06 December 2021

Carey Olsen and Oakbridge support Fintonia on the launch of bitcoin fund

Carey Olsen and Oakbridge Funds have recently assisted the Singapore investment manager Fintonia Group on the launch of its bitcoin-focused fund.

Fintonia Bitcoin Physical Fund (Jersey) Limited is a Jersey Private Fund through which a sub-fund of Fintonia Liquid Funds VCC, a Singapore domiciled variable capital company invests in a ''master-feeder' arrangement. 

The fund's investment strategy is to provide investors long-only exposure to bitcoin against US dollars in a quick, safe and cost-efficient manner, while having the option to earn a yield on the fund's assets. Fintoina Group is an entrepreneurial financial services firm, providing funds management, wealth management, and merchant banking solutions to institutional clients and entrepreneurs. 

The Carey Olsen team advised Fintonia on the Jersey legal and regulatory advice to Fintonia and was led by Jersey partner Chris Griffin, with Singapore-based senior associate Susan McKinstray providing time-zone friendly Jersey advice to Fintonia.

Susan said: "It was great helping Fintonia in launching its new fund at a time where we are seeing an increasing number of Singapore managers using Jersey as their domicile of choice."

Oakbridge Funds is acting as designated service provider to the fund under Jersey's Private Fund regime as well as providing the fund with accounting and investor reporting services.

The Oakbridge Funds team was led by director Alex Smyth. Alex commented: "We are very proud to have played our part in establishing another Jersey Private Fund and working with Fintonia and Carey Olsen in this innovative area of Bitcoin. We are excited to be involved from the start of this fund's journey and to build a long term relationship with Fintonia."

Adrian Chng, founder and chief executive officer at Fintonia, added: "As a Monetary Authority of Singapore regulated fund manager with strict standards, we can connect with multiple exchanges and different market-makers, enabling us to find the best prices, as well as buy or sell at volume. The fund also enables efficient cash or crypto transfers, resolving the challenges around moving large amounts of cash in or out of the system."

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