#MeToo in startups in SEA and the silence surrounding it is deafening
Sexual abuses often go unreported because many victims choose silence to avoid possible backlash and retribution from the harassers.

Indonesian courier startup J&T raises US$2.5B ahead of Hong Kong IPO: Reuters
Boyu Capital, Hillhouse Capital, Sequoia China, and Tencent Holdings also participated; This brings its valuation to US$20B; The fundraising by J&T comes as it seeks to expand in China and Latin America.

Robert Downey Jr.-backed RWDC Industries completes US$95.1M Series B2 round
The biodegradable alternative to plastic firm will use the funding to expand its PHA production capacity in its plant located in Athens in the US state of Georgia to 50 kiloton per year and develop a production facility in Singapore.

Grab injects Series C funding into Indonesia’s e-investment platform Bareksa
Through this partnership, Bareksa will gain access to Grab users and partners, offering them investment opportunities with payments handled by OVO; In 2019, Bareksa had raised Series B funding from OVO.

Indonesian stock trading platform Stockbit to acquire local brokerage firm Mahakarya Artha Sekuritas
The acquisition will enable Mahakarya’s users to open stock accounts and trade in the Indonesian Stock Exchange via the Stockbit app; Mahakarya Artha Sekuritas has been Stockbit’s brocking partner since September and will now be rebranded to Stockbit Sekuritas.

Singapore’s Hepmil Media secures US$10M to expand e-sports, gaming network
Investors include Quest Ventures, Pavilion Capital and Bent Pixels; Hepmil, which owns SGAG, MGAG, PGAG and a digital creator agency, also plans to expand into Thailand and Vietnam in 2022.

Pintek raises US$7M Series A to provide financial services to Indonesia’s education community
Investors include Kaizenvest, Heritas Capital, Blue7, and Earlsfield Capital; To date, Pintek claims to have supported 2,750+ education institutions, 100 education MSMEs to reach more than 650,000 students.

Social commerce startup Desty adds US$5M to pre-series A kitty led by East Ventures
Other backers are Jungle Ventures, Fosun RZ and January Capital; Desty, founded by ex-BAce Capital managing partner Mulyono Xu, is a digital platform for merchants, influencers, and creators to build a single online destination to promote and sell their products.

Ex-YG Entertainment execs’ Indonesian home care services firm OKHOME raises US$3M
Investors include POSCO Venture Capital, A Ventures, ES Investor, Honest Ventures, and Enlight Ventures; OKHOME provides services such as general cleaning, disinfection, and air conditioner management across Jakarta and Surabaya.

Plot of digital land sold for US$2.3M in Axie Infinity
According to the company, it’s the largest amount of money ever paid for a single piece of digital real estate; The amount surpasses the US$1.5M deal for nine plots of digital land in the play-to-earn game, which happened in February.

SG businessman-led SPAC 8i Acquisition 2 nets US$86M in US listing
This is over US$10M more than what it initially planned to raise on the US exchange; James Tan Meng Dong is the CEO and director of the blank-cheque firm; Incorporated as a British Virgin Islands business company, 8i Acquisition will invest in Asian companies with enough foothold to scale across multiple countries.

Binance eyes funding from sovereign wealth funds
The stake sale comes after Binance was issued a warning by the MAS in September for providing payment services and soliciting business from Singaporeans without having a license to do so; Since then, the crypto exchange has restricted its services in Singapore.

SG autonomous vehicle startup MooVita bags Series A funding
Investors include Yinson Holdings, SMRT Ventures, 1Derlife Growth and SEEDS Capital; MooVita is currently developing a component-based driverless software solution, which can transform various vehicle types into autonomous vehicles.

Indonesian mobile coffee firm Jago Coffee bags US$250K
Investors are Beenext, Prasetia Dwidharma, and Hidenori Izaki; The company plans to use the fresh funds to increase its number of mobile carts from 20 to 280 by next year; It also wants to pilot new product categories outside coffee with other food and beverage brands.

Vietnam’s internet economy to hit US$220B by 2030
Since COVID-19 reappeared in the first half of this year, the country has added 8 million digital consumers, of whom more than half come from non-metro areas; It is forecasted that the country’s digital economy will see a growth rate of 31% this year over the same period last year, reaching US$21B.

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The business events sector leverages SaaS technologies to overcome pandemic limitations and foster human connection. It is estimated that the share of digital offerings in companies’ portfolios has accelerated by a staggering seven years.

Until the pandemic, the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector, which supported more than 34,000 direct and indirect jobs, had been deeply dependent on face-to-face meetings.

With new COVID-19 restrictions in place, event organisers had to search for creative avenues to overcome these COVID-19 challenges in a brief time or risk losing S$3.8 billion, or close to one per cent of Singapore’s GDP.

The solution was SaaS virtual events platforms that mirrored in-person interactions by creating immersive and exciting event experiences.

SaaS businesses transforming the events industry

Many businesses were already on a digital transformation journey before the pandemic. Still, the pandemic has highlighted the merits of SaaS platforms and the value of SaaS businesses to a more resilient industry sector.

At Hubilo, we were quick to recognise the opportunity of SaaS solutions, in part because we had already spent five years in the event technologies space, which allowed us to develop an innovative platform to bring people together when social distancing was/is a norm.

In this complex landscape of COVID-19 regulations and critical industry shifts, Hubilo pivoted to the SaaS model to aid digital transformation in the events industry in the region.

Also Read: Synqa acquires SaaS platform for event creators Eventpop in an “8-digit USD” deal

Not only did we demonstrate flexibility, agility, and scalability through our innovative virtual-hybrid events platform service, we showed this in equal measure through the SaaS model, which informed our approach in designing our products and services.

Virtual and hybrid event platforms now integrate various technology stacks, ensuring participants’ excellent and holistic top-tier event experience.

These technology solutions can also bring event-specific data from registrations and ticketing to create a seamless event experience. One-way integrations with CRM platforms also enables organisers and sponsors to leverage event data and reap measurable ROI.

Additionally, martech technologies generate insights that can increase the quality of business leads and effectively drive marketing conversions.

All of this is supported by a base of customer technology platforms at the core of a virtual event platform, guaranteeing always-on support for participants before, during, and after the event.

During the COVID-19 crisis, we saw how enterprise applications helped overcome the limitations of physical distance while driving meaningful engagements during a virtual event.

Now, both exhibitors and participants can easily engage with each other in virtual booths and lounges outside live sessions on our platform, offering multiple touchpoints for everyone to make meaningful connections.

An AI matchmaking algorithm was also built into our platform to connect the right set of buyers, sellers, and attendees amongst each other that help drives meaningful engagements.

With digitalisation at the core of our business model, our team also built gamification features inclusive of polls, Q&As, contests, and more segregation on leaderboards to encourage greater engagement across all participants at an event.

All of this is supported by closed caption support for sessions in English in our effort to promote inclusiveness and more accessible comprehension of content during an event.

Hubilo’s entire event can easily be streamed through a mobile app, exactly as you would with your laptop. This includes all activities, entering a session or an exhibitor’s booth, securing a seat in the networking lounge, participating in the polls, games, Q&As, or simply engaging with a fellow attendee.

Also Read: Meet the startups from the latest batch of Singapore Tourism Board accelerator programme

In a hybrid format, the app will act as a critical enabler connecting offline and online attendees.

These are but a few of our features that make for an immersive and personalised event experience possible. All this is thanks to SaaS enterprise solutions that have transformed our business and are transforming the overall industry sector more broadly.

Eliminating the roadblocks to digital transformation

For many in the industry, costs and concerns around the complexity of integration continue to be common barriers to digital transformation. However, we are seeing a trend where enterprises are overcoming these challenges with the help of a series of SaaS solutions.

A significant advantage of SaaS platforms is that most can be set up for rapid integration, which means enterprises can start getting value from them instantly.

There is, therefore, an incentive for businesses to seamlessly digitalise their processes by replacing outdated legacy systems in IT infrastructure with enterprise SaaS products.

Increasing cloud migration and integrations between SaaS platforms has made it easier to build or pivot entire businesses using SaaS platforms. ​The exceptionality of the SaaS market is that numerous providers are offering similar tools, allowing enterprises to trial new agencies without financial and technological obligations.

​Furthermore, a good SaaS provider will offer enterprises their platform on a pay-as-you-go or usage-based model, which means there is no significant investment required at the outset, and enterprises can pay a fair and manageable amount commensurate with the value they’re getting from the platform.

Events of tomorrow

The unpredictability of the Covid-19 situation makes the business events industry vulnerable. Still, it also presents an opportunity for event organisers to pivot towards virtual and hybrid events creatively, and more significantly, rethink their business model with digitalisation, personalisation, and technology at its core.

Other industries have found themselves at similar crossroads and have thrived despite the challenges. Think of Netflix, for instance, when confronting movie rentals. Ultimately, the shift to a completely digital offering, personalised and tailored to the viewers’ desired content experience, helped scale the business to today.

Events are no different but may have the advantage that Netflix never had at the beginning of its journey–an entirely digitally transformed audience. No convincing is needed that the things we have traditionally done in-person can be done online.

Also Read: The future is hybrid: What will events look like post-COVID-19?

People buy their groceries online. They exercise and find love online. They visit their doctors online. Do we believe that events will be any different? 

We have managed, despite the pandemic’s best efforts, to continue to connect and be productive.

I firmly believe our ability to adapt and innovate technologies will lead not only to the survival of many industry sectors, businesses, and our communities through this crisis but create new opportunities for connection and knowledge sharing than we ever had before.

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Far from appealing and trendy projects like carbon exchange or offsetting, sustainability is also a matter of under-looked and partly ignored things. To my dismay, e-waste is one of them. Why

Because dealing with trash is not noble? Because it asks us to choose between consumerism and sobriety? Because finding value in waste is never considered by companies (let’s debunk this later). Well, hard to say.

What is 100 per cent sure, though, is that e-waste is going to be one of the biggest challenges of our century … and no one knows it.

Eco-Business wrote a couple of years ago about “Defusing the e-waste bomb in Asia”. Nothing much has changed, so I guess it’s time to put this topic in the spotlight again.

So what’s the situation now in Southeast Asia? Is it the same everywhere? Are there model students in the classroom?

Is Singapore paving the way as they do in other fields (agritech, new sustainable tech, food waste)? And most importantly, what’s the risk of e-waste in the end?

To reply to these questions, I felt the need to write this mini-series to explore the situation —and possible future(s)— about e-waste in Southeast Asia, with a strong focus on three significant countries: Singapore, Malaysia and Indonesia.

This first article is just playing the role of an appetiser to help you understand what the problem is and why a portion of Asia’s future is at stake here. Okay, no more time to (e-)waste! (Sorry, I had to do it!)

Also Read: Throwaway gold: How data can tap into the unrealised potential in plastic waste

So, let’s set the scenery first. According to the Global E-waste Monitor 2020:

• A record 53.6 million metric tonnes of e-waste was generated worldwide in 2019, and it is expected to reach 74 metric tonnes by 2030.
• Asia generated the highest quantity of e-waste in 2019 at 24.9 million metric tonnes, and the region shows the fastest growth in e-waste trends.

• While developed nations are now taking e-waste seriously by ensuring proper disposal, most middle and low-income countries do not have an adequate e-waste infrastructure. In some countries, e-waste management is even totally absent. It should not come as a surprise as e-waste management requires processes and players —thus, money— to thrive.

A vast definition …

Electronic waste or e-waste describes all discarded electronic equipment and devices. It’s not only laptops and smartphones; e-waste also includes TV, DVD players (feel old yet?), printers, machinery.

Also Read: Waste Labs raises pre-seed money to digitise, plan, improve waste collection processes using AI

They can either be:

• Refurbished/Reused after being repaired
• Resold on secondhand platform
• Recycled through material recovery
• Disposed of, purely

The 3R covers these different end-of-life scenarios (Reduce, Reuse, Recycle), a key concept about waste and circularity. NEA’s section is available here in case you want to read more about it.

E-waste isn’t always easy and convenient to recycle. Local governments sometimes have e-waste collection days a few times a year, but that means that homeowners have to store the unwanted items in the meantime.

Several electronic stores will accept electronics for recycling at no cost (Best Buy and Staples). And several electronics companies take their products for recycling, including Apple, Samsung, Microsoft, and Dell.

New usages for consumers (streaming, video content-based social networks) and corporations (5G, IoT, new wave of tech) are also massively contributing to increase e-waste “mathematically”.

Indeed, new usages mostly imply better performance and up-to-date equipment, meaning the lifespan of connected devices dropped. To show this phenomenon, we can have a look at the average lifespan of the equipment.

In the 1990s, devices were supposed to live for 20–25 years; today, the average is around four to five years. With substantial gaps between consumer goods (under three years for some smartphones, for instance) and company machinery (about seven to eight years).

The growing trends of the new tech will probably make this lifespan shorter shortly, hence the need to take action now, especially in Asia, where digitisation and middle-class development is growing way faster than in other areas of the world.

More sophisticated tech also implies devices that are harder to recycle. Nano alloys, the blending of tiny portions of minerals on some motherboards, make recycling very hard (and costly!), even if you have the entire process.

You have 0.4g of gold in a random smartphone, but is it worth getting it back as you will need a tremendous amount of energy to recover it? Hmm, food for thought for you to think about the vicious link between mineral resources depletion and energy consumption.

Also Read: Go smart or go waste? Smart construction in Asia is up for grabs

… for a vast problem!

E-waste comes with a whole bunch of nasty consequences. It is tough to be exhaustive in a one-shot article, but the main issues revolve around the environment, human health and social trouble.

Environmental problem

There along comes the elephant in the Room! I guess I do not have to mention this one extensively, don’t I? You guess that dumping e-waste in the wild is not great for the planet? You guessed it right.

Examples to show the impact of e-waste on the planet;

• Improper management of e-waste contributes to global warming; A total of 98 Mt of CO2-equivalents were released into the atmosphere from discarded fridges and air-conditioners that were not managed sustainably.
• For pollution, let’s sum it up by saying that e-waste is mostly burned or buried, leading to toxic gas emissions (made of Mercury, Lead or CFCs, for instance). This causes tremendous problems for biodiversity. E-waste causes air pollution, water and soil pollution as well. For example, heavy metals and flame retardants due to e-waste burning can infiltrate soils and cause contamination of underlying groundwater or crops. When heavy metals contaminate the soil, the crops become vulnerable to absorbing these toxins, which can cause disease and drops in agricultural yields.
• The vicious part about this consequence is that — just like Cloud-based infrastructures — this footprint is outsourced somehow. Few countries take care of e-waste, so we do not see the impact. In Southeast Asia, a lot of e-waste is sent to be “processed” by Indonesia. But outsourcing e-waste management to countries that are not prepared to take care of it sustainably is a huge mistake and lead to terrible consequences (see the example of Ghana below).

In future articles, we will talk about the iconic example of Yogyakarta, Indonesia, to explain how critical e-waste is for this country. Mentioning the situation in Phnom Penh is also worth, even though less heard of.

Human health problems

As mentioned earlier, toxic gas emissions are harmful to our health. Especially, mercury, lead, cadmium or polybrominated flame retardants can induce adverse health effects on human health (brain, heart, skeleton).

It can also considerably affect the nervous and reproductive systems of the human body, leading to disease and congenital disabilities. Plastic burnt in the process won’t make it better for sure either.

I don’t have the time to list all human health problems due to e-waste but if you want to know more,  check out the “disaster in the making” of e-waste-induced illnesses in China.

Social problems

These problems mentioned earlier lead conclusively to social trouble; fight for money made of illegal recycling and resources recovering. In some countries, you have parallel economies out of any government control that is thriving.

Add the tensions on markets and supply chain disruption— that is not due to e-waste management — and you have a dangerous cocktail ready to explode.

Also Read: Fixing food waste problem means less hungry people and a great economy

The situation in Agbogbloshie, Ghana, speaks for itself, with kids being intoxicated and stolen from their families to take care of dumped e-waste.

To finalise this explanation of issues due to improper e-waste management, I wanted to add one last thing. It’s not a problem per se, though, and it might even be part of the solution. Indeed, I wanted to focus on the $$$ value lost in e-waste.

If I told you that the value of raw materials in the global e-waste generated in 2019 is equal to approximately US$57 billion, would you believe it?

Then, you should, because that’s the number stated in the 2020 Global e-waste monitor report.

Another number to understand why we do not bother yet. Statista estimated that a single metric ton of circuit boards usually includes 40–800 times the gold ore concentrations mined in the US. The number is 30 to 40 times for copper.

All this give perspective, right?

Need to rethink an entire model

Today, we are not here to discuss the solutions to reduce e-waste— that’s for another day! But this article’s just an intro for you to understand what’s at stake. However, we can briefly mention some solutions (Note this order is on purpose!).

• Sobriety: Decrease our consumption of electronic devices — Companies and consumers alike
• Sustainable design: Design devices and software that are more flexible and easier to maintain/recycle (all hail Fairphone)
• More transparency: Increase consumer pressure on hardware manufacturers to get more clarity in manufacturing processes and recycling.
• Government intervention: To lead the way, Governments must provide processes, infrastructures and a legal framework to make things possible. Some countries (Japan, Taiwan) are pretty advanced on such topics today. But countries that rely on entire underground activities cannot just kiss them goodbye. E-waste regulations must be national and regional to be fruitful. We will start to look at this in the following articles, taking Singapore’s case as an example.
• Innovation; Recycling e-waste today is not a piece of cake. Innovation can help us get more value from our e-waste, but it’s the ultimate solution that should not be mentioned; first, it will not save us by itself.

I will take time in the future to explain in-depth these possible solutions — and others — but it seems pretty apparent that decreasing e-waste will ultimately lead to the necessity of rethinking an entire model and a change of mindset overall. Quick fix measures won’t be the long-term solution!

Also Read: How this Singaporean AI startup makes waste collection and recycling easy for cities, organisations

Hope to see you for the following article about Singapore coming out in December. So wait before you buy the new iPhone for your sister, please.

In the meantime, stay safe and join the #ReuseRevolution.

Sustainably yours …

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Singapore-based technology-driven media company Hepmil Media Group has secured US$10 million in a Series A round of financing led by Quest Ventures, Pavilion Capital and Bent Pixels.

Hepmil own the media companies SGAG, MGAG and PGAG, besides the digital creator agency Hepmil Creators’ Network.

This round marks Hepmil Media’s first fund-raise from institutional investors since its inception in 2015.

The group will use the funds to grow its content and creators’ platform and capabilities and expand its e-sports and gaming network. The group also has plans to grow more revenue streams, particularly in developing content capabilities to serve regional commerce players in their direct-to-consumer efforts.

Must Read: #MeToo in startups in SEA and the silence surrounding it is deafening

It will also expand into Thailand and Vietnam in 2022.

Karl Mak, CEO and co-founder of Hepmil Media, said: “The digital media space in Singapore and Southeast Asia has transformed rapidly over the last decade. More people are spending their time online for entertainment and fulfilling their everyday needs. We also see more brands looking for an integrated digital media solution capable of reaching and engaging an exponentially growing audience in a compelling manner to drive conversion. Through expansion and investing in capabilities building to push new, innovative solutions for brands, we hope to be able to redefine Southeast Asia’s digital media and entertainment sector and to remain the preferred platform for brands to work with.”

Hepmil Media’s original content arm produces content that reaches over 30 million Gen Zs and millennials across the region weekly. At the same time, its creator network partners with over 300 of the region’s top digital content creators who generate over 3 billion monthly views.

Hepmil Media Group has offices in Singapore, Kuala Lumpur, Jakarta and Manila with over 100 employees.

The firm entered Indonesia early this year via a partnership with EVOS Esports, which aims to address the expanding e-sports market across the region and give brands and talents an additional platform to connect with a highly engaged audience.

The funding will also be used to support the group’s strategic expansion plans in the coming months, including the creation of Bent Pixels Asia Private Limited, a joint venture between Hepmil Media and Bent Pixels in Asia Pacific.

Also Read: Pivots are hard, but worth it: Here are the life lessons we gained

Headquartered in Singapore, Bent Pixels Asia will enable Hepmil Media to expand its influence and reach within the e-sports community in Southeast Asia by being the preferred provider for YouTube reserved media in Indonesia, Malaysia, the Philippines and Singapore.

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When the COVID-19 pandemic hit the Philippines, the economy became vulnerable, and millions of Filipinos were put out of work. With mobility restrictions putting physical transactions on hold, digital solutions swept in to save the day.

The need to digitise everything became the catalyst for cashless transactions and, eventually, the rapid rise of crypto adoption. This is a massive development, considering that cash is still king in the Philippines, and around 70 per cent of the population remains unbanked and underserved.

But digital solutions still triumphed amidst the pandemic, especially those that were accessible via mobile phones because around 79 million Filipinos relied on their smartphones for their day-to-day activities. 

Play-to-earn games like Axie Infinity and accessible mobile apps like Coins.ph enabled Filipinos to dabble into crypto to earn extra income amidst the pandemic. MetaMask, the non-custodial crypto wallet primarily used by Axie Infinity players, reported that its monthly active users over the past year grew by 1,800 per cent, with around 2 million users coming from the Philippines alone.

As of October 2021, the Philippines currently ranks 15th in Chainalysis’ global cryptocurrency adoption list. It won’t be long for the country to rise in rank as crypto adoption continues to grow.

It’s important to note that the pandemic wasn’t the only driver of crypto adoption in the Philippines—hundreds of Filipinos have been investing and trading in virtual currencies since the early years of crypto.

Also Read: Go-Jek acquires majority stake in Philippines’s blockchain fintech company Coins.ph

Financial institutions and regulatory bodies have also been studying the benefits that decentralised solutions bring to the financial sector and gradually integrating them into their operations over the years. 

Let’s take a deeper look into how blockchain and crypto adoption evolved in the Philippines.

Crypto milestones in the Philippines

Investing in virtual currencies was undoubtedly difficult in the early years of crypto. Early crypto adopters in the Philippines shared that they had to buy and sell crypto using foreign crypto exchanges such as Mt. Gox and Bitstamp and claim free Bitcoins through faucet websites. 

It wasn’t until Coins.ph entered the scene in 2014, providing new vehicles for Filipinos to make everyday financial transactions such as payments, remittances, and online shopping using crypto.

It also allows Filipinos to quickly make cross-border payments, which are often challenging to accomplish traditionally due to tax implications, complicated processes, and high fees.

Fintech company Satoshi Citadel Industries (SCI) also forged its ground within the same year to build the blockchain ecosystem in the Philippines.

Upon seeing the growth of crypto adoption in the Philippines, the Bangko Sentral ng Pilipinas (BSP) issued an advisory informing Filipinos of the features, benefits, and attendant risks when dealing with VCs.

Crypto adoption in the country increased over the years, albeit slow as crypto was still considered a risky investment and existing regulations did not cover virtual currencies.

By 2017, Bitcoin quickly rose in popularity when its value intensely increased from US$1,000 to over US$19,000 within a few months.

Also Read: Blockchain Space launches in the Philippines to help the industry grow

The BSP at the time began to require crypto exchanges to register with them as remittance and transfer companies and put adequate safeguards to address the risks associated with crypto.

Many local financial institutions made more mainstream crypto solutions for Filipinos in 2019. UnionBank and Coins.ph, for instance, rolled out the first crypto ATM in the Philippines to help their customers exchange their virtual currencies for cash and buy and sell crypto on the spot.

The bank also introduced its stablecoin called PHX to help rural banks access remittance and payments under its blockchain-based i2i network. 

In the same year, Filipino crypto holders were permitted to sell crypto for cash through all 7-Eleven stores across the Philippines as part of an initiative by crypto investment app Abra and payment processor ECPay. 

By 2020, Filipinos can finally access 16 cryptocurrency exchange service providers approved by the BSP, including PDAX, which has been making waves in the crypto scene in the country since 2017.

More than just a provider of crypto trading services, PDAX has also been collaborating with industry leaders further to foster the blockchain and crypto community in the Philippines.

Also Read: PDAX raises US$12.5M to take advantage of the popularity of cryptocurrencies in Philippines

We partnered with UnionBank and the Bureau of the Treasury to launch a blockchain app called Bonds.ph.

The app is designed to allow Filipinos, especially those unbanked, to invest in the government’s new retail treasury bond and help the country raise funds to recover the economy amidst the pandemic. Within its first month, the app was downloaded almost 25,000 times from 85 countries.

Crypto adoption increased even more in 2021 when Axie Infinity rose in popularity, enabling Filipinos to earn crypto just by completing quests in a game. Some players can even earn as much as P25,000 per month just by playing the blockchain game.

As we near the end of 2021, it’s safe to say that crypto will remain in the Philippines, especially as it’s given Filipinos a new way to weather the pandemic.

More importantly, crypto allows Filipinos to enter the formal financial system and build their wealth, which millions have always struggled to achieve over the past few years.

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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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Indonesian courier startup J&T Express has secured US$2.5 billion from Boyu Capital, Hillhouse Capital Group and Sequoia Capital China, Reuters has reported.

Chinese internet and gaming powerhouse Tencent and VC firm SIG China also joined.

The round brings the unicorn’s valuation to US$20 billion, second only to Indonesia’s most valuable startup GoTo.

The proceeds of the round will be utilised to support J&T Express’s expansion plan in China and Latin America. J&T also looks to raise US$1 billion in a listing in the Hong Kong stock market as early as Q1 2022, according to a Reuters source.

Also read: The 27 Indonesian startups that have taken the ecosystem to next level this year

Launched in 2015 by ex-Oppo executives Jet Lee and Tony Chen, J&T Express engages in the delivery of goods, both shipping by land, sea or air. The firm owns automated sorting warehouse networks in Singapore and Indonesia.

Since its inception, J&T has made inroads into Singapore, Vietnam, Malaysia, the Philippines, Thailand, Cambodia and China, besides Indonesia. The foreign markets are said to make up 70 per cent of J&T’s business.

Driven by the pandemic-fulled boom in the e-commerce sector, J&T has witnessed healthy growth across all markets. In Indonesia alone, the startup delivers around 2.5 million parcels each day, up 40 per cent from the pre-pandemic level.

J&T also serves as the delivery partner of brands, such as Bukalapak, Tokopedia and Shopee, which cover two-thirds of its service orders in the archipelago.

Last month, the firm acquired its Chinese competitor Best’s logistics business Best Express for US$1 billion.

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Image Credit: J&T Express

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Bareksa, an integrated digital investment platform in Indonesia, has obtained an undisclosed sum in a Series C funding round from Grab.

Through this partnership, Bareksa will gain access to Grab users and partners, offering them investment opportunities with payments handled by OVO.

The funding aligns with the startup’s strategy to strengthen the synergy between Grab, Bareksa and OVO as Indonesia’s leading digital payment platform.

In 2019, Bareksa had raised Series B funding from OVO.

Also Read: Grab acquires US$274M-worth stake in Emtek, fuels talks of OVO-DANA merger: Report

Karaniya Dharmasaputra, co-founder and CEO of Bareksa, said: “Grab’s funding will further strengthen our presence as the first integrated online mutual fund marketplace in Indonesia. By synergising with Grab and OVO, Bareksa will be able to provide wider access, educate the benefits of investment and provide a seamless e-investment experience to millions of driver-partners, kiosk owners and MSMEs, as well as Grab and OVO users.”

Karaniya, president director of OVO, added: “The synergy of the Grab-Bareksa-OVO triangle is expected to increase its contribution in helping to encourage financing of the national economy. With the full support of Grab and OVO, Bareksa believes that it can further support the vision of the Indonesian government and regulators, particularly the Indonesian Financial Services Authority and Bank Indonesia, in expanding national capital market services while increasing financial literacy and inclusion.”

In 2020, the penetration rate of mutual funds in Indonesia was only 3 per cent of the GDP. However, during COVID-19, the number of capital market investors increased. Data from the Indonesian Central Securities Depository (KSEI) noted that until August 2021, there were 6 million capital market investors. KSEI said that throughout 2020, 70 per cent of retail investors bought mutual funds through the fintech platform.

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We live in unprecedented times, where working from home and being isolated from friends and family for long periods have become the norm. The past two years have required quite a bit of adjustment; work and personal/home life became intricately intertwined. All of us have had to juggle between tending to unique/family needs while handling tight deadlines and often increased workloads in our professional lives. This often takes a toll on our mental health.

As humans, we are social beings by nature. We thrive in the presence of others, and social interactions are crucial for our psychological and physical health.

While the workforce started working remotely in the heat of the COVID-19 pandemic, expectations remain the same, or even higher, as some businesses are struggling to survive while others are trying to capitalise on unprecedented growth opportunities driven by the massive shifts in consumer behaviour during this pandemic. 

At Carsome, we understand that this can be challenging for our team members, especially those with a family needing care.

As such, I was glad to become one of the champions of our self-care month throughout October this year, in honour of World Mental Health Day, which falls on 10 October.

Here is a summary of what fellow Carsomers were up to, in the spirit of #CarsomeCares: 

Normalising discussions on mental health

Mental health issues are no stranger among employees across all organisational levels. According to news sources, more people reported at least one symptom of a mental health condition in the past year.

Also Read: How to tackle employee mental health to build a resilient workforce

We want fellow Carsomers to feel empowered in asking for help if they are struggling.

So, we scheduled various mental health talks throughout October to spread awareness and shed some light on relevant mental health topics that could benefit all of us. 

Our team members are the backbone of Carsome, and they’ve been an integral part of growing the business to where it is today. We want to support them in any way we can, especially in regards to their mental health. 

Mental health support

An important takeaway of the COVID-19 pandemic is that support for mental health went from a nice-to-have to a true business imperative. Besides having talks, we wanted to extend the support into something more tangible.

That’s why we partnered with Doctor Anywhere to provide a mental health self-assessment tool for Carsomers to assess and recognise signs of anxiety. 

Also read: Voice of Employees: How the pandemic accelerated focus on employee welfare

To take this one step further, we also paid for team members to consult with a psychotherapist. We understand that anyone can be affected, and we want to provide the necessary mental health support for our team members so that they don’t have to worry about the cost.

We were glad to hear that close to 300 team members have benefitted from the self-assessment tool. Additionally, more than 10 were able to get the help they needed from a professional. 

In the true spirit of #CarsomeCares, our HR teams across all of our markets worked tirelessly to put together well-curated care packages and sent them out to all 2,000+ Carsomers.

It was heartwarming to see all the exciting photos and videos featuring these care packages shared by team members all across the region.  

Movement for the soul

Physical activities have been proven to help increase the production of the brain’s feel-good neurotransmitters, called endorphins.

With that in mind, we organised classes that cater to the mind, body, and soul for Carsomers to join throughout the month. 

Team members who have not met each other also had the opportunity to break the ice, get to know one another better, and bond while doing these activities together.

Some of our team members broke a sweat practising yoga with renowned artist Atilia Haron, an avid yoga practitioner and instructor.

Others joined in on the origami fun and folded away their stress and worries by making origami curry puffs and bunnies.  

Also Read: Why Khailee Ng puts mental healthcare support as key to successful founders-investors relationship

Mental health days

It is not easy to juggle between work and personal lives as we continue working from home. Despite that, Carsomers have gone above and beyond to ensure that tasks and deadlines are completed, and work continues during the pandemic.

We declared dedicated “mental health days” with specific activities for both individuals and teams. 

Wellness Wednesdays

On every other Wednesday, teams are encouraged to gather and bond through fun activities outside of work. I was excited to see many teams organising Wellness Wednesdays activities and having so much fun during those virtual get-togethers.

Carsomers gathered virtually for karaoke or word game sessions, among others, fueling creativity and encouraging them to connect despite the physical distance.  

Freedom Fridays 

The pandemic helped coin the term “Zoom fatigue”, and I can relate to this as my days are frequently packed with back-to-back meetings. So there was no surprise on my immediate buy-in for Freedom Fridays, a.k.a. no-meeting Fridays, which took place on alternate Fridays in October.

Freedom Fridays, gave our team the chance to focus on serious work activities that require minimal interruptions. It also allowed team members to recharge and plan deliverables for the next week.

I found Freedom Fridays very productive, ultimately putting pressure on other meetings to be more focused, efficient, and goal-oriented. 

Make it #CarsomeCares

The activities for our self-care month were guided by our #CarsomeCares spirit and aimed at helping Carsomers weather any situation. We want our team members to know that we care about their wellbeing, and we understand that they do some of their best work when they are happy and fulfilled.

Tough times don’t last, but tough people do – so to fellow Carsomers and everyone else out there, stay strong and take care of yourself. We will get through this together!

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The post What you can learn from Carsome about championing mental health for employees appeared first on e27.

In this episode, we speak with Jenn Cornelius, Chief People Officer at Ritual, an LA-based direct-to-consumer health brand. Prior to her role at Ritual, Cornelius was the Head of Future of Work and Organizational Design at Pinterest, Chief People Officer at Sweetgreen and Head of Organization Design for Apple’s Retail division.

In our conversation, Cornelius discusses a number of important topics including how virtual work affects organisational design, the role of HQ in creating serendipity and ensuring employee readiness (when it relates to launching teams in new markets), balancing decision-rights to empower local market team, as well as the importance of company culture and facilitating connections to help teams create meaning.

Also Read: The ‘godfather’ of Hungarian startup ecosystem shares the keys to global expansion

This episode is sponsored by our partner, ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets.

If you are an international business leader looking to connect with others leading global expansion, join the Global Class Community. More info here.

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The article was first published by Global Class.

Image Credit: Global Class

The post Ritual Chief People Officer on the importance of culture in international expansion appeared first on e27.

Stockbit, an Indonesia-based stock trading platform and community, has secured approval from Financial Services Authority (OJK) to acquire local securities company Mahakarya Artha Sekuritas.

The deal value has not been disclosed.

Mahakarya Artha Sekuritas has been Stockbit’s brocking partner since September and will now be rebranded to Stockbit Sekuritas, TechinAsia has reported.

The acquisition will enable Mahakarya’s users to open stock accounts and trade in the Indonesian Stock Exchange via the Stockbit app.

In May this year, Bibit, a mutual fund investment app acquired by Stockbit in 2019, raised a US$65 million growth round led by Sequoia Capital India. The Stockbit app itself also raised an undisclosed amount of Series A funding led by East Ventures in 2019.

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

Founded in 2013, Stockbit is a social network for stock investors, before gradually changing into an app that integrates stock trading, information aggregation, and social networking. Its Bibit and competitors aim to simplify capital investment for first-time investors while requiring a lower fee and a smaller minimum initial investment sum than traditional brokerages.

To provide its users with stock trading services, Stockbit is required to team up with traditional securities firms, such as Sinarmas Sekuritas. This partnership then ended up in August before Stockbit’s tie-up with Mahakarya.

According to OJK, retail investors in Indonesia surged 56 per cent year-over-year in 2020. Investors in mutual funds also grew 78 per cent year-over-year to 3.2 million. 

However, financial literacy in the country’s capital market remains low at 4.9 per cent, with a total of only 2.69 million retail equity investors out of its 270 million population.

This presents opportunities for investment services, which are buoyed by the COVID-19 pandemic when people took advantage of a market pullback and turned to online environments.

Last month, Indonesia produced a unicorn in the stock and mutual fund investment sector. Ajaib, a Robinhood-like mobile-first stock and mutual fund investment platform, became a billion-dollar company after a US$153 million Series B fundraise. The app requires no minimum sum to open a brokerage account and claims to charge the lowest brokerage fees in the market. 

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Also read: Stockbit

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