AMTD Digital raises US$285M to build a one-stop digital solutions platform in ASEAN
AMTD Digital, the Singapore subsidiary of Hong Kong-based investment baking firm AMTD Group, has secured a S$386 million (US$285 million) in a new financing round.
Key investors include Value Partners, Greater Bay Area Homeland Investments, Vision Knight Capital, Ariana Capital, Maoyan Entertainment, and Infinity Power.
Calvin Choi, Chairman of AMTD Group and AMTD Digital, said: “We have chosen Singapore as our global headquarters to build a one-stop digital solutions platform that connects the ASEAN market with our solid financial services presence in Hong Kong, including a digital bank joint venture with Xiaomi. We are committed to connecting the dots across the many major markets in Asia to create a one-stop digital solutions platform.”
“We are not restricting or limiting ourselves to providing financial services, but we are pushing our capabilities and strengths beyond to providing a plethora and diverse range of solutions that include digital connectors and ecosystem building, digital intelligence and data analytics, digital media and marketing,” he added.
Osman Faiz, Chief Information and Operating Officer of AMTD Digital, added: “We embrace new ideas and new value creation for the regional and international scenes. We are committed to nurturing local talent and cultivating innovation both within AMTD and in the wider ecosystem, as we grow across and along the industry.”
AMTD Digital builds a one-stop digital solutions platform that connects different stakeholders in the SpiderNet ecosystem via digital innovations.
Last year, AMTD Digital, together with Chinese smartphone maker Xiaomi, established Airstar Bank and had obtained one of the first eight virtual banking licenses issued by the Hong Kong Monetary Authority.
In March, AMTD Digital announced that it would acquire a controlling stake in Singapore-based insurtech startup PolicyPal.
Recently, AMTD Solidarity Fund, backed by AMTD Digital and the ASEAN Financial Innovation Network, invested US$8.5 million in five companies: Funding Societies, Active.ai, Cardup, Transwap, and PolicyPal.