TENCENT ALLOCATES $100M TO FIGHT COVID-19

Tencent, the tech giant that recently acquired a 10% stake in UMG, has announced the launch of a Global Anti-Pandemic Fund, a $100m effort to help curb the spread of COVID-19. The news follows the launch of similar $100m funds last week from both Netflix and Facebook.

The fund will initially focus on the sourcing and donation of medical supplies, such as personal protective equipment (PPE) and other essential products, for hospitals and healthcare first responders.

The allocation is only the latest effort by the company to help the fight against COVID-19. In February, it set up a China Anti-Pandemic Fund to support healthcare workers in its native country, in the amount of approximately $211m.

“COVID-19 is drastically impacting people around the world,” Tencent President Martin Lau said in a statement. “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. This is a critical moment that calls for global collaboration.”