Posted on

Big banks and fintech startups: Rivals or allies?

fintech_banks

When fintech first came on the scene, the term was generally applied to the technology used in the back-end of financial institutions.

Nowadays, fintech is at the forefront of banking, giving rise to completely automated financial services with peer-to-peer lending platforms, cryptocurrency and internet banking revolutionising the way people bank, borrow and invest. 

These innovations in technology are making way for a financial and technology crossover space, where fintech and big banks are being forced to either compete or collaborate.

Big banks resistant to change

Big banks have been under increased pressure from fintech startups, particularly when this current tech-savvy generation is finding the offerings of internet banking and peer-to-peer services more enticing. 

Many argue that big banks are designed to resist change, and instead of undergoing a digital transformation, these establishments are setting out to compete against fintech to kill change. 

A lot of systems inside a bank, such as risk and compliance functions, are in place to stop such changes from happening. The main argument big banks have against collaborating with fintech is that it creates risk. 

In the UK, the Bank of England admitted that fintech could disrupt the stability of funding of incumbent banks. There is fear that in this ever-changing landscape, fintech’s lucrative services could drive consumers away from the big banks. 

On an existential level, fintech is raising the bar on how consumers think about banking. Not only do fintech’s provide great products, offers, and transparency, but they also provide a very high standard of customer care, despite not having the same level of human interaction as traditional banks do.

Also Read: Trust before technology: Why fintechs need to put more emphasis on trust

Partnerships driving fintech sector

Naturally, some big banks have begun to reposition this threat that fintech brings as an opportunity to take partnership.

By partnering and collaborating with smaller fintech startups, big banks are finding that they have the opportunity to further accelerate industry growth. 

Many can argue that banking has always been about technology and that fintech’s rise represents an evolution for traditional banking. 

Online banking platforms such as peer-to-peer lending platforms are complements to banks since they can help to improve financial inclusion.

Where banks thrive on a loyal customer-base, P2P platforms expand access to credit to borrowers underserved by the traditional banking system. In the same way, fintech’s help to fill in the gaps that traditional banks lack and help to expand markets. 

Specific fintech solutions can help to provide superior solutions for banks, giving them the opportunity to keep up with consumer demands and open up a larger customer base. 

There are some good examples of big banks complementing rather than competing with fintech. 

Some recent events proving that fintech is entering mainstream banking in a positive way include:

ANZ, Commonwealth and NAB banks with Fitbit

By leveraging existing wearable technology, Fitbit has partnered with big banks allowing them further growth and development, increasing the mobility of payments.

Also Read: How fintech is disrupting the Southeast Asian payments market

Visa and Plaid

Credit card giant Visa has recently announced its partnership with Plaid, a platform that provides digital finance products. Plaid’s products provide consumers with a convenient way to share their financial information with a variety of apps. Visa’s partnership with Plaid has seen one in four of its users using Plaid to make the connection to its mobile banking app, amounting to more than 200 million user accounts. 

Intuit and Credit Karma

American business and financial software company Intuit confirmed that it will acquire Credit Karma. The personal finance company offers consumers free access to their credit score, helps them to file taxes, shop for loans, and more. It boasts “the largest engaged member base in consumer digital finance with more than 100 million members, with 37 million monthly active users.”

The key takeaway from these examples is that fintech isn’t something Big Banks necessarily have to fear or compete with. The rise of fintech has merely opened doors by helping financial institutions to grow and expand, making it more cheaper and convenient for the average person to complete financial tasks. 

Summing up

While rumours remain high in regard to there being a growing competition between big banks and fintech startups, both have proven to be diverse enough on their own to be able to crossover and complement one another without implication. 

Many big banks hold the view that fintech can cause disruption to traditional institutions, and that they bring with them the threat of risk. Yet while fintech’s aren’t necessarily crucial to the growth and success of a bank, the collaboration between the two can bring about a competitive edge. 

Globally, there has been a rise in big banks successfully partnering with fintech’s, and both are reaping the benefits of this collaboration. 

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. We are discussing inclusivity at work and women all of March. Share your thoughts, tips and best practices on how we can make the startup ecosystem more inclusive, gender and culture diverse.

Join our e27 Telegram group, or like the e27 Facebook page.

Sign up for the e27 Webinar: How to believe in yourself when no one else does

Image credit: Photo by Uriel Soberanes on Unsplash

The post Big banks and fintech startups: Rivals or allies? appeared first on e27.

Posted on

Meet the VC: Philippines’s Kickstart Ventures on becoming the country’s gatekeeper for startup ecosystem scale-up

Meet the VC_Kickstart Ventures_feature_interview

Kickstart Ventures’ Co-founder and President Minette Navarrete

Kickstart Ventures has lately been in the news for its US$200 million funds deployment plans in the Philippines. For the country’s startup scene, which is believed to be lagging behind other countries in the region despite a mature infrastructure, it’s an encouraging sign.

It established itself as one of the most active VC firms in the Philippines with a total of three funds deployed since its incorporation in 2012. 

Kickstart was started with a US$2.4 million fund with the mandate to source innovation by nurturing early-stage (pre-Seed to Series A) startups to scale.

According to Co-founder and President Minette Navarrete, Kickstart’s grassroots approach allows it to fully integrate into the country’s startup ecosystem, build relationships across geographical and corporate borders, and invest in some of the most promising, innovative local startups.

Its success was followed by the creation of its second fund worth US$50 million in 2015. This fund provided Kickstart wth the ability to engage with and support early-growth stage (Series A to C) tech startups in the Philippines and beyond.

“In the early days, Kickstart focussed on startups, which have reached the early growth stages with the normally established product-market fit and with a focus on increasing traction and rapid scaling. As a corporate VC, we believe that Kickstart is best-positioned to support the needs of these early-growth stage startups by making available the scale, expertise, and experience of Globe Telecom and the Ayala Corporation,” said Navarette.

Also Read: Kickstart Ventures to manage Ayala’s US$150M Corporate VC fund in Philippines

“By facilitating these opportunities, Kickstart can co-create a more mature and enabling innovation ecosystem where innovators can thrive, and innovation is sustained, and tech startups and large enterprises are supportive of each other,” she continued.

The firm itself is a wholly-owned subsidiary of Globe Telecom, which counts Ayala Corporation and Singtel among its shareholders.

e27sat with Navarrete for an interview. She explained that while the VC firm operates independently, it collaborates closely with colleagues in Globe Telecom, Ayala, and Singtel to ensure that the deals made are strategically aligned, in addition to offering financial returns as investments.

Can you explain the reasons and expectations behind focusing on early to early-growth stage tech startups investment for the latest fund?

Minette Navarrete (MN): For our third fund in 2019, the US$195M Ayala ACTIVE Fund was announced and that Kickstart would manage it. The focus of the second fund will continue to be early to growth-stage startups, but broadens the investment scope to include early-growth stage tech startups in the various industries that the Ayala has interests in. They include property and construction, banking, utilities, manufacturing, education, healthcare, and of course, telco.

As a corporate VC that is future-forward in its vision, we ensure that we provide the startups we invest in with enough support to succeed. This means that beyond putting in capital, we also provide them with market access and connections as well as mentorship opportunities that can help them grow positively.

Can you share more details on the four different investment themes: A Frictionless Future, From Automation to Augmentation, Smarter Living, and A World of Plenty. How Kickstart plans to make it work on the larger goal of “leveraging on tech to transform lives and communities”?

MN: Nation building is at the forefront of Ayala’s list of responsibilities for their fund. In line with this, the Ayala Corporation decided to invest in the future through these four investment themes.

A Frictionless Future explores the integration of offline and online lives by merging digital and traditional channels that can improve equality and inclusivity in societies.

This is something we’ve seen with fintech companies such as GCash that are helping to fill gaps that build barriers for the general population who want to utilise e-commerce services but are unable to do so due to a lack of bank accounts or credit cards.

Also Read: Kickstart Ventures and Tencent jointly invest in Canadian media company Wattpad

Automation to Augmentation looks at the technologies that enhance human capital and improves our ways of working. These are innovations that can make work less dangerous, less repetitive, more productive, and more engaging and meaningful.

This includes innovations in data science and Big Data, leading us to make better decisions, applications of AI, and machine learning that complement and enhance human capabilities, and applications of augmented and virtual reality that offer new ways of presenting the information.

Smarter Livinglooks at improving the quality of life in the spaces that we interact and engage with, that we live in.

This includes IoT applications for smart homes and smart communities. It includes city management, making the city better and safer, and property and construction tech, making building and construction faster, safer, and more efficient.

A World of Plenty looks to address the many gaps and inefficiencies in the world that contribute to inequality and scarcity.

This involves improvements in the discovery, collection, and distribution of utilities such as water and energy, and it also includes ensuring access to basic needs such as healthcare and education.

Can you tell us about Kickstart’s support for Singapore based/founded companies like igloohome and yup.gg?

MN: The four themes mentioned before will touch on some areas of interest that Kickstart has already invested in. Igloohome is a smart access startup that envisions “a world without keys”. It speaks to the theme of Smarter Living. 

Yup.gg is an e-sports and gaming company that aims to better connect gaming content creators with brands and advertisers looking to engage with consumers in new and more authentic ways. It speaks to the theme of a Frictionless Future.

Singapore is still widely considered as a hub for businesses that aim to have a regional presence in Southeast Asia. It also serves as a launching pad for many ASEAN startups with global ambitions.

For startups founded in the Philippines, we offer guidance about how they may be able to future-proof their corporate structures, and this frequently includes setting up a Singapore entity while maintaining a local operating entity. 

In the case of Lifetrack Medical Systems, this allowed them to more easily establish a presence in Singapore and eventually move their headquarters there to aid in the expansion of their international operations.

For startups that originate in Singapore or other markets outside of the Philippines, we’re able to provide them with the support to enter the Philippine market and to establish a presence here as needed. 

With the rapidly growing internet and connected device penetration and a growing young consumer population, the Philippine market is proving to be attractive startups, such as igloohome in the smart home space and yup.gg in the eSports and gaming space.

Can you share about Kickstart’s future plan and ongoing innovation?

MN: Kickstart acts as the innovation scout of Globe Telecom. We search for tech startups whose innovations align with the strategic interests of the Globe while enriching the local startup ecosystem.

Through our work with Funds 1 and 2 with Globe over the past eight years, we’ve been given the opportunity to extend this mission on behalf of Ayala with the Ayala ACTIVE Fund.

Whereas with Globe, we focussed on digital tech startups, we now have the mandate to broaden our reach across all of the entire Ayala’s broad interests.

Also Read: Kickstart Ventures makes investment in cloud-based networking company Teridion

Kickstart will contribute to Ayala’s mission of innovation towards nation building by investing in the future we believe in. This future is defined by the Ayala ACTIVE Fund’s four investment themes.

Can you weigh in on what will Southeast Asia, especially the Philippines’s future become in tech investment?

MN: Collectively, Southeast Asia represents one of the fastest-growing economies in the world. Driven by rapidly increasing connected devices and Internet penetration, and a large emerging middle class, the region is abundant with opportunity for its startup ecosystems.

Despite being a region of geographically distributed and culturally unique markets, we’re starting to see more and more inter-country collaboration and investing over the past few years. With a total population of more than 650 million — twice that of the US — there is still a lot of potentials that can be unlocked.

We believe that the Philippines is a key market for any aspiring unicorn in Southeast Asia.

While Singapore remains the financial hub of the region, and Indonesia is the most populous market (250 million-plus people), the Philippines has the second largest population of the region (100 million-plus people) and can be an effective entry point into the region for new products and services.

While the Philippines startup ecosystem has not matured at the same rate as some of its ASEAN peers, there are reasons to believe that this will change soon. Government support is increasing with recent legislation enacted such as the Philippine Innovation Act and the Innovative Startup Act while the availability of private capital and support for tech startups has increased significantly with many Philippine conglomerates recently establishing CVC funds (for example, JGDev from JG Summit, UBX from UnionBank, and of course, Ayala ACTIVE Fund from Ayala Corporation). We’re optimistic that it’s an uphill climb from here onwards for the Philippines.

Picture Credit: Kickstart Ventures

The post Meet the VC: Philippines’s Kickstart Ventures on becoming the country’s gatekeeper for startup ecosystem scale-up appeared first on e27.

Posted on

Morning News Roundup: Fashion tech VC firm Lyra Ventures launches new fund

Lyra Ventures Principal Ciara Yeo

Fashion tech VC firm Lyra Ventures announces new Japan-backed global fund

Fashion tech VC firm Lyra Ventures, which was formerly known as Start Today Ventures, announced the launch of their second fund with investment from TSI Holdings, one of Japan’s largest fashion conglomerates.

This announcement follows Lyra Ventures’ recent investment into the US retail platform Neighborhood Goods, a move that has been heralded as “the reinvention of the department store.”

The investment from TSI Holdings complements Lyra Ventures’ existing partnership with ZOZO Co. Ltd, Japanese fashion e-commerce operator.

The new fund, Lyra Ventures said, allows it to focus exclusively on global opportunities. In particular, the experience and international operating expertise of Lyra Ventures’ team and advisors in providing a strategic platform for companies that are ready to expand to Japan and Southeast Asia.

Lyra Ventures’ earlier investments include Syte AI —a visual AI technology provider whose clients include Farfetch, Marks & Spencer, Boohoo, and ZOZO, and UK-based customer engagement SaaS solution Mercaux.

Indonesian waste management startup Waste4Change gets funding from three VCs

Bekasi-based waste management startup Waste4Change received an undisclosed amount of funding from Agaeti Ventures, East Ventures, and SMDV, Tech In Asia reported.

Waste4Change said it plans to use the funding to increase its waste management capacity, targeting to contain at least 2,000 tonnes of waste per day in 2024. The startup also plans to launch an integrated smart city management platform in collaboration with other waste management system provider Sampah Muda from Semarang.

Waste4Change was established in 2014 by Environmental Engineering graduate Mohamad Bijaksana Junerosano. In addition to offering waste collection and management service, the startup also offers consultancy, education, and environmental campaign.

Global student support platform Zookal raises US$9.8M to set foot in Southeast Asia

Australian edutech startup Zookal, which provides a variety of services and products, announces that it has raised US$9.8 million in equity funding, looking to accelerate the company’s growth in Southeast Asia.

Existing investors Koh Boon Hwee (former Chairman of Singapore Airlines and technology investor) and Bernard Sabrier (Chairman of USD$26 billion funds, Unigestion) led the round with participation from Wee Hur Holdings Ltd, a publicly listed Singaporean construction and property development company that has a portfolio of purpose-built student accommodation.

Also Read: Zookal raises US$550K for student textbook rental portal, eyes SEA

The capital raised will support the company’s growth in Southeast Asia by allowing Zookal to triple the size of its engineering team and make strategic hires. The hiring includes its recently appointed VP of engineering Manuel Silva, who was the former director of engineering and consumer product of The Iconic.

Ahmed Haider, Co-founder, and CEO of Zookal said, “Southeast Asia is a very attractive market with our digital users growing to 300,000 in just eight months. Our goal is to reach 10 million students in the coming years as Asia comes online by making education more affordable and accessible to them.”

Moovaz secures Series A funding from supply chain company YCH Group’s venture arm SCAngels

Moovaz, Singapore-based relocation solution startup, announces an undisclosed amount of Series A funding from YCH Group, the supply chain solutions company, through its corporate venture arm SCAngels.

According to Tech In Asia, Moovaz said it will use the funding to develop features that will simplify processes in the global relocation industry.

Went online just a year ago, Moovaz works with its global network of more than 2,000 certified moving service providers as partners.

As a co-investment partner of SCAngels, SGInnovate will also contribute to the funding.

Medtech startup Cardiotrack gets funding from Singapore-based Frontline Strategy Funds

Singapore-based private equity platform Frontline Strategy Funds announces that it has led an investment in the Singapore-headquartered medtech startup Cardiotrack, along with other angel investors. According to an article by YourStory, Cardiotrack will use the funds to grow its customer base in India and international markets.

Cardiotrack was founded by Avin Agarwal and Ashim Roy. It aims to bridge the gap between healthcare providers and chronic patients for affordable access to healthcare and better disease management. The platform has an end-to-end disease management platform with diagnostic-grade medical devices connected to the mobile, cloud, and AI technology.

It includes 12-channel portable ECG and remote medical consultation services through its network of trained and certified medical professionals. In more than 16 countries where it has presences, it offers portable medical devices, report interpretation, and medical consultation for home screening, corporate wellness screening, and health camps to support chronic patients anywhere and anytime.

Image Credit: Lyra Ventures

 

The post Morning News Roundup: Fashion tech VC firm Lyra Ventures launches new fund appeared first on e27.

Posted on

Book Excerpt: How chatbot threatens to upend an entire industry in the Philippines

Image Credit: Austin Distel on Unsplash

Personalised customer experience is now possible at better values. With a filtered, informed insight on consumer demands, companies may also tailor-fit their inventories, saving wasteful production costs. Efforts are optimised, and
customers are satisfied. Both parties win.

Nike, the world’s biggest and most prolific sports retail brand, has taken this personalised customer experience offering a notch higher by combining its recommendation tool with augmented reality tech. In select markets, customers may determine their shoe sizes by simply taking a photo of their feet through its mobile app. The sizes are even optimised per shoe type. A customer’s best fit may be a size nine for a Nike Pegasus but a size 8.5 for a Nike Cortez, since running shoes need more space for better cushioning.

The company’s execs say the app can determine the shoe size of a customer better as it learns over time, so if a customer buys more shoes, the app will get better in the long run. That may be more of a marketing tactic to get you to buy more shoes, but I would bet that it works.

This is just the beginning of the transformational effects of AI on businesses. According to the latest IDC survey in 2018, only 14 per cent of businesses in Southeast Asia have adopted the technology. With more embracing the tech, artificial intelligence is set to transform not just board rooms but production lines too.

In the Philippines, AI is already threatening to massively upend an entire industry—business process outsourcing. Chatbots or AI-operated assistants have proven to be the quicker and more cost-efficient responder to customer inquiries, replacing human call centre agents altogether.

Also Read: How not to build a bot: 3 steps to a cringeworthy chatbot experience

Conversational commerce

Commerce is perhaps one area where AI seems to be making the most noticeable leaps and bounds. When Siri was introduced by Apple in 2011, retailers thought customers would eventually shop for their favourite clothes or their pantry needs as easily as calling a friend through voice assistants. Almost a decade since though, the market, especially in emerging countries, is yet to embrace voice commerce. But they’ve turned to another force of conversations today to do the shopping in their stead: chat assistants.

In the Philippines, the third most visited platform is Facebook Messenger, with nine out of 10 internet users in the country utilizing the service regularly. Aware of Filipinos’ love for chat, some consumer brands, including financial services such as banks and e-wallets, have deployed highly interactive chatbots on its Facebook pages to engage with customers.

Philippine startup Aiah is one of the leading startups in the Philippines to develop interactive bots for select brands that want to participate in conversational commerce. It has automated chat conversations for brands to help them with leads generation or customer service. “For one of our clients, we have automated how the page will respond when a user clicks on their ad on Facebook, which fast-tracked the application process for the service o$ered,” Aiah co-founder Gian Paulo dela Rama said.

The chatbot, instead of just forwarding the inquiry to a human customer service officer, interacts with the user instead, asking standard questions, from requesting the applicant’s name to requesting their identification documents.

At the backend, the chatbot also simultaneously checks if that specific user’s location can be catered to by the specific service offered by Aiah’s client since it’s site-sensitive. That mere process alone has optimised the application process, enabling the company to cut it down from two weeks to two days.

An illustration by Manix Abrera, taken from the book “Ready or Not 2020: The 5 Trends Changing the Landscape of Business” by Winston Damarillo

Also Read: Ways to improve your brand awareness with chatbots

And this is just the beginning of the chatbots’ takeover. Gian has shared that in a few years’ time, chatbots will also get better at identifying the tone of the customer, so the bot can anticipate negative emotions and have better responses to prevent dissatisfaction. Chatbots can help brands provide a drastically better customer experience. Empathy can even be taught to machines.

Already, chatbots are cheaper, faster and sometimes more effective than their human counterparts. After all, chatbots don’t get exhausted from hours of responding to human inquiries. The exciting part is, chatbots are just one level of automation. The more labour-extensive work happens at the backend, which
involves another type of AI—robot process automation.

If chatbots automate responses on any messaging service, RPA (robot process automation) automates any manual work with a computer. Think of any job that involves paper, forms, or interactions. Soon, encoding work will be done by computers alone. There are computers today that can scan hundreds and thousands of forms in 24 hours. Imagine how transformative that can be to companies that still rely on human agents to manually type out written text, and encoders who sit day in and day out just transferring written text to the screen.

In the insurance technology or insurtech space, Saphron, has found a way to make the lives of their agents easier by giving them an AI-powered assistant called NAN.AI. A bot on Messenger, NAN.AI allows agents to simply upload the photo of application forms online, which then identifies the written text and enters it into the system as fully-parsed data. This cuts the onboarding process from days to mere minutes, transferring the manual work of typing out thousands of text “fields to the machine. With a faster process, Saphron is able to provide more in less time, helping not just the agent but the insured customers as well.

AI is set up to complement human work, freeing humans from simple, routine jobs, and allowing people to do more creative, stimulating tasks. Technology has always been adapted to humans, not the other way around. AI’s ability to do simple tasks at scale has also made deployment of seemingly sophisticated tasks
easier, allowing more markets to have access to better opportunities.

Also Read: Ways to improve your brand awareness with chatbots

That immense impact to markets is already felt in the fintech scene, where startups are utilising machine learning to reach unserved and underserved markets more efficiently.

The country’s leading microinsurance provider, CARD MRI, for example, now employs AI to develop a credit scoring scheme for the masses. The company feels it could provide affordable, formal loans to those at the bottom of the pyramid, where the majority of their five-million large customer base doesn’t have the documents for a traditional bank.

To do this, they are filtering their current customer dataset based on a set of criteria. The criteria would allow them to see the customers who are diligent payors, those who have good credit history and even the amounts they are paying. From just their dataset alone, CARD MRI already knows who will most likely be the best customers to provide better loan packages, without checking their documents. Suddenly, the five million customer base is down to a few hundred thousand —a customer base their agents could better focus their efforts on and help with their financial needs.

That effort would have taken months, even years, if done by a few hundred agents who will assess each loan applicant’s documents. It frees up both the company from laborious work and the customer from going through rigorous effort just to complete requirements. It all seems beneficial on paper to the loan provider, but with this kind of process, the customer is also given access to better packages with less waiting time.

That could be life-changing for the market CARD wants to serve, especially when chances are, their lives are a race against time. It could mean a student gets to pay tuition on time, or a farmer can buy the proper fertilisers for richer harvests next season. AI is now increasingly affecting everyday customers, even without their knowing.

This story has been excerpted by courtesy of the publisher from Ready or Not 2020: The 5 Trends Changing the Landscape of Business by Winston Damarillo (Talino Venture Labs, 2020).

To purchase the book, please visit this site.

The post Book Excerpt: How chatbot threatens to upend an entire industry in the Philippines appeared first on e27.

Posted on

Afternoon News Roundup: Quona Capital closes US$203M to focus on fintech companies in emerging markets

Quona Capital closes US$203M round to focus on fintech companies in emerging markets

American VC firm Quona Capital, which focussed in growth-stage fintech companies in emerging markets such as Asia, Africa, and Latin America, announced the close of its second fund at US$203 million, according to Tech in Asia.

The fund has been said to exceed its US$150 million target, and receives support from various global asset managers, insurance companies, banks, university endowments, family offices, and development finance institutions.

Some of the firm’s investments in Southeast Asia include Koinworks, Julo, Sunday, and Ula.

Frogs Indonesia carries out flying taxi test flight in Yogyakarta

Yogyakarta-based startup Frogs Indonesia has carried out test flights of its two-seater all-electric taxi Frogs 282 at Gading Airport in Gunung Kidul regency on Saturday, according to Asiaone.

Developed over the past two years, the taxi floated a few centimetres above the ground during a series of trials and was examined by technicians after it landed. However, Frogs Indonesia CTO Dedi Satria Maulana expressed his dissatisfaction of the prototype.

According to him, improvements need to be done to the machine to cope with the “rather heavy” air density in the regency.

The test was conducted to prepare for the upcoming 2020 Hannover Messe technology exhibition in Germany.

2C2P adds Eva Weber as investment director to accelerate growth

Payment services company 2C2P announced today that it has appointed Eva Weber as its Investment Director.

With experience in the financial services industry, Weber will be responsible for future investments as well as investor relations.

Also Read: Morning News Roundup: Fashion tech VC firm Lyra Ventures launches new fund

Most recently, Weber led financial planning and investor relations at Adyen, a global payment company headquartered in the Netherlands.

Undeterred by COVID-19, Hong Kong’s Omnichat lands US$800K seed fund from AppWorks

Hong Kong-based e-commerce messaging platform Omnichat announced that it has raised NT$24 million (US$800,000) seed funding round led by AppWorks. Joining the round was Aria Group and other undisclosed investors.

The proceeds will be used for customer acquisition and expansion within and outside of Taiwan, with plans to launch in Singapore and Malaysia in 2021.

The Hong Kong startup has recently worked with brands including HH Herbal, TOYSELECT, and Moët Hennessy.

By the end of 2019, Omnichat claims to have 3,600 new customers, of which more than 70 per cent were from Taiwan.

India’s Paytm Mall Executive Director Rudra Dalmia quits after promotion

Paytm Executive Director Rudra Dalmia has quit the company only less than a year since his promotion, according to a report by Entrackr.

Paytm Mall is the online consumer marketplace division of the Paytm brand, one of the largest digital payment services in India.

Also Read: Owning your data is a basic human right, says blockchain-based startup Credifys Rasmus Kütt

“Dalmia resigned last month and is currently serving his notice period. His abrupt departure from the company raises questions on the coherence and longevity of Paytm Mall’s strategy,” the report quoted.

Indonesia mulls 2032 Olympics bid with SoftBank backing

Indonesian President Joko Widodo is considering to enter the bid for 2032 Olympics with potential financial support from SoftBank chief executive Masayoshi Son and other investors, Reuters wrote.

The plan centered around the country’s up-and-coming new capital in Borneo, which SoftBank had expressed interests to invest in.

Bahlil Lahadalia, chief of the country’s investment coordinating board (BKPM), stated that the government has submitted a bid for Jakarta.

Representatives of Grab and SoftBank have declined to comment.

Anisa Menur Maulani also contributed to the writing of this article.

Image Credit: Quona Capital

The post Afternoon News Roundup: Quona Capital closes US$203M to focus on fintech companies in emerging markets appeared first on e27.