Sons of Singapore tycoons team up to develop NFT social networking app ARC
- Financier Peter Lim’s son Kiat Lim and Mewah International’s Elroy Cheo’s start-up aims to bring together individuals from Taiwan to Australia to network
- The company plans to charge an annual subscription fee for those who eschew its non-fungible tokens
Kiat Lim, the 28-year-old son of reclusive financier Peter Lim, and Elroy Cheo, of the family behind edible oil business Mewah International Inc., have founded ARC to create the exclusive community.
The pair envision an online club where membership is open to anyone holding the start-up’s non-fungible tokens, from entrepreneurs to social media influencers.
Lim and Cheo, 37, are both cryptocurrency enthusiasts with famous socialite sisters: Lim’s sibling Kim has some 319,000 Instagram followers, while Cheo’s Arissa has about 355,000.
They join a rush globally to cash in on the growing cryptocurrency-mania that’s supercharging digital coin prices and start-up valuations.
That shift quickened in 2021 as wealthy investors who once scorned digital tokens realised they couldn’t bear to miss out on the potential for big gains.