By bringing together Southeast Asia’s best, Thailand is geared for great things in the digital space

It’s no secret that the startup ecosystem in Southeast Asia is growing at a rapid rate. The region is home to 10 unicorn startups and has been earmarked as one of the most attractive destinations for investors. Thailand is a particularly nascent market for entrepreneurship — having ranked 71st out of 137 countries globally, and 15th out of 28 countries in the Asia Pacific region in the Global Entrepreneurship Index 2018.

The government of Thailand has been pouring efforts into building up the country’s tech ecosystem in recent years. The National Innovation Agency, a government agency aimed at encouraging innovation, overhauled its financial support programme for startups to help move progress along quicker and allowing them to access THB44 billion in funding. The agency’s main goal is to build 3,000 innovation-based startups in the next decade, to nurture the startup ecosystem and generate growth.

It also works in partnership with True Digital Park (TDPK), the country’s first and Southeast Asia’s largest digital innovation hub. Based in Bangkok, the global startup destination is a playground of sorts for startups, providing space for work and daily living in an integrated community. Initiatives like these really emphasise Thailand’s dedication to a digital transformation.

Digital transformation in the land of smiles

When we talk about digital transformations, the first thing that comes to mind for most people is simply shifting daily manual processes and activities into a digital framework — but it is far more than that.

According to The Enterpriser’s Project, a digital transformation in the business context is about “fundamentally changing how you operate and deliver value.” It also involves a “cultural change that requires organisations to continually challenge the status quo, experiment, and get comfortable with failure”.

This applies to ecosystems as well, and is the driving force for innovation, which is the reimagining of a process that has already been established. For example, social media gave the entire world a brand new way of communicating and sharing experiences, overhauling society in ways we couldn’t have imagined before. Innovating the way people connect with one another has sparked a digital transformation and resulted in vast generational changes.

While there are countless areas of business and life that are in the midst of being transformed, social media remains to be one of the most obvious examples of how innovation throbs at the core of digital transformation. It is so prevalent that it has become part of everyday life not just for people, but businesses as well.

Thailand’s TDPK is where such digital transformations in the region could plant its roots. With the sheer amount of talent and investment that the park brings together, it provides crucial knowledge creation that is supportive to digital innovations. By positioning itself as a hub where innovation thrives and sprawls, TDPK empowers the region’s startup ecosystem and boosts its potential exponentially.

Togetherness of possibilities — bridging the region together

In September 2019, TDPK held a tech conference, Togetherness of Possibilities, which aimed to inspire and share knowledge and experiences among startups, businesses, and government agencies. The conference featured new technologies and innovation labs exhibited by partners of the space, from public and private sectors, as well as top executives and entrepreneurs whose work is designed at driving more sustainable digital economic development in Thailand and the SEA region.

Mr. Suphachai Chearavanont, CEO of the Charoen Pokphand Group and Chairman of the Board of True Corporation, said: “Innovation and digital technology is the driving force of digital transformation especially for enterprises and industries that need to change their business model and apply digital technology to create added value for products and services.

“Meanwhile digital technology also plays an important role in digitising — making communities, societies, healthcare, and the environment better. It also reduces the income divide and helps to sustainably create prosperity for Thailand. True Digital Park has been developed to increase Thailand’s competence through innovation, creativity, and technology. All these factors combine to create sustainable economic growth in the long run.”

TDPK’s Togetherness of Possibilities 2019 conference provided an excellent opportunity for budding entrepreneurs to meet with experts and highly-rated speakers from leading companies and startups from Thailand, as well as other countries.

Some of the notable attendees were Dr. Chinawut Chinaprayoon, Executive Vice President of the Digital Economy Promotion Agency; Pariwat Wongsamran, Director of Startup Thailand, the National Innovation Agency; James Tan, Deputy Chairman of Action Community for Entrepreneurship (ACE Singapore); Phi Van Nguyen, Chairman of Saigon Innovation Hub; S. Ryan Meyer, Managing Director of APAC, General Assembly; Nicholas Nash, Co-Founder and Managing Partner of Asia Partners; and Khailee Ng, Managing Partner of 500 Startups.

The conference was held over the course of a day and the agenda was jam-packed with talks, forums, and networking opportunities for attendees to discuss and brainstorm. Keynote speaker Dr. Lu Gang, founder and CEO of Technode, talked about future-proofing China’s future with global innovation and tech, while panel discussions hashed out issues and thoughts on corporate transformations, the evolution of players in Southeast Asia’s tech ecosystem, and unicorn opportunities in the region.

Integration and support from the region

The biggest takeaway from the conference was the need for Southeast Asian tech ecosystems to integrate and support one another. Pariwat Wongsamran said during one of the panels: “Actually, all of us (Malaysia, Singapore, Vietnam, Thailand) have the programmes to help ASEAN startups already. We can [join them] in the same programme.”

He added, “We can share data together and [help them] to go for investments. Venture capitals don’t just think about investing in one country, but instead investing in Southeast Asia as a whole. That’s why we should [work] together and use existing programmes like landing and launching pads, and exchange programmes, to help startups.”

Congregations of tech players like TDPK’s Togetherness of Possibilities are essential in building networks and strengthening local startups in the region. It gives every stakeholder in the ecosystem the opportunity to look beyond their own horizons and ideas, and it ultimately creates a wider bird’s eye view on the region as a whole, which helps keep everyone on track. It prevents repetitive ideas or homogenous business communities, while at the same time encouraging healthy competition among startups and businesses.

The importance of synchronicity in Southeast Asia

Such gatherings also attract foreign startups and investors, who might be looking for a way into the vast Southeast Asian market or to expand their portfolios with innovative new businesses. Thailand is privileged to be at the heart of Southeast Asia, and has the potential to be used as a base for foreign startups who want to tap into the region and spread their wings.

Investors are taking an active interest in the region as well, with acquisitions of Southeast Asian tech startups more than doubling in the first half of 2019, according to the Financial Times. The takeovers amounted to US$4.9 billion during that period and were led by unicorns like Indonesia’s Go-Jek.

Also read: One roof, all possibilities at the heart of Bangkok

A report by Golden Gate Ventures in Singapore and the Insead business school predicts that this trend will increase, and estimates a minimum of 700 startup exits between 2023 and 2025. Michael Lints, a partner at Golden Gate Ventures, told FT that the research showed a high number of global investors who are seeking to deploy capital in the region, with the US showing the highest level of curiosity, followed by Japan, Korea, and some parts of Europe.

TDPK reflects Thailand’s commitment to sustainable development in both the country and the region. It recognises the difficulties local startups face when it comes to accessing investors or the wider market, and how they lack deep technology and are actively creating opportunities and putting in measures that will help these startups gain a more global perspective. Despite being slow to start with, the Thai ecosystem is gaining speed and attracting attention from all around the world.

During Togetherness of Possibilities, TDPK announced the completion of its startup ecosystem, reinforcing how prepared it is to drive the regional digital economy forward. The potential for Thailand to become a major innovation and entrepreneurial hub in Asia feels well within reach. TDPK’s focus on building a complete startup ecosystem that encourages connectivity and knowledge-sharing has driven its mission to help startups and tech entrepreneurs reach their full potential forward.

In order for this innovation hub to thrive, TDPK and other Thai agencies, both public and private, must seek out more collaborations and capital from other Southeast Asian hubs. This is something they are already doing in earnest and has seen success in the form of partnerships and interest in the country’s entrepreneurial activities. If they continue in this vein, there’s no stopping Thailand from achieving its goals.

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There is a level of enthusiasm that comes with starting a business for the first time. A lot of first-time business owners get too excited, act blindly, running their businesses down and land themselves in debt as a result.

According to a report on Forbes, in 2018 the Small Business Administration (SBA) Office of Advocacy posits that roughly 80 per cent of small businesses survives the first year. That number sounds quite high because there is a common belief that most businesses fail in their very first year. It is safe to say that there are no guarantees, just principles to be followed and pitfalls to be avoided.

Capital may be a limiting factor, but if you repeat the same startup mistakes as older business founders, you are bound to fail worse than they did.

Starting a business requires that you do plenty of research, part of which includes how not to run a business. From research and expert opinions, here are 5 pitfalls to avoid when starting a business.

1. The pitfall of a wrong market notion

Business is business. That something interests you so much does not make it a viable business pursuit unless you know how you can turn your hobby to a business. Many businesses have become history just because of this wrong notion.

In business, you sell what the market wants, not what you feel like selling.

If you ignore the needs of the market, you set yourself up for failure. When you ignore the needs of the market, you quickly lose relevance. Discard the notion that the idea in your head is good enough until market research proves its viability.

2. The pitfall of not building an email list

Business is a game of numbers. The more channels you explore in driving sales, the more your chances of succeeding. Start early to build an email list for your business.

Also Read: The real reason why you should launch your startup faster (which is not talked about)

The start-ups who fail to pay attention to this end up at the bottom of the pyramid. Make email marketing a vital part of your business marketing plan.

A good email marketing service would enable you to create highly engaging email newsletters with an easy user interface (ideally drag & drop), mail automation, contact management and performance tracking of email marketing campaigns.

3. The pitfall of shabby negotiation skills

There is no law that says you must use up your start-up capital. Simply because you have enough to spend and go round for a start, does not mean you should do things without a proper negotiation.

Negotiation is a key part of business; it is an essential business skill.

You don’t negotiate because you don’t have enough, you negotiate because it is part of the business process. Shabby negotiation skills would drive faster down than calculated debt would.

Whether it is negotiating with employees, investors or suppliers, the key is to put your best foot forward and keep the emphasis on your business idea.

At this level, your target is to sell them your business plan or idea in the stead of a track record, which you don’t have because you are just starting out. Everything on the table is negotiable, master the skill and use it always.

4. The pitfall of not having a concrete business plan

Not having a business plan can be likened to flying blind or shooting without aiming. Every business must exist first on paper before it exists in reality. Your business should be so clearly represented on paper that it is near impossible for a willing investor to skip.

Creating a business plan takes time, thought and effort, and may seem like an impediment to getting on with opening or growing your new business, it is imperative in today’s competitive business climate for you to have all relative information available and evaluated before opening your doors.

With a thoughtfully prepared business plan, you will enter the business world prepared, ready to run your business and ready to compete.

Business plans are gradually becoming a cliché, but its importance remains undeniable. Along with depicting your business idea end-to-end on paper, painstakingly crafting your business plan helps you gain a better understanding of your business and increases your chances of success.

5. The pitfall of talent acquisition

Don’t be in a hurry to answer employer of labour. It is nothing more than a tag often too heavy on those who wear them. If you speak with successful business owners, you may be shocked to find out that they would do everything themselves if they could.

Before you employ anyone for the first time, make sure you really need to. The burden of paying salaries is real. Don’t hire anyone until it becomes necessary.

Also Read: 11 annoying business buzzwords you use without thinking and what to say instead

If you don’t put pen to paper and do your due diligence, failure is inevitable. Avoiding the pitfalls highlighted in this piece helps you keep your head in the game while making the most of your business.

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Between picking up her kids from school and future entrepreneurs in the world; Hong Kong-based VC Carman Chan lives an exciting life. Founder and leader of Click Ventures, an early-stage investor in technology startups in Asia and North America; she wants to enable the ecosystem to make it future-ready.

Value education

Although she ditched her PhD offer at a London University 20 years ago to fuel her venture; Chan sure does understand the value of education and training. No wonder then, that her first shot as a VC is strongly built on “nurturing innovators”. Driven by this mantra, she started the Click Academy within Click Ventures. It is a global initiative to give back to startup ecosystems by nurturing innovators and ecosystem stakeholders.

They do so by running training programmes, workshops, periodical reports, etc. “As a VC, we should spend at least 80-90% of our time learning. When we share knowledge, we learn, so it’s a win-win,” said Carman. With the Academy, she hopes to share observations and learnings from decades of building and supporting early-stage ventures to aspiring entrepreneurs.

But aren’t there a slew of accelerators, academies, and incubators aiming for the same? She instantly hit back with, “yes they are dime a dozen, but what about the people outside the ecosystem?”

In 2020, Chan wants to tackle this challenge and she is working with corporates and Universities to design an education programme of sorts to usher in curious minds who are not a part of the startup ecosystem. As a fair bit newbie to the environment, what I like about this notion (and hope to see it to fruition soon) is that there is no prerequisite i.e. unlike an accelerator or incubator one does not need to have a startup idea, team or a startup yet.

“Just bring in the curiosity,” Chan added.

Also read: Click Ventures’ Carman Chan on the most exciting changes in Hong Kong

She believes this kind of knowledge encryption has dual benefits. Not only will it create more entrepreneurial value but also enable businesses, investors, and corporates to understand the needs of startups and entrepreneurs. When you inspire a fresh graduate or student or even a mid-level employee with necessary knowledge and tools about the ecosystem there is a high chance they will be better empowered to become entrepreneurs.

Similarly, traditional businessmen jump into the ecosystem by becoming investors without knowing it too well and sometimes end up placing harsh terms (sometimes suffocating startups). Chan said, “I have seen investors ask for a personal guarantee from founders before funding. Or inflating success rates. If business investors were more educated (about the ecosystem), it could lead to better synergy.”

Women in tech

As one of Nikkei Asian Review’s Women to Watch in Asian Tech, Chan’s journey as a tech columnist-turned-serial entrepreneur- turned VC is inspiring for women entrepreneurs in Asia and the world. So I could not help quizzing her on if and how this education will empower women in the tech and business world?

“There is a lot of discussion about unconscious bias and it is very real,” said Chan. “I am often the only woman on the advisory board and I have to put in a lot of extra effort just to be heard.” She pointed to a “big inertia” when it comes to women in the fraternity and said that not a lot was being done to address the gender gap.

Women need to organise themselves and come together to tip the scales. Women-only investor networks, women entrepreneurs’ groups, and founder groups are growing and are a good sign. Chan herself is a part of SheVC, HK Female Founder and Funder, and WomenVC Network.

She likes their decentralised nature and says, “these networks can be game-changers for traditional Southeast Asian societies.” Startups need a global network to grow as every startup sooner or later will expand. Being a part of these networks come in handy. At Click Academy, she also runs a programme to discover and empower women-led or women empowerment projects to keep her company in the VC/startup world.

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WeWork further expands in Singapore amidst job cuts [press release]

WeWork today announced the official launch of its new space at 9 Battery Road in the heart of Singapore’s Central Business District (CBD).

The co-working space operator will also be opening two new locations beyond the city’s traditional CBD at 83 Clemenceau Road and 30 Prinsep Street in December 2019.

WeWork entered the region through the acquisition of Spacemob and its leadership, where the first location at WeWork Beach Centre was opened in December 2017. WeWork plans to have a total of 12 locations in less than two years in Singapore.

The company has been going through a rough patch in the past two weeks and is reportedly planning to fire thousands of people across the world.

Indonesia’s OJK grants new licences to six fintech lenders [DealStreetAsia]

Indonesia’s Financial Services Authority (OJK) has granted fully business operational licences to six fintech startups as of September this year.

The six startups are Modalku (the Indonesian arm of Funding Societies), KTA Kilat (Pendanaan), Kredit Pintar, Maucash, Finmas (Sinarmas and Oriente-backed fintech firm) and KlikACC.

OJK had previously granted licences to seven fintech startups in August this year to Danamas, Investree, Amartha, Dompet Kilat, KIMO, Toko Modal, and UangTeman.

In total, there are 13 companies granted fully business licences from OJK. So far, there are 127 fintech companies registered under OJK.

E-hailing drivers unhappy with ‘AH’ vehicle code [TheStar]

E-hailing drivers have expressed dissatisfaction with the Transport Ministry’s decision to change their vehicle’s code to ‘AH’, which denotes that it is a “private e-hailing” car.

Ng Kian Nam, representing a group of disgruntled drivers, said although the ministry had clarified this does not change the car’s status to that of a commercial vehicle, it was still a change in category.

On Wednesday (Oct 9), Transport Minister Anthony Loke said the change to the “AH” code is only in the Road Transport Department (JPJ) ‘s MySIKAP system, and will not be reflected in the vehicle’s ownership grant.

“What is the difference if there is a status change in the grant, or just in the MySIKAP system? It is still a change in category.

KK Fund-backed Drivehub looking for regional expansion [press release]

Thailand-based online car rental marketplace Drivehub has reached breakeven and is looking to expand service into other Southeast Asia markets.

Started in 2017, Drivehub connects thousands of rental vehicles from nationwide (such as Hertz, National, Sixt) and local car rental providers with potential renters. Since then, it has expanded its presence into 33 locations over Thailand.  

The startup is backed by KK Fund.

 

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Technology is reshaping the business landscape faster than ever. Moving from connected cars and homes to self-driving cars and smart environments, intelligent technologies are pushing us to innovate beyond traditional boundaries.

But is Singapore’s technology and innovation ecosystem—involving startups, incubators, accelerators, corporates, and venture capital investors—ready to harness the enormous potential of the future smart economy?

A change is urgently needed to unify the ecosystem, to stimulate deeper collaboration and innovation, and ultimately to help Singapore stay competitive in the fast-evolving world in which we live.

Breaking out of silos

The rapid evolution of technology as a key engine of growth has given rise to an ecosystem of investors, innovators, and integrators who are connected, but often in circuitous ways.

Startups, who inherently face an uphill battle to enter a market dominated by incumbents, are pressured to attract clients and scale quickly. Focused on their immediate customer acquisition priorities, startups have little opportunity to engage with the wider ecosystem.

Meanwhile, innovation companies at various stages of growth face an array of incubators and accelerators, with each providing specific kinds of support. Through competitions and boot camps, companies may win access to a few months of office space, technical expertise, or business guidance.

When the programme ends, the cycle begins again to search for the next stage of support. This patchwork system — short-term, selective, and uneven — leaves companies without consistent exposure to the support networks needed throughout their lifecycle.

Also Read: Cynthia Siantar leaves her position as co-founder and director of Call Levels

Those startups who come under the wing of corporate or VC players may receive longer-term support, funding, business networks, market exposure, and exit opportunities. But, corporate initiatives remain focused on solutions immediately relevant to them and are driven by a handful of leaders across a few industries.

Startups must then weigh the access to long-term support against other shortfalls — the risk of being limited to one corporate parent and tying their growth to another business with its own decision-makers and strategic plans.

Meanwhile, VCs are often tied to select verticals, geographies, and fund structures.

In recent years, the rise of co-working spaces has signalled an interest in a more community-oriented environment. Riding on the wave of demand for flexible workspaces, such business models attract a range of students, freelancers, creative professionals and startups.

While providing a viable alternative to traditional work offices, such spaces don’t directly address the business needs of tech and innovation-driven community. This includes supporting services for startups, access to deal opportunities for investors, and most importantly, the opportunity to bring new innovations to the market.

As pressure increases for Singapore to be a regional and global hub for innovation, we need to move beyond the challenges of the current ecosystem, towards a more intelligent, deeply synergistic community.

Building smart ecosystems

What is the alternative?

To start with, a smart ecosystem would provide innovators, integrators, and investors with direct access to what they need to do business, rather than having to jump through hoops.

Startups need ongoing professional support to grow; investors need greater exposure to deal flows; businesses need to tap on a network of high potential partners, regardless of where they are or when the next conference comes around. This will allow players to focus on the end goal—bringing innovation to the market and to society.

Having cut through the noise, the next step would be to deepen connections, to allow a new level of learning, brainstorming, ideation and innovation processing.

Through deep information sharing and mutual learning opportunities integrated into daily business spaces, Singapore can make it easier to encounter other players within the innovation value chain.

Hopefully, the result would be increased engagement with an ever-expanding network of like-minded projects beyond one space or city. A deeply connected community will bring the kind of proactive self-learning capacities of a smart ecosystem that can capitalise on opportunities across multiple levels, verticals, and locations.

Also Read: AMA with David Moskowitz and Gaurang Torvekar from Attores to talk all things blockchain

Furthermore, all players will gain from a solution which distinguishes Singapore as a uniquely connected and interconnected hub, where tightly woven players work hand-in-hand to drive innovation at the national level and beyond.

In the same way that intelligent technologies are connecting to wider information ecosystems and environments to develop new insights, we must also re-imagine a technology and innovation ecosystem where the various players expand beyond their default silos, to engage in more sustained, holistic cross-pollination and collaboration.

Those who can help Singapore accomplish this change will bring unique value to the current ecosystem.

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Skolafund, an impact enterprise that crowdfunds scholarships to university students in need, has been wholly acquired by one of Asia’s leading donation crowdfunding platforms, as per a statement.

The details of the deal or the name of the acquirer were not disclosed.

When contacted, Skolafund’s Co-founder and CEO Tengku Syamil, said: “Unfortunately, these details cannot be disclosed due to an agreement with the acquirer.”

Post-deal, the Skolafund platform will be merged into the acquirer’s regional platform.

“With this significant development, we are on a sounder footing to continue serving the disadvantaged in our communities, whether through aid on education or other ways — like medical and humanitarian assistance. This also means we can reach more people and be more accessible across Southeast Asia,” he said.

Skolafund is a digital platform that provides matchmaking and mediation services to those who want to help fund tertiary education for students from low to middle-income families. The platform enables students to request for funds, filtered based on need, to campaign for funding. Skolafund filters and verifies the application, and provides transparency of financial transactions and the students’ progress reports to the sponsors.

Also Read: Ignored by VCs? You can still succeed with equity crowdfunding

To date, Skolafund has crowdsourced scholarships to the tune of RM1.6 million, benefitting 592 students from less-privileged backgrounds. It has acquired a total of over 29,000 registered donors with 11,119 of them actively contributing in a campaign.

In total, 350 campaigns were launched, and 189 of them were 100 per cent funded.

In May, Skolafund, along with a partner, launched Kitafund to help low-income individuals pay for medical services, as well as fund other humanitarian efforts, including animal aid. In total, the fund raised RM1.2 million from 42,233 donations, benefiting 155 individuals in need.

Skolafund itself had raised funding on the Ata Plus Equity Crowdfunding (ECF) platform in February 2017.

Elain Lockman, Co-founder and Director of Ata Plus, said. “It is Malaysia’s first exit story in ECF, and this augurs well for the future of this asset class. It also dispels the myth that investing in Impact Enterprises does not give a financial return.”

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Port Innovation Ecosystem Reimagined @ BLOCK71 (PIER71), a collaboration between Maritime and Port Authority of Singapore (MPA) and NUS Enterprise, has selected and announced 13 startups that will work together alongside PIER71 in providing solutions and support of the industry transformation plans for maritime.

The selection, the programme noted, was made based on their solutions for the given problem statements at the 2018 Smart Port Challenge, held in Singapore in November last year. Each start-up received US$36,000 in funds from MPA to further develop their prototypes and to address the challenges faced by maritime corporates in Singapore.

Singapore’s maritime eco-system comprises over 5,000 establishments contributing to about 7 per cent of Singapore’s GDP, and employs about 170,000 people.

According to the 2019 Leading Maritime Capitals Of The World Report, Singapore has also maintained its position as the maritime capital of the world in three pillars – Shipping, Ports and Logistics, and Attractiveness and Competitiveness.

Also Read: MPA and NUS Enterprise to inject US$479K seed funding to 13 startups

Out of the 13 startups who received the MPA funding, 11 are Singapore-based. Five of them are:

• Ocean Freight Exchange (OFE), a Singapore-based tech startup that won the 2018 Smart Port Challenge with its AI-driven marketplace for charterers, ship owners, and brokers in the dry bulk, tanker, and gas markets. OFE offers predictive analytics for supply and demand, vessel tracking, calculated vessel arrival times, comparing vessels and costings, and many others on one consolidated platform using AI and predictive analytics.
• SkyLab, 2018 Smart Port Challenge’s 1st Runners-up, is an AI-driven startup that offers deep technology software on the development of Industrial Internet of Things (IIOT), data logistics, and edge cloud computing technologies, to tackle the issues of constant changing bandwidths, packet losses and latency, network congestion and retransmission hamper the smooth flow of internet traffic through wireless networks like satellite links.
• Claritecs, 2018 Smart Port Challenge second runner up, is a startup that offers its flagship solution -BunkerMaestro- an algorithm-based SaaS platform incorporating information services from MPA’s Maritime Data Hub and MarineTraffic to provide data-driven insights for bunker scheduling clarity. Claritecs recently secured a US$600,000 in pre-Series A funding from INNOPORT, the corporate venture capital unit of the globally operating ship owner and ship management company Bernhard Schulte
• Aeras Medical, a startup that aims to address the challenge of getting medical help when the crew is at sea. In 2016, Aeras Medical won the National Vital Signs Monitoring Project and operated the end-to-end solution for remote monitoring of post-operative patients.
• Portcast, a maritime logistics startup backed by Wavemaker Pacific, SG Innovate. and Enterprise First, amongst other investors. It uses proprietary machine learning and external datasets, including economic, satellite, and operational data, to predict global cargo flows and help companies in dynamic pricing, and to monetise their assets more effectively.

PIER71 recently saw the close of its application period for the third edition of the Smart Port Challenge; with 29 problem statements contributed by Jurong Port, PSA Unboxed, TATA NYK Shipping, Wärtsilä, Wilhelmsen, and Vopak for the contenders to address.

Following their shortlisting, startups will be put through a six-week programme and work with industry partners to fine-tune their solutions. This will culminate in a Grand Final on November 7, 2019 to showcase their solutions to various stakeholders.
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GrabKitchen launches cloud kitchens in Thailand, Vietnam [Press Release]

GrabFood announced the expansion of its cloud kitchen network, called GrabKitchen, beyond Indonesia. GrabKitchen launches today in Bangkok, Thailand and Ho Chi Minh City, Vietnam, and will soon launch in the Philippines and Singapore.

GrabKitchen offers users in particular geography with a variety of curated food selections by leveraging data from historical orders to address cuisine gaps. GrabKitchens are strategically located to bridge consumer demand and availability of food selections while reducing the time for food delivery.

By the end of 2019, GrabFood aims to operate a regional network of cloud kitchens totalling over 50 GrabKitchens in five countries. GrabFood currently operates in 221 cities across six countries.

Hong Kong’s PR startup Start PR secure US$127K from The Bees Group, joining the local marketing firm [Press Release]

Hong Kong-based PR agency Start PR has secured US$127K investment from The Bees Group, local marketing services group. The deal sees Start PR become the first and only PR company among the group.

Also Read: Malaysia-based Ethis Ventures launched charity crowdfunding platform GlobalSadaqah

Founded in 2018, Start PR provides marketing and public relations services for different brands that do not require retainer contracts from clients but offers what they called an “a la carte” marketing and public relations services with no consultation fee charges and fees are based on the key performance indicator.

Funds from this round will be used to further promote Start PR’s marketing and public relations services to different industries.

Islamic fintech Ethis Ventures join forces with fintech Souqa to provide end-to-end Shariah Compliance [Press Release]

Ethis Ventures Sdn Bhd, the fintech company focussed on the Islamic economy, announced that it has signed a Strategic Collaboration Agreement with Souqa Fintech Sdn Bhd, seeking to provide end-to-end Shariah Compliance.

This marks the beginning of Ethis adopting the use of PayHalal, the world’s first Shariah-compliant payment gateway, for its charity crowdfunding platform, GlobalSadaqah. This agreement involving GlobalSadaqah marks the two fintech companies timely joining efforts towards strengthening the Islamic Digital Economy in Malaysia and realising end-to-end Shariah financing.

Since its inception, Islamic finance has strived to be Shariah-compliant from within the conventional finance system. The practicing Muslim has unique needs which are often-times difficult to fully serve, especially when it comes to finance. Islamic fintech holds the promise to bridge such gaps.

Also Read: Fintech startup SuperAtom raises US$24M funding led by Gobi Partners, eyeing expansion to the Philippines

The new gateway facilitates an easier, faster and hassle-free user experience for GlobalSadaqah’s donors to donate to their favourite charities and circulate good towards building a better society.

The Strategic Collaboration Agreement was signed by PayHalal’s CEO, Dato’ Badlisyah Abdul Ghani, and the Chief Product Officer of GlobalSadaqah, Mohammed Alim, at the Ethis Ventures office in Petaling Jaya.

Rapyd obtains Singapore remittance licence to scale affordable APAC-targeted digital remittance services [Press Release]

Fintech-as-a-Service platform Rapyd has obtained a Remittance licence by the Monetary Authority of Singapore (MAS) that will enable Rapyd’s corporate customers to extend remittance capabilities to their users. It will allow its customers to send and receive money to and from over 100 countries internationally.

Rapyd’s Fintech-as-a-service platform seeks to eliminate the resource-heavy infrastructure requirement and allow businesses to integrate remittance services through Rapyd’s API or Software Development Kit (SDK). This provides businesses with fully compliant access to remittance services that cover all stages of the remittance flow: funds top-up, identity verification, blocking of suspicious transactions, and sending money safely and quickly overseas to over 100 countries, in more than 160 different currencies.

The Rapyd Global Payments Network, a flexible network-of-networks that connects local payments providers globally, enables Rapyd to offer remittances into multiple local payment options around the world, local bank accounts, eWallets, such as Indonesia’s Doku wallet, Sri Lanka’s eZCash, Philippines’ GCash, local debit cards, cash pickup, or other local payments methods to receive funds.

This move signals Rapyd’s increasing focus on the Asia Pacific region. The announcement of the remittance licence follows its partnership announcements with OCBC Bank in Singapore and its collaboration with Hong Kong’s TNG Fintech Group.

Rapyd announced in October 2019 that the company received US$100 million in Series C funding, led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.
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Blockchain is becoming the technology platform of choice of many newly-founded startups for a variety of reasons. The dazzling rise in the prices of bitcoin and ether has put the spotlight on cryptocurrencies and crypto activities.

The technology itself proves valuable to any task that requires transparent and immutable record-keeping. Initial coin offerings (ICOs) have also challenged venture capital and angel investment in the speed and ease by which companies could raise significant funding.

Also Read: A blockchain perspective: the irony of financial inclusion

However, aside from startups, governments should be among those looking to leverage blockchain’s capabilities. Forward-thinking governments have now started to experiment and integrate the technology into their e-government strategies.

Sweden has been testing the use of blockchain for its land registry. The UK is also using it to monitor the distribution of welfare and benefits. There are now even organizations that promote government adoption of the technology.

Blockchain brings three key features that make it ideal for government use: decentralization, transparency, and immutability.

Decentralization means the data and infrastructure doesn’t reside in a single centralized authority. This helps in breaking down bureaucratic siloes and promoting the sharing of information across governmental functions.

Security-wise this also eliminates the single point of failure that increases cyberattack risks. All transactions recorded in the blockchain are also publicly viewable by network peers and mechanisms are in place that verifies the integrity of data across the network. Any attempts to change the records are virtually impossible.

These features make blockchain a promising technology to fight the problems that ail many governments – corruption, bureaucratic red tape, and the lack of accountability to the people.

As such, blockchain adoption should be a welcome development in a region such as Southeast Asia (SEA) where governments still perform poorly in terms of accountability and oversight.

In Transparency International’s Corruption Perceptions Index of 2016, only Singapore is the closest to being a “very clean” government among SEA countries. Though to be fair, no country got a perfect score.

The global average is 43 on a scale where 0 means “highly corrupt” and 100 means “very clean.” Most SEA countries score in the 30s and 20s. It has become all too common for SEA countries to be treated to news about corruption on a daily basis.

Just recently, the Philippine president has been embroiled in another scandal as he is now under investigation for allegedly having more than PhP1 billion flow through his bank accounts despite having only declared to have a net worth of PhP27.4 million in his 2016 net worth statement – a document Philippine government workers must complete under oath.

In the Philippines, large bank transactions have to be reported to the Anti-Money Laundering Council. If government data such as net worth declarations and anti-money laundering reports would be on a blockchain, it would simply be a matter of looking up and verifying historical data and information to know the truth behind the allegation.

However, one could only wish this would be as simple. Existing data privacy law and bank privacy law may be at odds with efforts striving for full transparency in government as these make it difficult to check and verify the charges against actual bank records.

Perhaps in irony, the Freedom of Information Order that guarantees all records except those related to national security under the Philippine executive branch to be made available by request to the public was signed by the same president early in his term.

Also read: Real estate industry ushers in a new Smart Nation era with Blockchain tech

Sadly, to change this, new laws have to be passed. However, legislative power rests upon bodies that have been accused of corruption themselves. In addition, the development of e-government services in the region moves at varying paces per country.

The Philippines, for instance, only held its first automated elections in 2010 and still, the accuracy and transparency of the system has been questioned since. One should also not forget and overlook that Philippine voter data containing names, dates of birth, addresses, and biometric information had been breached and leaked online.

Also Read: Blockchain have the potential to transform dubious relationships in the music industry

Blockchain development in the country has mostly been revolving around bitcoin and distributed ledger for businesses applications so creating a system for the government to use may also be a question of competency. Many e-government services rely on third-party providers. External help may be the only viable direction if such a project is undertaken soon.

Despite these, citizens must not overlook the potential a technology such as a blockchain brings to promote transparency and accountability to governments.

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Image Credit: NASA

 

 

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For the past years, Filipino e-commerce is on the fast track of growth but also facing challenges of adequate network infrastructure. According to an article shared by Export.gov, e-commerce in the Philippines is predicted to soar to a US$10 billion in annual gross merchandise value (GMV) by 2025, implying 34 per cent average annual 10-year growth, according to projections from Google and Temasek.

Until now, Lazada and Shopee are still the big dogs that dominate the e-commerce markets in the Philippines, with Lazada taking a whopping 68 per cent of the market share last year, leaving only a fraction for other e-commerces players in the country.

In research published last year by e27, it is stated that Filipino consumer’s online shopping preference is primarily based on brand familiarity. In fact, according to Kantar Worldpanel survey, 84 per cent of Filipino consumers responded that they prefer to purchase from well-known and trusted brands despite the abundance of low-cost alternatives available in the market.

This specific Filipino consumer behaviour mainly affects the local players as the majority of it has just started their respective operations in the digital marketplace.

Despite the outlook, these five names emerge as legit contenders in the already crowded markets.

Argomall

Recently, an article by Inquirer shared that Argomall, the e-commerce that offers gadgets, has decided to turn down offers to be carried by such marketplaces. Such choice, the article noted, allowed the startup to “responsibly tailor their products and services to their consumers’ needs”.

Argomall was established in 2015, focussing on only carrying authentic consumer electronics such as smartphones, laptops, tablets, and accessories from official brand manufacturers and distributors, complete with warranty.

Also Read: 8 e-commerce trends to look out for in Southeast Asia 2019

Karel Holub, the company’s chief argonaut, stated that Argomall prides itself on the holistic approach.

“We aim to build trust between our customers and Argomall,” Holub explained.

With no mobile apps available and relying entirely on a mobile-friendly site, Facebook Messenger, and, soon, on Instagram, Argomall believes that the entire experience that builds on the consumer’s convenience in mind will result in loyal customers.

Post-sales customer service is another value the company offers. “If you buy an item for us and it needs repair while under warranty, we pick it up, ship it to the repair shop, and then return it to you once fixed—all for free. If it is no longer under warranty, we tell you the cost of the repair, then ship the item back and forth, which you can pay for by COD,” he added.

Down in the pipeline, Holub has stated that the company will soon diversify its product lineup to include large appliances such as refrigerators and washing machines, and simultaneously provide the installation service.

Just in April 2019, Argomall announced that it has received payment in cryptocurrencies, accepting Bitcoin and around 50 other cryptocurrencies as payment in partnership with CoinGate, Upgrade reported. CoinGate is an online trading platform for Bitcoin, Ethereum, Litecoin, XRP, and other coins.

BeautyMNL

Championing the diverse beauty that the country has, BeautyMNL carries the brand of breaking the beauty mold. The social commerce reaches out to its target market -Filipino women- through an online lifestyle and beauty magazine where celebrity gurus will be the content ambassadors.

BeautyMNL’s shop offers curated beauty products ranging from makeup and skincare to haircare.

Last year, BeautyMNL emerges as the most visited local e-commerce, placing 5th overall with less than a million-traffic, putting it on the top alongside behemoths like Lazada and Shopee.

In 2017, BeautyMNL let go 20 per cent of its stake to Philippines’s multi-format retailer Robinsons Retail Holdings for an undisclosed amount.

Galleon

Galleon provides an online platform for Filipino shoppers to discover, share, and buy new products that are not available in the Philippines. By entering the name of the products in its search bar, customers can begin shopping immediately.

The company runs under Sterling Galleon Corporation, and all products offered in it are sourced directly from US suppliers.

Galleon sets itself apart by offering a value in which customers are guaranteed to be paying the all-in price of the item as well as shipping, customs, taxes, and delivery. Just enter the name of the products you have in mind in our search bar, and we will show you the product 90% of the time.

Galleon is inspired by the 1500 Filipino commodity and trading style. Back in those days, the Filipinos traded their own produce for goods that are not available in the country, which then being adopted by Galleon.

Also Read: Local vs. international: Here is a look at the Philippine e-commerce scene’s popular players

Galleon was founded by two young entrepreneurs, Jeffrey Siy, founder of group-buying site Awesome.ph, and by Chris Blanquera, founder of Openovate.com on December 2011. The idea was to leverage the excitement in discovering new innovative products such as gadgets, apparel, electronics, kid‘s toys, and more, and the platform was finally launched in July 2012.

In an article by Tech In Asia, Siy explained that Galleon in its business perspective is basically a payment gateway, logistics, and customer support built into one. With no inventory (full dropship model), the site relies on millions of supplier’s database of products.

Seek the Uniq

Seek the Uniq was founded by Mikka Padua, a Filipino fashion enthusiast who had years of experience in high-end jewelry, beauty and fashion world doing buying and merchandising.

According to an article by Preview Philippines, it was during her time as a senior buyer for accessories at a popular e-commerce site that she noticed that there weren’t a lot of highly curated online sites for a more affluent and sophisticated market. Thus, e-commerce for clothing and accessories Seek the Uniq was born in 2015, comprises of items sourced from Mexico to Bali.

Seek The Uniq is also present in India, but given the value of e-commerce lies in its “uniqueness” and “smaller quantities”, Padua mentioned that to scale, they have increased the volume of some styles together with increasing the variety of product offerings.

Kimstore

Kimstore self-described as “The Philippines’ most trusted one-stop-shop for the latest in tech stuff”. Kimstore was founded by Kim Lato when she was still a Marketing Management student at De La Salle University in 2006.

According to Business News Philippines, Lato got the idea of setting up a gadget store in a digital platform by taking advantage of the now-defunct social sharing website Multiply to sell mobile phones and gadgets. It was in 2013 when Kimstore launched its own e-commerce site.

Kimstore focussed in providing Filipinos with the latest in mobile technology through its range of pro-consumer products and services. Gadgets like mobile phones, laptops, cameras, gaming consoles, tablet PCs, and various accessories are available in e-commerce.

Also Read: International giants drive Philippine e-commerce activity, but local brands also stand to benefit

Being early in the e-commerce game, Kimstore keeps itself up to date with social media engagement with today’s generation customers.

The 2011 Multiply Philippines’ Best Online Store awardee boasts a community of three million on Facebook, over 10,000 Twitter fanbase, and over 180,000 Instagram followers.

It’s no small feat to be up against Lazada and Shopee riding purely on a so-called “uniques selling proposition”. All five e-commerces is leading the local scene in its own category, but without adequate plans to scale in the coming years, it’s hard to maintain without eventually giving up and getting acquired by the big names.

It remains interesting to see which e-commerce will stick it out like Argomall and eventually survive, and which will merge to be able to continue operation or to completely pull out of the race, especially in with 34 per cent e-commerce sector growth forecasted for the next 10 years.
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