HONG KONG SAR – Media OutReach – May 6, 2022 – Babel Finance announced on April 18 the appointment of Yang Song as Director of Treasury. Babel Finance Financial Services recently created this role as the company expands the reach of its services to more diverse client groups. Babel Finance, which has the largest crypto lending portfolio in Asia, has now created a treasury section to improve risk management and provide adequate liquidity for its lending operations. Yang Song joins Babel Finance after 12 years as vice president of the Treasury of the famous German bank Commerzbank.
Yang Song’s experience at Commerzbank positions him well to help Babel Finance’s burgeoning crypto lending business. He spent four years at Commerzbank’s office in Singapore looking after SGD, three years at Commerzbank’s headquarters in Frankfurt managing the EUR – the bank’s biggest risk and exposure – and the last five years bank’s Hong Kong branch to expand its operations in CNH (offshore RMB) and HKD.
Along with his growing team of new hires, Yang Song will structure Babel Finance Financial Service’s internal treasury systems and processes. These initiatives set the framework for optimizing cash flow and funding costs, providing sufficient liquidity in the company’s growing lending and trading operations, minimizing risk across many cryptocurrencies and countries, and changing the combination of the company’s products and customer services.
“We are delighted to welcome Yang Song to the Babel team to play a critical role in leading the development of more sophisticated practices within crypto lending services and products,” said Del Wang, Founder of Babel Finance. “We see our clients’ interests expanding into more cryptocurrencies, including altcoins. Strong management is essential to serve such sophisticated clients. This hire is a proactive step in strengthening our risk management, supporting the continued expansion of our client services.
Babel Finance’s asset management team noted that it had a loan balance of the equivalent of US$3 billion at the end of 2021. The company’s lending and transaction volume is currently centered on BTC, ETH, USDC and USDT, a basket equivalent to the G3. currencies in terms of fiat cash. However, at the beginning of 2022, the demand for altcoins among institutions and HNWIs has increased significantly, and Babel Finance is expanding its crypto market services to meet these demands.
“As an emerging asset class, crypto assets have the potential to absorb excess fiat liquidity in the same way, if not better, than real estate, commodities and other financial derivatives did before,” said Yang Song, head of treasury at Babel Finance. “Better integration of crypto-finance into the broader financial ecosystem could therefore be the best way to offset the high levels of inflation we are seeing emerging globally. I am delighted to join Babel Finance Asset Management, which is at the forefront of this developing trend.
About Babel Finance
Babel Finance is one of the world’s leading providers of crypto financial services, offering institutional investors and HNWIs professional services covering crypto lending and crypto trading.
The company is backed by leading investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital and NGC Ventures.
With a business focus in Asia and a head office in Singapore, Babel Finance has established close cooperative relationships with major global stock exchanges, custodians, investment funds and mining institutions.
The issuer is solely responsible for the content of this announcement.