AMTD Singapore Solidarity Fund Pte. Ltd., under AMTD ASEAN Solidarity Fund Group (“AMTD ASEAN Solidarity”), today announces the completion of its first batch of investments amounting to over S$8.6 million in five promising FinTech companies, with each company representing the industry leader in its respective specialization spanning across AI, credit card payment solutions, SME financing solutions, Insurtech, and cross-border payment platform.
The evaluation process for a second batch of investments is already underway in order to continue empowering and supporting the long-term growth and sustainability of Singapore’s FinTech community.
The five selected FinTech companies in the first batch of investments are (in alphabetical order):
• Active.ai, a platform that offers cloud-based Conversational AI to financial institutions;
• CardUp, a credit card enablement platform;
• Funding Societies, a SME digital financing platform in Southeast Asia;
• PolicyPal, an InsurTech company, also the first graduate of the MAS FinTech regulatory sandbox; and
• TranSwap, a cross-border payments platform for regional businesses
AMTD ASEAN Solidarity, with an initial capital of S$50 million, was jointly established by AMTD Digital, a Singapore headquartered subsidiary under AMTD Group focusing on building a one-stop connected comprehensive 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 the ASEAN Financial Innovation Network (“AFIN”) to support and anchor eligible FinTech companies registered on the API Exchange Platform in ASEAN countries.
In addition to providing financial support, AMTD will offer each FinTech company full and open access to its one-stop digital platform and unique SpiderNet ecosystem to empower and interconnect businesses and entrepreneurs to resources and opportunities in the ASEAN region, the Greater Bay Area and rest of Asia.
Calvin Choi, Chairman and CEO of AMTD Group, and Founder of AMTD Charity Foundation comments, “AMTD is proud to be spearheading the solidarity effort together with our long-term partner AFIN for the FinTech community in Singapore. The completion of the first batch of investments is just the beginning, with more investments to be announced in due course. The AMTD ASEAN Solidarity Fund represents our connector for innovative and promising FinTech entrepreneurs in Singapore with the rest of the region; and propel Singapore as a Smart Nation with FinTech as its core enabler.”
Supriya Sen, Independent Director at AFIN-APIX, said “In the dynamic markets of Southeast Asia, digital solutions have the potential to create impact far and wide by serving those who may not have previously made the digital shift. To effectively reach these businesses and consumers, innovation and digital ecosystem development in the financial services industry will form a bedrock for enabling the next phase of expansion and growth. Accordingly, we are delighted that FinTech solution providers and financial institutions are coming together to use our digital platform to pursue collaboration opportunities and partnerships, creating innovative solutions that can have lasting impact on their markets of interest”.
Ravi Shankar, Co-Founder and CEO of Active.ai adds, “Voice and messaging are greatly transforming the digital experience and client engagement for financial institutions globally. Active.ai is excited to partner with AMTD and AFIN to bring Conversational AI platform to banks and financial services”.
Nicki Ramsay, Founder and CEO of CardUp adds, “We’re excited to finalise the investment from the AMTD Solidarity Fund, adding AMTD both as an investor and strategic partner as we scale CardUp regionally. The strength of their network accelerates our expansion efforts across new products and markets, as we deliver our mission to provide individuals and businesses with a smarter and more rewarding way to make and collect big payments”.
Kelvin Teo, Co-Founder and CEO of Funding Societies adds, “We’re honored to be selected by the AMTD Solidarity Fund. We believe that working together with AMTD and AFIN would enable us to further drive financial inclusion for SMEs in Singapore and Southeast Asia”.
Val Yap, Founder and CEO of PolicyPal adds, “We are extremely grateful for the support from our strategic partner AMTD to receive the investment from AMTD Solidarity Fund as we scale to new markets, such as Hong Kong together. We are aligned with our mission on building the digital financial services platform to empower consumers and SMEs with their financial and insurance needs across the region”.
Benjamin Wong, Co-Founder and CEO of TranSwap adds, “We are extremely honored to have been selected to receive this investment from the AMTD Solidarity Fund. AMTD Group is a strong global company that brings a proven commitment to making investments in future growth. TranSwap will benefit from AMTD’s extensive network, including Hong Kong and the Greater Bay Area as we look to expand in the region as well as introduce new products to help businesses seamlessly manage and execute payments globally”.
AMTD International (NYSE: HKIB; SGX: HKB), 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 new economy sectors. AMTD International was successfully listed on the New York Stock Exchange in 2019, representing the first Hong Kong headquartered financial institution listed on NYSE. On April 8, 2020, AMTD International completed its secondary listing on SGX-ST, which marks a series of historical milestones, including:
• The first company ever to be dual listed on NYSE and SGX; and
• The first company featuring dual-class shares (“DCS”) listed on SGX.
AMTD Digital, the digital solutions arm of AMTD Group headquartered in Singapore, is engaged in digital financial services, digital marketing and data intelligence, digital connectors and ecosystem building, and digital investments. AMTD Digital aims to build a one-stop, comprehensive, cross-market, and innovative digital solutions platform.
APIX, the flagship product of AFIN, is the world’s first cross-border, open architecture API platform, where financial institutions and FinTechs can integrate and test solutions via a cloud- based architecture. Through APIX, financial institutions and FinTech firms can discover one another on a curated global marketplace, design experiments collaboratively in the sandbox and deploy innovative solutions rapidly at a lower cost.