The new logo rolls out today, as the unicorn celebrates its three-year-long growth and considers what is next

Go-Jek, Indonesia-based ride-hailing unicorn, has officially rebranded by launching a new logo today.

An official statement said that the rebrand follows a 1,100 per cent growth in transactions over the past three years, as well as a hallmark for its next phase of growth.

The company also highlighted its regional ecosystem expansion since the app launched in 2015.

It has partnered with over two million driver-partners; 400,000 merchant partners; and 60,000 service providers across Southeast Asia to-date.

Go-Jek also stated that over the past three years, users have given over US$20 million in tips to the platform’s driver-partners and service providers.

Go-Jek’s next phase of growth will include further innovation and the strengthening of its integrated ecosystem of over 20 on-demand services.

The new logo features a nearly-rounded ring encircling a dot, a design that was meant to be recognisable and versatile, the company said.

The company meant it to be interpreted in a number of ways: a map pin, the bull’s eye, an aerial view of a motorcyclist, or a power button.

Also Read: soCash raises US$6M Series B to convert retail shops into virtual ATMs

This reflects Go-Jek’s proposition of its multitude of offerings, ranging from transport, payments, and food to logistics, entertainment, and lifestyle.

In Indonesia, Go-Jek has built three apps for each of its users: the consumers, driver-partners, and merchant partners.

Its driver-partners app included a feature to support financial planning while the merchant app includes features that can help with business expansion, including logistics and inventory management.

Kevin Aluwi, Co-founder of Go-Jek Group, says: “Today, we introduce a new brand that represents the evolution of Go-Jek from a transport company in Jakarta to a leading tech company in Southeast Asia. Go-Jek is now many things to many people – and our new logo reflects that. Even so, we remain committed to our founding principle and ethos of improving people’s lives through the use of technology.”

In Singapore, the update will also roll out today. Consumers who update their app will be able to see the new logo in place and a new user interface.

Also Read: Enterprise Singapore supports access to Vietnam tech ecosystem with GIA expansion

The app for driver-partners will also soon be updated with the new look, in addition to a number of new features, such as a seven-day income summary that gives them a clear overview of their completed trips in the past week.

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Image Credit: Go-Jek

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In addition to China’s STAR Market, we also have updates from India’s moon mission, iflix, and PayMate

China’s new board for tech shares starts trading – TechCrunch

China’s new stock market STAR Market began operating today with 25 tech companies listed on the Science and Technology Innovation Board, TechCrunch reported.

Operated by the Shanghai Stock Market, the report said that the board is an initiative by the government to encourage more Chinese tech companies to list domestically by addressing concerns about governance.

Many notable IPOs of Chinese tech companies, such as Alibaba or Tencent, have taken place in either New York City or Hong Kong.

Plans for the STAR Market were first announced in November.

Another report by CNBC said that the success of STAR market is “far from a sure thing” since China has previously launched two other equity markets.

They have been receiving lesser attention than its primary stock exchanges in Shanghai and Shenzhen.

India prepares second attempt at moon mission – Bloomberg

Indian officials announced that the country’s second attempt at moon mission is set to happen on 2:43PM local time on Monday, Bloomberg reported.

The liftoff followed last week’s aborted launch, which was postponed less than an hour before launch due to a technical problem.

The country is set to launch an unmanned satellite called Chandrayaan-2, or “moon vehicle” in Sanskrit, as part of its effort to become the first to land on the moon’s south pole.

Also Read: What you need to know about data privacy in China

Indian digital payments startup PayMate raises US$25M from Visa, others – Entrackr

Indian digital payment startup PayMate has raised US$25 million in a series D funding round from Visa, Recruit Strategic Partners, and Brand Capital, Entrackr reported.

The funding round also included the participation of existing investor Mayfair 101.

It is set to be completed within the next two months.

The startup plans to use the new funding to support growth and international expansion to markets such as the Middle East, Africa, Central and Eastern Europe.

The expansion will be done in partnership with Visa.

iflix raises over US$50M in new funding round led by Fidelity – e27

Southeast Asian video streaming service iflix today announced the closing of a new funding round led by global asset manager Fidelity International, with participation from existing investors Catcha Group, Hearst, Sky, and EMC.

The size of the funding was undisclosed though the company said that the total size is in ‘excess of US$50 million’.

The funding round will be used to drive growth ahead of a prospective IPO.

iflix will also aggressively pursue growth strategies and further increase its userbase.

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Image Credit: Markus Spiske on Unsplash

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Best SEO practices to help boost page rankings on search engines

SEO is in a constant flux. The search engines keep changing their expectations and hence what will decide the success of your SEO mission will keep changing.

Here are a few best SEO practices that can effectively improve search rankings .

Think on your own

You can achieve greater success by thinking uniquely, originally and on your own. You must aim for an uncontested market space rather than trying to fight head to head with the competitors.

Described as ‘Blue Ocean Strategy’, this method of finding your own unique road to travel is described as fishing in clear blue waters instead of struggling for dominance in the bloody waters infested by sharks.

The more the crowd in a given field, the more difficult it would be to reach there and establish your presence. For getting on top of the search engines, look beyond what your competitors do and contemplate on new topics that your competitors have not yet explored.

Also Read : Why we need to rethink how we measure SEO

Incorporate featured snippets

 

These days, featured snippets are highly popular among users.

They are a kind of box that pops up when you search answers to your questions. This feature rules out the need for the users to click a link.

Featured snippets are becoming a very important part of the user experience and make the user experience enjoyable and easy.

They rise into prominence while voice and mobile searches are fast growing. Content incorporated with featured snippets are found to double the click through rates.

Destroy your zombie pages

 

Zombie pages were sought after long back. They are no more useful these days.

Zombie pages provide no real value to your site’s traffic. They never provide any authority or web presence. They only add old and outdated content to your site.

They take the form of duplicate content. Usually every site has a few of them. If they grow to hundreds, they can be detrimental to the success of your site on the search engines.

Clustering content can do you so much good

 

Topic clusters can be a highly effective SEO tool that is yet to be explored by a lot of sites. These days, search engines have changed their algorithms to benefit the content that is structured as per topic clusters.

In this arrangement, your website will have to become a kind of single pillar with the pages serving as the primary hubs of information. From this hub, the subtopics will have connections via link.

You can compare this structure to that of the spokes in a wheel. Search engine indexing mechanism is interested in knowing how the pages are connected to one another. Pillar pages can provide you a great way to support this goal.

Also Read: How To Win at Google: A Crash Course on SEO

Facilitate voice search

 

Voice search has come to prominence in 2019. More than half of the search queries today happen via mobiles. More than 20 percent of the queries submitted via mobiles is today voice based.

Explore the queries inputted by users on voice search and incorporate them into your content  This can help significantly in your SEO mission.

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The fund is the second one the Singapore-based early-stage venture firm has raised

Cocoon Capital, the early-stage venture firm in Southeast Asia, has announced the second fund it has raised a US$22 million (S$30 million). The firm said that it plans to use the funding to back enterprise tech startups around the region.

Along with the funding announcement, the firm also announced its initiative of hosting public mentoring hours regularly in partnership with local accelerators and co-working spaces in Singapore, Ho Chi Minh, Hanoi, Manila, Bangkok, Jakarta, and Yangon in a bid to help grow the local entrepreneurial ecosystems.

Cocoon Capital was founded by Michael Blakey and Will Klippgen, who both are early-stage investors in Asia. Both Blakey and Klippgen are also behind portfolios like PropertyGuru, Tickled Media, and iXiGO.com in their early-stage fundraisings.

A survey conducted by Econsultancy.com Ltd2 resulted in 68 per cent of Southeast Asia-based respondents said they have an omnichannel strategy that incorporates B2B ecommerce. However, only 7 per cent of venture capital has been channeled to B2B startups in the region.

Cocoon Capital’s second fund plans to back the enterprise tech market with medtech, fintech, insurtech, and general “deep” tech sectors as primary targets.

Also Read: iflix raises over US$50M in new funding round led by Fidelity

“Over the last three years, we at Cocoon Capital have seen a radical improvement in deal quality, in particular from the Southeast Asia countries outside Singapore,” said Michael Blakey, Managing Partner at Cocoon Capital.

“There is a continuing gap in the region when it comes to hands-on mentoring, in particular at the early stages of a company’s formation, and Cocoon Capital has operation that seeks to provide a support package to our founders, one that is in the same league as networks in Silicon Valley, London, or Shanghai,” added Will Klippgen, Managing Partner at Cocoon Capital.

Cocoon Capital’s second fund is supported by investors including Michelle Yong (Director of Singapore’s Aurum Investments), Jani Rautiainen (Co-founder of PropertyGuru), Parag Khanna (The author of “The Future is Asian”), Pierre Lorinet (Director at Trafigura Group), Matthew Chapman (Founder of ChapmanCG), Stein Jakob Øie (Former President at Lazada), hedge fund manager Steve Diggle’s Vulpes Innovative Technologies Investment Company, Martin Hauge (Partner in Creandum – streaming giant Spotify’s first financial investor), Martin Roll (Global strategy consultant), and Oliver Tonby (Chairman of McKinsey’s offices in Asia excluding Greater China).

Also Read: Go-Jek unveils new logo as it enters next phase of growth

Cocoon Capital’s portfolios are including cleantech company SensorFlow, stroke-predicting software medtech company See-Mode, ticketing company Hapz, Filipino e-merchant ​Poundit, and Vietnam-based automated influencer matching platform Hiip.

Logistics platform Kargo Myanmar was the first to be backed by Cocoon Capital with its second fund.
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Photo by Jakub Gorajek on Unsplash

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The startup said that the funding will be directed towards helping its clients sell online

aCommerce, a Bangkok-based startup that helps to establish product sales of brands announced that it has raised more than US$10 million from existing investors including KKR & Co, as reported by Bloomberg.

KKR’s Emerald Media, investment house Blue Sky, DKSH Holding AG, and an Indonesian conglomerate Sinar Mas, also took part in the company’s latest funding round.

“The six-year-old firm plans to raise another US$5 million by the end of this year as part of an extended Series B or early-stage funding round,” said Chief Executive Officer Paul Srivorakul

“We have ambitions for an IPO that forces us to grow a healthy, valuable business,” Srivorakul added.

Also Read: Go-Jek unveils new logo as it enters next phase of growth

aCommerce’s services include providing services from distribution and marketing to warehousing and delivery. Currently, it operates in Singapore, Indonesia, Thailand, Malaysia, and the Philippines.
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A layman’s guide in creating and using instagram for business

Studies show that more than 30 million companies across the globe use Instagram for business, and the platform has about 200 million visitors accessing at least one business profile daily.

Instagram is now becoming a grand platform for business and brands and engages the users more compared to Facebook or Twitter.

Instagram followers are found to be more brand-loyal, and the business promoters can achieve their goals better on this platform.

In this guide, we will discuss the simple steps involved in setting up an Instagram Business account and running it.

Step #1: Getting instagram for your business

If you already have a personal account on Instagram, which has brand-relevant content and a considerable following, you can best convert it to an Instagram business account.It will unknot many business features.

You can also create a new Instagram business account if you want to via the following steps:

• Download Instagram app (available for Android, iOS, and Windows).
• Sign up
• Enter your email ID.
• You can connect your Instagram account with Facebook Business Page by using the FB admin e-mail ID or just by choosing log-in with Facebook option.
• Choose a username and password. Enter profile info.
• Done

To convert an existing personal account:

• Log-in to the existing account.
• Tap on the profile icon.
• Go to settings.
• Choose the ‘Switch to Business Profile’ option and continue.
• Here also you can connect Instagram Business account to the Facebook Business page by choosing that option.
• Add further contact information like email, phone, physical address, etc.

Step #2: Develop an Instagram business strategy

First, define the target audience and the ideal customer. Even before making your first post, you need to think of who is going to see it and what they expect.

There is a vast majority of users on Instagram who are of the age below 35. The United States has the largest amount of Instagram users, followed by India and Brazil.

This type of information is essential to start, but going beyond these overall demographics, you need to get relevant inputs about your target audience too

• Determine who is buying from you already.
• Access analytics of your presence and performance on other social media platforms and learn who follow you there.
• Do thorough competitor analysis.
• Form a clear value statement for your offerings.

Once you know what to accomplish, see the goals and objective.

Follow the SMART framework while setting goals, i.e.,

S – Specific

M – Measurable

A – Attainable

R – Relevant, and

T- Timely

Once the SMART goals are set, next:

• Focus on performance metrics
• Prepare a regular posting schedule and stick to it
• Make use of Instagram analytics for business

Also Read: Achieve your social media marketing goals with these 4 strategies

Step #3: Optimize your business profile

Having a basic profile info like the personal account is not enough for Instagram Business. Optimize your profile information for the best results. Follow the below steps.

• Optimize the bio. Bio is 150 characters long, but it can make a real difference. Mention what your brand is all about, and you can also include a link in the bio.

• Try to convey your personality as casual, professional, or cheeky based on your business values

• Try to include some hashtags

• You can also try emojis at this limited-charters space to reflect your thoughts.

• Use line breaks and appropriate spacing to make the bio easily readable.

Optimize the profile picture, probably your logo

Ensure that your profile is complete and easily understandable.

Step #4: Share only top-quality content

You can create a visual aesthetic for the brand with quality content. As we know, Instagram is about visuals, so it is crucial to reflect on your visual identity here.

Plan as to what you have to showcase in your posts. In many cases, you can see that the content is obvious as fashion stores showcase their clothes and a restaurant post images of their dishes.

However, when you offer some services, you may showcase real customer stories, or some behind the scenes sneak peek to highlight the work culture, office life, etc. You may introduce your followers and fans to other people as well.

Maintain a consistent visual look on Instagram to get you easily recognized. Instagram works only if you post work good quality photos.

So, always ensure that you get the best quality photographs, which are custom edited by using proper filters for Instagram use. Try to keep it natural, but as stunning as possible.

Also Read: Content in local languages could lead to 24% rise in internet users

Step #5: Engage the audience and grow the following base

As we know, the success of social media promotions depends on the count of followers and their level of engagement with your posts. Social networking is all about community building.

In fact, a community which his relevant to any brand already exists on Instagram, and you have to simply find them and build. The best way is to engage with those who already follow the brands of your competition.

For this, you can keep track of the industry hashtags and then start commenting on the most appropriate Instagram posts.

Simply follow the people who participate in the discussions. This is the simplest way to make others notice your presence and generate their interest in your content.

As you start getting more involved in communities, you can start getting a sense of the right hashtags and gain insight on the right moves to make.

Once you reach up to this level, follow some consistent measures to keep in among the top.

• Use appropriate hashtags to make your content easy to find.
• Respond to all the user comments and mentions about your brand
• Try to work closely with Instagram influencers
• Try to promote your account on other media channels
• Make use of Instagram premium ads option to present yourself to a larger audience
• Run some Instagram-specific contests or campaigns

Most importantly, always keep track of the performance of your Instagram Business account with the use of the analytics tool.

You need to make ongoing adjustments in order to optimize your return on investment at Instagram.

Also Read: 10 Instagram tools to supercharge your marketing

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Image Credit: Jakob Owens

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The initiative is the first result of the joint venture partnership signed in March 2019

Indonesia-based ride-hailing unicorn GOJEK announces that it has launched GOFLEET during the opening ceremony of automotive exhibition Gaikindo Indonesia International Auto Show (GIIAS) 2019.

GOFLEET is the first product of the joint venture between Astra and GOJEK, that was announced in March after Astra’s investment in the company a month prior.

It provides online door-to-door transportation services such as vehicle rent, maintenance, repair, insurance cover, and vehicle monetisation through on-vehicle advertisements for its driver-partners.

Meliza M. Rusli, President Director of GOFLEET added: “Realisation towards the importance of quality customer service has grown, including in the online door-to-door transportation service, both from the provider side and the user side. We hope that GOFLEET can help our driver-partners to focus on giving the best experience to customers without having to worry about their vehicles.”

Also Read: Grab launches green e-scooter GrabWheels in Indonesia’s top university

GOFLEET will roll out thousands of units for driver-partners in Greater Jakarta Area before expanding to other cities in Indonesia.

It is now open for registration for all driver-partners.

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Image Credit: GOFLEET

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Marketers and technology firms are incorporating innovative ways to harness its potential in the day to day work environment for improved business practices

AR-powered games brought a revolution to the digital world, taking it all to an entirely new level. With more sophistication and premium feel, it thrilled every gamer to the core.

While the researchers are trying to pull out graphics from any display device by removing all barriers and integrating them into a real-world environment, the perception of viewing things has completely changed. All because of Augmented Reality (AR), but what it really is and how does it impact different sectors of the society?

What is Augment Reality?

It is a combination of real and virtual (computer generated) worlds that superimpose real-world elements like text, images and sound.

It works extraordinarily!

It does not create an artificial environment but deploys virtual image over real-world objects. It overlays computer-generated videos onto inputs received from the camera. The imposition of virtual images over real-world objects creates an illusion that effectively engages users.

Its use has become more pervasive among a wide range of applications. Marketers and technology firms are incorporating innovative ways to harness its potential in the day to day work environment for improved business practices.

How is Augmented Reality benefitting numerous sectors of the economy?

1. It is redefining the retail market

With the increase in buyers and customers, the retailers are finding new ways to capture the attention of buyers. Through augmented reality, users can have an immersive and personalized shopping experience from any corner of the world.

AR-powered apps allow customers to have in-depth information about the product like reviews, price, comparison, brand and look & feel – to name a few. The animations can help the user understand how a product works or functions.

Hence, a thorough examination of the product can be done before purchasing, all at the convenience of a smartphone or tablet.

2. It is enhancing education

Although it’s not a new field, its application in the education industry is catching pace lately. Remember the old classrooms with blackboard and chalk. It’s not the case anymore. AR has changed the present education scenario. It is creating an opportunity for students to interact with the digitized environment enabling them to understand effectively.

Also read: 9 golden rules for marketing a retail business

AR has brought a change in education by enabling a 3D view of different objects, plants and organs which permits understanding in a comprehensive manner. It is immensely contributing to the education process by making learning joyful with the help of attractive 3D models. One of the old concepts was to teach kids by games. The same is being done by AR today. AR inculcate students in problem-solving, multi-modal thinking, teamwork etc which in turn helps in the faster development of their brain.

3. It is revolutionising healthcare

Medical students had to rely a lot on books for learning and understanding. Now, AR technology allows them to visualise various body parts and helps them understand the human body better. The technology innovations provide 3D printed devices, biosensors and trackers, convenient care and health at a reduced cost.

AR helps doctors to access the latest and relevant information about their patients. AR smart glasses have been made for people with low vision. AR has contributed to different components of the medical sector including ultrasound, surgeries, visualisation of bones, etc.

Surgeons can monitor and study vitals while performing surgery, reducing risk at operations. It gives quick access to real-time patient data that can save lives. AR helps in improved precision during operations and reducing medical errors.

4. AR makes the entertainment industry more attractive

Ease of accessibility to powerful smartphones has led to a convergence of virtual reality and augmented reality. However, their application is not limited to gaming but to all forms of entertainment. AR is being extensively used in motion pictures, television and other media promotional activities. The science fiction technology is a reality now and has applications broadened beyond the gaming industry. The number of applications in this space is rapidly growing.

It presents limitless boundaries for creators to substantiate their creativity, which provides a valuable experience to the users.

5. It makes travelling more fun

Travel guides are past now. AR-powered apps allow travellers to gain information about places in a detailed and structured format by simply scanning the surroundings. They even help in recognizing nearby restaurants and hotels with their reviews, public transport options, directions to other tourist spots through interactive maps and more.

Also read: 4 trends shaping the travel startup ecosystem

6. Augmented reality impacts Military

Through AR, live training can be provided to soldiers to achieve a high level of warfighting readiness. The advanced development program helps to train soldiers for Armory, infantry and aviation. It helps soldiers visualize complex operational environment and prepares them to deal with such scenarios- mentally, physically and emotionally.

AR technology provides integrated GPS information and geo-registration which helps soldiers to know exactly where they are in any situation. The high-tech 3D maps help in tracking, navigation and reporting real-time information.

Locating enemies is never easy in a battle. AR technology is used to create eye equipment night vision glasses. These are handy for soldiers to fight even when the sun is down.

Conclusion

Augment reality is changing the way we see the world. Its purview is no longer restricted to mobile applications and games but has extended beyond. Businesses need to harness the immense potential of this amazing technology in varied industries including retail shopping, education, military, logistics, travel, healthcare and more. With augmented reality, a simple task of walking or driving down the street might not remain the same anymore. Viewers will have the privilege to see a new and more informative world, everywhere they look around, through their smart gadgets.

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This article was first published on e27 on October 30, 2018.

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

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Can your startup function effectively in a global environment?

It is virtually every company’s goal to go global, but doing so entails a multitude of challenges. Before you decide to expand your startup business internationally, you need to ascertain that your business is ready for it.

How do you know if your business is prepared for the challenges of operating on an international level? What are the indicators to watch out for? The following are three essential details you need to know.

Inherently global nature of business

Check if your business can already be operated internationally without requiring major investments or capital outlay, extensive market studies, and product changes.

Some businesses are already meant to go global from the get-go. These are startups that can serve customers internationally because they don’t have the logistical and operational requirements most other businesses need to deal with to be able to serve clients in various foreign markets. In particular, they exhibit the following characteristics:

• Being able to conduct most business activities online
• Not much difference serving local and global customers
• No need for establishing a clear local market presence or business network
• No necessity for putting up physical bases of operations in the new target markets abroad
• Offering a product that does not require major modification to be viable in other parts of the world

One good example of a business that exhibits the aforementioned attributes is online content creation. Publishing articles, videos, and other content on the web for monetization or to attract direct advertisers neither requires the establishment of solid local business presence nor a base of operation abroad.

Almost all aspects of it can be conducted online. Even the employees can be web-based, with teleworkers hired in different countries to take advantage of their localized viewpoints and expertise in developing content deemed suitable in their respective regions.

Another excellent example is the business of selling or monetizing mobile apps or software in general. These apps don’t have a physical presence and can be sold to users online through the official Android or iOS app stores or through websites and online ads. All transactions can be undertaken online even with the freemium model, wherein apps are offered for free but users are given the option to buy items or upgrades within the app.

Also Read: Business scaling 101: What is scaling and how to scale

In these businesses, there’s no significant difference in offering the products locally or internationally. It would even be counterproductive to limit the sales to local customers. Additionally, the products have potential demand in various locations worldwide. They don’t need to undergo major changes to be useful to international customers except maybe when it comes to the language.

Localization may be needed to make products more appealing to target customers in certain foreign markets. This is not going to be a major problem, though, as it’s not difficult to find localization solution providers. You can even find companies that provide global marketing services to help with the promotion of the products in different markets. You just have to make sure that you are choosing a reputable and experienced language service provider to handle the localization of your products and marketing campaign.

Other startup businesses that can be operated internationally right from the start include service-based ones such as those that offer search engine optimization (SEO), web development, creative work, marketing, digital asset sales, accounting or bookkeeping, and online publishing services.

There are also niche stores that can be started as an international operation with most of the transactions conducted online. A store that offers salt-powered (no traditional battery or power source) LED emergency lights, for example, can easily find customers abroad. Typical online stores that sell the usual items being sold online may also be able to find customers in foreign markets but not with the same chances of success as those of niche stores.

And of course, in case you forget the obvious, export/import businesses are international in nature right from the start. It would be totally illogical for an export business to be locally-bound.

Abundance of resources

Find out if you have enough funds, expertise, experience, and skilled people to sustain a venture into the international market.

If your business does not possess the characteristics mentioned above, you need to establish your business locally first before you can plan for a global expansion. The main reason for this is to have enough resources.

Resources here, by the way, don’t only refer to money. Indeed, funding is vital in pursuing an international expansion, but it’s not the only resource you need.

You also have to accumulate adequate experience and insights into how the business would work in other markets – all of which are achieved by operating the business locally for a good amount of time and conducting market studies. As the business gains experience and insights, its employees (human resources) are also developed to become ready for advanced roles when conducting business on an international scale.

Also Read: Don’t let these project management blunders derail your business growth

There are no standards as to how much cash or liquid assets, expertise, and employee skills a business should have to say that it is ready to go global.

One study by Crane found that more than 50 per cent of SaaS companies averaged more than US$10 million in revenues before they decided to expand to foreign markets, and it took them around 5.5 years on average before pursuing a new market. These details rarely apply to other businesses, though.

The decision to expand internationally with regards to the level of resources available can’t be based on benchmarks or industry averages. The management has to evaluate everything prudently to decide if the business has enough to have reasonable chances of succeeding in the international market.

High demand in foreign markets

Determine if there is compelling demand for your products in new markets.

Sometimes, your business resources may not be the deciding factor in proceeding with a business expansion. It could be the demand in foreign markets. Consider these:

• You may have an abundance of financial resources, skilled people, expertise, market intelligence, and other resources, but there is no demand for your products abroad.
• You may not have enough resources to enable a less-risky international expansion, but there is immense demand for your products abroad.

Also Read: How to improve your startup management

In these cases, demand becomes the more important factor. If you don’t have enough resources, you can find ways to make up for it. You can accept additional investments, consider crowdfunding, or forge business partnerships to gather the resources needed to pursue highly feasible opportunities abroad. You would be willing to take risks in the presence of persuasive potential rewards.

Conclusion

Essentially, the three ways in determining if a startup business is ready for the international market can be summarized by the following questions:

• Is your business inherently international in nature?
• Do you have enough resources to support the expansion?
• Is there compelling demand for your products in the global market?

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The new age of virtual banks and how it can be more future ready

Progressive regulation is creating open and collaborative ecosystems with both banks and customers moving up the technology maturity scale.

With customer sentiment ripe for a new way of banking, virtual banks need to grow at scale, leveraging open, cloud-based platforms.

While a perfect storm supporting the growth of virtual banks is brewing, success is not guaranteed unless new banks are able to transform into data-driven, high-performing profitable organisations.

Exceeding customer’s expectations consistently across financial lifecycle

 

Virtual banks have done globally well in the on-boarding process but must prove themselves across the financial lifecycle as they expand into more complex product areas such as SME banking, mortgages, and business banking.

A global survey conducted by Oracle showed that existing customers of traditional incumbent banks are ready for churn not at the beginning of the lifecycle but when more complexity appears in the relationship.  This is where the rubber meets the road.

Virtual banks need to have a nimble, friction-free approach across processes, and an ability to act on customer data insights to elevate the overall service experience.

Also Read: These tech companies are eyeing for Singapore’s digital banking license

Critical aspects of running a virtual bank

1. Using data as a core asset across business

Virtual banks can leverage data insights via agile technology stacks to offer the customer unique  personalisation.

To grow market share and reduce churn, it is critical to implement an analytical architecture and automate using artificial intelligence and machine learning.

To ensure long-term profitability, data-driven tools should be used to optimize on capital allocation, customer data management and to mitigate risks.

2. Enable the strategic role of CFOs & customer-facing teams

CFOs have increased responsibility for providing data-driven business enablement.

A research by Oracle and Asia Risk shows that 66% of global banking executives consider aligning financial performance and risk data very important or critical to success.

A common analytics platform helps give a real-time picture of a bank’s business and aligns finance, risk and performance management strategies under the same data-decisioning engine and platform.

3. Enable regulatory & finance crime compliance

Anti-Money Laundering (AML) technologies like graph analytics and machine learning, applied to histories of transactional data, can help virtual banks curtail criminal flows of capital that put their customers at risk.

With the ever increasingly complex business and regulatory landscape, virtual banks need to make use of Know Your Customer (KYC), risk or compliance data associated with running a new bank to gain business insight.

4. Drive ecosystems partnerships

The ability to tie up options for eCommerce, transport, lifestyle and payment all in one seamless digital banking experience is critical.

Oracle is enabling virtual banks to jumpstart such initiatives with more than 1,600 ready to deploy Oracle Banking APIs.

Virtual banks can scale and react with speed and agility to incorporate new products and processes onto their platform and easily connect with third-party products — offering more choices to the end user.

Also Read:Will Hong Kong top Singapore in fintech innovations this year?

The new wave of virtual banks will need to journey through different stages of ongoing adaptation in the bid for growth and profitability, greater customer traction and market share.

Oracle is assisting banks in redesigning the customer journey – right from the API strategy, front-end customer-facing applications to the back-end rails of modern and digital core platforms.

The result is  enhanced digital services that boost customer value and understanding of their needs more deeply across the financial lifecycle. 

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