Singapore’s Whampoa Group to invest $100m via digital asset fund

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SINGAPORE, Sept 9 (Reuters) – Singaporean Whampoa Group, a multi-family office with investments in global tech companies, is aiming to deploy around $100 million via a venture capital fund into start-ups in the growing segment. boom in digital assets, its senior executives said. .

Whampoa Digital, the group’s digital asset investment arm, will invest and incubate early-stage startups in Web3 – a utopian vision of the internet where users, rather than shareholders, own websites and other online services.

“We believe there is great conviction in this area. The venture capital fund will help us expand our footprint in this area,” Whampoa Group CEO Shawn Chan told Reuters in a recent interview.

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He said the fund, which is expected to launch in the next quarter, has attracted strong interest from Chinese tech companies and Asian business groups.

The fund plans to initially deploy $100 million and then expand. It will invest in equity and tokens of products or services that enable and facilitate mass adoption of Web3.

Cryptocurrencies are the most well-known digital assets which also include stablecoins, non-fungible tokens and others.

Whampoa Group has built an investment portfolio of around 200 companies over the past decade, including Chinese tech company ByteDance and a fund created by cryptocurrency exchange Binance.

Globally, venture capitalists are stepping up funding for crypto projects – blockchain-based applications and platforms powered by Web3.

Aureole Foong, Senior Partner at Whampoa Group, said that although cryptocurrencies had a torrid year, web 3 start-ups such as those involved in decentralized finance applications offered huge potential for long-term growth.

He said Web3 projects were beginning to find uses such as money transfer and the entertainment industry.

Whampoa Group is co-founded by Amy Lee, former senior partner of Lee & Lee, a Singaporean law firm established by her father Lee Kim Yew and Singapore’s first Prime Minister Lee Kuan Yew and his wife.

The other co-founder of the investment group is Lee Han Shih, a member of the business family who co-founded Southeast Asian bank OCBC (OCBC.SI) and Lee Rubber Group, among other companies.

Chan said Southeast Asia’s demographics and high internet penetration make it a fertile region for the mass adoption of Web3 products and services.

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Reporting by Anshuman Daga and Yantoultra Ngui; Editing by Elaine Hardcastle

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