WeWork picks property veteran Sandeep Mathrani as new CEO in an attempt to stabilise losses [The Straits Times]

WeWork has chosen property industry veteran Sandeep Mathrani to be the new CEO, as Softbank seeks to sustain the lossmaking office space provider after it came close to bankruptcy, according to The Straits Times.

Mathrani will replace Artie Minson and Sebastian Gunningham, WeWork said in a statement. He was previously global head of retail estate for Brookfield Property Partners, a commercial real estate company whose parent company is Brookfield Asset Management.

According to Bloomberg, Mathrani already has a considerable amount of experience in companies dealing with the crisis. He had previously helped GGP, a mall operator, rise from bankruptcy in 2010.

Also Read: WeWork Labs launches foodtech startup accelerator in Thailand

Many companies compelled to begin the ‘work from home experiment’ after the coronavirus outbreak [Bloomberg]

Co-working is out and video chat apps are in as offices shut down due to the coronavirus outbreak. Working from home is no longer an option but it is now a choice, according to reports by Bloomberg.

“It’s a good opportunity for us to test working from home at scale,” said Alvin Foo, MD of Reprise Digital, a Shanghai ad agency with 400 people that’s part of Interpublic Group. “Obviously, not easy for a creative ad agency that brainstorms a lot in person.”

It’s going to mean a lot of video chats and phone calls, he said.

Also Read: Grab, Hyundai launches their first electric vehicle service in Indonesia

While the virus may test that theory on a wider scale, it poses an existential threat to the whole business model of co-working spaces, which has managed to multiply around big Chinese cities in recent years as property rents skyrocketed.

Indian adtech company Adonmo scores US$3M from Ant Financial’s BAce Capital [Tech In Asia]

Adonmo, an adtech company in India, announced that it has raised US$3 million in a pre-Series A round led by BAce Capital, with participation from Astarc Ventures and Mumbai Angels Network, as reported by Tech In Asia.

The proceeds will be used for local operations expansion, to further develop the product, and for hiring.

Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, the company currently operates in New Delhi, Mumbai, and Bengaluru. The company aims to digitise outdoor advertising media across the country primarily through digital car toppers.

Myanmar’s Get expands portfolio by buying  local fintech startup Daung Capital [Tech In Asia]

Myanmar’s digital commerce platform Get has acquired local lending platform Daung Capital in order to expand its portfolio service over 100 businesses across Myanmar, according to Tech In Asia. The company refused to comment on the financial details for this deal.

“Get’s acquisition of Daung will provide a major growth opportunity for both businesses. Financial exclusion remains a key reason for income inequality in Myanmar,” said Mike Than Tun Win, a serial entrepreneur who will be joining Get Myanmar as executive chairman.

The merged company has will be operating under the name of the Get brand, according to a statement.

Altair announces winners of its startup contest in India

Altair, a global technology company providing solutions in product development, high-performance computing and data analytics, has announced the Altair Start-up Challenge 2020.

Besides, Altair has also announced the winners of its inaugural competition, held in Bangalore in December 2019. The winners are First place, BlinkEYELABS Electronics, IndusTill FarmTech, and Saif Automation.

Altair partnered with Startup India, a government initiative, to build an inclusive ecosystem for innovation and entrepreneurship in India across all industry segments. Its objective is to identify, support, mentor and reward budding startups with its simulation, optimisation and machine learning technologies, in addition to providing a dedicated team of mentors with extensive experience and knowledge.

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Image Credit: Eloise Ambursley

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Myanmar-based e-commerce startup Get All Myanmar has acquired Burmese fintech firm Daung Capital in a mission to come up with a unified solution provider for micro-entrepreneurs in the country, says a DealStreetAsia report.

The acquisition covers all of the fintech firm’s assets, including employees and business contracts.

Other financial details were not disclosed.

Moving forward, the combined entity will operate under the ‘Get’ brand, with Daung Capital providing credit solutions to Myanmar’s working class and small businesses. The solutions include education loans, rent-to-own agreements, and cash advance programmes for businesses.

With this acquisition, Get’s services will expand to over 100 businesses and 19,000 mom-and-pop shops across Myanmar.

Last year, Daung Capital raised an undisclosed amount in its Series A round from investors such as Myanmar’s BOD Tech Ventures led by Mike Than Tun Win, that has also invested in Get and Singapore-based early-stage VC firm Majuven.

Also Read: This company is on a mission to make Myanmar more economically inclusive

With the acquisition, Than Tun Win will join Get as Executive Chairman. “Financial exclusion remains a key reason for income inequality in Myanmar. We want financially excluded Burmese to embrace opportunities through technological innovation,” Tun Win commented.

Leon Qiu, Founder of Daung Capital and CEO-designate of Get, said: “Daung Capital offers an exciting opportunity for Get to strengthen and expand its digital service offerings, bridging the divide between rich and poor.”

Get’s services include ticketing, travel booking, online shopping, and financial services, as well as a ride-hailing service called Get Ride, which was launched in 2018 after securing nearly eight-digit US dollars in investment.

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Picture Credit: Daung Capital

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iSTOX, a one-stop digitised securities issuance, custody, and trading capital markets platform, announced today it graduated from the Monetary Authority of Singapore (MAS)’s Fintech Regulatory Sandbox on February 1, 2020.

ICHX Tech Pte Ltd (ICHX), which is the Singapore-based operator of the iSTOX platform, has earned the recognised market operator (RMO) and a capital markets services (CMS) licences from the MAS.

ICHX is a capital markets infrastructure and technology company that was previously the incubatee of ICH Group, a Singapore-based investment firm.

The license, iSTOX claims, makes it the first capital markets platform using distributed ledger technology (DLT) to feature integrated issuance, custody, and training of digitised securities to be approved and licensed by a major regulator.

Furthermore, iSTOX said that graduating from the MAS sandbox means the removal of restrictions for iSTOX, including limitations on the size of issuance that it can host and a number of investors that can be onboarded.

“We started this just over two years ago as a vision of how investing could be done better. This is a big milestone both for iSTOX and for the financial industry as a whole,” said Danny Toe, Founder and CEO of ICHX.

Also Read: Digital securities trading platform iSTOX raises Series A round

“While capital markets have seen many changes and innovations over the years, the underlying core infrastructure hasn’t really changed since the advent of electronic trading decades ago,” said iSTOX Chief Operating Officer Darius Liu. “We are proud to deliver an operational platform that can address market demand while meeting the regulatory standards and licensing conditions set by MAS.”

MAS Chief fintech Officer Sopnendu Mohanty commented. “This has again demonstrated that proportional regulations through sandbox experimentation can foster innovation and bring new benefits to consumers and the financial industry. We look forward to furthering our collaboration with innovators as we build a smart financial centre.”

iSTOX draws on advanced smart contracts and DLT to streamline the issuance and trading process. By allowing buyers and sellers to connect directly, iSTOX removes long-standing barriers that have prevented a far greater pool of investors from access to private market opportunities with a more flexible, affordable, and inclusive alternative.

Chief Commercial Officer Oi Yee Choo said: “In addition to opening registration for accredited and institutional investors, we’re working hard on a pipeline of exciting issuance across different asset classes.”

Also Read: Capital markets platform iSTOX raises US$5M from Korea’s Hanhwa

Key investors of ICHX include Singapore Exchange (SGX), Asia’s international multi-asset exchange; Heliconia, a subsidiary of Temasek Holdings focussed on investing in fast-growing companies; Japan’s Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo Global Investments); Thailand’s Kiatnakin Phatra Financial Group; and South Korea’s Hanwha Asset Management.

Meanwhile, to further strengthening its digitised security ecosystem, ICHX has also partnered with law firms Allen & Overy, Allen & Gledhill, Rajah & Tann, and Dentons Rodyk; with corporate finance advisors SAC Capital and RHT Capital; and with services firms PwC Singapore and audit firm Deloitte.
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Photo by Austin Distel on Unsplash

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Let’s get the decade started on a great note

There are reasons why the year 2019 was an important one for the Southeast Asian startup ecosystem.

In addition to the inherent excitement of preparing for a new decade, throughout 2019, we had also witnessed monumental moves made by startup ecosystem players –both in the region and beyond.

Funding continued to pour into the region, breaking new records and giving birth to new unicorns. Investors are also beginning to look into new territories, both in terms of geography and industry sectors.

On a global level, we saw companies such as WeWork facing public scrutiny with their strenuous journey towards IPO. Much closer to home, we saw Honestbee facing their own troubles.

Ecosystem players had also made head-turning comments; a great example would Lippo Group founder Mochtar Riady’s statement on cash-burning. While they might have a negative tonality to it, these updates had triggered discussions about fostering sustainability and building a stronger ecosystem.

Also Read: Mark your calendars: Echelon Asia Summit happens 14th and 15th of May

Lastly, we saw how different ecosystem players –from startups to government to corporates– are working closer than ever to achieve a common goal.

This is why as we, at e27, prepare for the next Echelon Asia Summit, we realise that the event is going to happen at a unique timing.

Whatever steps you are taking in this critical moment will either make or break your next decade. There are opportunities to seize and challenges to face; people who have made their marks and the lessons that they carry.

It has always been our mission to empower entrepreneurs with tools to build and grow their companies. With that in mind, we identified the three pillars that will support the foundation of the next decade for Southeast Asian startup ecosystem.

In the tradition of Echelon Asia Summit, we divided these pillars into three different stages, providing curated content to help you prepare for the next decade:

Apex

Two major reports —Asia Partners 2019 Internet Report and the e-Conomy SEA Report 2019 by Google, Temasek, and Bain&Company— have identified the next decade as the Golden Age of Southeast Asian startup ecosystem. In this period, not only will the region to experience growth, but it will also see new territories to explore.

Also Read: In photos: 5 moments you missed if you skipped Echelon Asia Summit 2019

Through this stage, we will learn from those who had successfully navigated this treacherous water –and those who had failed to do so. Because both failures and successes are great teachers in their own right.

To get to the peak of the mountain –the apex– you will need all the equipment you can get. In this stage, we will learn about those tools and how to use it.

Infinity

Sustainability comes in every form, from financial to environmental. For members of the startup community like us, having sustainability as a goal encourages us to rethink our moves and renew our thought patterns.

Hopefully, we will come out stronger as we discover improved ways of doing things, from acquiring customers, managing our finances, to maintaining healthy company culture.

We are not here to become a firework –exciting as it happens but slowly fades into silence. We are here to work towards infinity.

Alliance

The tech industry does not stand in a silo, and this notion becomes more apparent as the years go by.

Gone are the days when regulators are seen as the enemy to innovation, as startups and governments fostered a stronger collaboration than before. Also, every business is basically a tech business now, as we begin to see the addition of digital elements to non-tech businesses such as hospitality and lifestyle.

In the end, we are all after the same goal. This is why, instead of waging war against each other, we decide to build an alliance.

Also Read: Photos from Echelon Asia Summit 2019 grand finale

So, do you find yourself prepared for the new decade? What are the lessons that you need to learn, and the ones you are prepared to share? Are you ready to build connections that will take you places?

If you do, then we are looking forward to seeing you at Hall 7, Singapore Expo, on May 14-15.

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Hundreds have already gotten their passes for Echelon Asia Summit 2020. Do you have yours? Get them today and don’t miss out on a great start to an exhilarating new decade for the startup ecosystem. Register today >>>

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In order to use this feature, users will have to add their Revolut card to their Google Account and simply choose to Google Pay at checkout

Fintech startup Revolut today announced the launch of its latest feature which will allow customers to add their Revolut cards to Google Pay in a company statement.

By integrating the Revolut Visa Card on Google Pay, the company aims to create a more seamless and easy method of transaction for its users. Since Google Pay is one of the most popular methods of payment on sites, apps, stores, and even public transportation network in Singapore for Android phone users, this will also widen Revolut’s reach in the market.

“We know our customers are fast moving away from cash in the majority of the markets we operate in, so integrating with Google Pay is a very positive step forward in enabling our customers to use their money in the way that they want to,” said Lim Wei Han, Global Operations for Card Payments at Revolut.

“Our ultimate goal is to give users a tool to manage every aspect of their financial lives, and the ability to make payments quickly, conveniently and securely is vital to achieving this. We’re excited to offer this feature to our customers in Singapore,” he continued.

In order to use this feature, users will have to add their Revolut card to their Google Account and simply choose to Google Pay at checkout, without having to repeatedly enter the payment information again.

Also Read: Following its recent debut in Singapore, Revolut launches Metal Visa card in the market

The UK-based company has been launching a variety of different features ever since it has made a debut entry into Singapore.

The most recent one being the Revolut metal card, which is crafted from a single sheet of steel, making it weigh three times more than a regular card, creating a sleek and premium finish for its users.

Some of the other benefits also include one per cent cashback on international spend in 28 currencies, free international ATM withdrawals up to S$1,050 (US$774) per month, and a dedicated concierge service for booking everything from flights to festival tickets.

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Image Credit:  Kay

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