Singapore-based Whampoa Group wants to raise $50 million for a crypto-related hedge fund. It is also keen to deploy $100 million for a related venture capital fund.
Shawn Chan, the CEO, and co-founder of Whampoa, said to offset cryptocurrencies’ volatility, it had to remain market-neutral. He highlighted that the company is seeking out strategic partners for the VC fund. Whampoa has been in talks with regional family offices and some big Chinese internet companies. The company is on the heels of Singapore’s largest bank.
The DBS Bank recently announced the expansion of crypto services to 300,000 of its more affluent clients in Asia through the banking app. The bank’s CEO said the bank would be able to safely and effectively provide crypto products and services to consumers. However, regulators don’t see it that way. Singapore has always sought to protect consumers. It has also strived to maintain dominance as a global financial hub through the responsible integration of cryptocurrencies.
Ravi Menon, MAS managing director, said the company wants to attract leading crypto players to Singapore. He highlighted that MAS has a stringent and lengthy licensing process for those who want to carry out crypto-related services in the country. Menon said MAS has been issuing strong warnings against retail investments in cryptocurrencies. It has also taken increasingly stronger measures to restrict retail access to cryptocurrencies.
Joanna Ossinger, a crypto columnist for Bloomberg, says the attitude of regulators in Singapore is wait and see, with a greater emphasis on consumer protection. He said the policy change is more academic than anything representing a public agenda.