The AMTD Singapore Solidarity Fund has now enacted its first array of initial investments. These investments were aimed at five fintech companies, spanning everything from SME financing solutions, artificial intelligence, cross-border payment platforms, insurtech, and card payment solutions. The AMTD Fund injected 11.5 million Singapore Dollars in total into these respective funds or a cool 8.4 million USD
The Companies In Question
The fund gave out a statement this Monday and gave a list of the fintech firms it has decided to invest within Active.ai, Funding Societies, Transwap, Cardup, and PolicyPal.
Active.ai stands as a cloud-based Conversational AI platform and provides the means for customer service processes to be fully automated. Funding Societies, in turn, stands as a digital financing platform for SMEs, based within Southeast Asia.
Trandswap stands as a cross-border payment platform for various regional businesses within Singapore. Cardup, in turn, stands as a credit card enabled platform, built for regional businesses as well. PolicyPal stands at the last of the list and is an insurtech company.
Pushing To Support Singaporean Innovation
The Singapore Solidarity Fund stands as a part of the AMTD Asean Solidarity Fund Group. This fund group had been allocated an initial capital of 50 million SGD, and focuses primarily on supporting fintech within the region that have been registered on the API Exchange platform during the COVID-19 pandemic.
Calvin Choi stands as the CEO and Chairman of AMTD Group and gave a comment about the matter. In his statement, he expressed AMTD’s pride in supporting Singapore’s fintech community. Alongside this, he stated that AMTD had witnessed the resilience of the fintech and other innovation sectors, embracing the opportunities they can offer.
Choi went further, highlighting how AMTD will make use of the deep talent pool that Singapore offers, as well as its multi-dimensional capital market. With this, AMTD plans to bring in its SpiderNet ecosystem and global connectivity in order to support and anchor the Singapore-based fintech ecosystem’s long term development.
Investment Distributed Through Various Mediums
Choi openly invited the more innovative companies to join the API Exchange, as well as urging more entrepreneurs to join its ecosystem. Choi highlighted how AMTD could provide a best-in-class digital experience to both global and local customers.
The $8.4 million investment has been distributed to these fintech firms through an array of various investment structures. Everything from venture debt to equities, to warrants, convertible notes, and options were used in the process.