Investment scheme, S$20,000 grant to support Asean fintechs during pandemic

HONG KONG financial services firm AMTD Group and its charity foundation have partnered the Asean Financial Innovation Network to establish a S$50 million fund to support regional fintech firms during the Covid-19 pandemic.

The AMTD Asean-Solidarity Fund is available via a grant or an investment to regional fintechs registered on the API Exchange Platform (APIX). APIX is an online global marketplace and sandbox for collaboration and sales.

The grant, administered by the Singapore Fintech Association (SFA), is open to SFA-certified fintechs based in Singapore and offers up to S$20,000 per company. It is to support proof-of-concept exercises conducted with Asean financial institutions on APIX. Details on applying through the association will be available soon.

The investment scheme, which is in the form of equity, convertible notes and/or venture debt type of investments, offers longer-term support. AMTD will provide matching opportunities to fintechs by co-investing alongside identified investment partners.

Fintechs can start applying online for the investment scheme on APIX from April 27. If approved for review, they will be notified within two weeks of their application date.

"The fund welcomes partnerships with existing equity and venture debt investors across Asia and calls for the broader investment community to collaborate and empower the level of support from this scheme," the parties said in a joint statement on Thursday.

In addition to financial support, fintechs will get full access to AMTD's SpiderNet ecosystem, with opportunities to collaborate with one another across markets in Asean, Hong Kong and China.

Separately, it was reported in January that AMTD Group was leading a consortium bidding for a digital wholesale bank licence in Singapore.

Last week, the group's US-listed subsidiary, AMTD International, listed on the Singapore Exchange via an online listing ceremony.