Member of the Singapore dynasty that founded Overseas-Chinese Banking Corp plans to expand its asset-management business into digital investments.
Whampoa Group intends to raise $50 million for a crypto-related hedge fund, according to Whampoa co-founder and CEO Sean Chan, looking to deploy $100 million for a related venture capital fund.
Some of the group’s other executives include Lee Han Shih, executive director of the Lee Foundation, and Amy Lee, the niece of the city-state’s founding prime minister, Lee Kuan Yew.
Regarding the strategic stance of the Whampoa hedge fund, Chan said that in order to address the volatility of the cryptocurrency, it has to remain market-neutral. Apart from a few occasions when a favorable risk-reward setup is identified, the fund primarily trades Bitcoin and Ethereum.
Meanwhile, Chan said Whampoa is looking for strategic partners to fund the VC. He said Whampoa had recently been in talks with regional family offices and some large Chinese Internet companies.
DBS Bank
As the descendants of the second largest bank in Singapore expand into crypto assets, they follow the heels of the largest bank in Singapore. Last week, DBS Bank announced that it would be expanding its cryptocurrency services to its 300,000 more affluent customers in Asia through its banking app.
Although the bank’s chief executive recently stated that the bank will be able to provide crypto products and services to consumers safely and effectively, “regulators don’t have to see it that way,” he explained.
crypto in singapore
While Singapore has attempted to maintain its dominance as a global financial hub through responsible integration of cryptocurrencies, it has pivoted to consumer protection amid the recent collapse.
“Mas has said that he wants to draw Chief Crypto player for Singapore,” said Ravi Menon, Managing Director of MAS. “MAS, on the other hand, has a strict and lengthy licensing process for those who wish to carry out crypto-related services in Singapore,” he said.
“And MAS is also issuing a stern warning against retail investment in cryptocurrencies, and is taking increasingly strong measures to restrict retail access to cryptocurrencies.”
According to bloomberg Crypto columnist Joanna Osinger, the “still wait and see” attitude of regulators in Singapore may have been clearly shaken by recent events with a greater emphasis on consumer protection.
Unlike the crypto reform in South Korea, which has also been affected by the recent crypto collapse, Osinger said the policy change is more “academic” than anything that represents a public agenda.