Quantifeed, a Hong Kong-based provider of software for financial institutions, has received US$10 million in funding, which will be used to expand its business and open an office in Singapore.

Its recent series B round was led by Taiwan’s Cathay Financial Holdings and American asset manager Legg Mason, reported Tech in Asia. The former’s subsidiary, Cathay United Bank, is a client of Quantifeed.

The start-up’s main business involves creating advisory software solutions for various financial institutions, including digital brokerages. It also provides investment advice, an analytics platform, and tools for sales and customer engagement.

Quantifeed has a team of quantitative analysts that monitor various markets and securities to obtain valuable data and insights.

It currently operates in Hong Kong, Malaysia, Singapore, Taiwan, and Australia. Now it its fifth year, it will use the additional money to fund research and development in data science, behavioural analytics, and other fields.

Singapore has been active in its support of digital advisory services. Last year, the Monetary Authority of Singapore (MAS) said that it will not require a separate licence for digital advisory firms. The country’s intellectual property office also recently launched a fast track for fintech firms, which will speed up applications for patents.

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