AMTD Reveals the 5 Fintech Startups Selected for its S$11.5M Fund

AMTD Reveals the 5 Fintech Startups Selected for its S$11.5M Fund

by September 14, 2020
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AMTD has announced its first batch of investments in five fintech companies as a part of its Singapore Solidarity Fund AMTD under the purview of the ASEAN Solidarity Fund Group.

The five selected companies include Funding Societies, Active.ai, Cardup, Transwap, and PolicyPal.

It is worth noting that out of the 5 companies selected, AMTD had previously acquired a controlling stake in PolicyPal. In addition, AMTD-led consortium includes Funding Societies which had previously revealed plans to bid for a Singapore-based digibank named Singa Bank.

This first batch of investments amounted to S$11.5 million through a variety and innovative mix of investment structures including, among others, equities, convertible notes, venture debts, warrants and options.

The Singapore Solidarity Fund is under the AMTD Asean Solidarity Fund Group with an initial capital of S$50 million. The fund was established with the intention to support and anchor eligible fintech companies registered on the API Exchange Platform in ASEAN countries during the pandemic.

Calvin Choi, Chairman and CEO of AMTD Group comments,

Calvin Choi

Calvin Choi

“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 Foundation and the ASEAN Financial Innovation Network (AFIN), a non-profit organisation established in 2018 by the ASEAN Bankers Association (ABA).

Supriya Sen, Independent Director and Chairperson of the Investment Committee at AFIN, says,

Supriya Sen

Supriya Sen

“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”

Apart from rendering financial support, AMTD will offer these fintech companies open access to its one-stop digital platform and SpiderNet ecosystem to empower entrepreneurs and maximise the user experience and digital offering to Asian consumers and SMEs.

 

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