TOKYO -- Sumitomo Mitsui Banking Corp. (SMBC) and Incubate Fund, a Tokyo-based venture capital company, have jointly set up a fund in Singapore to invest in promising fintech and other startups in Asia.
The new fund, SMBC Asia Rising Fund, will manage $200 million, most of which comes from the Japanese mega bank. It will invest in fintech startups with advanced technologies in payment, lending and other fields in a bid to promote financial services with them in Asia.
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