Southeast Asian startups raised US$202 million across 12 rounds in September 2024, a 28.66 per cent rise over August, according to Tracxn.

On a yearly basis, the funding marked a 27.86 per cent decline from September last year.

The region witnessed seven seed-stage, six early-stage, and three late-stage funding rounds last month.

Also Read: Southeast Asia’s startup scene sees 59% drop in funding amid economic headwinds

The top deals of September were SDAX (US$50 million), Finture (US$30 million), and Momos (US$10 million).

Peak XV Partners, Gobi Partners, Craft Ventures, and The Rise Fund were the most active investors.

Check the infographic below for more details:

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In a digital landscape dominated by innovation and competition, fintech and decentralised finance (DeFi) businesses are transforming how people manage money and how they market themselves. Copying competitors’ best content creation practices is a tactic that has helped many fintech companies in Singapore and Indonesia gain traction.

Let’s explore how most prominent fintech companies adopted this strategy, refined it, and created a significant impact on both their SEO performance and brand exposure.

Xfers (Singapore): Elevating SEO through strategic blog content replication

Xfers, a prominent Singapore-based fintech platform facilitating payment infrastructure, found success by mirroring content strategies of established payment platforms such as PayPal and Stripe. As the global fintech space became saturated with payment gateways, Xfers needed to differentiate itself but also ensure that it ranked highly on search engines.

The strategy

Xfers observed how its competitors, particularly Stripe, dominated search rankings by leveraging educational, keyword-optimised blog posts about fintech trends, payment APIs, and regulatory updates. Xfers meticulously studied the most shared and linked content from Stripe and then created similar articles tailored to the Asian market, particularly with a Southeast Asian regulatory focus.

Impact

By focusing on high-performing topics like “The Future of Payments in Southeast Asia” and “Understanding API Integrations for E-commerce Businesses,” Xfers quickly gained domain authority and enhanced its SEO. Within six months, their organic traffic increased by 60 per cenr, primarily from long-tail keywords that Stripe previously dominated.

Analysis

Xfers successfully adapted a strategy that wasn’t original but was contextualised. They took the framework of Stripe’s educational approach and localised it, thus creating a unique value proposition for regional businesses. This not only improved SEO but also increased brand credibility in a competitive landscape.

KoinWorks (Indonesia): Using competitor’s video content strategy to enhance brand awareness

KoinWorks, an Indonesian peer-to-peer (P2P) lending platform, initially struggled to capture the attention of the digital-savvy millennial generation. While its competitors, such as Akseleran, were rapidly growing their user base through YouTube content and influencer collaborations, KoinWorks decided to take a similar approach but with more refined targeting.

The strategy

After analysing Akseleran’s most viewed content, which focused on educating young Indonesians about the basics of P2P lending, KoinWorks adopted a more comprehensive video content approach. They not only replicated Akseleran’s educational videos but also added expert interviews, case studies, and in-depth tutorials on managing personal finances through P2P lending.

Impact

By mirroring this strategy and adding value to the content, KoinWorks’ YouTube subscriber base grew by 150 per cent over a year. Their videos were not only helping with brand awareness but also served as an effective SEO strategy as the videos ranked high for critical fintech-related search terms.

Analysis

This case demonstrates how KoinWorks didn’t merely copy a competitor’s video strategy but improved upon it. By providing additional layers of expertise and making their content more practical, they established themselves as thought leaders. This approach increased their credibility and enabled their content to be more shareable, which amplified both SEO and brand awareness.

Also Read: All you need to know about the fintech boom in Vietnam

Tokocrypto (Indonesia): Copying competitor’s content funnel for DeFi education

As one of the leading cryptocurrency exchanges in Indonesia, Tokocrypto faced the challenge of onboarding users in a market still unfamiliar with decentralised finance (DeFi). Binance, a global leader, offered a wealth of educational resources through its Binance Academy, helping new users understand the complex world of DeFi.

The strategy

Tokocrypto replicated Binance’s content funnel strategy by creating an “education-first” approach. Tokocrypto launched its version of an academy, which housed blog posts, e-books, and explainer videos that closely mirrored Binance Academy’s top-performing content. Topics like “What is DeFi?” and “How to Get Started with Cryptocurrency” were optimised with local language keywords to target Indonesian users specifically.

Impact

The results were staggering. Tokocrypto saw a 45 per cent increase in organic search traffic within the first quarter of launching their educational content. Their on-page time and user engagement metrics increased as well, signaling that users found the content both helpful and engaging. Brand loyalty also improved as customers appreciated the platform’s commitment to educating them.

Analysis

Tokocrypto’s ability to replicate Binance’s content funnel model shows that sometimes the key to success lies in the details. While the content was nearly identical, the localisation of language, regulation, and culture made Tokocrypto’s educational content resonate deeply with their target audience. This not only helped drive SEO but also strengthened the brand’s authority in the Indonesian crypto space.

Here are additional case studies for Singapore fintech companies that effectively copied competitor content creation strategies to boost their SEO and brand exposure:

Revolut (Singapore): Mimicking competitor landing pages for targeted SEO optimisation

Revolut, a global fintech company providing banking alternatives, sought to expand its user base in Singapore. However, the challenge lay in the saturated mobile banking space, with local competitors such as GrabPay and DBS Digibank dominating search rankings for personal finance and digital banking solutions. Revolut decided to adopt a tried-and-tested content strategy by analysing and replicating the top-performing landing pages of these competitors.

The strategy

Revolut identified GrabPay’s landing pages that targeted highly specific audiences, such as “personal savings accounts” and “multi-currency wallets.” They created similar landing pages but optimised them with content tailored to expatriates and international students in Singapore. By focusing on long-tail keywords related to “global transfers” and “multi-currency accounts,” Revolut differentiated their landing pages from competitors while using proven SEO tactics.

Impact

Within four months of implementing this strategy, Revolut saw a 50 per cent increase in conversions from organic search. Not only did they rank for key competitive search terms, but the highly targeted landing pages helped Revolut acquire users who found the platform’s global banking features more attractive than local solutions.

Analysis

Revolut didn’t just replicate GrabPay’s strategy—they improved it by addressing the needs of niche market segments like expatriates, who required global banking services. This not only improved SEO but also increased brand recognition in key demographic groups that were previously underserved by local competitors.

Also Read: South Asia, SEA rank high in potential for fintech lending in Asia: Study shows

Validus Capital (Singapore): Using competitor whitepapers and research reports to build authority

Validus Capital, a leading peer-to-business lending platform in Singapore, sought to boost its authority in the crowded SME lending space. Competitors such as Funding Societies had already established themselves by offering in-depth research reports and whitepapers on fintech lending trends, making it difficult for Validus to stand out.

The strategy

Validus adopted a similar approach by producing high-quality, research-driven whitepapers. They analysed the most downloaded and shared reports from Funding Societies, focusing on topics like “Fintech Lending for SMEs” and “Digital Transformation in Small Businesses.” Validus not only replicated the format but also added local data, customer success stories, and government policies affecting SMEs in Singapore.

Impact

These reports were widely shared, leading to a 30 per cent increase in backlinks from industry websites and news platforms, significantly improving Validus’s domain authority. Their SEO rankings surged for keywords related to SME lending, and their brand visibility increased among small businesses and financial analysts.

Analysis

By focusing on localised, research-driven content, Validus Capital effectively positioned itself as a thought leader in the fintech lending space. Replicating a competitor’s whitepaper strategy enabled them to reach a new audience while building trust with small businesses looking for capital solutions. The key was in the localisation of insights and the use of real-world case studies, which made their reports both more actionable and relatable.

Nium (Singapore): Replicating competitor case studies to target B2B clients

Nium, a global payments platform headquartered in Singapore, faced stiff competition from major fintech players like Payoneer and TransferWise in the B2B cross-border payment sector. These competitors were already dominating search rankings and thought leadership by using extensive client case studies to highlight how their services could reduce costs and improve operational efficiency for businesses.

The strategy

Nium decided to replicate this approach by creating a dedicated “Success Stories” section on their website. They analysed Payoneer’s most successful case studies, specifically those targeting industries like e-commerce and logistics. Nium then replicated this content by featuring detailed case studies from their own B2B clients in Southeast Asia, showcasing how their platform helped reduce payment processing times and costs.

Impact

Nium’s case studies were shared across industry forums, news outlets, and LinkedIn, contributing to a 40 per cent increase in B2B leads within six months. Their SEO rankings for key terms related to “cross-border payments” and “B2B payment solutions” improved dramatically, allowing them to compete directly with Payoneer and TransferWise for top positions on Google.

Analysis

The success of Nium’s strategy lies in the careful selection of case studies that resonated with their audience, particularly in industries that were underrepresented in competitor content. While the format of the case studies was similar, the focus on local and regional success stories made the content more relatable and valuable to their target clients.

StashAway (Singapore): Copying competitor email marketing campaigns to boost customer retention

StashAway, a robo-advisory platform, faced challenges in retaining customers in Singapore’s growing investment platform market, where players like Syfe and Endowus were gaining ground. StashAway noted that Syfe’s email marketing campaigns consistently focused on providing educational content such as “weekly market updates” and “investment tips.”

The strategy

StashAway analysed the structure and content of Syfe’s email newsletters and decided to replicate a similar campaign. They sent weekly investment insights, market trend analysis, and personalised portfolio recommendations based on user behavior. By integrating keywords related to “retirement planning” and “passive income” into their email content, StashAway ensured their emails contributed to both customer retention and SEO.

Impact

Within three months, StashAway reported a 25 per cent increase in customer engagement metrics, such as email open rates and click-through rates. Their SEO rankings for terms like “robo-advisory Singapore” also improved as customers began to engage more with the educational content shared in their emails.

Analysis

StashAway’s ability to replicate Syfe’s email marketing strategy while tailoring the content to the needs of different customer segments proved highly effective. By focusing on customer education and long-term financial planning, they built trust and loyalty among their user base. This case demonstrates how email marketing, while not directly influencing SEO, can have a significant impact on brand exposure and user retention, contributing to a company’s overall visibility.

These case studies of fintech companies in Singapore demonstrate how replicating the best content creation strategies of competitors—whether through landing pages, research reports, case studies, or email marketing—can drive significant improvements in both SEO and brand exposure. The key takeaway is that while these strategies may be modeled after successful competitors, the most impactful results come from localising, optimising, and enhancing the content to fit the specific needs of the target audience.

Also Read: How is fintech different in Asia

From imitation to innovation: How fintech leaders are shaping their success

The case studies of Xfers, KoinWorks, Tokocrypto, Validus Capital, Nium, and StashAway demonstrate how fintech and DeFi companies can leverage competitor content strategies to achieve remarkable outcomes. By analysing successful tactics from their peers, these firms refined their approaches to not only boost SEO but also enhance brand visibility and authority.

What stands out is that while mimicking competitors might seem like a straightforward strategy, the real impact comes from the ability to adapt and personalise content to fit local markets and address specific cultural and regulatory nuances. This thoughtful adaptation allowed these companies to move beyond simple imitation, transforming their strategies into powerful tools for innovation and leadership in their regions.

To effectively copy competitor strategies for your fintech brand, consider the following approaches:

• Analyse competitor content: Dive deep into the content that performs well for your competitors. Examine which topics, formats, and styles resonate most with their audience. Look at engagement metrics like shares, comments, and likes to identify successful elements.
• Benchmark best practices: Identify the standout practices employed by your competitors. This could include their SEO techniques, social media tactics, or content formats. Understand their approach to content distribution and audience engagement to gauge what might work for your brand.
• Adapt and innovate: While it’s important to understand and leverage competitor strategies, it’s equally crucial to tailor these insights to your own brand’s unique voice and objectives. Customise their tactics to align with your brand’s identity and goals, and find ways to add distinctive value or innovative twists.
• Monitor and measure: Implement the adapted strategies and closely monitor their performance. Utilise analytics tools to track key metrics such as engagement, conversion rates, and traffic. Use this data to refine and optimise your strategies continuously.
• Leverage tools and analytics: Employ advanced tools to gain insights into your competitors’ digital presence. These tools can help you uncover trends, identify content gaps, and understand their audience’s preferences, providing a strategic advantage in shaping your content approach.

By following these strategies, fintech companies can not only emulate successful tactics but also carve out their own path to success in the competitive digital landscape.

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Leo Tolstoy’s classic quote goes, “All happy families are alike; each unhappy family is unhappy in its own way.” While he meant that for families, the same could be applied to startups. In times of economic prosperity, startups often thrive under similar conditions—ample funding, low interest rates, and a receptive market. However, when the economic climate shifts, each startup faces its own unique set of challenges that test its resilience and adaptability.

And in our case, it was the high interest rate environment.

BorderDollar started out as a cross-border financing startup at the end of 2023, and it has been nothing short of a rollercoaster. In our previous issue, we complained about the high interest rate environment, which led to an all-around harder time to raise funding. In this article, we’re stepping up to complain some more and share how the interest rates have affected us apart from funding.

Feeling the pain

For an early-stage lending startup like BorderDollar, a high interest rate environment presents a trio of challenges that are difficult to navigate:

Increased cost of capital

High interest rates mean that debt investors and financiers expect higher returns. It makes sense—they’d rather park their money in safer investments like money market funds, which have become more attractive due to the rate hikes. In 2023, yields on money market funds rose significantly, often exceeding five per cent. Consequently, private credit investors began benchmarking their expected returns around 12 per cent APY—roughly double the rate of money market funds.

For a young financing startup without access to a bank’s line of credit, the options are limited and expensive. The elevated cost of capital squeezes margins and makes it challenging to offer competitive rates to borrowers while still providing attractive returns to investors. It’s like being stuck between a rock and a hard place—investors want more return, borrowers want lower rates, and we’re in the middle trying to make the numbers work.

Borrowers’ threshold for interest rates

There’s a limit to how much companies are willing to pay regarding the interest rates we charge. Borrowers in markets with long payment cycles but low margins can’t afford high-interest loans without jeopardizing their profitability. This shrinks our potential client base, limiting us to borrowers who either have higher margins or are willing to accept higher rates—often because they have no other options.

It’s a delicate balancing act. We can’t simply pass on the higher costs to our clients without risking losing them altogether. But absorbing the costs isn’t sustainable for us either. We’re basically juggling flaming torches while riding a unicycle—one wrong move, and it all comes crashing down.

Risk profile of borrowers

Venturing into lending to borrowers who accept high interest implies a higher level of risk. These borrowers may have weaker credit profiles or operate in volatile markets, increasing the likelihood of defaults. For an early-stage startup, a spike in default rates can be catastrophic, affecting both our financial stability and reputation. It’s the classic high-risk, high-reward scenario, but in our case, the potential rewards don’t justify the existential risks.

Also Read: Startup survival: Smart marketing moves for economic uncertainty

The winds are changing once again

All hope is not lost—this just means we’ve got to pivot to take advantage of the market conditions.

With indications that the Federal Reserve may consider further lowering interest rates in response to evolving economic conditions, we might start seeing things returning to a more favourable interest rate environment.

More importantly, a lower interest rate could boost another sector—cryptocurrency and blockchain. Historically, there’s been an inverse correlation between interest rates and the rise of crypto. When traditional investments offer lower yields, investors often turn to alternative assets like cryptocurrencies in search of higher returns. We think we might be in for another boom cycle.

So, what’s our next move?

We’re pivoting towards integrating blockchain technology into our platform and going into cross-border payments. While the journey has been challenging, we’re optimistic about what the future holds. The potential shift in interest rates offers a glimmer of hope, and our pivot towards blockchain positions us to capitalise on emerging trends.

As Tolstoy suggested, every unhappy startup faces its own unique struggles. Yet, it’s through these challenges that we find our resilience and drive to innovate. The road may be bumpy, but with determination and adaptability, we’re confident we’ll navigate through these obstacles.

So here’s to founders out there struggling, let’s hang in there and pivot if need be!

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In periods of economic uncertainty, the typical knee-jerk reaction for many startups is to go laser-focus on lead generation — get more leads, convert more prospects, rinse, repeat.

While lead generation is undoubtedly important, the fixation on it often overshadows other critical aspects of B2B marketing and communications that can truly build resilience and ensure long-term growth. And when resources are tight, startups especially need a more holistic, strategic approach to thrive.

Here are six powerful considerations for B2B marketing and communications that I have noticed get easily overlooked to focus on in uncertain times:

Brand trust: Built around customer-centric messaging

During economic uncertainty, businesses are more cautious about their spending. Trust becomes a pivotal factor in decision-making. Your brand’s ability to remain authentic and customer-centric will determine whether clients tide through the tough times with you.

Make your messaging reflect an understanding of your customers’ current challenges and how your solutions can help them navigate these hurdles. Instead of bombarding them with “buy now” messages, consider showing them how your product or service can solve their most pressing pain points, offer cost savings, or increase operational efficiency.

Retention over acquisition

Acquiring new customers is expensive, particularly when budgets are tight, and markets are unpredictable. Rather than focusing solely on bringing in new leads, invest in keeping the customers you already have. Retention strategies are often underutilised but are incredibly cost-effective, especially when compared to the time, energy, and financial resources required for acquisition.

Focusing on customer success, offering personalised solutions, and demonstrating that you are a reliable partner during difficult times will significantly increase retention. Happy customers not only stick around longer, but they also become your advocates, driving word-of-mouth referrals—often the best and least expensive form of marketing.

Agile marketing strategies

Agility in your marketing approach is essential when market conditions are constantly changing. But contrary to popular belief, agility isn’t just about quick shifts in campaigns or messaging. It’s about flexibility and adaptability at every level—from strategy down to execution.

Also Read: Unlocking marketing success for startups and small businesses: Strategies for excellence

As you craft your marketing plans, allow space for changes. Be prepared to pivot your messaging, shift your budget, or adjust campaign goals on the fly. This way, if a key trend shifts or customer behaviour alters, your team can respond swiftly, keeping your marketing relevant and aligned with the business landscape.  Take this time to also weed out areas that are slow to pivot – they will likely be more apparent in uncertain times.

Digital automation and transformation

Perhaps even more important than agile marketing strategies are agile marketing processes. How can your team efficiently execute these pivots in real-time without burning out or burning through your budget? Enter digital automation and Gen AI.

Automation tools can streamline your workflows, making your team more efficient by handling repetitive tasks and reducing human error. Whether it’s automating email campaigns, social media posting, or lead nurturing, this gives your marketing team the bandwidth to focus on high-level strategy. Incorporating Generative AI tools for content creation, data analysis, and campaign optimisation can significantly accelerate your responsiveness and make personalisation at scale achievable, even with limited resources.

In a landscape where everything is uncertain, watch for processes that keep your operations nimble.

Strategic partnerships and collaborations

When resources are limited, it’s time to get creative. Strategic partnerships and collaborations can offer a win-win for both parties. Partnering with a business that complements your offering—without directly competing—allows you to expand your reach, share resources, and tap into new customer segments without the heavy cost burden.

These partnerships also enhance credibility. A strong alignment with a respected brand can elevate your own brand’s reputation and trustworthiness in the eyes of your customers. Done well, many of these partnerships and collaborations will take you into the good times or even creating new target market segments together.

Crisis and risk management communication

Now I saved this for last.  Many companies avoid the topic of crisis communication, preparing for worst-case scenarios is a must, particularly in volatile times. Your customers need to feel confident that you can handle unforeseen circumstances without dropping the ball.

Also Read: How to maximise marketing efforts on a shoe-string budget

Having a clear crisis communication plan is essential. This includes knowing exactly how and when to communicate with your customers during disruptions, economic shifts, or internal issues. Transparent, honest communication about what’s happening and how it affects your customers will help maintain trust and minimise the impact of a crisis on your brand reputation.  Listening tools to tap into information being communicated or talked about various media platforms will also help you stay up to date with news that can change quickly in volatile times.

During economic uncertainty, it’s not enough to rely on the traditional lead generation playbook. Startups and businesses need a more resilient approach—one that looks beyond immediate conversion and focuses on building enduring customer relationships, operational agility, and brand trust. By investing in these lesser-known, yet equally critical areas, B2B marketers can not only survive the unpredictable economic landscape, but leverage opportunities to build something stronger in the long run.

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Having worked in the influencer space for five years, Priyanka Mahulkar recognised the challenges brands and nano-influencers faced, particularly local businesses with limited budgets. From planning to execution, brands struggled with selecting the right influencers, creating content, and managing timelines — all while staying within budget.

While there existed agencies facilitating these collaborations, they charged hefty fees, leaving many smaller brands sidelined.

Mahulkar wanted to streamline the process through new-age technologies and make it affordable for small brands.

Also Read: Influencer marketing strategies: Driving engagement and reach in Indonesia

This led to the birth of Gram Circle.

Based in Singapore, the startup aims to revolutionise influencer marketing by creating new economic opportunities for local brands and influencers through its AI-powered platform.

The product was born out of the need for local brands to establish an online presence during the pandemic, and then it pivoted to a fully automated AI platform.

“At its core, Gram Circle enables brands to scale their businesses through influencer collaborations while allowing influencers to discover partnerships more easily. This process benefits both parties: brands can quickly launch campaigns, and influencers can create relevant content without the hassle of searching for suitable partners,” Mahulkar told e27.

Enhancing campaign management

According to Mahulkar, Gram Circle’s AI technology is the key differentiator that enhances campaign management and performance tracking. The AI matches brands with the most suitable influencers based on shared values and target audiences. It also simplifies brands’ workflow, from crafting campaign briefs to identifying influencers, reducing the time it takes to set up marketing efforts.

“It is a DIY platform that empowers small and medium-sized enterprises (SMEs) to take control of their marketing campaigns without relying on costly agencies. It can set up influencer campaigns in minutes, offering brands a cost-effective way to launch large-scale, high-impact campaigns,” Mahulkar shared.

Similarly, influencers are guided on content creation, with suggestions tailored to each campaign. This mutual benefit fosters efficiency and removes the manual processes that often bog down influencer marketing efforts.

For example, a local café used Gram Circle to host an exclusive preview event for influencers, generating buzz on social media that increased brand awareness and strengthened community engagement.

The solution also offers predictive analytics to estimate campaign reach and engagement, automated reporting, and performance benchmarking.

The startup charges a monthly fee of S$188 (US$146), allowing brands to partner with influencers across various food, fashion, and beauty industries. A beauty brand in Singapore used Gram Circle to generate over 80 TikTok videos in just one month,  demonstrating the platform’s efficiency and cost-effectiveness

“For just S$188 per month, brands can run campaigns that generate significant results, while influencers are rewarded based on transparent performance metrics,” she stated. “We are also developing an affiliate system that ties influencer compensation directly to campaign outcomes, ensuring that both sides benefit from successful collaborations.”

Targetting 60M nano-influencers

As Gram Circle expands, it targets 20 million businesses and 60 million nano-influencers across platforms like Meta and TikTok. Its city-by-city growth strategy builds authentic relationships through community events and connects influencers with local brand owners to foster meaningful collaborations.

The company is also eyeing the vast direct-to-consumer (D2C) markets in Southeast Asia and India, aiming to expand into these regions when the time is right.

Influencers benefit from content analysis tools, dynamic pricing models, and optimisation suggestions to improve their content performance.

Also Read: AI in influencer marketing: Transforming trends and shaping the future

With the influencer marketing industry projected to grow by 28.6 per cent CAGR by 2032, Gram Circle aims to capitalise on this trend. The platform’s core value lies in its focus on local communities, where local brands and influencers come together to drive economic impact.

Looking ahead, Gram Circle sees AI as a driving force in the future of influencer marketing, especially in the micro and nano-influencer segments.

“As the landscape becomes more competitive, authenticity and deeper audience engagement will be essential for success. We are committed to guiding this transformation, using technology to deliver data-driven solutions that benefit both brands and influencers,” Mahulkar stated.

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Image Credit: Gram Circle.

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Malaysia’s startup ecosystem is vibrant and growing, and many founders are considering establishing a presence here. As a startup lawyer who regularly advises founders on establishing a startup in Malaysia, I’ve put together eight frequently asked questions (FAQs) that hopefully will help address your most frequent concerns.

What is the usual way for a startup to be established in Malaysia?

A startup is usually formed as a company limited by shares. The usual abbreviation is ‘Sdn Bhd’ (which means ‘Private Limited Company’). If you are running an existing business in your home country, a startup may be formed as a subsidiary of the home country and can be registered with 100 per cent foreign ownership, with the exception of certain business sectors.

A foreigner may also own a company as the sole shareholder. However, if you want to be the sole director of the company, at least one domicile director is needed to form an entity.  

What are the options available if I don’t have a domicile director?

If you are running an existing startup in a home country and may not have plans to relocate to Malaysia immediately, you may employ a country manager in Malaysia via an Employer on Record (EoR) before you officially expand your startup to Malaysia. 

Alternatively, you may engage a nominee director service to fulfil this legal requirement until you decide to relocate to Malaysia or hire a country manager as one of the directors in Malaysia. 

I’m a foreigner who wants to relocate and run my startup from Malaysia. What is the best route for me?

As a foreigner, you may apply for Malaysia Tech Entrepreneur Program (MTEP), a visa programme started in 2017 by Malaysia Digital Economy Corporation (MDEC), a government agency in charge of promoting the digital economy in Malaysia to facilitate work visas for foreigners who want to establish a startup in Malaysia even before formally forming a startup. 

Also Read: Re-skilling in the age of AI and navigating the future of work in Malaysia

There are two types of passes offered by MTEP, namely — Professional Visit Pass (PVP-MTE) which is valid for one year, and Residence Pass (RP-MTE) — which is valid for up to five years for new foreigners and established foreigners respectively. 

What are the roles of a company secretary for my startup?

All companies established in Malaysia are required to have at least one company secretary. We generally advise startups to engage an experienced corporate secretarial firm with considerable past experience in advising startups. 

In addition to helping with the entity formation, bank account opening, and statutory filing to the registrar, the Companies Commission of Malaysia (CCM), the corporate secretary may also assist you in other compliance matters like payroll agent to registering for taxes and complying with tax laws.

What about licences? Is there a quick way to find out what licences I need and what the conditions are?

The short answer is, yes. If the product or service you want to launch in Malaysia is already regulated in your home country, chances are it may also likely be regulated in Malaysia. For example, a traveltech startup that plans to operate an online ticketing platform may likely need to be licensed by The Ministry of Tourism, Arts and Culture. If you’re not sure, you will need to consult a startup lawyer before launching the product or service.

Alternatively, you may also explore collaborating with an existing  licensee to ease the regulatory burden. However, it is crucial to develop the licensing parameters together with the appropriate legal advice.

What are the tax incentives for a startup established in Malaysia?

A startup may apply for the Malaysia Digital (MD) Tax Incentive which allows the startup to be eligible to either the reduced tax rate. As a startup with an MD status, a startup may opt for an investment tax allowance (ITA) on income derived from the approved activity. The tax incentive is administered by MDEC.

I also plan to hire foreign talents for my startup in Malaysia. What are the legal requirements involved?

If your startup receives the Malaysia Digital (MD) Status, you may obtain MDEC’s services to obtain relevant employment passes for your startup. However, the foreign employee candidate must be a “knowledge worker” (i.e. someone who is at least a diploma holder or an ex-employee in an IT service) with a basic salary of RM5,000 (approximately US$1,212.40) per month.

Also Read: Understanding priced and unpriced funding rounds: A startup lawyer’s guide for startups

If your startup does not have an MD Status, your startup may have to fulfil the normal minimum paid up capital requirement to apply for employment passes. For example, if the startup is 100 per cent owned by a parent company and is not involved in a regulated industry, the usual minimum paid up capital is RM500,000 (approximately US$121,241.50). The employment pass is eligible for certain positions, usually for highly-skilled managerial technical positions which cannot be filled by locals. 

I also want to hire locals for my startup. What are the labour laws that I should know?

Malaysia has extensive labour laws that regulate employment relationships, including minimum wage, working hours, and statutory benefits. The Employment Act sets out the minimum entitlements of employees and covers all employees — no matter how much they are paid with exception to those earning above RM4,000 (approximately US$969.70) per month  where certain provisions including overtime and layoff benefits are excluded. 

Hiring an employee may also come with other obligations, such as registering with the Employees Provident Fund (EPF) and the Social Security Organisation (SOCSO). There are also minimum wage requirements in Malaysia, which varies depending on how your workers are paid and where they are based. Startups must comply with these laws to avoid penalties. 

Therefore, you need to consider if you want to create an employment relationship as there are legal implications. In the event of a dispute, the court will look at the arrangement as a whole.

Consult a startup lawyer before hiring so that you are clear about what you can or cannot do with your employees.

Final thoughts

As a founder, establishing a startup in a new jurisdiction may appear daunting and overwhelming — irrespective of how experienced you are. Be that as it may, the reward may be worth it as Malaysia offers numerous advantages including a vibrant startup ecosystem, affordable living expenses, and access to a skilled and diversified workforce. 

By understanding these legal requirements and engaging an experienced startup lawyer to guide you during the entity formation, you will increase your startup’s chances of success in the Malaysian market.

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Truely, a travel eSIM provider headquartered in Singapore and a direct competitor to venture-funded Airalo, has completed a US$3.5 million round of financing led by 1982 Ventures and with participation from Beenext and Kopital Ventures.

Strategic angel investors, including JJ Chai (ex-Airbnb), Kum Hong Siew (ex-Airbnb), HY Sia (founder of Tranglo), Mohammad Gharaybeh, Qin En Looi, Eric Dadoun, and Gilbert Relou, among others, also co-invested.

With this capital, Truely plans to release B2B2C services designed for major travel operators, airlines, airports, OTAs, and service providers, as well as additional products and services to help keep global travellers connected to workplaces and loved ones.

Founded in July 2023, Truely provides access to mobile data across over 200 destinations and regions, with services in multiple languages. It eliminates the need for physical SIM cards and associated clutter, expiring and overlapping plans, and expensive roaming charges.

Also Read: Use Airalo eSIM and stay connected wherever you go in the world

The company offers users flexible plans based on travel needs, selecting data plans based on destination, travel duration, and data packages. Compatible with most modern smartphones, the eSIM can be installed in minutes without replacing the user’s original SIM card. The eSIMs can also be used in tandem with physical SIM cards for dual SIM flexibility.

“We created Truely with user experience at its core—understanding that incumbent options lacked user-friendliness and depended on burner eSIMs. Our flexible and affordable packages offer best-in-class coverage at affordable prices, while also achieving maximum ease-of-use,” said founder and CEO Simon Landsheer. “Leveraging Truely’s Switchless eSIM technology, we will continue to release exciting and innovative products and features to meet diverse traveler needs, keeping travellers connected seamlessly wherever they go at unprecedented ease.”

According to research by Kaleido Intelligence, the eSIM retail market is expected to reach US$3.3 billion in retail sales by 2025 and is projected to grow nearly 50 per cent annually over the next four years. This is driven by the transition from physical travel SIMs, broader eSIM availability in mid-low-tier smartphones, and more affordable data plans.

Singapore-based Airalo is a pioneer in the global e-SIM place. Established in 2019, the company has raised more than US$67 million in venture investments over multiple rounds. In August 2023, Airalo secured US$60 million in a Series B round from a clutch of investors, including Etisalat’s e& capital, Liberty Global, Singtel Innov8, Orange Ventures, Deutsche Telekom’s T.Capital, KPN Ventures, and Telefonica.

Airalo claims it offers eSIMs for over 200 countries and regions through partnerships with both local and regional players. It provides travellers with instant access to digital data packs upon landing. However, it doesn’t provide voice call facilities in many countries and regions.

For businesses operating in the online travel or e-commerce sectors (e.g., online travel agencies, airlines, hotels, travel service aggregators), Airalo offers its API Partner programme. Airalo API Partners gain access to easy-to-use APIs, enabling them to provide connectivity solutions to their customers by integrating eSIM solutions into their platforms.

For businesses, Airalo also offers a fully built and maintained co-brand website. The business refers its users to the co-brand website for a commission, enabling the users to enjoy attractive offers from Airalo.

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The phrase ‘every company is a software company’ has become more common. It is a phrase born out of the recognition that businesses are increasingly operating digitally and need to do so to be successful. Operating solely offline is quickly becoming obsolete for today’s customer.

A recent report by Microsoft entitled Unlocking the Economic Impact of Digital Transformation in Asia Pacific reveals that by 2021 digital transformation will be worth a staggering US$45 billion to the continent’s GDP, and businesses who invest in digital transformation will see a 40 per cent improvement in productivity and cost reduction and a 50 per cent increase in profit margins.

For retailers and business-to-consumer companies, in particular, one of the main reasons investing in technology is crucial is the need to be where their customers are, and engage with them on their terms. The customer experience is increasingly complicated as shoppers expect brands to be available to them in a personalised way across various channels, in real-time. Customer-centric businesses are now realising that the customer experience can make or break their outlet.

It is a long journey to get this right, but businesses will increasingly need to overhaul and digitally transform their current customer communications.

A Twilio study found that nine out of 10 consumers globally want to communicate with brands digitally. The majority of these people want to, not only receive messages from a business but also be able to respond to that message. Sixty-six per cent of consumers now prefer to reach (or be reached) through messaging apps. Globally, 47 per cent of users prefer native text messages when communicating with brands, followed by Facebook Messenger (21 per cent), Whatsapp (18 per cent), LINE (six per cent), and Snapchat (two per cent).

What this shows is that businesses need to adopt a multi-channel strategy to ensure they interact with customers on the modern and varying channels that they like to frequent.

Also Read: The art of customer loyalty: 5 ways to create irresistible customer experiences

Recognition and complexity

According to a report from SmarterHQ, 72 per cent of consumers say they now only engage with marketing messages that are personalised. So along with ensuring companies to tailor messages based on customers’ wants and interests, there is no better way to personalise a message than to send it on their preferred channel.

Despite this, a report by Forrester entitled Vendor Landscape: Mobile Messaging Platforms, shows that while consumers send over 370 billion texts, Apple iMessage, Facebook and WhatsApp messages globally in a fortnight block, enterprises are still struggling with finding new and effective ways to engage customers using the channel.

A key issue here is often that businesses do not recognise their communication shortfalls, or where they are going wrong. As a result, they fail to improve and communicate with their customers effectively. This was supported by Twilio’s Bridging the Communications Divide research which showed that 81 per cent of consumers say it is often difficult to communicate with businesses, but only 34 per cent of businesses acknowledge these challenges.

There is also a question of complexity. Traditionally, integrating various messaging channels and maintaining the infrastructure has presented a difficult technical challenge for businesses.

Tech is the answer

The answer to the customer communication problem is a combination of recognition and action. Going back to the notion that every company is, or should be, a software company; once a business has recognised that they can improve how they communicate with their customers, the best course of action is to invest in the right technology to truly execute an effective customer communication programme.

Businesses should look out for APIs that enable developers to build conversational experiences across multiple messaging channels simply and at scale. As mentioned,  integrating multiple messaging channels and having the foundations in place to support group messaging and cross-channel conversations has, until recently, been extremely complex.

Also Read: Real-time communications provider Qiscus, another Indonesian startup taking part in Asian Games 2018

As such, businesses should capitalise on modern technologies which remove complexity by allowing developers to leverage a unified API to scale group conversations across platforms such as SMS, MMS, Chat and WhatsApp.

No excuse

It must be said that despite there being a long way to go until brands get customer communication right – more leading companies are recognising the importance of multi-channel communication in delivering high-quality customer experience and are investing in technology to do so effectively.

Frankly, there is no longer an excuse. Rolling out a multi-channel approach is more attainable than ever. Customers want to be communicated with on their preferred channels; the technology is there to enable developers to make it happen. It is now up to businesses to capitalise on it. As the saying goes, every company is, or should be, a software company.

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This article was first published on December 18, 2019

The post Key to success: Digitising customer communication and investing in a multi-channel approach appeared first on e27.

It was recently reported that the Vietnamese social commerce platform Mio, which raised US$9 million in funding from investors, including Jungle Ventures and Golden Gate Ventures, since its inception in 2020, has ceased operations.

As per the report, Mio, operated by ITaphoa Company, could not maintain its momentum after it pivoted to focus exclusively on the meat sector, leading to the shutdown.

According to Mio’s founder and CEO, Trung Huynh, while the meat market showed great potential and the startup observed early promising results in product-market fit (PMF) and traction in 2023, its unit economics still required substantial improvement.

“Given the company’s current business and financials and its internal evaluation of the capital market, Mio has decided to halt operations and distribute the remaining funds to its investors,” he said in a statement to e27.

In this interview, Huynh shares more insights into the rationale behind the shutdown and his future plans:

Edited excerpts:

Mio was a group-buying platform for groceries and fresh produce. In 2022, it pivoted to focus exclusively on the meat sector. Could you share more about the reasoning behind this decision?

We decided to pivot because we realised that scaling our broader social commerce model was becoming increasingly challenging due to high operational costs and intense competition.

Also Read: Mio banks US$8M Series A to empower Vietnamese women via its social commerce platform for fresh produce

By narrowing our focus to meat, we saw opportunities to leverage stable demand, improve our margins, and simplify logistics. This shift also allowed us to transition to a B2B model, creating more consistent supply chains and improving customer retention.

While you observed promising results in PMF and traction, you mentioned that unit economics needed substantial improvement. What were the primary challenges in optimising these economics, and how did they impact Mio’s growth trajectory?

Despite its size of over US$10 billion and stable demand, the meat market presents significant challenges. We’re caught between the strict quality requirements of our B2B customers in the HoReCa (hotels, restaurants, and catering) sector and the dominance of five to six large suppliers.

Without owning farms, we lack bargaining power, which limits margin improvements. Moreover, our reliance on these major suppliers means adapting to their product availability, operating hours, and logistics, giving us minimal flexibility to optimise operational costs and improve margins further.

You said in a statement that Mio had the capacity to continue operating for at least 1.5 years more. What led you to shut down now rather than use that time to improve the business model further or seek additional funding?

We realised that without owning farms or suppliers, we lacked the bargaining power and vertical integration necessary to optimise unit economics. Owning farms would have been essential to securing better margins and stable supply, but it required substantial capital and time investments.

While we improved internal operations through technology, the core challenge remained on the supply side. Given the scale of this issue, we decided against another pivot and chose to shut down instead.

You also emphasised the responsible return of funds to investors. How did you ensure investor confidence throughout the wind-down process, and what feedback have you received from them regarding this decision?

This was a difficult decision for the team, but we had 100 per cent agreement from the board and major shareholders, which helped maintain investor confidence.

Communication was vital—aside from board members and major shareholders, I offered every investor a one-on-one conversation to walk them through the decision and address concerns.

The decision was met with understanding and respect from other investors, who appreciated our transparency and honesty. Some even praised the brave decision and encouraged me to take a break and recharge, which I truly appreciated.

As a founder navigating Mio’s growth and closure, what are the biggest lessons you’ve learned from building and managing a startup, especially in a dynamic market like Vietnam?

Navigating both Mio’s growth and closure in Vietnam has taught me that the market holds immense potential for rapid success if executed well. Vietnam’s startup landscape is dynamic and highly receptive, and we scaled from inception to a Series A term sheet within just a year.

This experience underscored that having the right team, strategy, and speed is crucial, as the window for growth is often short, and timing matters significantly.

Another key takeaway is the value of relentless hustle in a country like Vietnam, where ambition and resourcefulness are essential for startups. I adopted the motto: “It’s better to do things you can’t explain than to explain things you cannot do,” inspired by Nassim Taleb.

This drove our team to operate quickly and creatively, making things happen even when the direction wasn’t always clear. Staying nimble and agile became our approach, helping us to address challenges and seize opportunities in a fast-paced environment.

Lastly, effective communication is critical, especially when working with international investors unfamiliar with Vietnam’s unique business landscape and its “grey areas.”

Since all 20 of our investors were based outside the country, maintaining clarity and transparency became paramount. I prioritised keeping them informed, even when strategies were complex or hard to explain.

Also Read: Mio raises US$1M to help rural Vietnamese women become micro-entrepreneurs

This transparency built trust and maintained investor confidence throughout both the growth and wind-down phases. It’s important not to expect every investor to grasp all nuances fully initially but to ensure they understand the intention and strategy behind each decision.

The news report linked Mio’s closure to a broader trend of tech startups facing challenges in Vietnam. In your view, what is the current landscape for startups in the region, and how does Mio’s situation differ from this general narrative?

While I’m not in a position to comment on others’ successes or failures, building a high-growth startup is extremely challenging everywhere, not just in Vietnam; the odds are stacked against you from day one. It’s like choosing the “death penalty” from the moment you commit to this path.

Mio’s closure, however, was a strategic decision, not a forced shutdown due to lack of funds.

We carefully evaluated the sustainability of our model, the practicality of continuing without significant investments, and the overall interests of our shareholders. Even though 1.5 years could have brought some incremental improvements, without a substantial capital infusion, it wouldn’t have been enough to make a significant impact.

So, instead of continuing with a model that wasn’t scalable in the long term, we chose to return the remaining funds to our investors while it still had meaningful value.

The closure was carefully managed to ensure a fair outcome for everyone involved, in this order:

• Paying all suppliers in full.
• Honouring all employee settlements and severance packages.
• Returning all remaining funds to our investors.

The process was conducted transparently and systematically, ensuring everyone’s interests were respected.

Despite Mio’s closure, do you still see potential in the social commerce model for Vietnam or similar markets? What factors do you think are necessary for such models to thrive in the future?

I like Jeff Bezos’s approach of focusing on ideas that won’t change over time, asking, “What’s not going to change in the next ten years?” In that sense, both the “social” and the “commerce” aspects of “social commerce” are here to stay for a very long time. Smart companies understand this.

The future potential will depend on which models are introduced and whether they fit the market’s evolving needs. Social commerce has taken many forms, and some companies are still successfully executing this model.

What are your plans post-Mio? Are there other sectors or opportunities you consider exploring in Vietnam or beyond?

It’s been an intense, nearly four-year journey, and now that I’m a dad with two kids, I’m planning to step away from the startup world for a while to spend more time with my family. I’m still open to exploring new opportunities in the future, but for now, my focus will be on my family. I might consider coming back at some point, but there isn’t a definite time frame for when that will be.

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As interest in business incorporation across Asia and the Middle East rises, understanding the nuances of each market is crucial. Our latest report, “Hong Kong vs Singapore vs Dubai: Which Place Is Better?” offers a detailed comparison of these three global business hubs, highlighting their unique strengths and challenges for entrepreneurs.

The report provides a holistic analysis of the business environments in Hong Kong, Singapore, and Dubai, covering key areas such as:

• Taxation: Hong Kong’s 8.25 per cent on the first HK$2M (approximately US$256,000) and Dubai’s 0 per cent initial corporate tax offer attractive incentives, while Singapore’s flat 17 per cent remains competitive for established companies.
• Regulatory frameworks: Hong Kong and Singapore lead with transparent and business-friendly regulations, whereas Dubai’s free zones allow 100 per cent foreign ownership, creating additional appeal.
• Labour market: Singapore excels in talent availability, followed by Dubai, which benefits from its expatriate-friendly policies. Hong Kong, despite its competitive job market, faces challenges from regional competition.
• Quality of life: Singapore ranks highest in education and healthcare, Dubai offers affordable living and safety, while Hong Kong excels in vibrant business culture and networking opportunities.

Also Read: Singapore, Berlin and Dubai: Unveiling the unique fabric of global startup ecosystems

When deciding where to incorporate, understanding the nuances of each region can give your business a competitive edge. Hong Kong offers a gateway to China, Singapore stands out for tech and innovation, and Dubai provides unmatched access to the Middle East.

Which city aligns best with your business goals? Dive into the full report here to make an informed decision.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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