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  • Singapore Unveils First Locally Vaulted Physical Gold Fund: A New Era for Precious Metals Investment

    Singapore Unveils First Locally Vaulted Physical Gold Fund: A New Era for Precious Metals Investment

    Singapore has recently launched its inaugural fully insured and locally stored physical gold fund. The move enhances the city-state’s prestige as an international financial center and a hub for precious metals.

    The LionGlobal Singapore Physical Gold Fund was unveiled following an alliance between Singlife and Lion Global Investors (LGI). It provides retail and policyholder portfolios with access to institution-grade bullion. This construct was designed to cater to the increasing demand for diversification and protection from long-term inflation, as reported in a press release on Tuesday.

    The fund is entirely backed by physical gold bars that meet the London Bullion Market Association’s Good Delivery standards. This arrangement allows investors to gain exposure to the performance of the metal’s price while circumventing the logistical costs and security risks associated with private storage.

    Transparent Tracking

    The fund securely stores and insures all holdings in Singapore and aims to closely emulate the LBMA Gold Price AM benchmark. This practice ensures the transparent tracking of the global reference price.

    The fund’s availability on Singlife’s ILPs is designed to let policyholders include physical gold exposure in their long-term insurance-linked savings and retirement plans.

    Digital Access

    Stanz Tan, Head of Investments and Wealth at Singlife, stated that this option supports “diversification, wealth preservation, and growth” as market dynamics develop. Digital access is a fundamental aspect of this rollout. Through GROW and dollarDEX, investors can add gold to their portfolios with minimal entry amounts.

    Lion Global Investors CEO Teo Joo Wah stressed that Singapore’s reputation as a reliable financial and gold-trading hub makes it the perfect location for a fully backed physical gold fund. This initiative, he said, makes gold exposure “simpler and more secure for policyholders and investors alike” and aligns with the long-term structural demand for the metal.

    Institutional Framework

    Standard Chartered Bank acts as the custodian, trustee, fund administrator, transfer agent, and gold provider, centralizing oversight under a single institution with extensive experience in precious metals operations. This structure is designed to reinforce governance, safeguard assets, and enhance operational efficiency for investors seeking institutional-grade protections.

    The launch, backed by partners including OCBC, MariBank, and Great Eastern, aligns with Singapore’s SG60 anniversary and utilizes the country’s refreshed aspirations in wealth management and gold custody.

    This consortium-led approach underscores the fund’s role in shaping a more comprehensive precious metals market accessible to retail and institutional investors.

    Questions & Answers

    What is the LionGlobal Singapore Physical Gold Fund?
    The LionGlobal Singapore Physical Gold Fund is a physical gold fund that is fully insured and locally stored. It was launched through a partnership between Singlife and Lion Global Investors.

    How does the fund ensure transparent tracking of the global reference price?
    The fund securely stores and insures all holdings in Singapore and aims to mirror the LBMA Gold Price AM benchmark closely.

    Who are the key players involved in the launch of this fund?
    Key players in the launch of the LionGlobal Singapore Physical Gold Fund include Singlife, Lion Global Investors, Standard Chartered Bank, OCBC, MariBank, and Great Eastern.

  • DBS and Franklin Templeton Pioneer Singapore’s First Tokenized Retail Fund: A Leap towards Digital Finance

    DBS and Franklin Templeton Pioneer Singapore’s First Tokenized Retail Fund: A Leap towards Digital Finance

    Singapore has made a bold move towards mainstream digital finance through the launch of its first tokenized retail fund. The innovative initiative, the result of a collaboration between Franklin Templeton and DBS Bank, offers a US dollar short-term money market strategy recorded on a blockchain register. With a minimum requirement of just US$20, it’s anticipated to be available to retail customers in the first quarter of 2026.

    Market Approval and Distribution

    The Monetary Authority of Singapore (MAS) has granted its approval for the fund, known as the Franklin Onchain US Dollar Short-Term Money Market Fund. This endorsement ushers in a regulated, low-volatility cash vehicle on blockchain rails. The process of tokenization allows for fractional ownership, expedited record-keeping, and near real-time transparency, all while maintaining the familiar economic structure of a money market fund.

    For now, the fund is accessible through DBS relationship managers for wealth clients and accredited investors, with plans for a broader retail rollout in 2026. The low minimum requirement of US$20 significantly reduces the barrier to entry compared to traditional share classes, making high-quality, short-duration U.S. dollar assets more accessible to a wider range of investors.

    The Importance of Tokenization

    The adoption of an on-chain share register provides investors with increased transparency, including daily yield accrual and real-time fund data. It also results in improved operational efficiency in the subscription, transfer, and redemption processes. The blockchain’s tamper-resistant ledger further enhances auditability throughout the investment lifecycle.

    The tokenized model follows closely in the footsteps of Franklin Templeton’s Luxembourg-domiciled US Dollar Short Term Money Market Fund, a strategy boasting over 30 years of performance history. The key benefits? Liquidity, capital stability, and competitive cash yields, now amplified by the speed and transparency offered by blockchain technology.

    Powered by Proprietary Technology

    The Benji Technology Platform, Franklin Templeton’s proprietary solution, drives the fund’s blockchain-integrated record-keeping and administration. This technology stack is also available as a white-label infrastructure for banks and asset managers looking to tokenize securities or support fully on-chain money market funds across a variety of use cases, including retail, wealth, institutional, and collateral.

    Reducing Entry Barriers through Digital Innovation

    DBS Bank, known for its digital leadership and financial robustness, targets this investment opportunity at the mass-affluent and retail segments. Franklin Templeton, having been involved in digital assets since 2018, has demonstrated its commitment to advancing the tokenization of financial assets by launching the first fully tokenized UCITS fund in 2024.

    Future Expectations

    For investors, the core economics remain the same as in a traditional cash fund, but the added advantage of blockchain registry provides faster settlement, better transparency, and potential integration with programmable finance. The retail launch timeline, secondary-market transfer mechanisms, and tokenization adoption rate by other banks and asset managers will be key milestones to watch.

    Questions & Answers

    What is the significance of the tokenized fund?
    Participating in the fund allows investors to take advantage of enhanced transparency, faster record-keeping, and near real-time transparency while preserving the familiar economics of a money market fund.

    Who currently has access to the fund?
    The fund is immediately available to DBS Bank’s wealth clients and accredited investors, with a broader retail rollout planned for 2026.

    What is the minimum investment requirement for the fund?
    The minimum requirement to participate in the fund is just US$20, significantly reducing the barrier to entry compared to traditional share classes.

  • Allegro Funds Invests In Be Campbell: A Strategic Move To Modernise And Expand Operations

    Allegro Funds Invests In Be Campbell: A Strategic Move To Modernise And Expand Operations

    BE Campbell, an Australian pork processing company, has recently obtained an investment from Allegro Funds as part of their growth strategy. The Sydney-based, third-generation family business employs over 750 individuals and provides services to supermarkets, butchers, foodservice operators, and distributors throughout Australia.

    Investment for Expansion

    The capital acquired from Allegro Funds will be utilized to modernise BE Campbell’s processing operations, diversify its product offerings, and enhance its commercial platform. Ted Campbell, the company’s chairman, expressed that the investment is seen as an avenue to fortify the company whilst preserving its legacy and long-standing relationships within the supply chain.

    “Over the past 55 years, our business has seen consistent growth,” he said. “We are eager to continue working closely with our dedicated growers, suppliers, customers, and staff to deliver top-tier products to Australian consumers.”

    Stake Ownership

    Allegro Funds will hold the majority stake in BE Campbell. However, the Campbell family will maintain a significant but undisclosed stake and continue to participate in the company’s management.

    Jeffrey Largier, Managing Director of Allegro Funds, expressed their excitement at the prospect of the partnership with Ted Campbell, the Campbell family, and the entire BE Campbell team. According to Largier, BE Campbell’s established market position and strong track record were key attractors for the investment firm.

    Questions & Answers

    What will the investment from Allegro Funds be used for within BE Campbell?
    The investment will be used to modernise BE Campbell’s processing operations, diversify its product offerings, and expand its commercial platform.

    Who will hold the majority stake in BE Campbell post-investment?
    Allegro Funds will hold the majority stake in the company post-investment.

    Will the Campbell family remain involved in the company’s management post-investment?
    Yes, the Campbell family will retain a significant stake and continue participating in the company’s management.

  • HSBC Names Regional Fund Selection Head

    HSBC Names Regional Fund Selection Head

    She will succeed Virginia Devereux Wong, regional head of funds and ETFs, who will be leaving HSBC Private Banking at the end of June.

    Lina Lim, regional head of discretionary, Asia, will take on the expanded role of regional head of discretionary and funds, citing a HSBC spokesperson.

    In her new role, which combines Wong’s responsibilities, Lim will oversee discretionary, funds and ETFs in Asia. She will lead the team to introduce products by leveraging HSBC’s product manufacturing capabilities, HSBC said.

    Lim joined HSBC Private Bank’s Investment Services and Product Solutions (ISPS) team in Asia Pacific in 2019 as regional head of discretionary, Asia, following over 13 years at J.P. Morgan in various roles, including head of its Institutional Wealth Management discretionary business in Asia for family offices.

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  • Stack Launches Asia’s First Bitcoin Index Fund

    Stack Launches Asia’s First Bitcoin Index Fund

    Stack, an Asia-based provider of cryptocurrency trackers and index funds, has launched the single-asset index fund in response to investor demand. It expects to capture $750 million in assets under management within 2020, Matthew Dibb, co-founder of Stack said.

    The firm hopes to surpass $2 billion in assets under management next year by tapping into the unmet demand from traditional investment vehicles in Asia’s digital asset space. Stack’s list of partners includes financial services providers, BitGo, Silvergate Bank, and Coin Metrics for a custodian, banking, and index solutions, respectively.

    We’ve seen a dramatic increase in the number of investors seeking to diversify their portfolios using bitcoin. Fears of a global recession, combined with deteriorating trade relations globally, are accelerating this process considerably. Bitcoin is one of the best-performing assets in history—with 19x returns since 2014—and is uncorrelated with traditional markets, making it an attractive prospective investment for both individuals and institutions, said Matthew Dibb, co-founder of Stack.

    The launch of Stack comes as the number of long positions being taken within the bitcoin market and demand from institutional investors for access to the digital asset economy increase. In Asia, however, there are virtually no risk-adjusted investment portals for the bitcoin market, leaving investors in Asia with no opportunity to access the potential returns, said Dibb.

    Currently, investors purchasing and custody bitcoin through digital asset management portals or traditionally structured funds pay premiums of 20 to 40 percent over the underlying asset. Wealth management firms have also been capable of charging exorbitant management and performance fees, even for passively-managed single asset portfolios.

    In contrast, Stack’s flagship Bitcoin Index fund (BTCX100) gives investors in Asia a flexible and cost-effective means of gaining exposure to bitcoin which complies with the financial industry’s standards while mitigating the risks inherent to purchasing, transacting, and storing digital assets. With a minimum investment of S$100,000 at 2.25 percent management fee, Stack provides an institutional-grade alternative to the high premiums and barriers to entry which come with current digital asset hedge funds.

    Those who wish to purchase BTC and other digital assets through other available exchanges and portals are often forced to bear the risks of poor security in custody these assets. With the launch of Stack’s Bitcoin Index Fund, investors now have an alternative to these channels, and can now enjoy secure custody with insurance coverage, weekly contributions, redemptions, and reporting, mitigating the risks that come with buying and holding digital assets through other means, said Dibb said.

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  • Ant Financial Establishes Startup Fund

    Ant Financial Establishes Startup Fund

    Ant Financial is building a roughly $1 billion investment fund to back start-ups across Southeast Asia and India.

    Alibaba’s financial technology arm is looking to expand its reach across the region using a huge war chest. Plans for the fund are at an early stage. Jack Ma’s financial group is keen to expand outside of China, where rival Tencent has a strong grip in the personal finance space.

    Ant Financial Group also expressed interest in bidding for a digital banking license in Singapore

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  • UBS and Unsystematic Selection Hurts Chinese Fund Industry

    UBS and Unsystematic Selection Hurts Chinese Fund Industry

    Fund of funds are becoming critical in China’s domestic market for diversification and, in particular, hedge fund exposure. But unsystematic performance-chasing from market players do not inspire confidence, UBS Asset Management said.

    Since the fund of fund (FoF) investment philosophy in the domestic market is at a relatively early stage, we see that some FoFs just invest in the top-ranking fund managers based on performance, Shanghai-based fund manager at UBS Asset Management Xia Kun shared.

    In these instances, we believe that the selection for managers is not systematic with insufficient strategic diversification and active management. It is difficult for an FoF to show its features and advantages of diversification when countering market fluctuation, which may have a negative impact on investor’s recognition and acceptance of such a product.

    According to Xia, demand for FoFs is rising due to the growing need for general asset allocation and hedge fund exposure – a key aspect for onshore investors that may have limited to options to protect against the local market downside. But he adds that the universe of strategies is complex and the liquidity covenants are cumbersome, setting a high barrier for investors that lack resources and skill.

    Demand for high-quality actively-managed fund products has burgeoned in line with the implementation of the new asset management regulations that call for a shift from guaranteed-return to NAV-based products in China, Xia explained.

    He cites recent calls by authorities to tighten the wealth management industry in China in an effort to create greater discipline amongst creditors, debtors, distributors, and investors.

    UBS Asset Management recently launched its A&Q China Diversified Fund of Funds in Shanghai to provide what it envisions as an «all-weather» portfolio to provide alternative beta sources. The funds invests in established and emerging managers across equity fundamental, commodity (CTA) and quant equity funds. It is looking to add more managers, especially for fixed income strategies.

    We believe the unique positioning of this onshore fund to better satisfy investors’ demand and our expertise in the area will help build the scale in the local market over time.

  • Vision Fund Makes $110 Million Bet On Renewable Energy Storage

    Vision Fund Makes $110 Million Bet On Renewable Energy Storage

    Softbank Group’s Vision Fund has made its first foray into energy storage technology with a $110 million investment in Switzerland-based Energy Vault.

    While many countries are keen to use renewable energy as part of efforts to cut carbon emissions in the fight against climate change, the challenge has been to find a way to store it for later use, particularly overnight or when demand surges.

    Inspired by the physics and mechanical engineering used in hydro plants, Energy Vault says its technology enables renewable energy to be stored in 35-ton bricks and delivered as baseload power for less than the cost of fossil fuels at any hour of the day.

    Most rival solutions focus on some form of battery storage, be it lithium ion, sodium-sulphur, lead-acid, among others. While costs have been falling – by nearly 40% since 2015 according to Wood Mackenzie – most degrade over time.

    “Energy Vault solves a long-standing and complex problem of how to store renewable energy at scale,” Akshay Naheta, managing partner at SoftBank Investment Advisers, said in a statement on Thursday, announcing Vision Fund’s $110 million investment. “Energy Vault is highly complementary to SoftBank’s existing energy portfolio and we are pleased to further the company’s global development.”

    Energy Vault launched in late 2018 and has already partnered with Mexican materials company CEMEX and India’s The Tata Power Company as it looks to complete a test phase and then build its first commercially functioning site.

    Despite normally investing at a later stage in a company’s development, Softbank believed Energy Vault could scale quickly and potentially not need to do a later funding round, hence the drive to take an early stake, Naheta said.

    The potential rewards are large. The global energy storage market is expected to reach 22.2 GW in 2023, from nearly 5 GW at the end of 2018, according to a report in May by data and analytics company GlobalData.

    Robert Piconi, chief executive and co-founder of Energy Vault, said despite planning to grow the business country by country, the scale of pent-up global demand for a scaleable solution convinced them to move faster.

    “The Vision Fund shares our passion to combat climate change through innovation in energy storage technologies and, with its support as a strategic partner, Energy Vault is well positioned to meet the large and currently unmet demand for sustainable and economical energy storage worldwide,” Piconi said.

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  • SoftBank may invest in Reliance Jio

    SoftBank may invest in Reliance Jio

    Japan’s SoftBank is reportedly in talks to invest up to $3 billion in fast-growing Indian operator Reliance Jio Infocomm.

    SoftBank’s Vision Fund is involved in due diligence on the prospect of the purchase of a stake in Jio  that could be worth $2 billion to $3 billion, unnamed sources told.

    The SoftBank Vision fund has raised $100 billion as part of plans to invest in fast-growing scalable technology companies with transformative potential. Former Deusche Bank executive Rajeev Misra has been appointed to lead the vision fund.

    Neither Softbank nor Jio would comment publicly for the report, so the potential for a deal remains unconfirmed for now.

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  • Starbucks launches a New $100 million equity fund

    Starbucks launches a New $100 million equity fund

    Starbucks has launched an investment fund to boost food and retail startup technology companies.

    The new entity, Valor Siren Ventures, will be managed by Valor Equity Partners, a growth-focused private equity investment firm that was among the first investors in food technology. Starbucks has contributed an initial US$100 million into the fund, which will identify and invest in companies developing technologies, products, and solutions relating to food or retail.

    “These verticals are increasingly relevant to Starbucks as it seeks to support its world-class talent with an innovation agenda accelerated by external relationships,” the company said in a statement.

    Valor Siren Ventures will seek to raise an additional $300 million in the coming months from other strategic partners and key institutional investors.

    Separately, Starbucks will also explore direct commercial arrangements with these start-ups. Starbucks president and CEO Kevin Johnson says the company is embracing new ideas and innovations that are relevant to its customers, inspiring to its partners, and meaningful to its business.

    “We believe that innovative ideas are fuel for the future, and we continue to build on this heritage inside our company across beverage, experiential retail, and our digital flywheel,” he said.

    “At the same time, and with an eye toward accelerating our innovation agenda, we are inspired by, and want to support the creative, entrepreneurial businesses of tomorrow with whom we may explore commercial relationships down the road. This new partnership with Valor presents exciting opportunities, not only for these startups, but also for Starbucks, as we build an enduring company for decades to come.”

    Over 20 years, Valor’s team has worked with companies, principally in the consumer, engineered products, and services sectors. Its investments in food and retail technology include GoPuff, Fooda and Sizzling Platter.

  • AirAsia sets up venture capital fund to boost, Redbeat

    AirAsia sets up venture capital fund to boost, Redbeat

    AirAsia has launched a new venture capital fund, RedBeat Capital, to invest in start-up businesses that aims to boost the low-cost carrier’s ancillary segment. RedBeat Capital will work alongside San Francisco-based venture capital firm 500 Startups in supporting businesses seeking to enter or expand their presence in southeast Asia, with a particular focus on travel and lifestyle, logistics, and financial technology.

    It will also invest in digital streams as such artificial intelligence, the internet of things, and cyber security.

    “AirAsia and RedBeat Capital are on the lookout for the world’s best and brightest to help us develop a travel technology ecosystem,” says AirAsia Group‘s chief executive Tony Fernandes.

    “We intend to operationalise this year… to identify and invest in startups that are willing to grow and expand, particularly into southeast Asia where we have the network, data and regional expertise to help accelerate their business.”

    AirAsia adds that the venture capital fund will complement and enhance the group carrier’s transformation into a travel technology company.

    In a separate interview, Fernandes tells FlightGlobal that AirAsiahas already invested over $10 million into RedBeat Capital.

    “One of the reasons we’re doing what we’re doing is because you can’t survive long-haul low-cost purely on an airfare, so there are lots of ancillary streams to supplement that,” he said.

    AirAsia‘s digital venture arm RedBeat Ventures will oversee RedBeat Capital. Aireen Omar, who is AirAsia Group‘s deputy chief executive for technology, also serves as the chief executive of RedBeat Ventures.

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  • English learning app co-founded by Vietnamese raises $7 million

    English learning app co-founded by Vietnamese raises $7 million

    ELSA has raised $7 million in a Series-A round from Google’s AI Fund Gradient Ventures and other U.S. investors. The investment round for ELSA, a mobile app that uses artificial intelligence and speech recognition technology to help language learners improve their English pronunciation, was led by Gradient Ventures, Google’s AI-focused venture fund.

    According to tech news provider Engadget, the Google fund will also offer “technical mentorship” to AI startups. ELSA will gain access to Google itself, including prominent figures such as investor and futurist Ray Kurzweil, design mastermind Matias Duarte and X lab leader Astro Teller.

    U.S. fund SOSV and Singaporean Monk’s Hill Ventures, strategic investment funds from the previous investment round, also invested in the app. In three years after its establishment, ELSA has successfully attracted $12 million through funding rounds in Silicon Valley, the U.S. and Asia.

    CEO and co-founder Van Dinh Hong Vu revealed that this round of funding will help the startup continue to recruit computer engineers and computer scientists in AI, and to explore new markets like Japan, Indonesia and India.

    ELSA currently has 4 million users from 101 countries worldwide, making it one of the top 5 AI applications with the most users. In 2018, the application recorded an increase in student enrolment by 350 percent over the previous year.

    Vietnam has been the fastest growing market for ELSA. ELSA grew its business fourfold in Vietnam in 2018 and expects to grow at a faster pace in 2019.

  • Foreign investment crucial to Vietnamese banks in 2019: Moody’s

    Foreign investment crucial to Vietnamese banks in 2019: Moody’s

    Most Vietnamese banks fall short of international capital adequacy norms and have to focus on attracting foreign capital this year, Moody’s has said. The credit rating agency said in a release Monday that “the underdevelopment of the domestic capital markets” means the banks would have to look to foreign investors to meet the capital requirement of 8 percent of risk-weighted assets to cover operational risks.

    Raising capital has been a struggle for Vietnamese banks in recent years. Major state-owned banks such as BIDV and Vietinbank have for long been making plans to increase charter capital but in vain.

    BIDV, the second largest listed bank, has had charter capital of nearly VND34.19 trillion ($1.46 billion) unchanged since 2015.

    Last November it planned to sell a 17.65 stake to South Korea’s KEB Hana Bank to increase it to over VND40.22 trillion ($1.73 billion), but the deal has not been consummated.

    Vietinbank, the fourth largest listed bank, has seen its capital remain unchanged since 2014 at VND37.23 trillion ($1.59 billion).

    Only Vietcombank, the largest listed bank in the country, last month raised VND6.2 trillion ($265.86 million) from selling a 3 percent stake to foreign investors, as part of its plan to ultimately sell 10 percent.

    BIDV and Vietinbank had offered to pay its largest shareholder, the State Bank of Vietnam (SBV), the previous year’s dividends in stocks and not cash to increase their capital, but the central bank refused saying it needed the cash.

    Moody’s added that the banks’ capitalization will strengthen this year because of stronger profitability and stable credit growth.

    It said that Vietnamese banks last year achieved a higher aggregate return on assets for a second year running, registering a rise of 1.1 percent from 0.9 percent in 2017.

    Aggregate net income for the banks rose 35 percent to VND70 trillion ($3 billion) in 2018 from the previous year, it said.

    “For 2019, Vietnamese banks that Moody’s rates will achieve a further improvement in profitability, again because of wider net interest spreads and lower credit costs,” said Rebaca Tan, a Moody’s analyst.

    “Credit growth will stay stable over the same period because of tighter control by the State Bank of Vietnam, and asset quality will improve further, as the banks continue cleaning up their balance sheets.”

  • Vietnamese logistics startup raises $5.5 mln in latest funding round

    Vietnamese logistics startup raises $5.5 mln in latest funding round

    Logivan, a web platform that helps trucks connect with potential customers, said it has raised $5.5 million in the latest funding round. The investment comes from two Asian angel investors and Indonesian venture capitalist Alpha JWC Ventures. One of the angel investors is David Su, a founding managing partner at private equity firm Matrix Partners China, who invested through his family office.

    He said: “Vietnam is the next rising star in the growing Southeast Asia region and it is well poised to experience a similar growth trajectory as we witnessed over the past years in China.

    “Vietnam’s logistics industry is highly fragmented, logistics costs make up 23 per cent of Vietnam’s GDP, with 90 per cent of trucks in Vietnam being owned by individuals. Given the success of Manbang (a Chinese truck-hailing firm), we believe that Logivan has the potential to emulate its success.”

    According to e27, an online Tech media platform for Asia, Logivan will be investing in data analysis to optimize user experience, artificial intelligence, truck-matching, and pricing algorithms to minimize empty trips and in human resources.

    Last year, Logivan raised $600,000 in April from Singapore-based Insignia Ventures Partners and $1.75 million in August from Singaporean private equity firms Ethos Partners and Insignia and Vietnamese investment fund VinaCapital Ventures.

    It has raised a total of $7.9 million to date.

    Founded in 2017 by Cambridge graduate Pham Khanh Linh, the company offers a logistics service which optimizes trucks’ routes and minimizes empty return trips.

    She came up with the idea after observing that 60-70 percent of trucks in Vietnam returned empty after dropping off their loads because they could not connect with potential customers.

    In 2018 Logivan claims to have connected more than 22,000 transportation partners with every major commercial truck type. It also has 10,000 shipping companies registered on its system.

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  • Vietnam fintech startup raises $1 million from foreign venture capitalists

    Vietnam fintech startup raises $1 million from foreign venture capitalists

    Vietnamese fintech firm Finhay has raised $1 million in seed funding from Singapore’s Insignia Ventures Partners and other foreign investors. “Finhay will use the $1 million investment to expand its user base 10-fold to 100,000,” said founder and director of Finhay Nghiem Xuan Huy. Finhay was established in 2017 with capital of $100,000 as a micro-investment platform targeted at millennials. It allows customers to invest as little as VND50,000 ($2.17) in mutual funds from Finhay’s investment portfolio.

    Huy said the business model is very popular abroad, citing examples such as U.S. micro-investing apps Acorns and Stash.

    The application automatically analyzes the user’s risk appetite and suggests appropriate investment options and provides information to help improve users’ personal financial management.

    It has over 13,000 users and over VND7 billion ($303,590) worth of pooled capital.

    Insignia Ventures Partners, a venture fund which has already invested in popular transport apps Go-Jek and Traveloka of Indonesia, hopes “…[Finhay] will gradually layer on more products and services to become the Amazon of financial services in Vietnam.”

    Finhay also received seed capital from funds in Hong Kong and the U.S.