We had a brainstorming meeting with some of the millennial Management Trainees at work today, and we went around the table talking about which apps have left an impression with them, either though design, functionality, or anything else.
One trainee mentioned Planto, off-handedly mentioning it integrates local bank accounts, securities accounts, and even Octopus, the cash card used widely here since 1997, into a single dashboard. I had never heard of it, but made sure to download it as soon as I got back to my office.
Planto is supported by the University of Hong Kong’s Entrepreneurship Center iDendron, which helps to nurture and grow the startup ecosystem in Hong Kong. The founders say the goal is to demystify finance and provide simple, actionable financial advice for people who might be intimidated when the issue of investing comes up.
I’ve signed up and integrated my accounts — despite serious security concerns. I’m known to throw caution to the wind sometimes, and this is one of those times! I want to take the app for a proper spin, because it’s rare for Hong Kong to get new fintech apps like this. Hong Kong is a very small domestic market, so most of the exciting companies in this space are in the UK, US, or Mainland China.
I am not recommending this app, only pointing it out. We need to ask serious questions before providing a third-party company with universal access to all of one’s bank and securities accounts; so do as I say, not as I do. That said, if you end up giving this app a shot let me know what you think.