Alchemy Foodtech signs multimillion-dollar MOU and investment agreement with Ting Li Development

From left to right: Alan Phua, CEO of Alchemy Foodtech; Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance; and Michael Chen, director of international business division at Wei Chuan Foods Corporation, representing Ting Li Development

Singapore start-up Alchemy Foodtech and Ting Li Development, the investment arm of Ting Hsin International Group, have signed a memorandum of understanding (MOU) valued at over SG$8m. The signing was graced by the Acting Minister for Transport and Senior Minister of State for Finance, Chee Hong Tat.

Food & Beverage Asia first featured Alchemy Foodtech in its Aug/Sep 2023 issue as the company launched it Alchemy SweetFibre blends that can partially or fully replace sugar in confectionery products without compromising on taste and texture. In addition, the Alchemy Fibre blends can also be added to rice and noodle dishes and baked goods to improve carbohydrate and sugar control and enhance gut health.

Thus far, Alchemy Foodtech has worked with Singaporean brands such as Springleaf Prata Place, Swee Heng 1989, and Dian Xiao Er to bring their solutions to health-conscious consumers.

On the international front, Alchemy Foodtech has also worked to Subway Singapore to launch a line of sugar-reduced cookies, as well as working with Yamazaki Bakery in China, and Thai Union Group, a Thailand-listed seafood company that manufactures ready-to-eat meals under its own brand and private labels. 

With this MOU, Ting Li will continue its monetary investment into the start-up, allowing Alchemy Foodtech to work closely with 14 of Ting Hsin International’s business units to create new and healthier products for their instant noodle and baked goods brands. Ting Hsin owns some of the largest F&B brands in China, including: Master Kong, Wei Chuan Foods Corporation, Dicos, and FamilyMart.

The MOU will also enable Alchemy Foodtech to access Ting Hsin’s manufacturing facilities, therefore lowering their cost of goods by an estimated 30%.

“This collaboration represents a transformative milestone for Alchemy Foodtech. It serves as both a validation of our technology’s potential and a strategic gateway to leverage Ting Hsin International’s extensive resources and network,” said Alan Phua, CEO of Alchemy Foodtech

“As a result, we are now better positioned to amplify the reach of our technology, Alchemy Fibre and Alchemy SweetFibre. This partnership also holds the promise of creating a positive influence on the food and beverage landscape, not only in Singapore and China but beyond. We hope this will empower food manufacturers as they navigate changing government policies in nutritional labelling and evolving consumer demands.”

Throughout Asia, governments and consumers are rising to surging incidences of diabetes and excess sugar consumption in the region, with Singapore implementing its Nutri-Grade labelling for beverages and Malaysia and Thailand with their sugar taxes respectively. On a personal level, consumers have indicated a preference for reduced sugar and low carbohydrate products. These changes present immense opportunities for food producers to target the healthier product range, and Alchemy Foodtech has risen to the challenge by developing solutions for sugar and carbohydrate reduction without changing the taste and texture of dishes and snacks that consumers love.

“Our commitment to Alchemy Foodtech highlights our belief in their technology and capabilities. We are confident that this collaboration will be able to meet the rising demands of increasingly health-conscious consumers globally,” said Ting Li’s representative, Michael Chen, director of international business division at Wei Chuan Foods Corporation.

Through tapping into Wei Chuan’s distribution network, Alchemy Foodtech aims to extend the reach of Singapore-made food technologies to food and beverage business in Asia-Pacific, answering the call for healthier products.

“Our shared vision with Ting Li Development and Ting Hsin International extends beyond mere industry impact; we aim to enhance the quality of life for individuals by improving the nutritional quality, and reducing the sugar and carbohydrate load in food and beverages. And we achieve all these without changing the taste and texture of the foods you love. The future of better carbs is here and now,” concluded Phua.