Token developers are finding creative ways to use messaging apps to make cryptocurrencies and its underlying blockchain a way of life

Coinciding with the rise of smartphones and the growth of social media platforms in the early part of the decade was the emergence of messaging apps.

They’re seen as the successors of those web-based instant messaging platforms that were popular in the 2000s. Essentially the same concept, except the net messengers of today are ensconced in millions upon millions of smartphones in the pockets of over 3 billion people.  

As messaging apps were becoming the norm for communicating online, the developers behind them began adding new features to take advantage of the large audience.

While some of these features were still rooted in its core service of communication, such as video calls and chatbot integration, others expanded the capability of their messaging apps and enabled users to do more than simply chat with their friends.

Perhaps the most famous example of this expansion is WeChat, a Chinese messaging app that now has a myriad of other features within the app. This includes a mobile wallet, an e-commerce function, a suite of mobile-based games, and even a dating platform. WeChat has over a billion active users each month, and it is now commonly known as a “super app” for its multiple features beyond messaging. 

Messaging apps and crypto

One of the more unexpected examples of messaging apps containing non-messaging features is their integration with cryptocurrency. They have provided highly compelling use cases for one another. 

Beginning with discussion groups devoted to a token to actual peer-to-peer transactions over a messaging app, it has become apparent there is and will be a more and more intimate association between the two platforms. These integration efforts have made messaging apps play a critical role in the development of various cryptocurrencies, and crypto token developers have used messaging platforms to grow their businesses.

Here are a few ways messaging apps have made cryptocurrency a core part of their services:

Dedicated discussion groups

Of course, messaging apps became a prime enabler of conversations about crypto.

When cryptocurrency became a popular topic, many enthusiasts and first-time buyers flocked to messaging apps to look for other individuals that shared their interest. As most messaging apps allowed users to create groups or channels dedicated to certain topics, several were made that facilitated cryptocurrency discussions and even some that were focused on a specific token.

Also Read: AI and blockchain: new tech frontier or simply incompatible?

Privacy and security is the main driver. In fact, one of the most popular messaging apps, where crypto-focused discussions are prevalent is Telegram.

As the platform boasts of being more secure than other messaging apps, it has resonated with the cryptocurrency community, which puts a premium on the security provided by blockchain technology in their transactions.

It also enables a deeper level of privacy between potentially sensitive conversations, allowing discussions without the threat of external or even government interference.

Nowadays, it’s almost a standard for a new token developer to include a link to their dedicated Telegram channel on their website. The audience Telegram brings made it integral to launching a successful token sale. 

Creating their own tokens

Telegram’s popularity among crypto communities also stems from the platform’s developers being involved in the technology themselves.

It reportedly raised US$1.7 billion from a private sale of its Gram token, one of the largest coin offerings ever in terms of value. These funds are being used to create the Telegram Open Network, Telegram’s own blockchain where developers can build decentralised apps.

But Telegram isn’t the only messaging app getting into crypto. Canada-based Kik Messenger launched its Kin token in 2017, which can be used for transactions within the app.

The developers also use Kin as an incentive for Kik users for contributions made to the community as well as for watching in-app advertisements.

Also Read: 5 companies set to drive blockchain adoption in Asia

Other messaging apps are taking it a step further. Apart from creating the LINK token, the Japanese messaging platform LINE also has its own cryptocurrency exchange called BitBox, which it launched last 2018. It is also reported to launch another cryptocurrency exchange based in its home country called BitMax. 

Wielding crypto within messaging apps

On the other end, some cryptocurrency developers have integrated with messaging apps to expand the scope of their tokens. With crypto enthusiasts already familiar with messaging platforms, developers have found ways to use this to allow both messaging app and crypto users to derive a higher utility in using the services.

One of these developers is Singapore-based blockchain hardware developer Pundi X. In its mobile crypto wallet XWallet, it recently added functionality where users can send Crypto Gifts to their friends on Telegram.

Also Read: Trust : an essential component in the success of investment oriented blockchain projects

Similar to WeChat’s digital hongbaos or red packets, XWallet users can give cryptocurrencies for their friends to use, with the link being sent via Telegram. The XWallet also enables Crypto Gifts to be sent over group chats, allowing the user to set how many times their Crypto Gift can be opened.  

With these types of partnerships and integrations popping up, it is clear that the growth of the cryptocurrency space will continue to be heavily influenced by messaging apps.

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Image Credit: Oleg Magni

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Specialising in reformulation technology, Hoow Foods also receives funding from Innovate360, TRIVE Ventures, and other angel investors

Hoow Foods Pte Ltd, a food technology startup that specialises in reformulation technology, announces that it has closed a US$1.2 million (S$1.7 million) seed round led by local food and beverage heritage brand Killiney Group.

Joining the funding round are Singapore’s first government-backed food incubator Innovate360, TRIVE Ventures, and other angel investors.

With the injection of the seed funding investment, Hoow Foods said that it plans to develop and focus on its Research and Development and human resources.

It has said that the organisation’s key milestones would involve the development of a “more extensive range of innovative food products as well as staff strength expansion to strengthen its synergistic approach in the pharmaceutical and food sciences”.

Hoow Foods focusses on transforming indulgent foods into healthier versions while still retaining taste and texture.

It was founded by four alumni of the National University of Singapore.

Its products include Callery’s Ice Cream, low-calorie ice cream in a pint that contains more than 70 per cent lower calories, fat, and sugar.

Operating since 2018, Hoow Foods said that it will soon launch a healthier option of ice cream, coffee, snacks, and staple foods.

Also Read: Foodtech in Singapore through the eyes of startups

“A healthier lifestyle hits at the source of the problem, and a large part of it is diet. But food is emotional, and most would rather sacrifice health than their favourite food. We are confident to produce game-changing food products that do not sacrifice on taste and texture but also making it healthier at the same time.” said CEO and Co-Founder Ow Yau Png.

Png further explained that Hoow Foods have both pharmaceutics and engineering backgrounds in its team, and it hopes to change the way people consume food, and the food they consume.

Killiney Group is known for its start in a Hainanese coffee shop located on Killiney Road in Singapore. It now boasts over 100 outlets and establishments in the region.

Director of the Killiney Group, Woon Tien Yuan, said, “2019 marks Killiney’s 100th anniversary. We are constantly challenging ourselves to innovate and to enter new markets while staying relevant in the ever-changing F&B scene. Our investment in Hoow Foods is a big step forward for the Killiney brand. This strategic partnership allows Killiney to tap on Hoow Foods’ expertise in food technology and food formulation, which signifies Killiney’s strong belief in research and development.”

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Image Credit: Michelle Tsang on Unsplash

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In addition to Razer CEO, we also have updates from Facebook Indonesia, Volocopter, and Flipkart co-founder

Razer CEO to invest US$7.2M in Singapore gaming ecosystem – Tech In Asia

Razer CEO and Co-Founder Min-Liang Tan announced in a Facebook post that he will invest S$10 million (US$7.2 million) into Singapore’s gaming ecosystem over the next 12 months, Tech In Asia reported.

The investment is aimed to support e-sports teams and gaming companies that are either based in the country or founded by Singaporeans.

Part of the investment will also go to Team Singapore, which Razer is also supporting for the next SEA Games.

The company itself has recently held the Razer SEA Games Esports Bootcamp which saw the participation of teams from Singapore, the Philippines, Malaysia, Thailand, and Indonesia.

Facebook Indonesia names new Country Director – DailySocial

Facebook Indonesia today announced the appointment of Peter Lydian Sutiono as its new Country Director, DailySocial wrote.

His appointment was to replace the position of former Country Director Sri Widowati, who went on to become Chief Digital Transformation for Unilever Indonesia.

Prior to joining Facebook, Sutiono was the Managing Director of Dell Indonesia and Public Sector Director of Microsoft Indonesia. He was also the Managing Director of fintech startup Finmas.

Also Read: Razer to launch its e-wallet Razer Pay in Singapore

Flipkart co-founder to launch US$400M VC fund – The Times of India

Flipkart co-founder Binny Bansal is set to launch a venture capital fund with a target corpus of US$300-400 million, according to a report by The Times of India.

Citing two sources familiar with the development, the fund will target growth stage startups and is likely to be rolled out by the end of the year. It will be based in Singapore.

Having left Flipkart in November last year, Bansal will play the role of general partner and anchor investor in the fund.

In addition to targetting startups in India, the fund is also looking to investing in Southeast Asia.

Chinese automaker Geely to invest in flying-car developer Volocopter – Bloomberg

Zhejiang Geely Holding Group has agreed to invest in Germany-based flying-car developer Volocopter’s EUR50 million (US$55 million) funding round, Bloomberg reported.

Leading the funding round, Geely aims to help Volocopter’s air taxi launch commercially within the next three years. The companies had also agreed to set up a joint venture to bring the airborne cars to China.

Volocopter is also in talks to raise more funds by the end of the year.

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Image Credit: Razer

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Choosing the right tool will help you increase the performance of your application

The need for digital platforms to handle transactions is at its peak. Here comes the solution with blockchain development technology.

With blockchain, business entities are able to achieve their full potential by operating with freedom. Thus, the need for blockchain developer tools also increase.

There are many blockchain development tools that help developers to design a good website or application. The question is what features are you looking for as a blockchain developer.

Choosing the right technology stack helps to operate efficiently by allowing to use all features to their full potential.

This will allow any developer to design, develop and build a good website, blockchain app, digital wallet or application.

This article discusses the top 8 web development tools that will help blockchain developers to choose the best technology stack.

Better the web development tool used, better the performance of the application

Being a blockchain developer, hopefully, the following features of the following web development tools will interest you to meet your requirements of expanding your technology stack.

Mist

This is the topmost leading web development tool preferred by many blockchain developers.  This is because, this tool has the ability to store, handle transactions and also implement smart contracts.

Smart contracts are digital verification and handling performance of a contract. Storing data and information is one of the hurdles faced by all developers.

This is because most of the situation developers end up developing the stack in such a way that, it is efficient but does not have sufficient storage to handle the load.

Also Read: All you need to know about blockchains smart contracts

If the storage is sufficient then the transaction is slower or interrupted due to bad network connectivity.

With mist, this problem is eliminated as it is able to handle the load and still provide a good performance and developing interface.

Solc

This particular web development tool is one of the most convenient tools that can be used for adding more value to the technology stack by blockchain developers. This is because of it also one of the tools that provide the fastest way to install computers with solidity.

Solidity is a statically written programming language for improving smart contract handling. This programming language is used for code writing in Ethereum.

The best feature in using this web development tool is that it does not rely on any other node from an external source.

Blockchain testnet

When you want to create a new decentralized application or a web application or add tools to your technology stack, it is easier to have a system that works as similar to the real blockchain.

This will help you evaluate the obstacles and limitations or constraints that you might face while developing or adding value to your stack growth. These constraints and limitations include bug fixing, maintenance, testing, computability issues, etc.

Having a duplicate system of a real system allows you as a developer to explore all the features and come up with better improvements without harming the real system.

GanacheCLI

It is a web development tool that is fast and easy to customize for the needs and to meet the requirement of adding improved technology to the stack.

It was previously called as Testrpc. With the installation of one single system, this tool allows you to handle operation and call for functions to the blockchain system without any obstacles obstructing the operation.

Using this tool, it is easier to recycle, reset a limited number of Ether too.

Tierion

Every system should have a feature to verify all the processes and transactions that take place. This web development tool allows you to verify the data stored or transacted.
This is done by verifying the data from the database again the transactions that took place in the blockchain system. Tierion adds value to the technology stack by giving access to different types of application programming interface (API). This API allows in application features of the stack to connect with other application offering better performance.

Ether Scripter

This web development tool is used by high coding blockchain developers. It has a complicated interface but has the functionality to be used if the developer has knowledge of coding for contracts.

Given the fact that smart contracts are a trend today, having knowledge of coding for smart contracts is important. The interface is easier to use as a simple drag and drop is sufficient to club different features together. Currently, this tool can be used only by the programming language called serpent.

BaaS

Blockchain as a service is one of the most highly used web development tools that support the growth of a technology stack. This is because it provides performance with much cheaper and secure networking platform. It supports different kinds of chains like Storj, Eris, etc.

This tool works pretty similar to software as a service (SaaS), where the features of the tool is used for improving the service provided by the stack. This tool is useful to all developers who are looking into the long-term development for blockchain platform as well for updating the technology stack.

Coinbase’s API

Due to the integrating features that are offered by this application programming interface, developers get accessibility and the ability to connect different applications together.

This as a reason this tool is used extensively by all developers mostly. The system of this API offers data building opportunity as it can gather data and interrelate them. The tool also provides an efficient software development kit.

Embark

This development tool allows the developer to seamlessly develop and launch an application that uses html5 without a server and also uses technologies that operate on a decentralized platform.

Also Read: The future of social investing and it is not about blockchain

Any changes made or any modification made in the agreed contract will immediately be updated and changed or modified in the application too. This reduces the workload of the developer and also provides a comfortable user interface to the user.

Journey as a blockchain developer

All of the above tools have their own supportive features that help the blockchain developers to grow their technology stack. They will help you as a developer to identify, scrutinize data and features to optimally choose the best tool that increases the performance of your application.

Choosing the right tool will help you achieve your goal effectively.

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

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

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Being a tech whiz or a creative genius isn’t enough

Anyone who’s ever binge-watched an entrepreneurial-themed reality TV show like Shark Tank or Dragon’s Den will quickly spot a pattern during the Q&A session.

The potential investors almost always begin with questions about finances, such as “What is your revenue?”, “What are your margins?”, “How much have you personally invested in the company?” and “When and how do you expect to break even?”

The entrepreneurs who do not know their numbers inside out find it hard to convince the panel and rarely walk away with a deal.

For an entrepreneur with a great product or service, the thought that a brilliant concept by itself is not enough may come as a shock. Doesn’t it matter that your product solves a real problem? Don’t the investors see they could be part of The Next Big Thing!?

The hard truth is that when it comes to fundraising for startups, being a tech whiz or a creative genius is not enough. Investors want to see that the person receiving their money will utilise it well, make sound financial decisions, and give them a high return on their investment.

That means, as a founder, you can’t leave the number-crunching to the accountant or the business development lead. You’ve got to own your financial data and have it at your fingertips if you want a shot at securing funds from venture capital (VC) and private equity (PE) firms.

Not surprisingly, you can be guaranteed to be up against some tough competition.

Also Read:

A Stanford survey in 2016 found that for every startup that receives funding, VCs typically consider 100 companies. Those startups that successfully raise funds tend to do so only after some 40 investor meetings, according to DocSend.

What’s more, in its analysis of 35,568 startups founded between 1990 and 2010, Radicle Labs found that it gets increasingly difficult to raise more funds beyond a Series B round, often deemed as the ‘valley of death’.

Here’s what the data says:

Source

That makes sense—after a company raises its third (typically Series B) round, it’s expected either to be self-sustaining while remaining private or to exit through an IPO or a merger and acquisition.

Additional funding rounds tend to be justified only with growth and expansion plans or as preparation for going public.

But note how it’s also pretty difficult to get from seed to Series A, with 79.4 per cent of startups failing to do so, according to Radicle Labs. That means startups need to work doubly hard to come up with a strong fundraising pitch backed by numbers.

The role of accounting and finance in pitch rejections

Studies of investment decisions have identified four main criteria that VCs consider: product/service, market, entrepreneur/management team, and financials. Failure in each of these areas (or, typically, in a combination of at least two criteria) can lead to a rejected pitch.

From around the web, here are some finance and accounting-related reasons for pitch rejection, given by investors and founders alike:

• Not thoroughly understanding and communicating the financial dynamics (from Barry Kumarappan, a real estate fund founder).
• Unclear and inaccurate financial assumptions (from Ron Flavin, a funding consultant).
• Not thinking about why they need the money (from Fanuel Dewever, founder of a crowdfunding platform).
• Not talking about the financial plan (from Brian Cohen, an angel investor).
• Problematic capitalisation table; weak unit economics (from Sarah A. Downey, a VC principal).
• Unrealistic sales projections, gross margin assumptions, and annual revenue projections (from Martin Zilling, a founder).

Financial statements and data for a fundraising pitch

VCs and PEs pour significant amounts of money into startups, so it makes sense for them to conduct due diligence before making an investment.

When it comes to financials, they typically ask the company to provide bank statements, financial statements, and key assumptions (the last one applies especially if the company is fundraising for a Series B or later round).

Also Read: The magic 8: here’s a look at the 2019 judging criteria for TOP100

Financial statements include balance sheets, income statements, and earnings and cash flow statements. They also present data on operating expenses, cost of goods sold, and gross margins.

Key assumptions include five-year projections of monthly and annual revenue, gross profit, order size, and the number of orders. Startups will also need to project customer acquisition cost, or how much you need to spend to get someone to buy your product or pay for your service.

This metric is typically compared to the churn rate—how fast you lose clients—and each customer’s lifetime value (LTV). (A high acquisition cost might be offset by a low churn rate coupled with high LTV.)

There’s really no hard-and-fast rule as to what financial data to include when pitching to investors, and the information you present often depends on how many years your company has been operating.

Also Read: An overview of Vietnams venture capital industry

Some companies with long R&D phases, such as biotech firms, may need money to continue their tests and research. Others, like Singaporean snack startup box green, are able to begin raising revenue even before receiving seed funding.

One of the best ways to know what financial statements to include in your pitch deck is to identify the data you have and the projections investors need to see. For example, Square, an online payments company, shared growth and margin projections up to the year 2015 in a pitch deck that is used in 2011 or 2012.

In raising a US$10 million Series B round in 2004, LinkedIn shared five-year financials, including revenues, expenses, cash flow, net cash position, and operating margins.

Moz, which offers search engine optimization tools, likewise included margins and profits, as well as current and estimated revenue, customer LTV, and cost of acquisition, among other key financials.

Best of all, Sequoia Capital, a 46-year-old venture capital firm, shared a template that explains what a pitch deck should ideally contain. The slide on financials, for example, should include profit and loss, balance sheet, cash flow, capitalisation table, and the deal that the startup is asking for.

Founders: brush up on your accounting skills

If you’re not sure just how big a deal financial information is in a pitch deck, consider research by DocSend, which shows that potential investors spend the most time viewing this data compared to other parts of the deck.

On average, viewers spend 23.2 seconds looking at the financials slide, compared to 22.8 seconds for a team, 13.9 seconds for a product, and 11.3 seconds for the problem, among other pages.

Startup founders who aren’t exactly accounting-savvy need to brush up on their skills and practice creating different kinds of financial statements that meet accounting standards. They also need to learn to build realistic and feasible financial models.

Also Read: Last year TOP100 gave away over S$100,000 worth in prizes. Expect more this year!

As venture investor Dave Parker writes, “At some point, some investor is going to ask a question that will drive you to the spreadsheet.” When that time comes, be ready to find that data and explain how you crunched the numbers.

Keep in mind that even if your projections end up being wrong, it’s worth showing potential investors that you’ve done your homework and have poured much thought into how you will maximize the funds they’ll give you.

There is no shortcut or secret to surviving the ‘valley of death’. Beyond the innovative product and stellar founding team, it all boils down to the bare numbers.

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Image Credits: Elizabeth Hoffmann

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

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Building a company can sometimes feel like a really long slog — and that’s okay

Recently, I chanced upon an article on TechCrunch that explored the nitty-gritty details of the fundraising process. The writer, Danny Crichton, wrote about how the process of fundraising is often more intricate and chaotic than what is perceived through the lens of tech media.

Funding rounds often take place in tranches and can take the form of multiple financing structures —  angel investments, grants, convertible notes, etcetera — and are participated by multiple parties. These rounds can take up to months or even years to complete before they are sent to the process; and then, in a few days, get amalgamated into the ceaseless stream of funding announcements — becoming another footnote in the tech news cycle.

e27, like most tech media, fuel and feed the public’s appetite for good (and bad) tidings of the tech industry. More often than not, when a company raises a funding round, we only hear about it when their communications team issues a press release about it.

Usually, it will contain a couple of ‘feel-good, pat-on-the-back’ press statements about how the founders are pleased to have accomplished this milestone and how the investors are optimistic about taking the company to the next level. And then some statistics about the company’s growth status and a few words about how they will use the newly-raised investment.

Now, that’s not me being cynical about tech coverage. Good news is better than no news; in fact, more funding news means that investors are still bullish about the landscape and that will lift the spirits of many hardworking entrepreneurs.

What we don’t often hear, as the aforementioned TechCrunch article correctly points out, is the founders’ arduous and sometimes treacherous path towards hitting their funding goal. Behind the carefully-worded press releases, there is a story that needs to be told: a story of human perseverance.

Convey the good, the bad, and the ugly side of the business

If the near-demise of Honestbee has taught me anything, it is that we as journalists need to be bolder and more assiduous in digging out the full story; we need to hold our ears close to the ground and listen for the distant rumblings that are not so apparent to the eye.

We believe that the media, as cliche as it may sound, plays an important role as gatekeepers (the explosive exposé on Theranos by the Wall Street Journal is a great example). A credible media platform should have the tenacity and fortitude to hold the ecosystem accountable and call out bad actors, even in the face of legal threats.

But besides tackling the shady elements of the tech industry, the media should also not shy away from approaching founders with more incisive, hard-hitting questions — questions that will uncover the honest inner workings of tech companies. 95 per cent of startups fail — yes — but a good chunk of the 5 per cent that made it went through hell and back to get to where they are.

So it goes without saying that there are a lot of unglamorous elements founders have to tackle when building their startups. For many reasons, they may not feel inclined or comfortable to reveal them, but with the right line of questioning (and establishing of trust) I’m sure they can be persuaded.

Also Read: Answer these 5 questions before you scale up your tech startup

It behooves the media to present the whole picture of the startup journey — warts and all — to the audience. And founders should be forthcoming about their struggles.

If you think about it, a great story is one where the protagonist is relatable; one who has vulnerabilities and setbacks to overcome (haven’t you ever wondered why most Superman films often get a lukewarm response?).

And the statistics don’t lie, a quick check on our Google Analytics page shows such stories are a hit with our audience. Behind the success of a startup valued in the hundreds of millions are sleepless nights, moments of self-doubts and existential angst; there’s no sugarcoating it — the startup life is tough — and we should describe it as such if we are want to be honest to our readers.

These stories go a long way than just being news announcements, and they become evergreen reading material that readers will always find relevant.

At e27, as much we can, we like to conduct detailed interviews with founders every time they raise round to find out what went behind the scenes — as we did with Carro‘s latest funding round. But we can do better.

And we could definitely use your help.

Guest writing for us

We run a pretty lean team here, so, unfortunately, we may not have the bandwidth to do a deep dive into every founding story.

But you, the entrepreneur or stakeholder of the ecosystem, maybe you have always wanted a platform to share the struggles you faced on the road to success. Or maybe, you had to shut down your company and there are learnings that you believe will be valuable to our readers.

Well, e27 is the right platform for you then. They are no ‘wrong’ thoughts — we welcome them all, even if it is incendiary or controversial (of course, within reasonable boundaries).

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If you feel that you would like to pay it forward by sharing your story, feel free to submit your musings here or email us at writers@e27.co to discuss your ideas.

You can also join our e27 Telegram group here, or our e27 contributor Facebook page here.

I look forward to hearing from you.

Image Credit: Chaivit Chana

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Talking about fintech ecosystem in Southeast Asia, Indonesia is that one country with a great varieties of fintech services available 

You sure have heard about Go-Pay, Modalku, Dana, Doku, the omnipresent OVO, or Kredivo. In the last two years, all of these names have made news for raising funding or foraying into new partnerships, and even one of them is being owned by one of the country’s top unicorn.

Scraping the surface and taking a deeper look into the fintech ecosystem in the country, we learn that not only there are a great number of fintech companies operating under the media radar, but there is also a great variety of solutions being offered to the archipelago.

We’ve filtered some of the names we can find, and here are the 10 honorable mentions of fintechs that have the potential to be the next big thing.

DanaLaut

Starting with the less obvious: DanaLaut. DanaLaut directly addresses the pain points of the maritime country, which is access to equity for cultivating the sea resources.

DanaLaut offers a platform where users, either loaner or borrowers, can help facilitate sea resource-related business.

Through its scoring system for risk management as well as an updated portfolio for progress and funding allocation, DanaLaut ensures the safety and transparency of doing a transaction on its platform. Borrowers won’t be charged for interest and loaner can be involved in a transaction with attractive profit sharing.

Dana Bijak

Dana Bijak offers simpler options to apply for loans, in which the applicants can choose the number of loans and the duration they wish to have and how much they will have to pay back.

Dana Bijak translates into “wise funding” in Indonesian. It uses Artificial Intelligence to process the application and show the results within 24 hours. Once approved, the credit will be transferred into the applicant’s bank account within 48 hours.

Also Read: What makes investments in fintech and alternative lending in SEA promising?

Apart from simplicity, speed and safety are also on the cards for Dana Bijak. As long as the applicants are 21+ years old and earn at least US$114 as its main requirements, then the applicants should be able to access the credit with no hiccups.

Dana Bijak’s platform also provides education through financial courses on how to manage credit to have a healthier interest loan and a point system for good credit behaviour.

In January 2018, e27 reported that Dana Bijak made it to second batch of Plug and Play Indonesia Accelerator programme along with the other 12 startups from multiple sectors.

Disitu

Disitu brands itself as a credit marketplace. Through its financial institution-integrated platform, credit companies can advertise their financial products offering to consumers. Consumers, on the other hand, can see and compare the available financial products before choosing one.

The integration, the company said, allows it to show the actual prices of each financial product featured in a real-time process. The products include unsecured loans, equity loans, and others.

It also offers a preview of how much borrowers must pay for the credit they apply for, to make sure they don’t borrow more than they can pay. With citizen ID card as a warranty for the loan applied, the credit can be processed instantly.

GandengTangan

GandengTangan is short-term online funding with affordable and safe equity, aims to connect micro-businesses with investors that want to invest in businesses with social impact.

GandengTangan, which is Indonesian for “holding hands”, filters the micro-businesses that seek to receive funding from as little as US$3.55. Then, when the process is done and the investors have been paired up with the micro-businesses, the investors will get its investment back periodically in instalments until it’s paid back in full.

In April 2017, e27 reported that GandengTangan has raised an undisclosed amount of seed funding from angel investor Mariko Asmara Yoshihara, Chairman of JAC Recruitment Indonesia.

Rupi

A payment gateway application for easier transactions, Rupi facilitates electricity token, phone credit and internet data purchase, game voucher, and travel tickets purchase, as well as the electricity bill, water bill, government insurance bill, and multi finance payment in one app in real-time.

What differentiates it from other e-payment app is that it guarantees the most affordable price for all payment needs with lifetime cashback and it facilitates cash, real-time, top-up, in the nearest top-up centre. It also allows all Rupi’s users to transfer their balances to each other into their Rupi’s account, directly or using in-app QR code.

Mapan

Using the social gathering concept known as “arisan” in Indonesia, Mapan allows users to get together and collectively purchase quality and affordable items.

Mapan’s get-together is meant to help users to easily access goods in guaranteed quality. Using what is called a collective economic strength, the more members users manage to gather, the more affordable the price of the items become.

Also Read: [Updated] Here are the top-funded fintech startups of Singapore in 2019

By becoming a group leader in a collective online gathering on Mapan, an individual can also gain extra income via commission from the value total of purchased goods by each of the groups.

The startup has been acquired by ride-hailing unicorn Go-Jek in 2017.

SPOTS

SPOTS stated its mission as “facilitating entrepreneurs in Indonesia to be able to run their business better and easier”.

Its POS system also provides a variety of features to help any kind of business operation. It seeks to tackle challenges such as managing online and offline orders, the limitation in accessing cashless payment, and keeping transaction records for entrepreneurs with next to no resources.

Propertree

Propertree singles out itself to focus on property investment in Indonesia. It seeks to create inclusivity in property investment.

It does so by facilitating the digitalisation of equity-heavy property investment into becoming a more affordable investment.

By signing up, investors can immediately deposit money and choose from an array of projects available on its platform. The projects are residential, long term property that offers a maximum return, construction projects with a shorter, more competitive return, rent project that allows for collective ownership to get a double return from the leasing fee per month and future asset selling price, or flip project that allows a normal price return.

Julo

Julo says that it seeks to revolutionise access to financial products through its digital data-based lending method. It also allows an in-app risk assessment to process consumers’ credit applications to determine loan eligibility.

Julo was founded in 2016 and has since expanded from Jakarta to other cities in Indonesia.
In May 2018, Julo raised US$5 million in a Series A funding round led by Skystar Capital and East Ventures. Gobi Partners, Convergence Ventures, Provident Capital, Central Capital Ventura, Heyokha Brothers, and other investors also participated in the funding round.

DokterDana

DokterDana is the Indonesian for “financial doctor”, focusses on providing information and updates in the financial industry in the country. It also facilitates loan search and matches on its app.

DokterDana said that from the service side, it seeks to help borrowers finding the most suitable and accurate loan service while also help banks and finance companies to find reliable customers. Using its matching service, DokterDana becomes a fully authorised platform for borrowers to get the most suitable option from a pool of credit services.

Also Read: Fintech and banks: collaboration or competition?

Although the road is still long and untrodden for these companies to catch up with the big names, all of them keep on growing at an optimistic pace with its solutions. The next time we hear about them could be the time they get more funding to go even bigger than they are already now.

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Image Credit: Sharon McCutcheon on Unsplash

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Key startup mistakes to avoid as an entrepreneur, that businesses usually make

When it comes to starting a business, there’s no given guide to success. Hence, many mistakes can be made by the entrepreneurs as each implement their own strategy.

Many businesses start every year with great enthusiasm and flair, but most of them fail without many reasons. There are some common mistakes many entrepreneurs make, which negatively impact their business. While some setbacks are inevitable, you can still avoid some pitfalls of starting a new business that is common to mos

There are many tips and guides for starting a startup, but in this article, we will discuss some key startup mistakes to avoid for entrepreneurs.  Making the right move, in the beginning, would help you avoid headaches later.

1. Avoiding new technology

In the tech-savvy world, we live in, ignoring technology can be a sin. While it may be great that you’re trying to run your business using a spreadsheet, in the real world, a disaster is always waiting to happen. Although investing in the latest technologies may feel like an expense your business can work without, however, you’re harming it more if you don’t.

Businesses today need a more sophisticated approach where owners can make informed decisions that are critical to success based on real-time reports. Technology is one of the reasons starting a business has become more accessible and more practical than ever.

Also Read: Startup failure should not be a stigma, says Vijay Ratnaparkhe, President and MD of Robert Bosch Engineering and Business Solutions

Entrepreneurs, who ignore the potential that technology can bring to their business, stand a greater possibility of failure.

There are many technologies such as cloud computing which are developed for small businesses. Being cost-effective and scalable, it can offer numerous opportunities to the businesses.

2. Doing it all alone

“Individuals don’t build great companies, teams do.” – Mark Suster

One of the most common small business mistakes that the entrepreneurs can avoid is carrying all the burden on their shoulders.

As an entrepreneur, you may be willing to learn how to be a ‘jack of all trades’. However, that’s not how it works. Even the most hard-working entrepreneur would need assistance to get that killer idea off the ground.

Everyone has their own preferences. You may prefer to work alone, or you love to work in a group. But, at some point, you will eventually need someone to work for you. You can’t handle everything on your own. Building a company is hard work, and it usually takes more than a single individual to build a successful business.

Also Read: These 9 famous startup failures have a lesson for you

Whether you outsource administrative tasks or seek the advice of a mentor, entrepreneurs need to get help while building their business. Trying to handle everything on your own would mean that you are spending too much time on tasks which aren’t much effective in your business growth.

Delegating work effectively can be one of the best ways for entrepreneurs to free up their time for activities which need their unique expertise, and, in the process, build a team for the success of their business.

3. Not enough stability to pursue a strategy

One of the good things about entrepreneurs is their willingness to follow plans. To get their plans to work successfully, they would give their best, but as soon as they face an issue, some would hesitate to go ahead with the plan, while others would start looking for a different approach.

Every business works on a planned strategy. While different entrepreneurs may follow a different approach, it’s important to stick to a selected strategy. Changing business strategy in the early days of your business could lead to confusion. So, instead of resolving the issue, you will be left with dangling among different paths with no end in sight.

Adopting new methods too soon can hamper your business growth as you need to start learning about it before implementing. You need to give your existing strategy some time or put some more effort, and you may get the desired results.

4. Not understanding the market

When it comes to an understanding of the market, having a “know-it-all” attitude can be a big mistake. You might have the best idea and can’t wait to launch it. But you can’t ignore market research. It’s essential to conduct market research to understand if at all there is a market for the product or service.

Most entrepreneurs understand their industry intimately and have the required skills. However, what is critical to their business success or failure is the answer to the question: Will people pay for the service or product we’re offering?

So, whether it’s about targeting the wrong audience or underestimating the costs, failure to understand the market can be detrimental to your business. Keep abreast of the market and strategise accordingly.

5. Ignoring data

Some entrepreneurs are too eager to get their idea implemented and spend too less time in evaluating the needs of their potential consumers. You must analyse the data before starting the small business, know the current trends, use the data to create key performance indicators, and plan for the future of the business.

For modern entrepreneurs, data is critical. Magical thinking doesn’t work in the business. You actually need data to validate that your idea is real.

Also Read: What I learned from my first mobile app failure

Successful businesses think beyond single transactions and plan for long-term goals. Data helps you find things such as who your customers are, things they like, and their behaviour. However, ensure that you’re using the right tools to uncover the data.

Final words

These were the five common small business mistakes to avoid, which may cause their business to fail. Technically, yes. But this also means that they’re also five ways to learn. With some research and strategic moves, you can see your business running successfully.

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Image Credit: Ian Espinosa

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Siam Commercial Bank Pcl plans to provide payments and lending to increase revenues from digital banking

Siam Commercial Bank Pcl (SCB) announced that it has partnered with e-commerce and game developer Sea Ltd’s Thai operations. SCB is looking to expand its footprints into digital payments and lending service, as reported by Reuters.

Apiphan Charoenanusorn, SCB’s President, said that the lending services aimed at small businesses on Singapore-based Sea’s platforms. It will integrate Sea’s AirPay to SCB’s apps, allowing customers to pay bills directly via the app.

SCB has stated that it is a part of their strategy to secure partnerships and expand its digital capabilities, including payments and lending.

Another part of that strategy also reflected in an undisclosed amount of the investment that SCB made in Indonesian ride-hailing startup gojek’s Thai unit, Get. The next in line after the investment will be planning to expand financial services to drivers on the app.

Thai banks reportedly have been pressured by falling fee income following a waiver on digital transaction fees since last year, which explains the decision behind the partnership with Sea Group.

Also Read: Sea Group trying to raise US$1.5 billion likely aimed at Shopee

Due to lower fee income, SCB’s non-interest revenue dropped by 9.7 per cent in the first half of 2019.

On the contrary, Sea, which owns e-commerce platform Shopee and operates in Southeast Asia and Taiwan, has seen its revenue more than tripled in the April-June period. It just secured US$1.5 billion this year to expand its e-commerce business.

Back in April 2019, Sea Group shared with e27 that it plans on expanding its gaming arm Garena into the live streaming ecosystem.
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Picture Credit: Sea Group

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