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.
Jul 30, 2021 at 1:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/NEYEFNNHRZGKZJQ54IVPWFKBQA.jpg)
Flex Yang, co-founder of Babel Finance
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.
- 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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.