AMTD Group, via its AMTD ASEAN Solidarity Fund Group, has invested a total of $11.5 million in five fintech start-ups in Singapore.
The start-ups are SME digital financing platform Funding Societies, digital banking solutions provider Active.ai, credit card enablement platform provider CardUp, cross-border payments platform provider Transwap and insurtech company PolicyPal.
The investments are made in a variety of structures, including equities, convertible notes, venture debts, warrants and options.
AMTD ASEAN Solidarity Fund was jointly established by AMTD Digital, AMTD Charity Foundation and the ASEAN Financial Innovation Network (AFIN).
AMTD Digital is a subsidiary of AMTD Group. AMTD Charity Foundation was founded by Calvin Choi, chairman and CEO of AMTD Group.
AFIN is a non-profit entity formed by the Monetary Authority of Singapore, International Finance Corporation and the ASEAN Bankers Association.
“AMTD is proud to support the fintech community in Singapore, witnessing the resilience and embracing opportunities in its fintech and innovation sectors,” Choi says in a Sept 14 statement.
"We went through a rigorous process of selection, out of which these [five] fintech companies have been chosen for the first batch of proposed investments.,” Supriya Sen, independent director and chairperson of the investment committee at AFIN, says in the same statement.
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