The cross-border QR payments would link Singapore and Hong Kong through apps

Singapore’s Liquid Group has expanded its cross-border QR payment partnerships to Hong Kong through a collaboration with Joint Electronic Teller Services Limited (JETCO), which operates one of the largest bank consortiums in Asia.

The partnership will see the adoption of cross-border QR payments by enabling the QR payment apps of both Liquid Group and JETCO’s partner banks to be used in both markets.

Moreover, the initiative will also enhance the payment journey for travellers across Hong Kong and Singapore, providing a payment option with participating merchants in Hong Kong, and likewise, without having to hold physical foreign currencies.

Liquid Group will also work with JETCO to provide additional value-added services to help member banks in delivering innovative services to their customers. The platform will also enable merchants in both Hong Kong and Singapore to launch multiple marketing campaigns with participating payment apps without the need for additional cashier training or verification during checkout.

“We are excited to be moving at pace to advance cross-border QR payments, for which the travellers segment is a key driver. We will continue to partner with various e-wallets and expand the network across the region to enable cross-border payment transactions and facilitate large-scale adoption of QR payment apps,” said Jeremy Tan, Founder, and CEO of Liquid Group.

Also Read: Travel accommodation Luxstay secures funding from GS Shop & Bon Angels

“Our common goal is to enlarge the mobile payments ecosystem as a whole, accelerating the ‘cashless’ transition of these two societies and yielding benefits to everyone,” said Angus Choi, CEO of JETCO.
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The initiative is updated with the agenda to bring entrepreneurship programs to five more cities

The IT ministry of Indonesia and several ecosystem stakeholders in the country’s digital sector has reportedly launched the “1001 Digital Startup Movement”, as reported by KrAsia.

The “1001 Digital Startup Movement” is a continuation of the “1000 Startups” program that was initiated in 2016. It was a coordinated effort by multiple public and private sector stakeholders to boost entrepreneurship across the country.

In its first installment, the program was conducted in ten major cities; Jakarta, Bandung, Surabaya, Yogyakarta, Semarang, Malang, Medan, Bali, Makassar, and Pontianak, having participants underwent meet-ups, workshops, hackathons, to boot camps and incubation programs.

For three and a half years of its implementation, the program hasn’t successfully given birth to 1,000 startups. It says that only 525 digital startups with promising business were formed as a result.

In an official statement, the ministry’s official Lis Sutjiati said that this time, “1001 Startups” will focus on expanding the scale of coverage and improving the quality of its startup development activities. It will revise the program curriculum to focus more on incubation activity.

Also Read: Liquid Group partners JETCO, facilitates cross-border QR payments

The program will also expand to five new cities, namely Batam, Lombok, Padang, Balikpapan, and  Manado. It will target to have 5000 startups in the next five years.

The Indonesian government is doing its part to give its startup’s ecosystem a leg up. In April, IT minister Rudiantara inaugurated the NextICorn Foundation that aims to provide opportunities for more mature startups to get access to growth capital and technology and marketing support. With it, the minister targets to have at least 20 new unicorns in Indonesia by 2025.

Right now, the country counts four tech companies valued at over US$ 1 billion now,
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On the first day of Echelon Asia Summit 2019, these startup founders share their insights and experiences

The first day of Echelon Asia Summit 2019 ended on Thursday, May 23, with four stages, hundreds of exhibitors, and thousands of attendants gathering at Singapore Expo to meet and exchange ideas.

On the Founders Stage, e27 noted down five of the most mind-blowing quotes said by startup founders when they talked about building their companies.

Some of them might surprise you.

Lingga Madu, Co-Founder & CEO, Sorabel

“The name Sale Stock worked for a certain time but then you started to face wider market … That’s when it became a problem.” — On the company’s recent rebranding.

“Don’t tell my wife, but I don’t recommend you to work with your spouse. [However,] there is a spectrum of personal relationship that only a spouse can address.” — On founding a company with his wife.

Also Read: 24 game-changers in Echelon Asia Summit 2019’s final batch of exhibitors

Agung Bezharie, Co-Founder, Warung Pintar

“Everybody in the startup community talks about the number of users that they have acquired. They should have talked about how many of these users are actively using the platform.” — On user acquisition

Samantha Soh, Co-Founder and UX Designer, Shopback

“Despite bad experiences [when using our platform in its early days], customers remain persistent in using it. They even used an Excel sheet to compare existing offers.” — On developing Shopback’s UX.

Fajrin Rasyid, President and Co-Founder, Bukalapak

“It was very difficult, to say the least. There was no ecosystem … There was even no ‘startup’ as a terminology. We only raised US$10,000. We even had to do side projects to grow the company.” — On fundraising in 2010.

Also Read: Echelon Asia Summit 2019’s 10th set of exhibitors to showcase 25 trailblazing products

Agung Nugroho, Co-Founder, Kudo

“At an entrepreneurial dinner in the US, we met with Willson Cuaca from East Ventures. We talked until the restaurant was closed, and we sealed the deal right away. It was five days before I was due to return to Indonesia [after studying for an MBA there]. It was injury time.” — On raising the company’s seed funding

“When you are a founder of a company, you need to have a good support system. By the time, my wife was a very good support system. She told me, ‘Agung, the debt [that you acquired from your former employer] is very big. But believe that you worth more than that. You can have bigger impact, beyond this IDR2 billion (US$138,000) loan.’”

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The definitions of these technologies are no longer important; what is important is their applications in the common man’s life

The definitions of enterprise technologies like IoT, Artificial Intelligence, Cloud and Big Data have mostly been out of the common man’s knowledge and understanding. The common man is more interested in the applications of these technologies in their daily lives, rather than their definitions.

A panel session held on the ‘FUTURE’ stage on the first day of Echelon Asia Summit 2019 made an attempt to explain these things in simple terms for the masses to understand. Aptly titled “The ABCs of Enterprise Tech: Artificial Intelligence, Big Data, Cloud, Cybersecurity and IoT”, the discussion focused on decoding and busting myths around these technologies.

The panelists comprised Weldon Fung, Social Director, Meltwater for Southeast Asia; Andri Yadi, Co-founder and CEO, DycodeX; Michelle Yeo, Executive Co-founder, DATAVLT; and Dr. Keiji Yamada, Senior VP and Head of NEC Labs Singapore. The session was moderated by Tinmen Capital Co-founder Murli Ravi.

Sharing his thoughts, Meltwater’s Fung said Big Data has become a throw-away term these days, adding that the billions of megabytes of data being generated on a daily basis is useless unless there is value. “There are five ‘V’s of Big Data: velocity, veracity, variety, volume and value. Among these, ‘variety’ is especially interesting. The amount of data we collect from things like IoT and internal system means there is a huge variety of data.”

Also Read: What will the third-wave of artificial intelligence look like?

“About 2.5 quintillion bytes of data get generated a day now. All this data is useless unless there is value. We have already moved away from the contextual application of Big Data. The term ‘Big Data’ is no more important. What is more important is the applications of these technologies in enterprises,” he added.

DATAVLT’s Yeoh agreed with him, and raised doubt about the readiness of the world to analyse the massive amount of data generated each day. “The amount of data we generate, read, put out and receive is huge and exponential. About 3.5 billion IoTs will be flushed out into the market in the next three years. What worries me is that who is going to do the analysis of all this data and how many countries around the world are actually digitised enough to make use of this data for their benefits, as well as for the benefits of consumers.”

She also talked about the Cloud applications. To a question of the moderator, she said people nowadays have taken Cloud for granted without fully unlocking its potential. “Back in the 90’s, enterprises had to lay their own infrastructure and had to hire IT guys and engineers to manage and maintain this, but now you don’t need any of them anymore. Cloud has replaced all these things.”

The panelists also discussed IoT. According to DycodeX’s Yadi, IoT is not just about the technology but is about scale. “It is about massive scale. IoT is all about automating and collecting data in order to make sense of it.” He also said convergence of IoT and AI is the future and has huge potential. “AI and IoT are not something that can be separated. When you put AI into IoT, you will have privacy, you will get the decision or even suggestion and recommendations right at the device itself.”

All the panelists agreed on a point that that technologies and its applications need to be explained better for the layman to understand. In their opinion, enterprises should be willing to allow their clients (retailers, merchants, etc.) to “taste” their products. “Don’t be afraid to give a taste of your product to your potential customers. You should show them a little bit of the taste of your product and its features. It is good to showcase. The client can then differentiate between your product and your competitors’, and can make an informed choice,” said Yeo.

Also Read: Hard for VCs to influence the success of B2C startups beyond capital, advice: Murli Ravi of Tin Men Capital

Talking about the challenges faced by enterprise-tech providers, the panelists agreed that they find it hard hiring talent and building trust. “Hiring talent is the most difficult part for an enterprise tech company. Other than this, the market is not yet grown. Then there is lack of trust and lack of urgency among clients,” said Yadi, who is based in Indonesia.

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According to Kudo Co-Founder Agung Nugroho, the acquisition process by Grab was “coincidental”

In 2017, Indonesian O2O e-commerce platform Kudo made headlines when it was acquired by Southeast Asian ride-hailing giant Grab to strengthen its foray into the fintech sector.

On the first day of Echelon Asia Summit 2019 at Singapore Expo on Thursday, May 23, Kudo Co-Founder Agung Nugroho revealed that the acquisition process can be considered “coincidental.”

Three years after founding the company in 2014, Kudo sent its engineers to Singapore to learn from bigger startups such as Grab.

Due to a miscommunication, the team of engineers ended up meeting Grab’s corporate finance team instead.

“We [ended up] pitching about Kudo without any intention to raise any fund,” Nugroho said in a fireside chat with Business Times Deputy News Editor Kenneth Lim.

“Grab saw a good value in Kudo, and Kudo realised that in order to grow across Southeast Asia, the best thing is to be part of the winning horse,” he continued.

Also Read: Agung Nugroho on Kudo’s latest innovation, and keeping tabs on financial inclusion for all

Is there any difference in the way Nugroho run the company following the acquisition? More importantly, how does he feel about being an employee again after years of being an entrepreneur?

“To me, being an entrepreneur is not a title. It’s a mindset. Even when I was working at Boston Consulting Group (BCG), I was already quite entrepreneurial,” he answered.

“Grab is a big company and I do not see myself as an employee,” he continued.

Nugroho stressed that Kudo operates as an independent subsidiary with enough freedom to grow and innovate within their own corridor.

A strong support system

 

Nugroho’s enterpreneurial journey itself began when he was studying for an MBA programme in the US. His study was sponsored by his former employer BCG; despite the privilege, he felt reluctant about returning to work in the company again.

“Seeing all the cool, tech things in Silicon Valley, we felt like doing something,” he said.

Also Read: Former Kudo exec Sukan Makmuri joins P2P lending startup UangTeman as CTO, COO

Together with co-founder Albert Lucius, he developed a concept of using individual, offline agents to facilitate underserved communities in using digital services.

By the time, the co-founders promised that if by the time they had to return to Indonesia they had not secure any investment, then they are going to let go of the idea.

“No investors in the US were familiar with the model that we were trying to implement,” Nugroho explained.

Five days before their flight to Indonesia, the co-founders attended a dinner party where they met East Ventures Co-Founder & Managing Partner Willson Cuaca. Even after the restaurant was closed, they had a conversation that ended with the firm investing in the idea.

Nugroho then decided not to return to BCG –which led to him being indebted with the company.

“When you are a founder of a company, you need to have a good support system. By the time, my wife was a very good support system. She told me, ‘Agung, the debt [that you acquired from your former employer] is very big. But believe that you worth more than that. You can have bigger impact, beyond this IDR2 billion (US$138,000) loan,’” he said.

Also Read: Grab opens R&D centre in Indonesia, reveals more details about Kudo partnership

“It gave me the confidence I needed to start the company. Thank God, three years down the road, I can finally pay back that loan … I learned that becoming an entrepreneur is a life choice. It requires full support from those around you,” the co-founder stressed.

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