Fintech
Singapore-Owned Enterprise Evergreen Assets Management to Raise S$100 Million to Expand Financing Business in Indochina
Singapore–(Newsfile Corp. – August 26, 2020) – Evergreen Assets Management (“Evergreen AM”) has engaged Passion Venture Capital Pte Ltd, a fund manager licenced by the Monetary Authority of Singapore, to successfully set up a new fund to rise up to S$100 million.
Evergreen Assets Management Team, from left to right: Davy Goh (Evergreen Fund Manager), Isaac Chew (Vice President), Desmond Sim (Business Development Director), Yong Ing Fatt (Group Advisor), David Yong (CEO)
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The five-year, closed-end fund is initially Cambodia-centric, focusing on Evergreen’s AM micro-financing business in the emerging market while a small portion of the monies is invested in its automotive business in Singapore. The fund’s geographic allocation will be diversified later to cover more Indochina countries such as Myanmar and Vietnam.
Mr. David Yong, Chief Executive Officer of Evergreen AM, said, “The fund builds on Evergreen’s decades-long track record of doing business in Indochina.
“While the fund is primarily focused on Cambodia in the initial stage, we have a pipeline of investments in Myanmar and Vietnam which would materialize in the next 18 months. These investments will represent strong exposure to the Indochinese economies.”
Mr. Desmond Sim, Business Development Director of Evergreen AM, said, “We have already received commitments of approximately S$25 million from accredited investors who recognise the growth opportunities in Indochina. We have the experience and track record as we have been offering private equity investments to our clients.”
Indochina growth plans
Evergreen AM has been awarded a financial institute (“FI”) licence to conduct micro- financing by the National Bank of Cambodia, the country’s central bank. The licence underlines the Cambodian government’s confidence in Evergreen AM which joins an elite group of Singapore companies to conduct micro-financing in the country.
Evergreen AM, which received the licence in March 2020, has hit the ground running in Cambodia given its longstanding presence there.
Over the past few years, Evergreen AM has been providing secured debt financing in the Indochina region via private equity, offering a non-bank alternative source of loans to businesses. The FI license will enable Evergreen AM to help small businesses in a bigger way.
Mr. Yong observed, “The award of the FI licence in Cambodia comes at an opportune time. As an entrepreneur, we empathise with the pains that small and medium-sized companies are now facing – they are without cash flow and credit — critical business lifelines because of the global Covid-19 pandemic.
“We hope our micro-finance business under Evergreen will contribute to the growth of Cambodia where there is an urgent need for financing to keep SMEs and individuals going. We also intend to reach out to other demographic segments such as women in Cambodia who are usually overlooked by banks, to empower them to make their own livelihood.”
Evergreen AM, which made its mark in the timber business in Myanmar 30 years ago, is applying for FI licenses in the country, as well as in Vietnam.
Added Mr. Yong, “Our FI license by Cambodia underlines the confidence the government has in Evergreen, and enhances our stature. We will build on it in our business plans.”
The fund is professionally managed by independent fund manager, Mr. Davy J Goh of Passion Venture Capital Pte Ltd, a MAS Capital Markets Services Licence holder. An experienced professional in the financial services sector, Mr. Goh has worked with major global financial institutions such as CS First Boston, Citibank N.A, ABN AMRO Bank and DBS Bank across Asia in 16 countries such as Myanmar, Vietnam, Cambodia, The Philippines, Malaysia, Indonesia, Singapore and Thailand.
About Evergreen Assets Management
Evergreen Assets Management is a holding company of Evergreen Group which specialises in the fundamental approach and growth of the existing businesses in the portfolio through meticulous planning and diligence in the ASEAN region. The Evergreen Group has a business presence in Singapore, Myanmar, Vietnam, Cambodia, Hong Kong and South Korea. It started in the timber processing and trading business before diversifying into a variety of fields that include corporate financing, real estate and automobile business.
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Fintech
Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Fintech
Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
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Fintech
Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
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