International investment Group Marvelstone has inked a memorandum of understanding (MoU) with fintech venture capital firm, Life.SREDA.
The MOU sees the formalisation of a co-investment fund created by the two companies, specifically to grow fintech companies in South Korea and other Asian countries.
With regional presence in Hong Kong, Singapore and Korea, Marvelstone has executed a number of investments in diversified industries such as insurance, hospitality, real estate and tech across Asia since 2012, and it aims to develop and invest in more companies over the next few years.
Its new partner, Life.SREDA, has executed investment deals since 2012 to the tune of $40 million, and aims to invest a further $100 million into early-stage startups operating in mobile and internet financial services across the globe.
With the MOU, Life.SREDA's presence, which to date covers the USA, Europe, Ukraine and Russia, will further strengthen its position and networks in Asia.
Marvelstone CEO, Gina Heng commented on the venture: “We are delighted to announce our partnership with Life.SREDA. Fintech is a sector that is close to the partners of Marvelstone, given our extensive experience in the financial and technology sectors.”
“We've chosen to work with Life.SREDA because it is a specialist in fintech investments and knows global fintech markets and trends well. They understand the potential and opportunities in Asia's fintech sector, and we share the same vision for growth in Asia.”
She added: “With their expertise and knowledge, we will be able to better engage both local and foreign institutional players in understanding Asian fintech opportunities.”
Marvelstone's local understanding and expertise in Asian financial and tech sectors, coupled with Life.SREDA's specialised experience, is also expected to help Asian startups bring forth further innovation, by giving them access to global fintech expertise and research.
The MOU also seals the deal on Marvelstone becoming a partner in Life.SREDA's current fund, helping the latter source for companies to invest in. Last but not least, the MOU will allow the two companies to work together on accelerating startups in Singapore and Korea, using Marvelstone's affiliated accelerator, 10K, and Life.SREDA's InspirAsia as foundations.