Hong Kong-headquartered financial services group AMTD is partnering with the Asean Financial Innovation Network, or AFIN, to launch a solidarity fund to help fintech firms.
AMTD and AFIN are rolling out a S$50 million rescue fund for Asean fintech firms affected by the ongoing Covid-19 pandemic, AFIN announced in a statement on Thursday.
The fund will provide eligible fintech firms financial support through two schemes: a grant scheme administered by the Singapore Fintech Association, and long-term support in the form of equity, convertible notes and/or venture debt type of investments, the announcement said.
The partnership will also allow fintech firms on the AFIN platform to access AMTD’s SpiderNet ecosystem, which provides opportunities for them to collaborate with each other across Asean countries, Hong Kong and China.
«Much-Needed Support»
The fund will «provide much-needed support to fintechs at this time of pandemic. As the Strategic Investment Advisory Committee of the Fund, AFIN’s board will ensure that fintechs across Southeast Asia will receive the support they need at this difficult time,» AFIN board member Paul Gwee said.
The Monetary Authority of Singapore also gave its support to the initiative, with chief fintech officer Sopnendu Mohanty saying, «Fintech companies are drivers of innovation and new opportunities, preserving their ecosystem is key to post-pandemic economic recovery.»
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