After successfully fulfilling an independent competitive technical and financial bidding process, RNAM, the asset management joint venture of Reliance Capital and Nippon Life Insurance of Japan, has been awarded this mandate.
In response to questioning from GTR at an event in Hong Kong today (October 10), Standard Chartered’s head of transaction banking for China, David Koh, said the bank is “definitely going all in with BRI”.
Ripple was one of the early startups to gather funding in the region, with over 130 startup deals made by 2016 – bringing in $545 million worth of funds and setting up the space for a future in blockchain development.
The investment scope for the mandate includes domestic stocks traded on the Taiwan stock exchange and the over-the-counter market, local equity exchange-traded funds, as well as domestic corporate bonds and sovereign bonds.
An Incubation Committee made up of 21 SuperNodes will then jointly decide on whether a project will be approved for incubation. Once chosen, funds will be allocated and distributed through SNC’s Foundation.