Buy-now-pay-later (BNPL) didn’t take off in Singapore quite as quickly as it did elsewhere. The companies allowing people to spread their purchases out over instalments, such as Rely and hoolah, have only been around for a couple of years.

But with the recent economic shock from COVID-19 and a number of retailers leaving or shifting to online, there has been an immediate need for retailers to adopt new strategies. This has included pay later services.

What is it? Where is it?

BNPL can be thought of as a new type of credit. Acting as an intermediary, the BNPL companies allow consumers to make purchases with a retailer and then pay it off in instalments.

There are some differences between these instalment plans, but generally, the purchase is spread evenly across three or four instalments, with the funds being debited from the customer’s account.

The BNPL company assumes the risk of non-payment while the merchant pays a small per-transaction fee to offer the service.

BNPL has taken off around the world. Companies such as Klarna and Afterpay, two of the pioneers of BNPL, can be found in a number of countries across Europe, the UK, Australasia, and the US. 

Hesitant market?

In Singapore, access to credit is not an issue. A report from Wordpay found that credit cards account for 56 per cent of e-commerce sales in Singapore. Because of this, merchants were failing to see the value of BNPL. Why add other payment options when Singaporeans seemed so happy to pay with plastic?

Also Read: Buy now, pay later: The changing face of finance for a mobile generation

But markets such as Australia prove that love of plastic doesn’t mean there’s no room for an alternative. According to data from the country’s Reserve Bank, credit card usage was at its peak from 2015 to 2018, where over 15 million credit cards were in circulation. This was also when BNPL players started to gain a stronger foothold. 

As the country’s younger generations turn to these new ways to pay, credit cards have dropped to 13.9 million, the lowest point since April 2011. On the other side, BNPL usage is at its highest, with over five million Australians being customers of the two biggest companies, Zip and Afterpay. 

What’s happening in Australia is a great reminder that even though there is an existing solution, it doesn’t mean an alternative won’t be embraced. 

COVID-19 forces retailers’ hands

The pandemic has had a lasting impact on Singapore, retailers included. The Circuit Breaker, which lasted from April to the start of June, forced the closure of non-essential stores and put in place stay-at-home orders. 

The effect on the retail sector was quick. Spending dropped because of the effects of the pandemic on Singaporeans’ own financial situations and there were no tourists to be seen. Retail sales fell nearly 28 per cent in June.

This improved slightly in July where sales were down 8.5 per cent year on year. Some retailers such as BooksActually and Topshop announced their plans to move their operations online. 

But it became apparent an online presence wasn’t going to be enough for some retailers. Enter BNPL. 

A new solution for an old problem

It wasn’t only retailers that had faced hardship because of the pandemic. Consumers were under stay-at-home orders for months and the threat of infection kept many away from shopping in-person.

Also Read: Buy now, pay later: The changing face of finance for a mobile generation

The economy shrank 2.2 per cent during the first quarter of 2020 and employment also experienced its sharpest drop since the severe acute respiratory syndrome (SARS) outbreak in 2003. Consumers had less money to spend and it wasn’t as easy to spend it. 

However, the pandemic did lead shoppers online. A report from Nielsen found that 37 per cent of Singaporean consumers were shopping online more because of the outbreak and three in four planned to keep doing so even after restrictions were lifted. 

But old issues kept up for online shopping: abandoned carts. In an interview with The Startup Growth, Stuart Thornton, CEO and co-founder of BNPL hoolah, said this was something companies like his could solve. 

“hoolah helps solve this problem for merchants by allowing consumers to increase their personal affordability with a buy now and pay later payment option, enabling interest-free repayment in four equal instalments,” he said.

While it’s good this solution was available to help retailers following COVID-19, it was available before the pandemic. So why wait so long to embrace it? Businesses shouldn’t be afraid to partner with companies or offer new services, especially if it’s proven a success in other markets.

The consumer test

Retail tech solutions are great, but they’re nothing without shoppers’ tick of approval. A new report from Finder shows consumers have done just that.

An estimated 1.1 million people in Singapore have used BNPL, 38 per cent of Finder’s surveyed cohort. Interestingly, men are more likely to use BNPL than women, with 45 per cent of men saying they have used it compared to 32 per cent of women. 

While good for retailers, the survey also found 27 per cent of the 1,000+ surveyed had taken a financial hit because of a BNPL service. Nearly one-fifth of those surveyed (17 per cent) made an impulse purchase, while 15 per cent spent more than they would have if they weren’t using BNPL.

These are important concerns to keep in mind for retailers looking to adopt a BNPL solution as well as the BNPL companies themselves that are responsible for their customers.

Buy-now-pay-later is becoming increasingly popular in Singapore, but should it have taken a pandemic to see the new payment option rolled out widely? Consumers have embraced it and it offers a number of benefits to retailers.

However, businesses will need to continue to iterate and adapt this new payment technology as it increases in usage and Singapore adapts to the COVID-19 new normal.

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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This article is published via a special e27 partnership with StackTrek – a company specialising in using algorithms and data to build and scale programming teams for tech companies. Each week, StackTrek Founder & CEO Billy Yuen talks with top executives about startups, culture, and tech hiring.

This week, Billy Yuen chats with Blake Irving, former CEO of GoDaddy.

How did you journey start at GoDaddy?

GoDaddy was primarily a US-based company. I wasn’t the original founder of the company; Bob Parson started it 20 years ago and I was offered the role almost five years ago. When I took the role, I flattened the platform and build a common user experience. I globalised and market the company internationally.

I would make the advertising square up with who we are, what we do, and who our customers are. For the last five years, we’ve been executing that plan. We’re now on 56 countries, localised in 56 countries; 50 different currencies, 29 languages. We’re doing business at 125 countries today.

More than half of our new customers come from international markets now. We found a very important niche and we’ve been able to double revenues in the last four years. We’ll double our revenues again in the next four years through organic win acquisition; and most of that growth will come from international markets, South America, Europe and Asia.

You are basically transforming this GoDaddy into a tech company. That’s kind of like a startup founder building a new venture. What’s the most difficult challenge you’ve faced so far after you took over the job?

When I took the role, GoDaddy wasn’t perceived as a technological company. It was perceived primarily as a marketing company. My goal coming in was actually build a technical platform that small businesses could use globally and I think the challenge came from executing that plan.

I had to pivot the company in the direction and hire employees that were good engineers. To do that, I had to open offices in various cities in the US and we also opened “customer cares”.

Also Read: It’s go time: American domain giant GoDaddy launches in 11 Asian markets

Customer care organisations are a very important part of our business and our go-to-market and so we opened organisations in Europe, Asia, and even South Africa. It took a lot of effort to pivot the company into a technological one but we were able to do that, thanks to our engineers who have a lot of horsepowers and are building the right products.

Under this new “tech startup” GoDaddy, the web builder is like your first big product. Tell me more about it.

The web-builder product actually is doing really well for us. You get a domain, you build a website, you go get e-mail—you look like you’re all up professional business. And with the website builder product, it allows us to let somebody go try out the tool, build the website and go, “Hey, that was pretty cool. Now, I’m gonna name it. Now, I’ll go get a domain.”

So, we just changed the on-ramp to do something that’s a little different than that. We had another on-ramp that we just created in North America that is called Smartline. Smartline is a second phone line for your cellphone. The context is like this: you’re building a website and you gotta put a phone number on it so people could call you but you don’t put your personal phone number on a website because it’s not safe—people could steal your identity.

So, Smartline is like having a second phone line on that website that customers can use to call you. That way, you can now discern whether the call is a personal matter or for business. It’s a cool feature and costs only US$4 a month and was soft-launched in the US.

Many tech startups are doing the freemium subscription model and it seems like you guys are going that direction as well.

Clearly, the market’s going in that direction and even our competitors are going with the website first and then the domain. It actually makes sense because there’s a cohort that wants to try the tool first before they buy it.

Also Read: From sales-led to product-led: PatSnap founder shares how COVID-19 shifted their growth strategy

Now, we put a 30-day free trial in place so customers can try the tool, build a site, and goof around with it. What’s even cooler about it is that it can even be built entirely using a mobile phone and has a full-fidelity website in your PC.

It feels like you’re actually building a tech startup now from scratch, even though GoDaddy has been around 20 years and you have resources. Is there anything that you actually do differently in hindsight? 

When I first came into the company, what would usually happen is the marketing team would get the engineers to build something or some new features to sell so that they can advertise it. We don’t do that anymore. What we do now is we build a product that has a solid product strategy.

We plan it, we launch it, we line up marketing behind it, and then we iterate like crazy on that product using agile technology capability. And from there, we just continuously shift. The web-builder product has a new feature every week on at least 1,500 verticals and we’re just starting to get deeper and expanded.

In a different perspective, I think we already had a great care organisation and a brilliant marketing organisation but the tech organisation was mostly underdeveloped.

By putting in place a strategy that allowed us to invest in developing technology, we’ve built up the product’s capability—making it scalable, high-performance, very reliable, and had the right features. Spending time doing that for three to four years and then building marketing on top of it has been a strategy pivot but we’ve executed it well.

We are now focusing on getting the absolute best product outcome for our customers.

Those terms: agile, pivot, shipping weekly iterations … you really sound like a startup founder. Let’s shift to the big picture, what are the three technological trends that you’re paying attention to right now?

I think the public cloud is becoming a huge thing. We’re actually using some of the technology from AWS or Google cloud or Azure and using it to our advantage. So if we’re gonna go deploy in India, we can get as close to the customers as possible through deploying somebody else’s cloud infrastructure.

Also Read: 51M Indian SMBs, less than 1M websites: GoDaddy wants to change this

Technically, that’s important in building products using React on mobile phones. React is the language used in Facebook and it’s powerful. That’s why we’ve pivoted our developers to use it majorly for our UX and our mobile devices. It makes it easier to go negative.

We’re already starting to do a lot of engagement now on mobile phones and tablets using React and this is the first design point for now. It’s no longer about getting something from the PC and pour it over to a mobile device; when my teams are coming in and having a demo with a new product, it should be on their mobile phones.

People often talk about startups disrupting industries and uprooting incumbent but we also see how startup innovations benefit corporations. What’s the impact of startup innovation on GoDaddy?

We’ve acquired some startups such as WP and Scurry. It was a security company for WordPress and other websites. We have partnered with companies as well such as Microsoft, who’s a big partner of ours and who we’ve delivered millions of seats to with their Office 365.

We wrote their installation process and making it much simpler for Solopreneur. We both partner and acquire startups.

Hiring is a big challenge for startups. Everybody is competing for talents and you are in tech company going up against the likes of Google, Facebook, etc. How do you persuade people to choose GoDaddy?

We’re actually hiring from companies that you think we wouldn’t be able to compete with for employment. We actually have people who are leaving those companies and coming to us because we’re smaller and, therefore, faster. We’re not bureaucratic and we get stuff done quickly.

Our engineering team is under a thousand people in total so that gives you more ability to affect the company and the software than it does if you’re working on your dangling dialogue box on a product that exists for a hundred thousand developers in a company.

Also Read: AWS technical evangelist Ian Massingham shares how Amazon hires developers

How do you guys pitch to these developers when you’re trying to hire them?

Actually, when we lose a recruit to either Google or Microsoft and even Facebook sometimes, we’re also winning recruits that have offers from the same companies. The reason why these people come to us instead of going to one of those bigger companies is what I’ve described earlier. It’s a small company so your codes going to matter to everybody in the company, even the CEO.

I actually show up to every new employee orientation, do an hour-long pitch to meet everybody, have dinner with them that night, and just, get to know everybody. That isn’t the experience that you’re gonna have at Google, Facebook or Microsoft. They’re just too big; they can’t scale to that size. That’s the benefit of us being small and being able to grow the way we’ve been growing and engineers love it.

I want learn a little bit more about your culture. Since you’ve pivoted into a tech startup, do you run hackathons within the company?

Yes, we do hackathons, even multiple big hackathons with prizes that I’ve judged. We also do stand-ups from the agile process on Fridays. We don’t usually do it at every sprint but like, in every other sprint, we have teams come in and show off their stuff.

Everybody runs on two-week sprints now and they’re not all coordinated to end at the same time. But when we get together, we view virtual hackathons and then real hackathons. In virtual hackathons, we assume that everybody does work and they present it to the entire company. It’s actually pretty fun.

—

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Image Credit: Billy Yuen

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The ongoing COVID-19 pandemic has forced many startups to redirect their business, especially for those working in a sector that is directly impacted such as F&B or travel and tourism. We had seen changes in business strategies in newcomers such as Travelhorse and even more established companies such as PatSnap.

Cooklab, an Indonesia-based startup, was also forced to take this drastic measure.

Founders Clarence Eldy and Kartika Dwi Baswara were introducing the farm-to-table business concept in Bali when they first realised the need to pivot. Their business was actually doing quite well as they have secured more than 10 companies and 150 farmers on board by March.

“It all began when the government of Bali decided to enact full lockdown in April. At that time … 100 per cent of our demand came from restaurants and cafés in the most tourist-dense areas. As the restaurants and cafés closed –they did not even sell takeaways or delivery– we decided to pause our operation,” Baswara writes in an email to e27.

But in May, a group of farmers reached out to the founders, asking if they were able to help them sell the existing fresh produce.

“They have dropped their price, but their supply was still having a surplus,” Baswara adds.

But then she and Eldy noticed a new trend. As customers were unable to go to these restaurants and cafés, they pursued a new hobby instead, with cooking and baking being some of the most popular. This trend bloomed in markets where the lockdown measures were implemented, including in Indonesia.

Also Read: SLINGSHOT 2019: A launchpad for promising startups across the world

“We knew B2C was the way to keep our business running, but we realise there are so many platforms selling fresh produce out there. So we thought, why not explore the idea of Blue Apron from the US market? After a couple of in-depth interviews with our potential users, recipe testing and everything else, Cooklab was born,” Baswara explains.

Behind the kitchen

As a foodtech startup, Cooklab offers ready-to-cook meal kits containing pre-measured ingredients and cooking guide for customers at home. Their recipe was designed to be as easy-to-follow as possible; it is also available on various e-commerce platforms in addition to its own dedicated mobile app. The service is currently available for customers in Jakarta and Surabaya.

In Indonesia, the startup was not the first to introduce the concept of ready-to-cook meal kits. BlackGarlic has launched such service in 2015 (and ceased operation in 2017); Berrykitchen has also experimented with the concept prior to its acquisition by YummyCorp.

However, due to the timing of their launch, Cooklab is able to gain customers’ attention in a short time. The startup says that its user numbers have reached 250 people in just two months since its introduction in Surabaya, and just two weeks in Jakarta.

But pivoting to a new business strategy is not without challenges. For Cooklab, it comes in the form of starting a new business from home, with a team that is spread in different parts of the city.

“The toughest challenge was not being able to meet your new team members physically during the first three months. We want to know each one of them on a deeper level, but it’s something that is difficult to achieve virtually,” Baswara says.

“We tried a couple of things, from throwing virtual town hall and delivered some meals to each of our team members’ home, having a consistent weekly meeting, and one-on-ones,” she adds.

Beyond the kitchen

Prior to starting Cooklab, Baswara and Eldy were alumni of Singapore-based incubator programme Antler in 2019 where they began their entrance into the fresh produce industry. Though they made their debut in Surabaya, the company is run by a team of 11 in Jakarta.

Also Read: In Video: Watch a robochef cook this Hokkien mee dish

In the near future, to support the growth of its business, the startup aims to secure its seed funding round. It plans to use the funding to support business line expansion and further market penetration in Jakarta and Surabaya.

Previously, the startup has closed a US$100,000 pre-seed funding round from an angel investor in July.

“We realise that many potential angel investors are currently wary about investing and choosing portfolios. However, we remain optimistic that we will be able to conclude our seed fundraising round at the end of January 2021,” Eldy states in a press statement.

—

Image Credit: Cooklab

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With Deepavali this weekend, holiday season has already ushered in. And as a special gift we have launched badges to show some rightfully-due recognition to our regular contributors. Look out for the “blue pencil” icon next to the byline to identify our regular contributors.

In keeping with the holiday season, our contributors have shared some great views on how the e-commerce and logistics can cope up with the surge in demands. Then there is more on crafting OKRs (end of the year and quarter is the best time for that) and the future of the VC investing model.

If you are reflecting on the year gone by, share your opinions and earn a byline by submitting a post. For some brain juice, read on!

E-commerce in holiday season

How to turn product returns into returning customers this holiday season by David Stock, Vice President of Marketing for UPS in the Asia

“Until the day we have holographic projectors in our lounge rooms, one of the best ways to close this experience gap is actually deceptively simple: product returns. Returns are often an afterthought for businesses, but they shouldn’t be.

But outside of the statistics, the truth is that well-orchestrated returns have the capacity to close the experience gap with the brick-and-mortar retail experience, by allowing the customer to receive their product, experience it “in person”, and if it’s not suitable, to send it back to the merchant.

It’s roughly the equivalent of a customer in a shop picking up a product, trying it on, and then putting it back on the rack. However, robust e-commerce returns require more than just a return address on your website.

Are merchants ready for an all-digital 2020 holiday season? by Tristan Chiappini, VP, APAC at PPRO

“The seasonal rush has officially begun. Last month 10.10 kicked things off in APAC and many of us recently browsed the sales on Amazon Prime Day. But merchants cannot be complacent. There is a flurry of seasonal sales coming on the horizon both toward the end of the year and into 2021.

But the opportunity that is still there to be captured by ambitious merchants this festive season and merchants across sectors should ensure they are prepared to capture their slice of the market.”

Money and tech

Why fintechs and banks have a bright future together by Andrea Baronchelli, Co-Founder and CEO at Aspire

“It’s safe to say that the pandemic disrupted many day-to-day processes—including financial services. As people were now relegated to their homes, financial institutions scrambled to find innovative digital solutions for their products.

Small and nimble, fintech has infiltrated the financial processes of many consumers. fintech platforms have joined the financial service foray by optimising financial services.”

Lessons from the buy-now-pay-later boom by Elizabeth Barry, global fintech journalist

“BNPL can be thought of as a new type of credit. Acting as an intermediary, the BNPL companies allow consumers to make purchases with a retailer and then pay it off in instalments.

There are some differences between these instalment plans, but generally, the purchase is spread evenly across three or four instalments, with the funds being debited from the customer’s account.”

Will China lead the Artificial Intelligence game by 2030? by Top 25 Global sHero Award Winner 2020 (Shanghai), Elise Quevedo

“The plan signals China’s desire to lead an area that is growing rapidly. With the intention of securing this first position, the government will invest to ensure that its companies, government, and military sector jump to the front of the field of artificial intelligence.

To do so, they will support moonshot projects, used by Google to solve problems, startups, and academic research with the aim of increasing the success of AI development.”

From the investor world

The future VC will be a hybrid between accelerator and incubator. Here’s why by Anu Shah, tech entrepreneur and former Rocket Internet CEO

“The search for deals is now more focused on employment generation, inclusivity, innovation, and cures.  And there is a dearth of deal supply in this space.

In hope of scoring that elusive home run again, many VCs have taken a more innovative approach and started their in-house “accelerators”.  Traditionally, accelerators help entrepreneurs take their idea and turn them into an investment-worthy business.”

Busting the 5 popular myths surrounding startup exits by Sergei Filippov, Managing Partner at Morphosis Capital Partners.

“VCs may successfully exit the startup but the founders may be left with unbearable market growth expectations, pumped up by the bloated valuation. The founder may be happy with the deal that keeps his/her operational independence but shareholders’ return may be low and delayed. Let’s look at the five popular myths surrounding ‘exits’.”

For the founder in you

Blake Irving, former CEO of GoDaddy, shares his startup way of running a public company by Billy Yuen, Founder of Stacktrek

“When I took the role, GoDaddy wasn’t perceived as a technological company. It was perceived primarily as a marketing company. My goal coming in was actually build a technical platform that small businesses could use globally and I think the challenge came from executing that plan.

I had to pivot the company in the direction and hire employees that were good engineers. To do that, I had to open offices in various cities in the US and we also opened ‘customer cares’.”

How to use OKRs to avoid startup failures by Senthil Rajagopalan, COO at Profit.co

“Finding the product/market fit is famously considered as an exercise in serendipity by many, but it doesn’t have to be. A startup can define hypotheses and test them through iterative business execution.

The following key principles of OKRs will be relevant for finding the product/market fit”.

–

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

Join our e27 Telegram group, or like the e27 Facebook page

The post From our community: Former CEO of GoDaddy on starting out, customer rentention by UPS’ marketing guru and more… appeared first on e27.

Singapore introduces special visa Tech.Pass to woo top global tech talents such as founders, mentors, lecturers, consultants; Applications will open in January 2021, with 500 places available upon launch; To qualify, individuals must possess experience in leading large tech companies, or in developing tech products with mass adoption. e27

Google invests in Indonesian unicorn Tokopedia, joining Temasek; The confirmation of the investment comes hot on the heels of Microsoft’s capital injection into Bukalapak; Google now holds 1.6% of Tokopedia while Temasek-affiliated Anderson Investments has a 3.3% stake; Bloomberg reported last month that Tokopedia was looking to raise around US$350M from both parties. Nikkei Asia Review

Indonesia’s Alodokter raises Series C+ from MDI Ventures; In Oct 2019, the healthcare super app raised US$33M Series C; The platform connects more than 30K doctors and 1,500 hospitals and clinics with patients; The company currently boasts over 27M MAUs or more than 10% of all Indonesian population using Alodokter services at least once a month. Mobi Health News

KOL speak
Busting the 5 popular myths surrounding startup exits; Your team may be brilliant and diverse, your business idea solid, revenues promising and the market is growing; But during the due diligence, if your balance sheet turns out to be a mess, financial experts on the buyer’s side will raise the alarm and your valuation will go down or the deal you had hoped for might never happen. e27

SME lending platform Investree receives US$15M credit facility from US-based Accial Capital; Investree offers a diversified loan portfolio, including invoice financing, buyer financing, working capital term loan, and online seller financing; As of Sept, Investree has transacted US$493K in loans to over 1,400 borrowers. e27

Vietnamese unicorn VNG sees room for gaming growth in SEA; So far, gaming contributes 80%+ of its revenues; While Thailand, Indonesia, Philippines are on its radar for immediate expansion, VNG is also betting big on Singapore, HK and Taiwan. DealStreetAsia

Singapore’s GIC leads US$200M round in Chinese edutech firm Aixuexi Education; Aixuexi provides online courses covering mathematics, Chinese, English, physics, chemistry, biology, science, and programming for students from primary to high school; It operates under the online-merge-offline model and combines education with AI, Big Data, cloud computing. TechInAsia

Indonesia’s early-stage VC Grupara Ventures rebrands as Absolute Confidence; The firm has also launched a US$30M new fund and received investments and commitments from LPs; Grupara has backed over a dozen startups, including BukuKas, Dropezy, Ayoconnect, Kopi Kenangan, Fabelio, and Andalin. e27

Singapore fintech startup Durianpay raises US$1.4M in Sequoia-led seed round; The round gives the payments and checkout solutions provider a post-money valuation of over US$6.7M; A Statista report estimated that the total transaction value in SEA’s digital payment segment will reach US$95.1B in 2020 and US$156.4B in just 4 years. TechInAsia

Malaysia’s innovation sandbox NTIS helps startups power through COVID-19 with collaboration, innovation; The NTIS has US$24.1M in funding to fast track the commercialisation of projects – an important boost, considering the lack of investors and the challenges that lie ahead post-pandemic. Digital News Asia

How to turn product returns into returning customers this holiday season; According to a survey, 42% of all shoppers in APAC will check an online store’s return policy before making a purchase; Given the dissatisfaction with the existing returns experience in Asia, a retailer could build customer loyalty through offering returns that are truly seamless, thus generating long-term revenues. e27

Why fintechs and banks have a bright future together; Whereas banks are more regulatory and rigid, fintech companies are able to provide flexible assistance to their customers; In a world where customers demand speed, simplicity, and customer-centric products, fintech ranks quite high for personalised products. e27

Shoppertainment the name of the game for e-commerce platforms; As per an iPrice report, SEA entered the era of ‘shoppertainment’ last year; Due to COVID-19, iPrice said Vietnam’s e-commerce firms were increasing livestream and gaming activities on mobile apps to increase consumer engagement during social distancing. Vietnam News

After COVID-19, where are the Singapore economy, workforce headed?; Sustainability will be a long-term theme that impacts the city-state’s economic structure; This ranges from infrastructure to guard against rising sea levels, as well as technologies for electric vehicles, harnessing clean energy and ramping up food security. Channel News Asia

Ninja Van partners Myanmar’s NearMe to drive e-payments; NearMe says its platform is used by over 50K retailers, and that transaction volumes “increased exponentially” during the COVID-19 lockdown; NearMe was launched by global payments firm 2C2P in 2015, in partnership with the Myanma Awba Group and Pahtama Group. SGSME

AmBank, Maxis collaborate to introduce contactless payment solution ‘mTAP’ for SMEs in Malaysia; mTAP uses a mobile device as a payment acceptance terminal to process debit and credit card transactions via PayNet; It is aimed at the consumer market dominated by millennials and Gen-Y, which expects smarter, faster and more accessible financial services. Malaysian Reserve

Enterprise open source and the future of banking; The appeal of open source software is that these solutions allow for fast innovation at a much lower cost than proprietary solutions; These benefits are particularly relevant at a time when customers are demanding constant innovation, and companies are looking to cut costs. Fintech Singapore

Chinese insurtech CareVoice enters SEA; Singapore, Malaysia and Thailand are the entry markets; Its tech platform CareVoiceOS offers a large variety of health services integrated into different customer journeys and also allows insurers to do fast and flexible health insurance product customisation with its plug & play implementation service. Asia Insurance Review

Leverage tech to effectively manage and respond to IT disruptions and outages; Right technology needs to be at the centre of any strategy, with people working determinedly to incorporate tech into an organisation’s incident management plan; Don’t try and do everything on your own; rather partner with those who are experts and leave space for errors. Open Gov

Big Data for small retailers: What does the data economy have to do with SMEs; The sheer amount of data collected from consumers across the world is making it easier for companies to connect with existing and potential customers and clients, all while increasing their ability to personalise the user experience. Tech Collective

Digital transformation is a marathon, not a sprint — here’s why SMEs should keep the pace; A study says 73% of mid- and large-sized companies in Singapore have sped up digitalisation in a variety of ways to adapt to the new reality; But COVID-19 is also widening the digital divide, between those who were able to muster resources to pivot their businesses and those that did not. SGSME

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