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Filipino fintech firm Ayannah merges with India’s ECAPS; plans to raise US$30M in Series B

Philippines-based digital financial services provider Ayannah, and India-based payments company Electronic Cash and Payment Solutions (“ECAPS”).

Christened Ayannah Global (AG), the new entity aims to provide “affordable and accessible digital financial services” to the growing middle-class in South Asia and Southeast Asia with headquarters in Singapore.

AG will be jointly led by Miguel Perez and Praveen Suri as Co-CEOs.

Choosing Singapore will support AG’s expansion plans into markets, such as India, Indonesia, the Philippines, and soon Vietnam, it said in a press statement. The merged entity also intends to broaden its current product suite towards becoming a B2B digital financial services provider post-merger.

Also Read: Ayannah wants to bring online payments to the “unbanked”

Additionally, AG has announced the appointment of banking veteran Ray Ferguson as Chairman of of the Board.

Ferguson brings in over 30 years of experience across five continents with senior roles in Asia- and the Middle East-arm of Standard Chartered Bank, including roles as CEO in Taiwan, Indonesia, the UAE, the Americas, and Singapore. He had also in the past served as Group Chief Banking Officer at Arab Banking Corporation in Bahrain.

AG has launched Kaya, a digital marketplace connecting middle-class customers and SME entrepreneurs with banks, lenders, and insurers in the Philippines and will launch versions in India, Indonesia, and Vietnam later this year.

Post-merger, the new entity will be launching its Series B fundraising round soon, with a target of US$30-50 million. To date, the group has received capital from Wavemaker Partners, Golden Gate Ventures, and 500 Startups, as well as several family offices across Asia.

As a result of the COVID-19 pandemic, the group is also seeing greater demand for its open banking and omni-channel distribution platform, especially from banks, lenders, and insurers who rapidly need to roll out digital services.

Established in 2010, Ayannah is an AI-enabled technology platform that provides financial services to the emerging middle class, with a significant presence across geographies with customers in India, the Philippines, Indonesia, and Vietnam. The company claimed that its AI tech is designed to launch a comprehensive range of financial and lifestyle products and services ranging from payments, remittance, insurance, and telemedicine.

Also Read: Digital payments startup Ayannah diving deep into Big Data

Ayannah’s products include PanaloCare, a hospital income insurance plan in partnership with AXA, which supports the insured with a daily supplementary income whenever hospitalised.

Since 2013, Bengaluru-based ECAPS has catered to the needs of domestic migrants and the unbanked populations in India. The company provides services such as domestic money transfers, utility bill payments, recharges and travel ticketing for emerging middle-class consumers in India.

Picture Credit: Ayannah

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Roundup: Indonesian e-commerce enablers SIRCLO and ICUBES merge; ACE names James Tan new Chairman

Action Community for Entrepreneurship appoints James Tan new Chairman

The Action Community for Entrepreneurship (ACE) announced today it has appointed James Tan as its new Chairman of the Board of Directors.

Since its inception by Singapore’s Ministry of Trade and Industry in 2013, the ACE has grown to become the community with more than 3,600 startups employing 18,000 people, more than 100 incubators, accelerators and venture builders, and 150 venture capital funds in Singapore, ACE’s scope has increased tremendously since its inception in 2003 by the Ministry of Trade and Industry.

Prior to his appointment as Chairman, Tan served on the Board as the Deputy Chairman from 2016 to 2020, and as a Member of the Board from 2011 to 2016.

Tan replaces Dr Mark Hon, who has completed his term as Chairman.

The ACE has been working closely with community stakeholders, especially government agencies, innovation enablers, and startups to drive entrepreneurship and innovation in Singapore during COVID-19 pandemic.

It also helps to facilitate disbursement of government grants such as the Startup SG Founder grant and the Global Talent Ready (GRT) grant.

Mobile and web trading app Tiger Trade launches SGX Trading in Singapore

Tiger Trade, a one-stop mobile and online trading app from Tiger Brokers, has launched access to the Singapore Exchange (SGX) today.

This adds to Tiger Brokers’s current list of stock exchanges, such as the New York Stock Exchange (NYSE), the NASDAQ, and the Hong Kong Stock Exchange (HKEX).

Also Read: With new funding, Tiger Brokers paves path for Chinese to invest in overseas stock markets

Launching in SGX helps strengthen Tiger Trade’s online and mobile offerings for its customers, who now have the ability to invest in financial instruments such as A-Shares Trading, Equities, Exchange-Traded Funds (ETFs), Futures, and Stock Options.

Tiger Trade’s app was launched in February 2020 with the goal of enhancing available investment opportunities through integrating SGX opportunities to investors on the back of surging investment interest even in the midst of a global economy affected by COVID-19.

The Tiger Trade app offers its retail investors one of the lowest commission rates for as low as US$1.99 (S$2.80) per trade. From now till 31 December 2020, they are offering commission rates for Singapore stocks at 0.08 per cent per trade with no minimum charges.

Halal fintech startup Wahed raises US$25M led by Aramco’s VC arm for Indonesia expansion

New York-based Halal fintech startup Wahed has raised a US$25 million funding, led by the Saudi Aramco Entrepreneurship Ventures, the venture capital investment arm of oil giant Saudi Aramco, TechCrunch has reported.

Also Read: E-commerce website builder Sirclo secures funding from East Ventures

The company that dubbed itself as “halal robo adviser” also has investors BECO and CueBall Capital participated, as well as Dubai Cultiv8 and Rasameel.

Wahed has set its eyes on expanding its subsidiary in Saudi Arabia with the platform currently running in the US and the UK, with plans to grow in the largest Muslim markets, including Indonesia, Nigeria, India, and the CIS.

In total, Wahed has raised US$40 million in funding since its 2015 founding by Junaid Wahedna. Wahed was launched in Malaysia after the Malaysian Securities Commission awarded the company the country’s first Islamic Robo Advisory license last October.

Two Indonesian e-commerce builders merge

SIRCLO and ICUBE, two of Indonesia-based e-commerce enablers and agencies that help create shopping sites for SMEs, have agreed to merge their businesses, says a DealStreetAsia report.

The merger will see the new company to have 450 employees, with ICUBE to continue to operate as an independent entity integrated with the services offered by SIRCLO.

Following the merger, ICUBE Founder and MD Muliadi Jeo will replace Leontius Adhika Pradhana as SIRCLO’s CTO and Prada a will take up the role of CPO.

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Roundup: Singapore’s e-commerce market expected to reach US$9.5B this year

Singapore’s e-commerce booms during COVID-19, according to new research

According to research by data and analytics firm GlobalData, online shopping in Singapore has boomed in the wake of the global pandemic, as reported by Insideretail.

Compared to the annual growth of e-commerce in 2015-2019, the market is expected to double this year, bringing its reach to US$9.5 billion in contrast to US$6.2 billion.

GlobalData’s banking and payments senior analyst Sowmya Kulkarni feels that the pandemic has played a big role in shifting consumer behaviour.

“Shopping centres are now being avoided, and consumers are choosing online platforms for their day-to-day purchases,” she said.

“There is a strong likelihood that the shift will persist into phase one of the post-Circuit Breaker period and beyond, as movement restrictions and consumers cautions remain,” added Lee Joon Seong, MD at Accenture.

Also Read: Roundup: Indonesian e-commerce enablers SIRCLO and ICUBES merge; ACE names James Tan new Chairman

AnyMind launches programme to help influencers kickstart their brand

Singaporean technology solutions company AnyMind Group has announced the launch of a new initiative where it will cover startup costs for social media influencers to help them create their own branded merchandise, according to a press statement.

However, not all influencers who sign up for the initiative will be picked. The company will screen influencers based on their brand potential and audience value in return for some revenue.

On selection, AnyMind will cover costs involved in the process of ideation, planning, sourcing and procurement of suppliers through AnyFactory, along with the production of samples and the setting up of e-commerce capabilities.

Kosuke Sogo, co-founder of AnyMind Group, said, “The ways in which individuals and businesses can express themselves and their originality is evolving. With AnyMindD2C, we’re looking to become a growth partner for influencers across Asia and make it easier for anyone to create their brand and products.”

Singaporean mobile listings app Carousell launches new car category

Singapore-based mobile listing service Carousell announced the official launch of its new car category.

This category will help users view and access all brand new cars in one marketplace, utilising its latest digital showroom feature that comes with an interactive experience.

Also Read: How should startups innovate in COVID-19?

“Social distancing and movement restrictions have completely changed the car-buying journey for consumers. This is the moment for the autos industry to adapt and evolve, so we’ve accelerated the launch of our New Cars category and digital showroom experience as an impetus for the ecosystem,” explained Sanjay Shivkumar, Head of Autos, Carousell.

Some of its car partners include Toyota, Mitsubishi, Volkswagen, Citroen, Jeep and more.

Image Credit: Jezael Melgoza

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On the ground with racism: What tech firms can do to help eliminate it without being tone-deaf

With the global headlines embroiled in #BlackLivesMatter, it got me thinking whether such a thing exists in South and Southeast Asia too, and to be specific, within the tech community.

For racism, it’s a systemic thing that I believe exists in almost every nation. The global campaign sparked a similar one in my home country Indonesia, called #PapuanLivesMatter, and exposed the nation that itself has decade-long, inherent problems with racist treatment of the far-west Papuan tribes — just because of the colour of their skin and the stark physical difference they have with a typical Indonesian.

In India, Bollywood artists speaking up using the #BlackLivesMatter hashtag only reveals that it’s become rather easy to ignore the problems when it’s directly related to your upbringing and where you came from, especially when it doesn’t have any significance to your virtual presence. 

One Twitter handle pointed out the hypocrisy in supporting #BlackLivesMatter when you’re not black — especially when you can find the same, if not worse, problems in your country when it comes to religion and tribes.

So that’s the context on how easy it is to be tone-deaf when you’re not part of the community, and in our case, when you’re halfway across the world.

It is one thing to be moved to do what you can do in your place, and it is quite another to support for the sake of supporting without even the basic understanding of what happened, and worse, turning a blind eye to what’s going on right under your nose.

We’ve come across several campaigns around the world for equal opportunity, equal representation and equal pay for women in the tech industry, but they were mostly remained on paper. 

I did a little digging of whether racism, discrimination, bigotry — or what my teammate called ‘classism’ — is indeed existing in the tech community, and here are my findings:

There’s little finding on discrimination in tech workplace

I think there should be a broader look into the matter, and it’s now a perfect time to do so with, the discrimination being a hot topic everywhere. It’s hard not to be exposed to the topic nowadays, and I think that the harder it is to talk about, the more urgently it needs to be in the conversation.

Also Read: Diversity in the workforce: Where do we go from here?

As you typed in “Southeast Asia tech community discrimination” in Google, there’s not a light shining to the matter of race except for gender-related discrimination. It’s a widespread problem everywhere in the world, and we’ve got a long way to go when it comes to gender equality in the tech ecosystem. And we’re getting there.

In a “State of Asian Startups” survey done by TechInAsia, only 15 per cent of founders and employees were found to be facing discrimination in tech-related workplaces, with race and nationality coming on top, followed by age and gender. Prejudices are most likely to be faced by women than men, but this is another issue.

There’s a mention of racial discrimination rising due to the COVID-19 pandemic, as we are all well aware of what happened in the US and globally. The rest of the search didn’t indicate a strong finding of racial and class discrimination in the Southeast Asian tech community, which brings me to the next point.

Known or not, be prepared

In my previous startup company, for example, it was made clear from the get-go that one of the values that the company upheld is championing diversity. What exactly does it mean to champion diversity at the workplace?

In the past, if we look into how “championing diversity” worked in places like Silicon Valley, it meant giving equal opportunities to people from different backgrounds. In my previous company, it meant accepting employees solely based on their capabilities and not based on their religion or race.

I think that’s a good place to start. Reinforcing diversity as core values in how a company works and actively trying to apply that value in the hiring process are necessary steps to take. It’s definitely not enough to address the diversity through the prism of race but it also has to be done through the lens of gender and religion (still big issues in Asia), and class.

Social class is another thing. My previous workplace, strict as it can be on the diversity talk, was a bit laggard when it came to ‘class’ discrimination. I had seen a colleague of mine was being favoured over the others because she had a rich dad. But is it a wrong thing to do? After all, you need to leverage all connections you have to survive, and that’s been the game since day one.

What does it take for a tech community to take a stance

Besides reinforcing the company value of anti-discrimination and imposing sanction in place, what else can we do to hopefully maintain and eradicate the already low number of discrimination in tech workplaces?

Michael H. Lints, Partner at Golden Gate Ventures, and a black father of two, shares his insights and expresses frustration over the last few weeks’ events that unfolded right in front of his eyes in this Medium article.

Also Read: How the sharing economy is fighting racial discrimination

“I am emotionally tired. Institutional racism is so prevalent that people don’t even notice it. I, and my fellow black men and women, my friends, my family, had to deal with it since we were kids,” Lints remarked.

Lints says he’s been fed up being called the N-word, being looked over for a job despite his qualifications, and being given derogatory looks and nicknames all his life, even at the tech scene he’s been serving.

Learning from Lints, we can start by highlighting the matters using what platform we may possess. However, using your platform is interpreted vastly different for each person and these days, it’s really hard to see a genuine intention behind every social media’s noisy posts and viral attempt.

If we’re talking about a hit and miss of using your platform, then this LinkedIn post from an ex-employee of Facebookmay be a good example. He tried to use his voice, but can’t help but fall into the trap of generalisation.

I would assume he meant well by this, but it’s hard to look beyond how he uttered his intention, and it’s harder not to be cynical at it with what’s been going on. It easily made the person look like he’s trying to ride on the trend to get attention, and that’s what’s problematic.

There’s a word for this: performative allyship, which describes the situation pretty well. When coming from the privileged people, or dare I say race, it can become insincere rather easily to show up now when you’ve been living in a bubble, hence a performative term.

It is a disease raised by a culture of ignorance and a lack of inclusion. The conversation circles back to how important it is to have a good look at yourself before speaking out, to see where your intention points at.

With social media in our arsenal and the whole world watching, it’s easy to think that at least we contribute in speaking out, sometimes without context. It’s even easier for the tech community, with the access to connection and the whole community of the world just one click away.

If this is so systemic, it’s worth checking beyond the data. If you have the resources, it won’t kill you to learn the history and see if the same thing happens in your nation.

I, for one, have been finding out that the same thing happened in Indonesia, with the most oppressed tribe, the Papuans, coming out from the far-eastern part of the country. The island is so rich with gold that it caused bloodshed and industrial war among foreigners, with the most rightful and innocent victims trapped in between.

Closing with the words from Lints:

“So to the people replying to “Black Lives Matter” with “All Lives Matter”, to the people ignoring my experiences and the experiences of other black men and women, to the people denying the enduring prevalence of systemic racism, not just in the United States, but globally: I encourage you to think about the origins of the Black Lives Matter movement in 2013. I ask that you look up Trayvon Martin, Breonna Taylor, Ahmaud Arbery, and George Floyd. Try to understand how black people’s lives have been treated as expendable, and why black people are afraid for their lives.”

We all can use some learning. Learning tones down your need to speak out for the sake of joining the noises. It checks you out, so for now, just listen and learn.

Photo by Arthur Edelman on Unsplash

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Wallex Technologies nabs Series A funding led by BAce Capital, SMDV, Skystar Capital

Wallex Technologies, a Singapore-headquartered fintech startup that seeks to serve FX and cross border payment needs of SMEs, has announced the closing of an undisclosed Series A funding led by Ant Financial-backed fund BAce Capital, SMDV, and Skystar Capital. Existing investors also participated in the funding.

The company said that the new funds will be directed towards entering new markets as well as scaling up in already existing markets, and enhancing the core products.

Hiroyuki Kiga, COO and Co-Founder, shared, “We’re excited to partner with our new investors as it gives us a foothold into the largest and exciting economies of the world. We will continue to drive on our mission to empower SMEs by providing them with the tools to grow their business.”

Wallex is a B2B-focused FX engine that allows customers to convert and pay in over 40 currencies, collect via virtual accounts, and hold funds in a wallet.

Also Read: Singapore cross-border payments startup Wallex raises Pre-Series A funding from BEENEXT

It consists of a team of more than 75 employees with deep domain experience. The company confirmed that it has already achieved US$1 billion of annualised GTV and has secured a money transfer license in Hong Kong in December 2019.

Jody Ong, CEO & Co-Founder, said, “Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets. This funding will help us build out more robust capabilities for our SME customers to manage their cash flow and hedge their forex risk within a single platform.”

Prior to this funding, Wallex raised a Pre-Series A funding led by BEENEXT in October 2018.

Other participating investors in the previous rounds included Central Capital Ventura (fintech investment arm of Bank Central Asia) and Indonusa Dwitama.

Image Credit: Christine Roy on Unsplash

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