The Financial Times recently bought a majority stake in The Next Web, tech media in Europe

In a report released by Techcrunch, Singapore-based tech media Deal Street Asia is said to be bought out by the Financial Times. The century-old newspaper has just recently closed a majority stake deal with The Next Web before moving on to this deal, expected to close in April.

The investors of the media include Singapore Press Holdings, Vijay Shekhar Sharma, the founder of Alibaba-backed Paytm, the Singapore Angel Network and Hindustan Times, the Indian media firm that operates Mint.

The investment is said to be led by the Financial Times’ Japan-based parent company Nikkei, who reportedly bought one-third of the company that could amount to 51 per cent, waiting to see which investors would sell. Another source in the knowledge of the matter said that the deal is worth at least US$5 million.

If the news is confirmed, the current investors of the media reportedly would get a four to five times positive returns from the early investments.

Deal Street Asia was founded in 2014 by Indian journalists Joji Thomas Philip and Sushobhan Mukherjee, providing daily news on Asia’s startups, financial markets, and business verticals with a subscription business option for its website. The media’s reporters are spread across Southeast Asia and India, licensed to use content from wires.

Also Read: BCA, Digitaraya launch coworking space, accelerator programme Synrgy

Deal Street Asia reportedly has sparked interests with its business events arm, one which Techcrunch highlighted as the possible reason of the acquisition as the Financial Times are trying to enter the Southeast Asian conference scene.

One of the events discussed was the Singapore’s summit back in September featuring senior executives from the likes of DBS, Grab, Sea, GGV, Allianz, and IFC.

So far, the Financial Times has acquired content startup AlphaGrid, intelligence service GIS Planning, and research firm Longitude in addition to The Next Web. In 2015, the media itself was bought by Nikkei from previous owner Pearson for US$1.3 billion.

At the time of the news published, Deal Street Asia hasn’t responded to our request for comment sent today.
–

Photo by Thomas Drouault on Unsplash

The post The Financial Times reportedly acquires Singapore-based tech media Deal Street Asia appeared first on e27.

Tarad has launched U-Commerce, an integrated e-commerce management system for SMEs to help them manage a variety of online stores from a single platform

Tarad.com, one of the oldest e-commerce marketplaces in Thailand, announced today it has pivoted its business model to become a full-service e-commerce services provider.

As part of this, Tarad has launched U-Commerce, an integrated e-commerce management system for SMEs/merchants/vendors to help them manage a variety of online stores from a single platform.

Sellers can use the e-commerce management function to fill up product information, photo, price, and stock into Tarad.com system and all the information will automatically appear in sellers’ shop on various marketplace platforms. It will thus increase the opportunity to generate sales for entrepreneurs to have sufficient potential to compete in a growing market.

Also Read: The Financial Times reportedly acquires Singapore-based tech media Deal Street Asia

The key features of U-Commerce include:

• It connects merchants with leading e-commerce platforms such as Lazada and Shopee.
• It connects merchants with social media platforms like Facebook that can link to their online store.
• It provides an integrated payment system for merchants to accept online payments, payments via credit/debit card, and QR code of payments etc.
• It connects merchants with more than 10 transportation companies via SHIPPOP.com, and warehouse and delivery services SiamOutlet.com.
• It also provide merchants with advertising services in partnership with Google, Facebook, and Line

According to Founder and CEO Pawoot Pongvitayapanu, with 45 million internet users, the Thai e-commerce market has grown 14.04 per cent to 3.15 trillion baht this year. This indicates that e-commerce in Thailand will continue grow big and many businesses will focus more on online channel.

 

The post Thai online marketplace Tarad.com pivots to full-service e-commerce provider appeared first on e27.

When in East Asia, do as the East Asians do

Technology has long broken the language barriers hindering the globalisation of businesses. And while this has already been a significant step forward, there is still the cultural barrier to contend with if any business is to succeed overseas.

We can’t deny the fact that underlying cultural rules define how businesses are run in different regions. Not being able to master those rules increases your chances of failure by tenfold.

Asia, particularly East Asia, is one of the regions that have the sharpest business culture contradictions with the west. That’s probably due to the religious, philosophical, and cultural differences between these two parts of the world.

Although these cultural differences aren’t as pronounced in the media, you must pay closer attention to it as after all, they will make all the difference when it comes to success and failure. In this post, we will look at seven must-know business culture clues that will give you a head start in East Asia.

Embrace humility at all times

If you are a fan of Asian movies, then you must be aware of the tremendous respect that Asians treat each other with. The Asian people respect authority and they always expect those with authority to exercise humility in equal measure.

Therefore, as a business owner, it is culturally appropriate to demand respect from your employees but you must be humble when doing it.

Pierre from New Horizons Global Partners, an Asian corporate service providers suggests we “demand accountability from your partners and suppliers, but be careful not to disrespect them otherwise that would hurt your business”

Give instructions with subtle inferences

Westerners like to shoot it straight. You can openly criticise staff members in the west, give them instructions with clarity and firmness, and be direct with them when laying out business strategies.

The Easterners are different. You will need to give instructions with subtle inferences, being careful not to sound rude or insensitive.

Professionalism is on another level here

Eastern Asians love doing business with professionals. Their professionalism bar, however, is too high that some Westerners find it impossible to cope.

Also Read: Thai online marketplace Tarad.com pivots to full-service e-commerce provider

For example, coming late for meetings is enough reason for Asians to deny your key business opportunities. Putting your arm around someone’s shoulder or any other unnecessary physical contacts can be interpreted to mean that you are professionally immoral.

Also, receiving gifts or business cards is a formal thing in Asia. You must receive them with both hands, literally. If you pocket a card without reading it, that is being rude and unfriendly.

All these are things that you must pay close attention to if want to make it big in East Asia.

Decision-making is highly centralised

Apart from the Japanese who make decisions like Westerners, other East Asian countries have highly centralised decision making. Don’t expect your employees to make decisions on their own, act on those decisions, and stand responsible for any and all their actions.

Here, you as the boss, are expected to act ‘hands-on’; making decisions for everyone from top to bottom and then holding the staff accountable for the decisions you make for him/her.

Agreement vs. acknowledgment

In the West, someone will only respond with a “YES” if he or she agrees with what you suggested. In the East, someone will say yes as a sign of acknowledgment for what you said, not necessarily in agreement.

Asians will say yes and then no in the same breath. Be careful, therefore, not to misinterpret a YES in East Asia.

Conservative dressing

Although the world is moving away from conservative dressing and adapting to the official casual form of dressing, East Asia is yet to make a full switch. You will still be expected to wear a dark suit, a white shirt, and a dull tie if you are a man while women will be expected to wear a feminine version of what men wear.

Also Read: The Financial Times reportedly acquires Singapore-based tech media Deal Street Asia

Don’t go to business meetings with a casual jacket or without a tie and expect to be taken seriously.

Privacy isn’t too much a thing in East Asia

While it is okay to keep secrets from your superiors and colleagues at work in the West, Eastern Asians hate that.

You will be expected to keep everything open and transparent if you are to gain their trust.

The bottom line?

If you are planning to start a business in Eastern Asia, these seven tips will help you to relate productively with the native clients and business associates. While at it, you can engage a professional employer organisation when recruiting employees as such organisations know exactly where and how to find the best talents.

—

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

The post East Asian business cultures prospective businessmen must know appeared first on e27.

In addition to LINE, we also have updates from BigBasket, WeWork, and Lightspeed

LINE Founder Jungho Shin being appointed as Co-CEO – Press Release

LINE Corporation announced the appointment of its Founder and Chief WOW Officer (CWO) Jungho Shin as Co-CEO of the company, starting from April 1.

The company will have two representative directors: Takeshi Idezawa, the CEO and President, and Jungho Shin, the Co-CEO and Chief WOW Officer.

According to a press statement, as a representative director, Shin will “now focus on bolstering the competitiveness of LINE’s services and promoting innovation—assuming clear responsibility for creating groundbreaking services and the company’s operations.”

CEO and President Takeshi Idezawa will focus on management, revenue, organizational structure, human resources, and recruitment.

Shin’s appointment comes as the company moves towards its “second growth phase” this year, which is marked by the introduction of its new services in the fintech, AI, and blockchain sectors.

India’s BigBasket raises US$150M – Economic Times

Indian grocery e-tailer BigBasket has raised a US$150 million funding round led by South Korea’s Mirae Asset Global Investments, along with UK government-owned CDC Group and existing investor Alibaba, according to an Economic Times report.

Citing regulatory filings, the report said that the funding round has valued the company at “a little over” US$1.2 billion, helping it secure the unicorn status.

Alibaba is set to invest US$50 million while Mirae Asset will put in US$59.9 million, and CDC Group will invest US$40 million.

Also Read: Perx secures US$5M Series B funding from LINE Ventures

WeWork invests in coworking club Betaworks Studios – TechCrunch

Coworking space chain The We Company (WeWork) and JLL Spark Ventures have co-led a US$4.4 million investment in membership-based coworking club and builder community Betaworks Studios, TechCrunch reported.

Betaworks Ventures and existing investor BBG Ventures also participated in the funding round.

Betaworks Studios was launched in 2018. It offers entrepreneurs, artists, engineers and creatives a place to work on projects and accumulate a network.

Lightspeed ousts co-founder following college admission scandal – Bloomberg

Chris Schaepe, co-founder of Silicon Valley venture capital (VC) firm Lightspeed, has been ousted from his post after acknowledging that he had hired Rick Singer, the college admission coach that is currently involved in the college admission scandal, according to Bloomberg.

Schaepe was not named in the list of people directly involved in the college admission bribery scandal; he had also stated he had no idea that Singer was doing anything illegal.

Lightspeed said that it decided to part with its co-founder to minimise impact from personal matters unrelated to the firm.

The post Today’s top tech news, March 29: LINE names Founder Jungho Shin as Co-CEO appeared first on e27.

As Fintech startups gain prominence and are starting to make a bigger impact on consumers, financial institutions and economies grow more interconnected within this complex ecosystem.

The best practices and lessons learned from ecosystems around the world, particularly in emerging markets, can help stakeholders (fintech companies, consumers, financial institutions, investors, regulators, and educational institutions) work together to deliver financial services at lower costs, higher speed, and better qualities.

Ecosystems or hubs have shown particular value in emerging markets. In the 26 hubs and emerging markets across eight geographic clusters, we see different drivers, notable players, and opportunities for growth but also common themes and best practices for success.

ASEAN: fast growing economies with large populations make a unique playground.

Connecting China and India, ASEAN brings together large local and global players with innovative but still cautious regulators. With large population bases in some of the world’s fastest-growing and most dynamic economies, innovation in ASEAN is key to meeting the increasing demand for better quality services.

Also Read: Today’s top tech news, March 29: LINE names Founder Jungho Shin as Co-CEO

Latin America: opportunities in an underserved market.

With governments considering financial inclusion to drive sustainable economic development, Latin America is ripe for collaboration among companies, investors, and governments.

Central, Eastern, and Southeastern Europe and Central Asia (CESA): leveraging a strong talent base.

CESA’s strategic location, strong infrastructure, sizeable talent base, and access to a large unified market make the region an attractive location from which homegrown companies and incoming investors can service the EU market.

Middle East: government support and capital are driving FinTech growth.

Sovereign and private investors are making major capital commitments in the Middle East as the region focuses on diversifying economies and servicing Islamic banking needs.

Africa: leapfrog innovations.

Service providers have huge opportunities to leapfrog generations of technology development to deliver cutting edge solutions to Africa’s unbanked and underbanked populations, in particular via the region’s deep mobile penetration and service delivery innovations.

Asia: the rise of independent finlife ecosystem platforms in Greater China, and India brings out the best from East and West.

Fintech is the “way of life” in China, where supportive regulation and a confluence of market factors have taken e-commerce and chat platforms into full-scale financial service providers with room for further expansion and growth in global markets.

In India, the unique government-led digital infrastructure, along with rapid urbanisation and mobile penetration, are driving developments, particularly in payments.

In each cluster, common pillars unite successful fintech ecosystems. To create a strong, scalable, sustainable enabling environment, clusters must facilitate collaboration, allow easy access to local and international markets, and feature government and industry support.

The ecosystem must be able to access, train, and retain the highest quality talent. Consumers, corporations, and financial institutions must form the backbone of sustained demand. Companies must be able to access risk, growth, and strategic capital.

Also Read: Smart retail startup Blue Mobile raises Series C funding from Ant Financial

Finally, fintech laws must allow an overall regulatory environment that eases operations (including credit availability, taxation policies, visa policies, and regulatory sandboxes) and encourages competition.

Singapore is a particularly successful story, and its continued success as a fintech hub goes hand in hand with the overall strength of the industry. Singapore’s central bank established the Financial Technology and Innovation Group in 2015 with the vision of establishing Singapore as a smart financial centre.

The country also committed SGD$225 million (US$166 million) for Fintech projects from 2015-2020, established a regulatory sandbox, introduced blockchain to interbank payments, issued guidance on ICOs, and plans to issue guidance for use of artificial intelligence in the industry.

The annual Singapore fintech Festival brings together close to 45,000 participants from 130 countries and 5,000 companies. Matchmaking at the festival in 2018 resulted in a groundbreaking investment of USD$6.2 billion pledged to Fintech startups which will be realized in 2019, and an additional USD$6 billion earmarked for the next two years.

As fintech evolves, it is clear that it needs to have strong ecosystems. Startups and scale-ups, regulators, governments, traditional institutions, investors, and talent institutions are all key players in the constantly evolving ecosystems that will drive competition and innovation while maintaining the safety of the financial system for today and tomorrow.

—

Image by dolgachov

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

The post How fintech hubs will shape the future of our financial industry appeared first on e27.