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NYSE-listed Sea Group is the latest to apply for Digital Full Bank License in Singapore

Sea Limited, one of the leading consumer internet companies in Southeast Asia, today announced that it has applied for a Digital Full Bank License in Singapore.

The digital bank will focus on addressing the unmet needs of millennials and SMEs, with a mission to better the lives of individuals and businesses in Singapore with financial services through technology, Sea said in a statement.

Sea intends to innovate processes, products, and services that will improve lives of individuals and SMEs by reducing the barriers to accessing financial services through technology.

“Sea has a truly unique position at the heart of Singapore’s digital ecosystem. We believe this will enable us to make a real and lasting impact in support of Singapore’s growth as a global financial centre and the development of its digital economy as a whole,” said Forrest Li, Chairman and Group CEO of Sea.

Also Read: Accelerating Asia unveils new cohort of 10 startups with over 40% female co-founders

Sea was founded in Singapore in 2009. In 2017, it listed on the New York Stock Exchange. Today, it has a market capitalisation of more than S$25 billion as of December 31, 2019.

Besides Shopee (e-commerce marketplace) and Garena (online game developer and publisher), Sea runs SeaMoney, a digital financial services network in Southeast Asia. SeaMoney’s offerings include e-wallet services, payment processing, micro-lending, and related digital financial services and products. These services and products are offered in various markets in Southeast Asia under AirPay, ShopeePay, Shopee PayLater, and other related brands.

A number of companies from across Asia have recently applied for a Digital Full Bank Licence in Singapore, including Grab, Razer, Ant Financial, and Beyond Consortium.

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Dash Living acquires Singapore’s coliving company Easycity, expands to Asia Pacific

 

Dash Living, a Hong Kong-based property tech startup announced today that it has expanded its presence to Asia Pacific by acquiring Singapore’s coliving company EasyCity, according to a statement.

The company, which now has 900 units across two of the most vibrant cities in the Asia Pacific region, has raised US$10 million of funding till date from MindWorks Ventures, Capital Union Investments and ClearMind Capital.

In Hong Kong, Dash Living has over 100,000 sqft under its management, spanning across prime locations such as Causeway Bay, Wan Chai, Central, Tsim Sha Tsui, and Jordan in Hong Kong.

Also Read: Qupital gets US$2M seed funding from MindWorks Ventures, Alibaba Entrepreneurs Fund to help SMEs get through the month

As for its latest additions in Singapore, the Dash Coliving units are located in CBD areas as well as city-fringe areas such as Geylang, Paya LebarFarrer Park, Balestier, Pasir Panjang, and Clementi.

An “aggressive expansion” is being planned in Singapore according to Dash Living founder Aaron Lee and Easycity founders Alex Liu and Wesley Wen. 

“Dash Singapore is aiming to provide its members with much wider choices of locations and features across the island. Enhanced by the upgraded services, new perks, and the tenant community, living with Dash will be more convenient and exciting than ever before,” said Liu.

The startup aims to tap into millennial demand by targeting young professionals who are looking for reasonably priced housing in a thriving city, along with a community they can easily interact with. 

“All-inclusive, affordable and flexible accommodation for millennials is a sizable problem which impacts the next generation. Being a millennial myself, I’m excited to share Dash’s offerings regionally beginning with Singapore,” said Lee.

Also Read: 3 biggest mistakes founders make when telling their story 

Apart from being a residential firm, DashLiving also offers community services where members, also known as “the Dash community”, can get connected via an app, which can be used to access rooms, common spaces and discounts.

Image Credit: Dash Living

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Women self-promote way less than men. But why?

Fresh out of a doctorate program, Jane is a proud graduate in the life sciences faculty, joining the ranks of many other women on stage. In this era, the gender gap in science is increasingly narrow and Jane is proud to be part of the pool of female researchers closing this gap.

She dreamed of this moment—the future of experiments and lab research is finally here and perhaps, she could spearhead an experiment with her own research team.

Unfortunately, the statistics are against Jane, as only one in four female researchers get a full professorship in a research university.

If Jane is expecting a more competitive salary after the doctorate, that will happen—only if you don’t compare it to men, as empirical evidence showed that there are significant differences.

Women also typically receive less credit for citations and funding, as a 2018 study shows.

Research has even suggested that women, in general, receive less recognition than men, even if the achievements are equivalent.

The big question is this: why?

With more scientific publications published each day, the number of life science articles published per year has reached a staggering one million threshold—it comes with poverty of attention.

Also Read: Asia Pacific markets see a significant jump in women entrepreneurs: Mastercard study

To make sure scientists allocate time to read their articles, authors have to self-promote through different avenues, be it through social media or presentations. This way, grants, and salaries are much easier to obtain; such resources are typically scarce in the research world.

With resources being so scarce, statistics are showing that women have an even smaller chance of obtaining any of them, relative to men.

Fortunately, there is a core reason, as Marc J. Lerchenmueller and his co-authors Olav Sorenson and Anupam B. Jena discovered in their study: women used positive words to describe their work less frequently than men.

Self-promotion gap amongst academics

Researchers often use positive words in their abstracts and subtitles in an attempt to get the eyeball of a gleaning scientist. Words like “novel”, “unique” and “excellent” are part of the norm. There are times where you can get phrases like “promising result” and “groundbreaking research”.

The study discovered that articles written by female junior researchers and female principal investigators were 21 per cent less likely to use positive terms.

In fact, their research is more likely to be framed as it is: no additional self-promotion and nothing exaggerated. Though both men and women use such words throughout history, women were shown to be using them much infrequently.

The consequences were severe for women: authors that did not self-promote received less attention, especially when they were published in the more prominent journals.

Hence, the gender gap appears—in fact, the study suggested that women gained confidence as they rose to senior ranks, which thus caused the gender disparity to disappear at the most senior levels.

Self-promotion gap at work

Some may argue that the aforementioned study only describes a unique situation: it pertains to the life sciences sector, and particularly on female researchers and scientists.

To extrapolate and have it represent the self-promotion gap in other careers would be too much of a stretch—unless you are referring to a study by the National Bureau of Economic Research, which found that women also constantly self-promote less at work.

Also Read: Women in tech: A global evaluation

The statistic corroborates with Lerchenmueller’s study; men rated their performance 33 per cent higher than women who performed at equivalent levels.

In the study, 1500 Amazon Mechanical Turk (MTurk) workers answered 20 analytical questions on mathematics and science. They were asked to predict how many questions they got correct (to measure their confidence) and asked four subjective questions that typically appear in a performance review (to measure how much they self-promote). The study found:

  • When women were told that their answer to a self-promotion question will be communicated to an employer for them to determine whether to hire and how much to pay, women self-promoted less.
  • If there was no financial incentive to the self-promotion question, men and women both decreased their self-promotion levels equally—thus the gender gap still persists.
  • When told that there might be a chance employers would learn about their true performance in addition to their self-promotion, women still self-promoted less.
  • When told about the average level of self-promotion of others, women still did the same.

The persistent gap indicated that women self-promoted less systematically. In every situation, women would generally self-promote less as compared to equally-performing men.

The question rises up again: why?

One of the biggest speculation would be that women, due to a culmination of different reasons, choose to stay out of the center stage.

Yet, it can be difficult to ascribe this gender gap to a core reason—rather than doing so, leaders need to start shaping the workplace environment and employee experience so that women can self-promote without repercussions.

One of the biggest reason that has been suggested is that women suffer from more potential backlash, which can deter them from self-promoting.

There are well-documented cases and studies of women being viewed as “bossy” and “loud” even though they are self-promoting at the same level as their male counterparts.

Self-promotion is a necessity at work as leaders are not always able to know about everyone’s work performance, as accurately as possible.

As such, there are times where employees would have to specifically bring achievements up in order to remind the leader that they did perform well, which can bring recognition and at times monetary benefits.

Unfortunately, gender bias can lead to people believing that women who self-promote are overconfident.

You need to address this elephant in the room. You would have to self-reflect: do they have that gender bias in them? Once there is self-awareness, the problem can be systematically dealt with:

  • Treat women and men equally. If they are self-promoting, then it is the performance that matters. For instance, someone staying past office hours to complete the project, instead of whether it was a female or male doing it.
  • Understand that not due to that existing bias, some women may take a more passive role. It’s time to throw away your previous assumptions about the characteristics and personalities of your employees. Observe keenly for actual work performance, rather than listen to someone’s self-promotion.
  • Look at actual work performance. Ask the employees about their contributions, specifically those who self-promote less.
  • Evaluate based on data. Numbers will never fail you. When the performance of the work can be measured against a numerical benchmark, it is easy to evaluate their work performance. For instance, if your goal for the blog post was to reach 50,000 pageviews, that can form a minimum goal.
  • Create an environment of psychological safety. Women—and all employees—can give feedback about their work performance without worrying that it might change their superior’s perception of them. For example, if they were to struggle at understanding something, they can ask for help without fearing that it will impact their overall work performance.

Instead of changing the way women work, it is much better to redesign the workplace. When you use a subjective view (i.e. “do I think that this employee is performing well the past month?”), you are much more prone to cognitive biases.

Also Read: Women in tech and a competitive advantage

By restricting yourself to being objective before using your intuition and sense, you can evaluate work performance more accurately.

The problem is that there is still a culture of self-advocation. Employees still have to tell others that they are doing a good job in order to get noticed.

Which begs the question: what are the leaders doing for the employees?

Though it is understandable that leaders cannot observe everything at once, there must still be an effort made to truly understand the level of contribution, by each employee.

Hence, you can create benchmarks, minimum targets, and objectives to help measure actual work performance. You can also give regular feedback to individual employees, which can help reinforce the message that you know what good work they have been doing. It also helps to add some rewards to it.

Through such an approach, every employee can benefit as you reshape the workplace culture. Since employees know that their superiors will notice if they work hard and are rewarded for it, employees will be substantially more diligent, which creates a win-win situation for everyone.

This article first appeared on Human+Business.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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Sequoia India, EDBI co-lead US$4M funding in eko.ai

Singaporean medtech startup eko.ai has raised US$4 million in its very first funding round, co-led by early-stage VC firms Sequoia India and EDBI.

Partech Ventures, SGInnovate and Startup Health were also some of the investors who participated in this round.

The funds will be used to grow the company’s development team and accelerate commercial operations in the US and Europe as stated in the press release statement. 

“With this funding, we can further develop our innovative solutions with the ultimate goal of democratizing echocardiography – the safest and most commonly used tool to image the heart,” said Dr Carolyn Lam, co-founder of eko.ai.

Eko.ai is a healthcare company which integrates Machine Learning into its software to predict and treat early-stage heart diseases. The platform provides tools to improve cardiovascular research and lowers the speed of clinical trials bringing it down to seconds, using ultrasound waves.

Potential applications of the eko.ai platform and tools range from expanding the use of echocardiography in clinical care to improving the performance of cardiovascular clinical trials, especially for the early detection and prediction of heart disease.

Also Read: Meet the 8 Southeast Asian startups who will receive US$1-2M each from Sequoias Surge programme

The company has already teamed up with AstraZeneca, Brigham and Women’s Hospital, Samsung Medical Center’s Heart, Vascular and Stroke Institute, and the University of Alberta for commercial and academic research.

“Our ultimate goal is to put heart health screening into everyone’s hands. Cardiovascular disease remains the top cause of death for men and women globally and we’re excited to help address this global health issue in a meaningful way,” Lam added

Founded in August 2017, co-founders Dr Lam and Dr Yoran Hummel were both in the medical field prior to starting up the company, where Dr Lam happened to be a senior consultant cardiologist at the National Heart Centre Singapore and Dr Hummel, general manager of the Groningen Imaging Core Laboratory of the University Medical Center Groningen, whereas James Hare has been a serial entrepreneur, investor and co-founder of a travel company eDreams.

Also Read: Sequoia wants to help young companies get their product right at #Echelon2019

Both the investors are active in the startup ecosystem with Sequoia Capital India, having over US$4 billion in assets according to Crunchbase and EDBI a Singapore-based global investor, making over 100 investments with an estimated annual revenue of US$15.3M

Image Credit: eko.ai

 

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Think like a fintech company: How banks can capitalise on the digital banking revolution

Digital banking is at a tipping point in the Asia-Pacific region and the financial services industry needs to be prepared for a transformative year ahead.

Banks and financial institutions need to be proactive in their response to the looming digital revolution if they’re going to effectively capitalise on this new era in banking.

One of the biggest mistakes any bank can make right now is to do nothing; it is imperative that banks and financial institutions evaluate their existing strategies and look at how they can evolve with the times rather than remaining stagnant.

We know that a digital transformation is inevitable in the APAC financial services industry, but what we’re seeing is that many established institutions are in urgent need of a cultural transformation before they can embrace this brand-new world.

Banks are now realising that they can’t continue to think and operate the way they always have because the industry is undergoing constant transformation. They really need to start thinking and operating like fintech’s if they’re going to thrive in this new era – technology needs to underpin the entire business model.

Also Read: Threat or opportunity? boosting digital banking in Asia

While enhancing customer offerings is a key benefit of digital banking, the impact on regulatory compliance can also provide a competitive advantage.

Digital banking makes it easier for financial institutions to comply with all the different regulations, making it easier to track transactions, keep data safe and also reduce duplication.

So those organisations that make the transition from less secure legacy systems to cloud-based digital platforms, where security improvements are constantly made, will be able to boast greater peace of mind and set themselves ahead of competitors.

To stay in the game, banks need to be able to roll out products and services at a rapid pace, adding new features to platforms while simultaneously enhancing existing ones. This kind of agility is next to impossible to achieve with most institutions’ legacy systems.

However, composable banking architecture – the quick and flexible assembly of independent systems on a cloud platform – can provide the opportunity for organizations to create dynamic products with intuitive, responsive features that can be quickly and continuously updated.

Also Read: Embracing Singapore’s digital bank shakeup in 2019 and its consequences

A cloud-based platform is designed to undergo short, regular updates with a constant pipeline of improvements that are automatically layered on top of existing technology, which frees up the business to run uninterrupted on the front end. This allows financial institutions to make minor changes regularly, rather than major, infrequent updates that can cause significant disruption and draw the ire of customers, as has been the case with some traditional transformations.

The APAC financial services industry looks set to be turned on its head over the next 12 to 24 months, and as the fintech age forces institutions to digitise, innovate and scale to adapt to customer needs, it will be those banks and financial institutions that can move at the pace of a technology company, while remaining committed to strength, security and service, that will be the leaders of this new era.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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Image credit: Tim Evans on Unsplash

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