SINGAPORE - GIC has invested US$104 million (S$130 million) in KKBOX, a provider of music streaming services in Asia, the two companies said in a joint statement on Wednesday.
KKBOX, which was established in 2004 by a group of Taiwanese software programmers, will use the funds to expand overseas and improve its technology and service, said the company's co-founder and chief executive Chris Lin.
GIC said it has "confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets".
"With the rising demand of consumer technology in the region, there will be exciting opportunities for the company as it embarks on its expansion," the sovereign wealth fund and KKBOX said in the statement.
KKBOX is currently available to consumers in Taiwan, Japan, Hong Kong, Singapore, Malaysia and Thailand. Its other major shareholders include Japanese telco KDDI and HTC.
ChungHwa Telecom, Taiwan's largest telco, will maintain its 30 per cent shareholding in KKBOX's Taiwan subsidiary.