GIC Invests $104M In Taiwanese Music Streaming Firm KKBOX

Singapore’s sovereign wealth fund GIC has invested US$104 million in Taiwanese music streaming service provider KKBOX, according to the two parties’ joint announcement.

The investment proceeds will be used to fund the company’s overseas expansion, as well as refine its technology and services, says Chris Lin, co-founder and CEO of KKBOX.

GIC and KKBOX are optimistic towards the future of the sector because of rising demand for consumer technology in the region.

KKBOX’s major shareholders include Japanese telecom giant KDDI, GIC, and Taiwanese smartphones and tablets manufacturer HTC Corporation.

Established in 2004, KKBOX features Asian pop music library and is currently available in Taiwan, Hong Kong, Japan, Singapore, Malaysia and Thailand with over 10 million users.

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