AMTD has introduced its first batch of investments in 5 fintech corporations as part of its Singapore Solidarity Fund AMTD underneath the purview of the ASEAN Solidarity Fund Group.
The 5 chosen corporations embrace Funding Societies, Lively.ai, Cardup, Transwap, and PolicyPal.
It’s worth noting that out of the 5 corporations chosen, AMTD had beforehand acquired a controlling stake in PolicyPal. As well as, AMTD-led consortium consists of Funding Societies which had beforehand revealed plans to bid for a Singapore-based digibank named Singa Bank.
This primary batch of investments amounted to S$11.5 million via a spread and revolutionary mixture of funding constructions together with, amongst others, equities, convertible notes, enterprise money owed, warrants and choices.
The Singapore Solidarity Fund is underneath the AMTD Asean Solidarity Fund Group with an preliminary capital of S$50 million. The fund was established with the intention to help and anchor eligible fintech corporations registered on the API Trade Platform in ASEAN international locations in the course of the pandemic.
Calvin Choi, Chairman and CEO of AMTD Group feedback,
“AMTD is proud to support the fintech community in Singapore, witnessing the resilience and embracing opportunities in its fintech and innovation sectors. The Solidarity Fund is a centre of care, centre of support, and an anchor point. We welcome more innovative companies to join APIX and more entrepreneurs to join our ecosystem, together we deliver the best in-class digital experience to customers from locally to globally”.
The ASEAN fund was established by the AMTD Charity Basis and the ASEAN Monetary Innovation Community (AFIN), a non-profit organisation established in 2018 by the ASEAN Bankers Affiliation (ABA).
Supriya Sen, Impartial Director and Chairperson of the Funding Committee at AFIN, says,
“We are very pleased that the Solidarity Fund has already received more than 40 applications from fintech and innovative companies. We went through a rigorous process of selection, out of which these 5 fintech companies have been chosen for the first batch of proposed investments. We at AFIN are committed to support the fintech community in Singapore, and to help them leverage Singapore’s talent pool and robust fintech ecosystem to drive innovation in financial services in Singapore and the world”
Aside from rendering monetary help, AMTD will provide these fintech corporations open entry to its one-stop digital platform and SpiderNet ecosystem to empower entrepreneurs and maximise the person expertise and digital providing to Asian shoppers and SMEs.