Richard Li-backed Hyphen Group appoints new CEO

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Hyphen Group, a fintech company backed by Hong Kong billionaire Richard Li, has appointed Prashant Aggarwal as its new CEO. He succeeds Sam Allen, who stepped down from the post last year.

Aggarwal previously served as the president and chief commercial officer of Hyphen Group, which used to operate under the CompareAsiaGroup brand.

Last December, following the departure of Allen, Hyphen Group announced the appointment of two interim co-CEOs, Derek Fong and Kenneth Chan. They are senior executives at PCCW, which led a US$22 million funding round for the Hong Kong-based firm.

Hyphen Group made at least two rounds of layoffs in 2022, which Tech in Asia detailed in this report. During that time, the company exited Thailand but continued to operate in Singapore, Hong Kong, Taiwan, Malaysia, and the Philippines.

In 2021, Hyphen Group was in advanced talks for a SPAC deal with blank-check company Provident Acquisition Corp. The transaction could have valued the fintech firm at US$1 billion.

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