Silicon Valley-based global analytics software firm FICO released its Consumer Digital Banking Survey showcasing that Filipinos are more comfortable opening bank accounts on their smartphones than consumers in the US and the UK.

The study showed that 26 per cent of Filipinos prefer to open a bank account on their phone, compared to 18 per cent in the US and 25 per cent in the UK.

Subhashish Bose, FICO’s lead for fraud, security, and compliance in Asia Pacific, lended his insight. “Filipino consumers are digital natives. Around 40 per cent of Filipinos have a smartphone and according to a recent study they rank in the top 10 mobile internet users globally, spending an average of 4.58 hours a day on their phones.”

The study showed that digital account opening is rapidly becoming the norm in the Philippines, with 76 per cent of consumers saying they would open some kind of financial account online. Of those that would open a financial account online, 40 per cent would consider doing so for an everyday transaction account, 38 per cent for a credit card, and 33 per cent for a personal loan.

However, Filipinos older consumers were more likely to be leading the digital push with the youngest Filipinos being the laggards with 46 per cent of those over 55 years of age said they would open a bank account online. Fourty to 45 per cent of 25 – 34, 35 – 44 and 45 – 54 year-olds said they would do the same, while just 28 per cent of 18-24-year-olds would open a bank account online.

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

“The truth in the numbers here is far more nuanced,” explained Bose. “Younger Filipinos are adept at using smartphones and computers, however, many do not have the required identification forms to open bank accounts at a young age, don’t have a regular income, or are presented with bank account options that are not appealing. For example, many bank accounts in the Philippines require a minimum balance to avoid monthly account-keeping fees.”

“As consumers’ reliance on online services grows in response to COVID-19, we expect further shifts in adoption and indeed an acceleration and acceptance in opening bank account digitally. It is important that banks closely examine any points of friction in their application process to ensure consumers are not abandoning a process or switching to a competitor,” said Bose.

Filipinos expect account opening to be fully digital

The survey found that a large percentage of Filipinos had an expectation that they should be able to complete all aspects of account opening online or on their phone.

Out of the regular identity checks needed to open an account, 67 per cent of Filipinos thought they should be able to prove their identity by scanning documents or providing a selfie, 47 per cent expected to prove where they live without going offline, and 45 per cent said they should be able to set up a biometric such as a fingerprint scan at account opening.

If all actions required to complete an account opening cannot be accomplished in-session, only 41 per cent of respondents said they would carry out the necessary offline actions as soon as possible.

Around 33 per cent thought they would eventually complete offline actions such as taking a phone call, posting documents, or visiting a branch. A further 13 per cent said they would try a competitor while five per cent said they would give up completely.

Also Read: Fintech in the Philippines: opportunities, challenges and why global participation is critical

Overall findings demonstrated that financial institutions in the Philippines that don’t facilitate a completely digital account opening experience could lose over 40 per cent of their new business.

“There is research to show that only six to nine per cent of applicants move through the funnel and complete the process,” said Bose. “Banking executives should review the application completion for authenticated versus non-authenticated applications, as well as how many applicants with saved or abandoned applications return to complete the process.”

Outside the Philippines, FICO’s Consumer Digital Banking Survey was done in a quantitative poll of 5,000 adults (over 18) across 10 countries including Brazil, Canada, Germany, Malaysia, Mexico, Philippines, Sweden, UK, and the USA.

More information can be accessed here.

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Singapore-based personal finance app Fincy has secured US$11 million in fresh funding from its parent company GBCI Ventures, a venture building firm.

Fincy plans to use the funding for building its presence in Singapore and accelerating its user base and infrastructure growth, first across Southeast Asia, followed by the rest of Asia.

“GBCI Ventures has invested US$11 million in Fincy because we believe that by leveraging a secure financial infrastructure built on the blockchain technology and by offering round-the-clock customer support, Fincy can provide an affordable, contactless alternative to existing financial services, especially in a post-COVID-19 world,” said Douglas Gan, CEO of GBCI Ventures.

Launched in 2019, the app aims to provide an affordable alternative to existing financial services, starting with simplifying currency exchange via a multi-currency wallet. It also enables users to build their own social networks in-app and make contactless mobile payments.

Also Read: Singapore’s GBCI Ventures launches US$100M fund for Smart City development

Fincy’s contactless approach is already being utilised in Myanmar’s Yatai City. It is the provider of financial infrastructure to the city’s growing number of residents, who can use the app to make purchases, perform transactions, receive a salary, and manage their money without the need for physical contact.

Aside from Myanmar, Fincy is also heading the contactless mobile payments in Phnom Penh, Cambodia, where it is a fully licensed money app accepted at more than 700 merchants and used by over 40 companies for payroll.

In the coming weeks, Fincy will be finalising an external funding round.
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Global VC fund Big Idea Ventures (BIV), which runs a food accelerator in Singapore, said today that Swiss plant equipment manufacturer Bühler Group has made a strategic investment in its New Protein Fund.

The fund aims to invest in and accelerate up to 100 plant- and cell-based companies worldwide.

Temasek is also an investor in New Protein Fund.

“Together, we can support the growth of the new generation of leading plant-based companies in North America, Asia and ultimately, the planet. Bühler and BIV will work together to build great companies responding to consumer demands for great-tasting food that is good for them and good for the planet,” said Andrew D. Ive, Founder of BIV.

Plant-based foods have been gaining more recognition in recent times after the success of popular companies like Impossible Foods and Beyond Meat.

The sector is predicted to reach US$14.32 billion by 2025 with growing venture capital interest in the plant-based protein market, especially during the recent outbreak of COVID-19.

The pandemic has also provided a surprise opportunity and boost to the plant-based industry as a significant number of people begin to switch from animal-based to plant-based proteins due to health and environmental reasons.

Ian Roberts CTO of Bühler recognises this problem and addresses his concern on the urgent need for collaboration with companies to bring more impactful and sustainable solutions when it comes to food supply.

“There is an urgent need for wide-scale collaboration if we are to make an impact on the climate and nutrition challenges within the next decade,” he said.

Also Read: News Roundup: Vertex Ventures invest US$5M in India-based fertility platform IVF Access

“Academics, startups, and established companies need to come together to innovate and find more sustainable ways to produce food. This is why we are partnering with Big Idea Ventures: to accelerate the journey for promising startups, to reinforce partnerships and startup ecosystems in Singapore and the US, and to do this with a clear focus on creating a more sustainable food supply for the future,”.

Bühler also has a joint innovation facility in Singapore that focuses on developing sustainable protein-based products and provides a one-stop-shop for the development and scale-up of new products for the market.

BIV has also participated recently in a community-led charity fundraising campaign to raise about 50,000 meals for those in need by offering mentoring and virtual classes to startup founders affected by the COVID crisis.

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Image Credit: Big Idea Ventures

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Singapore-based new protein startup Shiok Meats invests in Indian counterpart Evo Foods

Singaporean cell-based meat company Shiok Meats has invested an undisclosed amount of funding in Evo Foods, according to Greenqueen. Terms of the investment were not disclosed.

The India-based startup was founded in 2019 by Forbes India 30 Under 30 alumni Kartik Dixit and Shraddha Bhansali.

Evo Foods uses biotechnology to harness proteins derived from lentils to create a total vegan liquid egg product that is more sustainable in comparison to conventional eggs.

The company has said that it plans to launch its first commercial product by mid-September.

“We are proud that Evo has been garnering all the right attention from mission-aligned mentors and investors,” said Bhansali.

India’s Myelin Foundry raises new funding for its deep tech AI platform

India-based deep tech startup Myelin Foundry has raised an undisclosed amount of funding from Kris Gopalakrishnan’s family office Pratithi, according to a press statement.

With this round, the company will focus its efforts on penetration in the OTT market in and outside India.

Founded by ex-CTO of Tata Sons Dr Gopichand Katragadda, Myelin builds edge AI products on consumer devices with its proprietary algorithms for video, voice, and sensor data.

Also Read: News Roundup: Vertex Ventures invest US$5M in India-based fertility platform IVF Access

“We are thrilled to have Kris join us in the exciting journey of developing global first products from India. Kris has been an innovation evangelist and a startup supporter personally as well as through CII. We look forward to Kris’s guidance as we deploy solutions at the intersection of AI and complex unstructured data for edge devices,” said Dr Katragadda, founder of Myelin Foundry.

The startup had also previously secured US$1 million in September 2019 from early-stage VC Endiya Partners.

Aavishkaar Capital to raise US$150M impact fund for Southeast Asia

Indian VC Aavishkaar Capital is raising US$150 million to invest in emerging markets in Southeast Asia, according to Dealstreet Asia.

According to the report, this would mark Aavishka’s largest fund to date with the target to close next year.

Aavishkaar Venture Capital provides private equity and microfinance solutions for early stage startups and currently manages assets of up to US$1 billion.

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During the COVID-19 pandemic, there has been an emergence of new lifestyles and customer behaviours, as well as a new level of customer expectations. These shifts also introduced unprecedented opportunities and challenges in customer engagement and customer experience.

VP of Customer Excellence at Tokopedia, Rudy Dalimunthe, joined us for a webinar to share how Tokopedia, as a technology company, adapted and redefined its customer engagement and customer experience during COVID-19.

He also shed light on making a successful shift and smooth execution of a new customer engagement strategy and rolling-out of fully remote customer service operations.

Key takeaways

• Customer expectation pre- and post-COVID is different. Now, we have to be more empathetic and also respond sooner.
• Earlier, there was the option of offline, but now there is a lot of panic amongst buyers if they don’t receive their package.
• Since the pandemic, Tokopedia saw a high increase in essentials, sports goods, and the likes. There was an increase in traffic of support channels up to about 40 per cent.
• Their customer support is split into categories such as physical goods, logistics, payment, etc. Each one having various channels within them to manage the inflow of customer queries
• Your CX team is more like customer ambassadors and must align with the product and tech team to make your service better
• Tokopedia also channelised social media to use customers to help other customers to reply queries via QnA
• Millennials may not tag your brand when submitting complaints, but always tag them back when it resolved. They feel motivated especially if the tweet goes positively viral.
• If using a bot, make sure it goes beyond just answering FAQ kind of questions. Use AI to make it capable of responding to queries
• CX is beyond customer service, you begin to react to customer emotion. It is about exploring more ways and relationship marketing on how to surprise your customer
• In the context of CX, saying no includes spelling it out to the customers what they don’t need and why
• We need to be sure which customers need to be followed, don’t go overboard with “the customer is king”. Not all customers are your customers. Sometimes it can also be a competitor’s ploy. So customers need to be handled tactfully
• A consolidated marketing and CX data report should be a part of the product development plan. It is a good representation of the on-ground reality
• CS/Customer Experience (CX) for small teams: Start with using a CRM system instead of doing it manually. For ticket management and record management, don’t compromise technology.
• How to reduce complaints-per-transaction value and the number of positive mentions in social media is a good metric to evaluate CX

Food for thought

• Are chatbots worth it?
• How can CX get a board seat in the company, and CEO’s budget?
• Is there any CX community in Indonesia or SEA where CX professionals can interact and share best practices?

Resources

Catch up on the workshop with the full recording below:

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Rapyd, a global fintech company, has released its 2020 Asia Pacific eCommerce and Payment Study that analysed the financial habits, payment methods, considerations and preferences of consumers in seven countries in the region.

The report, which was conducted in March and April 2020, uncovered how consumer buying expectations and behaviours are evolving in an increasingly digital world.

From 3,500 online consumers surveyed, the results showed a quick rise in new payment technologies that have emerged in recent years and gained rapid adoption and popularity by offering a convenient payment experience, adapting to the local context and providing access to digital payments for traditionally underbanked communities.

As buyers go increasingly cashless, the study hopes to help businesses gain insights into consumer buying habits and payment diversity in Asia, helping e-commerce and m-commerce businesses increase their addressable audience and include new customer segments into the Internet economy by adopting the most relevant digital payment options.

Joel Yarbrough, VP (Asia Pacific), Rapyd, said: “Since the beginning of the global pandemic, going digital is no longer optional. E-commerce is now the new baseline. All over Asia, we see stratospheric growth in digital payment methods, with local patterns and local winners in every country. With this report, Rapyd provides businesses with the local market insights on payment behaviors, brands of choice, and technologies that are critical in creating a relevant checkout experience for consumers today.”

Card-only merchants’ challenges

According to its findings, cards and card-powered mobile wallets are dominant in Japan (61 per cent) and Taiwan (51 per cent), with a dramatic uptake of e-wallets and bank transfers as preferred ways to pay.

Also Read: Today’s top tech news: Fintech platform Rapyd welcomes ex-Uber executive into its team, to oversee Indian business operation

Taken together, e-wallets and bank transfers represent the emerging wave of payments, particularly where they are enhanced by interoperable real-time payment (RTP) systems like India with UPI (64 per cent) and Thailand with PromptPay (62 per cent).

Even in a card-preferring market like Singapore, e-wallets and bank transfers including PayNow are preferred by 42 per cent of respondents, swinging all the way to 78 per cent in Indonesia.

These are the key findings for each country participating in the survey:

Singapore

• Real-time bank payments are on the rise with PayNow and FAST bank transfers leading amidst concerns about coronavirus, converging with several years of government investment.
• PayNow earned the number 2 spot among the top payment methods with 70 per cent of respondents using it in the last month.
• GrabPay is the third most popular payment method after credit cards and PayNow.

Indonesia

• OVO Wallet is the number one frequently-used payment method with 69 per cent respondents claiming to have used it in the past month and the country’s most preferred one with 17.8 per cent respondents choosing it amongst all payment brands.
• Indonesian consumers strongly prefer e-wallets to cards and cash with 33.8 per cent choosing one of three e-wallets (OVO, Go-Pay or Dana) as their preferred way to pay.
• Real-time bank transfers including both virtual accounts and older bank redirects are preferred 44 per cent of the time on the archipelago.

Malaysia

• Bank transfer by Maybank2U, owned by Maybank, the largest bank in the country, is the most popular online payment method by usage (65 per cent) and preference (21.4 per cent).
• E-wallets including Touch N Go, Boost, PayPal, and GrabPay are all of rising importance with 22 per cent respondents choosing them as their preferred payment methods.
• Cash on delivery remains relevant with 65 per cent users claiming to have done it in the past month, prior to the Movement Control Order (MCO).

Also Read: {Updated} Indonesian founder develops CE-approved rapid self-test kit priced at US$10 for COVID-19

India

• 85 per cent of Indian respondents used Paytm in the last month.
• With the growth of India’s UPI payment scheme, e-wallets (including Paytm, Google Pay, Amazon Pay) are preferred by 51.2 per cent of users and bank transfers by 11.9 per cent.
• Debit and credit cards together are preceded by 28 per cent of respondents.
• 49 per cent of respondents make online purchases daily (highest among all countries surveyed).

Japan

• Most consumers still prefer credit cards and cash over the counter.
• Amongst mobile payment methods, PayPay eWallet is rapidly gaining popularity with 41 per cent users claiming to have used it in the past month, and 9.6 per cent choosing it over all other payment methods.

Taiwan

• Credit cards continue to be the top payment method in Taiwan both in terms of usage and preference.
• Consumers appear to use multiple payment types depending on the use case, with preferences split almost equally between credit cards, pay-on-pickup at convenience stores, bank transfers, local Easycard, and eWallets.

Thailand

• The TrueMoney e-wallet is the leading payment method with 66 per cent of respondents using it regularly, and 16.8 per cent choosing it over any other payment method.
• Together, e-wallets and bank transfers make up the most popular payment methods chosen by 62.2 per cent users — a trend accelerated by the interoperable PromptPay payment scheme.
• Cash is still preferred in highly digital Thailand by 19.4 per cent of respondents.

Altogether, it’s worth noting that e-commerce and mobile-commerce in the seven countries is worth some US$355 billion, as mentioned in the study. Southeast Asia’s internet economy hit US$100 billion in 2019 and is expected to grow to US$300 billion by 2025.

Consumers in the region and current situation continue to push businesses towards digitalisation and as digital adoption accelerates, it is essential for businesses to invest in the right technologies to build a strong online presence supporting mobile and social commerce trends catering to each market.

This localisation is the key to sustaining the business in the time of the COVID-19 crisis, and for speedier recovery and further long-term growth.

Access the Rapyd Asia Pacific 2020 eCommerce and Payment study here.
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foodpanda, barePack to bring reusable packaging for food deliveries into S’pore; Aim to combat rising disposable packaging waste; Each delivery order using barePack will come in a reusable container with a scannable QR code; Users can scan to find instructions on returning the container to the food establishment. More here

The pace of startup layoffs may be slowing down; According to data from Layoffs.fyi, the no. of people laid off stayed aloft in March-April and into the 1st weeks of May; In contrast, the total no. of firms cutting staff declined from early April through the end of May. More here

How businesses can use COVID-19 recovery phase as an opportunity to build agility; Businesses must adapt to make their offerings relevant to immediate needs; China’s Intime Shopping Centre gives a perfect example of adaptability. More here

Singapore’s venture debt fund Genesis Alternative Ventures (GAV) secures investment from Capria; GAV is an impact investor whose investees include Horangi, GoWork, Hmlet; This marks US-based Capri’s entry into SEA. More here

Angel investing is full of risks — but that’s why it’s so rewarding; Hard work and research are important; If you aren’t willing to put in the time & money, angel investing might not be right for you; Among the successful firms, only 9% provide investors with returns of 10x their investments. More here

Vietnam’s proptech startup Propzy gets US$25M Series A led by Gaw Capital, SoftBank; To expand into direct mortgage financing; Recently, Frontier Digital Ventures exited the firm by divesting its 20% equity for US$4.7B. More here

Singapore govt. to spend US$3.5B on ICT procurement in FY2020 in light of COVID-19; This is 30% rise from FY2019’s projected spend of US$2.7B; SMEs will be eligible to participate in 80% of the new proposed procurement opportunities. More here

On the ground with racism: What tech firms can do to help eliminate it without being tone-deaf; It’s 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. More here

Vietnam’s consumer lending firm F88 raises US$6M from Mekong Capital, Granite Oak at US$91M valuation; It operates 180 stores; Also provides insurance, bill payments, mobile money, e-wallet top-ups services. More here

Vulpes launches COVID-19 fund, ropes in PropertyGuru co-founder as venture partner; The fund seeks to invest in 10 firms over the next 12 months; Vulpes already runs a fund in Myanmar and has tie-up with Patamar; Its investees include PropertyGuru, Hiip. More here

Fintech innovations are likely to be accelerated during pandemic, says OVO CEO; Jason Thompson says there’s a positive shift towards digital payment adoptions as consumer behaviour changes; OVO’s overall e-commerce volume has grown over 110%; But average basket size has reduced by 15%; Overall download and new users grew 276%. More here

5-month-old Indonesian wholesale marketplace Ula raises US$10.5M Sees, led by Sequoia, Lightspeed; Expansion outside of Java Island on the anvil; The app helps small store owners benefits such as a wide products list, doorstep delivery, pay-later options; Ula claims to have grown 10x since launch in January. More here

Filipino fintech Ayannah and India’s ECAPS merge, set up Singapore HQ; New entity Ayannah Global (AG) aims to provide digital financial services to the growing middle-class in South Asia and SEA; Plans to grow in India, Indonesia, Philippines, Vietnam; Post-merger, AG is expected to have a reach of over 10M customers. More here

Singapore’s fintech Wallex nabs Series A led by BAce Capital, SMDV, Skystar Capital; Plans to enter new markets; The FX platform allows customers to convert and pay in 40+ currencies, collect via virtual accounts, and hold funds in a wallet; Claims to have achieved US$1B of annualised GTV. More here

Grab’s new scheme to help digitalise small businesses, offers US$3.5M in free ads; The small biz booster programme includes tools and initiatives to make it easier for offline businesses to make the shift online; Only 34% of small businesses in SEA have an online presence. More here

KPMG survey reveals 69% Malaysian workers want WFH policy to continue; 56% of biz owners support WFH; 64% of respondents faced challenges; Main difficulties are network issues, communication barriers, and lack of tech readiness. More here

S’pore’s central bank MAS launches US$1.26M fintech innovation challenge; It’ll seek innovative solutions that can help financial institutions respond to COVID-19 and climate change; The competition comprises the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator. More here

New food apps seeking a bite in Thailand’s US$1.12B food delivery market; Robinhood from SCB, Popman, Skootar are new entrants; GrabFood, Get, Line Man, Foodpanda are major players; A research projects the market to grow 17% this year. More here

500 Startups invests in buy-now-pay-later services startup Split; It enables businesses to offer customers the choice of paying in up to 3 instalments online/offline/social commerce; Its tech can be integrated with e-commerce platforms, in-store, and for businesses that sell via chat apps/social media. More here

Halal robot advisor Wahed closes US$25M led by Saudi Aramco’s investment arm; Plans to expand into Indonesia, India and other markets; With a presence in the US and the UK, Wahed has 100K-plus clients globally. More here

Five emerging fintech startups in Philippines; With over 15% of Manila’s startups focusing on fintech, the country had an established industry worth around US$5.7B in 2018; Expectations, pre-COVID-19, were that they’d add US$10.5B Philippines’s coffers by 2022. More here

Indonesian smart motorcycle storage startup Soul Parking raises seed funding co-led by AC Ventures, Agaeti; The startup plans to build 10 storages in 2020; The country has ~120M motorcycles and the # grow 7% per year. More here

Experts on Philippines’s e-commerce and the future of retail industry; Food and essential product retailers now focus on online, take-out, deliveries; They’re trying to maximise social media; There’s a need for retail businesses to adopt e-payments. More here

DocDoc, Kaitaiming Technology (KTM) to bring doctor discovery services to China; KTM is an insurance risk control firm combining insurance expertise with IT, Big Data, AI; DocDoc to offer its services to the policyholders of China’s top insurance firms on KTM’s platform; Last Aug, S’pore-based DocDoc raised US$13M led by UK-based ADAM. More here

Grab taps Manila’s 2K tricycle, motorcycle drivers displaced by COVID-19 for delivery; They will operate under GrabFood, GrabExpress services; Grab says the partnership with the local government is its way of giving back to the capital. More here

KBank’s IT arm KBTG develops new contactless solutions in Thailand; Face check-in, contactless menu, facePay are some of them; The service will be offered at Black Canyon outlets; To be extended to other businesses in future. More here

gojek, Pluang launch in-app gold investment feature GoInvestasi; It enables users to invest as little as 0.01 gram of gold in Pluang with payment and investment withdrawal made through GoPay; Pluang had raised US$3M from gojek’s VC arm Go-Ventures in September. More here

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More than half Singaporeans not comfortable returning to workplace post-circuit-breaker: Survey

About 59 per cent of working professionals in Singapore do not feel comfortable to return to their workplace post-circuit-breaker, reveals a survey conducted by Qualtrics, an experience management company.

This behaviour is a result of being hit by the pandemic, which has managed to cause a widespread shutdown of daily life on the island state.

Results also show that more than half of the workers (66 per cent) expect to return to their office by July while a little under a half (45 per cent) have said that a vaccine needs to be approved before they feel comfortable returning.

Mao Gen Foo, Head of Qualtrics Southeast Asia, said that business owners need to think about the pace at which they are re-opening doors since it might not match their employees and customers’ readiness.

“Businesses must be able to unlock insights around employee and customer confidence at each stage of the transition to drive necessary business actions,” she further added.

Chinaccelerator reveals its first cohort of 14 startups

Shanghai-based Chinaccelerator, which was launched in Asia in 2010, has picked 14 startups for its first cohort.

The accelerator aims to provide a “mentorship-driven programme for internet startups from around the world”, the accelerator said in a statement.

In the upcoming virtual Demo Day, slated for June 17th, Chinaccelerator will showcase the 14 companies to global investors with interest in cross-border startups across Asian markets.

Here are the selected startups from Asia:

Instoried (India): AI and data-driven solution to help companies drive empathetic engagement with their customers through content marketing.

Rosetta.ai (India): Personalises product recommendations in fashion to increase order value and conversion rate.

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

Deyor Camps (India): A lifestyle community for Indian millennials who want to engage with each other via online experiences and tailored experiential trips.

KalaGato (India): Helps e-commerce companies to automate customer profiling, segmentation, and targeting based on consumer behaviour data.

Genetsis (China): Manages end-to-end e-commerce and digital marketing for global brands.

Covar.io (Hong Kong): Prime broker for digital asset managers.

Microsoft’s venture fund M12 opens India office

Microsoft’s venture fund M12 has opened a new office in Bengaluru to focus on investment opportunities in B2B companies, according to The EconomicTimes.

The local office will pursue investment opportunities across the region, focusing on B2B software startups in the sectors of Artificial Intelligence, business applications, infrastructure, security, and vanguard technologies.

This news comes in just a few days after Microsoft announced the launch of its new programme for agritech startups in India, called the “The Microsoft for Agritech Startups program“.

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Ajey Gore

When he joined as its Head of Engineering in its Bengaluru office in 2015, gojek was a motorcycle-taxi company that was relatively unknown outside of Indonesia. Within a year, he was elevated to the post of its CTO and it turned out to be a great decision.

With him at the helm of the tech department, gojek saw a meteoric rise and became a super app that provided close a dozen products/services, including food ordering, commuting, digital payments, shopping, and hyper-local delivery.

He has just announced his departure from the company and he says he leaves the firm with great pride and satisfaction.

In this email interview, he talks to e27 about his gojek journey, the initiatives he started, learnings and future plans.

Edited excerpts:

You joined gojek in mid-2015 when the startup was still in the early stages. During your stint, the startup diversified to become a super app and a unicorn. How do you feel when you look back?

The past few years at gojek have been a fantastic journey, with experiences that I could never get elsewhere. I am very proud to have been a part of the work that gojek does to impact the lives of millions daily.

One of the highlights for me has been to witness our business gain global recognition and see US companies look at us as a pioneer in this model, which started out with the simple concept of motorcycle taxis in Indonesia.

Also Read: Roundup: gojek partners with fintech firm Pluang to launch an investment platform

I am also incredibly humbled to have worked with so many amazing colleagues. gojek’s “can-do” spirit has helped us to make a major positive impact in Indonesia and the region, in areas ranging from payments to transport services.

This shows that with a good team and strong mission, you can make things happen, and I am really proud of that.

Do you think you could have done more at gojek? What were several things that you think you could have done better? What are several others that you think you shouldn’t have done at all?

Looking back, there are always things that we could have done differently, because I now have the benefit of hindsight.

One thing I have learnt is the importance of making data-driven decisions from the beginning and using data to strengthen our initiatives, especially in terms of social impact and scalability.

That said, over the years, we have constantly been evaluating how we can do things better. While a lot of the early decisions were based on trial and learning, and our “go-getter” attitude, there has definitely been a shift to strengthen the thought process behind every decision, as we have learnt from our experiences over the years.

Over time, we have also learnt the power of diversity and inclusion in building out teams and growing talent. A platform like gojek thrives on having a variety of different perspectives and ideas to develop the best solutions — and this continues to be our focus. For example, we hope to empower more women in tech as the company grows.

May we know the reasons behind your departure? Does the current situation have something to do with this? Did gojek already find a replacement for you?

I am leaving to take a personal break and spend more time with my family as well as focus on my health. While I am leaving gojek physically, I will always be part of the Gojek family, cheering them on from the sidelines. I’m confident that gojek remains in the hands of very capable leaders who will continue growing the company.

We hope to find a replacement who shares gojek’s mission and ambitions, while also being able to take on multiple roles and add strategic value. The role of CTO has evolved significantly from when I first started five years ago, and we need the next person to carry the company through its next phase of growth.

Also Read: gojek’s GoPlay raises funding to support original content from Indonesian filmmakers

What are your future plans? Do you plan to go back to entrepreneurship? If you are to launch a product, which sector will it be in?

I don’t have any specific plans at the moment. However, there are two things that I want to focus on: giving back to the community and my family.

One area that I’m passionate about is the arts, such as drawing and painting, and I would love to spend more time on that with my children.

While I don’t think I will stop working, I hope to continue spending more time with my family and either pursue something through which I can give back to the community or help build organisations.

Diversifying into multiple verticals and becoming successful is never easy. How did gojek manage to get this right? What role did tech play here?

At gojek, it has never just been about one person, but rather it’s about the social impact we can make collectively. We are passionate about solving problems for people, and that is why gojek has become so adept at building a marketplace in sectors that were traditionally considered less organised.

This has helped us to build a business with a whole range of services, from food to entertainment and transport, and our aim is to continue being that one-stop app that helps solve daily problems for people.

Tech has played a huge role in our journey. For example, we developed an event-based architecture very early on. This means that we use events to establish communication within our ecosystem and respond to user needs, which allows us to accurately match demand to supply.

The Product Engineering team has also been instrumental in gojek’s journey. There is a real sense of ownership within the team, which has united us and helped us to work well towards a common goal.

This culture will continue to help us grow in the years to come as we develop more services and solutions that meet the needs of gojek users.

Also Read: gojek names Facebook, PayPal as new investors in latest funding round

What were the specific contributions/initiatives/products that you brought to the gojek table? And how transformative have they been? With you at the helm, did the company leverage technologies like AI, robotics, IoT, drones, blockchain, etc.? 

AI plays a big role in helping us understand our partners and users, which in turn allows us to improve our services.

For example, when it comes to estimating how long a driver will take to reach a user, we have to take into account not just the distance but other factors like traffic jams and whether it’s a motorbike or a car.

AI allows us to understand and learn these things and that enables us to give far more accurate estimates to our users and improve the overall experience.

On the user front, AI also helps users utilise the gojek app more efficiently. AI can understand user intent and give them recommendations based on past purchases.

Ultimately, when users spend time on gojek, we want to ensure that their time is spent efficiently and that their needs are met.

While it has been a fairly smooth ride for gojek in the past 3-4 years, the outbreak of COVID-19 changed things for the worse. How did the startup manage to survive the crisis? What role did tech play here?

gojek responded very quickly to the COVID-19 outbreak, rolling out a whole series of initiatives very early on to ensure the safety of our driver and merchant partners as well as our users.

From the beginning of March 2020, we started introducing temperature screening points for drivers, contactless deliveries and online training on safety measures for merchants, among others.

The focus has always been on ensuring our driver and merchant partners are safe and know the right protocols, so that our users can also have peace of mind.

Also Read: gojek investor Northstar makes first close of its US$800M fifth fund

Another aspect that I’m proud of is the way the management and employees at gojek have responded.

In March, we launched the Gojek Partner Support Fund to support the welfare of our driver and merchant partners during this time. The management team donated part of our salaries and all planned salary increments were also redirected to the fund, while employees made additional contributions voluntarily.

You successfully built many tech companies and were part of several others before joining gojek. How did this immense experience help you at gojek? Also, what are the key lessons/learnings that you will carry with you when you depart gojek?

My past experience as a founder has made me work hard and focus on innovation in everything I do. It has also taught me that there is always a solution, no matter the circumstance.

In fact, a lot of innovation happens precisely because of constraints. At the start of gojek’s journey, we had far fewer people than we do today and were faced with the daunting task of having to find more talent, while still delivering high-quality products. But we managed to do it, even with a smaller team!

My experience in connecting with teams and people as a founder has also enabled me to build strong relationships with my team at gojek. Staying positive is key, and I also believe that empathy is a trait that all leaders should have. It’s important to understand that people work with you (not just for you) — that is a mindset that has helped me a lot.

How do you compare your experience being a founder v/s being gojek’s CTO? Which has been more fulfilling and satisfying, and why?

Both have been very fulfilling. One of the great things about working at gojek is that I’ve never felt like this is just a job. As I step down from my role, I know I am not just leaving colleagues and a great team, but also a family.

I’ve always told my team that they are my 9am-5pm family, and this is something that will always remain even after I leave the company.

In a way, working at gojek has been more impactful as compared to when I was a founder. My time at gojek gave me the opportunity to work with an extremely inspiring, capable team, and I have also learnt a lot from being part of a company that makes a positive impact on the lives of so many people.

gojek recently sealed investment deals with WhatsApp and Paypal. While the PayPal integration sounds interesting, how will you deal with regulators of several countries moving forward. Also what is the rationale behind the WhatsApp deal?

Digital platforms and payments are the future and will continue to play an increasingly large role in the lives of consumers. We believe very strongly in these trends, and will continue to work with our partners to further enable the digitisation of businesses. The vote of confidence from our investors shows that we are on the right path.

Also Read: Afternoon News: gojek’s senior management donates 25 per cent of annual salary to COVID-19 affected partners

The world that we live in is also changing amid current circumstances, and the microeconomy in Indonesia and Southeast Asia will likewise go through significant shifts. There will be many opportunities for gojek to contribute, and our latest partnerships will enable us to make an even bigger difference in the region.

What are the positive sides of the Coronavirus outbreak from gojek’s perspective? How did the company exploit this?

I believe that gojek is going to play an even more important role in the post COVID-19 world. More people are staying home and there is a real opportunity here for gojek to contribute in terms of facilitating payments, logistics and generally connecting demand to supply, as more people look online to meet their daily needs.

We have already been doing this amid the pandemic by adapting our services to meet consumer needs and enabling more merchants to go online, but there is a lot more to be done.

As we adapt to life in a changing world, this will be one of the most powerful things we can do for Indonesia and Southeast Asia.

gojek is already a super app. What is next for the company? Also, is it looking to expand outside of Southeast Asia?

As a tech company that focuses on solving problems, the options for gojek are limitless. If we find the right partners and there is a suitable opportunity for us to contribute, we will certainly consider doing so.

Our focus has always been on helping businesses and consumers through tech, and this will not change even as gojek grows and expands.

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Image Credit: gojek

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