GIC invests in Twitter co-founder’s digital payment startup

The penetration of mobile payment tools is on the rise.

Singapore’s sovereign wealth fund GIC today revealed that it is investing an undisclosed amount into tech startup Square.

Square is helmed and created by Twitter co-founder Jack Dorsey and American computer science engineer Jim McKelvey. Square allows individuals and merchants to accept digital payments using their smartphones.

GIC noted that Square is building a Register that includes a full suite of services businesses need to provide the best customer experience and take care of core business operations.

“As a long-term value investor, GIC believes the rising secular trend and penetration of mobile payment software will present good investment opportunities. Square, in particular, plays a key role in accelerating the acceptance of all forms of payments in the Small and Medium Businesses' sector,” stated GIC in a release today.