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Singapore-based Marvelstone Tech, a fintech platform under US private investment group Marvelstone Group, has launched FundEast, a fintech startup focused on structured trade finance for Asia.
The initiative aims to help small and medium-sized enterprises (SMEs) facilitate their trade transactions at rates that are more than what current solutions are offering. “Recently, SPRING Singapore launched a $1.47 billion dollar loan programme for SMEs,” said Terry Cho, chairman of Marvelstone Tech Korea. “We believe that Singapore will continue to be Asia’s leading trade hub, and we want to play a part in that.”
Founded in 2011, Marvelstone Group recently received an undisclosed amount of funding from Asia Media Exchange.