Private investment firm Marvelstone Group has launched a venture capital arm to invest in start-ups and companies focused on technologies related to the development of smart cities.
Marvelstone Group is behind the non-profit financial technology, or fintech, hub called Lattice80, which opened in November last year.
Mr Joel Ko, a managing partner of Marvelstone Group, will be the chief executive of Marvelstone Ventures.
"Marvelstone Ventures plans to invest only in smart-city and paradigm-shifting technologies like blockchain, Internet of Things, artificial intelligence and, of course, fintech," he said in a statement yesterday. "These technologies are critical in shaping a smart city and enhancing the lives of ordinary people."
Marvelstone Group co-founder and CEO Gina Heng added that Singapore has the potential to be the world's smartest city and Marvelstone Ventures will support the country's vision by investing in technology, smart city-related projects and companies with high growth potential. "We want these companies to successfully turn emerging markets around the Asian region into game changers," she said.
Mr Ko said that Marvelstone Ventures is also on the lookout for opportunities to work with other investors, related partners and institutions in public and private sectors across Asia so that it can help drive innovation in the region.
"Personally, I am looking forward to seeing the adoption of high-end innovation in emerging markets before spreading to the developed markets," he said.