SFF GREEN SHOOTS SERIES: STEPPING UP: SUPPORTING THE FINTECH COMMUNITY
April 17, 2020
Following AMTD's announcement of the AMTD ASEAN-Solidarity Fund and Razer’s $50M relief fund for Singapore, our third session on 17 April explored the role that tech giants and financial institutions can play in supporting FinTechs during the COVID-19 pandemic. Exploring different approaches from around the world, our speakers Li Meng Lee (Razer), Calvin Choi (AMTD) and Lucy Demery (Standard Chartered) delved into the most effective mechanism for providing meaningful support, public and private sector collaboration in this time of need and how to adapt to succeed in a COVID-19 world.
Here are some resources from the session:
- Q&A with Speakers: below
- If you missed the session or like a replay, you can sign up for a free SFF x SWITCH Go account to watch the session under our SFF Green Shoots playlist.
- Want more? Check out upcoming Green Shoots sessions on our SFF website here.
Let us get through this together and be stronger, when the green shoots start to appear.
Q&A with Speakers
Question: Who is eligible for the AMTD fund?
Calvin Choi: please refer to our infographic for details here.
Question: When will the AMTD fund be available?
Calvin Choi: On the SFA Grant Scheme, details on how to apply through the SFA will be released soon. On the Solidarity Investment Scheme, you can apply through APIX from 27 April 2020.
Question: Is the SFA grant scheme only available for SFA members?
Calvin Choi: The grant scheme is available for FinTechs registered and operating in Singapore; Grant funding will be available to Singapore-based FinTechs to support Proof-of-Concepts conducted with ASEAN financial institutions on APIX.
Question: Enable the Enablers! Great wisdom from Calvin. Any CSR funding for financial inclusion and access for health the FinTech way? We are into research, education and social impact.
Calvin Choi: We embrace the entire value chain including education in particular. We launched the digital finance leadership programme with NUS and SMU alongside with Xiaomi earlier this year at Davos during the World Economic Forum. Love to explore ways to be helpful and supportive.
Question: Calvin, Who are your investment partners?
Calvin Choi: we have numerous, institutional types, welcome more partners to join us.
Question: When is the funding available from Razer Fintech?
Li Meng Lee: Our fund draws from our balance sheet so we can deploy immediately once we are able to have the opportunity to understand the needs and requirements. Interested parties seeking more information can reach out to email@example.com.
Question: Li Meng, are you also working with SFA on reaching out to FinTechs?
Li Meng Lee: Yes we are. We are working closely with SFA on this.
Question: Li Meng, thanks for the initiative you have started. How long does it take to get a response once we write in?
Li Meng Lee: The inbound enquiries have been overwhelming and we are trying to go through each one as quickly as we can.
Question: Razer, any interest to be in South Asia?
Li Meng Lee: Hi yes! We have been in discussions with some potential partners but due to the lockdown, progress has been slightly hampered.
Question: To Razer: Many of the gaming giants have started experimenting with Blockchain initiatives.(Nexon, Twitch etc) Crypto also seems to gel well with gamers based on general observation. Any hints on your experiment(s) or investments in crypto?
Li Meng Lee: Well, very interesting question. We actually have been approached by many parties who look at our ecosystem and have asked if we would like to go into crypto etc. The common comment is that if we were to do an IEO or ICO, we are probably one of those that has an immediate use case. I.e. a use case looking for a coin vs the other way around. Having said that, we are looking more at blockchain solutions and the implementation into the ecosystem that we have built across gaming and FinTech.
Question: We are into digital micropensions - Pinbox, and looking to raise funding to scale in Asia - where should we be reaching out to having funding discussions?