Singapore’s start-up sector continues to attract significant investor’ interest, Ziliqa being the latest to receive funding. The blockchain platform has secured investment and also formed a strategic partnership with FBG Capital. In a separate development, listed corporate MoneyMax has expanded footprint in Malaysia by acquiring interests in 13 pawnbrokers in Malaysia from CMS Top Holdings Sdn Bhd.
Ziliqa secures funding from FBG Capital
Zilliqa, a high-speed blockchain platform, has formed a strategic partnership with digital asset management firm FBG Capital. Financial terms of the investment were not disclosed.
Zilliqa was created by NUS researchers to address the issue of blockchain scalability and is led by chief executive Xinshu Dong.
The latest financing round will see Zhuo Shuoji, founding partner of FBG, join Zilliqa as an advisor to assist on commercial and financial industry adoption of the new blockchain platform. The other members of the venture’s advisory team comprise Alexander Lipton, Stuart Prior, Loi Luu and Aquinas Hobor.
The firm plans to release their source code and a public testnet in December 2017 that permits interested members of the public and developers to participate in testing its functionality, performance, and robustness, as well as design blockchain applications on the platform.
MoneyMax to acquire Malaysian pawn brokers
Catalist-listed MoneyMax Financial Services – that specialises in pawnbroking, retail and trading in pre-owned jewellery, watches and branded goods – will acquire interests in 13 pawnbrokers in Malaysia from CMS Top Holdings Sdn Bhd for a consideration of RM56.6 million ($13.5 million) through its wholly-owned subsidiary, Cash Online Sdn Bhd.
The transaction is being funded through internal resources and will facilitate the expansion of its geographical network of pawnbroking operations in Malaysia.
For the 12 months ended 31 December 2016, the target firms posted an aggregate net loss of about RM1.02 million and net tangible assets of approximately RM50.1 million.
Separately, Chong Mei Sang – who established a joint venture (JV) with MoneyMax in 2014 to conduct pawnbroking in Malaysia – will acquire about 1.96 million shares each in the capital of the target companies, including Pajak Gadai Bukit Gambir Sdn Bhd and Pajak Gadai Senai Sdn Bhd.