Singapore's Whampoa Group To Invest More in Cryptocurrency
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The Whampoa Group is a family trust and a prominent investor. Through co-founders Amy Lee and Lee Han Shih, it has connections to the Lee family, related to Singapore's first prime minister, and well-known business families that co-founded Southeast Asian bank OCBC (OCBC.SI) as well as other businesses.
Shawn Chan, co-founder, and CEO of Whampoa, reportedly told Reuters that the company would participate in and foster Web3 start-ups via investments in stock and tokens.
"We think there is great conviction in this space. The venture capital fund will help us expand our footprint in this area. The fund, which is likely to be launched next quarter, had received strong interest from Chinese tech firms and Asian business groups."
Asset Management Company To Digital Assets
According to a different story, the Whampoa Group intends to raise money for a $50 million crypto-focused hedge fund and to refocus its asset management company toward digital assets. Chan stated in an interview that the Whampoa hedge fund exclusively trades Bitcoin and Ether and is market neutral to counter the volatility of cryptocurrencies.
Regarding licensing and regulation, Singapore has been at the frontline of the cryptocurrency sector. The Monetary Authority of Singapore (MAS) has stated that it is still interested in bringing crypto players to Singapore who can enhance the environment for digital assets. However, the authority noted at the time that it was thinking about adopting tighter restrictions for respondents in the retail crypto market.