guests from various Hong Kong based licensed money lending companies attended a pre-launch luncheon at the Ritz-Carlton Hotel in Kowloon to formally introduce the HaveFund loan trading platform. The event was hosted by platform developer MY Innovate HK Ltd.
Festivities were kicked off by Stanley Zheng, president of MY Innovate HK, who introduced the company and its flagship product. HaveFund is a platform built on top of a cutting edge distributed ledger framework and secured using Intel SGX secure execution environment technology. Mr. Zheng unveiled the official HaveFund explainer video, which succinctly describes the mechanics of the platform.
Main speaker Alex Lau, Chief Innovation Officer at Meng & Yume Innovate Pte Ltd (the Singapore-based parent company of MY Innovate HK), started off by introducing the company’s vision statement, “Reinventing the credit market for better access,” and its mission statement, which can be summarized by the acronym SIFT: Secure (implement intelligent early detection systems), Immediate (capture opportunity at the right time), Fair (empower and enrich all parties) and Trusted (use state-of-the-art open technology).
Mr. Lau described the pain points of the mortgage loan industry and how the market is unable to fulfil certain funding needs. The loan market is high cost and high risk, lacks transparency, and is slow, complicated and inefficient. He then gave an overview of the HaveFund system, detailing how it simplifies complex processes and conducts fair and incorruptible loan auctions using smart contracts while keeping the data from all parties secure.
He went on to describe the key features of the alliance network, which are Trusted Trade to ensure the integrity of the loan auctions, a Secure Execution Environment to protect data in use, and a Secure Datastore to protect data at rest. Data in motion is also protected by end-to-end encryption of all sensitive information from both borrowers and lenders.
To give the audience a better idea of how the system actually works, Mr. Lau gave a demonstration showing how the user interface works from the point of view of both agents who sell loans and lenders bidding on those loans in the auction.
After the main presentation, Steven Wu took to the stage to give his impressions of the platform. Mr. Wu is an early alliance partner trialling a pre-production version of HaveFund and has provided valuable feedback to improve the user interface and the system flow. Mr. Wu outlined the main benefits his company sees in the platform, which are increased business efficiency, data integrity to reduce risk, and expansion of the loan trading alliance without sacrificing security.
The event was capped off by a Q&A session followed by a networking session which provided an opportunity for the lenders and platform operators to further establish contacts with one another.
The luncheon was pronounced a resounding success and is seen to herald a new era of openness and cooperation between licensed lenders in Hong Kong.