Moving forward, CEO Toby Hoenisch will be the driving force behind the TenX company direction

Dr. Julian Hosp, the Co-Founder, President and public face of TenX, has left the company, as confirmed to e27. TenX said this was a mutual decision made by the executive team.

In an emotional video posted on YouTube, Hosp wished the team the best for the future.

“While we were planning [for] 2019 and beyond, it became clear to us as Founders that the only way forward is to mutually part ways. And that means, that I will be stepping down as the President of TenX. It was one of the hardest decisions of my life,” he said.

Hosp said he will be taking a few weeks off to move forward.

“I want to thank you all for the support, for having been there during good, during hard times; on this journey. There is definitely more to come,” he concluded.

Also Read: Fitness and beauty tech startup WeFit secures US$1M pre-Series A funding

As of today, TenX CEO Toby Hoenisch will be taking charge of the business direction.

“We have received a tremendous amount of community support under Julian’s leadership and want to thank him for paving the way towards further success for TenX in the years to come,” he said in a statement.

During his time, Hosp was positioned as the public face of TenX — taking press interviews, offering commentary and promoting the company to the general public.

However, he has recently come under scrutiny from the crypto blogosphere for his previous affiliation with Lyoness, an Austrian pyramid company.

TenX took to Reddit to acknowledge the past relationship, support Hosp and make the case that it had no bearing on TenX.

Also Read: Online investment startup Ajaib secures US$2.1M from SoftBank

TenX was founded in 2015 with the goal of building a credit/debit card which can be used offline and across various cryptocurrencies. In June of 2017, the Singapore-based startup raised US$80 million in a token sale to build the card. As of publishing, it has not been released.

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Southeast Asia-based e-scooter service officially operates in Cyberjaya, Malaysia

Neuron Mobility, an e-scooter sharing service based in Southeast Asia, announced today that it officially started operations in Malaysia. It is a part of the company’s regional expansion plans.

The launch comes just after a partnership with Thailand’s Sansiri Public Company Limited, and follows a recent S$5 million raise to expand their last mile connectivity services — particularly to Asia-Pacific’s biggest and most congested cities.

Also Read: Nanu Berks on how blockchain merges art with activism

In Malaysia, Neuron Mobility will deploy the e-scooter fleet at key commercial spots in Cyberjaya as part of a pilot programme. The company said that it’s to ensure feasibility and demand in the Multimedia Super Corridor of Malaysia.

“Cyberjaya is on its way to becoming Malaysia’s smartest city, and we are glad to be able to contribute towards this goal by solving the issues of last mile mobility,” said Zachary Wang, CEO of Neuron Mobility.

Neuron Mobility uses real-time telematics and geospatial simulation models for predictive analytics and network optimisation. First-time riders are required to go through an instructional series on safety before they start using the service.

The launch in Cyberjaya makes it the fourth major Southeast Asian city to offer Neuron’s personal mobility service, after Singapore, Bangkok, and Chiang Mai.

To date, Neuron Mobility claims to own and operate the largest e-scooter sharing fleet in Singapore and Thailand.

“Smart transportation is not just an alternative, to some it may soon become the de-facto choice for urban commutes. It is our vision to build reliable technologies to answer the need for personal mobility in these populated zones,” added Zachary.

Also Read: A refugee in Germany in the 80’s, this entrepreneur is now back in Southeast Asia to achieve his dreams

Neuron Mobility has shared that its core focus now is to drive growth in smart city initiatives by further funding the development of technologies. Eventually, it will lead the company to launch its own commercial grade e-scooter that would be a world first.

The plan is to produce scooter that enhances robustness and rider safety while complying with PMD laws across Southeast Asia.
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Image Credit: Neuron Mobility

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Agus Martowardojo joins Tokopedia’s Board of Commissioners as President Commissioner

Indonesia’s e-commerce giant Tokopedia announced today that it has appointed Agus Martowardojo as the unicorn’s President Commissioner.

Martowardojo joins Tokopedia as the company prepares to develop its ecosystem into infrastructure-as-a-service (IaaS), seeking to empower and strengthen Indonesia’s economy in an inclusive manner, both online and offline.

“Tokopedia has been consistent in its mission to empower Indonesian society through technology and support a sustainable economy. I am pleased to join Tokopedia to support the company’s aspiration for inclusive economic development,” said Martowardojo.

Also Read: A refugee in Germany in the 80’s, this entrepreneur is now back in Southeast Asia to achieve his dreams

Martowardojo was Indonesia’s Central Bank Governor from 2013 until May 2018. Prior to that, Martowardojo held posts as Indonesia’s Minister of Finance (2010-2013) in which he was recognised as Finance Minister of the Year for Asia Pacific from The Banker (Financial Times) in 2012.

He was also the President Director of Bank Mandiri from 2005-2010.

Martowardojo brings over 30 years of experience as a banker, Finance Minister, and Central Bank Governor. His achievement in past was his active role in maintaining the stability and resilience of the Indonesian economy by optimizing monetary, macro-prudential, and payment policies as well as management of Indonesia’s Rupiah circulation.

Martowardojo was the brain behind the Bank Indonesia 7-Day Reverse Repo Rate, which was said to strengthen the transmission of monetary policy and integrated inflation controls across Indonesia.

During his tenure as Minister of Finance from 2010-2013, Indonesia achieved an improvement in its debt rating from Fitch and Moody’s.

Also Read: Nanu Berks on how blockchain merges art with activism

“Mr. Agus Martowardojo’s experience and wisdom will be invaluable to Tokopedia and his guidance will help accelerate our mission to democratize commerce through technology,” said Tokopedia CEO and Co-Founder William Tanuwijaya.
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Image Credit: Tokopedia

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Takahiro Suzuki, previously CEO of Indonesian VC firm CyberAgent Ventures, has joined Genesia as a General Partner

Tokyo-headquartered VC firm Genesia Ventures has announced the launch of its second fund worth US$80 million, which aims to invest in seed-stage startups across Japan and Southeast Asia.

Genesia Venture Fund Ⅱ has already raised US$45 million, and expects to make the final close at the end of September 2019.

Headed by Soichi Tajima, the fund’s key investors include major companies and institutional investors, such as Mizuho Bank and Mizuho Capital (Mizuho Financial Group companies), TFHD Open Innovation Program (operated by Tokyu Fudosan Holdings), Marui Group, mixi, and JA Mitsui Leasing.

Also Read: A refugee in Germany in the 80’s, this entrepreneur is now back in Southeast Asia to achieve his dreams

Takahiro Suzuki, previously CEO of Indonesian VC firm CyberAgent Ventures, has joined Genesia as a General Partner. Genesia has already been making preparations for a representative office in Jakarta.

The fund’s focus areas will be the domain surrounding digital transformation by the fusion of real business and IT (finance, healthcare, medical, real estate, construction, manufacturing, agriculture, etc.)
, the domain surrounding new economy/digital media content (C2C, sharing economy, cloud sourcing, and decentralised platforms and the domain surrounding new media and content formats such as video, AR, VR, MR, etc.), and domain surrounding frontier technologies (AI, robots, drones, low-earth-orbit satellites).

Genesia’s first fund made investments in 47 early-stage startups (35 in Japan and 12 overseas, as of the end of December 2018).

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Grab will release an initial batch of 20 vehicles on January 11 with the rest being introduced over the next few weeks

Grab says ‘right time’ to introduce electric vehicles, set to roll out 200 Hyundai Konas [Channel News Asia]

Ride-hailing firm Grab is set to roll out 200 electric vehicles (EVs) into Singapore’s streets progressively from Friday (Jan 11).

Having purchased 200 Hyundai Kona 64 kWH electric cars, Grab will release an initial batch of 20 vehicles on Friday with the rest being introduced over the next few weeks, head of the company’s car leasing service GrabRentals, Kau Yi Ming said in an interview with local media.

“With these 200 cars, we will also be one of the biggest EV fleet in Singapore, and we want to be able to take this opportunity to introduce electric vehicles to both drivers and passengers of Grab,” said Kau.

Singapore-based blockchain fintech company BitRock raises US$4M [press release]

Singapore-based blockchain fintech corporation BitRock, a startup hatched by the instant messaging and social platform YeeCall, has announced that it has raised US$4 million funds to provide fintech solutions for the blockchain industry.

BitRock’s vision is to provide blockchain fintech solutions through the ‘solid triangle’ — wallet + mining pool + quant fund it has forged and tackle such problems as the high threshold for blockchain beginners and the difficulty of application landing, in an effort to facilitate the development of the blockchain industry.

BitRock consists of the following three business — Banko Wallet, Rawpool (a full set of support and services for miners, and Snake Quant Fund.

Alibaba buys German data analysis start-up [Reuters]

China’s Alibaba Group Holding has acquired German data analysis firm Data Artisans, the Berlin-based startup said, in a deal reported to be worth around 90 million euros (US$103 million).

The transaction marks the first full takeover by a Chinese company on Berlin’s growing startup scene. In the last significant deal, Alibaba’s rival Tencent Holdings participated in a US$160 million funding round for online bank N26 in March 2018.

Data Artisans CEO Kostas Tzoumas said Alibaba would also invest an undisclosed sum in the company to develop Apache Flink, its open-source software that can process large data volumes, and to expand into new business areas.

Israeli cybersecurity company Radware to acquire Bengaluru-based ShieldSquare [The Economic Times]

Israeli cybersecurity company Radware will acquire Bengaluru-based bot management ShieldSquare owned by Kaalbi Technologies in the first quarter of 2019, according to media reports. The amount of the deal was not disclosed.

Founded in 2013, the startup offers protection against bot attacks and web scraping. It offers attack detection, threat research, reporting, and analysis services to business. The company It graduated from the Microsoft Accelerator programme in 2013 as well.

Reportedly, Radware CEO Roy Zisapel said that the acquisition will allow to expand the company’s portfolio with robust bot management solutions and its existing cloud security services. “Bot management can stand alone as product offerings as well as integrate into our suite of attack mitigation solutions.”

OYO appoints Sam Shih as COO for China [press release]

OYO Hotels, a leading budget hotels aggregator in South Asia, has announced the appointment of Sam Shih as its Chief Operating Officer (COO) for the China market.

Shih will be responsible for the overall regional operations, driving consumer experience and building operating efficiencies at scale across OYO China.

Before OYO Hotels, Sam served as President of Global Consumables and CEO at Asia Pulp & Paper Co., a giant in the pulp and paper industry. He also led the operations at Red Bull and Accor Group, France.

Sam started his career and spent over two decades in PepsiCo. During this time, he took senior positions such as President of Pepsi (China) Investment, Vice President of Pepsi Beverage Business in China, as well as Chief Operating Officer at Pepsi China.

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Don’t like banks? Don’t use them. Here’s how

It might be an open door but nobody likes banks, no really, almost nobody does. Let’s evaluate if any of the current stakeholders are happy:

Shareholders: Most bank stocks haven’t really gone anywhere for a decade. Sure perhaps they recovered from the 2008 debacle but in many cases, share prices are just back where they left off in 2007. The point is the rest of the stock market (especially tech) did better so shareholders can’t be too thrilled.

Employees: I’ve yet to meet an employee who’s happy with his or her banking job outside a few high ranked people with fat bonuses. Most employees are pigeonholed working on things they don’t care about. Apathy is probably the 8 to 10 of the banks’ Net Promoter Score employee satisfaction survey.

Customers: Happiness with your bank is typically defined as “I haven’t had issues with them for months, so yeah they are fine”. Has anyone really been delighted with good service, new innovative products, things that actually make your life easier?

So if nobody likes them why are they still around, why do we still use them?  The reasons are pretty straightforward:

1. Monopolies and regulations: Banks operate in one of the most protected and regulated environments possible. Try starting a new bank, it’s really hard if not impossible. This obviously kills any form of innovation, customer service or productivity gains.
2. Until now there was no alternative: We were simply forced to use the existing banking infrastructure, how else could we transact and make payments?

But fret not, an alternative has finally arrived and for the first time, it’s possible to live life with minimal banking interaction. Granted, you’ll be hard-pressed to cut their tentacles entirely for now but with a bit of education, you can kick the habit by 90 per cent. Here’s how:

1. Move your cash into crypto assets;
2. Use those assets to pay for almost everything;
3. Start earning in crypto and never visit the bank again

Sounds too good to be true or too risky? It’s really not that hard to accomplish anymore and you’ll feel a sense of relief in the process, free yourself and take control of your own assets.

Move your cash into crypto assets

Simply use an exchange like Gemini, CoinHako or a Bitcoin ATM to convert your fiat into crypto. Bitcoin is a good entry point but if you don’t like the volatility simply convert to regulated stablecoins like GUSD or USDC or decentralized solutions like DAI.

These stablecoins are a relatively new phenomenon and for now you’ll be limited to the USD but other solutions (like EUR or even currency baskets) are in the works. This way you can hold crypto assets without dealing with the volatility.

Also Read: 10 ways blockchain can help overcome the biggest challenges in commercial leasing

The next step to becoming your own bank is to buy a hardware wallet which holds the private keys of your assets. It stores these keys locally on the device so nobody but you can ever gain access to them.

The underlying protocol of Bitcoin has never been hacked but the same cannot be said for exchanges: Not your keys not your Bitcoin is a well-known expression in the industry coined by Andreas Antonopoulos so do invest in your own hardware wallet such as Trezor. After that, you’re in full control 24/7 365 days a year and nobody can freeze your assets or delay payments.

Use those assets to pay for almost everything

But nobody accepts crypto I hear you say? True for now but that’s ok as there are intermediary solutions whereby you’ll never need a bank and can still pay at 95 per cent of places:

• Get a Visa card: Crypto.com or Revolut: Order one of their cards, refill it with Bitcoin and voila, you can pay anywhere that accepts Visa. Yes, this still relies on Visa but let’s go step by step.
• Get cash: Can’t pay with Visa? That’s ok too as there are more and more Bitcoin ATM’s around the world where you can easily withdraw cash from your Bitcoin holdings. In Singapore, you’ll find one in Plaza Singapura for example.
• Pay for services directly with crypto: Over time more and more businesses will start accepting crypto directly. Need to top up your phone, for example, try Bitrefill or book flights at CheapAir.com. Or as a merchant, you can work with PundiX for example.

Start earning in crypto and never visit the bank again

Eventually, you’ll get so used to using crypto you would not want to receive bank account payments anymore. So ask your employer or clients to pay you directly in crypto and close the loop. Especially if you’re receiving international wires because this is a guaranteed cost and headache saver.

Concerned you would get even less interest than in a bank account? Again quite the opposite, there are plenty of 3rd party services like Celcius or Compound that offer anywhere from 1 to 7 per cent on your crypto holdings.

While the above steps might not be practical for most people as of today it does show that for the first time we have an actual alternative to traditional banking. We’re still early in the crypto development cycle so things still come with a steep learning curve.

However, I vividly remember the early days of the internet and the parallels are striking.

In the 90’s sending emails, streaming music, or downloading movies was technically possible but cumbersome and slow.

Regardless, the promise of peer to peer transfer of information was too powerful and the technology improved, services emerged and density of adoption increased; traditional services from back then run on top of the internet today. Let’s not forget the largest listed companies today (Facebook, Amazon, Netflix, Google) did not exist and were unthinkable just 20 years ago.

It is the task of entrepreneurs in the crypto and blockchain industry to do the same thing again, but this time we’re targeting peer to peer transfer of assets. Established middlemen of today will be cut just like the internet did to Blockbuster, the music industry and phone companies.

The difference this time is that we’re going after much higher profile targets. So if you really don’t like banks educate yourself, join a movement that will revolutionise the financial space and make the world a better place.

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Kenrick Drijkoningen is the Founding Partner of LuneX Ventures. He was also the former Head of Growth at Golden Gate Ventures.

You can follow Kenrick via LinkedIn and Twitter.

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

 

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To get those juices flowing, relive last year with our 2018 video

Did you know the Pig was the last to arrive at the Jade Emperor’s party? This is why it is last in the Chinese Zodiac cycle. So as the Year of the Pig approaches, let’s learn from its mistake and get on top of things.

So, with that being said, IT IS ECHELON SEASON! We are hustling to ink speakers, brainstorming fun activities and organising the epic Echelon Roadshow.

This year, #Echelon2019 is a bit earlier, taking place in Singapore on May 23rd-24th. If you would like to stay up to date (and get early-bird deals) sign up here to be the first to be notified when we officially launch Echelon Asia Summit 2019.

In the meantime, why not get excited by reliving Echelon 2018 in the video above. Last year was a fantastic two-days but we can’t wait to blow your mind in 2019!

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The startups span multiple verticals including relatively nascent industries such as e-sports

Singapore-based startup generator and early-stage VC Antler has today officially unveiled the 13 startups of its inaugural batch at a demo day held at the Google Campus in Singapore.

These startups were first initiated into the programme in July last year and were the result of Antler’s intensive selection process (only 3 per cent of applicants are accepted) that brought in 62 founders from over 22 countries globally.

The companies span a broad range of industries including real estate, e-sports, marketplace, fashion, hiring, financial, robotics and automation, retail, lifestyle and more.

After five months of finding the right solution to build, finetuning their business model, and working with Antler’s global network of mentors, the startups finally took to the stage to present their products to a room of investors and entrepreneurs

Without further ado, here are the 13 startups that pitched:

COVE

Singapore-based startup COVE is building a home rental marketplace so renters can search for homes, book viewing appointments and secure their tenancy all on a single platform.

Another advantage it offers renters is flexible leases, which can be as short as just three months.

COVE also helps landlords to make their homes more attractive to potential tenants by furnishing these homes with stylish fittings, smart TVs, kitchenware and wifi.

The company said its service is compliant with government regulations set out by the Urban Redevelopment Authority (URA). It aims to manage 750 homes in Singapore by the end of this year.

AutoSahulat

AutoSahulat is a Pakistan-based auto repair marketplace. The company aims to make the auto repair industry more efficient by building a one-stop digital platform that aggregates a list of maintenance and repair service providers.

All necessary information on these providers is provided transparently so customers can compare between them and rate their services.

The company currently has 100 verified service providers on its platform. Besides just providing auto repairs, AutoSahulat wants to use its platform to create positive social impact  It on-boarded child rights organisation Search for Justice help to devise campaigns that will curb child labour challenges in Pakistan,

Although based in Pakistan, the AutoSahulat is incorporated in Singapore. It is seeking US$750,000 in funding.

Cognicept

The world is increasingly becoming reliant on robotics to power our industries, but these service machines are far from perfect and so they break down or encounter obstacles that often require human intervention.

This is where Cognicept steps in. The startup’s goal is to solve robot downtime issues by allowing a human pilot to take control anytime a robot faces an obstacle it cannot overcome on its own.

Also Read: This Indian startup has developed a robot that could automate manhole cleanup

The Cognicept platform issues a ticket to the user to alert them of an error when their robot encounters a problem, allowing them to take control of the robot and pilot it remotely until it is clear of the obstacle.

The company offers its platform as a subscription model, with its basic plan costing US$200 per month, which offers 150 minutes of robot error handling time.

Cognicept is currently contracted by robot provider Savioke to provide global robot error handling services. It also has Letter of Intent (LOI) from several companies such as Konica Minolta and Infinium Robotics.

The company is seeking a funding of US$900,000.

All Woman Co.

All Woman Co. believes that plus-sized women are underrepresented in the fashion industry, so it has developed a platform that helps them buy swimwear that fit their sizes.

It offers a mobile body scanning app and an online quiz that allows plus-sized women to obtain accurate clothes fitting measurements virtually.

The company said that it acquired around 3,500 customer on its platform before it even launched its first swimwear design and 70 non-paid brand ambassadors promoting the company.

EduCredit.Ph

In the Philippines, many tertiary-level students are forced to discontinue their education midway because of lack of finances. EduCredit.Ph was formed to tackle this problem.

The reason many such students can’t obtain the financing needed is because they do not have bank accounts. The only alternative options are informal lenders (or loan sharks) who charge exorbitant interest rates of up to 30 per cent monthly, or specialised lenders, like fintech services, that offer only short-term loans.

EduCredit offers students credit to pay off their school fees and controls the use of these funds by transferring them directly to the schools.

The service calculates how much money a student should receive by analysing their area of studies, the institution they are enrolled in, as well as their academic score. This allows them to gauge the student’s future income.

EduCredit.Ph charges an interest fee of 3 per cent monthly. The company also provides a payroll deduction scheme so students can find gainful employment first before paying off their debts.

Eureca

Eureca is an India-based startup that aims to not only reduce the time it takes to hire tech talent but also ensure that these applicants are of top calibre.

It provides a time-bound auction marketplace with a curated list of top candidates that are available for immediate interviews. Doing this allows the company to reduce the time-to-hire from 82 hours to 32 hours.

The company monetises by charging participants (the employers) a participation fee of between US$1,500 to US$5,000 and 8 to 10 per cent of the employee’s annual salary as a placement fee.

Currently, Eureca has six paying clients including OYO and rentmojo.  It plans to raise US$800,000.

Gardore

Gardore is a women-focussed fashion marketplace that sells business outfits. It offers more than 60 brands and shoppers can find the outfit that best matches their style via a variety of filters such as “career level”, “budget level”, and “dress code”.

The company also offers content on how to find the right outfit for business.

Also Read: The Billion Dollar Fund for Women launches with US$460M+ pledged

Beyond fashion, Gardore is working on offering adjacent categories such as makeup and travel luggage.

The company is currently seeking to raise US$1.5 million in funding.

Motoran

Buying used goods online is always a gamble. While the items may be cheaper, there may be times when you might encounter a dud.

The founder of Indonesia-based used motorcycle marketplace Motoran wants to build trust between sellers and buyers. Its platform provides motorcycle inspection and pricing analysis via its web and mobile app platform.

Motoran currently has partnerships with 144 used dealers as well as a motorcycle financing company called CS Finance. It also has Honda as a trade-in partner and has a partnership with an automotive workshop chain in Indonesia.

The company is planning to raise US$700,000.

Josudo

E-sports is a growing industry where professional players can expect to earn millions of dollars in prize money competing.

Josudo is a startup that believes it can groom the next generation of professional e-sports players using its online coaching platform. It offers 1:1 coaching and accompanying video curriculum via monthly subscription. These coaches offer lessons for popular online multiplayer games such as Fortnite and League of Legends.

The company also hosts amateur tournaments and leagues to beef up players’ skills.

The platform currently has 3132 sign-ups and 32 coaches. It is seeking to raise US$1 million in funding.

YoRipe

YoRipe brands itself as one-stop cooking and grocery assistant for people who want to prepare healthy meals at home.

Users can get personalised recipes on the platform by stating their taste preference, health
goals, mood, cooking skill and how much time they have.

YoRipe also curates deals and promotions from large supermarket chains such as FairPrice. It even allows users to upload receipts of the food items they purchase so it can estimate the shelf life of these items and remind users when their food is about to expire.

Robin

Spotting falsified data in resumes and CVs is not easy often involves a lot of manual work (such as cross-checking with universities on applicants’ qualifications). Robin is a startup that wants to streamline this process via data-driven qualitative insights.

Robin analyses a report using 70 data points to ensure the information on the resume is legitimate. It charges S$360 (US$266) for the screening of 10 candidates.

The company is currently seeking US$700,000 in funding.

Sampingan

Sampingan is a freelancer marketplace that caters to business-focused jobs. It connects companies with freelance agents who can perform partners and SME acquisitions, real-time data collection, and commission-based sales jobs.

The platform offers a job management system, agent training service, and a fraud screening process.

Within four months, Sampingan has onboarded more than 1,500 agents across 25 cities in Indonesia, who have collectively completed over 30,000 different tasks.

The company has also caught the Golden Gate Ventures, who provided an investment of US$500,000

Panya Studios

Panya Studios is game show developer that has developed a trivia-style quiz game which regularly rakes in 1.2 million views a week. But what it wants to do now is to offer a white label solution and SDK to clients who want to develop their own mobile game shows.

One selling point of Panya’s kit is that it allows for the development of interactive low latency game shows at broadcast scale — which means that these game shows would be able to attract a broader range of users, even those without fast internet connections.

Recently, the company raised US$730,000 from VCs including BigBets and Anton Gauffin, Antler, Investigate, 500 Tuk Tuks and 500 Vietnam.

Panya is currently looking to raise a Series A round.

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Image Credit: Antler

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The company that runs ride-hailing service Grab is being sued by a domain service company based in Singapore

GrabTaxi Holdings is reportedly facing a lawsuit over an alleged agreement that both GrabTaxi Holdings and a local firm had over the Indonesian Internet domain name of “grab.co.id”.

As reported by TODAY Online, the agreement is that GrabTaxi Holdings agreed to acquire the domain name for US$250,000 from 3 Corporate Services, a local company that offers business management consultancy services and manages web portals. However, the local company is now seeking losses and damages from GrabTaxi Holdings after it said that GrabTaxi Holdings refused to follow through with the agreement.

Also Read: E-scooter sharing Neuron Mobility enters Malaysia

In a released High Court documents, the civil suit was filed in July last year.

Niru & Co LLC, the legal team behind GrabTaxi Holdings argue that the 3 Corporate Services was engaged in cyber-squatting activities.

Cyber-squatting is known as the practice of registering names as Internet domains of well-known companies or brands looking to resell and profit from them. GrabTaxi Holdings said that the company purposely “squats” the “identical or confusingly similar name, trademark or service mark” belonging to Grab.

The chronology of the event dates back to July 2017, when GrabTaxi Holdings’ head of partnerships Shawn Heng allegedly got in touch about the unicorn’s interest in buying the domain name grab.co.id in a phone call with Mark Ho, a director and sole shareholder of 3 Corporate Services.

At that time, Ho allegedly told Heng that the firm did not register grab.co.id, but it could help transfer the domain name to GrabTaxi Holdings. The conversation then continued over WhatsApp, resulting in an alleged written agreement on July 22, 2017, that 3 Corporate Services was to procure the transfer of the domain name from Top 3 Media to GrabTaxi for US$250,000.

3 Corporate Services, represented by Selvam LLC, then was informed in September 2018 that GrabTaxi would not go through with the agreement.

GrabTaxi Holdings responded in its court filings that it did not accept 3 Corporate Services’ sale offer at all, as the offer was subject to certain pre-conditions, one of them is that 3 Corporate Services must own the domain name at the time the offer was accepted.

3 Corporate Services denied such requirement in the agreement.

To make matter even muddier, GrabTaxi Holdings is also accusing that 3 Corporate Services, along with Top 3 Media, to extort big companies and personalities for domain names that referred to these well-known entities.

Some names even emerged in GrabTaxi’s accusations, such as “Go-Jek.com.sg”, “Amywinehouse.com.sg”, “ToyotaHarrier.com.sg”, and “f1Auto.sg”, all denied by 3 Corporate Services.

Also Read: Naver Corp possibly takes part in Bukalapak’s potential fresh funding

3 Corporate Services claimed that Top 3 Media is in the business of branding, website design and digital marketing, and its Indonesian arm “Grab Indonesia” had been in operation since 2013 while Grab only branded itself as so in 2016.

The trial for the civil suit is scheduled in June this year.

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Paid-up capital is the total amount of capital that the owners or shareholders have put into funding the company

Forming a company in the Lion City is quite simple and straightforward, so long as you follow all the rules and regulations as stipulated by law. Whether you do it yourself or hire a company incorporation services in Singapore, you need to know all the requirements that must be accomplished when incorporating a company. One of which is the paid-up capital.

Here are some of the frequently asked questions (FAQs) about paid-up capital and its significance when undergoing a new company registration in Singapore.

What is Paid-up Capital?

Paid-up capital is the total amount of capital that the owners or shareholders have put into funding the company. This is the sum of money that shareholders have given in exchange for the shares they have purchased from the company. These funds are then used to finance the operation of the business.

What is the minimum amount of paid-up capital that is required to form a company in Singapore?

The minimum amount of paid-up capital that is required for new business registrations in Singapore is S$1.

Is there a required currency for paid-up capital?

Singapore law allows any legal currency to be used as paid-up capital.

When should the paid-up capital be paid?

The paid-up capital is required to be settled immediately upon company incorporation. The funds should be deposited into a corporate bank account.

Can a shareholder withdraw his share of the paid-up capital?

A shareholder is not allowed to withdraw his share or any amount from the paid-up capital. Once this has been given for a new business registration in Singapore, the paid-up capital belongs to the company and must be used for its business needs.

Is there a lock-up period for the paid-up capital?

No, there is no lock-up period. Once money has been injected into the company as paid-up capital, it can be utilised anytime but solely for business purposes.

Can paid-up capital be increased?

When paid-up capital is increased, this is in the form of new shares. Paid-up capital may be increased through accepting new shareholders to buy shares from the company or through existing shareholders who may increase their original shares.

Is there a process that should be followed when increasing paid-up capital?

The paid-up capital may be increased at a later date following this procedure:

1. The required capital must first be deposited into a corporate bank account. A copy of the bank statement showing proof of capital injection must be sent to the company incorporation services in Singapore that you hired to help you with company formation.

2. Once the bank statement has been received, the company formation firm may ask you to produce the following documents:

• Ordinary Resolution showing authority to issue shares
• Resolution from directors detailing allotment of shares
• Extraordinary General Meeting
• Letter to be issued to the company secretary
• Application of shares

These documents will then be filed with corporate authorities (Company Registrar) to update the paid-up capital of the company.

What are the requirements for paid-up capital when incorporating a company in Singapore?

Paid-up capital requirements for new company registrations include the following:

• A minimum paid-up capital of S$50,000 for those applying for a relocation visa (Entrepreneur Pass or EntrePass)
• There is no required paid-up capital for those applying for a relocation visa in the form of an Employment Pass or EP
• For those setting up a regulated business, which includes companies such as a travel agency or a recruitment agency, the paid-up capital will depend on the licencing requirements

Keeping this information in mind can help new entrepreneurs efficiently handle their paid-up capital requirements when undergoing business registration in Singapore. To make the process easier, however, business owners can hire a company incorporation services in Singapore to help them with handling such requirements with efficiency.

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