Tencent Holdings Ltd’s sets up a $100million fund in fight against coronavirus

The cavalry has arrived.

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Tencent Holdings Limited, the parent company of Tencent Music Entertainment, has set up a Global Anti-Pandemic Fund to aid efforts in preventing the spread of COVID-19. Tencent Music Entertainment Group develops music streaming services for the Chinese market in collaboration with Spotify. The fund will be used to provide medical supplies and other essential products for hospitals and healthcare professionals on the frontline. Spotify recently launched its own initiative against COVID-19.

This isn’t the first time Tencent has shown its support for those battling the virus. In February, the company announced a China Anti-Pandemic Fund, amassing approximately $211m to support the fight against COVID-19. The money was used to donate medical supplies, provide technology support and offer funds for frontline workers, MBW reports.
Martin Lau, President of Tencent, said: “This is a critical moment that calls for global collaboration. COVID-19 is drastically impacting people around the world. We are facing this challenge together and Tencent is committed to supporting the international emergency response.

“Based on the experience in China and feedback collected from hospitals around the world, we recognize there is an urgent need for PPEs and other medical supplies, particularly at the onset of the pandemic, when traditional supply channels cannot meet the sudden surge in need.

“By donating these supplies, we hope to help protect front-line medical professionals and workers who are fighting tirelessly and selflessly for all of us.” A statement on the Tencent website says “Today, Tencent announced the establishment of a US$100 million Global Anti-Pandemic Fund to support international efforts to fight COVID-19. This initially will include the sourcing and donation of medical supplies such as protective equipment and ventilators for hospitals and healthcare workers, the true heroes battling on the front lines every day.

As a global company, we want to help where we can. Our decision to set up a fund is also based on our experience battling the virus inside China. In February, we launched a RMB1.5 billion China Anti-Epidemic Fund to provide supplies to healthcare workers and financial relief to patients and their families. We have deployed technology, too, to make it easier for adults to work, and students to study, from home. Many organizations and individuals also pitched in to help in their own ways.

You can read Tencent’s full statement here.

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