(Bloomberg) -- Singaporean investment firms Aura Group and Fat Projects have agreed to explore launching special purpose acquisition companies that target technology businesses in the Asia Pacific region.

“We share the joint thesis that Southeast Asia is one of the most exciting places to invest over the next decade,” Aura co-founder Calvin Ng said in an interview. “The next billion internet users are coming online from this region.”

Countries such as Thailand, Vietnam and Indonesia are seeing enhanced mobile penetration amid investments in cell towers and other digital infrastructure.

“We’re a big believer in the Singaporean financial and technology ecosystem, which we expect to continue grow exponentially,” Ng said.

Aura and Fat Projects are exploring both U.S. and Singapore listings of SPACs within the next six months, Ng said. Terms aren’t finalized, but the partners expect to target vehicles that would amass roughly $100 million in the U.S. and between 150 million Singapore dollars ($111 million) to S$200 million, Ng said. 

“Our combined group will not only gain sustainable access to growth capital but also allow us to systematically tap high-quality companies in the region with speed and precision,” Fat Projects managing partner Tristan Lo said in an emailed statement.

Lo co-founded the firm with David Andrada. They are co-chief executive officers of Fat Projects Acquisition Corp., their debut SPAC that last week raised $100 million.

The first Fat Projects vehicle has said it’s seeking to combine with a “technology-led business that can solve diverse challenges in Asia in the areas of supply chain, finance, sustainability/ESG, e-commerce and big data,” or a company that can benefit from the “rapidly growing middle class and their evolving consumption needs.” 

Any “Aura Fat Projects” vehicle to list in Singapore would be among the island nation’s first SPACs. Blank-check firms are poised to revive Singapore’s languishing market for initial public offerings after the nation last month outlined SPAC listing rules that were more lenient that initially expected in an attempt to welcome new issuers. 

Both Aura, which says it currently manages and advises on more than S$951 million in assets, and Fat Projects were founded in Sydney before moving their headquarters to Singapore. 

©2021 Bloomberg L.P.