AID:Tech Secures Singapore Funding

13 Jun 2018 | 09.35 am

AID:Tech Secures Singapore Funding

EI backing too for blockchain venture

13 Jun 2018 | 09.35 am

Blockchain company AID:Tech said it has received investment from Enterprise Ireland and its Singaporean counterpart SGInnovate.

In addition Blue Parasol Investments, Tin Fu Fund, and BlockAsset Ventures are also investing in the company.

CEO and co-founder Joseph Thompson commented: “As investments from state-backed agencies both at home and abroad signal further support of this promising technology, it is extremely encouraging to see these highly regarded institutions identifying blockchain as an active area of innovation while also embracing the technology for future transformative projects.”

Aid Technology Ltd uses blockchain technology to perform secure payments of international aid and remittances, most notably to Syrian refugees in Lebanon.

Eoin Fitzgerald, senior fintech advisor at Enterprise Ireland, commented: “By harnessing blockchain technology in the humanitarian sector and addressing obstacles in global development including legal identity and social and financial inclusion, AID:Tech reflects the level of world-class blockchain solutions which are emerging from Ireland.”

This week EI launched a new €750,000 competitive start fund for fintech startup companies that want to expand in global markets.

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