Jkos Network Co Ltd (街口網絡), the parent company of Jkopay Co Ltd (街口電子支付), yesterday said its founder and chief operating officer Kevin Hu (胡亦嘉) would serve as chief executive officer of Paradigm Asset Management Co Ltd (國票華頓投信) after Jkos secured a 25 percent stake in the company in January.
The appointment has been approved by the Financial Supervisory Commission, it said.
A new chairman and general manger for Paradigm would be announced at a later date, as the commission is still reviewing the candidates, Jkos said.
The company declined to reveal the size of the deal, but it could have cost NT$115.68 million (US$3.75 million) to buy the shares, based on Waterland Financial Holdings Co (國票金控) data released in January.
“Our goal is to turn Paradigm into an Internet investment trust and consulting firm, enabling young consumers to reach our products directly on their phones while most fund companies still rely on banks to market their products,” Hu said in a statement.
The company plans to sell funds to young investors by accepting electronic payments if it obtains the commission’s approval, he said.
Aiming to promote inclusive financial services, Jkos said it plans to launch affordable funds in which consumers would only need to make small investments.
The company ranks first in terms of market share for customers younger than 45 years old with 20.9 percent, Hu said.
According to regulations, consumers are allowed to invest in money market funds and low-risk mutual funds by using electronic payments, Hu said, adding that the company hopes that the commission will relax the rules, allowing other types of mutual funds to be offered.
“We believe that if consumers are free to buy funds on their phones, their interest and willingness would be boosted, as it would be much more convenient,” Jkopay communications officer Vivien Chan (詹宥虹) told the Taipei Times.
The company also hopes the commission would integrate two sets of regulations related to electronic payments and investment consulting, as the two sectors could benefit, Chan added.
An electronic payment firm is an agent that collects funds and makes payments on behalf of its customers, which is different from a fund manager that invests in cash and cash-equivalent securities that can be purchased using electronic payments, Securities and Futures Bureau Deputy Director-General Tsai Li-ling (蔡麗玲) said.
The commission is willing to further discuss the matter with Jkos, she said.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last