With the funding round led by FirstFloor Capital, the company is looking at strengthening its regional expansion

Southeast Asia-based TheLorry, the logistic platform headquartered in Malaysia, announced its US$5.85 million Series B fundraising led by FirstFloor Capital. Participating in the round were PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures, and Axiata Digital Innovation Fund, as well as SPH Ventures who made a comeback after joining the Series A round.

The company stated that it plans to use the funds raised to strengthen its operations in Malaysia, Singapore, Thailand, and Indonesia.

TheLorry was founded in September 2014 with the vision of providing efficient and affordable logistics. It focusses on a logistics platform operation that connects both individuals and corporate clients to lorry, truck, and van owners in their database across Southeast Asia.

Using the platform, individual customers can do a transparent and reliable house moving and furniture transport. TheLorry highlights that it also serves multinational corporations in the Fast-Moving Consumer Goods (FMCG), retail, industrial, and e-commerce sectors with technology-enabled distribution and long haul transport solutions.

Aside from using the funding to strengthen its position in the four mentioned markets, it will also be used to develop and improve the perception of lorry and truck drivers in their respective communities.

Also Read: Blockchain-based fintech company Everex signs deal with Krungthai Bank, SHWE Bank

“There is a lot of value in a lorry and truck driving career that many people have yet to see and appreciate,” said co-founder and Executive Director, Nadhir Ashafiq, “We want to be the agent of change in uplifting the status and income of lorry and truck drivers in this region.”

Since its Series A funding in 2016, TheLorry has managed to expand to Thailand and Indonesia just in 2018. According to Co-founder and Managing Director, Goh Chee Hau, TheLorry’s built ecosystem and optimised logistics technology continue to bring down logistics cost for its customers.
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Image Credit: TheLorry

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The fundraising of the Singapore-based startup was led by Tencent’s Co-founder Jason Zeng

Koku, the startup that provides foreign exchange (FX) technology solution in Singapore, announced today that it has raised a Pre-Series A funding for US$2 million led by Jason Zeng, Tencent Holding’s Co-founder and founder of Chinese angel investment company Decent Capital.

In its official statement, Koku mentioned that the funding will be used to accelerate Koku’s product development roadmap and for regional expansion into new Southeast Asia markets.

The expansion in question itself is said to be focussing on the growth of Koku’s FX TechUP suite, onboarding of deep technologies such as AI, and machine learning to leverage data in order to maximise benefits for users within the ecosystem

Founded in 2016, Koku works with Non-Bank Financial Intermediaries (NBFIs) including non-bank remittance companies and liquidity providers. Its Foreign Exchange (FX) technology solution allows these NBFIs to provide cheaper, quicker, and digital-first remittance services to their customers.

“Tech-enabling non-bank remittance service and liquidity providers requires quite a complex and different business model, it’s hard work,” said Calvin Goh, Founder and CEO of Koku. “Having said that, it’s extremely rewarding when we’re able to tech-enable this group of NBFIs and help them succeed in scaling their operations. We’re confident that we’re in good standing to further develop our offerings and expand into new markets as we move towards Series A.”

Also Read: mobilityX introduces all-in-one transport app Zipster

According to Chris Cao, Vice President of Decent Capital’s Angel Investment Department, Koku is the first company in Singapore that Tencent’s Co-founder Jason Zeng has invested in since co-founding Tencent.

Since the initial funding round, Koku said that it is able to increase cross-border collaboration between non-bank remittance service and liquidity providers in the region. Koku aims to raise a target of US$10 million in Series A funding by H1 2019.

Currently, the company is already working with NBFI partners in Singapore, Hong Kong, and the Philippines. Koku said that this round will set them up to achieve growth in headcount, increase transaction volume of US$10 million per day to US$22 million, as well as potential entry into markets in Southeast Asia including Vietnam, Myanmar, Indonesia and Cambodia over the next six months.
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Image Credit: Koku

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From renting the power of a computer to eliminating single points of failure, dApps has much to offer for your business functions

These days, Decentralisation and Decentralised Applications (dApps) are the talk of the town because of the attraction they bring to every industry from various developers in various parts of the world.

What makes dApps so special?

dApp development services provide businesses with advanced software programmes or tools that operate using the decentralised platform of blockchain. It intrigues many developers around the world regarding its functionality and operability.

Unlike traditional applications, dApps does not require third-party entities to connect developers and users. It connects peers together directly and instantly provides a strong P2P connection.

This kind of permissionless accessibility has increased the demand for blockchain dApp development services globally. Thus, newer dApps development companies are emerging by the day.

The rules of developing a dApp cannot be changed once built. This there is no central authority or there is no single point of failure. This enhances payment distribution dApps to function more effectively and increase user experience.

Everyday, dApps are incorporating more into our lives. This article discusses how blockchain-based distribution dApps are changing the basic business functions.

Features of dApps that make it the best in blockchain-based payment scenarios

1. A consensus in operating without central control
With dApp, validation of any transaction can be accomplished without the requirement of any kind of centralisation. Every dApp will have its own nodes that connect with each other instantly and directly without the need for a central clearinghouse to pass through payments.

Also Read: A decade of innovation: How East Ventures is building Indonesian tech ecosystem from the ground up

Thus, the transaction process is faster and more secure.

2. dApps are open-sourced and less risky
Typically, in a closed-source application, users can only trust the developers for security as they do not have direct access to their data or how their data is handled. This is due to centralisation.

This also increases the risks of trust between the user and dthe eveloper. But, with dApps the trust is enhanced as it creates a strong P2P kind of business model where users can track all their transactions and data in real-time.

Users have the ability to govern their payment information without anonymity and autonomy.

3. Continuity in operations with no single point of failure
Since dApps do not rely on any central server or single central authority, the chances of data loss or data manipulation are pretty much lower than traditional applications.

dApps store data across different nodes within a system and each node is independent of each other. Thus, even when one node fails, data can be accessed and retrieved from other active nodes.

Distributed Hash Tables (DHTs) and Interplanetary File Systems (IPFS) can be used to develop such dApps for an efficient distributed payment dApp.

4. Generation of tokens and mining of cryptocurrencies
There is no problem with currency since dApps use its native system of token and cryptocurrencies as a means of transaction.

It is even better that users get accessibility in mining their own cryptos based on their custom preferences. This serves to be as proof of work and proof of value.

Thus, completing instantaneous transactions in transparency and security is a promise made by dApps.

Some real-life scenarios of how dApp changes business operations

1. Changing insurance functions
dApps help to provide proof of evidence of documentations uploaded digitally as well as proof of stake for digital asset liquidation. Thus, in the industry of insurance dApps provide a tamper-proof environment.

With the integration of smart contracts, dApps can also automatically trigger payments from user accounts (eg. Aigang Network).

2. Changing functionalities of real-estate operations
Using blockchain Software as a Service (SaaS), dApps reduce the time taken to process mortgage applications. It helps to address and focus on challenges that arise in application submission by making it digital and direct submission of sellers.

Thus, financial operations are transparent and there is no possibility for fraudulent activities (eg. Red Swan).

3. Shaping IPR and media operations
dApps help media industries protect content from digital piracy and extend its audience simultaneously without border limitation or legal restriction. Licensing of media and review is faster than ever.

Tapping into the value creation for smart media content is highly possible with decentralisation (eg. Hearo.fm).

4. Renting the power of a computer
dApps is highly beneficial for designers, animators and anyone who require large computational loads for their work.

Also Read: A hyper-intelligent workforce and the future of work

Using dApps, peers can connect with each other and instantly rent computer hardware, software or even use virtual machines to share computing power and pay for them all through tokens or cryptocurrencies.

Say goodbye to buying computers. Instead, users can avail this Airbnb type of concept for renting computers (eg. Golem).

The dApps framework will increase the scalability of all business entities

The successful implementation of dApps outlines the idea that it will allow business operations to take place smoothly without any hindrance.

Though the technology is new and its potential has yet to be realised globally, the demand for it has still been robustly increasing by the minute.

With blockchain, dApps also help with decentralised storage of data, identity protection, managing financial volatility and controlling autonomous operations without error.

So, how are dApps changing your business function?

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The appointment was part of Gobi Partners’ “Crouching Panda, Hidden Tapir” strategy

Beijing-based venture capital (VC) firm Gobi Partners announced the appointment of Nobuyuki Idei as their Advisor for the Japanese market.

Idei was Chairman and Group CEO of Japanese consumer electronics giant Sony until 2005. He subsequently founded Quantum Leaps Corporation, an executive advisory company that helps technology-driven venture companies to enhance competitiveness through corporate transformation and network building.

He will be working with the firm to identify Japanese startups that have the potential to expand their business to Southeast Asia.

“I established Quantum Leaps Corporation to share my knowledge, experience, and rich network for the benefit of Japan’s younger generations, and to ensure the future of the country’s competitiveness. Today, my mission remains the same: to help Japanese home-grown companies build bridges between themselves and the rest of Asia, which will provide them with the opportunity to grow and develop into the next generation of global companies and leaders,” Idei said in a press statement.

Also Read: Today’s top tech news, February 20: Gobi Partners and Sonae IM invest in AI company ViSenze

Gobi Partners stated that his appointment is part of the firm’s “Crouching Panda, Hidden Tapir” strategy, which aims to connect the venture capital ecosystems of Northeast and Southeast Asia.

“The combined ‘Crouching Panda’ economies of China, Japan and Korea are the size of the US economy today, and their companies are global leaders in consumer brands, such as Sony, LG, and Huawei. Gobi believes that by connecting these companies to the ‘Hidden Tapir’, i.e. Southeast Asian economies, an unbeatable and industrious market will be established; in fact, ASEAN as a region has an emerging consumer market that is rapidly growing in size. For example, in 2050, Indonesia alone will be the fourth largest economy in the world,” it explained.

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Image Credit: Gobi Partners

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This marks the first international money transfer that accepts PayNow

TransferWise, the global remittance fintech company, announces that it will allow customers to fund their remittances using Singapore-based mobile payment service PayNow. TransferWise becomes the first international money transfer company to do so.

The launch will allow TransferWise customers in Singapore to have four options for making payments: credit card, debit card, bank transfer, and PayNow, which allows it to offer the most number of payment methods in Singapore.

“PayNow has become a widely-used method of instant payment by consumers in Singapore. Our customers told us they like PayNow for its speed and convenience, so we added the implementation of PayNow to our engineering plans and worked to launch the feature as quickly as possible,” said Timothee Ledure, Lead Product Engineer at TransferWise.

TransferWise was founded in 2011 and headquartered in London with a mission to make international money transfers instant, convenient, transparent and eventually free. The company said that it handles US$3.9 billion (S$5.34billion) in cross-border transfers every month for its 4 million customers.

TransferWise was launched in 2016 in Singapore and said to have moved over US$1.3 billion (S$1.7 billion) in and out of Singapore every year ever since.

Also Read: Gobi Partners names ex-Sony Chairman as advisor for Japan

PayNow Corporate was launched in August last year, giving businesses and corporate bodies access to peer-to-peer instant payment service PayNow which allows transfers using just mobile phone numbers eliminating the need to exchange bank account numbers.

Users who choose to pay via desktop browsers or mobile apps using PayNow by either inputting the TransferWise Unique Entity Number (UEN) – which is 201422384R – to their PayNow app or scanning a QR code provided.

Later on, TransferWise will also offer a form of instant verification for new users when it was made available to businesses here with MyInfo.

To date, TransferWise has sent money from 43 countries to 71 countries.
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There has been no information on who is going to replace her position at Facebook, and where she is heading next

As reported by Kumparan, Facebook Indonesia has confirmed the resignation of Country Director Sri Widowati from the position that she has held in the past three years. There has been no information on who is going to replace Widowati, and where she is going next.

A Facebook spokesperson told DailySocial that “Widowati has decided to develop her career beyond Facebook. We extend our gratitude for the positive impact that she had given in the past three years in executing Facebook programmes in Indonesia, and we wish her the best in her future endeavour.”

Also Read: Today’s top tech news, March 18: Cambodia’s largest funding round and Tony Fernandes quits Facebook

Prior to leading Facebook operations in Indonesia, Widowati had extensive experience in the FMCG sector, particularly in beauty industry.

As a Country Director, Widowati supervised the prevention of hoax dissemination on the social media platform by working together with Tirto as third party fact-checker.

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The article Facebook Konfirmasi Pengunduran Diri Country Director Indonesia Sri Widowati was written by Amir Karimuddin in Bahasa Indonesia for DailySocial. English translation and editing by e27.

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Waterdrop Company consists of three business lines; Waterdrop Crowdfunding, Waterdrop Mutual, and Waterdrop Insurance

Waterdrop Company, China-grown insurtech with subsidiaries in Southeast Asia, announced the closing of its Series B funding. The company’s business that focusses on crowdfunding platform and insurance reportedly completes nearing US$74 million fund.

The funding was led by Tencent and co-invested by Banyan Capital, IDG Capital, BlueRun Ventures, Sinovation Ventures, DST Global’s Founder Yuri Milner, former CEO of Tencent’s E-Commerce Company Wu Xiaoguang, and other reputable investors.

Waterdrop noted that the fund raised will be used to build a more seasoned and extensive health insurance team and to better utilise AI application in the company’s insurance services. ’

“In the year 2019, we are aiming to provide more affordable medical alternatives including crowdfunding, mutual, and insurance products. We will also try to better our user experience by establishing a complete medical support system,” said Waterdrop’s founder and CEO Shen Peng.

“We believe that providing healthy individuals with sufficient insurance protection, as well as aiding those who are in need of help during disease-stricken times is a very philanthropic cause. We have a strong belief that Waterdrop would become the next business leader in the Insurtech space,” said Banyan Capital’s co-founder Zhang Zhen, representing the VC that has co-led Waterdrop’s angel series and co-invested in waterdrop’s Series B financing.

Also Read: PayNow Singapore partners with TransferWise, facilitating international money transfer

As the unicorn of insurtech in China, Waterdrop managed to expand its business in China’s third, fourth and fifth-tier cities over the past three years.

Waterdrop Crowdfunding is the illness support internet platform in China, as well as the zero service fee business model in the industry highly aligned with the government’s plan of poverty alleviation, in specifics issues such as poverty resulting from high medical-care expenses and providing medical-care services.

Waterdrop Mutual is the medical funds internet mutual support platform that works through each members’ mutual aid effort to help each other during plague times and prevent the aforementioned poverty resulting from medical-care expense issue. Waterdrop provides its members with value-for-money, low threshold, and affordable medical-care protection.

As for Waterdrop insurance, it is an Internet insurance platform in cooperation with more than 50 renowned insurance companies domestically and launched more than 60 value-for-money insurance products. Waterdrop Insurance has “traffic-directive scenarios” and claims to have over 10 million users.

Also Read: Gobi Partners names ex-Sony Chairman as advisor for Japan

Data collected from platforms including Itjuzi, Sinovation Ventures, and Crunchbase shows that the Series B financing of Waterdrop is one of the largest deals in the Insurtech and healthcare market in China, since the global economic slow-down in 2018.
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