Thai corporate venture capital firm Beacon VC has invested in fintech company T2P to help build a B2B2C e-wallet business for its parent bank, Kasikornbank, while American hedge fund Bridgewater Associates has opened its new office in Singapore.
Beacon VC invests in Thai fintech firm T2P
Beacon Venture Capital (Beacon VC), the venture capital arm of Thai lender Kasikornbank (KBank), has invested in local fintech firm T2P to develop an e-wallet business under the B2B2C model.
Beacon VC said it will advance the e-wallet business to provide digital lending while adding payment acceptance channels. The investment will also help KBank to serve its corporate customers better, “leveraging the bank’s strong base of more than 20 million retail customers and financial technology structure”, added Beacon VC managing director Thanapong Na Ranong.
T2P provides B2B2C financial service solutions such as payment system, funds transfer and white label e-wallets for corporate customers to settle goods and services payments via numerous channels nationwide. The company has had a growth rate of more than 70%, according to Beacon VC.
T2P’s platforms offer services to more than 30 corporate clients who have more than 9 million retail customer accounts.
“This investment will enhance KBank’s capability in coping with the rise of financial technology disruption by developing and expanding the company’s IT personnel to be ready for idea creation and innovations that are constantly changing,” the bank said.
Bridgewater Associates opens Singapore office
Bridgewater Associates, a US-based hedge fund that manages $150 billion in assets, has opened a Singapore office as it emphasises the importance of the pan-Asia market.
This is a “natural progression of the firm’s long-standing partnership with clients” in the region, the firm said in a statement.
The new office will be overseen by Chip Packard, head of client service for Eurasia, and Margaret Wang, head of Bridgewater Associates (Singapore), who will manage the buildout and on-ground operations. The team will include a combination of experienced local hires and long-tenured employees from the firm’s US headquarters, including members from its research and client service departments.
“Our Singapore office has been many years in the making and allows us not only to provide best-in-class partnership to our clients in the region, but also to our global client base that will benefit from our deep understanding of this important market as a result of our presence here,” said Kyle Delaney, president and chief commercial officer of Bridgewater.
The firm has been operating in the Asia-Pacific for nearly 30 years. Its first office in the region was launched in Beijing in 2011, followed by establishing operations in 2016 for Bridgewater (China) Investment Management in Shanghai. Bridgewater recently received approval from the Monetary Authority of Singapore for its fund management licence.