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Our company culture is driven by communication: Terng Shing Chen of SYNC

As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Terng Shing Chen is the Founder and CEO of PR and content marketing technology startup SYNC. With over a decade of experience in public relations and content marketing, Chen combines traditional PR and content methods with automation technology to create a scalable agency.

As the CEO of SYNC, Chen oversees business strategy and expansion, as the brand continues to grow in the region. He has led the company’s expansion into four markets, Singapore, Malaysia, Indonesia and India, and set up strong partnerships in Thailand, Vietnam and The Philippines.

Chen is also the lead media and messaging trainer for SYNC, having trained over 50 leading founders, CEOs and entrepreneurs in his career. He regularly conducts training sessions for startup founders through numerous startup accelerators and venture funds.

Besides SYNC, Chen is also the Co-Founder of the travel community platform Travel Wanderlust and co-host of the business podcast Business Over Drinks.

In this episode, Chen shares his organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

It may sound cliche, but we look for people with a couple of traits: the willingness to learn and the ability to be independent. These are critical qualities because, at SYNC, we look for people who are problem-solvers and adaptable. With technology and marketing changing at such a rapid pace, being stagnant or unwilling to learn is not a desirable quality.

How do they fit into your company culture? Tell us a little more about your company culture.

Our company culture is driven by communication. We encourage over-communication in fact, where we have team members keep everyone updated on progress on a very regular basis. This might sound a bit of an overkill, but it actually helps foster team bonding and enhance clear visibility of activity, which is necessary for our remote team.

At SYNC, we firmly believe that over-communication is a crucial factor in building strong and cohesive teams. To achieve this, we have implemented various strategies, such as daily check-ins, weekly progress reports, and team meetings that are a mix of messaging, video calls and in-person to develop some form of familiarity with each other.

We also encourage open communication channels, which are driven from the top down. This means I need to be over communicative and at the same time, I need to encourage people to speak to me and not be a stereotypical middle manager.

How do you foster transparency and encourage achievement at SYNC?

This is led by the over-communication policy we have in place, where we encourage people to share both the negatives and positives from their work. Every week a member of the team shares a detailed progress update including lessons learnt and we celebrate the individual achievements either through something as simple as a company-wide Slack message or even hosting a team dinner.

Also Read: Impactful technologies empower lives: Viveka Kalidasan of Let-Lab

Do you have a mental health policy? What does that look like?

We don’t have a detailed mental health policy, but rather we explore each instance on a case-by-case basis as everyone’s situation is different. As a team, we try to provide support and no judgment to foster honest conversations about difficult topics or situations they may be in.

In practice, this allows us to provide support where required and if necessary, provide them with time off to handle any issue. However, as we continue to scale, the ability to deal with these situations well and with compassion becomes challenging, so we are looking into more concrete processes and policies around this.

WFH or WFO, or hybrid?

WFH has been our preferred choice since day one, before the pandemic. We’ve conducted multiple in-house surveys to offer a hybrid option or a full WFO experience, but it has always been WFH for us.

How should a tech worker prepare for the funding winter?

I think the demand for high-quality talent still remains, but the companies and where the demand is coming from are evolving. If you have a valuable and relevant skillset, you will be fine, but I think gone are the days of table tennis in the offices and free beers all the time.

From my experience, this is part of the overall cycle and we see the ups and downs in the economy and for industries all the time.

How do you measure the performance of your employees?

We are output driven, so each member of our team has a clear idea of what they need to produce. As the team leader, I need to provide them with the tools for them to succeed and give them the freedom to excel. Whether you are a junior member or an experienced team leader, everyone needs to have a clear set of outcomes.

Also Read: Keep learning and building relationships during funding winter: Richard Yan of Airwallex

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

I go for the former because honesty is a critical part of running a successful distributed team. We have a lot of people involved at any stage of a project and those that are willing to learn, improve as we move along and admit their mistakes and gaps in knowledge are important.

I’ve learned over time that everyone makes mistakes regardless of skill, experience or position in the company, being honest about it, ensures we can rectify the mistake and stop it from spiralling out of control. This is essential for a company like ours.

Do you encourage ‘intrapreneurship’ at SYNC?

Yes, we absolutely do with each member of the team being encouraged to learn how the business runs, and the processes behind it and get involved (to some extent) with other aspects of the overall business. If your team member understands why we do what we do and how everything works, it is easier for them to buy into our vision and mission of the brand.

How do you support upskilling for your employees?

We have a few programmes in place, some include bringing external or using internal trainers to run workshops, as well as giving certain employees the opportunity to take courses to improve their skills. It depends on what they need and the path they want to take within the company, but in all honesty, we have seen a lot of positive growth within the team from our current efforts that we plan to continue this for as long as possible.

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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SMBC, Incubate Fund launch new US$200M fund for Asian startups in fintech space

Sumitomo Mitsui Banking Corporation (SMBC Group) today announced that it has co-founded the corporate venture capital fund “SMBC Asia Rising Fund” with Incubate Fund in Singapore. The fund managed is US$200 million, and its purpose is to accelerate business development and partnerships through investments in high-potential Asian startups.

Through this CVC, SMBC Group will enhance its business and provide clients with new solutions by uncovering/applying new technologies via partnerships with investee firms and developing new business models/products.

They will also enhance the value of its investee financial institutions in Asia by collaborating with startups looking to invest in areas such as lending tech, payment, supply chain finance, Banking-as-a-Service, and digital assets.

Also Read: Japan’s online language learning site Best Teacher raises US$530K from GMO VP and SMBC VC

This strategic partnership between SMBC Group and Incubate Fund will allow them to capitalise on opportunities in emerging markets while contributing to the growth of SMBC Group’s businesses through access to innovation and new technologies that can drive long-term value creation across industries.

e27 has reached out to the organisations to find out more details about their investment strategies and plan.

Incubate Fund is a leading Japanese venture capital firm specialising in early-stage startups. Since its establishment in 2010, the firm said that it had invested more than JPY98.3 billion (US$728 million) in more than 450 startups. The new CVC will be managed by Incubate Fund’s Singapore office.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Louie Martinez on Unsplash

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Stripe, WhatsApp introduce new feature to help businesses accept payments in chats

How the payment feature will look like

Stripe, a financial infrastructure platform for businesses, today announced a partnership with WhatsApp that allows Singapore businesses to accept payments directly in WhatsApp chats.

The new feature is built on Stripe Connect and Stripe Checkout, and enables Singapore customers and businesses to buy and sell directly in WhatsApp without having to go to a website, open another app, or pay in person.

The option to enable payments on WhatsApp in Singapore is available to local businesses using the WhatsApp Business Platform, which will include a Stripe account. The feature is currently available to a small number of Singapore-based businesses and will be available to many more in the coming months.

Supported payment methods include credit and debit cards, and PayNow, a real-time payment system popular in Singapore.

Also Read: AWST launches with US$1.7M in funding, teams up with Stripe

Singapore businesses that accept payments with WhatsApp chat also gain access to the Stripe Dashboard, a tool for managing all of their Stripe data in one place.

“Starting today, people in Singapore can pay their local merchants on WhatsApp in just a few taps,” said Stephane Kasriel, head of fintech at Meta, the company behind Whatsapp.

Since it launched in 2010, Stripe has featured more than 100 optimisations that enhance every aspect of the checkout experience, including pre-built payment UIs and more than 40 payment methods.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Stripe

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Ecosystem Roundup: SEA gets two startup funds, Indonesian e-grocer Tumbasin shuts down

Quest Ventures’s Partner launches new VC firm MSW Ventures
MSW Ventures, launched by Jeffrey Seah, first fund Asia Fund X seeks to invest in foodtech, agritech, data tech, sustainability, and enterprise tech.

Sumitomo’s SMBC launches US$200M corporate VC fund in Singapore
SMBC Asia Rising Fund targets startups that contribute to SMBC Group’s business through collaborations or business development in areas such as lending tech, payment, supply chain finance, banking-as-a-service and digital assets.

SG’s Allrites goes public in the US through Aura Fat merger
A statement said the transaction will give Allrites an enterprise value of US$92M; The merger will see Allrites becoming a wholly-owned subsidiary of Aura FAT Projects and listed on the Nasdaq under the ticker “ART”.

Indonesian e-grocery firm Tumbasin shuts down, to file for bankruptcy
This comes after the company suffered from “insurmountable financial challenges”; Founded in 2017, Tumbasin enabled users to compare prices of groceries across traditional markets and make purchases directly through the platform.

Jollibee billionaires launch online stock trading platform DragonFi
With the ability to create personalised layouts and multi-monitor support, DragonFi offers advanced charts with over 100 studies, indicators, and drawing tools available on its web and mobile app.

Ant Group eyes selling stake in HK digital bank subsidiary
Ant Bank, which has received approval from the Hong Kong Monetary Authority, is reportedly in talks with potential investors to strengthen its operations; The sales plan, however, is still in its early stages.

Elon Musk teases free Tesla FSD trial in North America
The Tesla CEO has laid out a rough plan for expanding access to Full Self-Driving (FSD), the company’s advanced driver assistance system, throughout North America and the rest of the world.

Binance resumes Bitcoin withdrawals after two halts in a day
Binance had paused withdrawals earlier as it didn’t anticipate the recent surge in Bitcoin’s network gas fees; On Monday, the average fee per Bitcoin transaction rose to US$7.25, the highest since May 2021.

Indonesian online kitchen startup Uena raises funding
The lead investors are East Ventures and Trihill Capital; Uena will use the fresh funds to expand its operations in Jakarta as the company looks to cater to a larger user base.

UOB leads US$51.5M round of Vietnam’s Buymed
Buymed operates a B2B e-commerce website that connects pharmaceutical manufacturers, distributors, and clinics; Buymed (known as Thuocsi in Vietnam) recently raised US$51.5M from major regional investors.

Take a look at the news articles we published this week
Advance Intelligence Group’s US$80M raise and Integra Partners’s Fund II close were the major news of the week.

Bootstrapped: How dating app Sirf Coffee takes on the likes of Tinder without raising VC money
The early challenges for Sirf Coffee were buying behaviour, lack of dating exposure, credibility, and membership pricing.

How startups are using Hong Kong as the launchpad of their international expansion
On the sidelines of the 7th Elevator Pitch Competition (EPiC) by the HKSTP in late April, e27 had an opportunity to speak to several startups that participated in their programme.

These 15 startups might just be part of this year’s TOP100
From our diverse pool of applicants, get to know these 15 startups that are close to competing at this year’s competition.

MeetUp with Indonesia’s most exciting tech entrepreneurs!
The Indonesia stop of e27’s regional meetups is happening tomorrow, 9 May 2023. Here’s why you should be there.

Journeying through the long, winding road of startup investments and M&A in 2023
In addition to investments flowing into particular sectors, we can also expect to see more M&As happening in the region in 2023.

Why the education sector needs a lesson in ad fraud
Education marketers need to be fully aware of the digital advertising supply chain which requires more trust and transparency.

Early-stage proptech and contech investing: Who gets the VC checks?
When assessing contech startups, the ability of the founding team to navigate a complex B2B sales environment is key to their survival and growth.

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Ecosystem Roundup: SEA gets two startup funds, Indonesian e-grocer Tumbasin shuts down appeared first on e27.

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Ruangguru acquires Vietnamese live teaching platform Mclass

Left to right: Arman Wiratmoko (SVP of Corporate Strategy and Finance Ruangguru), Belva Devara (Co-Founder and CEO Ruangguru), Nguyen Minh Thang and Nguyen Van Khai (Co-Founders Mclass)

Indonesia-based edutech startup Ruangguru today announced that it had completed an acquisition of Mclass, a live teaching edutech platform in Vietnam, for an undisclosed sum.

In a press statement, Ruangguru said the acquisition is a strategic move to expand its reach and capability in the market, following its launch in Vietnam through its subsidiary Kien Guru.

“We are thrilled to welcome Mclass to the Ruangguru family. Together with Kien Guru, we believe that Mclass’s reputation and understanding of online learning can further strengthen our offerings and business in Vietnam and Southeast Asia (SEA),” said Belva Devara, Co-Founder and CEO, Ruangguru.

Also Read: The future of edutech: Personalising learning for all

“Our vision is to become the leading edutech company in SEA, and we believe this acquisition is a step forward in reaching that goal.”

Founded in 2019 by Nguyen Van Khai and Nguyen Minh Thang, Mclass is one of the fastest-growing edutech platforms in Vietnam. It is working with top-performing teachers in the country to offer live teaching sessions in subjects such as math, science, literature, university entrance preparation, and IELTS. The platform’s live teaching sessions has gathered 85,000 participants and a total of one million replays in 2022.

e27 has reached out to Ruangguru to find out what will happen to Mclass brand following the acquisition.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Ruangguru

The post Ruangguru acquires Vietnamese live teaching platform Mclass appeared first on e27.