Descendants of Singapore banking family announce crypto expansion

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Members of the Singaporean dynasty who founded the Oversea-Chinese Banking Corp plan to expand their asset management business into digital investments.

The Whampoa Group intends to raise $50 million for a crypto-related hedge fund, while seeking to deploy $100 million for a related venture capital fund, according to Whampoa’s co-founder and CEO, Shawn Chan.

Other leaders of the group include Lee Han Shih, executive director of the Lee Foundations, and Amy Lee, niece of the city-state’s founding prime minister, Lee Kuan Yew.

Regarding the strategic orientation of the hedge fund Whampoa, Chan said that to compensate for the volatility of cryptocurrencies, it had to remain neutral in the market. Apart from certain occasions, when a favorable risk-reward setup is identified, the fund primarily trades Bitcoin and Ethereum.

Meanwhile, Chan said Whampoa is looking for strategic partners for the VC fund. He said Whampoa had recently spoken with regional family offices and some major Chinese internet companies.

DBS Bank

As the descendants of Singapore’s second largest bank expand into crypto assets, they are following in the footsteps of Singapore’s largest bank. Last week, DBS Bank announced that it would expand its cryptocurrency services to 300,000 of its wealthiest customers in Asia through its banking app.

Although the bank’s chief executive recently said the bank would be able to securely and efficiently provide crypto products and services to consumers, “regulators don’t necessarily see it that way,” he said. Explain.

Crypto in Singapore

As Singapore has struggled to maintain its dominance as a global financial hub through responsible cryptocurrency integration, amid recent meltdowns, it has pivoted to protect consumers.

“MAS said he wanted to attract first crypto readers in singapore”, said Ravi Menon, CEO of MAS. “On the other hand, MAS has a rigorous and lengthy licensing process for those who wish to perform crypto-related services in Singapore,” he added.

“And MAS has also issued stern warnings against retail investment in cryptocurrencies, and has taken increasingly stringent measures to restrict retail access to cryptocurrencies.”

According Bloomberg According to crypto columnist Joanna Ossinger, the “always wait and see” attitude of regulators in Singapore may have obviously been shaken by recent events putting more emphasis on consumer protection.

Unlike crypto reform in South Korea, which has also been rocked by recent crypto meltdowns, Ossinger said policy change is more “academic” than anything representing a public agenda.

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