In second bet on fintech, former Hong Kong financial secretary John Tsang backs identification project
Technology that uses telecommunications data ‘safer and better than current methods’
John Tsang Chun-wah, former Hong Kong financial secretary and chief executive aspirant in 2017, has embarked on a new chapter, one that he has promoted since his time in office – fintech investment.
He was last week named vice-chairman of Ion Pacific, a fintech focused merchant and investment bank, and is now poised to be appointed as chairman at BVL, a fintech company that has developed technology that lets merchants verify the identities of customers using the latter’s smartphone telecommunication data.
Tsang, who is also an investor in the company, believes the technology will help to promote e-commerce. “The BVL technology will be safer and better than current methods such as passwords, biometrics and facial recognition,” he said, adding that banks, merchants and telecommunications companies had shown interest in the technology.
While he did not disclose his investment, Tsang said the company was yet to generate revenue as it was still in the process of setting up. But BVL has completed the technology development stage and Tsang was in the process of approaching banks and merchants with the service.
Hong Kong-born and raised, Tsang is the city’s longest serving financial secretary. He held office for a decade until 2017 and guided the city through the 2008 global financial crisis. He resigned in late 2016 and ran for the post of Hong Kong chief executive in early 2017, eventually losing out to Carrie Lam Cheng Yuet-ngor.
