The structure, Singapore Variable Capital Company, will allow asset managers to achieve greater synergies through co-locating their management and domiciliation activities
MAS to introduce new corporate structure for investment funds next year [DealStreetAsia]
The Monetary Authority of Singapore (MAS) will introduce a new corporate structure for investment funds by next year to offer a flexible and efficient platform to institutional investors and fund managers in the city state.
“The structure – Singapore Variable Capital Company (S-VACC) – will allow asset managers to achieve greater synergies through co-locating their management and domiciliation activities,” said Ravi Menon, MD, MAS, speaking at the Nomura Investment Forum Asia 2018 in Singapore on June 5.
He said assets under management in Singapore grew an average 15 per cent each year over the last five years, reaching US$1.9 trillion in 2016. About 80 per cent of the funds were from outside Singapore, and two-thirds were invested in Asia.
Crypto’s 32-year-old billionaire mining king is mulling an IPO [Bloomberg]
With his baby face, eyeglasses and go-to outfit of T-shirt, jeans and sneakers, Jihan Wu looks more like a geeky teenager than a self-made billionaire.
But thanks to an early foray into cryptocurrencies, the soft-spoken 32-year-old is sitting on what may be one of the industry’s largest fortunes.
Wu runs Bitmain Technologies Ltd., the world’s dominant producer of cryptocurrency mining chips. The Chinese company has been shrouded in secrecy since its founding five years ago, but Wu is gradually lifting the veil — and revealing clues about his personal wealth — as he pursues an expansion beyond the crypto-sphere that may eventually lead to an initial public offering.
Malaysia’s Tune Protect leads US$1.5M funding in UK-based Laka [press release]
Laka, a crowd insurance company in the UK, has raised Seed round of £1.1m (US$1.5 million), led by Tune Protect Group Berhad, a financial holding company listed on the Malaysian Stock Exchange.
Silicon Valley-based venture capital firm 500 Startups also participated, alongside new and existing angel investors from across the insurance industry.
Founded in 2017, Laka has developed an insurance model in which customers only pay for the true cost of cover. At the end of each month, the cost of claims is split fairly between customers, with the individual’s maximum premium capped at market rate for customer protection. Unlike traditional insurance companies, Laka only makes money when settling claims; a fairer business model that passes on savings to the customers. Fewer claims lead to lower costs.
Indian developer’s app wins Apple design award [ETTech]
A Chennai-based developer has won a design award for his app “Calzy 3” at the Apple’s Worldwide Developers Conference (WWDC) 2018. Developed by Raja Vijayaraman, “Calzy 3” is a highly customisable calculator that uses iOS technologies to offer features like Multitasking, Face ID and Touch ID.The design award was presented at the Apple’s Worldwide Developers Conference (WWDC) 2018.
The design award was presented at the Apple’s Worldwide Developers Conference (WWDC) 2018.
“This helps privately viewed saved history and bookmarks, Drag & Drop to share results in other apps, iMessage integration, Spotlight search for bookmarked results, iCloud Sync and Handoff, to help you perform day-to-day mathematical calculations in a more elegant way,” Apple said in a statement late on Tuesday.
The post Today’s top tech news, June 07: MAS to introduce new corporate structure for investment funds next year appeared first on e27.