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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.
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.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
