Hong Kong-headquartered monetary providers group AMTD is partnering with the Asean Monetary Innovation Community (AFIN) to launch a solidarity fund to assist fintech companies on the AFIN platform.
AMTD and AFIN are rolling out a S$50 million rescue fund for Asean fintech companies affected by the continued Covid-19 pandemic, AFIN introduced in a press release on Thursday.
The fund will present eligible fintech companies monetary assist by way of two schemes: a grant scheme administered by the Singapore Fintech Affiliation, and long-term assist within the type of fairness, convertible notes and/or enterprise debt sort of investments, the announcement stated.
The partnership can even permit fintech companies on the AFIN platform to entry AMTD’s SpiderNet ecosystem, which gives alternatives for them to collaborate with one another throughout Asean nations, Hong Kong and China.
«A lot-Wanted Help»
The fund will «present much-needed assist to fintechs right now of pandemic. Because the Strategic Funding Advisory Committee of the Fund, AFIN’s board will make sure that fintechs throughout Southeast Asia will obtain the assist they want at this tough time,» AFIN board member Paul Gwee stated.
The Financial Authority of Singapore additionally gave its assist to the initiative, with chief fintech officer Sopnendu Mohanty saying, «Fintech corporations are drivers of innovation and new alternatives, preserving their ecosystem is vital to post-pandemic financial restoration.»