The investment will be directed towards Axiata Digital’s three verticals of core digital businesses

It has been a very busy week for the Malaysian conglomerate Axiata.

After announcing it had sold its Digital Ventures portfolio earlier this week, Axiata Group Berhad’s digital arm, Axiata Digital Services Sdn. Bhd, announced that it has received a strategic minority investment from Mitsui & Co., Ltd. (Mitsui).

The investment values the digital arm at US$500 million for the core digital businesses.

Earlier this week, Axiata sold its Digital Ventures portfolio to Pegasus7 Ventures at a valuation of US$140 million. This investment is made into the core part of the Digital Services arm. Axiata also invested in two Cambodian startups (SALA and GoGames) this week.

The sale of the Ventures portfolio, and this latest investment, is a sign of consolidation. The company will now be focussed on digital payments through Boost, digital advertising via a company called ada and Apigate, which builds APIs.

With the investment, Mitsui will become a strategic shareholder and business partner at Axiata Digital’s core business verticals. Axiata Digital plans on using the funds to fuel the next phase of growth for its core businesses.

“As an expansion of our strategic partnership with Axiata, we are very excited about this investment in Axiata Digital which follows our earlier investment in Smart Axiata in Cambodia, the country’s largest mobile telecom operator. By enhancing close collaboration between Axiata Digital and Mitsui, we are confident that we can support our partners and customers to create new value and accelerate their digital transformation in various industries,” said Masahiro Moriyasu, Managing Officer, COO of the IT & Communications Business Unit at Mitsui.

Also Read: Singapore MAS experiments with blockchain cross-border payments

Axiata Digital was established at the end of 2013 to support the digital lifestyle of Axiata consumers and from then had grown to a portfolio of 30 brands. Starting in 2017, AD began to focus on being an operator of strategic digital businesses.

“We hope to further accelerate these businesses while still being focused on distinct financial innovations for consumers at the bottom of the pyramid, marrying data and creative content for brands as well as enabling growth and monetisation for partners on our platform,” said Mohd Khairil Abdullah, CEO, Axiata Digital.

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The pilot is launched together with Okra Solar to reduce transfer costs and the need for cash deposits

Australia-founded payment transfer firm Bitspark has launched a pilot for a Philippine-peso stablecoin payment service. The deal is in collaboration with Cambodia-based tech startup Okra Solar, as reported in The Blockchainland.

Customers in the Philippines now can pay their energy bills digitally using peg.PHP.

The company said that the test is done to reduce transfer costs and the cash deposits hassle. The peg.PHP also aims to have fees be significantly lower compared to traditional banks or other remittance providers.

The collaboration will provide Okra’s customers in the Philippines with the option to pay their energy bill via the Bitspark app.  It will also allow people to use the peg.PHP stablecoin for cash deposits in shops associated with the Bitspark network.

“Bitspark’s payment platform will be a real game-changer for remote communities that are being connected to our energy solutions. With the peso option, our customers will just be making a familiar PHP transaction but digitally,” said Afnan Hannan, co-founder of Okra Solar.

“There are more than 180 official currencies today, and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets. This is an ongoing commitment on our part to improve the transfer ecosystem, especially bill payments, using blockchain technology” said George Harrap, co-founder, and CEO of Bitspark.

Also Read: Singapore MAS experiments with blockchain cross-border payments

Bitspark is a blockchain-based remittance platform that allows people to send money abroad without the need for a bank account and additional fees.

Bitspark offers a free cloud-based platform as a solution that enables money transfer operators to execute the entire process in one place from sending, managing, receiving, to managing customer due diligence.

Stablecoins enable the use of digital currencies without exposure to excessive volatility because it presents users with the benefits of cryptocurrencies while reducing the risks associated with excessive price volatility.

Bitspark’s peg.PHP will reportedly be the first stablecoin pegged to the Philippine Peso.

This announcement comes right after Bitspark launched Sparkdex.HKD, which it claimed to be the world’s first Hong Kong dollar stablecoin. peg.PHP already began listing on Sparkdex, Bitspark’s decentralized exchange (DEX), and Bitshares’ connected DEX.
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In addition to Tumblr and Fevo, we also have updates from Zenoti and Deskera

Verizon seeks to sell Tumblr – TechCrunch, The Wall Street Journal

Verizon Media Group is seeking for new buyer for blogging site Tumblr, according to a report by The Wall Street Journal, as the platform continues to lose users following its recent porn ban.

Citing sources familiar with the matter, the report also stated that the process is “ongoing and may not result in any transaction.”

Another report by TechCrunch stated that the group has declined to comment on the matter.

Deskera raises US$100M+ in extended Series A funding round – Deal Street Asia

Singapore-based cloud-based software provider Deskera has raised more than US$100 million in an extended Series A funding round from an entity linked to South Korean tech giant Naver, according to a report by Deal Street Asia.

The funding round followed an over US$60 million Series A round from a number of investors that include Jungle Ventures, Cisco Investments, Tembusu Partners, Susquehanna International Group and Innoven Capital in late 2018.

Naver itself had confirmed in an email statement that the investment was made via the Mirae Asset-Naver Asia Growth Fund. The company declined to give further details.

Also Read: [Updated] Indonesian government bans Tumblr and WE JUST CAN’T

Zenoti raises US$50 million Series C funding round led by Tiger Global Management – Deal Street Asia

Seattle and Hyderabad-based enterprise cloud platform Zenoti announced on Wednesday that it has closed a US$50 million Series C funding round led by Tiger Global Management, Deal Street Asia wrote.

The funding round included the participation of Norwest Venture Partners and Accel Partners.

Zenoti plans to use the funding to accelerate product innovation, expand to new markets, and acquire talents.

This funding round has taken the number of its total funding to US$71 million.

Singapore MAS experiments with blockchain cross-border payments – e27

Monetary Authority of Singapore (MAS) and Bank of Canada have been collaborating in the use of distributed ledger technology, or blockchain, to make the cross-border payment process cheaper and safer.

Both parties concluded the experiment as a successful one.

The results were linked up to their respective experimental domestic payment networks, named Project Jasper (Canada) and Project Ubin (Singapore), which are built on two different blockchain platforms.

The project teams used a technique called Hashed Time-Locked Contracts (HTLC) to connect the two networks and allow Payment versus Payment (PvP) settlement.

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Image Credit: Clem Onojeghuo on Unsplash

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Whether you are on a budget, or want to take advantage of a luxury experience, we wanted to point you to the best hotels for Echelon!

Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

With 20 days left to Echelon Asia Summit 2019, you’re probably wondering which hotels to stay in. We have come up with a list according to queries sent to us over the past few years.

Disclaimer: This list of accommodation options are not affiliated to e27 and is purely recommendations

Distance Friendly

Looking for hotels that is closest to Echelon Asia Summit 2019?

1. Ambassador Transit Hotel (One stop away from EXPO, Click here for list of prices)
2. The Haven by JetQuay (One stop away from EXPO, Click here for list of prices)
3. Crowne Plaza Changi Airport (One stop away from EXPO, Click here for list of prices)
4. Park Avenue Changi (Next to EXPO, Click here for list of prices)
5. Capri by Fraser, Changi City (Next to EXPO, Click here for list of prices)

Affordable but travelling required

For the early risers and looking for options that doesn’t burn a hole in your wallet

1. Champion Hotel (13 minutes drive from EXPO, Click here for list of prices)
2. Kam Leng Hotel (17 minutes drive from EXPO, Click here for list of prices)
3. Venue Hotel (15 minutes drive from EXPO, Click here for list of prices)
4. One Farrer Hotel (20 minutes drive from EXPO, Click here for list of prices)
5. Fragrance Hotel – Sapphire (16 minutes drive from EXPO, Click here for list of prices)
6. Tribe Theory Hotel (24 minutes drive from EXPO, Click here for prices)
7. For more options, click here

Group booking, dormitory style, budget friendly

If you’re traveling in a group of 6 and above, why not consider a dormitory. Just remember to bring ear plugs if someone snores!

1. Rucksack Inn (18 minutes drive from EXPO, Click here for list of prices)
2. The Shophouse (16 minutes drive from EXPO, Click here for list of prices)
3. MET A Space Pod, Arab Street (17 minutes drive from EXPO, Click here for list of prices)
4. Bunc Hostel (22 minutes drive from EXPO, Click here for list of prices)
5. For more options, click here

Looking for a luxury getaway that’s (extremely) near the city?

Looking to treat yourself to the best that Singapore has to offer?

1. Singapore Marriott (Click here for list of prices)
2. Grand Park Orchard (Click here for list of prices)
3. Sheraton Towers Singapore (Click here for list of prices)
4. Hilton Singapore (Click here for list of prices)
5. Four Seasons Hotel (Click here for list of prices)
6. For more options, click here

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Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

Photo by Will Truettner on Unsplash

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Understanding how investors operate is key to understand the startup ecosystem. So learn more at Echelon Asia Summit 2019!

Have you booked your ticket yet? Use the code ECHELONFUTURE to secure yours.

One of the interesting parts of the startup world is that conversations surround investment just as much as startups and entrepreneurs.

Obviously, this is a world of business so we need money to function, but from a macro perspective watching how investors operate provides insights into the future of the startup industry.

A couple of years ago, it seemed inevitable that Southeast Asia would see a tidal wave of cash coming from China. Then geopolitical events, domestic politics and a bumpy year in China’s startup industry forced the country’s startup scene to look inwards. Yes, China still has a keen eye towards Southeast Asia, but the levels do not match what seemed inevitable just 12-14 month ago.

So what is really happening?

Southeast Asian funds are getting larger, corporates are getting more involved (in some countries) and even former-startups have their own investment arms (Go-Jek, Grab). Plus, more and more companies are turning towards family offices, private offices and high-net-worth-individuals to raise their cash.

At Echelon, we are going to get into the nitty gritty of the investment world.

For example, one session is titled, “The burden of Face; The reality of politics and relationship building within the ecosystem.” In Southeast Asia, relationships are just as important to raising money as product, and we will sit down to discuss the pros and cons of this fact.

Also Read: Echelon Asia Summit 2019 is 20 days away –answer this quiz correctly to score a ticket

We also have AMAs with investors like Michael Smith Jr. from Seedplus and Eddie Thai from 500 Startups. This should be a fun session. We are going to integrate live audience questions and Sli.do to let attendees be the star of the talk. The investors are ready to answer any of your questions — so let’s bring it!

We will also discuss alternative investing (are ICOs still a thing??), what is in store for the B2C industry and how to navigate the Indonesian market.

Plus much more!!

Looking forward to learning more about the Southeast Asian startup ecosystem? Register for Echelon here!

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Have you booked your ticket yet? Use the code ECHELONFUTURE to secure yours.

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