DigiFT raises $10.5 million, ZA Tech invests in used car market Carro

Singapore-based decentralized digital asset exchange DigiFT has raised $10.5 million in funding, while insurance company ZA Tech announced its investment in used car marketplace Carro.

SG-based digital asset exchange DigiFT raises $10.5 million

DigiFT, a Singapore-based decentralized digital asset exchange (DEX), has announced it will raise $10.5 million in its pre-Series A funding round anchored by investment firm Shanda Group.

The funding round was also backed by global venture capital (VC) firm HashKey Capital; Hash Global, a Web3 VC with offices in Singapore and Shanghai; Xin Enterprise, a Singapore investment firm wholly owned by Liang Xinjun, co-founder of Fosun Group; and North Beta Capital, a digital technology-focused investor.

The fresh funds will be used to support the startup’s licensing applications in Asia, the Middle East and Europe, DigiFT said. It also plans to further develop its technology and expand its innovation capabilities.

Founded in 2020, DigiFT is the first and only decentralized DEX registered in the Fintech Regulatory Sandbox of the Monetary Authority of Singapore. It aspires to offer regulated decentralized finance solutions on the Ethereum public blockchain offering.

Through DigiFT’s platform, asset owners can issue blockchain-based security tokens, while investors can trade with continuous liquidity through the Automatic Marketing Making (AMM) mechanism and remain in control of their digital assets in their own wallets.

“This fundraiser is proof that this industry has tremendous potential by bridging the gap between traditional finance and Web3,” said Henry Zhang, founder and CEO of DigiFT.

Insuretech ZA Tech invests in used car marketplace Carro

Insurtech major ZA Tech Global Limited (ZA Tech) has invested an undisclosed amount in Southeast Asian used car market Carro, according to an announcement.

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Besides the investment, ZA Tech and Carro also signed a joint venture agreement to distribute personalized auto insurance products and provide AI-based real-time claims processing for customers and insurers.

ZA Tech is headquartered in Singapore and backed by SoftBank’s Vision Fund 1. It operates in multiple regions including Europe, Japan, Southeast Asia and Greater China, with more than 800 employees.

In a statement, ZA Tech said the partnership will initially focus on auto insurance but will expand to property, life and health insurance in the future.

The offering is now available on Carro’s platforms in Singapore and Malaysia and includes insurers such as Income, MSIG and DirectAsia for Singapore and Takaful Malaysia, MSIG, Allianz and Zurich for Malaysia.

Carro posted its first profitable year to date last year, generating more than $464 million in revenue and doubling its gross profit in the year ended March 2022.

Founded by college friends Aaron Tan, Aditya Lesman and Kelvin Chng, Carro operates throughout the auto ownership chain. It has developed innovative services such as Singapore’s first contactless car buying service, the first car subscription service and the first usage and behavior-based car insurance for the entire region.