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Singapore's EDBI gives financial solutions firm Pico's regional push a leg up
SINGAPORE Economic Development Board's investment arm EDBI has invested an undisclosed sum in financial solutions provider Pico.
Both parties will also form a partnership that sees EDBI providing specialist expertise to help Pico build on its recent advancements and growth in the Asia-Pacific.
Pico will also leverage EDBI's knowledge of Asian and Singaporean operating environments, its management and commercial experience, and connections to capital markets firms.
Over the past 12 months, Pico has expanded its Asia-Pacific (APAC) presence with strategic hires, the launch of new offices and additional data centres in markets such as Singapore, Hong Kong, Tokyo, South Korea and Taiwan. Pico's Asia headquarters is located in Singapore.
Within the next 18 months, the firm plans to add 20 more data centres in the region to complete its strategic plan for the coverage of APAC financial markets.
Pico also said it plans to double its APAC headcount to 80 employees over the coming years.
EDBI joins a roster of strategic investors in Pico which include Nomura, Goldman Sachs, JPMorgan, UBS and Wells Fargo.
Jarrod Yuster, Pico founder and CEO, said the company sees a bright future for Singapore in financial services, particularly as it promotes investment in new technology innovations such as blockchain and distributed ledger technology, in which Pico is supporting.Chu Swee Yeok, CEO and president of EDBI, said: "EDBI is pleased to be Pico’s strategic partner for their Asian expansion. With financial markets increasingly leveraging data analytics to better service clients and identify new market opportunities, Pico’s real-time analytics and machine intelligence platform will be a key technology enabler to the local financial community and contribute to strengthening Singapore’s position as a leading global financial centre."