Formal Notice of Vigilance against Misuse of the Name of BMYG Financial Group

Formal Notice of Vigilance against Misuse of the Name of BMYG Financial Group

BMYG Financial Group (hereinafter referred to as “the Company”) wishes to inform the public of its recent discovery of individuals misusing the name of the Company and impersonating the Company’s staff to illegally sell financial products within and outside Australia. This illicit activity has caused serious harm to the legitimate rights and interests of the Company and investors. The Company hereby issues this formal notice to remind investors of the following:

  • BMYG Financial Group holds Australian Financial Services License (AFSL) No.505332 and is a fund management and wealth management company regulated by the Australian Securities and Investments Commission (ASIC). Its range of businesses includes fund management, wealth management, and trustee service. The Company has offices in Melbourne and Sydney, Australia as follows:
  • Melbourne CBD Office: Level 41/55 Collins Street, Melbourne VIC 3000
  • Melbourne Box Hill Office: Level 5/990 Whitehorse Road, Box Hill VIC 3128
  • Sydney CBD Office: Level 39/225 George Street, Sydney NSW 2000
  • The Company’s joint venture subsidiary, BoMan RichLink Capital, holds a financial services license issued by the Securities and Futures Commission of Hong Kong and can provide securities and asset management services to investors. BoMan RichLink’s Hong Kong team boasts a strong board of directors and operates a comprehensive investment and asset management business in Hong Kong. The office address of BoMan RichLink in Hong Kong is: Room A02, 29/F, United Centre, 95 Queensway, Admiratly, Hong Kong
  • The Company’s subsidiary, ALLFIN®, is Australia’s first financial full-media platform and is currently published on seven major global social media platforms. Its total number of users exceeds 150,000, and its accounts include: WeChat Official Account @澳财、WeChat Service Account @澳洲财经、YouTube @澳财网、Red @澳财、Toutiao @澳财网、Xueqiu @澳财网、Xigua Video @澳财网
  • The Company has a representative office in Beijing, China.
  • The official website of the Company is www.bmyg.com.au, and its customer service phone number is 1300 226 666 or +61 3 8623 7999. Its customer service email is info@bmyg.com.au.

The Company strongly advises investors to exercise utmost vigilance, to carefully identify all communications, and to protect their legitimate rights and interests. Investors are urged to be aware of and guard against being deceived. If any abnormal situation is found, such as the misuse of the name of “BMYG Financial Group” or “BMYG Financial Group” staff, please contact us directly for confirmation by calling 1300 226 666 or +61 3 8623 7999.

The Company reserves the right to take legal action and pursue legal liability against any individual or organization that misuses the name of BMYG Financial Group or the Company’s staff in any way.

This formal notice is hereby issued by BMYG Financial Group on May 12, 2023.

BMYG raises $100m, funds under management swells to $500m

BMYG raises $100m, funds under management swells to $500m

It’s been a big few months for fund manager BMYG Financial Group.

The wealth management firm has raised $100 million from predominantly high net worth investors, in a sign of support for its “global unicorns” investment strategy.

BMYG founder Eric Gao wants to hit $1 billion in funds under management by 2024
BMYG founder Eric Gao wants to hit $1 billion in funds under management by 2024

In less than five years the boutique firm has gone from $15 million in funds under management to $500 million.

CEO Eric Gao contributed the growth to three factors; broadening its investment strategy from Aussie tech to include other investment funds and now global companies, extending its client base eightfold across Australia, and getting some early wins under the company’s belt.

In one of BMYG’s most recent investments, the fund manager snapped up a $15 million parcel of shares in Swedish buy now pay later giant Klarna, via a secondary share sale.

The Klarna deal forms part of its Global Inspiration X fund, through which it has also invested in Airbnb. It is aiming for a 20 per cent return on its investments.

It also has invested in more than 20 start-ups, including VBreathe, OpenMarkets, Wholesale Investor and Rich Data Corporation, as well as fund managers including Advent Partners, Square Peg Capital and Valara.

One of its early exits has come through fintech 86400, which was acquired by NAB for $220 million earlier this year.

“Just five years ago, we were telling the market that we were hopeful to raise a fund of $50 million. Now, we’ve secured ten times that amount and are aiming to double in less than half the time,” BMYG’s Eric Gao said.

“This is a credit to the success of the Australian emerging technology market. There’s intense interest from Chinese high net worths in the sector as they look to diversify their portfolios.”

BMYG’s next goal is to crack $1 billion in funds under management by 2024.

Article sourced from: https://www.afr.com/street-talk/bmyg-raises-100m-funds-under-management-swells-to-500m-20211025-p592xt

VBreathe investors double down in pre-IPO raise

VBreathe investors double down in pre-IPO raise

Air purification and detoxification technology company VBreathe is raising up to $10 million in a pre-IPO capital raising slated to close next week.

Mohit Sharma with VBreathe's air purification and detoxification device
Mohit Sharma with VBreathe’s air purification and detoxification device

The company, which has an air detoxification device utilising a special filter, has boomed during COVID-19, with revenue understood to be up more than 500 per cent (off a low base) going into the 2022 financial year, thanks to the device’s capability of killing airborne viruses.

Early investors Mark McConnell of Citadel Group and Eric Gao’s BMY Group are understood to be doubling down on their initial investments and are already locked in to support the latest raise.

The device is portable, charges via a USB-C connection, and looks more like a speaker or a fancy fan than an air detoxifier.

Founded by Australian serial entrepreneur Mohit Sharma in 2015, its device combines a patented detoxifying gel technology based on natural compounds (which saturates the air in indoor spaces via a controlled evaporation process) with HEPA filtration, which is capable of capturing tiny particles.

The device has been assessed by global laboratory testing company Eurofins and the independent report, seen by Street Talk, indicated it could reduce a surrogate strand of the coronavirus with 99.9 per cent efficiency after two hours of usage.

Bell Potter and Ad Astra were assisting VBreathe with the raise. The company is aiming to list on the ASX next year.

In February, the company announced it had raised $6 million and had secured distribution agreements in Denmark and Germany, as well as with Procurement Australia. Since then, it has also locked in distribution deals in Poland, and direct sales in Australia are understood to have surged.

Article sourced from: https://www.afr.com/street-talk/vbreathe-investors-double-down-in-pre-ipo-raise-20210909-p58q75

BMY Group snaps up Klarna shares in secondary sale

BMY Group snaps up Klarna shares in secondary sale

Thanks to Square’s $39 billion bid for Afterpay, there are few markets as hot as the buy now pay later space, but one Melbourne investment group bought in just in the nick of time.

Shortly before the largest deal in local M&A history, it’s understood that corporate advisory and wealth management firm BMY Group snapped up a $15 million parcel of shares in Swedish BNPL giant Klarna, via a secondary share sale.

With comparable stocks such as Zip and Sezzle trading up 20 per cent and 14 per cent respectively in the aftermath of the deal, it’s not a stretch to expect Klarna’s value to also be given a significant boost.

The second highest valued private fintech in the world, Klarna a $US46 billion valuation in June when it raised $US639 million in a round led by SoftBank – a $US7 billion increase on its valuation achieved just three months earlier.

On Tuesday CBA announced that its business customers who switch on Klarna will pay no merchant fees for six months, in an attempt to help the fintech catch up to Afterpay.

The investment from BMY Group, which has the backing of a range of high net worth Chinese investors living in Australia, will have scored it only a tiny fraction of the company, but with an IPO expected to be in the works, that tiny fraction could still net it a nice return.

BMY Group has also backed the likes of artificial intelligence-powered credit risk management software company Rich Data Corporation.

Its investment in Klarna comes after the European BNPL player is widely expected to have made its own investment down under in Zip.

Article sourced from: https://www.afr.com/street-talk/bmy-group-snaps-up-klarna-shares-in-secondary-sale-20210810-p58hk5

Rich Data Corporation secures $15 million to accelerate growth

Rich Data Corporation secures $15 million to accelerate growth

accelerate growth

Rich Data Corporation (RDC), an industry-leading AI credit risk management platform, has raised $15 million via a strongly supported and upsized funding round. The round introduced new investor BMY Group and a small number of well-known technology / high net worth investors.

Funds raised will enable RDC to accelerate growth initiatives in Australia and offshore, including into Asia, the US and Europe, as demand rapidly increases in finance sectors globally for ethical AI and machine learning-based technology platforms that integrate with legacy systems and provide lenders with more accurate, transparent and compliant credit decision data and predictors of borrowers’ future behaviour, revenue and expenses.

Melbourne-headquartered BMY Group, a funds management firm that specialises in international growth and scaling investment opportunities in the technology sector, was the largest investor in the round, contributing over $12 million. With successful investments in high growth technology platform businesses, BMY Group’s insights and relationships will support RDC’s growth plans.

BMY Group Founder & CEO Eric Gao will join the RDC Board as a non-executive director, bringing 15 years of professional experience in investment, wealth management and Fintech, that will further enhance the RDC Board as it looks to rapidly scale its AI platform and grow in Australia and offshore.

Commenting on the successful funding round, Rich Data Corporation Co-Founder & CEO, Ada Guan (pictured) said, “We are very encouraged by our substantially upsized funding round, and the strong level of support shown by new investors, including some well-known technology specialists. I would also like to thank BMY Group for its support and welcome Eric Gao to our Board.

“Our ‘Delta’ platform is the finance industry’s most sophisticated risk management platform, using explainable artificial intelligence and predictive machine learning models, traditional and alternative data sources to provide more accurate, transparent and compliant credit decisions.

“We have very strong demand from financial services companies around the world who want to provide more access to credit that better suits their borrowers’ needs and propensity to pay. Our pipeline from well-known banks and other financial services companies continues to rapidly expand, underpinning our exciting growth trajectory.

“This funding round supports us entering new lucrative markets in Australia and offshore, and will have us well placed to deliver on our mission to deliver increased financial inclusion globally.”

BMY Group Founder & CEO Eric Gao said, “The BMY Group has been an active investor with a broad range of innovative technology companies – from global giants like Airbnb and DJI to Airtasker, 86400, Vbreathe and Openmarkets. We have been screening opportunities in the Data and AI sectors for years. Rich Data Corporation is precisely the one we have been looking for.

“We have a keen interest in identifying the rising stars of technology and providing additional expertise and resources to help them grow, providing win-win-win results for the companies, our investors and society with their positive impacts. Rich Data Corporation is a highly skilled team with a deep understanding of how artificial intelligence can provide more ethical access to credit, so were a natural fit for us. I look forward to embarking on their journey to increase financial inclusion.”

Article sourced from: The Australian-“Rich Data Corporation secures $15 million to accelerate growth”.

Rich Data Corporation raises $15 million from BMY Group after winning NAB as a customer

Rich Data Corporation raises $15 million from BMY Group after winning NAB as a customer

Only 15 months after being in danger of collapse, artificial intelligence-powered credit risk management software company Rich Data Corporation has secured $15 million in a round led by BMY Group, with the funds set to propel its growth in Australia and New Zealand.

Rich Data was founded in 2016 by former Westpac program manager and Oracle global client adviser senior director Ada Guan, alongside fellow Oracle colleague Gordon Campbell and Ms Guan’s brother, Charles, who formerly was an enterprise architect at the NSW Department of Justice.

The trio started the business in the hopes of improving financial inclusion by building credit risk models it says are more accurate. They take into account data from a range of sources including from telecommunications companies, smart home devices, tax returns, point of sales data, and social media networks such as Facebook.

Rich Data’s Delta product enables lenders to more accurately predict the future behaviour, revenue and expenses of small businesses and individuals with a thin credit record, or no credit history, and enables lenders to demonstrate the logic behind their prediction and decision.

Described as a “glass box” AI, banks and financial services companies using the Delta product are able to see inside the AI algorithm and understand why it made the recommendation it did.

Speaking to The Australian Financial Review, Ms Guan said the company had started out focused on offshore markets, particularly in Asia and North America, but had been forced to focus in its home market of Australia when the pandemic hit last year.

“With business-to-business products, you need to meet people – especially for disruptive transformation plays,” she said.

“Not being able to have physical interactions and look people in the eye created a tremendous challenge.

“It was a near-death experience for Rich Data Corporation. It was tremendously difficult for us … But we started to see that the demand in this market was tremendously high and realised we’d perhaps overlooked the demand in Australia.”

Despite having done deals with a large telecommunications company in Vietnam, a sub-prime lender in Canada called Cashmax and formed a strategic partnership with Chinese cloud computing and big data services provider Inspur (to work with its government clients to assist banks to use government data to allow lenders to extend credit to more SMEs), when COVID-19 took hold, its offshore revenue dried up.

Things were looking dire for the business until it inked a deal with big four bank NAB, which in December said it was testing Rich Data Corp’s AI to determine how it interacts with existing credit processes. The bank hopes it will help it shift toward real-time loan assessments.

“Before revenue was all from overseas, but from last year a huge portion is now in Australia and New Zealand,” Ms Guan said.

“[As well as the pandemic] we saw a lot of slowdown, or change, in the regulatory environment [in China] … in terms of what data can and can’t be used… which also impacted our revenue path.

“China is still an attractive and interesting market. But we can’t attack all markets. The US market is tremendously attractive … it has about 5000 banks, and China had 2500, so that’s the population we’re into.”

Melbourne-based investor BMY Group led the latest capital raising.

BMY Group’s Eric Gao, who is joining the Rich Data Corp board, said he thought it had the makings of a future unicorn.

“We always enjoy working with founders with a purpose. Ada has always said this is about financial inclusion and that attracted me to the business the first time we spoke,” he said.

“It’s important for the whole economic recovery. We need more SME lending post-COVID as part of the recovery.

“Initially Ada was planning to raise $US2 million ($2.6 million) to $US3 million, but the more we looked at it, we realised we needed to super charge its growth. That’s why we decided we didn’t want to invest $US2 million, we wanted them to have enough to… be the winner in the domestic market.”

Article sourced from: The Australian-“AI credit risk start-up banks $15m after ‘near death’ ”.

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