Singapore Government Investment Company Spends Hundreds of Millions of Hong Kong Dollars to Enter the Compliance Crypto Industry in a Different Light

The Government of Singapore Investment Corporation (GIC), long considered “Asia’s largest and most secretive investor”, has entered the crypto industry.

Singapore Government Investment Company Spends Hundreds of Millions of Hong Kong Dollars to Enter the Compliance Crypto Industry in a Different Light

At 7:00 am on June 11, 2021, BC Technology Group (HK stock code 863), a Hong Kong-listed digital asset company, announced that it would place 31,952,500 shares with Government of Singapore Investment Corp (GIC), the placing agent of Macquarie Capital, at a price of HK$17 million. The placing agent is Macquarie Capital and the placing price is HK$17. After the completion of the placement, GIC will hold 7.62% of BC Technology Group’s shares, making it the largest institutional investor in BC Technology Group.

It is understood that the Government of Singapore Investment Corporation (GIC) is Singapore’s international sovereign fund, established in 1981, is responsible for the management of Singapore’s foreign exchange reserves, GIC investment range in more than 40 countries, the subject of investment, including equities, fixed income, foreign exchange, commodities, money markets, alternative investments, real estate and private equity. GIC, because of the national interest, is secretive about its management, internal structure, funds under management, overseas operations and performance. With over $100 billion in assets under management, it is comparable in size to Berkshire, the investment empire run by Warren Buffett.

The OSL digital asset platform of BC Technology Group, a listed company in Hong Kong’s head digital asset, has been exclusively awarded the Hong Kong Securities and Futures Commission’s virtual asset license No. 1 (securities trading) and No. 7 (providing automated trading services), and has been performing quite well in the compliant digital asset space recently.

Commenting on GIC’s investment, Hugh Madden, CEO of BC Technology Group, said: “This investment is a significant milestone for our business and once again demonstrates our strategy to the market. It is also a significant achievement for the blockchain and digital asset industry in the Asia Pacific region, with Hong Kong and Singapore benefiting as developing digital asset hubs. bc tech group and its OSL platform are ready to continue to drive the financial services industry to embrace digital assets.”

The compliance digital asset industry has recently come under increasing scrutiny with intensive regulatory efforts in various countries. Hong Kong and Singapore have successively introduced regulatory frameworks for digital assets, with the intention of becoming the hub of the digital asset industry in Asia Pacific. Hong Kong has proposed legislation to mandate the regulation of companies and platforms involved in digital asset business, while numerous companies are competing for PSA licenses in Singapore. This investment in BC Technology Group by the Government of Singapore Investment Corporation is also a microcosm of the beginning of an era of digital asset compliance.

Digital asset listed company BC Technology Group benefits from its compliant operations in Hong Kong, and as previously reported by The China Times, on June 2 it and Standard Chartered Bank just announced a partnership to establish a digital asset broker and trading platform joint venture with an initial focus on the European and UK markets.

“We are delighted that BC Technology Group is entering the next phase of its development.” Steve Zhang, chief financial officer of BC Technology Group, told reporters, “Our vision is to lead the development of a regulated and institutionalized digital asset market. This investment allows us to further explore market opportunities, continue to enhance and expand our technology, and prepare for growing customer demand.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/singapore-government-investment-company-spends-hundreds-of-millions-of-hong-kong-dollars-to-enter-the-compliance-crypto-industry-in-a-different-light/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-06-12 05:32
Next 2021-06-12 20:07

Related articles