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Singapore’s Media Development Authority announced Tuesday it has formed a $74 million venture capital fund to invest in digital media and IT startups in both China and Singapore.
The MDA, which both funds and oversees content production and transmission in Singapore, made the announcement at the China-Singapore Media Industry Exchange, being held alongside the Shanghai World Expo.
This is the second major announcement to emerge between the two countries in the last few weeks, with a China-Singapore film co-production agreement signed in late July.
The fund will be managed by China-based Gobi Partners.
“Aside from film, music and TV, Chinese and Singapore media companies are forging ties in the burgeoning digital media space. Hence, against the backdrop of the Shanghai World Expo, we are organizing the Singapore Media Showcase and China-Singapore Media Industry Exchange to raise awareness of Singapore’s digital media capability among the Chinese public and industry players,” said Dr. Tan Chin Nam, chairman of the MDA, in a statement.