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Taiwan sets up NT$1.5 billion fund to tap Southeast Asia market

Taiwan sets up NT$1.5 billion fund to tap Southeast Asia market

Taipei, March 18 (CNA) Taiwan is stepping up efforts to build its own version of Silicon Valley with a new fund launched Wednesday that aims to create a startup hub for Southeast Asia. The NT$1.5 billion (US$47.5 million) AppWorks Fund II (??????) has been jointly established by the National Development Fund -- the government agency responsible for investment -- and eight local corporate investors, to take aim initially at Taiwanese start-ups that develop mobile, big data and Internet of Things (IoT) applications. The eight corporate investors are Cathay Life Insurance Co. (????), Phison Electronics Corp. (????), Far EasTone Telecommunications Co. (????), United Daily News Group (?????), the CID Group (??????), Fubon Life Insurance Co. (????), Chinatrust Venture Capital Corp. (??????) and CDIB Partners Investment Holding Corp. (????). Jamie Lin, founder of the Taipei-based startup incubator and angel investor AppWorks Ventures, which will manage the new fund, described Southeast Asia as a huge market. In the next five years, AppWorks will use the fund to further integrate Taiwan's excellent engineering workforce with its mature e-commerce market and tap into the fast-growing digital economy in Southeast Asia, Lin said at the launch of the AppWorks Fund II. (By Jeffrey Wu)


Updated : 2021-09-21 07:17 GMT+08:00