MARKETS & INVESTING | Staff Reporter, Singapore

Daily Briefing: Enterprise Singapore-backed accelerator launches $20m blockchain fund; Four new cross-sector groups to develop solutions for work-life harmony, more

And SG’s mm2Asia gets interest from PE firm for minority stake in 'core business'.

From TechinAsia:

LongHash Ventures, the Singapore-based Web 3.0 blockchain accelerator and investor, has launched a $20m (US$15m) blockchain fund.

The new fund will be used to invest in tokens and early-stage blockchain companies, focusing on Web 3.0 infrastructure components and decentralized finance (DeFi). DeFi refers to a suite of financial applications and services that are built on top of open source smart contracts.

LongHash Ventures, which aims to build the native Web 3.0 blockchain economy, is supported by Fenbushi Capital, HashKey Capital, and Enterprise Singapore. It has a global network across Singapore, Shanghai, and Hong Kong.

Read more here.

From ChannelNewsAsia:

Four new cross-sector groups will develop and deliver socioeconomic solutions on work-life harmony, corporate giving and digital inclusion, as part of Singapore’s push to emerge stronger from the COVID-19 crisis.

This will bring the total number of Singapore Together Alliances for Action to 15 collaborations, said the Ministry of Culture, Community and Youth on 9 February in a press release, which included a report on the Singapore Together Emerging Stronger Conversations.

The first 11 Alliances for Action were launched in June last year, as the government partnered industry groups to help the Singapore economy bounce back from the COVID-19 pandemic.

Minister in the Prime Minister’s Office and Second Minister for Finance and National Development Indranee Rajah said on Tuesday that some “concerning issues” and “difficult realities” surfaced for many Singaporeans during the pandemic, including domestic violence, mental wellbeing, digital inclusiveness, and digital literacy.

“Our conversations show that there is increasing awareness of these and other social issues, and that Singaporeans place high importance on being an empathetic and caring society,” she said.

Read more here.

From DealStreetAsia:

Singapore-listed entertainment and media company mm2Asia Ltd announced on Sunday that it has received interest from a private equity investor to acquire a minority stake in one of its “core businesses”.

The board of directors of the company said it has received a non-binding term sheet to this effect. Confidentiality undertakings prevent the company from disclosing the investor’s identity or other proposed terms, the company said.

“The terms of this term sheet are being deliberated by the board and the term sheet has not been entered into as on the date of this announcement. The board may also appoint an independent financial advisor if deemed necessary,” executive chairman Melvin Ang Wee Chye said in a filing to the Singapore Exchange.

Read more here.

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