Hong Kong-based robo-advice provider Quantifeed has raised US$10 million (S$13.6 million) of Series B funding to open a Singapore office and boost its research and development (R&D) efforts.
The investment is led by Taiwan's largest financial holding company, Cathay Financial Holdings, and United States-based global asset manager Legg Mason.
Quantifeed said in a statement yesterday that this injection of funds will enable it to fuel its regional growth in Asia, and accelerate R&D in areas such as behavioural analytics and data science to improve customer engagement.
The firm has operations in Hong Kong, Taiwan, Malaysia, Singapore and Australia.
It provides business-to-business robo-advice services to nine financial institutions across Asia, including Cathay United Bank, a subsidiary of Cathay Financial Holdings.
India has shelved a plan to sell a 76 per cent stake in ailing state-owned carrier Air India due to lack of interest from bidders and the airline is now reviewing its funding needs to remain competitive, a government official said yesterday.
The government is still committed to privatising Air India and will review the sale process soon, said Junior Civil Aviation Minister Jayant Sinha to reporters at a briefing in New Delhi, without giving a specific timeline for when a new plan is likely to be announced.
It will continue to support the loss-making airline's financial requirements, Mr Sinha said.
RHT Health Trust
RHT Health Trust has received all outstanding amounts due from Fortis Healthcare for this financial year, it said in a filing.
"The trustee-manager wishes to update that RHT has since received all outstanding amounts... due from Fortis," RHT Health Trust Manager said in the statement.
RHT had said last month that it was owed certain service fees as well as interest on convertible debentures which had yet to be paid.
Fortis had previously provided an undertaking to RHT entities and RHT's trustee-manager that it would settle all outstanding amounts in tranches by yesterday.