Singapore-based venture capital firm Resolution Ventures announced that it has made the first close of its US$20 million Southeast Asia-focused fintech fund Resolution Fintech Fund I.

Aiming to invest in around 25 companies, the firm seeks fintech startups that are building solutions that have local, regional, and international applications. It will invest in the pre-seed and seed stages of the company’s journey.

The fund is backed by an international community of fintech-interested institutions, family offices, experienced finance executives, and successful entrepreneurs.

“Resolution builds atop the top quartile track record of Managing Partner Sam Gibb and Blauwpark Investments, a proprietary fintech fund managed by family office Blauwpark Partners. The Fund benefits from the experience of its partners and Blauwpark Partner’s network across the Fintech sector. Early stage fintech companies and their founders benefit not just from capital and guidance, but also the relationships and infrastructure of an institutional asset management firm,” the firm wrote in a press statement.

In an email to e27, Gibb explains that the firm is looking for humble and teachable founders that are going after a large problem that addresses financial inclusion and mobility in the region.

Also Read: Understanding the traction metrics that investors are looking for in an early stage startup

He also wrote that the firm is open to investing in companies that are working in the Web3 space.

“… There are a lot of applications for Web3 rails to be able to better facilitate the financial infrastructure. We’re very interested in speaking to any companies that are building solutions that have a fintech front-end and Web3 back-end to leverage emerging technologies,” Gibb said.

“The incumbent banking system is built on decades-old technology and is largely a rubber band ball of archaic solutions tied together. There are better alternatives available and we’re keen to partner with the companies that are exploring the leading edge of innovation that could increase financial inclusion and mobility in the region,” he continued.

From this fund, the firm has made investments in Pakistan’s Oraan (a female-led Rotating Savings and Credit Association platform that aims to contribute to greater financial inclusion among women), Stemly (a working capital and inventory management platform that aims to optimise inventory levels and improving working capital management), Dropee (an e-invoicing and ordering platform for FMCG goods that aims to enable easy credit for retailers, connecting micro and SME businesses to distributors and wholesalers), and Vietnam’s Gimo (an earned wage access platform that recently completed YCombinator, aiming to disrupt the predatory market for pay-day loans and improving financial access).

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Image Credit: Resolution Ventures

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COVID-19 sent the world into various levels of social lockdowns and pushed many healthcare systems to their breaking point. Yet the pandemic created new opportunities in telehealth/telemedicine, an area already growing pre-pandemic.

For Southeast Asia, telehealth’s emergence may have been a pandemic-induced blessing.

Telehealth is no longer just about video and phone consultations with doctors. It’s expanding into areas such as screening, coaching, and remote monitoring. Some emerging players are also accommodating multiple nations and languages, an impressive potentially lucrative feat.

Southeast Asia’s digital-forward countries are offering case examples to which the world should be paying attention.

What is telehealth/telemedicine?

Telehealth is the delivery of healthcare services using information and communication technology (ICT), where patients and providers do not meet in person.

Telehealth broadly covers a wide variety of healthcare services such as telemedicine, mobile health, telenursing, and telepharmacy. It let medical professionals provide diagnosis, treatment, and prevention via a PC or mobile device.

It’s an especially potent tool for managing a highly contagious virus like COVID-19, as patients and medical providers can communicate at safe distances. Especially in the earlier stages when every doctor, nurse, and staff member was under continual duress, telehealth helped reduce infections among indispensable personnel.

How COVID-19 advanced telehealth in Southeast Asia

The pandemic pushed people toward “digital self-care,” using mobile messaging apps, chatbots, call centres, helpdesks, and websites to fulfil health-related needs at a safe distance. In Southeast Asia, with its young population and widespread mobile penetration, this wasn’t so alien.

“Social distancing” became a standard and telehealth was an ideal fit. Telehealth allows people to receive medical care without venturing into congested healthcare facilities. And it can reach people in remote areas where health services are limited.

When COVID-19 hit, some Southeast Asian governments worked with the private sector to promote telehealth use.

The Indonesian government, for instance, partnered with digital health platform Alodokter on free teleconsultation for COVID-19 patients. Telehealth platforms were also used for self-assessments, tracking, and contact tracing.

Also Read: Meet the 6 Indonesian healthtech startups of SEHAT Impact Accelerator

Telehealth use in Southeast Asia has varied depending on factors such as policy and governmental involvement. One study found that no Southeast Asian countries have specific laws on telemedicine.

Medical councils in Malaysia, Indonesia, Singapore, and Vietnam tend to still focus more on healthcare professionals rather than telemedicine services and platforms. In Indonesia and Vietnam, only registered health facilities can offer telehealth services.

Another study found that during the first few months of the pandemic’s initial hit, the number of telehealth platform users grew four times. It reported that 94 per cent of Southeast Asian respondents intend to continue using digital services post-COVID-19.

Commercial interest in telehealth has certainly risen. While many Southeast Asian countries have below the global average number of physicians per (apart from Brunei, Malaysia, and Singapore), demand will continue to rise.

A McKinsey report estimated that telemedicine and remote monitoring would account for US$37.1 billion of the projected US$100.4 billion Asian digital health market by 2025.

Key players in telehealth/telemedicine

HonestDocs (Indonesia and Thailand)

HonestDocs, with Indonesian and Thai platforms, targets two of ASEAN’s most future-forward populations. Users can chat with a pharmacist for free or post a question on the Q&A forum to get replies from licensed medical practitioners for as low as 200 baht (about US$6). The HonestDocs app also links to HDmall, with 12,000+ health, dental, beauty, and even pet services.

Doctor Anywhere (Singapore)

Doctor Anywhere offers a platform with 500+ general practitioner clinics, 15+ diagnostic centres, 300+ specialist clinics, and 100+ dental, traditional Chinese medicine, and physio clinics. Video consultation with a general practitioner on the platform costs SGD$20 (US$15).

Doctor Anywhere’s home-based supervised self-swab COVID-19 antigen rapid tests via video consultation were especially useful for travellers using the Vaccinated Travel Lane. As the need for such tests declines, this robust platform can easily refocus or replace the service.

Alodokter  (Indonesia)

Alodokter had more than 32 million visitors since Indonesia’s first confirmed COVID-19 case in March 2020, based on a report. It now has the most registered hospitals with the largest coverage of provinces in Indonesia. The platform’s directory of doctors includes their personal details.

Alodokter offers Aloproteksi, which gives users unlimited 24-hour chat with specialist doctors for as low as 39,000 rupiahs (US$2.75) per month.

DoctorOnCall (Malaysia)

The Ministry of Health of Malaysia partnered with DoctorOnCall to provide free access to consultations on COVID-19. In multicultural Malaysia, the platform is available in English, Malay, and Chinese.

It provides consultation across 50 specialities and doctor consultation is priced at 19.99 ringgit (US$4.75) per consultation. The platform also offers cashback for every purchase and referral, a common B2C tactic familiar to mobile users.

VieVie Healthcare (Vietnam)

The VieVie telehealth platform treats more routine medical conditions such as colds, allergies, pregnancy care, and skincare. It offers free doctor consultations via chat or phone, but accessing certain doctors requires payment or a premium upgrade. Users can receive a quick response from a licensed doctor within 10 minutes.

Also Read: What telemedicine and Health Tech holds across SEA amidst COVID-19

Challenges for telehealth moving forward in Southeast Asia

A WHO report shows the challenges to telehealth adoption, mainly categorized into four groups.

Policy

A standardised framework and repayment policies are still needed to regulate telehealth platforms. Recent policy changes during COVID-19 have reduced barriers to telehealth, but data privacy and personal information are still major concerns for users. Countries like Thailand and Malaysia have general data protection legislation that protects personal data.

A uniform repayment scheme is also needed to facilitate insurers to reimburse telehealth services fairly within and across countries. Countries including Malaysia and Thailand provide free telehealth services. Singapore has a national insurance scheme that includes telehealth rebates and subsidies.

Organisation

The lack of trained staff, sustainable funding, insufficient technical infrastructure, and technological barriers are problems that need addressing. During COVID-19, Southeast Asian governments worked with the private sector to promote digital health services that addressed the pandemic. The Ministry of Health of Malaysia, for instance, worked with DoctorOnCall to provide free consultations.

Technology

Telehealth is centred on ICT, making technology an ongoing focus. Dispersed archipelago countries such as Indonesia and the Philippines pose geographical challenges for installing ICT infrastructure.

The lack of ICT infrastructure in most Southeast Asian countries can be overcome by using existing resources and free mobile health apps with affordable consultation fees. Public hospitals in Southeast Asian countries like Malaysia, Vietnam, and Thailand have in some cases provided free telehealth services.

Individuals

Scepticism still exists on telehealth’s true usefulness. A study in Indonesia showed that Indonesian users were more likely to use telehealth if thought the technology was easy to use. For some users, cultural and language differences are a challenge. However, some platforms, such as DoctorOnCall, meet the challenge with multiple languages.

Southeast Asia is a global example of telehealth

Southeast Asia’s unique combination of a dynamic, young, future-forward population and broad multicultural diversity push it to innovate technologically and cross-culturally. Its telehealth advances offer some potentially compelling best practices for the rest of the world.

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In April, GoImpact announced that it has raised a Series A funding round that brought its valuation to US$22 million. Tripling its last funding round, this investment included investors such as Oriental Watch Holdings Limited and a leading Hong Kong-based private investor.

For the Singapore-based company, this investment will enable them to further expand its global footprint, as said by co-founder Andy Ann in a press statement. “The funds we raised will allow an expansion of the team in Hong Kong and around the world. In the future, GoImpact will continue to seek partnerships with leading institutions and organisations to further our influence on a global scale.”

GoImpact is a platform that aims to drive the sustainability agenda forward through three key pillars: education (GoLearn), structured advocacy (GoNetwork), and a deal flow platform for sustainable investments (GoInvest). It was founded in 2020 by finance industry veterans Helene Li and Clarence T’ao as well as serial entrepreneur Andy Ann to bridge the gap between knowledge and investment opportunities through these three activities.

Investing in companies that aim to tackle the challenges brought by climate change has become increasingly popular nowadays, and GoImpact believes in the importance of making informed decisions  –the reason why education is the starting point of its user journey.

Its GoLearn platform offers lessons that are structured to align with the 17 United Nations Sustainable Development Goals in five key areas. Within the last two years, it has established an education network consisting of top ESG and industry experts, prominent higher-education institutions, industry bodies, financial institutions, large corporations, and governmental agencies across the Asia Pacific and the Middle East. It has also participated in and co-hosted industry seminars to drive ESG adoption.

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

To understand more about what GoImpact offers, e27 speaks to CEO & co-founder Helene Li about the company, its mission, and their big plans for the future. Here is an edited excerpt of the interview.

Having had years of experience in the sustainable finance and ESG space, what inspired you to start this platform?

I was a management consultant turned banker. Throughout my banking career, whether with JP Morgan or with BNP Paribas, I have witnessed firsthand the momentum of sustainable finance, and how the capital owners … are actually demanding more and more of their assets be looped into this area, to create a better change, and to be better aligned with their own set of values.

About two years ago, just before COVID-19, we founded GoImpact with a very specific aim: to mainstream the agenda, and to fast-track the acceleration and mainstreaming of the agenda. So it doesn’t get buried in all kinds of talks about philanthropy or NGO activities, [because] it is a mainstream business and finance agenda. Both my co-founders and I are very much in the mainstream finance industry; we have seen firsthand how the momentum has shifted, and in some ways, the gaps.

So, the problem that we are trying to solve is to clear the roadblocks to mainstream and accelerate the agenda. And I think education is at the heart of these roadblocks. Because if you are less informed, or ill-informed about something, you are not likely to invest very much into that. So, having a good basic, fundamental understanding of what sustainable finance is all about, and what it can do for the companies, is important.

Like, here in Singapore, the SG Green Plan 2030 is very much something that Singapore corporations are subscribing to, and all the ministries are aligning to drive that. And it’s an important agenda. But do people have a thorough understanding of all that, and what it means to them as a citizen, as a company, as an investor? Maybe not. Maybe there are still gaps to be resolved. And that’s exactly the areas that we are playing at.

How does the pandemic impact the public’s interest in ESG investing?

Very much so. The silver linings of the pandemic are that it serves two things. First, as a disruptor, it exposes all the problems and cracks that we have in the system, be it in the supply chain, our over-reliance on certain ways to generate energy or food supply.

The second thing is that it is also an accelerator. It has put sustainability and sustainable finance on the front and centre stage.

If you are already investing in this sector, chances are you will try to weigh in more with your assets in the way you would construct your portfolio. So, yes, it has been an accelerator and a disruptor.

Also Read: How consumers are prioritising sustainability beyond the single lens of eco-friendly products

So what are the advantages of learning about sustainable finance through GoLearn compared to other sources?

I think it’s very important to note that we are playing very hard at a specific area that moves the needle significantly. So we don’t play at, for example, undergrad programmes or secondary school programmes, because we want to equip and educate the executives. People who are in a position to make decisions for the company, who are in a position to make investment decisions.

What we really want is to translate many of the talks into action. That’s far easier said than done … because we want to move the needle and play at executive education, all our programmes are very much expert-led and case-based. Executives learn through use cases. What has been done? What are some of the examples that are relevant and relatable to their specific industries?

In Singapore, we partner with the Singapore Management University which is the main institution that drives green finance learning in the country. SG FC –the Singapore Green Finance Centre– which is funded by MAS is being housed there. Our programmes at SMU have met with a lot of success. We were fully booked until the first half of 2023.

Who are your target audiences? And what is your user acquisition strategy?

We do a complete B2B2C. We partner with platforms such as the SMU Gear which has already a captive audience looking for programmes like that.

One of our major aims is to accelerate the agenda; we are all running against time to drive towards net-zero or to make the world a slightly more sustainable place. Not just for our generation, but for the next generation to come.

This is why being able to drive the business model faster, for us, is more important than just optimising on the profit. I see that very much as our business model. And that has paid off very well. It has also attracted the eyes of a lot of investors.

So, what will be the company’s big agenda for this year?

This year … we aim to deepen and consolidate [our existing partnership] while also trying to move towards a more asynchronous delivery [of learning]. This will actually be the real accelerator.

In terms of our mission, and in terms of the growth of the company, the way we see it is that … our solution is meeting a very good timing. It’s a very practical and comprehensive … because if you look at it, sustainability and sustainable finance are actually very broad. It is not just about carbon. It is not just about water. It is much broader than that.

I think the breadth as well as the depth of our offering really echoes and hits a sweet spot in the market. And we have been enjoying the results of that. We intend to consolidate that and move towards the asynchronous to grow even faster and to deliver a better return for our A round investors … as we are poised to ticket forward to another round maybe later in the year.

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Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: GoImpact

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