Filipino neobank Tonik has raised US$17 million in a pre-Series B funding round, led by Singaporean VC firm iGlobe Partners.

Existing investors Sequoia India, Altara Ventures and Insignia Venture Partners also participated. They were joined by new investors, namely Citius and Baring Vostok Capital Partners, beside several unnamed Philippine family offices.

This round comes fresh off Tonik’s public launch in March 2021. The firm has since claimed to have secured US$20 million in retail deposits within just a month.

With the new money, Tonik plans to accelerate its growth, as well as invest aggressively in product development.

Greg Krasnov, founder and CEO of Tonik, said: “In the course of the next 12 months, we plan to significantly broaden our stack of first-in-the-market digital financial products for our clients, especially strengthening our offer on payments and rolling out consumer loans.”

Also Read: Philippines, Malaysia, Indonesia, Vietnam have a huge potential in APAC for neobank growth: Study

Founded in 2018, Tonik provides flexible and inclusive financial services (loans, current accounts, payments and deposits) with interest rates of up to 6 per cent per annum for its users.

It has secured a full rural bank license from the Central Bank of the Philippines. Tonik’s deposits are also insured by the Philippine Deposit Insurance Corporation.

“We were impressed with Tonik’s launch results and ready adoption by consumers. Clearly, their proposition resonates well with the needs of this huge and underserved market,” said Soo Boon Koh, founder and Managing Partner of iGlobe Partners

Southeast Asia has long been hailed as one of the largest markets for digitisation with high internet penetration rates, coupled with a rising middle-class population. Half of the over 630 million inhabitants in the region doesn’t hold a traditional bank account, which presents massive opportunities for neobanks like Tonik.

According to a study by UnaFinancial, in Asia Pacific, the Philippines, Malaysia, Indonesia and Vietnam have the highest prospects in Asia for online banking (neobank) right after Australia.

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The full story: Despite Singapore’s global reputation in digital competitiveness and how the COVID-19 pandemic increased its dependence on digital technology and social media, Singaporeans are highly sceptical towards how social media giants use their data, reporting a tolerance lowest across the Southeast Asia region, according to latest research.

Conducted by leading decision science research agency Blackbox, the white paper Taming the Tech Tigers: Can Global Big Tech Be Trusted With Our Future? analyses the perceptions and expectations of over 25,000 social media users across 20 countries, including Singapore.

Although they are one of the highest digital penetration rates in the region, Singaporeans emerge as least tolerant when it comes to data use. Less than one in five (22 per cent) are actually comfortable sharing different types of data, compared to the global average of 29 per cent.

Also Read: Using social media to grow your startup: What companies can do to avoid disappointment

This places Singaporeans as least open to data sharing in the region, falling behind countries like Malaysia (28 per cent), Vietnam (32 per cent), the Philippines (39 per cent), Thailand (45 per cent), and Indonesia (50 per cent).

Least open with data use in the region: Specifically, Singaporeans are the least comfortable with sharing their personal and attitudinal data, but are more open to sharing their behavioural data.

Social media falls off Singaporeans’ news diets: This scepticism also cuts across news consumption, with Singaporeans more likely to get their news from traditional media rather than looking to social media platforms – a stark contrast from the rest of the world. Only 13 per cent of Singaporeans get all or most of their news from social media, less than half of the global average of 28 per cent. 38 per cent of Singaporeans do not look to social media for news at all.

The study attributes a number of factors, including the digital divide stemming from Singapore’s aging population, as well as the country’s strong stance against “fake news” or misinformation, and how social media has been recognised as part of the problem, especially during the pandemic.

Social media’s role in politics: More watchdog than influencer

When it comes to social media’s role in local politics, Singaporeans are more likely to view it as a tool to hold leaders accountable, as opposed to impacting the landscape through expressing diverse opinions. 3 in 4 Singaporeans (75 per cent) believe social media is important for holding people in power like politicians accountable for their actions, and can be seen in the pivotal role it has played in recent General Elections.

Singapore’s Alice Labs raises US$500K led by Anchorless Bangladesh

The full story: Alice Labs, the company behind MyAlice — an AI-driven multi-channel customer service platform for e-commerce and online businesses—today announced the completion of a US$500,000 seed round of financing.

Investors: Led by Anchorless Bangladesh, the round also saw participation from HOF Capital.

Plans with the money: To invest in its core product offerings and fuel expansion into Southeast Asia and MENA markets.

What is Alice Labs: Founded in November 2018, Alice Labs develops smart tools and conversational AI solutions that manage and automate customer service for e-commerce and online businesses.

Also Read: Why Bangladesh is the next frontier for tech investment

Incorporated in Singapore with operations in Bangladesh, Alice Labs is currently active across markets in Southeast Asia and South Asia.

Through its subscription-based customer service plans, Alice Labs works with over 50 e-commerce stores and enterprises throughout the region, including major brands and retailers like Unilever, Coca-Cola, Giordano, and Maybelline, among others.

Through machine learning, MyAlice strives to decode the complex behavior of shoppers across different regions and help businesses better communicate with them in their native languages, allowing clients to offer highly targeted localized support and better cater to diverse consumer habits.

Singapore’s SESTO Robotics expands to Europe

The full story: Singapore’s autonomous mobile robot company SESTO Robotics has expanded to Europe. It has partnered with the Germany-based automation specialist Baumüller, to bring its flagship AMR SESTO Magnus (Magnus) to Germany, Austria and Switzerland.

SESTO claims it is the first Singapore-based robotics company to offer autonomous mobile robot solutions focused on smart manufacturing in Europe.

What is Magnus: Designed and made in Singapore, Magnus is specially built for navigation in space-scarce facilities and can travel autonomously through spaces as narrow as 0.9 metres wide while avoiding obstacles in its path. Its bi-directional, same-speed capability allows the AMR to reverse out of dead ends without the need to perform a spot turn.

Also Read: Otsaw Digital launches home delivery robots in Singapore

Magnus is powered by SESTO’s proprietary user-friendly interface and can be easily deployed for material transportation using a tablet or laptop. The robot provides high uptime of up to ten hours on a single charge and fast battery charging in three hours.

OmniFoods brings its plant-based Luncheon Meat to Thailand

The full story: OmniFoods, the creator of all-purpose plant-based meat analogue under Hong Kong-based social venture Green Monday, today announced the arrival of OmniMeat Luncheon in leading supermarkets and restaurants across Thailand.

A unique blend of plant-based protein that bears a striking resemblance to traditional meat in both flavour and appearance, OmniMeat Luncheon offers a sustainable and healthier alternative to its processed meat counterpart without compromising on taste and texture.

The OmniMeat Luncheon formula is a blend of non-GMO soy and wheat, containing dietary fibre, high protein content and zero cholesterol.

Compared with traditional canned luncheon meat, OmniMeat Luncheon’s calories and total fat content are 46 per cent and 64 per cent lower respectively. The sodium content is also 64 per cent lower than traditional luncheon meat, and contains no added hormones, antibiotics, preservatives and MSG.

People can enjoy a healthy quick-fix meal during breakfast, snack or tea time simply by pan-frying the OmniMeat Luncheon on both sides for 1-2 minutes.

KoineArth launches enterprise-grade NFT platform marketsN

The full story:KoineArth’s marketsN platform is designed to enable enterprises to digitise and attach immutable metadata to key documents and products in the form of NFTs (non-fungible tokens).

What are it used for: The enterprise-grade NFTs are used to ensure proof-of-ownership, transparency and a full-record of any transaction history, to provide greater traceability, visibility and authentication, ultimately facilitating more seamless and trustless trade between parties.

Also Read: Tokens 101: How they work and where they provide value

Enterprises can also issue publicly verifiable “product passports”, which act as a digital record of any product, from cradle to grave including information such as invoices, current ownership, warranty claims, and service records.

MarketN’s enterprise-grade NFTs can also be used to establish greater compliance across Environmental, Social and Governance (ESG) standards, by allowing for greater accountability and traceability across the supply chain and inventory management, and invoicing.

More on KoinEarth: Founded in 2018 by Dr. Praphul Chandra, KoineArth aims to bring the power of blockchain to enterprises. With its marketsN solution, KoineArth offers enterprises a ready-to-use Digital Supply Chain platform. With a few clicks enterprises can create a digital twin of their supply chain.

This enables enterprises to create secure, private B2B groups (blockchains) on-demand to coordinate B2B transactions in their supply chain, share data across enterprises, and secure capital from financiers, as needed. Enterprises can also issue NFTs related to their products, documents & other assets.

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Remember the good old days when you had to split the bill with friends using cash?

That was a common sight in Singapore just a couple of years ago but so much has changed since then. Today, most of us go about our day without the need for our wallets. From digital banking to stocks investing, everything can be easily done with a few taps on our handheld devices.

Over the years, decentralised finance (DeFi), a blockchain-based technology, has transformed many lives in miraculous ways. Individuals who were unable to apply for loans from traditional financial institutions can now make micro loans through decentralised finance systems.

Businesses with no real capital are now empowered to finance their projects using digital assets. Small-time traders and artists can also easily sell and trade artworks using digital currencies that are becoming increasingly valued in the real world. And the list goes on.

Whether we like it or not, DeFi has been and will continue to disrupt the fintech industry for years to come. Even as blockchain becomes increasingly useful for both individuals and businesses, few of us actually understand it enough to take enough advantage of it.

However, even as someone who has no interest in dabbling with digital assets, taking the effort to understand this new technology may improve the quality of your life and career in unexpected ways.

Lucky for you, I’m here to help you out. Read on to learn more about the untapped potential of DeFi systems outside of the crypto world.

The DeFi space is a notoriously unfriendly place for non-tech people like us to navigate. I often find it a pity that sophisticated systems built by talented software engineers get lost in translation when it reaches the average consumer. While the technology may be impressive, what matters at the end of the day is whether mass adoption by the public is possible. If we don’t even understand it, how can we be a part of this technology renaissance?

Fortunately, this problem has an easy solution. As a start, let’s dissect some of the financial jargon into not-so-intimidating terms together.

Blockchain

Blockchain is a database that records information in a way that makes it impossible for anyone to cheat the system. While traditional financial systems have someone in charge who can make edits to transactions without anyone else knowing, this cannot be done on the blockchain as every change gets tracked and recorded in the system. The unique feature of blockchain is that it is decentralised, meaning that no one is in charge of it, and it is run collectively by the people who use it.

DeFi

DeFi is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges or banks to offer traditional financial instruments, and instead utilises smart contracts on blockchains. Smart contracts are self-executing contracts that enable users to buy and sell amongst one another without the need for a central authority.

Digital asset-backed loans

These are loans between users in which one user uses digital assets as collateral to borrow money (called borrower), and another user lends their digital assets (called lender). Digital assets could be cryptocurrencies and tokens that are accepted by lending platforms as collaterals.

Now that we are armed with some basic knowledge about DeFi and its current implementations, let’s dive deeper.

The problem with DeFi

For the longest time, DeFi systems have only been used within the crypto community. Businesses that do not possess digital assets were unable to make use of DeFi systems to finance their projects.

As a result, SMEs that do not have the capital or assets frequently lose out to big companies who own real assets which can be posted as collateral for monetary loans from banks and investment funds.

Also read: How the decentralised finance movement is gaining momentum in Asia

One of the biggest issues with DeFi is that the products and technologies that crypto companies develop do not actually have real world implications. Because DeFi systems trade exclusively in digital assets, there currently exists an unbridgeable abyss between the crypto community and the rest of the world.

In the end, just as traditional businesses cannot harness the potential of DeFi, the crypto community is also limited in their ability to make impactful investments on real-world projects.

Thankfully, many global companies are warming up to the idea of accepting cryptocurrency as a legitimate mode of payment in recent years. For example, PayPal just rolled out a new “Checkout with Crypto” function that allows users to convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to US dollars, which PayPal then uses to pay merchants.

As a major digital wallet with 377 million active users, PayPal’s move towards digital currencies is an important one that enables the crypto community to easily make real world transactions.

ShuttleOne: DeFi in the Real World

Closer to home, ShuttleOne, a DeFi blockchain company that offers blockchain-based finance services to real businesses, recently financed the first batch of electric vehicles (EVs) to replace SMRT’s entire taxi fleet for commercial use in Singapore. The financing of this first batch of EVs makes ShuttleOne the first decentralised finance company to fund real businesses using blockchain technology.

The ShuttleOne network harnesses the power of AI and blockchain to offer real asset-based loans to businesses using capital from smart contracts innovation. Their proprietary blockchain technology that is licensed by Global eTrade Services (a subsidiary of Crimsonlogic), CALISTA Finance powered by ShuttleOne, is able to tokenise real-world trade assets to store in the chain and can be easily verified by parties within the supply chain logistics platform.

This provides full transparency of the entire supply chain and credit scoring for financing services. Last year, ShuttleOne serviced more than 4,000 merchants and managed over US$3,500,000 of trade financing – a solid proof that DeFi companies are more than capable of bridging the gap between DeFi solutions and real businesses.

Can DeFi do more?

The successful partnership between Singapore government-linked companies and ShuttleOne marks a milestone for both Singapore and the blockchain finance industry as one of the biggest and most progressive use cases of decentralised finance service in real-world projects. As part of the Singapore Green Plan 2030, Singapore has set aside S$30 million for EV-related initiatives over the next five years.

Through 2020, Insurtech investment in Singapore quadrupled from S$35million to S$125 million, signalling tremendous potential for insurance innovation in the space. This presents an excellent opportunity for more DeFi blockchain companies to provide critical support and innovative solutions for government and business initiatives in the near future.

With the continuous adoption of 5G technology and smart city solutions, DeFi is poised to play bigger roles in financing real world solutions in the years to come. Today, as one of the world’s leading FinTech hubs and a global gateway to Asia, Singapore is well positioned to lead the charge towards the next technology revolution through blockchain innovation.

DeFi can definitely do more. At its infancy, DeFi is already making a positive impact on real world businesses and projects. We are now sitting on the crux of a digital revolution with blockchain technology paving the way, and I believe it is only a matter of time before the world realises the untapped potential of DeFi.

ShuttleOne was the first, but it definitely won’t be the last.

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Disruption is a taboo word to many businesses and industries. But when used in the context of entrepreneurship, I don’t see it as something to fear, instead I see it as an opportunity.

I would go further to say that if there are no changes in the ecosystem and disruption in business models, the opportunities for entrepreneurs are limited.

The road to success is never completely smooth; obstacles and setbacks are common and expected. Instead of seeing these disruptions as the end of our journey, we can choose to learn the lessons they are trying to teach us.

I’m no stranger to disruption. In fact, I’ve faced it a few times. I’ve gone from being a pioneer and market leader to tethering on the brink of bankruptcy because market conditions didn’t align. I’ve even disrupted myself and killed top-performing products because I felt they didn’t have good long-term prospects. Once you see disruption as an opportunity, everything changes. Developing that mindset takes practice but it can be done.

Be accountable and identify gaps

In 2001, I was running an internet service provider PoP (Point-of-Presence) business and had run into losses as free ISPs entered the business. Following that experience, I saw the potential for data centres to expand our offerings but I hadn’t taken into account how prohibitive the bandwidth costs would be.

This made it impossible to compete with similar offerings from the US and the UK. However, I embraced the setback and set my mind to learning everything I could about the bandwidth market.

The insight I gained was invaluable five years later when the Internet revolution went into full swing in India. I noticed that it was now a much more favourable environment for data centres and falling bandwidth costs was a factor in my observation.

I believed strongly that demand would rise for data centre services and chose to go bigger than I did before to anticipate future needs. Today, CtrlS is Asia’s largest-rated four data centre, and we serve some of the largest customers around the world, including 60 from the  Fortune 100 list.

Be adaptable

The biggest advantage that an entrepreneur can have is the ability to adapt. Market conditions will change all the time. Sometimes an initial idea doesn’t pan out as well as you expected due to internal or external factors.

Entrepreneurs shouldn’t be afraid of pivoting to another business model to adapt to that disruption and may even discover new niches in the process.

However, do your research to ensure that the shift makes sense and has considered all factors, otherwise you risk losing focus.

We launched Cloud4C before public cloud became a widely accepted reality. We had to work hard to convince CIOs in India but we persisted because I firmly believed that the public cloud revolution was due anytime.

Those were difficult few years but our persistence led us to a global expansion of a scale we had not imagined. Today, Cloud4C operates in over 25 countries and is a partner to all the major hyperscalers, especially in the emerging economies.

Focus on problem-solving to improve sustainability

I don’t believe in starting businesses to ride on trends. Building a viable product is all about solving a business need now and in the future. Entrepreneurs absolutely need to consider what the future might look like and how their business will fit in, which will also make it resilient to disruption.

That level of insight is honed through many hours of research, valuable conversations and personal experience. Research reports only tell you what has been, not what will be.

Also read: Entrepreneurship in a pandemic: Seeking success through economic turmoil

I’ve always prioritised solving a business need, then working towards making the business viable. It seems like an obvious stance to take but many entrepreneurs make the mistake of focusing too much on the bottom line at the expense of building a good product.

If your product or service adds value, it will naturally be profitable. For Cloud4C, I only had one or two relationship managers per continent – clients were coming to us because they were interested in how our product could help them.

Build a team that shares your vision

Every entrepreneur knows this – having a good team that is aligned with your vision can make or break your business. But a team of believers is not the same as a team of yes-men. The former may challenge and question you but they will do their best work for you because they believe in what you’re trying to achieve.

On the other hand, the latter will only tell you what you want to hear. Without challenge, there can be no growth but you must also be walking in the same direction.

Before I launched Cloud4C, I wanted disaster recovery (DR) to be one of our offerings. The marketing team at the time objected because they didn’t think anyone would want disaster recovery in the cloud. I ended up hiring new marketing people who debated my stance with me, saw the merits and were willing to back me with a workable plan.

Years later, disaster recovery is one of our most-asked-about services and the global DR-as-a-Service market is anticipated to hit US$21.2 billion by 2025.

We now live in a moment where some of the major disruptions of the era have all happened within a very short time. Attitudes and approaches to our existing way of life are changing drastically. Digitalisation is nearly synonymous with business survival.

It’s a truly exciting time to be an entrepreneur and such an opportunity only arises once a lifetime. I urge all entrepreneurs to arm themselves with insight, have faith in their vision and jump in. If you fall, you can always get up again – and do it better.

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

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Telkomsel injects US$300mn more into Gojek to further grow Indonesia’s digital lifestyle sector; The two firms will explore more opportunities to integrate their digital services, with the aim of delivering greater value to consumers, partners and businesses; Telkomsel had invested US$150mn in Gojek in November 2020.

Scrutinising the remarkable tale of this teenage Forbes 30 under 30 inductee; An investigation by TechInAsia finds inconsistencies in Team Labs’s funding and financials; The Singapore-based startup’s US$9.8mn fundraise claims from US-based Grand Canyon Capital without even a single f2f meeting between the two firms remains sketchy.

Axiata-owned ADA rakes in US$60mn from Softbank to develop AI-driven digital marketing solutions; ADA will also invest the funds in content analytics, automation of content creation and build data platforms that predict consumers’ insights; Post-deal, Softbank will own 23.07% shareholding of ADA at an enterprise valuation of US$260mn.

Thailand’s Brooker Group to invest US$48mn into decentralised projects; They include 15-plus high-growth companies, including Binance, Uniswap, Enjin and Filecoin; This new direction to digital assets DeFi and dApps will eventually make up approximately 50 per cent of the group’s total assets.

Malaysian drones services firm Aerodyne adds Japanese investors to its cap table; Investors are Real Tech Fund, Kobashi Holdings and ACSL; The capital will help Aerodyne expand its agri drones service Agrimor, globally, especially to India, Indonesia and Thailand.

NGC Ventures launches US$20mn fund, invests in decentralised exchange Dexlab; It is a strategic investor that aims to accelerate the growth and development of key blockchain projects in the Solana ecosystem; This is one of the five strategic investment funds that will bring US$100mn of new capital to the Solana ecosystem.

Tonik raises US$17mn in an iGlobe-led round to scale its neobank services in Philippines; Other backers are Sequoia India, Altara Ventures, Insignia, Citius and Baring Vostok Capital; Tonik claims to have secured US$20mn in retail deposits within just a month of its public launch in March 2021.

Vietnam’s Sky Mavis receives US$7.5mn Series A to scale its top blockchain game Axie Infinity globally; Investors include Libertus Capital (lead), Collab + Currency, Blocktower Capital and 500 Startups; Axie Infinity is a virtual world full of fierce, adorable pets, called Axies, which can be battled, collected and used to earn an income.

HashMix raises US$3mn funding to roll out its mining power NFT in June; Investors include HashKey Capital, Kenetic Capital, GBV Capital, LongHash Ventures, and Fenbushi Capital; HashMix aims to democratise and activate the mining economy by introducing a decentralised universal marketplace for various mining capacities using the NFT tech.

UglyFood in talks to raise up to US$1mn seed funding, looks to close the round by Aug; The startup operates in the fruits and vegetables space by selling excess/ugly produce, and creating content on sustainability; In addition to groceries, UglyFood also operates in three other categories: workshops, comics and games.

atato raises US$1mn to help financial institutions build blockchain-based digital assets solutions; Investors include Zipmex Asia, SOSV, and angels; Atato’s products help companies create, store and manage digital assets in compliance with the Southeast Asian digital assets regulations.

EduSpaze partners Colombian VC studio to help Asian edutech startups expand into LatAm; The Latin Leap partnership also aims to provide strategic and commercial support for Asia’s edutech startups to capitalise on the global growth momentum; It is also aimed at helping drive deeper co-operation between the Latin American and Asian tech ecosystems.

Alice Labs eyes SEA expansion after raising US$500K seed funding; Investors are Anchorless Bangladesh (lead) and HOF Capital; Alice Labs develops smart tools and conversational artificial intelligence solutions that manage and automate customer service for e-commerce and online businesses; The company’s core product, MyAlice, enables businesses to streamline customer service, making it more efficient and customer-friendly.

Givaudan and Bühler open Protein Innovation Centre in Singapore; The Centre combines the pilot technology of Bühler’s extrusion and processing equipment with Givaudan’s new culinary facilities and its world-leading expertise in flavor, taste, ingredient, and product development; At the Centre, customers can develop high-quality products suitable for Asian culinary applications at scale.

Indonesian Shariah fintech market is 5th largest in the world; Reports also noted that millennials dominate borrowers on the platform; Indonesia’s Shariah fintech market size is US$2.9bn; The first rank is Saudi Arabia with US$17.9bn, followed by Iran (US$ 9.2bn), UAE (US$ 3.7bn, and Malaysia (US$3bn).

China’s digital currency is coming — other major economies need to follow suit; The digital yuan is a version of the normal Chinese currency deployed on a blockchain, which is the tamper-proof online ledger technology that underpins digital coins like bitcoin and ethereum; The digital yuan bypasses the need for these banks; There is no service fee, unlike these payment alternatives, and in theory the speed of payments can be even faster.

Look beyond Singapore: Why Kuala Lumpur is an emerging tech hub alternative; At about 16mn, Malaysia has a significantly larger workforce than Singapore’s 2.3mn, and its employees are also nearly as proficient in English; With more than 32 million people, Malaysia also has an incomparably larger population of digital consumers.

When paying it forward doesn’t pay: It’s time for startup mentorship events to step up; Volunteering your time and energy in startup events and programmes is great, but here are three red flags to look out for to avoid wasting your time and making sure you’re really paying it forward.

Better workforce management leads to greater customer satisfaction. Here’s how Google did it; Learn how Google put the right people, in the right places, at the right times, for a better customer experience.

The hybrid work model will outlast the pandemic. But will one model fit all?; One hybrid model doesn’t fit all and forcing it to work across the entire organisation will lead to decreased productivity and poor employee experiences.
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