The firm intends to grow its business beyond the Greater Bay Area.

Hong Kong-based digital wealth management company AQUMON has opened a new office in Shanghai, according to marketing-interactive.com. 

AQUMON was quoted as saying that the new location is a strategic next step for the fintech term to grow beyond the Greater Bay Area. This expansion will mark its operating presence in its third Chinese city after Hong Kong and Shenzhen. The company also has a registered office in Singapore.

WealthBriefingAsia has contacted AQUMON for comment and may update in due course.

“China’s growth potential in the wealth management market is tremendous. At the end of 2021, it was conservatively estimated that there are 30 million investors with investable assets of more than ¥1 million, and we are continuing to see the growth of middle-class assets," Kelvin Lei, CEO and co-founder of AQUMON, was quoted as saying.

AQUMON has an onshore investment management business, launched in 2019 which received its Private Investment Fund License from the Asset Management Association of China (AMAC). The firm was founded in 2016, according to its website.

Co-founders of AQUMON are Kelvin Lei, chief executive and Dr Don Huang, head of quantitative research.