Hong Kong fintech has been acquired by the professional services behemoth.
Accounting giant KPMG has acquired Hong Kong-based fintech Matchi, signaling the growing importance of fintech to professional service firms.
“Financial institutions increasingly recognise the value in identifying and partnering with fintech companies,” said Ian Pollari, the head of fintech practice at KPMG Australia.
“KPMG financial services professionals are helping clients to navigate through the ‘noise’ of the rapidly changing fintech environment and take advantage of emerging technologies.”
Matchi is a matchmaking platform that prescreens fintech startups, then helps them connect with bigger corporates. For example, institutions like banks, who want to find blockchain startups in a certain location, can search and connect with fintech startups in Matchi’s database.
Since its founding in 2013, the platform has developed a database with over 2,500 fintech companies and connected them with over 100 leading banks and insurance companies.
“Combining the Matchi platform with the exceptional knowledge and skills of KPMG professionals creates a powerful fintech resource,” says David Milligan, Matchi CEO.
“We are fulfilling the promise of collaboration between financial institutions and fintech firms.”
Speaking to AltFi, Ian Pollari said KPMG was optimistic about the future of fintech, “but we include in that definition not just start ups but the digital reinvention of established financial institutions.”
KPMG has made fintech acquisitions before. In February 2016 the company bought out Markets IT, a Melbourne-based fintech that supplied Murex software.
