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Japanese financial services company Sumitomo Mitsui Banking Corporation (SMBC) has partnered with VC firm Incubate Fund to launch a US$200 million corporate venture capital fund in Singapore.
The SMBC Asia Rising Fund aims to invest in “high-potential” Asian startups with a focus on lending, payment solutions, supply chain finance, banking-as-a-service, and digital assets. It will also look to back firms that SMBC already has an equity stake in.
The new fund will leverage SMBC’s global network as well as Incubate Fund’s experience in startup investments. Through the fund, SMBC looks to partner with portfolio firms to develop and roll out new business models.
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Meanwhile, Incubate Fund, which targets early-stage investments, has invested over US$728.5 million in more than 450 startups. The SMBC Asia Rising Fund will be overseen by Incubate Fund’s Singapore office, known as Incubate Fund Management.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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