Israeli global equity crowdfunding platform OurCrowd has opened a Taiwan office in Taipei office and has formed a strategic partnership with Shanghai Commercial & Savings Bank (SCSB).
SCSB recently received the approval of the Financial Supervisory Commission, to invest in Jerusalem-based equity crowdfunding platform OurCrowd. This makes it Taiwan’s first bank to invest in an overseas FinTech equity crowdfunding platform.
OurCrowd founder and CEO John Medved said, “We see Taiwan as one of the major technology and innovation centers in the world and are excited to be partnering with one of Taiwan's leading banks, SCSB."
OurCrowd managing partner Asia Denes Ban who will lead the initiative said, “The goal of the expansion is threefold. Firstly, to help Taiwanese small and medium sized enterprises to get more funding. Secondly, to help Taiwanese investors to diversify and invest into global startups and thirdly, to connect the latest disruptive Israeli tech with Taiwanese companies to be more effective and efficient in reaching global markets.’’
SCSB, in collaboration with the Taiwanese Financial Supervisory Commission, is innovating digital science and technology to create a smart financial vision, by actively utilizing financial technology to promote internet banking and mobile banking services. It also aims to use big data analysis for precision marketing, and to deepen social media to promote digital marketing. SCSB Director of Board, EVP and Chief Information Officer John Yung, said, “The objective of the bank's investment in Israel’s OurCrowd equity crowdfunding platform, aside from wanting to generate investment income, also aims to be able to use its investment to access foreign start-up companies, and the latest financial technology, network security technology, and innovative financial services. At the same time as introducing Israel’s OurCrowd to Taiwan, it hopes to facilitate its understanding of the progress of new developments in the country, improve OurCrowd’s investment opportunities in Taiwan, and inject fresh funding sources into new Taiwanese ventures.”
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2017
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