Start Singapore: Fund to provide seed money

A fintech fund called Dymon Asia Ventures has been set up to invest in areas such as asset management, remittances and foreign exchange.The fund will provide seed finance and growth capital for business expansion. Dymon did not disclose its fund size or the potential investment in each start-up. The norm for investment community is to offer about $200,000 to $500,000 for seed funding and between $2 million and $5 million for growth capital. The company is part of Dymon Asia Capital, a local investment firm.Dymon Asia Ventures partner Jinesh Patel said Singapore’s increasingly supportive and proactive regulator prompted the firm to set up the venture fund.He added that there are experienced entrepreneurs with in-depth knowledge of the financial industry available in this region who might be interested in starting fintech businesses.Dymon Asia Ventures has already begun funding a handful of fintech start-ups, including blockchain company Otonomos and foreign currency exchange 4xLabs.Its principal investment executive, Mr Christian Kaptein, said the venture fund will also develop its own ideas in areas like spot factoring, where it can leverage on its expertise.

Source: Start Singapore: Fund to provide seed money, growth capital, Business News & Top Stories – The Straits Times

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