Japan’s SMBC, Incubate Fund Set up US$200 Million Fintech Fund in Singapore
by Fintech News Hong Kong May 9, 2023Japan’s Sumitomo Mitsui Banking Corporation (SMBC) and early-stage venture capital firm Incubate Fund has co-founded the US$200 million “SMBC Asia Rising Fund” in Singapore.
Since its inception in 2010, the Japan-based Incubate Fund has invested more than JPY 98.3 billion (approximately US$729 million) in more than 450 startups.
During a period of 10 years, the fund will invest in startups that contribute to the growth of SMBC Group’s business including financial institutions in Asia in which SMBC Group has an equity stake.
This includes collaborations with startups focused on lending tech, payment, supply chain finance, Banking-as-a-Service, digital assets, and more.
Under its Asia Multi-Franchise Strategy, SMBC Group has been expanding its Asia business through investments in/acquisitions of local financial institutions while also enhancing its existing Asia business.
Featured image: SMBC’s President and CEO Akihiro Fukutome
