Despite the global health crisis, the Southeast Asian startup ecosystem remains busy with their fundraising efforts.

There was some concern that the COVID-19 pandemic might negatively impact the ecosystem. as it had been proven in various pandemics years before. But it seemed like the ecosystem was able to go through the crisis –at least for the time being.

The following is a list of notable later stage funding rounds that e27 managed to gather in March:

DoctorAnywhere
Funding: US$27M in Series B
Investor(s): Square Peg, EDBI, IHH Healthcare, Pavilion Capital, Kamet Capital

The company said that the latest investment will “boost its market leadership position in the healthtech industry in Asia, as it prepares for expansion to augment the region’s healthcare landscape through digital transformation, with the support of local and regional partners.”

Horangi
Funding: US$20 million in Series B
Investor(s): Provident Growth, Monk’s Hill Ventures, Right Click Capital, Genesis Alternative Ventures

Horangi will use the fresh funds to support its expansion plan in the region.

gojek
Funding: US$1.2 billion
Investor(s): Not mentioned

The funding round came just after gojek had been reported to be considering a merger with rival Grab — a report that gojek has denied.

Also Read: These later stage funding rounds of February are the most exciting Valentine’s Day gift

Shopback
Funding: US$75 million
Investor(s): Temasek, Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital

Shopback will use the funds to expand into new markets in Asia and diversify its core cashback service.

AnyMind
Funding: US$26.4M in Series B
Investor(s): Japan Post Capital and existing investors

Already existing in 11 markets in Asia, the newly-raised capital will be used by the Singapore-based firm to scale its business and expand into India and the Middle East.

iPrice
Funding: US$10 million in Series B
Investor(s): ACA Investments, Daiwa PI Partners, LINE Ventures and Mirae Asset-Naver Asia Growth Fund

The company targets expansion beyond its primary price comparison unit, which accounts for 50 per cent of its revenues, operating at a 30 per cent EBITDA margin according to a statement.

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Image Credit: Andrew Neel on Unsplash

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Telehealth startup Doctor Anywhere closes US$27M Series B funding

Doctor Anywhere, a tech-enabled healthcare company headquartered in Singapore, announces today that it has secured a US$27 million Series B financing round led by Square Peg, a venture capital fund in Australia. Joining the round is Singapore Government investment arm EDBI, international healthcare provider IHH Healthcare, Pavilion Capital, and existing shareholder Kamet Capital, bringing Doctor Anywhere’s total capital base to exceed US$40 million.

The company said that the latest investment will “boost its market leadership position in the healthtech industry in Asia, as it prepares for expansion to augment the region’s healthcare landscape through digital transformation, with the support of local and regional partners.”

Doctor Anywhere recently launched its platform in Thailand, in partnership with one of Thailand’s established private hospitals, and a global corporate insurance provider. Doctor Anywhere also operates in Hanoi and Ho Chi Minh City, Vietnam, with announcements on other regional plans in the pipeline due later this year.

MatchMove acquires stake in e-commerce platform Shopmatic

MatchMove, Singapore-based fintech platform, announces that it has entered into an agreement with e-commerce enabler Shopmatic to make a strategic investment in the company with immediate effect.

Also Read: MatchMove acquires stake in P2P lender MoolahSense to strengthen its SME financing capabilities

MatchMove said that this investment will enable the company to extend its digital wallet capability to Shopmatic’s ecosystem of more than 435,000 e-commerce small and medium-sized enterprises (SMEs) and individual entrepreneurs across the region.

Shopmatic specialises in providing turnkey solutions to SMEs that want to set-up an online store, which includes setting up the store-front, payment, shipping, and logistics integrations, selling across multiple channels such as social media and marketplaces, to sales management and customer support.

With its involvement, MatchMove will enable digital payments and cross-border remittance capabilities for Shopmatic users. Over time, these SMEs can build a credit-score against which they can access loans for their capital requirements.

EMURGO launches blockchain-based traceability solution for enterprises

EMURGO, the blockchain solutions provider and a founding entity of Cardano, announced the launch of “EMURGO Traceability Solution” – an enterprise solution leveraging blockchain technology to modernise existing supply chain traceability standards. The service aims to bring added value to supply chain stakeholders as well as end consumers.

EMURGO partnered with Blue Korintji Coffee, an environmentally-conscious Indonesian coffee brand, to be the first commercial enterprise to integrate the solution in its coffee supply chain. The solution will leverage Cardano’s research-driven blockchain technology to provide transparency of purchasing prices between stakeholders and assure the immutability of accumulated private information.

Also Read: [Updated] Cardano Project offers blockchain training for students in Indonesia

Coffee consumers will also be able to simply scan a QR code displayed in the coffee shop to access this information about the origin and traceability of their coffee. Starting from April 5, Blue Korintji Bintaro, the company’s first established cafe branch in suburban Jakarta, will serve coffee to customers using EMURGO’s Traceability Solution.

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Image Credit: Doctor Anywhere

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Let us not sugarcoat it: The past few months have been extremely difficult for businesses around the world.

Even in the Southeast Asian startup ecosystem, we have seen how startups in countries such as Malaysia and the Philippines adjusted their operations to the situation, as the COVID-19 pandemic forced cities and countries to go on lockdown.

As a mean to support their portfolio companies, VC firms have also released guidelines on how to deal with the situation (What to do when there is an employee that has been infected? How should you communicate this with stakeholders?).

At e27, we see this period as a constant reminder of our mission: To empower entrepreneurs to build and grow their companies. Every day we figure out new ways to help the ecosystem survive this crisis. So far we have conducted special webinar series and published coverage to help entrepreneurs make more informed decisions, but we are not going to stop there.

Also Read: For the startup ecosystem, profitability is a gender equality issue

This is why e27 is working with a mix of software partners, ranging from large cloud companies to smaller localised services, to provide our community with discounts.

If you are a business that could benefit from getting exposed to a community of business leaders (who are a regular at our annual Echelon Asia Summit), we would like to have a chat to see how we can offer your product to our community.

Interested? Have something to offer to the ecosystem? Please fill in the form.

Looking forward to seeing your name there. Let us work together to help support the community in this difficult time.

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Image Credit: Toa Heftiba on Unsplash

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Facebook Accelerator Singapore showcases 14 startups selected for season 2

Facebook, along with Infocomm Media Development Authority (IMDA), has announced the names of the 14 startups attending the second edition of its accelerator programme in Singapore.

The 6-month programme aims to support innovative, data-driven startups across the Asia Pacific region.

The 14 startups are:

Lucep: A sales and marketing tool that connects leads from FB ads directly with their sales agents

Outside Voice: A platform that allows market researchers to consumers via video chatbots to reduce research time.

Privyr: A CRM (customer relationship management) built for sales professionals who operate their businesses from the phone.

Trabble: A SaaS platform for businesses in the travel and hospitality sector to automate guest engagement on their channels

UIB: Created the UnificationEngine® Conversational IoT platform to create frictionless onboarding and communications between people and devices.

Aris: The first and largest social commerce on Facebook Live

Assemblr: A platform to create, discover, share augmented reality experiences

AVANA: Social commerce enabler that helps businesses convert social media from promotional to transactional

Ecomobi: A social selling platform that enables brands to sell products directly to users via social seller community and AI chatbot

Halosis : A social commerce platform that integrates AI chatbot and personalized solutions to help social media sellers convert chat into sales.

Infofed:  The leading eSports company in Thailand with both offline and online platforms

Qiscus: A conversational platform that helps businesses embrace the power of conversations to deliver excellent customer experience.

Social Light: Places WiFi in low-income communities and monetizes by collecting plastics and exchanging free WiFi subsidized by brands

TravelFlan: B2B2C full-suite AI Digital Solution provider utilizing AI, Big Data and Machine Learning into travel and lifestyle sectors

1337 Ventures launches digital accelerator in Malaysia

Malaysia-based 1337 Ventures has announced the launch of its fully online accelerator programme.

Alpha Startups Digital Accelerator is an initiative to help up-and-coming startups, together with those who are unsure about financial or job stability, and would like to dabble in entrepreneurship. This programme will help equip participants with the skills needed to run their business.

Also Read: How can you protect your business’s work from content thieves?

“Alpha Startups Digital Accelerator will take you through ideation, validation, marketing, and prototyping; leaving you with a working prototype, pitch deck ready for fundraising, and more than US$10,000 worth of support systems. The top-3 teams will also be funded up to RM 20,000 per team (US$4,600), together with a 6-month mentorship, go-to-market partners, and further funding to take their idea to the next level,” says Bikesh Lakhmichand, CEO of 1337 Ventures.

The 10-day programme (spaced over five weeks) will provide participants with Design Thinking and Lean Startup methodologies that will allow them to create a startup quickly to scale and remain resilient even in unprecedented times like COVID-19 outbreak.

At the end of the programme, the Top 10 teams will be able to pitch their idea in Alpha Startups Digital Accelerator’s first online Demo Day.

Applications close on April 3, and the programme will commence on April 6.

Greg Meehan steps in as Supahands Chief Revenue Officer

Supahands, a Machine Learning and AI startup headquartered in Malaysia, has announced the appointment of Greg Meehan as its new Chief Revenue Officer.

In this role, Meehan will be responsible for taking Supahands’s growth forward and driving its revenue strategies. 

Meehan joined Supahands in 2016 as Head of Sales and worked in ensuring client satisfaction and retention, talent acquisition and driving business development teams.

“Greg has played a significant role here at Supahands by driving strategic decision-making to determine Supahands’s best business direction at a specific point in time. This has helped accelerate our growth over the years by adapting to market demands,” said CEO Mark Koh.

Revolut, GovTech partner to make verification process easier for users

Revolut has announced a partnership with GovTech to reduce the need of providing verification documents for its users in Singapore while signing up for an account with the fintech firm.

The feature, to be launched during early April of 2020, will also allow customers to sign up on the platform using their SingPass details.

“Our goal is to provide users with a single financial-management platform. It is important for us to ensure that our customers can use Revolut cards for daily transactions with peace of mind. Our partnership with GovTech introduces the verification feature with a seamless process that will build greater security within the ecosystem,” said Eddie Lee, APAC Regional Director of Operations at Revolut.

Also Read: Morning News Roundup: Doctor Anywhere raises US$27M Series B funding led by Square Peg

Since Revolut’s entry into Singapore, the app has introduced several features like metal visa card, apple pay integration and has recently offered new remittance routes to countries like India, Malaysia, Indonesia, and the Philippines.

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Image Credit:  Alex Haney, 1337 Ventures, Supahands, Revolut

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Kyaw Min Swe’s sister runs a small retail shop in Nattalin in the rural Bago region in Myanmar. Seeing her struggles in getting stock to the shop and having to constantly ask her spouse for help, Min Swe decided to use his business acumen to solve her problem.

“I opened a wholesale shop nearby but quickly realised that it could’t scale,” he told e27. “After learning more about the problem, which is the same across the nation, I later launched Ezay to help my sister and other shopkeepers to access more choice and better prices conveniently.”

Launched in August 2019, Ezay is a mobile platform that connects ‘mom-and-pop’ shops in rural Myanmar with wholesalers. Retailers can buy online for the regular shop stock needs and get the products delivered the same day or the next day.

How e27 is going to lend a helping hand for the startup ecosystem during the COVID-19 crisis

“We put technology into the hands of the most rural shopkeepers in the country and works with wholesalers in each geography to list a full range of available items,” said Min Swe, who previously led the ride-sharing business of Oway. “Before our entry, no company dared to serve these remote areas. We at Ezay have been able to serve customers while generating returns.”

The customers are currently spread across several townships in Bago, which is not far from the capital city of Yangon. Ezay currently has over 1,600 retailers. The startup has plans to expand this year.

According to Min Swe, it is not hard to do same-day or next-day delivery in rural Myanmar, where traffic is less although infrastructure is not the best.

Until recently, Ezay operated three-wheeled trucks for delivery but the poor condition of the roads forced it to switch to motorcycles. Ezay then rigged up its own carrying frames to help motorcycles carry enough stock to meet delivery efficiencies.

This means that rural shopkeepers, mostly women, no longer need to ask their spouse to go to the town several times each week, or to go themselves.

Recently, Ezay partnered with several micro-financial institutions (MFIs) in the country to provide credit on its app, which allows shopkeepers to expand their inventory and, in turn, increase income.

“We all know that women already share an unequal amount of unpaid work, so reducing their need to run errands is hugely valuable. And now, with Ezay Credit, they will begin to learn about and gain access to financial products,” remarked Min Swe, who had also previously worked as COO of Hello Cabs.

“Accessing finance means these shopkeepers can expand their inventory and increase their incomes. Later, we plan to help shops sell digital products, further improving their overall income,” he revealed.

As for the business model, Ezay takes a margin on the transaction and charges for delivery.

Also Read: 5 ways to improve your productivity by working from home

Is there competition in this space?

“Ezay is the first to market and we don’t see any direct competitors at the moment. Of course, wholesalers who manage their own delivery may be seen as competitors, but they quickly see the value in using Ezay. While there’s a huge market for the taking, this business requires expert execution and knowledge of rural Myanmar,” he elaborated, claiming that his background and drive for this business give him an edge.

Challenges are galore, admits Min Swe. Building own fleet of motorcycles, with a logistics component is challenging.

“When Ezay started with three-wheelers, one journey could take a lot of stock and make a lot of deliveries. Motorcycles can carry less but they are also cheaper and can make more journeys. We need to solve these types of logistical challenges as we grow,” he said.

Just yesterday, Ezay announced a US$200,000 investment round led by Seiji Kurokoshi, an impact investor from Japan who pioneered upside social impact bonds for single mothers and who has a background in direct to consumer models. This comes less than four months after securing an investment from EME Myanmar.

“The new funds will comfortably carry us through the coming 12 months and help us reach our target of 8,000 retailers by March 2021,” Min Swe exuded confidence. “With this network, we’re expecting to see significant network effects and ever increasing opportunities for Ezay to bring more value to its customers.”

The startup is now planning to scale across Myanmar. To achieve this goal, it plans to begin fundraising efforts toward the end of 2020.

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Introducing yourself as a startup founder is no longer the novelty it used to be. The startup ecosystem is growing bigger and better than ever before, thanks to a more globalised and connected world. But this growing ecosystem means that the market is becoming increasingly competitive, and as a new startup founder, you might be finding it a little difficult to keep your head above the crowd.

Getting outcompeted is a common cause for startups to end up folding. According to CB Insights, competition is one of the top 20 reasons for startup failure, with 19% of startups citing it as a recipe for their disaster. In some cases, the startups were out-popularised by their competition, causing them to disappear under the crush; in other words, they simply lost to other more successful competitors.

The fast-paced world of modern entrepreneurship comes with a different set of rules and challenges compared to what it used to be. Making sure your business is a cut above the rest requires the courage to take risks and let your creativity lead the way. With startup ecosystems all over the world experiencing unbelievable growth, it isn’t difficult to see that carving out a space for yourself takes a lot more than capital and know-how — it also takes guts.

Many young entrepreneurs have found that the best way to get started is simply to take a leap – but at the same time, knowing exactly when to take an opportunity when it strikes is essential. The key lesson in startup failures is to seize opportunities as quickly as possible if you want to keep your name at the forefront of everyone’s consciousness.

This means that to stay on top, startup founders need to constantly be on top of things. From pitching ideas and products to clients, to sending out important documents and emails to employees, and even creating outstanding video content for last-minute presentations while on-the-move. Whatever it is, entrepreneurs need these capabilities at the tip of their fingers.

The one device to rule them all

Back then, it would have been unimaginable to function as an entrepreneur running a complete business system without the aid of a full range of devices. Doing so would typically mean operating with the firepower of multiple mobile phones, laptop computers, and many others. But all that is about to change.

Today, all you need is one, all-encompassing powerhouse of a mobile device to stay on top of all the tasks mentioned above — and more. Business owners will be able to reduce the use of laptops, fixed-line phones, and other mobile-related costs when they streamline all work and employees to a single mobile device. Many businesses and corporations find themselves gaining in cost efficiency when they invest in mobile enablement for their employees.

This cost efficiency is maximised when the mobile device chosen by you has all team collaboration and business apps available. Enabling employees to get work done on a mobile phone boosts productivity significantly, as 87% of businesses are dependent on their employee’s ability to access mobile business apps from their smartphone, according to a 2020 study. That number is expected to grow with technological advancements such as 5G.

Being a mobile-first startup or business also gives you and your employees the freedom to explore other ways to work. With work-life balance becoming more of a priority among the modern workforce, going mobile could be the key to having more well-rounded employees who aren’t bound to a desk. Joining a co-working space that lets you work comfortably and flexibly, or trying out different working hours to see when your newly mobile team is more productive – the working world is your oyster.

The perfect mobile device for an entrepreneur who wants a work-life balance exists within the Samsung Galaxy Note10 series. Look no further for phones that can do just about everything, all while packing in higher performance and defense-grade security so you can work without worry.

Discover worlds within the Samsung Galaxy Note10 series:

• Powerful processing chip and massive memory that performs like a laptop, but without the bulk or weight provides unparalleled speed and productivity enhancement
• With multitasking capabilities and easy access to work-optimised apps like Alcatel-Lucent Enterprise Rainbow, Skype, or Microsoft 365, startups can cut down on operating costs by replacing non-mobile devices with just one device
• Seamlessness is the name of the game here. Simply drag and drop files from Galaxy Note10 and Note10+ devices to Mac or PC with a single USB cable and sync your devices with your Microsoft account
• When a flash of inspiration strikes, use the S Pen to get the word out, accurately converting one’s handwriting to a text which can be shared to relevant parties as a Word document or PDF
• The S Pen also doubles as a remote control for your phone that lets you make the best impression – Navigate presentation slides, play videos, control volume, adjust the camera zoom, or take a photo remotely via Bluetooth®
• The Samsung Knox platform provides defense-grade mobile security to keep your data safe against threats such as malware. It has consistently received strong ratings by Gartner, making Samsung the preferred device over other brands among state governments
• The platform has the capability to stop sensitive corporate and personal data from getting into the wrong hands with containerisation, a key component of Samsung Knox. Biometric ID capabilities also offer additional layers of security that satisfy both employers and employees

If none of these high-grade features satisfy your need for a trusty desktop, the Samsung Note10 series is still the best option for you. With the help of Samsung DeX, young professionals will be able to multitask between devices simply by connecting your Galaxy smartphone to your monitor or TV. This allows users to have a seamless transition between devices, in case you have to leave your office computer in haste while still needing to work on the train ride home.

And with the use of a USB cable, you can access your Note10’s full capabilities on your PC or Mac through Samsung DeX.

Not your average device

The Galaxy Note10 series is definitely not your average business device. Desktops are obviously not mobile, and while you can bring a laptop on-the-go, they can be bulky or heavy, and you cannot work on it while commuting unlike with a mobile phone. But with the Galaxy Note10 series, you can keep working from Point A to Point B, and continue your work seamlessly once you’re back in the office simply by connecting the Note10 to your desktop monitor with Samsung DeX.

Cutting out the unnecessary stresses and complexities of running a business is simple. Any and every important step in working your way to success can be done via the Samsung Galaxy Note10 series, offering a single, powerful mobile device that allows you to rise to the top from the palm of your hand. For more information on how the Note10 can help power your entrepreneurial journey, visit their official page here.

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For me, the highlight of this year’s International Women’s Month was this article published by The Next Web.

It highlighted how startups in India are calling for the government to cancel the regulation that obliges startups and small businesses to implement a six-month paid maternity leave policy for their employees. A petition in a local community platform argues that for businesses with an annual turnover of less than INR10 crore (US$1 million) should be exempted from the rule, and apply a three-month paid maternal leave policy instead.

The report further detailed that, despite the law’s good intention, as soon as it was passed, the country experienced a 10 per cent dip in women employees in its total workforce. The law is seen as a burden for startups and small businesses as they would also need to pay for a replacement during the employee’s maternal leave.

This is an unfortunate situation as paid maternal leave was one of the forms of support that women need to further continue their career, leading to more women in executive positions and a more diverse workplace in general.

If I understand correctly, the barrier that prevented companies from providing the necessary support for women to succeed is cost –and the goodwill to actually open the wallet.

Also Read: With 2 successful business exits, this ex-CEO of Rocket Internet (SEA) is now championing gender parity in startup world

After some musings, I came into the conclusion that profitability is not merely a sustainability issue for the startup ecosystem.

It is also a matter of inclusivity.

A healthier finance, a healthier culture

 

Let us take a look back into 2019 –to those particular moments that had triggered a change of perspective in the global startup ecosystem, including Southeast Asia.

Since the failure of coworking space giant WeWork to IPO, followed by other similar incidents, both startups and investors are putting heavier focus to become a sustainable business. They would no longer opt to pump truckload of money to burn, in order to pursue rapid growth. They would focus on making profits instead.

In general, this has been a piece of great news. But there is one angle that we have not explored: Inclusivity.

Being a sustainable company means that startups will have a stronger foundation to provide support for their employees to excel in their career, particularly those who need it the most due to the structural barrier.

Also Read: Malaysia’s boardrooms lack diversity in gender and age representation, finds study

For this piece, I reached out to startups understand more about the kind of support that they give to their employees.

Companies such as Indonesia-based coliving platform Rukita, who had recently closed their seed funding round, are providing “skills upgrade benefits” to support its team members to accelerate their competency according to the latest industry standards.

If an early-stage startup is able to provide that kind of support for their team members, then it would be instinctive for us to expect more from bigger companies.

Certainly, it would be naive to think that money alone is enough to support a sociopolitical cause such as gender equality. There has to be goodwill from industry players to allocate their resources into the cause; that willingness has to start from having the awareness.

Having awareness aside, in times of a global crisis like today, when many businesses are barely surviving, it might be insensitive to even talk about profit. However, I am going to take that risk to point out that this moment further highlights the importance of having efficient financial management. Gone are the days when startups would burn money to attract customers with cashback programmes and the like.

This time, it is all about staying healthy.

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Image Credit: Christina @ wocintechchat.com on Unsplash

 

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Malaysia PM announces US$58B stimulus package for COVID-19-affected businesses

Prime Minister Muhyiddin Yassin has announced an economic stimulus package amounting to US$58 billion to help alleviate people and businesses, especially small-and-medium-sized enterprises (SMEs) whose source of income had been affected by the COVID-19 outbreak.

Ministry of Communications and Multimedia Malaysia (KKMM) and Malaysia Digital Economy Corporation (MDEC) welcomed the initiative, which upholds the slogan “No one will be left behind” and is focussed on the development of the multimedia and telecom industry as well as the digital economy as a whole. An allocation of US$138 million in the special package of free internet service will be introduced to the people of Malaysia in collaboration with the telecommunications companies.

Saifuddin Abdullah, Minister of Communications and Multimedia Malaysia (KKMM),  believes that the package will help the telecom and multimedia industry as a whole. He stated that an additional US$92 million to increase network coverage and capacity to maintain high availability and quality of telecom and multimedia networks will assist in the development of the digital economy sector.

“KKMM, together with MDEC will continue to enhance the efforts to enable the Malaysian business community to tap into digital technologies, assist them to discover new markets, enable cashless transactions and virtual marketing,” Abdullah said.

The aid for SMEs including micro-entrepreneurs with additional funds of US$1 billion in collaboration with Bank Negara Malaysia covering five key initiatives. This would also be of great benefit as there is currently more than 86 per cent of 907,065 SMEs using technology and digital adoption in business operations.

Also Read: Time is ripe for startups around the world to capitalise on Malaysia’s potential as the heart of Digital ASEAN: MDEC’s Surina Shukri

Meanwhile, MDEC CEO Surina Shukri said the third thrust, which provides US$115 million worth of grants under the Micro Credit Scheme to help micro-entrepreneurs, including the creative industry and online traders, will further accelerate growth in both sectors, as the sectors are also MDEC’s main focused areas.

She also welcomed the US$115 one-off assistance to 120,000 e-hailing drivers with an allocation of US$14 million, which will provide more opportunities for workers in the Gig Economy sector, who are now feeling the economic impact on their income.

E-commerce unicorn Tokopedia invests in Indonesian last-mile delivery company SiCepat

Looking to boost its logistic capabilities, Tokopedia has made a strategic investment into SiCepat, an Indonesia-based last-mile delivery operator, DealStreetAsia has reported. The deal was signed last year as part of SiCepat’s US$50 million Series A funding round.

Tokopedia is said to have co-invested with Kejora-Intervest growth fund and Barito Teknologi, the investment arm of Indonesia’s largest petrochemical group Barito Pacific.

In April last year, Kejora and Barito were named as investors in the round, but there was no mention of Tokopedia’s investment.

This would be Tokopedia’s second investment in a last-mile delivery startup. Previously, the e-commerce company put in an initial investment of US$50 million alongside local conglomerate Triputra Group and China’s SF Express to set up a last-mile delivery platform, Anteraja.id.

Founded in 2014, SiCepat caters to e-commerce and online merchant requirements and offers couriers, warehouses and air and cargo delivery across Indonesia.

Singapore’s medtech firm Biolidics acquires laboratory operator Biomedics

Biolidics, the Singapore-registered medical technology company, has announced that it has acquired Biomedics Laboratory for a consideration of up to US$2.6 million, DealStreetAsia has learned. Biolidics said it will pay US$70,000 upon completion of the acquisition, with the remaining consideration can be deferred for up to 24 months post the deal.

Also Read: News Roundup: Indonesia’s mPOS firm Cashlez to raise US$6M via IPO to acquire IT firm

The company will acquire Biomedics from SAM Laboratory, a subsidiary of Clearbridge Health. Biolidics will continue to collaborate with Clearbridge to tap into its established customer base in Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Hong Kong, China, and Australia.

Offering clinical diagnostic tests, Biomedics focusses on genetic tests and other cancer related diagnostic tests for oncology which laboratory operation is accredited by the College of American Pathologists programme for its detection of circulating-tumour-cell (CTC).

Biolidics has a novel patented CTC-based technology that it deems to be compatible with Biomedics’ CTC programme.

Thai bank SCB to tap into RippleNet remittance market

Thailand-based Siam Commercial Bank (SCB) has reportedly entered into a partnership with Ripple’s enterprise-grade digital payments solution RippleNet to assist citizens in making instant low-cost cross-border payments from their mobile devices, as reported by BTC Manager.

Ripple is a San Francisco-based distributed ledger technology (DLT) startup that SCB has appointed to take the charge in spearheading its digital banking operation in the country.

Arthit Sriumporn, SCB’s SVP of Commercial Banking, said: “Siam Commercial Bank is more than 100 years old and has more than 1,000 branches across the nation. We support a wide range of customers from retail to small and medium-sized enterprises (SMEs) and corporations. Our focus is always on enriching the customer experience and RippleNet has helped us to do this with remittances.”

Currently, Thailand’s total remittances value is close to a whopping US$68 billion. SCB said that it’s currently working on a QR code-based app that enables tourists to use their home country mobile app for Thailand’s QR code payment.m by simply scanning the QR code to pay for something instantly without dealing with exchange rates or having to carry around large amounts of local currency.

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Picture Source: Tokopedia

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Barely a month after making the official Budget 2020 announcement, Singapore, like many other nations, took an unexpected economic downturn due to the rapid COVID-19 transmission, which originated in Wuhan, China in December 2019.

However, the Lion City became one of the countries that had its guards up early in the event because it remains the strongest economy and the entrance to the region’s prosperity.

In order to mitigate the crippling effect of the spread of the virus and to ease the lives of its citizens, the country’s Deputy Prime Minister Heng Swee Keat on Thursday announced a US$34 billion Resilience Budget. Its goals are to “Support Workers. Stabilise Businesses. Build Resilience”.

The key highlights of the “Resilience Budget” are:

• Jobs Support Scheme (JSS), in which the government will pay 25 per cent of monthly wages to every local worker in employment, with higher support for sectors more affected by COVID-19 (up to 75 per cent)
• COVID-19 Support Grant, a cash grant of US$561 per month for three months for low- and middle-income Singaporeans who lost their jobs due to COVID-19
• Temporary Relief Fund, which provides immediate financial assistance for families whose livelihoods were affected by COVID-19
• Support for self-employed Singaporeans, who will receive US$702 a month for nine months upon eligibility along with training support with allowance
• Enhanced care and support package, which ensures enhancements on Singaporeans who received Workfare payments for work done in 2019 up to US$2,105 in cash
• NTUC Care Fund (COVID-19), a relief for a union member, up to US$211 per union member
• SGUnited Jobs that pledges for 10,000 jobs available over the next year
• SGUnited Traineeships, which seeks to support employers in providing traineeships to fresh graduates entering the labour force to help boost employability for new graduates, and courses support through SkillsFuture Credit.
• And greater flexibility on government fees and loans.

The sectors to benefit from the Resilience Budget are aviation; tourism; meetings, incentives, conferences, exhibitions (MICE) venue operators; food; and land transport such as taxi and private hire cars, as well as art and culture.

Also Read: MatchMove acquires stake in P2P lender MoolahSense to strengthen its SME financing capabilities

The type of reliefs provided to help people cope with the effect of the pandemic are varied — from wage offset, special relief payments, loans, subsidies, tax rebate up to a year and parking waiver for up to six months, support package, to digitisation efforts.

One of the tech angles of the Resilience Budget -aside from supports in forms of waivers and rebates as well as fund for those who are eligible- is the support in capability development. The Deputy PM announced the support for both ready-to-adopt and advanced digital solutions that reduce face-to-face contact.

Deputy Prime Minister Heng underlined that the government will enhance training support, comprising higher course fee subsidies and absentee payroll support, to more sectors and till end-2020.

Positive responses from tech community

e27 approached several tech companies in the country seeking their comments on the Resilience Budget.

According to Singapore Association of Convention and Exhibition Organisers and Suppliers (SACEOS), the Resilience budget is a welcome move as it is vital to the MICE community.

“The announcement of key measures to protect livelihoods, save jobs and support enterprises shows that the government understands the difficulties that the MICE community is facing as a result of the continued impact of COVID-19 on the Singaporean economy and has taken important steps to address the impacts on our members,” it said in a statement.

“The expansion, extension, and enhancement of wage support measures in the jobs support scheme to 75 per cent of wages will help workers and business owners in our community survive COVID-19 and retain the capability to rebound quickly in the recovery that follows. The support for self-employed persons will also provide valuable support to freelancers in the MICE community,” the statement reads.

Furthermore, SACEOS also mentioned the measures to ease business cash flow by deferring income tax payments for three months as something that will relieve immediate pressure on business owners in the short-term.

Property tax exemptions will also reduce overheads and respond to a key concern held by the MICE community. Changes to the enterprise financing scheme including increased credit limits and deferred payment schedules will make credit more available and affordable for companies to maintain their capabilities throughout the crisis and into the recovery.

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Taken together, these measures will enable SACEOS members to retain staff and maintain business viability throughout the ongoing crisis.

As a response, SACEOS said it will embrace capability-building initiatives to make the Singaporean economy more resilient, digital-ready, and innovative throughout recovery. It will also provide itself as a point of contact on detailed advice to navigate any help SACEOS members might need with the Resilience budget.

Lien Choong Luen, General Manager, gojek Singapore, said the stimulus package and the additional support that will be rendered to private-hire operators and drivers is a good move.

“The extension of the point-to-point operator license fee waiver by the Land Transport Authority is a helpful move for the industry. We believe that a further postponement of the ride-hail service operator license start date would allow operators like gojek to focus more of our efforts on assisting drivers and addressing business and operational challenges,” he explained.

“Similarly for our driver-partners, the extension of the government’s Special Relief Fund would be essential to further help them minimise their financial burden,” Lien continued.

gojek remains hopeful by operating on its mission of safety movement.

Therefore, to provide for a safer ride environment, gojek has been distributing masks, hand sanitisers, and anti-bacterial wipes to its driver-partners since January.

The ride-hailing giant has also been providing education to driver-partners and commuters on the precautions they can take, such as increasing ventilation of the car by not using the recirculation mode of the car’s air-conditioning system, and observing good hygiene practices such as regularly sanitising high-human contact points such as door handles.

Nisha Paramjothi, Senior Vice President, Investments & Strategy, fintech startup MatchMove, said.

“It is heartening to see the government’s swift actions in rolling out the Resilience Budget targeted at job retention with the Job Support and Wage Credit Schemes. While saving jobs is important, it is equally essential to prepare students and the current workforce alike for jobs of the future. Programmes like SGUnited Traineeships and SGUnited Job Initiatives can help Singaporeans find employment, learn new skills, and gain work experience,” Paramjothi added.

“Given the dynamic fintech landscape in Singapore with the upcoming launch of digital banks in Singapore, we anticipate more jobs to be created,” she continued, adding that in sync with what the Resilience Budget is apparently aiming, the company recently launched the MatchMove FinTech Academy to support the development of digital talent to enable a new level of innovation and nurture a foundation for future fintech talent in Singapore.

Also Read: Finaxar joins hands with Indovina Bank, Cathay Financial to provide SME financing in Vietnam

Finaxar, a small business-focussed fintech company, also lends its insights. Vihang Patel, Co-founder and CEO of Finaxar, said: “The Resilience Budget sees enhanced schemes such as EFS and support from MAS that will undoubtedly provide a shot of confidence for SMEs.”

“In response, Finaxar is launching new measures such as a working capital line with a longer repayment period to lighten the burden and a supplier financing line to ensure that our local supply chains are well supported. Our clients are also working closely with their existing customers to ensure that they are able to meet their financial obligations through various loan restructuring plans where required,” he said.

Fintech firm oCap, that offers access to sustainable, fast, flexible, and affordable financing solutions, also shared how the Resilience Budget might impact its business.

oCap’s CEO Carlos Haeuser said: “The Budget has been designed to provide relief and strengthen the capacity of businesses in order to recover quickly from the impact of the pandemic. From a business survival standpoint, the ability to pay wages and cover operating expenses has become crucial. The expansions to the SME Working Capital Loan and Temporary Bridging Loan Programme will ensure that all businesses will continue to have access to credit.”

Overall, the responses of the tech community in Singapore has been positive. Singapore can be the beacon of hope on what a nation can and should aspire to achieve to come out together whole, leaving no one and no industry behind.

It’s all about supporting each other in tough times and with the speed of how the Resilience Budget was designed to adjust with the nation’s need, the rest of Southeast Asia, even the world can learn a thing or two in doing their best and doing their part in protecting the country from the collapsing economy.
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Photo by Peter Nguyen on Unsplash

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