Key Takeaways
- • Credit Saison, Japan's third-largest credit card issuer, launched Onigiri Capital, a $50 million blockchain investment fund targeting early-stage real-world asset startups with a focus on Asia-U.S. bridge opportunities.
- • The fund has secured $35 million in commitments to date from a combination of Credit Saison and outside investors, with capacity to raise an additional $15 million up to its $50 million hard cap.
- • Onigiri Capital will invest across five key sectors: stablecoins, payments, tokenization, DeFi, and financial infrastructure, with emphasis on startups building products with connections to Asian markets.
- • The fund leverages Saison Capital's established presence across six Asia-Pacific markets—Indonesia, Japan, Korea, Malaysia, the Philippines, and Singapore—including banking relationships, regulatory expertise, and distribution channels to facilitate U.S. founder expansion into Asia.
- • Managing partner Qin En Looi positioned the fund as addressing a market gap: specialized expertise for U.S. innovators navigating dynamic Asian blockchain and financial networks, capitalizing on shifting real-world asset innovation dynamics.
Summary
Credit Saison, Japan's third-largest credit card issuer, announced the launch of Onigiri Capital on Monday, September 15, 2025, a $50 million institutional-grade blockchain investment fund designed to bridge U.S. innovation with Asian blockchain and financial networks. The fund is backed by Saison Capital, the venture capital arm of the Credit Saison financial group.
As of the announcement, Onigiri Capital has secured $35 million in funding commitments derived from a combination of Credit Saison capital and outside investors. The fund operates with a $50 million maximum cap and remains open to additional capital commitments up to that threshold. The investment thesis centers on early-stage startups building real-world asset (RWA) solutions, spanning five core sectors: stablecoins, payments, tokenization, decentralized finance (DeFi), and supporting financial infrastructure.
Qin En Looi, managing partner at Onigiri Capital and partner at Saison Capital, articulated the fund's strategic positioning in a statement, noting that "the center of gravity for real-world asset innovation is shifting, and Asia's role is growing at an exponential rate." Looi identified a critical market gap: the absence of specialized expertise in the U.S. market required to navigate and execute successfully in dynamic Asian markets. The fund positions itself as a "launchpad for U.S. founders and developers" seeking to expand into Asia.
The fund's competitive advantage derives from Credit Saison's deep operational footprint across six Asia-Pacific markets: Indonesia, Japan, Korea, Malaysia, the Philippines, and Singapore. This presence translates into tangible assets for portfolio companies, including established banking relationships, regulatory expertise cultivated over years of operations, and existing distribution channels. These resources enable portfolio startups to accelerate market entry and execution in regions where regulatory relationships and local market knowledge traditionally present significant barriers to entry.
The launch reflects broader institutional capital allocation trends toward real-world asset tokenization and the geographic rebalancing of blockchain infrastructure investment toward Asia-Pacific markets, driven by regulatory clarity and institutional adoption dynamics in the region.
As of the announcement, Onigiri Capital has secured $35 million in funding commitments derived from a combination of Credit Saison capital and outside investors. The fund operates with a $50 million maximum cap and remains open to additional capital commitments up to that threshold. The investment thesis centers on early-stage startups building real-world asset (RWA) solutions, spanning five core sectors: stablecoins, payments, tokenization, decentralized finance (DeFi), and supporting financial infrastructure.
Qin En Looi, managing partner at Onigiri Capital and partner at Saison Capital, articulated the fund's strategic positioning in a statement, noting that "the center of gravity for real-world asset innovation is shifting, and Asia's role is growing at an exponential rate." Looi identified a critical market gap: the absence of specialized expertise in the U.S. market required to navigate and execute successfully in dynamic Asian markets. The fund positions itself as a "launchpad for U.S. founders and developers" seeking to expand into Asia.
The fund's competitive advantage derives from Credit Saison's deep operational footprint across six Asia-Pacific markets: Indonesia, Japan, Korea, Malaysia, the Philippines, and Singapore. This presence translates into tangible assets for portfolio companies, including established banking relationships, regulatory expertise cultivated over years of operations, and existing distribution channels. These resources enable portfolio startups to accelerate market entry and execution in regions where regulatory relationships and local market knowledge traditionally present significant barriers to entry.
The launch reflects broader institutional capital allocation trends toward real-world asset tokenization and the geographic rebalancing of blockchain infrastructure investment toward Asia-Pacific markets, driven by regulatory clarity and institutional adoption dynamics in the region.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.