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AMTD and AFIN establish Covid-19 solidarity fund

AMTD is putting S$50 million behind a fund to help Singapore fintechs with PoCs with APIX-member banks.

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AMTD Group its related charity foundation partnered with the ASEAN Financial Innovation Network (“AFIN”) to establish a solidarity fund with a proposed and initially available capital of S$50million to support and anchor eligible fintech companies registered in the API Exchange Platform (“APIX”) in ASEAN countries during the Covid-19 pandemic.

The AMTD ASEAN-Solidarity Fund intends to offer financial support under the oversight of a strategic investment advisory committee comprising of representatives from AFIN’s board of directors. In addition to financial support, the Fund will facilitate relationships with companies operating in AMTD’s list of partners, called its SpiderNet ecosystem, which are fintech and related companies across the region.

The Fund includes a grant scheme, administrated by the Singapore Fintech Association, to support Singapore-based fintechs engaged in proofs of concept conducted with ASEAN-based financial institutions that are members on APIX.

Secondly, it offers a sustainability investment scheme, to provide capital to companines in the form of equity, convertible ones, and debt. The Fund is looking to partner with existing venture capital and debt investors across Asia.

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AMTD and AFIN establish Covid-19 solidarity fund