- Charles Li, former head of the Hong Kong exchange, said his new firm could expand its financing model to Southeast Asia as early as the fourth quarter
- The company has focused its financing in exchange for a cut of daily income in mainland China, where mobile payments make it easy to track revenue
Charles Li Xiaojia, former head of Hong Kong Exchanges and Clearing, pitched his new venture that finances small businesses and takes a cut of daily revenue at the Money20/20 Asia conference in Bangkok, as the company pushes the model outside China.
Micro Connect could be ready to launch the model in Southeast Asia as early as the fourth quarter, Li said on the sidelines of the three-day conference on Wednesday.
“I would say at the earliest, our serious push to Southeast Asia is going to be in the fourth quarter,” Li said. “We don’t need regulators. If you are a fund manager or if you’re just an investor here, and you know how to invest in Thai chains, you go ahead and invest in, let’s say 100 shops of five chains and collect enough local investors to put in there.”
Li was the opening keynote speaker on day two of the conference, where he made the case for his vision for alternative financing that he once believed could only work in a highly digitised market like mainland China. Wide adoption of mobile payments in China means that a final tally of the day’s revenue can quickly be seen by the close of business and then investors can take their cut.
