Pundi X announces QEX fund, in partnership with Quantum Energy Asset Management, to grow the Function X blockchain ecosystem
NEW YORK and SINGAPORE, Nov. 29, 2018 /PRNewswire/ Pundi X today announces the QEX fund, in partnership with Quantum Energy Asset Management (QEAM), at Consensus: Invest 2018 in New York. The new fund, QEX Fund SP (QEX), is a hybrid fund open to accredited investors.
"We've chosen to establish the fund following strong interests from investors and companies seeking collaboration with Pundi X," said Zac Cheah, CEO of Pundi X. "Aside from plans to generate returns, the fund will also target strategic investments in start-ups that complement our business, particularly the new possibilities now open for decentralized communication and data storage on the Function X blockchain".
Quantum Energy Asset Management (QEAM), which houses the investment resources required to run QEX, is incorporated in Singapore and will be led by its Chief Executive Officer, Vic Tham. Vic is currently also Pundi X's Chief Investment Officer. Vic has over three decades of experience in banking and securities, including as the former Chief Operating Officer, Asia Pacific, for Global Transaction Services at Bank of America Merrill Lynch, and as the former Chief Risk Officer at Hong Kong Exchanges and Clearing. Vic will be joined by QEAM's Chief Operating Officer, Fen Chao Yong, who is the former head of a fixed income market making and credit derivatives business at United Overseas Bank, Singapore. Both Vic and Fen Chao are licensed fund managers in Singapore.
QEX leverages on the domain expertise and experience in the financial services industry of its portfolio managers, and on its access to the technical and product experts at Pundi X and its Function X blockchain ecosystem. Function X is a new blockchain under development by Pundi X and supports extending the uses for blockchain beyond financial transfers to include sending and publishing data of all kinds in a truly decentralized way and without intermediaries. It was recently used to make the world's first blockchain-based phone call.
"We see an immense opportunity for private equity investments in cutting edge technological developments, particularly in Asia and in industries such as fintech and blockchain," Vic said. "What makes us unique is the power of two - the combination of deep tech and finance investment approach. QEX will be built on that intersection".
The QEX fund is a hybrid fund consisting of venture capital and private equity assets at about 70% of the portfolio, and the remaining in traditional liquid assets, which includes listed equities and corporate bonds, and alternative assets like properties and derivatives. It targets a USD 100 million fund size and plans to officially launch in January 2019.
About Pundi X
Pundi X is a leading developer of blockchain-powered devices, including the world's first point-of-sales ("POS") solution enabling merchants and consumers to do transactions on the blockchain in the physical stores.
Its POS, the XPOS, has been shipped to markets including in the UK, Switzerland, Korea, Colombia, Taiwan and Brazil; 100,000 of the devices are being targeted for a rollout to the global retail market by 2021.
Headquartered in Singapore its international presence includes offices in London, Jakarta, Sao Paulo, Seoul and Tokyo.
The company is also a member of Singapore Fintech Association, Fintech Association of Hong Kong, ACCESS, and Swiss Finance and Fintech Association.
For more information, please visit https://pundix.com/.
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SOURCE Pundi X