Latest news with #NikkoAssetManagement
CNA
24-07-2025
- Business
- CNA
Chocolate Finance raises US$15 million; CEO says it may still offer instant withdrawals in future
SINGAPORE: Four months after suspending instant withdrawals due to surging demand, Chocolate Finance announced on Thursday (Jul 24) that it has secured US$15 million in fresh funding. The funds were raised from Nikko Asset Management, returning investors Peak XV (previously known as Sequoia Capital India and Southeast Asia), Prosus, Saison Capital and Chocolate Finance's founder Walter de Oude. The fintech firm plans to use the capital to expand across the region, starting with Hong Kong, where it recently obtained regulatory approval to operate. It expects to launch there in the first quarter of 2026. Expansion into Hong Kong is the 'logical next step' given that the regulatory environment and technological infrastructure is similar to Singapore's, Mr de Oude told CNA in an interview. The company came under scrutiny in March when it halted instant withdrawals after receiving an 'unusually high' volume of requests. Customers withdrew S$500 million (US$392 million) in about two weeks – wiping out around 40 per cent of its assets under management, which had hit US$1 billion the previous month. Its assets under management have not fully recovered, but have hit nearly US$705 million, and profitability is "not too far off", he said. Mr de Oude, who is the company's CEO, said instant withdrawals are not currently 'part of the recipe', though it could be reintroduced in future. 'For the time being', he said, withdrawals will follow a standard process of up to three days. 'We're continuing to look how we can innovate in that space as we roll out, but what we have found is that actually … up to three days for a withdrawal is good enough.' "MORE SUSTAINABLE" APPROACH The March episode came about after Chocolate Finance quietly suspended AXS payments on its debit card and customers accused the company of opaque communication. At the time, the company was offering two miles per dollar on all spending – including education fees and AXS payments – categories where miles are typically excluded. Customers were taking advantage of the scheme and it soon became 'quite evident' that this was unsustainable, Mr de Oude said. 'We have pared that back a little bit to more of a sustainable mileage programme, which is continuing to deliver great miles,' he said. Customers can still earn up to two miles per dollar, but "without loopholes". 'We've had to tweak things a little bit, around our communications and the understanding of our products and services,' said Mr de Oude. 'And potentially be ... more sustainable around the freebies and benefits we give in a launch.' Chocolate Finance, which invests its customers' money into fixed-income funds, has 100,000 users in Singapore. The company previously raised US$19 million in 2022. Mr de Oude said the confidence shown by existing and new investors reflects the strength of its business. He added that Chocolate Finance will take lessons from its Singapore experience to Hong Kong, with a "slightly less agressive" approach to growth. 'When you run promotions, you can be very generous in your promotions and the more generous you are, the more traction you get. But do you need to have as much promotion when your product is good enough, in and of itself?'
Korea Herald
22-07-2025
- Business
- Korea Herald
Nikko AM Introduces ChiNext ETF on Singapore Exchange under ETF Link, Tied to E Fund's Onshore ETF
GUANGZHOU, China, July 22, 2025 /PRNewswire/ -- On July 22, the China-Singapore ETF Link continues to expand with the listing of the Amova E Fund ChiNext Index ETF (ticker: CXT) on Singapore Exchange (SGX), launched by Nikko Asset Management (Nikko AM) in collaboration with E Fund Management (E Fund), the largest mutual fund manager in China, aiming to provide overseas investors with access to the growth potential of China's ChiNext market. The Amova E Fund ChiNext Index ETF is linked to the E Fund ChiNext ETF (ticker: 159915), which tracks the ChiNext Index—a key broad-based index of innovative and entrepreneurial companies listed on the Shenzhen Stock Exchange (SZSE). Over 90% of the index is weighted in strategic emerging industries such as next-generation information technology, new energy vehicles, and biotechnology, and includes leading companies like CATL, Inovance, InnoLight, Mindray, and Sungrow. The index constituents have demonstrated strong fundamentals, with compound annual growth rates of 21% in revenue and 14% in net profit since 2021. As of July 18, ETFs tracking the ChiNext Index held more than USD 16.3 billion in assets, led by the E Fund ChiNext ETF (ticker: 159915) accounting for USD 12 billion, which was also the first ETF to track the index. "As the world's second-largest economy, China has been steadily opening up its financial markets, becoming an essential part of global asset allocation," Yue Fan, Executive Vice President of E Fund, stated. "As a core flagship of SZSE, the ChiNext Index was launched in 2010, with constituents reflecting the driving forces of China's new economy - spanning innovative sectors such as semiconductors, artificial intelligence, new energy, and biopharmaceuticals. The Amova E Fund ChiNext Index ETF marks a milestone in China-Singapore financial collaboration, offering investors in Singapore and the broader region efficient access to China's new economy. We have a similar cross-border ETF partnership with Nikko AM in Japan, and this new ETF in Singapore highlights our deepening long-term partnership and shared vision for global market expansion." "Our collaboration with E Fund marks a significant milestone in cross-border ETF innovation. We are proud to partner with E Fund to channel our combined scale, deep expertise, and local insights into this ETF that is a powerful representation of China's entrepreneurial spirit and technological advancement. Together, we are offering investors a differentiated and forward-looking way to participate in China's innovation-led growth story," said Eleanor Seet, President and Director, Nikko Asset Management Asia Limited and Head of Asia ex-Japan, Nikko Asset Management. The listing brings the China-Singapore ETF Link program to 10 ETFs since its 2022 inception, demonstrating strengthened financial cooperation and improved cross-border investment access between both markets while offering greater convenience to investors across Asia-Pacific region and globally. About E Fund Established in 2001, E Fund is a leading comprehensive mutual fund manager in China with over RMB 3.6 trillion (USD 512 billion) under management as of 30 Jun 2025. It offers investment solutions to onshore and offshore clients, helping clients achieve long-term sustainable investment performances. E Fund's clients include both individuals and institutions, ranging from central banks, sovereign wealth funds, social security funds, pension funds, insurance and reinsurance companies, to corporates and banks. Long-term oriented, it has been focusing on the investment management business since inception and believes in the power of in-depth research and time in investing. It is a pioneer and leading practitioner in responsible investments in China and is widely recognized as one of the most trusted and outstanding Chinese asset managers. About Nikko AM With US$233.9 billion under management as of 31 March 2025, Nikko Asset Management is one of Asia's largest asset managers, providing high-conviction, active fund management across a range of equity, fixed income, multi-asset and alternative strategies. In addition, its complementary range of passive strategies covers more than 20 indices and includes some of Asia's leading exchange-traded funds (ETFs). Effective 1 September 2025, Nikko Asset Management will be known as Amova Asset Management.
Business Times
22-07-2025
- Business
- Business Times
First ETF to track China index through Singdollar-hedged fund class launches on SGX
[SINGAPORE] The Amova E Fund ChiNext Index exchange-traded fund (ETF) on Tuesday (Jul 22) was listed under the Shenzhen Stock Exchange-Singapore Exchange (SZSE-SGX) ETF Link, to give investors a new way to access China's innovation-led growth. This is the first ETF in Singapore that tracks the ChiNext Index through a Singdollar-hedged fund class. It will provide investors with exposure to fast-growing, innovation-driven companies listed on the SZSE while mitigating foreign exchange fluctuations. The ETF is managed by Nikko Asset Management and provides targeted access to companies in sectors such as technology, healthcare, and advanced manufacturing – the key drivers of China's transformation into a high-value economy. The ChiNext Index is known for featuring the 100 largest and most liquid growth-oriented companies that are aligned with China's national priorities including digitalisation, green energy and industrial upgrading. 'This index captures the pulse of China's innovation economy, and through the Amova E Fund ChiNext Index ETF, we are enabling Singapore-based investors to access that growth with greater precision and effective currency risk management,' said Eleanor Seet, president and director of Nikko Asset Management Asia and Head of Asia ex-Japan, Nikko Asset Management. The Amova E Fund ChiNext Index ETF is part of the suite of Asia-focused ETF listings on SGX and expands this product shelf to 48 ETFs, with combined assets under management exceeding S$14 billion. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Ng Yao Loong, head of equities, SGX Group, said: 'The listing of the Amova E Fund ChiNext Index ETF on SGX adds to our suite of China A-Shares ETFs under the SZSE-SGX ETF Link. This launch is timely as it taps into rising investor interest in China's innovation sectors and growth themes.' Other listings in the past under the SZSE-SGX ETF Link include the CSOP CSI Star and ChiNext 50 Index ETF, which was listed on SGX on Dec 30, 2022. Managed by CSOP Asset Management, it offers investors exposure to 50 innovative and high-growth potential companies listed on the Shanghai Stock Exchange Star Market and SZSE ChiNext market. China Southern CSOP CGS-CIMB FTSE Asia Pacific Low Carbon Index ETF was listed concurrently in Shenzhen under the same link, as the first SGX-listed ETF directly available in China. It is the world's first low carbon ETF with a geographical focus on developed and emerging markets in Apac, and was listed on SGX in September 2022.
Business Times
22-07-2025
- Business
- Business Times
First ETF to track China index through Singdollar-hedged fund class launched on SGX
[SINGAPORE] The Amova E Fund ChiNext Index exchange-traded fund (ETF) on Tuesday (Jul 22) was listed under the Shenzhen Stock Exchange-Singapore Exchange (SZSE-SGX) ETF Link, to give investors a new way to access China's innovation-led growth. This is the first ETF in Singapore that tracks the ChiNext Index through a Singdollar-hedged fund class. It will provide investors with exposure to fast-growing, innovation-driven companies listed on the SZSE while mitigating foreign exchange fluctuations. The ETF is managed by Nikko Asset Management and provides targeted access to companies in sectors such as technology, healthcare, and advanced manufacturing – the key drivers of China's transformation into a high-value economy. The ChiNext Index is known for featuring the 100 largest and most liquid growth-oriented companies that are aligned with China's national priorities including digitalisation, green energy and industrial upgrading. 'This index captures the pulse of China's innovation economy, and through the Amova E Fund ChiNext Index ETF, we are enabling Singapore-based investors to access that growth with greater precision and effective currency risk management,' said Eleanor Seet, president and director of Nikko Asset Management Asia and Head of Asia ex-Japan, Nikko Asset Management. The Amova E Fund ChiNext Index ETF is part of the suite of Asia-focused ETF listings on SGX and expands this product shelf to 48 ETFs, with combined assets under management exceeding S$14 billion. Ng Yao Loong, head of equities, SGX Group, said: 'The listing of the Amova E Fund ChiNext Index ETF on SGX adds to our suite of China A-Shares ETFs under the SZSE-SGX ETF Link. This launch is timely as it taps into rising investor interest in China's innovation sectors and growth themes.'
The Star
11-07-2025
- Business
- The Star
Emerging markets - Singapore stocks at all-time high and Indonesia stocks also soaring as investors eye tariff talks
JAKARTA (Reuters): Stock markets forged ahead in emerging Asia on Friday, as investors saw US President Donald Trump's tariff threats as more of a strategic move to extract favourable concessions in US trade talks now in focus before an August 1 deadline. An MSCI gauge of equities in emerging Asian countries jumped to its highest since early January 2022, while a subset of ASEAN equities hit a six-week high. Traders have reacted more calmly to tariff threats this time, compared with the dramatic swings of early April after Trump's Liberation Day levies triggered chaos in global financial markets. "Sentiment has improved with the increased certainty surrounding the conclusion of US-imposed tariffs," said Kenneth Tang, senior portfolio manager at Nikko Asset Management. "This clarity (on tariffs) has helped to alleviate fears." The anxiety has been allayed largely because import duties remain unchanged for most countries, there is further room for talks, and traders are betting the new US threats are tactics designed to extract more concessions. Globally, US and European stock futures dipped during Asia trade after Trump stepped up tariff threats against Europe and Canada. In South-East Asia, Singapore's FTSE Straits Times index set a new all-time high for an eighth straight session, driven by strong inflows in its industrial and telecom sectors, while Indonesia's benchmark jumped to a three-week high. Thailand's shares jumped more than 1% to become the region's top gainers, while benchmarks in Malaysia and the Philippines ticked modestly higher. Tang said he remained constructive on Asean for the second half, with a preference for Singapore because of attractive valuations and strong dividend yields, and the Philippines, for its improved macroeconomic outlook. "We believe Asean is well-positioned for further performance due to a weakening USD and domestic policy accommodation." Asean groups 10 South-East Asian nations with Indonesia, Malaysia, Singapore and Thailand among its top economies. In China, the Shanghai Composite hit a nine-month high, and the blue-chip CSI300 index scaled a seven-month peak. South Korea's KOSPI gauge hovered around its August 2021 high, a day after the central bank held interest rates steady, though a majority of its board signalled another rate cut in the next three months. Most regional currencies held their ground against the U.S. dollar, though India's rupee and Malaysia's ringgit slipped marginally. Thailand's baht ticked higher, while Japan's yen eased 0.4%. Overnight, Brazil's real rebounded from a plunge of more than 2% the previous day after Trump threatened a 50% tariff on imports from the South American nation. An MSCI index of global emerging currencies trended marginally lower. - Reuters
