Signum Capital partners UOB in US$50m blockchain venture fund

VENTURE capital firm Signum Capital, the brainchild of property scion John Ng Pangilinan, has partnered with UOB in its latest fund to invest in blockchain technology.

Some US$40 million has been committed to date to the UVM Signum Blockchain Fund, with Signum and UOB Venture Management, the bank's investment arm, each committing US$5 million.

Both entities are co-general partners in the fund.

Fundraising started in late August this year and is expected to close by end of the year or early January 2022, at US$50 million, Ng Pangilinan told The Business Times. Other backers include family offices and institutions in Singapore and across South-east Asia, he said.

The fund's first investment was into the Series B1 round of crypto exchange FTX.

Other investments in its portfolio include Yield Guild Games South-east Asia, a decentralised autonomous organisation of Philippine blockchain gaming startup Yield Guild Games, as well as smart contract network Assembly.

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Also known as DAO, a decentralised autonomous organisation refers to an organisation that is not controlled by a single institution or bank, often set up to automate decisions or facilitate cryptocurrency transactions.

Going forward, it will focus on blockchain companies and platforms centred on infrastructure building and enhancement, financial services and systems, asset tokenisation platforms, among other applications.

In a statement announcing the new fund, Ng Pangilinan said: "Having been in the epicentre of early growth in the blockchain boom, we have always thought about the 'what ifs?' We are proud to announce a co-GP (general partner) fund with Asean's top bank's venture arm to further boost the endeavours of both initiatives.

"This validation gives Signum and other funds like us, the momentum to sprint ahead towards a true digital economy."

Ng Pangilinan is the grandson of late property tycoon Ng Teng Fong, who built an empire that includes Far East Organization in Singapore and Sino Group in Hong Kong. He founded Signum in 2017.

In a previous interview with BT in May this year, he touted blockchain technology's potential to "give more people the ability to grow their wealth".

Charles Kok, director of UOB Venture Management, said it chose to partner with Signum because of its good track record in investing in the blockchain space since 2017.

"We believe that blockchain technology will significantly influence and change the way businesses are run over the next decade," he said.

This is Signum's second fund. Its debut fund, Signum Capital Investment VCC, was launched in September last year. It raised US$40 million and has reportedly provided more than 100 per cent returns.