Hong Kong-based startup company LeapXpert was just announced as the winner of the global Fintech award by the UK Department for International Trade. The company, which had developed its own proprietary messaging platform, came out on top in the contest's gold category.
As part of its award, the Chinese company along with other winners will be given full access to the UK's highly lucrative financial technology sector estimated to be worth around $8.6 billion. The contest, which is in its fifth year, gives global companies opportunities to access the country's network of companies, particularly in London and Scotland.
Previous winners from China in past contests included Hong Kong artificial intelligence firm SenseTime. Since it had won the contest in 2017, SenseTime has managed to attract sizable private funding in the UK. LeapXpert is expected to follow in SenseTime's footsteps. So far, the company has already managed to raise a decent amount during one funding round.
LeapXpert CEO Dima Gutzie mentioned in a statement that the UK and London is a particularly attractive market for the company. Gutzie revealed that it already has a number of existing customers in the region, but it hopes to further expand its business in the country. London alone is home to more than 88,000 professional financial firms, accounting for around half of Europe's venture capital investment sector.
According to LeapXpert, one of its products that should be of particular interest to UK firms is its patented "federated messaging orchestration platform." The software is essentially a secure messaging platform that logs all internal communications while maintaining preset internal compliance protocols. The platform also has the ability to separate employee messages with a company's client messages. This effectively prevents privacy and security issues such as former employees poaching existing clients.
China has long been trying to develop its Fintech sector by providing government support for startups. Fintech is considered by the country as one of the four areas of strength that can ultimately lead to better economic growth. The other areas include biotechnology, smart technology, and artificial intelligence.
The director-general of trade and investment at the UK Department for International trade, Paul McComb, stated in an interview that the contest aims to provide a win-win opportunity for contest winners and the UK. This can apparently be achieved by allowing foreign players to help businesses in the UK and vice versa. The forged partnerships through the contest are expected to generate new jobs and bolster economic growth in both participating markets.
