Technology 3 min read

Miss Kaya: FinTech Advice Helps Asian Middle Class Outgrow the U.S.

Miss Kaya: FinTech Advice Helps Asian Middle Class Outgrow the U.S.

Gina Heng launched a platform to assist women in managing their finances. Named Miss Kaya, this FinTech firm, based in Singapore, is described as the first women-oriented financial platform in Asia.

The Asian FinTech market is witnessing exponential growth. However, it remains focused on a male audience that is supposedly more familiar and more comfortable with financial workings and jargon than women. Now, a female ex-hedge fund manager created the first women-oriented FinTech platform in Asia to help women manage their finances.

Miss Kaya is the first FinTech platform built to assist Asian women with financial planning.Click To Tweet

Miss Kaya, Women-Focused Financial Robo-Adviser

Prior to founding Miss Kaya, Gina Heng had a lengthy career in asset management, telecommunications, and commodities. She is the CEO and co-founder of the Marvelstone Group, a venture capital and equity firm.

In this context, the word “kaya” has two denotations: it means “rich” in Malay. And it’s also the name of jam made of coconut and brown sugar, known as “Kaya spread,” which is famous in Southeast Asia.

It was from this philosophy and this spirit that Miss Kaya was born. Gina Heng wanted to offer a tool specifically designed for modern Asian women, and help them to be not only rich but also happy, just like after having a bite of delicious Kaya spread.

This automated advisor will help women become more aware of the financial implications of financial decisions. Miss Kaya would walk women through the first stages of their journey via budgeting and investment tools, and an e-wallet with a debit card. Thanks to Miss Kaya’s tools, Asian women will be able to assess objectives and risks and gain an overall confidence in managing their finances.

Women in the Patriarchy of Finance

According to the HSBC report, The Future of Retirement: Why Family Matters, most aspects of financial planning and financial decision-making are dominated by men.

Polled from over 17,000 people in 17 countries, with 7,300 from Asia, 65% of men worldwide (68% of Asian men) said they make all or most of the household financial decisions. Compared with 58% of women in Asia (53% globally), 63% of Chinese women claimed they take the lead in managing family finances, making all or most of the financial decisions.

China has seen an explosive growth of its middle class that is now, for the first time, the largest in the world. A report by Credit Suisse indicates that in 2015 China’s middle class surpassed that of the United States, estimated at 109 million and 92 million people respectively.

Chinese women will have strong impacts on all models of consumption and could lead to deep societal changes, especially with a financial autonomy and responsibility. Miss Kaya is a sign that this trend will continue.

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Zayan Guedim

Trilingual poet, investigative journalist, and novelist. Zed loves tackling the big existential questions and all-things quantum.

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