Japanese financial services firm Sumitomo Mitsui Banking Corporation (SMBC) has launched a Singapore-based corporate venturing fund, called SMBC Asia Rising Fund.
SMBC partnered with venture capital firm Incubate Fund – which has team members in Singapore and India – for the initiative. The fund will run for 10 years and is sized at $200m, focusing on Asian fintech companies covering areas including lending, payment, supply chain finance, banking-as-a-service and digital assets.
Incubate Fund’s Singaporean subsidiary, Incubate Fund Management, will manage the fund, helping SMBC develop its existing businesses and expand its presence in Asia by backing and working with local fintech companies. The fund will take advantage of the strengths of SMBC’s network and Incubate Fund’s startup investment expertise, especially in India and Southeast Asia.
SMBC already runs an active private equity fund called SMBC Venture Capital, which was formed in 2005 and has conducted more than 800 deals totalling roughly ¥60bn ($445m) in funding since 2010 and scored about 440 exits.
