Since Tinder was introduced to the market in 2012 (a kind of revolution in the online dating space back then), the world underwent several massive changes, including widespread adoption of dating apps among the young generation (and of course, the outbreak of COVID-19).

The simplicity of Tinder has swept the world for eight years now, and the US-based firm has built an empire on its own, becoming a benchmark for many modern dating apps, which are looking for ways to fix the ‘flaws’ of Tinder and introduce a ‘perfect’ product.

The runaway success of Tinder also prompted many dating apps to enter and try out their luck in the Asian market, with the hope that Artificial Intelligence and new-age technologies could bring home the love.

This led to a massive growth, particularly in Southeast Asia, a rather conventional region in Asia, with Singaporeans, Malaysians and Indonesians all collectively spending US$18.7 million on dating apps in 2019.

And now, faced with the seemingly unfazed pandemic that wiped out half of the options of dating out there, this number is expected to increase as it is the only option left for romantic social interaction.

Video conferencing in online dating

According to Shn Juay, CEO of Singapore-based dating app Paktor, online video-based dating is expected to soar in the coming years.

Indeed, online video-based dating was already a hit way before the novel coronavirus devastated the world.

“About six to seven years ago, users of online dating apps used to feel content just seeing pictures of potential suitors and reading their bio. But today, video conferencing has improved with better internet networks and smartphones, forcing dating platforms to pivot to cater to video features even before the pandemic hit us.”

Also Read: Top reasons why we download dating apps but neglect using them afterwards

Juay noted that most dating apps were already adding video functionality to the apps. As per a BBC article, global dating platforms such as eHarmony, OKCupid, and Match have reported a big rise in video dates, while Tinder rolled out its own video dating function back in June.

Quoting the Tinder CEO Elie Siedman, the article explains that the video call service operates on a double opt-in policy, allowing both sides of the match to agree to it for free and supported by a team of moderators.

Siedman added that the changes to dating — brought in by lockdowns — have merely accelerated a generational change Tinder was already tracking in focus groups. As per this, video has become the key preference, thanks to a whole new, tech-savvy generation joining the app that has grown up immersed in social media apps and seen that virtual world as something natural.

COVID-19’s blessing and curse

After the lockdown was imposed by governments across the world, many dating apps saw a rise in the number of users. Tinder, for example, made three billion swipes worldwide on March 29, the most an app has ever recorded in a single day.

In the UK, the BBC report added, daily conversations rose by 12 per cent between mid-February and end-March.

However, in terms of subscription, there was a slow-down in the number of paid users but data showed that new sign-ups for premium membership picked up when life gradually returned to normal.

As for Paktor, Juay highlighted the need to be creative in the process of using video platforms as the first place for matched couples to have their first date. “People are now more open-minded to meeting online for the first time, where they initially demanded to meet in person as it feels more real. But with physical distancing imposed by the government, it’s getting hard.”

As per a Paktor data, as many as 80 per cent of its users have seen video conferences in a new light and had an appreciation for dating via videos.

Esther Chang, Co-founder of Singapore’s DateOut, a curated marketplace app to provide experiences and activities targeted at couples and tourists, shares that although the number of online dating users has increased, the ultimate goal of a couple is still to meet offline.

Also Read: Paktor CEO on why online dating is better than a school or workplace romance

“However relevant it is now, the online meeting doesn’t allow for the observation of preferences, understanding the vibe that you give off, things such as smell and body language; it’s not something accessible via virtual meeting. I think with this setting, people start to lack in physical social interaction that can lead to a decrease in settling down for a committed relationship,” observed Chang.

Juay also shared a similar sentiment. “What doesn’t change from a tech perspective is that these tech platforms are neutral ground for finding prospective matches, but for romantic relationships to work, they have to end up offline. That won’t change.”

A safe step in online dating

Juay has, however, pointed out video dating apps have many benefits as they can be a step into a dating in the real world.

“Video dating is now more and more common and it will be more natural, moving forward. It will be a common step moving forward because it actually has a lot of benefits as a great first litmus test,” Juay said.

Juay then went into details how video calls can help eliminate what she called ‘distractors’.

“Meeting someone for the first time through an online video can be a good way to stay safe indoors, without you trying too much to look good. Logistics-wise, it is a lifesaver for us, especially females,” Juay said.

In addition to that, there’s also an opportunity to immediately end the conversation if you don’t feel comfortable or you don’t get along with the prospective match.

“Dating can be exhausting as it can take weeks to set up. Video dating can just get you to your first date almost immediately. You can just schedule a lunch call together and can do video calls multiple times without being exhausted, all before meeting in real life and with no logistics involved such as worrying about splitting the bills,” she added.

Personalisation and localisation is the future

In Southeast Asia, online dating has become more of an option. It is not just because of the lockdown but also because experts have found the tendency of keeping dating secret actually works for Southeast Asians.

Applications such as Tinder, OkCupid and TanTan are great for finding matches but genuine conversations, dates and successful relationships rarely come from them.

In a recent article published by GenT, it was revealed that Paktor has been tapping into a need for discretion by changing the rules and only requiring people to enter a phone number to join, rather than link to a social media account.

So now with video dating taking up the industry by storm and providing another step before in really going all in for a date, what’s next?

“When you’re behind the screen, you can fake things. It’s so easy to fake things, and it’s really important that all these dating sites have proper screening and make sure that the matchmaking is done on a personality basis to reduce the time spent to find ‘the one’,” Chang adds.

Also Read: Why Tinder beats Bumble and the world is still not ready for a feminist dating app

However, these dating companies can’t be held accountable for anything fishy coming up from their sites — if they have already taken the necessary safety precautions.

“If a dating company has done services for safety measures like a hotline, suspended any accounts after a thorough background check, and red-flagged users who harassed other users, then that’s it. So far, in the dating industry, that’s about it,” Chang said.

But there’s always more to it.

“As not everyone is naturally good at making conversation, we can educate people through webinars or masterclasses on these basic social skills and getting individual perspectives. This way, dating apps and platforms can also facilitate a social skill and can become a good launch way,” Chang said.

Juay also agrees to this type of personalisation in dating app and online dating.

“I think many people can benefit from such education, as communication is also crucial in dating and everybody approaches it differently. Fewer people will experience rejection due to their lack of basic communication skills, and more people will gain confidence that they need to succeed in dating,” Juay said.

Paktor, in collaboration with Singapore Development Network, provides dating content such as steps in online remote dating with video, co-produced with Fleek and Paktor’s GaiGai, as well as promoted remote dating content through a webinar.

Gaigai is a traditional matchmaking business run by Paktor Group, where customers can come to them for a consultation and it helps arrange first dates. This offline arm worked very closely with Paktor as the online meeting ground.

In its Singapore’s headquarters, Paktor has a team that can act as trained moderators joining in a call with two people meeting for the first time in a video call. These moderators become a buffer between the couple, especially if they have stated their concern over conversation dying down. “Icebreaking is hard,” Juay added.

Now, it’s up to the dating apps to make sure they remain relevant and engaging in a tech-enabled setting. What tricks up their sleeves next to make users feel like it’s worth their time to try finding love online and at the same time, gain value from it.

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Image Credit: Pratik Gupta on Unsplash

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It has been a gruelling 2020 for businesses everywhere, and it’s no different for Singapore startup piggyback. Willynn Ng, Founder of Piggyback, shared how she has to contend with roadblocks just as they were making growth plans for their business.

“A lot of people from our outsource team suddenly had to be bound by certain kinds of regulations in Singapore,” she begins. “Some of them are [also] not used to working from home because all their assets are in the shared office.”

This, at a time when Piggyback is looking at seizing the chance, forged inadvertently during the pandemic: the abrupt rise in e-commerce demand. For context, the company implores digital transformation as an end product from the traditional delivery service it used to be — operated with only one truck and one handphone.

“It was supposed to be our opportunity to expand,” Ng explained, as the pandemic hit when they were right smack in the middle of developing their app.

Adding to this predicament is the difficult call to vacate their physical office, which to Ng is akin to letting go of corporate branding and “face value” (in the Chinese context).

“But [if we don’t have] money, we don’t even have any face,” she muses.

This is where e27 caught up with the resilient founder: at a pandemic-induced crossroad, dealing with tough choices. Ng interweaves piggyback’s current business journey with their e27 Fundraise Programme experience.

How the e27 Fundraise Programme exceeded initial expectations

In a nutshell, the e27 Fundraise Programme aims to address its members’ fundraising woes with increased visibility, access to global investors, and an end-to-end SaaS platform to manage their capital-raising process. This programme is in partnership with Wholesale Investor (WI), Australia’s leading investment platform that connects innovative, emerging companies that are looking to raise capital.

At first, Ng joined e27 Fundraise for branding and visibility. Indeed, being part of the programme gives members exposure not only among the vast e27 community but also among the global reach of investors under WI, which currently has over 29,300 high-net-worth investors, fund managers, family offices, PE and VC firms, government bodies and industry participants.

Of course, fundraising was on her mind especially these days, but admits, “we don’t want it to be like a business model whereby we just rely on it for funds.”

Even then, Ng was surprised to discover that investors in the Fundraise Programme were keen to meet with her.

“I’m just a very small company,” she admitted, “but when I get five investors to come to the deal room … I wasn’t expecting any, to be frank. Because at that time, it was just a concept. There’s no prototype that I can show anyone. It was just an idea. I never thought that an idea can actually get that certain kind of interest.”

Also read: e27 partners with Wholesale Investor to help startups raise funds

Through the Programme, the team received much-needed validation and motivation

Ng revealed how she never thought her idea would get any kind of attention. “But when I get five investors from the deal room, it’s something like, ‘hey, not bad huh?’” This recognition gave the founder validation at a time when she felt she was merely eating the bigger players’ dust.

“Previously, there was an investor who told me that my idea doesn’t work because there are bigger players.” However, with the kind of reception she received from the investors in the e27 Fundraise community, Ng became more motivated to persist in her startup’s business journey.

Prompt support and engagement during COVID-19

According to Ng, the WI team has been very active in engaging its members since the pandemic started. This interaction came in the form of newsletters and personal emails delivering helpful tips on what to do and what not to do. WI also opened the communication line by encouraging its members to ask tough questions.

These efforts have added much-needed guidance to Ng and her team as they navigated through the new normal.

Also read: How leveraging e27’s ecosystem platform complemented XNode’s community-building efforts in Singapore

The future looks hopeful for small businesses like piggyback

While settling into the work-from-home set up and with great things brewing over at their Fundraise membership, Piggyback is also busy seizing the opportunities offered by the Singapore government.

Entities such as the Economic Development Board (EDB) and Enterprise Singapore (ESG) have been instrumental in guiding piggyback in its app development and in working out its initiative to educate the mum and pop store owners in their digitalisation journey after app launch. Ng affirms that they’re also running this educational component with the help of IMDA’s “go digital” concept.

At the moment, piggyback may be focussed on staying afloat, but Ng remains optimistic that small businesses such as hers will make it through the hurdles. Not only does she have a dedicated team willing to ride this out with her, but she also has the unwavering support of the government, plus the various benefits and opportunities generated by the e27 Fundraise programme.

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Piggyback became part of the e27 family when they joined the e27 Fundraise Programme late last year. You too can leverage the reach, support, and network of e27 and Wholesale Investor (WI)! Visit our e27 Fundraise Programme page to learn more.

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Indonesia-based business packaging specialist startup Tjetak has secured an undisclosed sum in Series A funding, led by Vertex Ventures.

The new round will help Tjetak to serve more businesses by providing custom packaging that is “fit-to-purpose”, it said in a statement.

“We plan to use this funding for three primary allocations, namely the expansion of operational areas and strengthening of human resources, the development of new features, and the improvement of our lab capacity and packaging facilities,” said Co-founder Anggara Pranaspati.

Tjetak was founded in 2018 by three alumni of the University of Indonesia — Pranaspati, Raffisal Damanhuri, and Hasandi Patriawan.

According to Pranaspati, since the outbreak of COVID-19, many Indonesians started SME businesses while enterprises recorded an increase in online-based transactions. The number of SMEs joining e-commerce platforms is also on the rise. As per a Tokopedia data, the number of sellers joining its e-commerce platform has increased by 250 per cent.

These businesses are likely to need professionally-designed packaging to enhance their brand value.

“From our observation, the packaging industry has several pain points. Firstly, the process of getting price quotes requires a long time and complicated specifications. Second, improper packaging design can also cause losses, both in price and final product. Third, the production process tends to not be transparent. Clients are finding it difficult to predict production time and might incur losses when the production is not on-time for any reason,” explained Pranaspati.

Tjetak is seeing an opportunity here by bringing in specialisation in the plastics and paper packaging market, which is estimated to be US$6B-plus.

Tjetak utilises its technology and expertise to create packaging solutions for businesses. For example, during the price request process, Tjetak says its pricing engine technology can calculate prices up to 70 per cent faster than manual methods.

Also Read: Meet the 19 startups representing Indonesia at the Echelon TOP100 Qualifier Roadshow

The firm also offers price efficiencies for 10-15 per cent on various types of packaging with a team of consultants ready to help the clients by brainstorming and developing the best packaging for their products.

Clients can track their real-time production progress on the Tjetak.com platform. They can see the work stages that are currently underway and get regular updates on the estimated production time.

“The packaging industry is highly fragmented and plagued by non-transparency. Using its proprietary platform/engine and data, Tjetak facilitates supply and demand where customers can conduct essential business processes such as showcasing price, design, as well as production and delivery on a single platform with clarity and transparency,” noted Pranaspati.

As of now, the startup offers four main packaging categories, namely corrugated carton box, offset printing packaging, flexible packaging, and rigid boxes.

In the past two years, Tjetak has scaled up its business by serving clients from various industries, such as FMCG segment, F&B, e-commerce, logistics, and pharmacy.

Going forward, Tjetak plans to focus on creating sustainable or more environmentally-friendly packaging to help customers transition to a greener lifestyle.

“We also aim to develop a technology that can build the structure and graphic design needed to meet the various types of packaging sought by clients,” Pranaspati added.

The firm’s clients include PT Eka Boga Inti (Hokben), Ayam Geprek Juara, PT Laniros Dian Pharma, Halodoc, Alfacart, and Tiger Sugar.
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Picture Credit: Tjetak

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Malaysia-based JurisTech, a provider of software solutions for banks, financial institutions, insurance providers and telecom companies, today announced the acquisition of local financial products and loans comparison platform iMoney.

The transaction details were not disclosed.

This announcement follows reports of iMoney’s largest shareholder iSelect exiting the company by selling its investment back to one of the founders for a “nominal value” due to uncertainties caused by the pandemic.

According to The Edge, iSelect reportedly held 84.3 per cent stake in iMoney.

Also Read: Australian financial comparison site iSelect acquires majority stake in iMoney

The acquisition will allow both companies to fuel growth through enriching customer experience and deepening the relationship with their financial institution partners, as per a press statement.

“With the world heading towards digital banking, banking is no longer just a transactional business but also an end-to-end experience for consumers, starting from education to holistic user experience. We are delighted to have iMoney join us in our journey to expand our innovation by offering beyond just enterprise solutions to our clients,” said See Wai Hun, Co-founder and CEO of JurisTech.

Also Read: Going big? Then Go e27 Pro.

Wai Hun added that faster loan approvals and accurate matching of the right financial products for consumers can only be achieved with superior technology coupled with consumer know-how.

“JurisTech will help to improve the platform’s technology capabilities and enhance its product matching capabilities. As part of the company, we can now provide a better experience to consumers including more refined product matching capabilities and improve the customer journey to make applying financial products easier,” said Lee Ching Wei, Founder of iMoney.

Also Read:  Malaysia’s iMoney makes major management shifts ahead of new round

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Image Credit: Omar Elsharawy

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RedDoorz announces three senior appointments

The story

RedDoorz, Southeast Asia’s leading online hotel management and booking platform, today announced the appointment of Kelvin Teo as Chief Operating Officer (COO), Trixie Thye as Regional Vice President (Human Resources).

At the same time, Liviu Nedef, Senior Vice President (Marketing and Communications), has been promoted to Chief Marketing Officer, effective immediately.

Who are they?

As the COO, Teo will oversee the business and operations for RedDoorz across the region. Kelvin brings with him 20 years of experience in the tech and online industries. Prior to RedDoorz, he served as Managing Director for Groupon Asia and as Chief Business Officer for Southeast Asia’s leading finance portal, MoneySmart Group.

Also Read: ‘RedDoorz, OYO use too many short-sighted tactics to artificially pump vanity metrics’: ZEN Rooms CEO Nathan Boublil

Thye brings almost two decades of experience with notable global corporations such as Accenture. Most recently, she was the Regional HR Vice President and Business Partner with Beijing-headquartered IT consulting and outsourcing company, Pactera.

Nedef will continue to play a key role on RedDoorz’s leadership team as the CMO, where he leads the company’s marketing, communications, and direct business-to-consumer (B2C) sales efforts.

Across the region, RedDoorz currently operates a network of more than 1,800 properties in over 150 cities, spanning Indonesia, Singapore, the Philippines, Vietnam, and Thailand.

A year ago, RedDoorz raised US$70 million in Series C funding round, led by Asia Partners, with the participation of Rakuten Capital, Miraj Asset-Naver Asia Growth Fund, Qiming Venture Partners and IFC.

EVOS Esports, Visa Indonesia announce strategic collaboration

The story

EVOS Esports, an e-sports organisation in Southeast Asia, has announced a strategic partnership with Visa.

What is the partnership about?

The collaboration includes using Visa as the preferred payment solution when fans apply for EVOS membership. EVOS Esports will also enable payments via Visa for in-game currency purchases and EVOS Esports merchandise.

Also Read: e-Sports company EVOS receives US$4.4M funding, focussing on growing entertainment division

This strategic collaboration is in line with EVOS Esports’ “Unlock Your Dreams” campaign — unlocking the dreams for esports fans via Visa and inspiring the next generation.

What is EVOS?

EVOS is the leading e-sports organisation in Southeast Asia, and has won world championship titles; Mobile Legends: Bang Bang World Championship (M1) 2019 and Free Fire World Cup 2019.

In November 2019, EVOS Esports raised a total of US$4.4 million in Series A funding.

EVOS currently manages 160 gaming influencers exclusively and partners with over 200 e-sports talents.

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Image Credit: RedDoorz

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The Alliance to End Plastic Waste and Plug and Play today jointly announced the 11 finalists selected for the Asia Pacific hub of the “End Plastic Waste Innovation Platform”, a 90-day accelerator programme that supports startups on their innovations in addressing the menace.

The pitch via a virtual Selection Day was organised from Singapore, which makes it the organisers’ third selection hub, following its previous programmes in Silicon Valley and Paris.

The first to be held in the Asia Pacific, the programme is designed to focus on three areas: collecting, managing, and sorting plastic waste; recycling and processing technologies; and creating value from post-recycled plastics.

The accelerator programme will help selected startups seek funding from companies and investors, along with a range of global resources to address these focus areas.

Also Read: One man’s trash is another’s gold: How Tridi Oasis plans to transform plastic waste management

The 11 selected startups are from Australia, India, Indonesia, Myanmar, and UAE:

• Agile Process Chemical LLP, a tech recycling plastics with the technology and machinery supplier for recycling end-of-life plastic waste
• Banyan Nation, an Indian startup that unlocks the market for premium recycled plastics in India through technology innovations across the value chain.
• Bintix, a startup that brings the data dimension into waste management, where all household waste is recycled and the value of waste increases ten-fold.
• BlockTexx, a clean technology company that recovers polyester and cellulose from textiles and clothing.
• BluePhin Technologies, a smart robot that can collect floating waste in commercial water bodies.
• Ishitva Robotic Systems Pvt Ltd, a tech company that designs and builds automated solutions using Artificial Intelligence, Machine Learning and IoT for sorting and segregation of dry waste including plastic waste.
• Myanmar Recycles, a plastic film recycling facility specialising in post-consumer plastic that collects, sorts, washes, and pelletizes often ignored, hard-to-recycle plastic film into resin for domestic and international sale.
• Plastics For Change, a marketplace platform that connects waste-pickers to global markets and ensures a consistent supply of high quality recycled plastic for brands.
• PolyCycl, a company with a patented technology that chemically recycles waste plastics to petrochemical feedstock that has been approved for the manufacturing of new monomers and plastics.
• Re>Pal, a company that does a 100 per cent mixed waste plastics from Indonesia into logistic pallets for sale across Asia from a factory in East Java.
• Rekosistem, an end-to-end zero waste management startup that aims for sustainable via digital solutions and renewable energy.

Today, some three billion people in the world have limited to no access to municipal solid waste management systems, and Southeast Asia is also in a bad shape, even with hopeful tech companies and startups striving to help put an end to it.

Also Read: One man’s trash is another’s gold: How Tridi Oasis plans to transform plastic waste management

According to a World Economic Forum’s National Plastic Action Report on Indonesia, 70 per cent of Indonesia’s plastic waste –estimated 4.8 million tonnes per year– is considered mismanaged. In many countries in the region, plastic waste is openly dumped or burned on land, deposited in poorly managed dump sites, or leaked into waterways and ultimately the ocean.

The End Plastic Waste Innovation Platform is a collaboration and shared vision by the Alliance, an international non-profit organisation, and Plug and Play, a global innovation platform. This platform seeks to tap into the best technology startups and links them with the resources, experience, and expertise from the world’s largest corporations so their innovations can be brought to scale.

The End Plastic Waste Innovation Platform has hubs in two other cities, Paris and Silicon Valley.

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Image Credit: Bas Emmen on Unsplash

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KitaBeli, an Indonesia-based startup, has raised an undisclosed amount of seed funding round to help users do group buying through their platform. East Ventures led the deal with participation from AC Ventures and some angel investors.

The fresh capital will be used by the company to expand locally, potentially across two-to-four cities.

Founded in March this year, KitaBeli is a social commerce platform where users can invite their friends to form groups to receive discounts from suppliers of fast-moving consumer goods (FMCG) products. This concept is widely known as group buying and is already popular among several Chinese e-commerce companies.

“Indonesian consumers are extremely social. They love to share information about deals, discounts, and purchases with their friends and family,” co-founder of KitaBeli, Prateek Chaturvedi, said in a press statement.

“We saw that other platforms have not been able to tap into this behaviour. KitaBeli gives users a convenient way of sharing purchases with their friends and inviting them to buy together and save money. As a result, everyone can get lower prices for daily needs.”

Also Read: Indonesia’s B2B FMCG marketplace GudangAda raises US$25.4M Series A to launch new initiatives

The platform is currently only available in the Greater Jakarta Area while the KitaBeli team operates from both India and Indonesia.

The tech team is based out of Bangalore whereas the operations and marketing teams are located in Jakarta.

This funding comes at a time where the FMGC sector has seen an increase in demand because of the increase in consumption of food at home.

AC Ventures Managing partner said that consumer goods are a massive sector in Indonesia with room for growth and KitaBeli’s unique approach to uses social networks during the process of buying consumer goods can result in a high frequency of purchases.

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Image Credit: KitaBeli

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Zalora’s General Counsel promoted as Chief People Officer

The story: Online fashion retailer Zalora has appointed Louise Pender as its Chief People Officer.

Reporting to the CEO, Pender will be responsible for overseeing the People and Culture teams across all Zalora’s markets and will lead all HR functions, including talent acquisition, talent development, ensuring diversity and inclusion, compensation and employment best practices, workforce planning and strategic business partnering.

She will concurrently head the Legal and Sustainability team, in her existing role as Zalora’s General Counsel.

Also Read: Lazada, Shopee and Zalora are most visited e-commerce sites in Philippines

Who is Pender?: With over 20 years of experience providing legal and business advice across three continents, Pender brings with a wealth of experience in change management and organisational development. Her previous work includes senior roles at United Group Services and Siemens in Australia, Gate Group Holdings in Switzerland, and Gate Gourmet in the US.

Pender is initially qualified as a Barrister and Solicitor at the High Court of New Zealand in 1997, and was subsequently admitted as a Barrister and Solicitor of the Supreme Court of Victoria, Australia in 2003. She was later admitted to the Virginia State Bar in 2013.

Nium expands presence in Latin America

The story: Global fintech platform Nium (earlier known as Instarem) has announced a partnership with Costa Rica’s fintech company Teledolar.

Through this partnership, customers of Teledolar will be able to conduct outbound payments in real-time to an expanded list of markets, including Europe, the UK and the US, among others.

Benefits: The LatAm market’s fintech industry is thriving and it is primed for innovative fintech solutions. Not only is the region one of the fastest-growing in terms of internet and mobile adoption, regulators across LatAm have been borrowing from Europe’s open-banking playbook to break up incumbent bank monopolies and are implementing measures to increase the adoption of digital payments.

Also Read: BRI, Visa join remittance firm Nium’s Series C round to facilitate tuck-in acquisitions

COVID-19 has further exacerbated fintech growth, with many turning to fintechs to maintain service level amid the pandemic or to come out of this crisis with better digital offerings than before. The expansion of Nium’s presence in LatAm will help fintechs, banks and financial institutions digitise their solutions much faster, and, in turn, provide better digital financial service offerings to their customers.

The expansion of Nium’s presence in LatAm aims to help fintechs, banks and financial institutions digitise their solutions faster, and, in turn, provide better digital financial service offerings to their customers.

Nium currently operates its Send, Spend and Receive business in over 100 countries, 65 in real-time.

India’s Virohan raises US$2.8M funding

The story: Virohan, an online health education platform based in Gurgaon, announced today it has raised US$2.8 million across seed and Series A funding.

Investors: Keiretsu Forum, elea Foundation for Ethics in Globalization, Singh Family Trusts.

Plans: The fresh investment round will enable Virohan to continue to introduce and expand new virtual technologies in the vocational training segment allowing for greater accessibility, scalability and immersion at affordable costs.

Also Read: The changing face of healthcare in a post pandemic world

It will also use funding to expand their content library by introducing standardised content to students in 15 additional languages and grow its partnerships from dozens to hundreds of institutions.

What is Virohan?: A training partner of NSDC and a Yunus Social business Investee company, Virohan works with GE Healthcare and the Indian Medical Association (IMA) among others across India to provide youth with a career in the healthcare sector and make available trained workforce to the industry.

The courses offered emphasize on development of core technical skills, language abilities, and life skills in the student through gamified blended learning delivered by its facilitators in classrooms or purely online on its myCareer app.

All programmes include long internships at hospitals for hands-on practice of the skills acquired. Virohan is a fee-based model and in order to encourage young people to join, financial linkages are provided with easy installment-based payback options after a job is secured by the users.

Virohan’s vision is to educate more than a million students by 2025 through its blended learning platform.

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Image Credit: Nium

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As the world grapples with the virus, one industry is quietly playing a key role in helping communities respond to the pandemic: telecommunications.

Because of our core business, robust customer base, ICT skills, and technological capabilities, telcos are uniquely positioned—and I daresay have a duty to deliver infrastructure and connectivity to customers.

Already, the industry is supporting en masse remote working and learning by upgrading services to cope with higher bandwidth demands and providing discounted services and payment flexibility to struggling individuals and businesses.

For example, during the circuit breaker period, M1 augmented its fibre broadband network capacity to support higher residential traffic as well as enhanced coverage of foreign worker dormitories. For SMEs, the focus is much more on enabling digital transformation and enhancing business continuity.

Beyond all this, telecom operators in Singapore are at the forefront of 5G rollout in the hope that it reignites growth and delivers maximum value for both businesses and consumers.

Enabling people and businesses

The pandemic has triggered mass telecommuting, but even with the restrictions easing, working from home is likely to become a fixture. To make the transition easy for people, telcos must strive to understand customers’ experience and ensure superior connectivity and reliable network quality.

Also Read: The proliferation of 5G will transform businesses and societies: Here’s how

Beyond that, telecom operators have a role to play in subsidising mobile and broadband costs and offering rebates to low-income and vulnerable segments of the population. Recently, we launched two new subsidised mobile plans to support the digital journey of Singapore’s silver generation as part of IMDA’s Seniors Go Digital Programme.

In the same vein, we must also extend this altruism to SMEs, a key engine of the country’s economy. Now more than ever, we need SME-specific initiatives to help businesses survive this trying time. Many of these companies are experiencing business disruptions due to supply chain interruptions, the inability to fulfil customer orders, and not having the proper resources in place to work remotely in a productive and effective manner.

To ensure their business continuity, M1 has partnered with IMDA to create affordable business solutions – that are available for grants – to not only help businesses stay afloat, but thrive while working remotely. And because SMEs will continue to need support even after restrictions loosen, we are committed to providing services and solutions throughout 2020 and beyond.

The potential and promise of 5G

It’s early days for 5G rollout in Singapore, but the arrival of this altogether new frontier in communications couldn’t come soon enough.

At a basic level, 5G offers lightning-fast speeds, low latency, and the capacity to carry a massive number of connections simultaneously – but its more exciting potential is in supporting internet-connected devices that will perform functions unheard of.

For aspirational Smart Cities like ours, 5G is a crucial milestone to enable an interconnected infrastructure that makes our spaces more efficient, convenient, safe, and liveable.

The upshot for telcos is huge, too. According to the Association of Southeast Asian Nations (ASEAN), 5G has a wealth of potential for operators. In fact, 5G could add six to nine per cent to consumer revenues and 18 to 22 per cent to enterprise revenues by 2025.

For all this to happen, telecom operators will need to innovate and create partnerships to reinforce the opportunities for 5G. Earlier this year, M1 partnered with Singapore Innovate (SGInnovate) to help startups use 5G technology for their products and solutions by connecting them with corporate partners and providing technical support.

As part of this, we are also working directly with selected startups to help them with the development, testing, and application of 5G technology for their products or solutions.

Also Read: 5G and the 5 new things it will bring to the world of logistics

One area that holds tremendous promise is healthcare, specifically patient applications that are traditionally performed in hospital settings by health specialists. Some of the best use cases in this category include precision medicine, online consultations, remote surgery, and applications to monitor the health and administer medication remotely to better manage chronic ailments.

In the healthcare sector, our collaboration with SGInnovate will help to identify start-ups with a proof-of-concept, commercially ready products, and innovative applications, such as real-time health monitoring, remote diagnosis, and consultation.

For example, ECG rhythm monitoring devices that can be paired to a phone via Bluetooth can send signals directly to a cloud server database that allows doctors to view, analyse and diagnose patient information.

5G connectivity enables greater bandwidth usage, while intelligent network slicing separates and prioritises mission-critical functions. Crucially, the incredible low-latency attributes of 5G means the haptic feedback is felt in near real-time. These precious seconds saved to make a huge difference. Really, the possibilities are game-changing and limitless.

Today, as governments and frontline workers scramble to deal with COVID-19 and overburdened healthcare systems, I can’t help but consider the vital impact of 5G and its emerging applications.

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While the rapidly-evolving China market never fails to keep foreign new entrants up on their toes, thorough consideration of important lessons could translate into a successful entry into the world’s second-largest economy.

After a slew of pre-opening campaigns for more than half a year, Loft,  one of Japan’s most popular lifestyle specialty retailers, officially unveiled its first store in China at Shanghai Metro City. This new spot on the map was expected to become another popular location for Chinese consumers to ‘check-in’ to.

Unfortunately, among the cacophony of high expectations surfaced customer feedback that told a different story. Offering unlocalised products at non-competitive price points, Loft received critical responses on social media, leaving it at risk of brand damage in a market where reviews are integral to purchase decisions.

The story of Loft is not an isolated case. The Japanese household and consumer goods giant, MUJI, offers another case in point with its inability to adapt fast enough to the China market.

“MUJI”, as a concept, coincides with the demand of Japanese consumers in the 1980s for high-quality products sold at reasonable prices, available everywhere – convenience stores, shops at subway stations, and even vending machines.

As MUJI expanded into China, the core concept that propelled it into a Japanese household brand was lost in translation. It morphed into a premium brand that only appeared in high-end shopping malls in first-tier cities.

Consumers were turned away by its non-competitive prices and headed for prominent local competitions with the likes of MINISO, Taobao Xinxuan and Xiaomi YOUPIN. Beyond challenges in localisation, further brand damage caused by inconsistent product qualities and an episode of food safety in early 2019 paved a rocky road ahead for the Japanese retailer.

Also Read: Launching is easy but survival will be hard for Indian startups in China, say experts

Unable to compete and survive in China’s unforgiving business environment due to policy barriers, rapidly-changing consumer behaviour, and fierce local competition, many other foreign entrants have failed to find their foothold.

However, challenges to localisation do not throttle the influx of new entrants as the reasons why China should be the next market to expand to far outweighs the risks.

Why localisation succeeds

Having recounted some localisation pitfalls, there is also merit in celebrating successes, from which three key success factors were identified. They revolve around a paradigm shift – that translation alone is not enough and we need to adopt an MVP mindset and assume that product-market fit needs to be re-established.

Thorough understanding of Chinese consumers
Besides standard market segmentation and targeting activities, cultural differences is another dimension that needs to be considered. With a plethora of ethnic groups, mainland China’s complex cultural landscape proved to be a challenge for foreign entrants. Different cities need to be treated differently, by starting afresh with new paradigm shifts.

KFC, the American fast-food restaurant chain, proved that it was not easy navigating the cultural differences even between major Chinese cities. Following the opening of its first outlet in Beijing in 1987, KFC went on to establish over 5,000 more outlets across 1,100 cities by 2019.

Having only minimally-differentiated offerings across the country, KFC soon received feedback from customers in Shanghai that its food was too spicy. Conversely, reports that KFC’s food was bland came in from southwestern provinces such as Sichuan.

This highlights that the cultural nuances across Chinese cities have to be studied thoroughly. Luckily for KFC, fast adaptations of recipes, menus and even the toys that accompanied kids’ meals helped maintain its foothold.

Strategic partnerships with the right local partners

The adage “If you want to walk fast, walk alone. If you want to walk far, walk together” perfectly describes how foreign entrants should consider localisation. Finding partners for entry into the China market helps circumvent common pitfalls and accelerates localisation by tapping into local networks and knowledge. Since a popular mode of market entry into China is through joint ventures, finding the right type of partners becomes the main point of focus.

Starbucks, the Seattle-based coffee chain, is a good example of a successful foreign entrant that worked with strategic local partners. Following the opening of its first outlet in Beijing in early 1999, Starbucks went on to establish 4,400 across 180 Chinese cities.

Also Read: How can Singapore benefit from the US-China trade war?

To increase operational efficiencies and accelerate its expansion across China, Starbucks worked with joint venture partners Beijing Mei Da Coffee in the north, Shanghai Uni-President in the east and Maxim’s Caterers in the south. The cooperation with partners avoided missteps along the expansion journey and Starbucks would later acquire controlling stakes in all three joint ventures.

In order to avoid possible legal disputes between foreign entrants and their local partners, it is crucial to clearly outline the legal structure of the collaboration. A mitigation strategy around the sensitive issue of intellectual property is to ensure multiple levels of precautionary measures are in place to prevent possible technology leaks.

The first is to make sure that an ample amount of time is spent building trusted business relationships with local partners. The second is to select and work with reputable legal service providers and ensure that protection is maximised. Finally, care has to be taken when granting local partners access to core intellectual property.

Short-cycle pivots and iteration to maintain product-market fit

Chinese companies are nimble, masters at innovation through commercialisation and would constantly challenge the ability of foreign entrants to go through pivots and iterations. Besides competition, the ever-evolving Chinese consumer landscape will also keep everyone on their toes to retain product-market fit.

Rapid retail innovations and strong synergies between online and offline channels are the drivers behind such evolutions in consumer behaviours. This highlights the importance of staying agile and preparing for short-cycle pivots and iterations, which will help retain existing foothold and further expansions.

Also Read: Plug into the entrepreneurial ecosystem in Shanghai with XNode

An example would be IKEA, the renowned Swedish furniture and home accessories giant that has taken a leap of faith with its expansion into Jing’an district in Shanghai with a “city store”. The first of its kind, the opening of this outlet was highly anticipated due to its close proximity to the city centre. The conventional offline shopping experience was also switched up by integrating an online mall through a WeChat mini-programme. Fast adaptations like the setting up of its “city store” have been well received and contributed to IKEA’s success in China.

The pivots or iteration process is also where innovation and management principles come in handy. Lean Startup’s Build-Measure-Learn Feedback Loop and 500 Startups’ Pivot Pyramid are effective tools to be implemented and customised to different developmental stages of different ventures.

China is and will remain a worthwhile market to venture into. Market entries, successful or otherwise, by foreign brands, ushered in key lessons to be learned and considerations to be made by successors. There will certainly still be risks but, as the mantra of Heinrich von Pierer (CEO of Siemens AG from 1995 to 2005) goes, “the risk not to be in China is bigger than the risk to be in China”.

Venturing into China: The Challenges and Key Success Factors of Localisation was originally written by the XNode Team (Emily Xu) and adapted for e27

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