Under its Asia Multi-Franchise Strategy — which seeks to build a second and third SMBC Group over the medium to long term in Asia’s emerging markets — SBMC has been expanding its Asia businesses through investments and acquisitions of local financial institutions, aside from enhancing its existing businesses in the region.
Sumitomo Mitsui Banking Corp (SMBC) has co-founded SMBC Asia Rising Fund in Singapore with Japan’s early-stage venture capital firm Incubate Fund (IF).
The corporate venture capital fund aims to invest in high potential Asian startups. With US$200 million ($265 million) under management, SMBC Asia Rising Fund targets startups that contribute to SMBC Group’s business through collaborations or business development in areas such as lending tech, payment, supply chain finance, banking-as-a-service and digital assets. The fund has an investment period of 10 years.
