Company News - 19 November 2018

AMTD invests in and signs a partnership agreement with AwanTunai

On November 12, 2018, AMTD Group announced that it has co-led the A round financing of AwanTunai, Indonesia's leading FinTech platform, together with Insignia Ventures Partners, at the Singapore FinTech Festival, the world's largest and most attended global FinTech event. AMTD also signed a strategic partnership agreement with AwanTunai. Calvin Choi, Chairman and President of AMTD Group, and Dino Setiawan, CEO of AwanTunai, witnessed the signing of the agreement. This is an important step for AMTD Group’s FinTech layout in Southeast Asia. As a “Super Connector”, AMTD Group is determined to help FinTech start-ups to grow and promote the coordinated development of financial technology in ASEAN. The signing ceremony was also attended by the Executive Director of Financial Center Development Department and FinTech & Innovation Group of Monetary Authority of Singapore, Roy Teo, and the General Manager of Insignia Ventures Partners, Josephine Koh.

Calvin Choi (right back), Chairman and President of AMTD Group, and Dino Setiawan (left back), CEO of AwanTunai, witnessed the signing of the agreement by Philip Yau (right front), Chief Financial Officer of AMTD Group, and Windy Natriavi (left front), COO of AwanTinai

AwanTunai is a leading financing solution platform in Indonesia and aims at digitizing Indonesia’s vast cash economy. AwanTunai builds digital distribution to thousands of micro-retail merchants who can then access working capital as well as accept payment from AwanTunai consumer credit. The financially inclusive startup also issues mobile-based consumer credit, serving the 100 million Indonesians who are unable to access banking products. This way, AwanTunai provides a holistic financing solution for micro-merchants, which includes working capital for grocery stores, motorcycle repair garages, electronic retailers, pharmacies, and other micro merchants catering to everyday household needs as well as consumer financing for these merchant’s customers to help increase retail sales. As a platform, AwanTunai offers Indonesian banks and multi-finance companies the ability to reach customers not covered by their branch networks. Loan origination costs are low through automated digital processes, which reduce the costs of accessing the previously underserved mass market.

Insignia Ventures Partners, a leading venture capital firm in Southeast Asia, also co-led this investment in AwanTunai. Headquartered in Singapore, Insignia Ventures Partners is founded by Yinglan Tan, who was previously Venture Partner of Sequoia Capital and Young Global Leader at World Economic Forum, focusing on venture investments in early stage technology startups.

Calvin Choi, Chairman and President of AMTD Group

Calvin Choi, the Chairman and President of AMTD Group and Young Global Leader at World Economic Forum, said, “AMTD highly values the great potential in ASEAN countries and Indonesia has the largest population and markets in Southeast Asia. AMTD always fully supports the development of FinTech in Asia and cooperation between China and ASEAN markets. Through this investment, AMTD hopes to expand our business in Indonesia as well as ASEAN districts and build a long-term partnership with AwanTunai in the area of FinTech, including insurance technology and wealth technology etc.”

Dino Setiawan, CEO of AwanTunai

According to Dino, the Chief Executive Officer of AwanTunai, they were very glad to have AMTD Group as their strategic shareholder. AMTD is a leading Hon Kong-based comprehensive financial institution and strives to be a “Super Connector” between innovative technology enterprises and capital markets, promoting the cooperation between traditional financial institutions and FinTech companies. “We really look forward to the further innovative development of AwanTunai with AMTD’s support.” Dino said.

From left to right: Josephine Koh, General Manager of Insignia Ventures Partners, Dino Setiawan, CEO of AwanTunai, Windy Natriavi, COO of AwanTunai, Philip Yau, Chief Financial Officer of AMTD Group, Calvin Choi, Chairman and President of AMTD Group, and Teng Jen Ang, Senior Investment Manager of Insignia Ventures Partners

As a Hong Kong-based comprehensive financial institution group with global horizons, AMTD has always attached great importance to technological innovation and its transformative power. The Group is committed to undertaking the “super-connector” role between the leading FinTech companies, internet tech companies and Asian capital markets. AMTD has yielded fruitful results in innovation and technology investments. AMTD has strategically invested in Royole Corporation, a global industry leader of flexible display, flexible sensing, virtual reality and intelligent hardware. AMTD partnered with Standard Chartered to strategically invest in Dianrong, a Chinese FinTech Company established by Soul Htite, co-founder of Lending Club, assisted Dianrong in introducing renowned international institutional investors including GIC and joined hands with Dianrong to successfully incubate the FinTech market platform FinEX Asia. AMTD also cooperated with Singapore Economic Development Board, Softbank in Japan and Line to invest in Appier, a leading global AI tech company which was recognized as “50 enterprises that lead the global AI revolution” by Fortune magazine. Furthermore, AMTD’s technology investment portfolio includes UCAR, a leading Chinese internet transportation company, Credible Labs, a U.S. based internet financial company and student loan platform listed in Australia, and Peachjar, a U.S. based online education services company, etc.