Sumitomo Mitsui Banking Corporation (SMBC Group) today announced that it has co-founded the corporate venture capital fund “SMBC Asia Rising Fund” with Incubate Fund in Singapore. The fund managed is US$200 million, and its purpose is to accelerate business development and partnerships through investments in high-potential Asian startups.
Through this CVC, SMBC Group will enhance its business and provide clients with new solutions by uncovering/applying new technologies via partnerships with investee firms and developing new business models/products.
They will also enhance the value of its investee financial institutions in Asia by collaborating with startups looking to invest in areas such as lending tech, payment, supply chain finance, Banking-as-a-Service, and digital assets.
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This strategic partnership between SMBC Group and Incubate Fund will allow them to capitalise on opportunities in emerging markets while contributing to the growth of SMBC Group’s businesses through access to innovation and new technologies that can drive long-term value creation across industries.
e27 has reached out to the organisations to find out more details about their investment strategies and plan.
Incubate Fund is a leading Japanese venture capital firm specialising in early-stage startups. Since its establishment in 2010, the firm said that it had invested more than JPY98.3 billion (US$728 million) in more than 450 startups. The new CVC will be managed by Incubate Fund’s Singapore office.
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