HONG KONG SAR –
Media OutReach – 6 May 2022 –
Babel Finance announced on April 18 the appointment of Yang Song as Head of Treasury. Babel Finance Financial Services has newly established this role as the business expands the scope of its services to more varied customer groups. Babel Finance, which has Asia’s largest crypto lending book, has now established a treasury section to improve risk management and provide adequate liquidity for its lending operation. Yang Song joins Babel Finance after 12 years as Vice President of Treasury at prominent 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 Singapore office handling SGD, three years at Commerzbank’s Frankfurt headquarters managing EUR – the bank’s greatest risk and exposure – and the last five years at the bank’s Hong Kong branch building up its CNH (offshore RMB) and HKD operations.
Together with his growing team of new hires, Yang Song will structure Babel Finance Financial Service’s internal treasury systems and processes. These initiatives lay the framework for optimizing cash flows and funding costs, providing enough liquidity across the firm’s increasing lending and trading operations, minimizing risk across numerous cryptocurrencies and countries, and changing the firm’s product and client service mix.
“We’re delighted to welcome Yang Song to the Babel team to play a vital role in leading the development of more sophisticated practices within crypto lending services and products,” said Del Wang, Founder of Babel Finance. “We’re seeing our clients’ interests expand toward more cryptocurrencies, including altcoins. Solid management is key to servicing such highly sophisticated clients. This hiring is a proactive step in strengthening our risk management, supporting the ongoing expansion of our client services.”
Babel Finance’s asset management team noted that it had a loan balance of US$3 billion equivalent by the end of 2021. The firm’s lending and trading volume are presently centered on BTC, ETH, USDC, and USDT, a basket that is equivalent to the G3 currencies in fiat treasury terms. However, by the beginning of 2022, demand for altcoins among institutions and HNWIs has greatly increased, and Babel Finance is extending its crypto market services to suit these demands.
“As an emerging asset class, crypto assets have the potential to absorb excess fiat liquidity in the same or an even better way that real estate, commodities and other financial derivatives did previously,” said Yang Song, head of treasury at Babel Finance. “Better integrating crypto finance into the wider financial ecosystem could thus be the best way to offset the high levels of inflation we see emerging globally. I’m excited to be joining Babel Finance Asset Management, which is at the forefront of this developing trend.”