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Olá pessoal!
Today we’re talking to Qin En Looi, Managing Partner at Onigiri Capital and Partner at Saison Capital, about why his Singapore-based venture fund is making a major bet on Brazil’s tokenization and stablecoin ecosystem.
Backed by Credit Saison, a 75-year-old Japanese financial institution with US$30 billion in assets, Onigiri Capital recently launched a US$50 million fund focused exclusively on blockchain-powered financial services. Latin America — and specifically Brazil — will be key areas of focus for deploying this capital.
What makes Brazil particularly attractive? According to Qin en, it starts with the Central Bank.
“I don’t think any government or central bank in the world comes close to what the Brazilian Central Bank has done in terms of innovation,” he explains, pointing to initiatives like Drex and the country’s track record with PIX and open finance.
But the regulatory environment is just one piece of the puzzle. Qin en notes that he has been impressed by how Brazilian blockchain founders are delivering metrics at Series A that rival Series C companies in other markets—often with profitability already achieved.
“For the same valuation, I can get a company making two to three million dollars ARR, whereas elsewhere you’d have an unpaid pilot,” he notes.
Key Takeaways:
Focused verticals: Onigiri is focusing primarily on stablecoins, payments, tokenized assets, financial markets infrastructure, and DeFi
Local-first approach: The firm is partnering with local funds like Norte Ventures, OneVC, and Valor Capital to better connect with the ecosystem
Institutional advantage: Portfolio companies gain access to Credit Saison’s extensive network of banks and asset managers across Asia
Capital efficiency: Brazilian startups demonstrate stronger revenue focus and resilience compared to peers in developed markets
I really enjoyed this conversation with Qin en and I hope you do as well. It will be exciting to see how his thesis plays out in the coming years.
You can connect with Qin en on Linkedin.
Have a great week everyone,
-AWS
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