International Finance
Fintech

AMTD Digital bags $285 mn in a fresh funding round

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AMTD Digital, the fintech arm of Hong Kong-based financial institution AMTD Group, has raised around $285 million in a fresh funding round, the media reported.

Investors that participated in the funding round for AMTD Digital include Value Partners, Greater Bay Area Homeland Investments, Vision Knight Capital, Ariana Capital, Maoyan Entertainment and Infinity Power.

The company plans to use the funds to develop a  one-stop digital solutions platform that connects different stakeholders in the SpiderNet ecosystem through digital innovations.

Calvin Choi, chairman of AMTD Group and AMTD Digital also confirmed the same through a statement.

He added that the company wants to expand its product and service offerings and add to its list services such as digital connectors, ecosystem building, and data analytics as well as digital intelligence, media and marketing.

Earlier this year, AMTD Digital also applied for a digital banking licence in Singapore through a consortium consisting of state-owned SP Group, crowdfunding startup Funding Societies, and Xiaomi Finance.

AMTD Group, the parent company of AMTD Digital, through its AMTD ASEAN Solidarity Fund Group, has invested a total of $11.5 million in five fintech startups in Singapore, the media reported.

The fintechs are SME digital financing platform Funding Societies, digital banking solutions provider Active.ai, credit card enablement platform provider CardUp, cross-border payments platform provider Transwap and insurtech company PolicyPal.

The investments are made in a variety of structures, including equities, convertible notes, venture debts, warrants and options.

With regard to the investment, Calvin Choi told the media, “AMTD is proud to support the fintech community in Singapore, witnessing the resilience and embracing opportunities in its fintech and innovation sectors.”

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