Fintech Firms, Cardup, Funding Societies, PolicyPal, Transwap Receive New Investments from Singapore’s AMTD

AMTD recently revealed that it has invested in several Fintech firms, as a part of its Singapore Solidarity Fund, under the purview of the ASEAN Solidarity Fund Group.

AMTD has reportedly invested in the operations of, Cardup, Funding Societies, PolicyPal, and Transwap. AMTD maintains a controlling stake in PolicyPal. The AMTD-led consortium includes Funding Societies which had applied for a license to operate a Singapore-headquartered digital bank  (Singa Bank).

A total of S$11.5 million (appr. $8.44 million) will be invested in the five Fintech firms through various investment structures such as convertible notes, equities, options, venture debts, and warrants.

The Singapore Solidarity Fund is managed under the AMTD ASEAN Solidarity Fund Group which has acquired S$50 million in capital. The fund was launched to support eligible Fintechs registered on the API Exchange Platform in ASEAN member nations during COVID-19.

Calvin Choi, Chairman and CEO at AMTD Group, stated:

“[We’re] proud to support the Fintech community in Singapore, witnessing the resilience and embracing opportunities in its financial technology and innovation sectors. The Solidarity Fund is a centre of care, centre of support, and an anchor point. We welcome more innovative companies to join APIX and more entrepreneurs to join our ecosystem, together we deliver the best in-class digital experience to customers … locally [and] globally.”

The ASEAN fund was set up by the AMTD Charity Foundation and the ASEAN Financial Innovation Network (AFIN), a non-profit entity founded in 2018 by the ASEAN Bankers Association (ABA).

Supriya Sen, Independent Director and Chairperson of the Investment Committee at AFIN, remarked:

“We are very pleased that the Solidarity Fund has already received more than 40 applications from Fintech and innovative companies.” 

Sen noted that they went through an extensive selection process, and only these 5 Fintechs were chosen for the initial batch of investments. She confirmed that AFIN remains committed to supporting Singapore’s Fintech sector. The organization plans to help financial tech startups with working with the local talent pool and also with promoting the ongoing growth of the nation’s Fintech sector.

AMTD will also provide access to its digital platform and SpiderNet ecosystem to the selected Fintech firms.

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