AMTD related entity invests in first group of 5 FinTech companies
This first batch of investments amounted to S$11.5m ($8.67m) through a variety and innovative mix of investment structures, including but not limited to equities, convertible notes, venture debt, warrants and options.
AMTD ASEAN Solidarity, with seed capital of S$50 million, was jointly established by AMTD Digital, a Singapore-headquartered subsidiary of AMTD Group focused on building a holistic connected digital solutions platform in Asia; AMTD Charity Foundation, a charitable organization founded in 2016 by Mr Calvin Choi, Chairman and CEO of AMTD Group; and AFIN, to support and anchor qualified FinTech companies registered on the API Exchange Platform in ASEAN countries during this challenging time of the COVID pandemic.
Taking advantage of Singapore’s strategic position as an international FinTech hub, the government’s and especially MAS’s support measures and the support of ecosystem builders, Singapore’s FinTech sector has shown its resilience during the pandemic. According to BCG FinTech Control Tower, a research unit developed jointly by Boston Consulting Group (BCG) and Expand Research, FinTech companies in Singapore raised a total of S$462m ($348m) in equity funding in the first half of 2020, representing a growth of 19% from year to year. The number of FinTech companies has grown to over 1,000 from around 600 at the end of 2019.
5 selected FinTechs
The five selected companies in the first group of investments represent FinTech leaders in their respective specializations, which include Funding Societies (an SME digital financing platform in Southeast Asia), Active.ai (a platform that offers cloud-based Conversational AI, which helps financial institutions redefine customer service and automated processes), Cardup (a credit card activation platform, which allows payment and collection of expenses by credit card, in places where cards are not accepted), Transwap (a cross-border payment platform for regional businesses), and PolicyPal (an InsurTech company, also the first to graduate from the MAS FinTech regulatory sandbox).
Mr Choi said: “AMTD will leverage Singapore’s deep talent pool, its multi-dimensional capital market, and bring in AMTD’s global connectivity and our SpiderNet ecosystem to anchor and support the long-term development and sustainability of the local FinTech ecosystem. The Solidarity Fund is a center of care , center of support and an anchor point.”
AMTD Group
AMTD Group is a leading comprehensive financial services conglomerate, with businesses in investment banking, asset management, digital financial solutions; and non-financial services, including education and real estate investment. AMTD International, a subsidiary of AMTD Group, is the largest independent investment bank in Asia and one of Asia’s largest independent asset management companies, and has been a leading investor in FinTech and emerging economy sectors. AMTD International was successfully listed on the New York Stock Exchange in 2019, representing the first financial institution headquartered in Hong Kong listed on the NYSE.
AMTD Digital, the digital solutions arm of Singapore-headquartered AMTD Group, is engaged in digital financial services, digital marketing and data intelligence, digital connectivity and ecosystem building, and digital investments. AMTD Digital aims to build a one-stop, comprehensive, cross-market and innovative platform for digital solutions.
