August 25, 2025

By Joe Pan

True Global Ventures (TGV) is stepping into new financial territory.  

The global venture capital firm has secured a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS), giving it a mandate that stretches well beyond its traditional venture capital focus into regulated asset management.  

In an exclusive interview with Blockwind News, CEO Beatrice Lion called the license “a pivotal milestone” that would allow the firm to deepen relationships with investors while broadening TGV’s investment capabilities.

“We are honored to receive the CMS license from MAS, which reflects our commitment to meeting the highest regulatory standards,” she said. “This allows us to immediately invest more deeply in secondaries within our existing portfolio—something our previous license restricted.”  

Why Singapore, Not Hong Kong?  

For Lion, choosing Singapore’s MAS framework over Hong Kong’s Securities and Futures Commission (SFC) wasn’t just about geography—it was strategic.  

“Singapore is positioning itself as a hub for regulated innovation in asset management,” she explained. “The MAS framework balances investor protection with flexibility for managers like us. Hong Kong is important, but for what we needed at this stage, the certainty of the Singapore regime simply made more sense.”  

Lion added that the firm’s existing operations in Singapore made the decision even more natural. “This is where our governance infrastructure is strongest. The MAS process was rigorous, but it gives global investors clarity and confidence,” she said.  

The new license places TGV among the few venture capital firms that have successfully graduated into fully regulated asset management territory in Singapore, at a time when MAS is actively encouraging innovation but also tightening oversight on financial governance.  

Asset Management Evolution  

The CMS license enables TGV to add new investment angles beyond venture capital—continuation funds to back high-performing portfolio companies approaching IPO, fund-of-funds that allocate to other top-tier VC names, selective investments in public companies aligned with TGV’s focus on blockchain and AI, and professionally managed crypto funds.  

But Lion said the upgrade isn’t about chasing shiny asset classes—it’s about optionality within a familiar thematic framework.  

“Artificial intelligence and blockchain aren’t buzzwords for us—they’re pillars,” Lion said. “Expanding into asset management doesn’t dilute our mission; it gives us more flexibility to create value for both entrepreneurs and investors.”  

Her emphasis is clear: staying the course on disruptive technologies, while wielding a broader set of investment tools.   

 A Global Bridge Between Old Wealth and Tech  

Industry watchers in New York and London might liken TGV’s regulatory expansion to what The Guardian has called “finance at an inflection point”—a collision of old wealth with technologies rewriting the future of markets. From her vantage point, Lion views TGV as a bridge between these worlds.  

“We are backing entrepreneurs defining the next decade in AI and blockchain, while giving investors both private and public market access to that growth,” she said. “This isn’t about leaving the venture behind—it’s about making the venture work harder for all stakeholders.”  

Looking Ahead  

The CMS license signals institutional-level governance and compliance, but its true test will be in returns. Lion, however, sounded confident.  

“This is a very proud milestone for TGV and our team,” she concluded. “The license is not just a stamp from MAS—it’s a foundation for the next decade of growth.”  

With Singapore as its regulatory anchor and Hong Kong as its family office partner base, TGV is positioning itself as a rare player knitting together venture risk-taking with institutional-scale asset management. Whether old capital and new technologies can harmonize remains the question. But one thing is certain: True Global Ventures has pulled itself into a bigger regulatory league—and intends to play it.  

About the Author 

Joe Pan is an editor and producer at Blockwind News.  An early adopter of blockchain technology, he has covered major crypto conferences globally since 2019 and moderated Web3 events across Asia. Joe is part of the founding team of Blockwind News and teaches Asia’s only accredited Master of Journalism course on “Covering Cryptocurrency and Blockchain” at Hong Kong Baptist University.