GoPay partners with Pluang to launch investment platform GoInvestasi

gojek’s digital wallet unit GoPay has partnered with fintech firm Pluang t0 launch a digital investment platform, called GoInvestasi.

This enables consumers to invest in digital gold using the GoPay app, starting from just 0.01 gram of gold (equivalent to approximately IDR8,000 or US$0.57).

Through GoInvestasi, users can purchase digital gold in three steps — selecting the quantity, confirming the transaction and paying via GoPay.

Gold investments made through GoInvestasi are overseen by Indonesia’s Commodity Futures Trading Regulatory Agency, with the gold also guaranteed by state-owned Kliring Berjangka Indonesia, Indonesia’s futures clearinghouse.

Users also have the option to either liquidate their digital gold into cash through GoPay in real-time or withdraw the physical gold. The physical gold ​will be accompanied by a certificate from Aneka Tambang Tbk., a state-owned mining company, verifying that the gold has a purity level of 99.99 per cent.

Fintech platform Nium partners with Visa to issue white-label card in Australia

Nium, a global fintech platform, has officially become a Visa issuer in Australia following its membership in Visa’s Fintech Fast Track programme.

With this licence, Nium can provide end-to-end issuing, processing and on-boarding services, and can shorten the lead time for Visa card issuance to just four to six weeks.

Also Read: Digital remittance startup InstaReM rebrands into Nium, offering global enterprise payments platform

Through this partnership, Nium will be able to conduct real-time funds transfers to both physical and virtual Visa Credit and Debit cards, for instance, deposition of payroll into Visa cards.

It will also enable secure digital payments through tokenisation for in-stores, online payments and at ATM points, as well as unlock simple payment experiences for businesses and consumers around the world through multi-currency cards with multi-pocket/wallet spend management features.

Nium’s presence in Australia through Visa is a part of the plans to extend its portfolio to clients in the country and beyond, providing end-to-end B2B and B2C issuing services globally.

Algorand Foundation, Borderless Capital launch Asia Accelerator programme in Singapore

The administrator of the Algorand blockchain protocol, the Algorand Foundation, has launched a startup accelerator, in collaboration with an VC firm Borderless Capital.

According to Brave New Coin, the accelerator aims to encourage blockchain development, empowering projects to build, grow and foster financial innovations in the Algorand ecosystem.

For each selected project, the programme offers US$15,000 upfront seed funding, with up to US$250,000 available for follow-on investment.

The inaugural programme will begin in three phases — a 12-week accelerator programme in October 2020 and finish in January 2021, taking place in Singapore.

The Algorand blockchain is claimed to solve problems in other blockchains such as striking an optimal balance between decentralisation, scale, and security.

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Vietnamese real estate startup Propzy has snagged a US$25 million in Series A funding.

According to a TechCrunch report, the funding round is led by Gaw Capital and SoftBank Group’s early-stage venture arm, SoftBank Ventures Asia.

Other investors joining the round are Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare, and Insignia.

The company said it will use the Series A funding to focus on growing the product line and prepare for its expansion into direct mortgage financing.

Propzy was founded in 2016 with the goal to leverage on technology to guide customers through the entire stage of a real estate transaction, from offline sales centres to an online marketplace for listings, financial products including mortgage lending and finalise it via enterprise software for property managers and tenants.

Also Read: Frontier Digital Ventures exits investment in Propzy anticipating losses

According to Propzy founder and CEO John Le, the firm’s better description for its business would be financial, insurance, and real estate technology.

The company helps guides its consumers through the process of real estate transactions, including insurance and financial process.

Propzy’s current operations are mostly situated in Ho Chi Minh City with 30 brick-and-mortar sales centres and a total of 400 sales staff. It plans to expand into Hanoi through the rest of this year and 2021.

Next, the firm has set eyes on entering other Southeast Asian markets, including Thailand, Malaysia, and the Philippines.

Propzy’s approach of combining offline sales centres with online marketplace helps the firm to go through the pre-screening of tens of thousands of properties before it can be on their listings.

According to Le, Propzy has gathered data from over the last four years to assess homes, help recommend prices, and show customers comparable properties, all built on an automated valuation model. On the financing front, Propzy provides its business model for its bank partners to help customers get pre-approved for loans based on property value.

Also Read: Vietnam-based proptech startup Propzy targets a US$25M Series B fundraising

Next in line is the tenant software. Propzy developed the software to report issues or book maintenance services and amenities for buyers after they move into an apartment unit. If in the future they decide to sell or rent the property, they can also do so through the platform.

Recently, Dealstreet Asia reported about Frontier Digital Ventures’s exit from the property tech startup. It has fully divested its 20 per cent stake for a cash consideration of US$4.7 billion.

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Split, a fintech startup that enables businesses to provide a ‘buy-now-pay-later’ service to their customers in Singapore and Malaysia, announced today it has secured an undisclosed amount of funding, led by 500 Startups.

Angel investors, including Louise Daley, Deputy CEO of AccorHotels Asia Pacific, also participated. With this, Daley has also joined Split’s Board of Directors.

Split was co-founded in 2018 by Dylan Tan (CEO) and Vishvesh Suriyanarayanan (CTO) as part of Entrepreneur First’s talent investment programme.

The startup gives businesses the ability to offer their customers the choice of paying in up to three instalments online, offline or via social commerce. Its technology can be integrated with e-commerce platforms, in-store, and for businesses that sell via chat apps or social media.

By using Split, businesses see incremental revenue through higher conversion and average transaction value, claims the company.

The service is completely free of charge to consumers with no interest, late fees, or hidden fees.

According to Tan, the global pandemic has shifted consumer spending behaviours considerably and many businesses are struggling to adapt.

“COVID-19 has brought enormous economic uncertainty – this means consumers are more mindful of the money they spend and businesses can’t keep offering unsustainable discounts. Split bridges that gap by making purchases affordable for consumers so businesses don’t have to slash prices,” he added.

Also Read: Indonesia to regulate digital gold transaction by the end of the year

“We’re giving consumers a more convenient alternative payment method with a business model that is also aligned with responsible spending. We don’t make money from interest nor do we charge consumers for missing payments — we’re taking a completely different approach by incentivizing good repayment behaviour instead of punishing financial hardship,” Tan explained.

The startup has partnered with several brands across Malaysia and Singapore in fashion, electronics, furniture, jewellery, personal care, fitness, gifts, F&B, and travel. Its clients include Switch and Urban Republic, and CG Computers.

Khailee Ng, Managing Partner of 500 Startups said: “While traditional financing options rely on charging interest or earning from missed payments, Split turned the model around and made it completely free for consumers. We see incredible potential in how their instalment payment service works not just for large retailers but also serves a massive longtail of small & medium businesses selling online, offline or via social commerce.”
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Picture Credit: Split

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SFA initiates framework to promote partnerships between fintech companies and financial institutions

The Singapore FinTech Association (SFA) has announced the launch of a new framework aiming to promote partnerships between fintech firms and financial institutions.

According to a press statement, this is also part of the support package that was announced by the Monetary Authority of Singapore (MAS) on 8 April 2020 to support financial sectors.

The new framework will include a self-assessment toolkit to help firms identify their maturity and compare it against the minimum requirements. This, in turn, will increase the level of confidence for financial institutions when partnering with fintech companies.

As of late 2019, the region has been home to more than 600 fintech firms.

Mr Chia Hock Lai, President, SFA, said in a statement: “With 80 per cent of Singapore-based fintech firms offering technological solutions to financial institutions, it is a critical skill for them to be competent with the compliance requirements of working with financial institutions.”

“This Digital Self-Assessment Framework will enable FinTech firms to be more effective when collaborating with financial institutions, and giving financial institutions more confidence in the partnership as they accelerate their digitalisation efforts,” he added.

NUHS, Bot MD launch bot to assist in COVID-19 health monitoring

Singapore’s healthcare institution NUHS, together with Artificial Intelligence healthcare startup Bot MD, has launched SGDormBot to monitor symptoms in COVID-19 positive individuals through social messaging apps.

The AI bot has a user-friendly interface which reminds the patients to monitor their temperature, heart rate and oxygen levels. It also sends an instant SMS alert to NUHS clinicians whenever there are abnormal vital signs reported.

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

SGDormBot is currently being used by patients in six NUHS managed dormitories across Singapore.

Global gaming company Ubisoft sets up studio in Vietnam

Paris-based video game company Ubisoft, better known for the popular titles Far Cry and Assassin’s Creed, has launched a new studio in Da Nang, Vietnam, according to VNExpress.

The studio will focus on developing instant games and offerings that will not require a download and access via social media.

Currently, the new studio has a team of 40 people and plans to expand to 100 soon.

Ubisoft is also collaborating with local universities to create training programmes, given Vietnam’s reputation for having significant numbers of tech specialists and new IT graduates every year.

“The location is perfect, right between Hanoi and Ho Chi Minh City, so there is this a big talent pool to draw from,” said Ubisoft Da Nang manager, Aurelien Palasse.

Also Read:  What Southeast Asia’s gaming companies can do to stay ahead of foreign competitors

“Da Nang also offers a great alternative to much larger cities, with an ideal balance between quality of life and work,” Palasse added.

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Ula, a wholesale e-commerce marketplace app with operations in Java, Indonesia, announced today it has secured US$10.5 million in a seed round of funding, co-led by Sequoia India and Lightspeed India.

OSMDV, Quona Capital, Saison Capital and Alter Global also joined the round, along with other undisclosed angels investors.

The startup said in a press note that the fresh money will be used for expansion outside of Java Island. Ula also plans to add new categories, such as apparel and electronics in the future.

It will also hire tech teams across Singapore, India and Indonesia to increase its current workforce.

Launched in January this year by Nipul Mehra (ex-investor at Sequoia India and ex-Senior Director – Retail, at Flipkart, Ula helps small store owners increase their income via its multi-category wholesale e-commerce platform. The app gives them benefits such as a wide products list, prices, doorstep delivery, and pay-later options.

“70-80 per cent of the retailers in emerging markets like Indonesia is plagued by inefficiencies in the supply chain, inventory and working capital management,” said Abheek Anand, Managing Director of Sequoia Capital (India).

“With more and more Indonesian small and medium enterprises (SMEs) becoming open to adopting technology, platforms like Ula are an easy, affordable and scalable solution to help these retailers streamline their businesses,” he added.

Ula’s current focus is daily needs and consumer goods (such as FMCG and staples), which the company believes are especially important during these times where the traditional supply of essentials may be impaired.

Ula claims to have grown 10x since its launch, with customers returning to buy up to 2-3 times of their original volumes.

Also Read: Fintech innovations are likely to be accelerated during the pandemic: OVO CEO Jason Thompson

“For us, the true measure of Ula’s success will be in how much we can improve our customer’s lives and businesses. Our collective vision is to revolutionise SME trade using technology, helping increase their efficiency and providing them with tools to conduct their business seamlessly and more profitably,” said Riky Tenggara, Co-founder of Ula.

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