Singapore-based decentralised digital asset exchange DigiFT has raised $10.5 million in funding, while insurtech firm ZA Tech announced its investment in used-car marketplace Carro.
SG-based digital asset exchange DigiFT raises $10.5m
DigiFT, a decentralised digital asset exchange (DEX) based in Singapore, has announced raising $10.5 million in its pre-Series A funding round anchored by investment firm Shanda Group.
The funding round was also backed by global venture capital (VC) firm HashKey Capital; Hash Global, a Web3 VC with offices in Singapore and Shanghai; Xin Enterprise, a Singapore investment firm wholly owned by Fosun Group co-founder Liang Xinjun; and North Beta Capital, a digital technology-focused investor.
The fresh funds will be used to support the startup’s licence applications in Asia, the Middle East, and Europe, DigiFT said. It also plans to further develop its technology and expand its innovation capabilities.
Founded in 2020, DigiFT is the first and only decentralised DEX enrolled in the Monetary Authority of Singapore’s Fintech Regulatory Sandbox. It seeks to provide regulated decentralised finance solutions on the Ethereum public blockchain offering.
Through DigiFT’s platform, asset owners can issue blockchain-based security tokens while investors are able to trade with continuous liquidity via the Automatic Marketing Making (AMM) mechanism and retain control over their digital assets in their own wallets.
“This fundraise is a testament that this industry has huge potential if the gap between traditional finance and Web3 can be bridged,” said Henry Zhang, founder and CEO of DigiFT.
Insuretech ZA Tech invests in used-car marketplace Carro
Insurtech major ZA Tech Global Limited (ZA Tech) has invested an undisclosed amount in Southeast Asia’s used-car marketplace Carro, according to an announcement.
Aside from the investment, ZA Tech and Carro also signed a joint venture agreement to distribute personalised car insurance products and offer AI-based real-time claims processing for both customers and insurers.
Headquartered in Singapore, ZA Tech is backed by SoftBank’s Vision Fund 1. It operates in multiple regions, including Europe, Japan, Southeast Asia, and Greater China, with more than 800 employees.
In a statement, ZA Tech said the partnership will initially focus on auto insurance but will be extended to include property, life, and health insurance in the future.
The offering is now available in Carro’s Singapore and Malaysia platforms and includes insurers such as Income, MSIG and DirectAsia for Singapore as well as Takaful Malaysia, MSIG, Allianz, and Zurich for Malaysia.
Carro clocked its first profitable year so far last year, achieving more than $464 million in revenue and doubling its gross profit in the year ended March 2022.
Founded by college friends Aaron Tan, Aditya Lesman, and Kelvin Chng, Carro operates across the entire chain of car ownership. It has pioneered innovative services such as Singapore’s first contactless car purchase service, first car subscription service, and the first region-wide behaviour and usage-based car insurance.