The Small Business Administration has touted thousands of loans totaling tens of billions of dollars ― but it’s not clear how much actual lending has happened.
Day: April 8, 2020
As the world goes into hibernation: Why a COVID-19 driven recession looms over Malaysia
In light of the COVID-19 pandemic, we have seen an unprecedented shutdown of economies and borders across the globe, causing a standstill in growth and nationalism at its best.
Fitch had revised the forecast for global growth to 1.3 per cent from 2.5 per cent in December 2019. Meanwhile, the World Bank is anticipating the Malaysian economy to be contracting 0.1 per cent, assuming COVID-19 to be under control and growth to accelerate in the fourth quarter.
In light of this, Malaysia has introduced stimulus packages to provide a buffer to its citizens.
Coined the PRIHATIN package, an additional MYR230 billion (US$52 billion) on top of the MYR20 billion (US$4.6 billion ) package that was previously announced, Malaysia unveils another package that is equivalent to 15.6 per cent of its GDP. How does this compare to our global peers?
The consistent theme across Malaysia, Singapore, Australia and the US’ economic relief bill include one-time payments to individuals, strengthened unemployment insurance, additional health care funding and loans, and grants to businesses to deter layoffs.
However, even as the US touted a US$2 trillion package, we have seen 500,000 furloughs in the US in the past month just in the retail space.
At the onset, Malaysia’s stimulus is among the highest around the world. Malaysia’s RM250 billion package is focused on two main groups: the bottom 40 per cent and the SMEs.
Households are getting one-off payments ranging from MYR500 (US$115) to MYR1,600 (US$368), special allowances, electricity discounts, and free internet. SMEs meanwhile has increased the size of the Special Relief Facility to MYR5 billion (US$1.1 billion) and loan moratorium.
However, it is essential to note that only RM25 billion (US$5.8 billion) are in the form of direct fiscal injection, 10 per cent of the package.
While headline numbers this time are significantly larger both in terms of quantum and percentage to GDP from the previous GFC stimulus package, our view is that this stimulus’ impact will mostly be muted.
Malaysia and Southeast Asia were largely insulated from the GFC in 2008 as the problems were domiciled mainly in developed countries where the US subprime crisis occurred.
The looming recession in Malaysia is unavoidable given that businesses, indiscriminate of sectors are forced to shut down due to MCO (Movement Control Order).
Also Read: {Updated} Indonesian founder develops CE-approved rapid self-test kit priced at US$10 for COVID-19
Sectors such as retail, tourism, and aviation have seen revenues down 70-90 per cent quarter on the quarter where other essential services such as F&B, manufacturing, and e-commerce have barely broken even as consumers tighten their belts.
Another poison pill is the confluence of reduced oil consumption and a price war between Russia and Saudi Arabia, resulting in oil prices decline 61 per cent this year.
Oil is currently hovering at an 18 year low of US$20. While consumers may benefit from lower prices, Malaysia as an oil-producing country that is highly leveraged to the commodity will see its reserves dry up and at the same time see significant losses in the oil and gas sector which accounts for 20 per cent of the Malaysian economy.
There’s no doubt that the ability of government and central banks’ massive cash injection might make things a little better in the short run. Still, the growth outlook for Malaysia and the rest of the world continues to look bleak as economies contract at record speed.
Keynesian economics will dictate that the lack of aggregate demand caused by panic and fear induced by inconsistent government measures and social isolation will cause a decline in consumption. This may result in businesses closing and unemployment to spike to double digits percentages as companies begin employees lay off.
Governments of the world need to use fiscal policy, effectively increasing deficits to pay for payroll and put a moratorium on rental and interest payments, putting the world into hibernation.
Unfortunately, unprecedented uncertainty and the absence of historical guidance on how we handle a pandemic dictates the risk of failure of any potential fiscal and monetary measures. When we wake up after a coma, will we see a world that has a standstill or a world that has slipped away from us?
–
Register for our next webinar: Best practices for communications during the COVID-19 crisis
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.
Join our e27 Telegram group, or like the e27 Facebook page.
Image credit: Alex Block on Unsplash
The post As the world goes into hibernation: Why a COVID-19 driven recession looms over Malaysia appeared first on e27.
Why a learning-integrated life is important amidst the COVID-19 pandemic
As modern technology barrels on through the 4th Industrial Revolution, the landscape of our industries, labour markets and overall lifestyles are transforming faster than ever. By 2030, up to 375 million workers across the global workforce — 14 per cent of all workers — may need to change occupations and learn new skills by 2030.
There is plenty of talk about what jobs will and won’t exist by the next decade, but one thing is certain: in order to prepare themselves for the jobs of tomorrow, the workforce of today must become lifelong learners.
Yet, there is little consensus on what lifelong learning is; for all the buzz around the term, it is vague at best, and obfuscating at worst. For there to be practical solutions, we need to move the debate beyond questions about ‘what is’ to questions of ‘how to’.
That’s why, at D2L, we believe that the future will demand a “Learning-Integrated Life” — making the key question: ‘How do we live a learning-integrated life?’
What do we need to live a learning-integrated life
In a learning-integrated life, individuals are always in a learning mindset. Where traditional systems currently break life down into distinct stages of classroom learning, work, then retirement, in a learning-integrated life, learning is a continual journey that extends past compulsory education, into the individual’s working career, and beyond.
The learner is self-motivated, choosing to engage in intentional learning, upskilling, and retraining for both their professional development and personal enrichment.
Yet, while it is important that the learner takes the initiative in seeking out and seizing learning opportunities, the onus does not rest solely on the individual.
For that continual journey to be possible, they must be exposed to ongoing and intensive opportunities for learning and skills development throughout their lives.
And, that would require the establishment of a system that places the motivated learner at its core, supporting the learning individual throughout all stages of their life.
This, unfortunately, is far from a common system in today’s global society. For many, learning stops when schooling ends. Meanwhile, those who actively seek learning opportunities while in the workforce, find themselves stumbling their way through a complex and fragmented system, enrolling themselves in courses that are time-consuming, expensive, and — where their credentials are not recognised — with no clear return on investment.
And, employers who do try to support their employees’ enrichment are limited by the capacity of their human resources team, and often restrict the training available to skills that are most needed by the employer or compliance training, rather than new skills or development.
Building an educational ecosystem that supports a learning-integrated life
The current COVID-19 crisis has revealed the tremendous need for reform in our educational systems. Worldwide, school and university closures have affected more than 776.7 million students worldwide.
With lessons forced out of the classroom, educators are seeing a breakdown in the traditional systems of learning — many find themselves having to quickly adapt to online, remote methods of teaching and learning.
Also Read: Good vibes only: Sailing through COVID-19 crisis with mindfulness meditation
Yet, this digital imperative has also cast into view inequities in the education space, as not every student has access to the tools needed for online learning. Education can be a great equalizer if inclusive, but in its current state, it widens gaps instead.
For a learning-integrated life to be possible for everyone, there needs to be a paradigm shift in the way we — that is to say, individuals, education systems, employers and governments — view learning.
To create a system where individuals have the opportunity to access valuable learning that enables their enrichment and employability throughout their life. We have to move away from traditional classroom learning that grants credentials based on seat time. We need to establish a new norm that acknowledges and values non-traditional systems.
We must look towards more flexible, affordable and accessible pedagogical models, with entry and exit points based on skills, experience, and abilities. This can include short-term or modular programs; stackable credentials; skills validation for experience picked up on the job; and greater use of self-directed and online learning — and these only just scratch the surface.
These are big changes, involving policies and value systems, but every big change must start somewhere small. For those looking to reform the system and create an educational ecosystem that supports a learning integrated life — from educators to edtech innovators, to governments — there are a number of practical principles that can guide their direction.
Also Read: Why there is no better time to upskill than this COVID-19 crisis
To understand and create that path, we must seek answers to the following questions:
- Is this system you’ve envisioned affordable and accessible for all learners?
- There is no “one-size-fits-all” when it comes to an individual’s learning pathway. Is this system high-quality, personalised and flexible?
- Does it incentivise learning, motivating learners and promoting a “continual learning culture”?
- Does it use data to help learners chart their unique pathway, by keeping them informed about which options are most appropriate to their community and have value in the job market?
- Does it use new and scalable digital tools to enhance learning — with educator and learner analytics, personalisation at scale, improved success rates and greater cost-effectiveness?
- Is it consistently assessed against learning outcomes — learner progress and skills development — rather than seat times?
- Is it responsive, with the ability to adapt to the evolution of learner demands, employer needs, and workforce trends?
We all have a stake in increasing the availability and access to quality opportunities for learning. If you’re looking to learn more about the future of work and learning in 2020 and beyond, download our whitepaper here.
–
Register for our next webinar: Best practices for communications during the COVID-19 crisis
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.
Join our e27 Telegram group, or like the e27 Facebook page.
Image credit: NeONBRAND on Unsplash
The post Why a learning-integrated life is important amidst the COVID-19 pandemic appeared first on e27.
e27 COVID-19 support: Discounts/ freebies from 5 remote-working enablers
Two weeks ago, e27 made a decision to help as many startups in the ecosystem as possible, and today, we have come across over 400 companies offering discounts on their products and services.
And the list keeps growing.
We aim to publish these deals on our website eventually. In the meantime, we have created a temporary sheet to showcase the deals that we have received, which we will be populating until our site is fully developed.
In case you missed our previous article and would like to submit your product for a showcase, you can fill up the form here.
To kickstart this, here are five such companies, which are providing services that could be useful for the current widespread work-from-home arrangements:
Lark Technologies
What is the product: Lark is an all-in-one platform that addresses businesses’ collaboration needs, allowing everyone to work remotely and effortlessly.
To support fellow businesses, Lark is giving away free three-year subscriptions.
Click here for more details.
Use Case: With remote working becoming the norm, companies have turned to various online tools and software in a bid to become more productive with the arrangement.
However, with numerous tools and software like chat, video conferencing and project management, employees might find themselves struggling to keep up.
Ever find yourself spending unnecessary time trying to explain something to a colleague over a message? Jump on a five-minute call, instead! Not only does Lark have various chat features to facilitate conversations, it also offers unlimited audio and video conferencing for users to hop on a call anytime.
With 200GB of cloud storage, users would be able to store their documents and files online for others to have easy reference and retrieval, too.
Interestingly, Lark also has an Integrated Health Tracker that allows employees to update their health statuses daily.
This would especially be relevant to the current COVID-19 outbreak.
Managers would be able to keep track of their employees’ health and well-being and take immediate action when any red flags pop out.
EngageRocket
What is the product: EngageRocket is a cloud-based software that helps organisations make better people decisions through employee life-cycle surveys, 360 feedbacks, and continuous performance management.
To help companies ensure that their employees are adjusting well and performing effectively with the current remote working environment, the firm has made its service available for free until May 31, 2020 for all companies.
Click here to view more details.
Use Case: For companies that have recently adopted the work-from-home arrangement, many employees often struggle to adjust to it. Coupled with the personal concerns and issues that employees might have, their well-being, productivity and performance levels would be adversely affected.
Thus, it could be useful for companies to make use of EngageRocket to get continuous feedback from the employees. This could be related to the overall effectiveness of working from home, or any general issues they are facing, allowing companies to enact changes fast with the real-time data provided.
There are many other productivity tools out there that are also offering discounts to aid businesses in making effective use of remote working. You can check out the full-list here.
Toasty
What is the product: Toasty is an audience engagement platform for virtual meetups, workshops, and team meetings that facilitates highly interactive experiences and real human connections.
To help recreate in-person experiences online during the COVID-19 period, Toasty has lowered its price to US$39 (from US$59), which includes a one-month free trial.
Click here to view more details.
Use Case: With the outbreak of COVID-19, many events and company activities around the world have little choice but to be postponed or cancelled. Some companies are, instead, looking to bring things online and provide attendees with a different experience, while delivering the same results.
Toasty is not the platform for online conferences, webinars or 1-to-1 meetings, but it can be a good choice for companies looking for a more interactive platform that’s for team discussion, team building, and workshops & training.
With the various features it has to keep the participants active and engaged, external virtual events and meetups could now be a viable option in place of the physical ones. Internally, you can also keep team meetings organized with seamless breakout rooms that allow for smaller, more focused discussions.
Pigeonhole
What is the product: Pigeonhole is a platform for live Q&As, polls, quizzes, and surveys, and a perfect companion in driving more engagement at your virtual meetings.
To help companies hold more effective and interactive meetings amid the current situation, PigeonLab is upgrading the free plan to support video conferencing and live-streaming tools until June 30, 2020.
Click here to view more details.
Use Case: With most companies adopting the work-from-home arrangement, video conferencing is now the go-to, whether it is for internal meetings or external workshops.
However, unlike physical meetings where interactions have easily facilitated both ways, online sessions present a new set of challenges. It is not easy to have the same level of engagement in online meetings.
With all the integrations and features linked to video conferencing and live-streaming tools now available with the free version of Pigeonhole, companies can tap on this for more interactive and productive meetings.
There are other similar services in the market that help complement video conferencing in businesses. Check out the full list here.
JANDI
What is the product: JANDI is a collaboration tool for effective teamwork and smoother workflows. It aims to provide users with convenient communication, file sharing and quick feedback without the need for emails — all on a single platform.
To support fellow businesses to improve their efficiency of remote working in these difficult times, JANDI is offering a free enterprise version for one year to all businesses.
Click here to view more details.
Use Case: Communication is crucial in companies to ensure that everyone is on the same page and is kept abreast of each other’s progress and tasks at hand. The physical environment of working together allows for short huddles for quick communication and decision making.
In contrast, employees have to rely on chats and emails to communicate with one another during remote work, causing important conversations and files to disappear in the everyday noise.
With constant communication happening among employees, different topics often get mixed up, and essential files often get buried under the stack of documents sent around. JANDI’s features, including the Chat Rooms and File Search, allow users to keep track of vital conversations and materials in an organised way while being able to access them at their convenience.
These are currently five out of the many companies, which have stepped forward to offer a helping hand to other businesses in the community.
To view the other discounts and offerings by other companies to help support the ecosystem, click here.
Have an offering/discount for the community? Fill up this form.
–
Image Credit:
The post e27 COVID-19 support: Discounts/ freebies from 5 remote-working enablers appeared first on e27.
Morning News Roundup: MSME-targeted accounting app BukuWarung snags seed funding, Philippines’ Voyager receives funding from host of investors
Indonesia-based accounting app BukuWarung raises seed funding led by East Ventures
BukuWarung, an Indonesia-based accounting app for MSMEs to digitise their bookkeeping, has raised an undisclosed amount of seed funding in a round led by East Ventures.
AC Ventures (previously Agaeti Ventures & Convergence Ventures), Golden Gate Ventures, Tanglin Venture Partners, and Indonesian billionaire Michael Sampoerna joined the round, with strategic angel investment from Grab, Gojek, Flipkart, PayPal, Xendit, Rapyd, Alterra, ZEN Rooms, and others.
The company will use the funds to strengthen its market leadership and expand its team to grow across engineering, product, design, growth, and partnerships based out of Jakarta.
BukuWarung was founded in late 2019 by Abhinay Peddisetty and Chinmay Chauhan — both previously worked together at Carousell.
The app enables customers (merchants), who are mainly from tier II and III cities, to receive credit repayments three times faster than the traditional method, claims the company. This helps them improve cash-flow due to automated payment reminders sent by the app.
PLDT, KKR, Tencent, others invest up to US$120M in Philippines’s Voyager Innovations
Voyager Innovations, a tech company based in the Philippines, has secured US$120 million in funding commitments from tech and investment grants, such as PLDT, the Philippines’s leading telco and digital services provider.
Other investors are KKR, Tencent, IFC, and the IFC Emerging Asia Fund, a fund managed by IFC Asset Management Company.
Also Read: Tencent invests in the Philippines’ fintech firm Voyager, aims to battle Alibaba
The investment is part of a broader fundraise for Voyager and is intended to support its fintech product PayMaya’s growth, as it pursues its mission to accelerate digital and financial inclusion in the Philippines and enable the wider Filipino population to participate in the digital economy.
In 2018, KKR, Tencent, IFC, and IFC Emerging Asia Fund made initial investments totalling US$215 million into Voyager. In doing so, they showcased their supports of Voyager and its strategy to provide access to digital financial services across the Philippines through PayMaya.
PayMaya a digital payments ecosystem enabler offering platforms and services cutting across consumers, merchants, and government. Aside from providing the acceptance of the payment for the largest e-commerce, food, retail and gas merchants in the Philippines, PayMaya also enables national and social services agencies as well as local government units with digital payments and disbursement services.
Wing Bank’s parent company to make investment in online ticket booking platform CamboTicket
Inter Logistics (Cambodia), the parent of Wing Limited Specialised Bank, has expressed its intention to invest in CamboTicket.
According to Khmer Times, the investment is aimed at scaling up online tickets and holiday bookings in Cambodia.
Operated by Sea Venture, CamboTicket offers online ticket booking and holiday planning experience in the country through Wing App and CamboTicket.com.
Established in early 2015, the startup expanded its presence into Vietnam, Thailand, and Laos covering the route to and from the major destinations of the region such as Phnom Penh, Siem Reap, Sihanoukville, Bangkok, Ho Chi Minh, Kep, Kampot, Battambang, Pakse, and others.
The deal is subject to approval from the authorities, and both partners will provide strategic support on key functions.
Singapore-based edutech startup KooBits launches home-based learning, live tutoring
Singapore-based edutech startup KooBits has announced the launch of two new products — ‘Home-Based Learning’, an online mathematics learning platform, and ‘Live Tutoring’, an AI-enabled online live tutoring service — both with accompanying apps for parents to track learning progress.
This makes the first official launch of KooBits e-learning products to the consumer market, catering to parents and kids across households in Singapore and beyond.
Also Read: These Indonesian edutech startups are helping students cope and thrive during the COVID-19 crisis
The KooBits platform uses personalisation technology and gamification to support students to learn on their own; and at the same time, uses AI and big data to generate learning insights and make them visible to parents and teachers.
Through a short pre-class assignment that is part of every session, the platform automatically identifies each child’s weaknesses and gaps in learning and automatically groups them, so tutors can personalise their lesson and address relevant issues for the students during each class.
The platform also enables assignment of homework to follow up on the concepts that require reinforcement, to ensure that understanding has been achieved. Parents can also monitor what milestones their children have reached in relation to the national syllabus, and can also benchmark their child’s progress against their peers.
—
Image Credit: BukuWarung
The post Morning News Roundup: MSME-targeted accounting app BukuWarung snags seed funding, Philippines’ Voyager receives funding from host of investors appeared first on e27.
Afternoon News Roundup: SPH, Snapask partner for online learning; Swiggy amasses US$43M
Singapore Press Holdings, Snapask partner to offer students support for online learning
SPH, a media organisation based in Singapore has partnered with online learning website Snapask to offer students support for online learning.
Snapask will be providing over 10,000 free subscriptions for Singaporean students of all levels, while SPH is offering students 14 days online access to all news content by its flagship publication The Straits Times.
Snapask has offered similar services in Taiwan, Japan, Korea, and Indonesia amid the virus outbreak.
“Education is a vital part of our society, and we are honoured to collaborate with SPH to contribute via this subscription pledge,” said Timothy Yu, founder and CEO of Snapask.
Indian food delivery startup Swiggy raises US$43M from Tencent
Bengaluru, India’s food delivery startup Swiggy has raised US$43 million in new funding led by Tencent, according to TechCrunch. Ark Impact, Samsung Ventures, Korea Investment Partners and Mirae Asset Capital Markets, also joined the investment for this round. This round reportedly brings the company’s valuation to US$3.6 billion.
The new capital will be used for Swiggy’s expansion into grocery delivery services in select parts of the region.
“As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year-on-year and welcome the new investors on board. Our focus remains to execute on our vision while building a sustainable path to profitability,” said Rahul Bothra, CFO at Swiggy in a statement.
Agritech platform DeHaat bags US$12M in a Series A growth round
The Indian agritech platform DeHaat has raised US$12 million in a Series A round according to YourStory. The round was led by Sequoia Capital with participation from FMO, and existing investors Omnivore and AgFunder.
With the added capital the company aims to automate its supply chain and develop its data analytics further to increase supply chain efficiency.
Founded in 2012 by Shashank Kumar, Amrendra Singh, Adarsh Srivastav, Shyam Sundar Singh, and Abhishek Dokania, the AI-enabled platform provides end-to-end solutions and services to the farming community in India.
These include distribution of high-quality Agri inputs, farm advisory, access to financial services, and market linkages for selling produce.
–
Image Credit: Unsplash
The post Afternoon News Roundup: SPH, Snapask partner for online learning; Swiggy amasses US$43M appeared first on e27.