Alibaba on Thursday launched two nonprofit venture capital funds to help startups in Hong Kong and Taiwan.

Alibaba set aside 10 billion new Taiwan dollars (300 million U.S. dollars) for its Taiwan fund and earmarked 1 billion Hong Kong dollars (129 million U.S. dollars) for the Hong Kong fund.

Alibaba said it started receiving applications on Thursday and investment choices will be released in three months.

Joe Tsai, vice chairman of Alibaba and director of the two funds, said the fund and other resources will be used to help startups develop and expand their businesses. Endi