The Singapore Solidarity Fund, under AMTD ASEAN Solidarity Fund Group (AMTD ASEAN Solidarity), announced that it has completed its first batch of investments amounting to over S$8.6 million (US$6.4 million) in five fintech companies.

The fund is under the AMTD Group, a financial services conglomerate with businesses in investment banking, asset management, and digital financial solutions.  The five companies the find has invested in specialize in AI, credit card payment solutions, financing solutions for small and medium-sized enterprises, insurtech, and cross-border payments platforms.

Here are the five firms from AMTD’s first batch of startups:

  • – a platform that offers cloud-based conversational AI to financial institutions
  • CardUp – a credit card enablement platform
  • Funding Societies – an SME digital financing platform in Southeast Asia
  • PolicyPal – an insurtech company that is also the first graduate of the Monetary Authority of Singapore’s (MAS) fintech regulatory sandbox
  • TranSwap – a cross-border payments platform for regional businesses

In addition to providing financial support, AMTD will offer each fintech company access to its one-stop digital platform. The firms will also have access to AMTD’s SpiderNet ecosystem that will enable them to interconnect with businesses and entrepreneurs in Southeast Asia, the Greater Bay Area, and the rest of Asia.

“The completion of the first batch of investments is just the beginning, with more investments to be announced in due course,” said Calvin Choi, chairman and CEO of AMTD Group and founder of the AMTD Charity Foundation.

The evaluation process for a second batch of investments – which aims to support Singapore’s fintech community – is already underway, the company said in a statement.

With an initial capital of S$50 million (US$37.2 million), AMTD ASEAN Solidarity was jointly established by AMTD Digital, AMTD Charity Foundation, and the ASEAN Financial Innovation Network. AMTD Digital is a Singapore-based subsidiary under AMTD Group, focusing on building a one-stop connected digital solutions platform in Asia.

Source: Tech In Asia news