Hong Kong-based startup accelerator Brinc recently raised US$130 million in a round led by digital entertainment, blockchain and gamification unicorn Animoca Brands to expand into new locations and launch new programmes and funds. 

The accelerator’s ultimate goal is to support the development of over a thousand new purpose-driven startups over the next decade. In addition, the capital will enable Brinc’s expansion into Web3, including the launch of new blockchain-focused accelerator programmes across culture, music, art, collectibles, gaming, decentralised finance and data.

On the sidelines of the deal, e27 sat with Founder and CEO Manav Gupa, who shared the details of Brinc’s plans.

Edited excerpts: 

You have just raised US$130M from Animoca and others. How and where do you plan to deploy this capital?

We plan to scale into several new locations, launch new accelerator programmes, launch new funds, grow the team.  

This capital is being split into two parts:

1. To support the growth of Brinc: This includes the development of new capabilities that support expansion into new geographical locations, the launching of additional accelerator programmes across new verticals, and establishing new teams to drive efficiencies operationally at scale.
2. To invest in accelerator deals across all programmes and invest in and grow over 1,000 purpose-driven startups over the next five years.

How is your accelerator programme different from traditional ones?

Our programme is fully remote. However, unlike other distributed accelerators, we have a wealth of live sessions with industry experts and mentors. We can cover several time zones by running a combination of fireside chats, break-out sessions and 1-to-1 sessions with experts, partners, and mentors.

Our programme has unique tools and frameworks designed to support founders regardless of their stage permitting tailored value delivery. 

We focus on technical and core technology support and pay close attention to the human element of being a founder and growing a startup. We provide expert advice on conflict resolution, founder development, hiring and scaling, leadership, and building culture. 

Also Read: Infinity Force scores US$5.5M seed funding led by Animoca to provide infra for global P2E communities

On top of these, Brinc supports founders across key business functions, such as marketing, product development (including Tokenomics and Token design), legal and especially fundraising. Graduating companies have a remarkable success rate in how fast they close their subsequent rounds.

You run two funds apart from a separate fund with partners. Can you share the details of these three funds?

We currently have three venture funds:

BrincArtesian Flagship Fund: In partnership with Artesian, we are raising a US$100 million Flagship Fund, which will invest in early-stage deeptech companies in Asia, solving fundamental problems such as food & water security, healthcare quality & access, climate change, financial inclusion and more. It will build a diversified portfolio by investing in startups through our accelerators which support commercialisation, growth and fundraising. The vehicle will provide follow-on funding to the top companies that graduate the seed and Series A programmes and give the LPs direct investment opportunities at later stages. The fund is currently backed by the National University of Singapore. 

BrincArtesian Counter Culture Fund: In partnership with Artesian, we are raising a US$50 million Counter Culture Fund that strives to counteract the inefficiencies, climate challenges and ethical concerns with mainstream animal agriculture. The fund will drive systemic change and capture a share of the growing US$1.4 trillion food sector by investing in early-stage alternative protein companies in Asia focusing on cellular agriculture, precision fermentation, plant-based analogues, and alternative dairy. 

This fund will invest in companies at the seed, Series A and Series B stages, focusing on companies located in Asia or targeting the Asia market. Brinc’s accelerators provide a range of opportunities such as TurtleTree Labs, Avant Meats, Cell X, and Shandi.

Launchpad Luna Mentor Fund: In partnership with Animoca Brands, we are raising a US$100 million Mentor Fund to invest in founders leveraging Web3 principles to build decentralised and inclusive businesses. The fund is meant to incentivise, reward and empower our network of value-add mentors by providing early, exclusive access to startups during the Launchpad Luna Program before our public demo day. 

This fund will invest in the equity and future token/NFT supply of companies that meet specific performance milestones during the programme. The fund will be governed by a DAO to incentivise participation, reward contribution and promote transparency. 

We are actively looking for strategic LPs across all three venture funds.

Animoca is an active Web3 and metaverse investor. What do you expect from this partnership?

They (Animoca Brands and its subsidiary The Sandbox, an open NFT metaverse platform) bring a wealth of experience with strong networks to the table. They are also fully committed to developing the creator economy and thus are active mentors supporting investee companies with their experience. 

Through the Launchpad Luna Accelerator, Animoca Brands and The Sandbox are helping startups with technical guidance, token architecture, and follow-on fundraising. Brinc and Animoca will also work closely to scout startups, complete due diligence, and actively create value through the programme. 

We are also exploring additional sub-verticals where we believe technology and Web3 can provide further value alignment and work to develop programmes and supportive services.

Beyond this, we are growing and connecting our networks. We have already onboarded 75-plus mentors for the LaunchPad Luna programme. Mentors currently include Sebastian Borget (Co-Founder, The Sandbox), WhaleShark, Aleksander Larsen (Co-Founder, Axie Infinity), Holly Liu (Co-Founder, Kabam), Jerome Wong (Co-Founder, EVG), Ray Liu (CEO, Bit.Country), Luna Javier (Co-Founder, Altitude Games), Dapper Labs, Binance, Solana and many others.

In a press note, you said you would expand into Web3. Could you tell me what you mean by expansion? Is it that you plan to accept Web3 companies into your programme?

We see our expansion into Web3 by developing accelerator programmes and funds across core areas:

We will invest in Web3-native companies across culture (arts, media, gaming, e-sports, entertainment, collectibles), metaverse, DeFi, DAOs, guilds and infrastructure through Launchpad Luna. We will continue to expand the scope of our investment as we bring on more exciting partners across sub-verticals like Metaverses, De-Fi, Fitness, etc.

Also Read: Animoca Brands attracts US$360M to grow open metaverse, make strategic acquisitions and investments

We will facilitate the Web3 transition from bits to atoms by helping companies in traditional sectors adopt Web3 principles, which can help coordinate and incentivise disparate groups of people to solve tangible problems. We will educate these companies on the value of community building, novel governance mechanisms and tokenomics so that more people can have skin in the game and a seat at the table.  

How does your Web3 accelerator work? Is it going to be a hybrid programme? When do you plan to launch? How many companies do you expect to join the programme?

The programme is fully online, and startups join us from all over the world. Brinc accelerators have always had an online component — before migrating to fully online in early 2019, all cohorts were half online and half in person. 

The transition to fully remote was natural and not difficult due to our existing infrastructure, in-house tools and processes. We expect to continue to improve our online programmes to make them as valuable as possible from founders from every time zone.

The first programme is underway. We invested in 30-plus Web3 startups. We expect to increase that number in the future as we add more verticals under the Launchpad Luna Accelerator. We will invest in arts, music, marketplaces, collectibles, games, DeFi, metaverse, guilds, and more for the next programme.

Web3 is still in the early days, and many critics like Jack Dorsey and Elon Musk don’t seem to have a favourable opinion on this; they say Web3 is too idealistic, and some say it is a vapid marketing campaign. What is your view?

To be an entrepreneur, you have to be idealistic. Entrepreneurs have a particular vision for the future and spend considerable amounts of time, energy, resources and funding to make that vision a reality. Elon Musk and Jack Dorsey are quintessential visionary founders, and we understand their criticisms. 

Where there is rapid experimentation and an opportunity to make comical sums of money with minimal oversight, there will naturally be people who try to take advantage of the situation. Web3 has many challenges, including marketing, mania and fraud, which require investors to be more discerning. 

But under all the hype, we fundamentally believe that Web3 will be a secular shift in how people come together to create enterprises and solve problems. Historically, venture funding came from highly concentrated pools of capital which meant startup portfolios reflected their particular geographical and sectoral preferences. 

Also read: Metaverse is around the corner and you should play a role in it

Traditionally with funding, liquidity was the end goal, but with Web3, it’s available right at the start, bringing all stakeholders in as owners. Web3 provides new mechanisms of organisation, governance, community building, and incentivisation, allowing more people to have skin in the game and a seat at the table. 

We believe these new operating principles will empower the next generation of entrepreneurs, especially in emerging markets, to solve problems that reflect a global citizenry’s priorities rather than those occupying corner offices on Sand Hill Road. Innovating and driving change will be distributed and democratised.

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Image Credit: Brinc

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Vietnam-based blockchain gaming guild Ancient8 said today it raised US$4 million in a seed funding round co-led by VC funds Dragonfly Capital, Pantera Capital, and Hashed.

The round also saw participation from a string of investors, including Mechanism Capital, Coinbase Ventures, Alameda Research, 3Twelve Capital, Coin98 Ventures, Kyros Ventures, Raydium, Jump Capital, GuildFi, Impossible Finance, Animoca Brands, Mirana Ventures (Venture Partner of Bybit and BitDAO), Chromia, Sipher, Smrti Lab, Folius Ventures, PANONY, Shima Capital, C^2 Ventures, and SkyVision Capital.

Other angels joining the round are Trung Nguyen (co-founder Sky Mavis), Santiago R Santos, Nick Chong, and Loi Luu (Kyber Network).

Also read: Metaverse is around the corner and you should play a role in it

With this, Ancient8 intends to grow its scholar base and invest in blockchain and metaverse education to support community members to keep track of the latest advances in GameFi (a combination of games and finance).

Besides, it aims to build more GameFi tools to help newly launched games with go-to-market support and user acquisition and build more blockchain and software products to serve as the infrastructure layer for the metaverse.

The firm will continue to expand its game coverage, especially in the Solana blockchain ecosystem, and expand its user base rapidly throughout Southeast Asia.

“Partnering with our community of gaming enthusiasts and game developers, we are democratising social and financial access for the first native generation of Metaverse citizens,” said Howard, Co-founder of Ancient8.

Founded in July 2021, Ancient8 is building a Decentralised Autonomous Organization (DAO) that develops a community and software platform to enable everyone to play and build the metaverse while earning rewards simultaneously.

Employing blockchain technology, the startup provides users with a comprehensive set of products and services, including scholarships and education, community, software, and investment in GameFi. 

It allows users to borrow non-fungible tokens (NFTs) to play popular games, earn rewards, and receive instruction from experienced gamers. Users may also invest in new games and have early access to NFT and game testing for superior user rewards.

Also read: Demystifying NFTs and DeFi

“Innovative play-to-earn games such as Axie Infinity have changed the status quo, empowering gamers to own a piece of the games that they play and share social and financial rewards by contributing to the community, all while having fun,” said Howard. “We are excited to build the infrastructure layer for the future of blockchain gaming and the Metaverse.”

So far, Ancient8 claims to have aided tens of thousands of blockchain gamers and enthusiasts.

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Image Credit: Ancient8

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Workforce management startup StaffAny raises US$3.4M Series A

Singapore-based workforce management solution startup StaffAny has raised US$3.4 million in its Series A funding round, led by GGV Capital.

The co-investors are East Ventures, FreakOut Shinsei Fund, Far East Ventures, Farquhar Venture Capital and Slack’s former CFO Allen Shim.

StaffAny will use the investment to grow the company, expand regionally and develop new features for its workforce management solution.

Also Read: HR management platform StaffAny gets US$722K seed funding, focussing on growth

StaffAny helps businesses in the blue-collar workforce optimise operational scheduling, time tracking and HR end-of-month timesheet consolidation. It provides functions such as employee scheduling, a cloud timeclock, online leave management, real-time reports, and a connected workforce solution.

MyRobin.ID closes of pre-series A led by Accion Venture Lab, SOSV

MyRobin.ID, a workforce-as-a-service marketplace in Indonesia, has raised an undisclosed pre-Series A round led by Accion Venture Lab and SOSV.

Investible, Khoo Investment, Seedstars, Vulpes Investment Management, Brightness Capital, Astor Management, Bansea, and existing investor Antler joined the round.

MyRobin provides businesses with on-demand, pre-screened, blue-collar workers on a long and short-term basis in Indonesia. The platform tracks workers’ daily attendance and performance, and all payments are processed via the MyRobin platform. The firm charges a management fee as a percentage of the total labour cost.

Also Read: Meet the 7 graduates of SOSV-backed MOX’s 9th cohort

MyRobin also provides worker benefits like early wage access, micro-insurance, discounts on daily needs, and access to vocational training to boost retention and productivity.

Launched in August 2020, MyRobin has more than 2.8 million workers in its network.

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Image Credit: StaffAny

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What a crazy two months it’s been since my previous Web3 post. After two years of closed borders, I finally travelled to Bulgaria.

One of the many lessons I learned during the holiday is that we travel to appreciate what we have. In just 30 days, I experienced a lot of history, culture, and sightseeing while connecting with family and friends.

I am back in Singapore to continue my entrepreneurial journey with a strong sense of appreciation. Southeast Asia might have taken away some comfort but has paid dividends in growth.

Let’s kick off the year with some thoughts on what’s happening in crypto and Web3 in 2022.

My time in Europe allowed me to talk to many people across Bulgaria about crypto. While most people seem interested, a few have a basic understanding of Web3 or how crypto works. All in all, I met just a couple of experts.

The more people I talked to, I realised how early we were. Add a lot of reading on the topic, and you can guess that my perspective started evolving. While I am still convinced that Web3 will be the next major shift in tech, I also came to appreciate the current state of things.

Complimentary opposites

Most Web3 proponents tend to demonstrate strong dualities. To name a few, decentralisation is good, centralisation is bad. Bitcoin is good; fiat is doomed.

Also Read: Demystifying NFTs and DeFi

Such dualities paint concepts as good or evil. That line of thinking never resonated with me. Instead, I started to think about such concepts as complementary opposites.

Having the ability to appreciate two ideas that seem opposite brings a lot of humility. That’s especially true when thinking of Web2 and Web3. Lack of certainty makes us more humble. Avoiding dualities gives a better perspective about everything in between.

Think about it. Realistically, no one knows the future. So we cannot be sure about the effect of our actions. Significantly how whole industries will evolve, i.e. Web3 taking over Web2.

“People forget just how completely non-obvious the entire digital revolution was every step of the way.

1995: WWW will fail

2002: Google will fail

2007: iPhone will fail

2013: Facebook will fail”

– Balaji Srinivasan 

Whatever happens, there will always be tradeoffs. Humility allows us to keep an acute awareness. Which in turn enables us to navigate an ever-complex world. We need to embrace complementary opposites to nurture humility and thus become antifragile.

Also Read: HK accelerator Brinc lands US$130M funding led by Animoca Brands to foray into Web3

Any person who ever tried to change the world learned to navigate complexity. Even some of the most successful people of our times, like Steve Jobs and Elon Musk, learned that you cannot impose your own will on the world at all times.

Determination does not equal foresight. Change is inevitable. But changing the status quo requires an understanding of the complementary opposites.

The great rebranding

All those reflections led me to think, where exactly is the Web3 ecosystem today?

We certainly see a lot of activity in the space. Especially across social media, funding, new startups, developer activity, and the price of major coins like BTC/ETH.

Additionally, in the last few years, crypto has gone through a significant rebrand. Moving from crypto to web3 enabled us to leave behind bad experiences like the ICO boom in 2017 and market crashes.

The rebrand seems to be working. The brightest minds are pivoting careers and joining the decentralised movement. Although crypto has been around for more than a decade, we are still in the early days.

Web3 today is in a period of exploration and sophistication.

Exploration

Under exploration, I refer to working towards identifying and building use cases. Projects that leverage blockchain while delivering consistent value. Unfortunately, while DeFi, NFTs, and DAOs have emerged as innovation streams, many remain sceptical. As with every innovation in its early days, we are experiencing a phase of skeuomorphism.

Also Read: To infinity and beyond: Why 2022 will be the year of Web3

“Skeuomorphism is a term most often used in graphical user interface design to describe interface objects that mimic their real-world counterparts in how they appear and/or how the user can interact with them. A well-known example is the recycle bin icon used for discarding files. Skeuomorphism makes interface objects familiar to users by using concepts they recognise.” – Interaction Design Foundation on Skeuomorphism.

During this phase, founders and designers are essentially adapting existing use cases. Think of Letter writing > Emails and Books/Magazines > Read-only blogs during web1. It took a long time to get native Web2 applications. Tools that enabled read and write functionality.

Only then did we see an explosion of success cases. I am referring to social media (Facebook), productivity (Notion), and crowdfunding (AngelList).

One of the famous examples of skeuomorphism in crypto is Bitclout. The platform resembles a decentralised Twitter. Yet, the difference is that everyone gets a token.

You can support your favourite influencer by buying her token. Of course, the price goes up as more people buy.

On the one hand, that’s a unique use case. A solution that directly rewards influencers without the intervention of third parties. On the other, it looks and feels exactly such as Twitter. Perhaps that’s why it did not get popular outside crypto circles.

I do not have anything against such platforms. On the contrary, I think they play an essential role. But the real value will be unlocked by Web3 native use cases, not adaptations of Web2 platforms.

Think of PoolTogether. That’s a native use case. Once you log in with your wallet, you can deposit money for a chance to win.

Each week the smart contract picks one winner. Even if that’s not you, you end up keeping all of your money. A lottery where you can either win or save your money.

Sophistication

The second biggest challenge with Web3 today is the poor UI/UX. Most projects tend to be highly technical. Hence, difficult to understand and act on. In my opinion, that holds back a lot of people from embracing Web3 and experimenting in space.

The challenge stems from how blockchain-enabled apps present an entirely new functionality. Use cases that were unseen in Web2.

During the past 10+ years, we got good at designing applications for third-party organisations. Think of apps that help us to manage our finance (banks), identity (governments and social media), transportation (Uber), and accommodation (Airbnb).

Suddenly, we have a new paradigm shift. With Web3, we manage our wealth without the need for a third party to interfere. In turn, designers struggle to address that complexity. After all, we cannot copy-paste proven best practices from successful organisations.

Also Read: The transition is now: these Web3 apps are transforming global finance

The same pattern played in both Web1 and Web2. The first web pages were ugly and hard to use. Likewise, the first versions of Uber/Airbnb/Instagram/Facebook were not great. It takes time to iron out the complexity and develop great UI/UX.

Having said that, we are seeing significant progress. If you compare any dAPPS from a few years back and now, you would see considerable improvement.

Meaning, Web3 is going through a period of increasing exploration and sophistication. Extreme ideologists speaking of decentralisation at all costs start meeting gravity. The promise of blockchain is appealing. But it will take time before we build dAPPS ordinary people can understand and use.

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BillEase, a card-free buy-now-pay-later (BNPL) platform owned by the Filipino fintech firm First Digital Finance Corporation (FDFC), today announced the close of its US$11 million Series B financing round.

BurdaPrincipal Investments, the growth capital arm of German media and tech company Hubert Burda Media, led the round.

Centauri, a joint investment vehicle of MDI Ventures and KB Investment; Singapore-based 33 Capital; and Tamaz Georgadze, CEO and Co-Founder of European fintech unicorn Raisin DS, also co-invested.

Also Read: This e-credit card allows Filipinos to buy big-ticket items online with easy instalments

BillEase will utilise the funds to accelerate its customer growth, enhance and develop new products, and attract top talent.

Ritche Weekun, Co-Founder and CFO of FDFC, said: “The events over the last two years have increased the pressure on the fintech space, in particular, to evolve, and we’re seeing growing demand for financial products. Our latest round of funding will help us grow at an unprecedented pace, allowing us to increase financial inclusion in the country further.”

Launched in 2017, BillEase provides merchants with instalment solutions to boost their conversion rate and average order values by enabling customised instalment payment products at checkout. Today BillEase has more than 500 merchant partners — from airline tickets (Philippine Airlines) to flip flops (Havaianas), speakers (Harman Kardon) to ice boxes (Coleman/Focus Global).

For consumers, BillEase serves as an alternative to credit/debit cards and e-wallets when shopping online. They are given a credit limit that can be used at any of BillEase’s over 500 merchant partners, such as gadgets retailer Kimstore or Philippine Airlines. Unlike traditional debit cards and e-wallets, customers do not have to top up before purchasing online or offline.

In addition to BNPL, the BillEase app also offers personal loans, e-wallet top-ups and popular wallets like GCash, PayMaya, Coins.ph, GrabPay, and ShopeePay, mobile loads and gaming credits.

Also Read: Is Southeast Asia ready to buy now, pay later?

“BNPL services often rely on card payments; in the Philippines, less than 5 per cent of the adult population owns a credit card, and cash on delivery remains the primary mode of payment. We developed our proprietary credit, fraud, and payment stack to address this problem and expand the target market. While this requires more upfront investment, we are solving a more fundamental problem for customers and allows us to create long-term relationships,” said Co-Founder and CEO Georg Steiger.

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Image Credit: BillEase

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Animoca Brands, a leading digital entertainment, blockchain and gamification company based in Hong Kong, today announced the completion of a US$359M funding round led by Liberty City Ventures at a pre-money valuation of US$5 billion.

The participating investors are 10T Holdings, C Ventures, Delta Fund, Gemini Frontier Fund, and Gobi Partners Greater Bay Area, among many others.

Animoca Brands will use the new capital for strategic acquisitions and investments, product development and licenses for popular intellectual properties.

Also Read: HK accelerator Brinc lands US$130M funding led by Animoca Brands to foray into Web3

Animoca Brands is building the open metaverse by bringing digital property rights to online users through blockchain and NFTs. These technologies enable the true digital ownership of users’ virtual assets and data, and make possible various DeFi and GameFi opportunities (including play-to-earn), asset interoperability, and an open framework that can lead to greater equitability for all participants.

Animoca Brands and subsidiaries offer a broad portfolio of centralised and decentralised game products, branded and original, covering most primary platforms, including mobile devices, game consoles, PC, web, and blockchain. Products include games ranging from hyper-casual to hardcore and collectibles, utility tokens, and e-sports titles.

In addition to its product development and publishing businesses, Animoca Brands is an active investor in more than 150 NFT and metaverse-related companies, including OpenSea, Dapper Labs, Yield Guild Games, Star Atlas, Axie Infinity, and Thetan Arena.

Animoca Brands has various subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Lympo, and Bondly.

In partnership with Brinc, Animoca Brands operates Launchpad Luna, an accelerator to foster startups in the blockchain and NFT space.

Also Read: Animoca Brands invests in Fantico, a startup creating its own metaverse

In 2021, Animoca Brands raised US$216.28 million to power its vision of digital property rights and the open metaverse, while its subsidiary The Sandbox completed a capital raise of US$93 million.

The global video game market was estimated to generate US$180.3 billion in 2021 (source: NewZoo), while the metaverse market size is expected to grow to around US$829 billion by 2028 (source: Emergen Research).

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GuruLab, a Malaysia-based platform pairing qualified tutors with learning analytics, has closed a US$1 million (RM4.3 million) seed investment round with investors, including Singapore-based Wright Partners.

GuruLab intends to use the funds to enhance its proprietary analytics platform and expand its offerings within the country’s education ecosystem. The long-term goal is to expand into other potential subjects and markets.

The startup is also recruiting for strategic roles, including tutors, software engineers and data scientists. 

Also read: How edutech is solving the global teacher’s crisis

In 2021, GuruLab was founded by Cambridge University graduate Eer Kai Song and Oxford University graduate Vicky Tan. Starting with English, GuruLab currently offers live-streamed tuition classes. This allows students throughout Malaysia to access some of the country’s top tutors in the comfort of their homes.

“We believe GuruLab’s feedback algorithm and data-driven methodology can address the shortcomings of the ‘one-size-fits-all’ approach used by schools and tuition centres,” said Tan.

The global e-learning market is predicted to reach a market value of over US$ 660.8 billion by 2027, with Asia Pacific projected to exhibit the fastest growth, as per a report conducted by global consulting firm Acumen Research and Consulting.

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UNL, a Singapore-based startup providing micro-location and mapping technology, has announced a US$4.5 million pre-Series A raise.

The round was led by existing shareholder HERE Technologies, a location platform for navigation and mapping owned by the consortium of German carmakers Audi, BMW and Daimler.

Other participants are returning investors, including Singapore-based deep-tech backers Elev8.vc, SGInnovate, and Venturerock. 

Fernando Herrera, founder of European cloud service provider Nordcloud, also co-invested.

UNL will use the proceeds to expand operations in Southeast Asia, the Middle East and Africa. In these markets, the company will be focusing on solving challenges in last-mile and logistics, starting with bringing accuracy and precision to addressing, geocoding and dynamic routing.

Also read: ‘gojek taught me the importance of making data-driven decisions’: outgoing CTO Ajey Gore

This deal comes over a year after UNL secured a US$2 million funding in 2020.

Founded in 2018, UNL offers a library of plug-and-play geospatial solutions to help businesses build scalable, hyper-local services and applications — from e-commerce to last-mile and smart city solutions.

To simplify, UNL pixelises the physical world into a multi-resolution smart grid to give any location a digital and verifiable address — UNL geoID — similar to an IP address. UNL geoIDs uniquely map out and address spaces with up to 1×1 cm2 precision, covering outdoor, indoor and elevation. 

This solution can be plugged into any step of the supply chain, supporting the greater movement of goods and from supplier to vendor to end-user, providing clients with delivery and navigation within large buildings.

In addition, by giving a unique digital address (UNL geoID) to every geolocation, UNL enables direct interaction with physical locations and accurately links data to locations to contextually represent real-world situations and events.

“[UNL] can solve some of the biggest hyperlocal challenges that traditional mapping hasn’t been able to do so far — starting with accuracy and precision in mapping, addressing, real-time routing and self-healing maps,” said Founder and CEO Xander van der Heijden.

Also read: Metaverse is around the corner and you should play a role in it

UNL plans to launch a cloud-based visual editor in the short term, where companies can create their own custom virtual private maps and manage micro-services and points of interest (POI) data without any coding. Those real-time updates can be connected to a business’ existing applications such as driver apps, order and fleet management systems.

Shortly, ready-to-use applications will be made available in the UNL MAppStore.

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Image Credit: UNL

 

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Funtap, a Vietnamese tech company specialising in IT, entertainment and games, has announced the launch of a US$10-million blockchain-focused fund.

Funverse Capital will back startups working on blockchain-enabled apps in GameFi, DeFi (decentralised finance) and other potential projects.

The fund will write a cheque of up to US$1 million while also providing mentorship and accelerator programmes.

“Blockchain and NFT (non-fungible tokens) are great motivations for the coming generation of Internet products and services,” said Adam Bui, Founder and CEO of Funtap. “Funtap is now ready to contribute to the growth and acceleration of the emerging tech industry.”

Also read: Demystifying NFTs and DeFi

Founded in 2015, Funtap has grown from a game publisher to a digital service ecosystem of games, digital content, payment, and finance solutions.

As stated on its website, Funtap’s games have made inroads into ten overseas markets, including Thailand, Malaysia, and Singapore, besides Vietnam.

The firm claims to serve 42 million customers worldwide, with over 70 mobile games published and localised in five languages.

Vietnam’s blockchain market has been ripe for an explosion since the massive success of Sky Mavis, the gaming unicorn behind the well-known play-to-earn game Axie infinity.

Last April, Funtap picked up over 30 per cent stake in local digital payment firm 9PAY for a “seven-digit US-dollar” investment, DealstreetAsia reported. This transaction helps expand Funtap’s game-related offerings to 9PAY’s e-wallet.

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Image Credit: Funtap

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The Monetary Authority of Singapore (MAS) has issued new guidelines barring digital currency token (DPT) companies and cryptocurrency service providers from promoting their services to the general public in the island state.

This means DPT firms won’t be allowed to run their ad campaigns in public areas such as public transport vehicles/venues, public websites, social media platforms, broadcast and print media, or on automated teller machines (ATMs).

The amendments are yet to come into force.

Also Read: ICYMI: Singapore just gave a nod of confidence to cryptocurrency

The new guidelines also discourage service providers from engaging third parties, such as social media influencers, to promote DPT services to the general public.

DPT service providers include payment institutions, banks and other financial institutions, and applicants under the Payment Services Act (PS Act). The services involve the buying or selling of DPTs or facilitating their exchange. 

The central bank’s move is to protect consumers from trading DPTs without knowing cryptocurrencies’ high risk and speculative nature.

The Singapore FinTech Association (SFA) and SFA Payments Group (SFA-PG) welcomed the move. 

“Opening the doors to innovation also requires a system of checks and balances to be put in place before consumers gain full awareness and understanding of the new tools,” said Shadab Taiyabi, President of SFA. “[It] does not signal a shift in Singapore’s approach to DPT’s. Rather, we see this as further evidence of Singapore’s long-term commitment to the industry.”

For years, Singapore has consistently established itself as the fintech hotbed of the world. Its Payment Services Act (PSA) offers a regulatory guideline for companies handling activities ranging from digital payments to trading tokens such as Bitcoin, Ethereum and Litecoin. The law hands the MAS with supervisory powers for cybersecurity risks, money laundering, and terrorism financing.

Also Read: Singapore’s new payments law is a boon for the crypto community

However, last September, MAS ordered the world’s biggest cryptocurrency exchange platform, Binance.com, to stop its services in the country as it was regarded among 699 companies that the MAS has not regulated.

 

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