Singapore has been a thriving financial hub for decades now and needless to say, the country has seen the establishment of a fair share of investment funds in the process as well. One of those is ‘Marvelstone Group’ which is purportedly involved in investment in the financial technology space, cryptocurrency hubs and artificial intelligence. The company has gained in prominence, with Joe Cho Seunghyun appearing in industry conferences and talking about the aims of the company.
However, in a development, which would come as a shock to many, it has now emerged, following an investigation by a leading media house in Singapore, that Marvelstone Group does not actually have any assets under management and that has been the case for two years since it was registered as an RFMC (Registered Fund Management Company) by the concerned authorities. That being said, the more alarming development is the fact that the fund is no longer a regulated entity and that is something that could put future investors at risk. The group was contacted regarding this, but Marvelstone simply stated that they are in no way obliged to reveal how they work. The group stated,
We are not obliged to disclose our business plans, any changes made to our plans, or the progress of such plans.
The activities of the investment fund have been a bit chaotic at best, and despite spending on some interesting initiatives, nothing has quite come to fruition. For instance, back in 2016, it launched a non-profit fintech company named Lattice 80, with much fanfare and with MAS (Monetary Authority of Singapore) head Tharman Shanmugaratnam as a guest of honour. That launched the fund into the big time, considering the fact that Shanmugaratnam was the deputy Prime Minister of Singapore at the time.
However, MAS has now distanced itself from Marvelstone, and a spokesman stated that the only reason why Shanmugaratnam agreed to be the guest of honour at Lattice 80 was down to the fact that the organisation had pledged its full backing towards the development of the fintech industry in the country. The spokesperson added,
Apart from this, MAS had no other connection with the company.
The fund had also launched an ill-fated Kaya cryptocurrency token, but the coin has been delisted due to a range of concerns raised by the blocktrade.com. It remains to be seen how Marvelstone grapples with the issues at hand in the near term.