HelloGold

2023 - 1 - 26

Post cover — Image courtesy of "Finextra"

HelloGold shuts up shop; Luno cuts 330 jobs (Finextra)

The bad news continues to roll in for the bruised fintech sector, with Malaysian savings app HelloGold the latest to throw in the towel and cryptocurrency ...

“While we anticipated a downturn and proactively planned ahead with a business and funding model that can be resilient to some of these factors, the sheer scale and speed of all of this happening, and all at the same time, has put significant strain on our original plan.” “We have not been able to get it to a level of customer activity to make it profitable it didn’t make it make sense to keep it going,” Robin Lee, CEO and co-founder of HelloGold, told Fintech News Malaysia, “so we are closing it down and we are pivoting to a B2B model.” Users have been given until 2nd February 2023 to withdraw their funds.

HelloGold to shutter operations in Malaysia and Thailand (The Edge Markets MY)

HelloGold, Malaysia's first shariah-compliant gold savings platform, is shutting down its operations in the country and Thailand. It said the business is no ...

Customers were able to save and buy gold from as low as RM1. The funds will then be transferred to users’ bank accounts on record within five working days. KUALA LUMPUR (Jan 26): HelloGold, Malaysia’s first shariah-compliant gold savings platform, is shutting down its operations in the country and Thailand.

M'sian gold investment app HelloGold shuts down after 6 yrs, here's ... (Vulcan Post)

HelloGold, a Malaysian gold investment app, has shut down its consumer business and plans to pivot to B2B and white-labelling its product.

We don’t have the balance sheet to fund it.” He also shared that the company already has interests outside Malaysia, specifically from the Middle East and Africa, to white label its product. This turned out to be good for the gold industry at large. [inability to be profitable](https://fintechnews.my/33985/blockchain/hellogold-shutters-its-consumer-business-users-have-until-2-feb-to-withdraw-funds/) doesn’t mark the end of the company itself. Then, the pandemic hit. [email to depositors sent on January 26, 2023](https://www.facebook.com/myhellogold/posts/pfbid0mvJFATBiQx1gEwHmp8tGGxD4A8p51f6MKXGr9ik2NZ7smj82arHoPGNz96s8xF3ol), HelloGold broke the news that it would be ceasing its operations in both Malaysia and Thailand come February 2, 2023.

Malaysia gold-trading firm HelloGold to shut shop (Tech in Asia)

Malaysian investment platform HelloGold is closing its doors in its home country and Thailand on February 2 due to the tough macroeconomic climate.

Ecosystem Roundup: HelloGold shuts shop; Sea mulls selling ... (e27)

The region's hottest funding stories, insights, and analysis to gear you up for success in you fundraising journey.

Malaysian fintech HelloGold winds down core business (FinTech Futures)

Malaysian fintech HelloGold is winding down its core business in Malaysia and Thailand after failing to meet growth targets last year.

The firm operates a savings app that combines blockchain technologies with gold trading, designed to broaden financial inclusion through low-cost barriers to entry. HelloGold CEO and co-founder Robin Lee tells Fintech News Malaysia that given the level of customer activity, it was not possible to reach profitability, “so we are closing it down and we are pivoting to a B2B model”. Malaysian fintech HelloGold is winding down its core business in Malaysia and Thailand after failing to meet growth targets last year amid ongoing global economic headwinds.

Short Position: ICO investing risks, CPO price benchmark, Inflation ... (The Star Online)

This week, a financial technology (fintech) company called HelloGold said it is shutting down its operations in the country and Thailand.