Tencent unveils public welfare VC plan

Chinese tech giant Tencent Holdings Limited has announced a public welfare venture capital plan, aiming to help improve the operational efficiency of social enterprises and public welfare organizations.

The plan will provide technological and innovative services for enterprises and public welfare organizations, which often lack financial and technological support, operational guidance, communication channels and volunteer services.

The plan will focus on five public welfare areas including information accessibility, emergency disaster relief, ecological protection, cultural heritage protection and technological assistance for the elderly, according to sources with the company.

"We hope to help boost public welfare organizations' operational efficiency through technological, resource and financial support," said Ge Yan, secretary-general of the Tencent Foundation.

The plan was announced during a technology and innovation summit focusing on future development of the Guangdong-Hong Kong-Macao Greater Bay Area, which was held in Guangzhou, capital of Guangdong province, on Tuesday.

Funds for the venture capital plan will come from a funding pool worth 1 billion yuan ($160 million), which was announced earlier by the company to support public welfare digitalization and infrastructure development.

Tencent said it would work closely with scientific research institutes and relevant departments to build a platform that integrates resources from industries, higher education and technology institutes.

"Leading scientific research institutes should join top IT companies, which will eventually work closely with small and medium-sized enterprises in scientific research to build a science and innovation community in the Greater Bay Area," said Fan Gang, president of China Development Institute, a Shenzhen-based think tank.

qiuquanlin@chinadaily.com.cn