Abu Dhabi wealth fund to inject US$400M into GoTo’s pre-IPO round
According to a report of August, GoTo was set to close an up to US$2 billion pre-IPO funding round in a few weeks; Various reports suggested that GoTo plans to list in Indonesia by the end of 2021 before proceeding with a US listing with a potential valuation of US$40B.

Cloud communications firm Vonage acquires Jumper.ai to enter conversational commerce space
Jumper.ai allows businesses to turn shoppers’ conversations into richer AI-enabled customer experiences with rapid service and sales follow-through; Jumper.ai creates omnichannel, messaging-first customer engagement and shopping journeys across social, messaging, and web.

Vertex seeks to launch US$150M SPAC in S’pore by year-end
The Temasek-backed VC firm is understood to be filing its application with the SGX this month; Sources said Vertx aims to list its SPAC by the end of this year; Sources also said Vertex is seriously considering merging its SPAC with one of its investee companies.

Auspac Investment Management launches US$50M fund to back SEA startups
Auspac intends to invest in 15-20 firms (2-3 deals in every half year) over three years at cheque sizes ranging from US$1M to US$3M; It aims to close the first tranche of US$5M from its Australian parent; Auspac recently joined the US$6M Series A round of Malaysian insurtech startup PolicyStreet.

H3 Dynamics closes US$26M Series B to introduce long-range hydrogen-air logistics solutions
Investors include SPARX Mirai Creation Fund, EDBI, ACA investors, and Capital Management Group; H3 Dynamics aims to create a scalable path to low-carbon hydrogen-powered flight in three development phases — drones, cargo, and passengers.

East Ventures, Lightspeed, senior execs from SEA’s unicorns back Geniebook’s US$16.6M Series A financing
Geniebook employs AI and machine learning to assist students in improving their academic performance through personalised experiences on its platform; It claims to maintain its profitability and positive cash flow thanks to a strong financial year in 2020.

Indonesian farming lender Crowde bags US$9M Series B
Investors include Monk’s Hill Ventures, Mandiri Capital, PT Great Giant Pineapple; A VentureCap Insights pegs Crowde’s valuation at around US$32M; Since it started, the fintech firm has disbursed loans to around 34,000 borrowers.

ASX-listed Novatti to acquire Malaysian fintech firm ATX for up to US$7.4M
ATX provides digital payment services and owns and operates several B2B and B2C brands, such as PayHub, GoPay, MyPOSPay and RuncitHero; The deal presents strategic value for Novatti on several fronts, including access to an established network of 30,000+ payments touchpoints across Malaysia.

MarketWolf scores US$5.5M investment to simplify trading experience for short-term traders
Investors are individuals holding senior positions in renowned PE firms, investment funds, fintech and consumer internet startups; MarketWolf removes unnecessary jargon and complexities associated with options and educates them while protecting their capital with built-in risk features.

DocuSign Ventures debuts to invest in startups that innovate the agreement process
DocuSign Ventures targets early-stage companies that have achieved early signs of product-market fit –or Series A to C stage companies; The firm is also “flexible” in its cheque sizes with no stated maximums or minimums with typical deals that are up to 10% of the size of the round.

UOB’s venture arm leads US$5M Series A of Vietnamese fintech firm SAMO Holding
SAMO owns the financial comparison site thebank.vn, financial advisors platform momi.vn and insurance distribution firm TheBank Assurance; The company said that thebank.vn processes more than 1.316 financial products, from house and car loans to travel and health insurance packages.

Singapore’s Doyobi nets US$2.8M pre-Series A to upskill teachers in 10+ countries
Investors are Monk’s Hill Ventures, Tres Monos Capital, Novus Paradigm Capital, and XA Network; Doyobi enables teachers and school administrators to integrate STEM and 21st century-related classes in a fun and engaging way.

Phuture aims to help solve fibre deficiency among Malaysians using its plant-based meat products
Phuture provides a range of products, from plant-based mince and burger patties to High-Fibre Chick’n brand; Funded by accredited investors based in Singapore, Australia, and the US, Phuture Foods is currently out to raise follow-on investment.

IDX Commissioner Pandu Sjahrir invests in EmTrade
EmTrade is an Indonesian edutech startup; The startup will use the funds for technology development, expansion of userbase and transitioning the business model from edutech to fintech.

6 reasons why Hong Kong is the ideal place for fintech startups
Home to more than 460 fintech companies, including several unicorn startups, Hong Kong has emerged as one of the world’s most dynamic fintech markets; It leverages its historical position as an international financial centre and embraces progressive regulatory regimes to foster innovation and appeal to global entrepreneurs.

Facebook announces ‘Novi’ digital currency wallet
Novi is a digital wallet that aims to help people send and receive money abroad instantly; It has no fees to send or receive money internationally and no markups on exchange rates; Novi uses digital currencies that make sending money as easy as sending a message, starting with USDP.

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Image Credit: GoTo

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The COVID-19 pandemic has forced businesses and consumers to increasingly utilise the internet for most goods and services, resulting in a massive shift to a nearly whole digital world.

As a result, cash payments have sharply declined, and digital payment solutions have become the primary option.

The shift to a cashless economy is not, however, unprecedented. With a preference for real-time payment options, combined with greater adoption of digital identity solutions, Singapore is leading Asia towards the reality of a truly cashless economy.

The rewards of digital payment and banking solutions are evident. Increased mobility of money across borders, 24/7 access, and the ability to track payments in real-time are just some of the benefits of digital finance.

But as financial services institutions (FSIs) expand their offerings to meet the changing expectations of users, FSIs and their leaders have an increased responsibility to protect consumers.

Faced with the need to handle and manage a large influx of digital payment information, the challenge for FSIs is protecting users from fraudulent activity while not compromising customer experience.

The uptick of digital payment platforms has provided criminals with greater access to personal and financial data than ever before. In 2020, Singapore saw a 37 per cent increase in people falling victim to a cyber incident as the global pandemic pushed people towards digital platforms for everything from banking to shopping to online healthcare.

Also Read: Singapore’s Coda Payments buys BAASH to further expand its gaming goods and solutions

With these numbers expected to grow, FSIs are faced with never before seen transactions and personal data levels. In response, they need to rise to the challenge by implementing scalable and risk-based models of cybersecurity.

Classic cybersecurity models are no longer enough to protect users from cybercriminals. ForgeRock’s 2021 Consumer Identity Breach Report found that finance was in the top three industry sectors most affected by data breaches, with breaches involving personal identity information increasing by 49 per cent. 

As the reality of a cashless economy creeps closer, users who cannot or do not know how to protect themselves rely on FSIs to adopt the proper levels of security.

This responsibility grows more significant as consumers’ consumption of goods and services shift online, and cybersecurity breaches, scams, and hackers represent a greater level of threat than ever before.

An increase in cloud security breaches is also problematic. With an increasing number of FSIs shifting to cloud platforms, the impact of wide-scale data breaches through technology providers has become a pressing issue.

The 2021 Kaseya ransomware attacks have proved that hacks and breaches have become more sophisticated than ever.

New central banking rules implemented by the Money Authority of Singapore (MAS) work to ensure FSIs are responsible for checking the security of their technology vendors. FSIs need to be proactive in their implementation of security systems to protect increasingly digital society.

Also Read: Practical tips to protect your business from cyberattacks

Improving user experience with passwordless authentication

To alleviate the pressures faced by FSIs, businesses also need to adopt scalable and risk-based cybersecurity models.

To detect and manage vulnerabilities, the implementation of intuitive systems which utilise AI provides a much more robust solution than traditional rules-based models of criminal detection. Ultimately, minimising the time and energy spent on fraud detection enables FSIs to put more resources into improving customer experience.

Given the weak passwords, multi-factor authentication (MFA) is a more reliable mechanism for safeguarding access to consumer devices, but more can be done to build upon this. The best solutions rely on passwordless authentication.

Passwordless authentication works by expanding the circle of trust to devices via a security key— without any certificate management. This is not only more secure by minimising points of vulnerability from malicious actors, but it also creates a user-friendly customer experience with fewer friction points.

The end-user experience of migrating to a passwordless environment can be seen in push-based authentication. Leveraging things like face-ID or touch ID for the second authentication factor means users don’t have to remember hundreds of unique passwords and usernames.

This authentication method also makes the user themself a central part of the login process, making it hard for malicious actors to replicate, significantly reducing the risk of a breach occurring.

Key takeaways

With the rise of a completely digital economy, FSIs can no longer rely upon fixed threat detection methods. As digital access in hyper-speed continues to grow, investing in intuitive infrastructure is paramount to the success of a cashless economy.

Also Read: Tackling misinformation and creating a safer internet through blockchain amidst Asia’s lockdowns

Up against unknown threats, solutions need to be adaptable, scalable, and intuitive to protect the increasing number of users online. With an increased responsibility placed upon the shoulders of FSIs and their leaders, the best solution is the solution that effectively solves tomorrow’s problems today.

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Anfin, a Vietnam-based stock trading app for retail investors, has raised US$510,000 from Global Founders Capital (GFC), First Check Ventures, and R2 Venture Partners.

GFC is a Germany-headquartered billion-dollar fund and an early investor of notable tech companies, such as Facebook, Rocket Internet, and Archer Aviation, LinkedIn, Lazada, and Slack.

“GFC is always looking for outstanding founders globally to provide them with capital. Our current focus is in Vietnam and Southeast Asia that is home to a large pool of talent,” said Jay Lim, VC management partner at Global Founders Capital. “I believe they [Anfin] are active as a key player in improving financial literacy in Vietnam.”

We have contacted Anfin for more details about the funds and will update this article when we hear from it.

Also read: Pocket power: 27 personal finance startups in SEA to help you manage money

Founded in June 2021 by CEO Phuoc Tran and CPO Michael Do, Anfin is a stock investment app that enables users to buy and sell stocks with small capital starting at only VND50,000 (around US$2) and allows trading of fractional shares.

Anfin aims to simplify the financial investment process through a user friendly, transparent and highly secured platform, generating passive income for young Vietnamese.

The startup also supports users’ decision-making by providing investment knowledge, from basic to advanced, and updating financial news in an easy-to-understand style.

“The complicated process, risk aversion and large initial capital are common barriers that hinder Vietnamese people from investing in securities,” said Anfin CEO Phuoc Tran. “We strive to inspire and support Vietnamese people, especially the young, to help them confidently start investing to achieve their financial goals.”

In H1 2021, the total number of new domestic investor accounts opened in Vietnam increased by 58 per cent compared to the whole of 2020. Around three per cent of Vietnam’s 100 million population has a stock brokerage account, according to investment firm VinaCapital.

The year 2021 has witnessed a massive growth of people joining the stock market, while the traditional investment options like real estate and gold have become less excited, reports VinaCapital.

Vietnam’s government aims to increase the country’s stock brokerage penetration rate to 5 per cent by 2025 and 10 per cent by 2030.

In Southeast Asia, investment platforms are ripe for an explosion, with Aijab becoming the latest unicorn in this sector. In Vietnam, Finhay and Infina are the two notable startups that recently secured funding.

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Also read: Anfin

 

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Farmacare, which helps community pharmacies in Indonesia be more competitive and provide better services for their neighbourhood, has secured an undisclosed amount in seed funding.

Led by Beenext, the round also saw participation from Taurus Ventures, iSeed SEA, Indonesia Women Empowerment Fund, and unnamed angels.

“We are excited to announce the closing of seed investment in Farmacare, led by BEENEXT with Taurus Ventures, iSeed SEA, IWEF (Indonesia Women Empowerment Fund, a fund operated by Moonshot Ventures and YCAB Ventures), and angels,” founder Adi Sudewa said in a LinkedIn post.

“We are growing by leaps and bounds, but still early in our dream to create positive impacts for community pharmacies, distributors, and millions of Indonesians who need much better access to medicines and other pharmaceutical products,” he added.

Also Read: Pharma entrepreneur Thomas Miklavec shares his journey on expanding his startup across SEA

Founded in 2020, Farmacare offers a cloud-based pharmacy business management solution. It assists pharmacies in the archipelago with the daily administrative workflow management, thus increasing the efficiency and potential of their businesses.

Its solution boasts of features such as sales record management, inventory tracking, and CRM. Pharmacies can monitor their business performance from anywhere, anytime. They can also see daily sales per employee, check purchase invoices, monitor stock of goods, and monitor multiple pharmacies using a single app.

Farmacare also helps prevent potential losses that usually occur in pharmacies, such as fraud due to unrecorded sales and purchases; items lost, expired, or dead stock; and empty goods and rejected customers.

Subscriptions are available at IDR 149,000 (US$10.5) a month for the three-month package or US$136,000 (US$9.6) a month for the one-year package.

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Image Credit: Farmacare

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RareJob, an online ESL (English as a second language) school, has signed a capital alliance agreement with Dream Viet Education (DVE), the operator of “Kynaforkids”, a Vietnamese online English tutoring service.

As per a press statement, DVE marks RareJob’s maiden investment into Vietnam’s edutech market. The partnership looks to leverage the existing assets of the two firms.

Under the investment, RareJob aims to utilise its network of approximately 6,000 available Filipino tutors on “RareJob Eikaiwa”, an online English conversation lesson service, to provide high-quality lessons to DVE’s students.

The Japanese firm stated that this collaboration aligns with its intention to expand globally. It has been strengthening business targeting corporations and educational entities and is expanding to global leader developments and career-related businesses through synergies.

Also read: Edutech is surging, but here are the 3 issues it is facing

Founded in 2013, Dream Viet Education provides online English tutoring platforms, including Kyna.vn and Kynaforkids. 

During the COVID19 pandemic, DVE claims to have seen robust growth both domestically and internationally in its online English tuition service under the Kyna English 1-1 brand. The company also said it has secured a steadily growing number of users.

RareJob and DVE also intend to strengthen collaborations for DVE’s existing services for adults and kids through leveraging RareJob’s PROGOS, an AI business English-speaking test, and RareJob Eikaiwa materials.

Previously, RareJob made inroads into other markets through strategic investments in local edutech startups, such as Thai online English teaching company Globish Academia Company and Indian online English tuition company Multibhashi Solutions.

According to “Vietnam IT Landscape 2020” research, the amount of investment for the Vietnamese edutech industry market reached US$20.2 million. As of 2019, the total amount of foreign investment capital for edutech has reached US$55 million in Vietnam.

 

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Image Credit: Dream Viet Education

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