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Babel Finance Bets on Longtime Fintech Hand to Help Navigate Regulatory Landscape
The Hong Kong-based crypto lender says new CFO Edmond Lau will oversee $500 million in assets under management.
Updated Sep 14, 2021, 1:33 p.m. Published Jul 30, 2021, 1:00 p.m.
Crypto lender Babel Finance appointed Edmond Lau, a former Citigroup vice president, as its chief financial officer, hoping he will keep the company on regulators' good side.
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- Lau, also a former managing director of Beijing-based VC firm Lingfeng Capital, will lead fundraising efforts and "provide strategic input" for Babel's business and regulatory compliance planning, according to a press release shared with CoinDesk.
- Lau will "unquestionably" boost the company's relationship with regulatory bodies, Babel co-founder and CEO Flex Yang said.
- Babel closed a $40 million Series A funding round in May, had lent $2 billion and counts $500 million in crypto assets under management, the press release said.
- Lau will also oversee M&A activities and partnerships.
- Babel Finance applied for a Type 9 asset management license in Hong Kong last November, but has yet to receive approval.
- Huobi Technology secured the license in August 2020, and launched dedicated crypto funds in April.
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