Singapore-based financial services firm United Overseas Bank (UOB) has partnered venture capital firm Signum Capital to form a $50m blockchain-focused vehicle, DealStreetAsia reported on Tuesday, citing people familiar with the matter.
The fund has reached a first close representing more than half of its target, and it is set to close at the end of this year according to the sources.
UOB already runs a private equity and venture capital fund called UOB Venture Management (UOBVM), which has $1.4bn under management across its China-ASEAN Investment Funds and Asian Impact Funds.
UOBVM’s portfolio companies include crypto remittance platform developer Lightnet, which closed a $31.2m series A round in January 2020 that counted the unit and Signum Capital among the participants.
Signum Capital targets blockchain technology developers and is raising a $30m Monetary Authority of Singapore-regulated vehicle, having achieved a first close in April this year backed by a host of Asia-based private investors and family offices as its limited partners.
