Users need to activate the feature on the Grab app, after which they would receive a pre-approved monthly PayLater amount

Grab introduces new postpaid payment method in Singapore [The Star]

Grab has introduced a new payment method where consumers can use the multi-service platform first and pay later.

The postpaid feature dubbed PayLater works for Grab rides, food deliveries and more.

According to the website, users need to activate the feature on the app, after which they would receive a pre-approved monthly PayLater amount. However, it is not specified on the website if it is the user or Grab who sets the amount.

Users can then select the feature as their preferred payment method. No extra charges occur for choosing this method.

Ola secures US$11M from DIG Investment, Deshe Holdings and Jabbar Group founders [The Economic Times]

Ride-hailing giant Ola has raised US$11 million in fresh funding from a set of new investors, including Swedish DIG Investment, US-based Deshe Holdings and the two founders of Dubai-based Jabbar Internet Group.

Regulatory filings sourced from business intelligence platform Paper.vc showed that the investments are part of Ola’s ongoing Series J round. The company has so far received commitments of nearly US$470 million in investments in this round.

Earlier this year, Ola announced a US$100 million investment from Flipkart co-founder and former CEO Sachin Bansal, followed by a US$300 million investment announcement from Korean automotive giants Hyundai and Kia Motors. The full investments have not been received so far.

Dentsu Aegis Network acquires Ambient Digital Vietnam [DealStreetAsia]

Marketing agency Dentsu Aegis Network has acquired Ambient Digital Vietnam, an independent digital media agency, according to an announcement.

Post-acquisition, Ambient Digital Vietnam will be rebranded as iProspect Vietnam.

The acquisition combines Ambient Digital Vietnam’s adtech platforms, digital creative production and social management with iProspect’s global performance and search capabilities.

Validus Capital applying for digital banking licence in Singapore [press release]

Singapore’s small and medium-sized enterprises (SMEs) financing platform Validus Capital has announced that it is applying for a digital banking licence with the Monetary Authority of Singapore (MAS) to help meet the unmet financing needs of SMEs.

This follows MAS’ recent announcement to offer five digital banking licences.

As part of the application, Validus is looking to collaborate with strategic partners who share the same synergy in creating strong governance, and complements its data and technology strengths in SME financing. With the licence, Validus intends to expand its product offering beyond lending, including deposits, payments, remittances and forex.

KFH Malaysia collaborates with MoneyMatch on cross-border payments [DigitalNewsAsia]

Fintech startup MoneyMatch and Kuwait Finance House (Malaysia) on has announced a strategic collaboration to provide cross-border payments for its customers.

The collaboration, the first of its kind between a foreign Islamic bank and a local fintech startup, enables the bank to deliver cutting-edge, Syariah-based solutions to its customers. This partnership marks MoneyMatch’s maiden entry to provide enterprise solutions via its newest product BanKFH Malaysia collaborates with MoneyMatch on cross border paymentskFX, and ultimately to improve the cross-border payments experience for consumers regardless of platform.

MoneyMatch CEO Adrian Yap  said: “We are excited to have KFH Malaysia onboard as our first Bank FX customer. We at MoneyMatch strongly believe that everyone should have access to the best exchange rates regardless of platform.”

 

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What promoting Taiwan startup entrepreneurs in Singapore can mean for Taiwan’s plans to build an Asian Silicon Valley

In a bid to bridge the Taiwan startup ecosystem to the rest of the region, and by extension, to the rest of the world, the Institute for Information Industry (III) of Taiwan accompanied thirty emerging startups to Innovfest Unbound 2019 in Singapore.

Innovfest Unbound is Southeast Asia’s largest and most exciting innovation festival, an anchor event of Smart Nation Innovations. The festival was a week-long series of events that showcased Asia’s most disruptive technologies.

The 2019 edition of the event welcomed over 15,000 entrepreneurs, brands, corporates, investors, and tech startups from over 100 countries to meet and exchange ideas and insights, build networks, collaborate, and celebrate digital disruption.

Some of the key players who spoke at the week-long festivities included Jenny Lee, Managing Partner of GGV Capital, Yonatan Winetraub, co-founder of Spacell, and Rosaline Chow, founder and CEO of CXA group, among many others.

On the other side of the spectrum, the Institute for Information Industry (III) seeks to cultivate smart business innovation by looking to the future of smart businesses belonging to Taiwan. It is with this mission that efforts to bridge the gap between Taiwan and the world was borne, and one crucial step in doing that is to be well represented in the global tech ecosystem. This is why III accompanied thirty promising startups to Innovfest Unbound 2019.

III as a catalyst for Taiwan’s “Asia Silicon Valley Plan”

In order to promote the Taiwan government’s plan to restructure the country’s current position as a tech powerhouse in the world, and furthering that into becoming Asia’s Silicon Valley, the Department of Commerce, under the Ministry of Economic Affairs, enacted the “Promotion Project for the Smart Business Service of Asian Silicon Valley.” The initiative capitalizes on the joint resources of the Industrial Technology and Research Institute (ITRI) and III to promote the country’s emerging startups in the Singapore tech ecosystem.

The reason why III’s International Division encouraged smart retail startups to participate in Innovfest Unbound 2019 was to yield networking advantages and mutually expose the Taiwan startups and Innovfest Unbound’s global platform to the disruptive technologies of one another, while sparking friendships and close ties with other participating entities.

A total of 30 Taiwan startups were fielded into the event after going through a special screening process initiated by III that included a 2-day pitch sharing session with coaches and industry experts. The other Taiwan institutions involved in the project are the Ministry of Science and Technology (MOST), Taiwan Tech Arena (TTA), and NARLabs.

Of the 30 teams curated to participate in Innovfest, seven particular ones stood out because of their cutting-edge vision and their disruptive technologies. The seven startups include LuggAgent and Yallvend, both of which have garnered international recognition prior to the Singapore festival.

7 standouts in III’s roster of 30 Taiwan startups

In 2019, Yallvend was selected for the Unilever Startup Pitch Battle, while LuggAgent has been selected for Innovfest Unbound 50 also known as the 50 top startups that were awarded with extra booth space at the innovation festival.

The seven startups are as follows:

• dipp Inc. – dipp’s Massimo is an artificially intelligent platform with a smart advertising designer whose data-driven design approach automatically creates any social media posts and displays banners across all digital marketing channels.
• JustStar Information Co. Ltd. – JustStar is an AI based image recognition solution provider for shopping malls and theme parks. The image recognition system is a technique that can be used in a factory to improve factory safety and production line efficiency. With JustStar, the entire process of detecting, analyzing, and filtering can be done in seconds without any manual manipulations.
• LuggAgent – LuggAgent is a global concierge that enables travelers to achieve more on every single trip by offering same day baggage delivery service to airports. Currently, they are building a travel platform with the objective to connect all stakeholders within the ecosystem, namely, Airports, Airlines, OTAs, Hotels, Banks, Shops, with third party service providers and travelers.
• MyProGuide – MyProGuide is a professional tour guide center, connecting travelers and tour guides all around the world. You can find knowledgeable tour guides, customize private tours, or join group tours on the MyProGuide website. The benefits are that they have tour guides speaking multiple languages, and you can look through tour guide’s introduction profiles before you go.
• OCard – OCard is a new generation CRM and marketing SaaS platform that uses big data and AI to help offline businesses manage and target their customers through LINE@ and FB Messenger. OCard provides various marketing tools such as a VIP loyalty program, point reward system, coupons, and questionnaire functions to assist stores to increase retention rates.
• RushBit – RushPay can integrate various payments types into one QR Code with CRM and offers a benefits returning system. Greatly reduce the point of sales device costs to help shopkeepers serve as many customers as possible.
• Yallvend – The Yallvend vending machine upgrade kit enables traditional vending machines to support an e-payment and inventory system. Operators have trackable transactions and real-time inventory data. We start from vending machines, but other coin-operated machines are welcome to customize their solutions as well.

What the participating startups think of the experience

In an attempt to better understand the positions that the seven above-mentioned startups are in, we spoke to them on what they think of this participation and the opportunities that are opening up.

According to Daniel Lu, CEO of JustStar, “JustStar was recruited by III to join this government initiative starting in March of 2019. We were interested in expanding our business to Southeast Asia and felt that III’s promotion events such as the Innovfest Unbound in June 2019 and Ignite Philippines, also last June, were ideal for us to get a better feel for these markets.”

While commenting about the Taiwan government’s plan to mount Asia’s Silicon Valley, Lu added, “It is a positive initiative because Taiwan’s startups need support and an ecosystem from likeminded partners.”

MyProGuide’s CEO, Jo Wong echoes this sentiment by saying, “the Taiwan government is doing their best to support our startup. They’ve helped us by checking our business plans and finding the right people to contact.”

Regarding further plans for Taiwan, they added, “It’s a mutually beneficial concept which is why we should be more open to accepting these changes. If you look at other companies like Uber, for example, government policies tend to work against them. Governments should be more open to working with startups for this to work.”

When asked about the benefits of participating in III’s delegation, dipp co-founder and CEO, Jennifer Chen said, “when building a startup, we face many different challenges along the way. Whether it is money, or talent, or business opportunities, and at some point, you simply need people outside your company that you can turn to. III, in that sense, has always been helpful and reachable.”

Additionally, Chen said, “we are in the AI advertising design space focusing specifically on consumer brands, and that on its own can be a rather limited market size. We are continuously looking for ways to expand our business roadmap, which is why when we were exploring countries to operate in, III came in at the right time and offered us better exposure to different markets and local contacts.”

“They provide boosts for us in the international arena like the Singapore Expo, and in Taiwan, they provide us with media exposure and potential customers to know us more,” expressed Vinek Chen, CEO of Ocard, who has accessed as much as 1,000 brands and clients in Taiwan.

More than that, he said III provides mentor-sharing sessions on business development, human resources and other topics that are important to mounting their startup.

Furthermore, the participating startups are looking at this initiative as an opportunity to bring something that can help improve their ideas in the future. Mr. Derayke Chen, CEO of RushBit, a mobile payments platform, explains, “first and foremost, we could use the funding opportunities to further our company. But what’s more important is learning about different markets and the marketing methods present in those contexts—how does the market look like, how are people using mobile payments here?”

“What we really want to do is improve our services,” said LuggAgent’s Business Manager, Mr. Zev Pan. They maintain, “the queues at airports, especially the big ones, are crazy and we shouldn’t be wasting our time on that. There’s online check-in for your boarding pass already, why can’t there be an online check-in for your luggage?”

Unilever Startup Pitch Battle finalist, Yallvend’s CEO, Duncan Huang, expressed through the multiple steps they are taking with the help of institutions like III and by participating in more global tech platforms, they will be able to penetrate Southeast Asia and bring their unique brand of payment solutions to everyday consumers.

Bringing Taiwan’s startup A-Game to Innovfest Unbound 2019

The rest of the 30 startups from III’s delegation offer formidable contributions to the representation of Taiwan’s tech ecosystem as well. The 23 other startups are as follows:

• 3drens – an AIoT startup that aims to provide smart mobility solutions with their vehicle intelligence platform
• BIG GOOD DESIGN CO., LTD. – Vago, the world’s smallest portable vacuum device can help you save more than 50% luggage space by compressing soft items automatically in your baggage.
• Bovia – Bovia’s wearable device embodies its reliable video compression and transmission quality, compact design, as well as flexible mounting options.
• Crypt-Arsenal – Cloud-based automated crypto-trading platform for quantitative strategy developers and traders.
• Dapp Pocket – Provides a secure and easy way to manage cryptocurrency.
• eTreego – An electric vehicle control module design company that is officially coached by the Industrial and Technological Research Institute in Taiwan.
• FullRepair Biomed – F.Repair’s biomedical repair chest mask can effectively repair radiation-irritated skin.
• IPPLUS – Iplus is devoted to transforming the way people discover new technology by linking intellectual property to related products and presenting such information in a visualized way.
• Language Hero – a disruptive language app for iOS and Android, which gets beginning Mandarin and English language learners chatting confidently.
• Magical Headlamp – To avoid glare from vehicles, Magical Headlamp designed their product so that headlights can switch between high beam and low beam automatically.
• NADI System – A smart city solutions platform that gathers a seasoned group of veterans from different industries like security, automation, and 3D/AR/VR.
• ShowHue – ShowHue provides a smart retail assistant based on Deep Learning technology.
• Sounds Great – Sounds Great is the very first multi-diaphragm speakers by introducing semiconductor processes into the speaker industry.
• TransferHelper – A startup that focuses on solving international money transfer problems (delays, over-cost, and inefficiency) using AI chat-bot for customer service, security databases, and a 24-hour Q&A.
• ucfunnel – A team that focuses on developing electric vehicle control systems including charging systems, motor control systems, and vehicle control systems.
• Applato – Applato (App + Plate) is a platform to link medical and nutritional needs together and provide solutions to help people with special dietary needs.
• FaceHeart – Provider of total AI solution to different users that integrates AI, deep learning, vital sign measurement, smart healthcare, fintech, smart transportation, smart security, and so on.
• LONGGOOD – An interactive rehabilitation system that provides medical services including gait analysis, physical fitness evaluation, and rehabilitation training.
• MDS Health – A predictive health platform to optimize oral health related disease management to reduce risk and distraction in healthcare practices.
• Neurobit – A portable, wireless, eye-movement/nystagmus recording and analysis device (Neurospeed).
• Zoetek – Sleep manager achieved via professional measurements by a wearable device and questionnaire, analysis report, sleep knowledge sharing, and suitable product and service recommendation.
• Chelpis Co., Ltd. – Chelpis is a Quantum-Proof Technology software company focusing on Cryptocurrency & Blockchain.
• Astatek – Asta has a 360-degree photo/video platform, which offers a cloud showcase targeted for online retail shops.

How this will impact Taiwan’s goal to build an Asian Silicon Valley

As with any other field, the best way to put a country on a global map is by making sure that you fulfill a series of variables. Those variables include the quality of work that is present, the amount of support that that work gets, and the exposure of that work to the world that exists beyond it.

Innovfest Unbound 2019 is the perfect opportunity for Taiwan to help define its global legacy in the innovation space and in the grander tech startup ecosystem not only in Asia but around the world. With the 30 top-notch teams filling up III’s roster of startups, there’s no doubt that the country will make a mark in Innovfest Unbound — an influential annual event in Southeast Asia.

More importantly, at Innovfest Unbound, we can expect a vibrant exchange of ideas and insights to spill between and beyond the solid roster of Taiwan startups who gathered in Marina Bay Sands from 27 – 28 July, 2019, alongside 15,000 of the best and the brightest in the innovation space.

All of these are necessary steps towards achieving the Asian Silicon Valley that the great nation of Taiwan has envisioned.

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SiamCarDeal works with official dealers in the country, who cars available for sale and willing to give a discount to customers

SiamCarDeal, an online car listing platform in Thailand, has received US$300,000 in seed funding led by 500 TukTuks, with participation from unnamed angel investors.

SiamCarDeal works with official dealers in the country, who have cars available for sale and willing to give a discount to customers. Once booked, the user can go to the show room with SiamCarDeal’s offer to get the discounts.

The service is free to use for consumers.

“We currently partner with over 100 car dealers across the country and provide more than 1,500 offers for consumers. When a potential buyer shows interest in the deal on our website, we will qualify the inquiry and send it in real-time to the showroom with our in-house developed software called LMS (Lead Management System). With this system, our partner showrooms can conveniently manage their database of prospects, and their salespeople can follow up more efficiently, resulting in an increased sales closing ratio. Now our LMS system is extensively used by our customers in Thailand and across CLMV,” said Damien Kerneis, Co-founder of SiamCarDeal.

Also Read: This 16-year-old social entrepreneur wants to be the change she wishes to see in the world

In 2018, SiamCarDeal supported its nationwide partners to sell over 3,000 cars, it said in a press release.

“When launching siamcardeal.com in 2016, we aimed to be a platform for those who wanted to buy a new car and search for the best deals. We received a lot of positive feedback from both consumers and dealers: consumers got their new car at a great price while dealers increased their sales with this new channel. As we went along, we saw opportunities to go deeper in the value chain and developed more products and services to support car dealers.”

Krating Poonpol, Venture Partner (Thailand) of 500 TukTuks said: “We believe that SiamCarDeal’s LMS software offers a forward-looking perspective for the industry since it can be used by all automotive businesses. With this end-to-end solution SiamCarDeal has developed, we see big market opportunities for them domestically and abroad where SiamcarDeal can further expand to the regional level.”

“In 2019, SiamcarDeal will embark on the journey of digital transformation for automotive businesses by expanding more services which will help the showrooms to improve their overall efficiency and increase their sales volume. In addition, we also have plans to bring technology to help support the used car market,” added Kerneis.

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The company said it plans to use the funding to connect home sellers to top agents with AI-based commissions

Singapore-based property agent referral platform UrbanAgents announced that it has raised S$2 million (US$1.5 million) seed funding from FarSight Capital, APAC Realty and angel investors.

The company said that the investment it receives will be directed to maximise the use of AI to set commission guide for home sellers connecting to top agents in Singapore, making it fair for the home sellers to have a choice for performance-based commissions.

UrbanAgents.com describes itself as a referral platform that connects home sellers to a curated list of agents from various real estate agencies. In general, UrbanAgents only enroll licensed agents deemed to be within the top 5 per cent cohort based on past transaction and listing history data.

“Home sellers want one thing – sell their homes at a good price. However, in the traditional model, agents taking a fixed commission rate have little incentive to ‘go the distance’ in order to achieve a higher price for the home seller.” explains Michael Cho, CEO & Founder of UrbanZoom and UrbanAgents.

He continued, “Our machine learning team at UrbanZoom have built an auto valuation called Zoom Value, which is now being used in various capacities by banks such as OCBC, DBS, as well as other startups like MoneySmart, Ohmyhome, SoReal, etc. We decided to leverage on this and tie it to agents’ commissions.”

Also Read: Charle Charoenphan succeeds brother as CEO of HUBBA Thailand

This service is currently available for HDB and Condo homeowners. It allows “Target Price” to be pegged to the home’s Zoom Value, which is calculated based on an AI model with inputs such as recent transactions, relevant listings, and features specific to the unit as provided by the home seller.

“The idea here is that we peg the agent’s fees to his performance. If he only managed to sell at a price significantly below the target price, he’ll receive only a nominal commission of $1,888. Conversely, if he can help the client achieve a price significantly higher than the target price, he should receive higher commissions for his efforts, up to a maximum of 2.5 per cent,” Cho added.

UrbanAgents claims that its analysis also shows that the top 5 per cent agents in Singapore alone represent more than half of all home seller clients, at least in the HDB market. The company then use that as criteria for agents who wish to join the program, and in turn, giving end consumers assurance that they’re dealing with an experienced professional.
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Singapore-based on-demand caregiving service Homage plans to scale up and build community with the new appointments

On-demand home caregiving services platform Homage announced today that it has appointed Melissa Chan as Head of Community and Outreach, and Honey Mittal as Chief Product Officer.

With the new additions to the team, Homage said it will focus on increasing partnerships with
ecosystem stakeholders and improving more features to Homage’s product to enhance the
delivery and standard of care for its customers.

As a Head of Community and Outreach, Chan will be responsible for forming collaborations with stakeholders in the care delivery sector, with the key aim to reach out to more community segments that can benefit from Homage’s solution by working with public and private sector partners in Singapore and Malaysia. This includes cooperating with voluntary organisations to support lower-income segments, as well as exploring partnerships with insurance and corporate HR departments to cater to middle-income groups.

On the other hand, Mittal’s appointment as Chief Product Officer is deemed timely as Homage is emphasising the scaling up of its proprietary platform to provide a more user-friendly, end-to-end care management experience for families as well as its community and enterprise customers. He is responsible for further developing and scaling Homage’s product delivery – overseeing matters including product strategy and road mapping, product engineering and automation, management advisory and market expansion.

“Since launching our platform three years ago, we’ve been working closely with families and
aged care stakeholders in Singapore and Malaysia to see how we can improve our solutions to deliver better quality care for seniors,” said Gillian Tee, the CEO, and co-founder of Homage, as she further detailed a plan to reach more underserved segments of aged care.

Also Read: 3 fintech startups win the chance to pilot project with UNCDF

Prior to joining Homage, Chan’s experiences included areas of social innovation, community growth, and building brand strategies for the hospitality, travel, technology and finance sectors.

Chan is also the acting Founder and CEO of Project We Forgot – a community for caregivers to persons with dementia that provides locally-relevant support, knowledge, and access to services, and also a Steering Group member of the World Young Leaders in Dementia (WLYD), a global network of professionals that works across disciplines to develop and innovate dementia solutions.

Meanwhile, Mittal has held similar roles with numerous Southeast Asian startups, where he has helped to build a global travel marketplace and various fintech products.

In Q2 2019, Homage underwent beta testing of its Singapore-focussed e-commerce marketplace that is integrated into Homage’s app. The marketplace has essentials needed by caregivers; such as wheelchairs, walking aids, hospital beds, and adult diapers.

Next, the marketplace will be expanded to include more products in Q3 2019 and launches in Malaysia in Q4 of this year. The firm also has long-term plans to expand its services in more markets across Southeast Asia.

Also Read: Thai car listing platform SiamCarDeal raises US$300K led by 500 TukTuks

Launched in 2016, Homage was founded by Gillian Tee and Lily Phang when they saw that
seniors require more personalised and holistic care that allows them to age with grace, control, and dignity.

Homage seeks to do so via its matching engine that pairs seniors with the best care professionals for their needs. By using the Homage app, family members can schedule, manage, and monitor care visits from anywhere, stay connected with the care professional, and get real-time information on the care their senior is receiving.
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The undisclosed amount of funding comes from members of an Asian royal family

Legacy planning startup based in Brunei Darussalam Memori has raised a further seed round investment from members of an Asian royal family, the company said.

Memori said that the investment will be used to grow the business in Brunei, Singapore, and Malaysia, where it is estimated up to 33.08 million adults miss out on having a will.

Memori was established just in August last year with the purpose of simplifying the process of preparing end of life and demystifying a topic that’s traditionally considered taboo in Southeast Asia. Memori’s mission is to “enable everyone to have a head start on leaving a legacy behind for their loved ones”.

Memori’s digital platform offers affordable and simplified will writing services, as well as digital asset storage (including social media and email account passwords). The site is being built using blockchain technology to ensure security.

The Memori platform will also be able to provide access to the digital asset storage to the user’s pre-selected beneficiaries when the user passes on, and eventually allow people to book bereavement services and buy insurance policies online.

Also Read: 3 fintech startups win the chance to pilot project with UNCDF

“It is estimated at least 80 per cent of Southeast Asia’s population do not have wills, because it is a social taboo to talk about end of life and the misconception about the complexity and cost of the process. With Memori’s technology, these issues can be addressed. The new social media era has increasingly made the ability to control your digital footprint important too,” said Queenie Chong, CEO and Co-founder of Memori.

Memori was one of the finalists for Echelon APAC TOP100, and most recently chosen as Crowd Favorite and Top 10 for Techsauce Global Summit Startup Pitch Championship.
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Exciting days are ahead, and here is what you can expect

Dear e27 Community,

You may recognise me as the face of e27‘s presence in Indonesia; the person you reached out to when you want to forward leads about a funding round or when you have questions about our annual Echelon Asia Summit event. You may have also seen me manning the Editor’s Note section of our Daily Digest.

But today I am writing to inform you that I have been appointed to the role of Editor at e27, your beloved online resource platform for Southeast Asian tech startups.

My journey at the company began in 2015. As a Junior Writer, my responsibility was to cover the Indonesian startup ecosystem from Jakarta. Following a promotion to Senior Writer position a year later, I have produced features, covered news, moderated panel discussions, and interacted with readers through various channels for the last three years.

Throughout this journey, I have witnessed firsthand how the Southeast Asian startup ecosystem evolved from being a promising rookie, to producing some of the most powerful giants you may ever heard.

But as changes continue to happen, new challenges also continue to arise.

Stakeholders have begun to call for better ways to understand the ecosystem. They want to be able to recognise trends before it happens, and to have an accountable way to answer the question, “Who’s the next big thing in the market?”

All of this can be achieved through the use of data.

As a company with the mission to empower entrepreneurs with the tools to build and grow their company, e27 recognised the importance of implementing the use of data in the products and services that we offer. More importantly, we also recognise this as an opportunity that we can tap into as a company, considering the wealth of data that we have on our platform.

So what can you expect next?

You will continue to enjoy news and features, the very thing that draw you into this platform. But we are going to take it up a notch by introducing a series of listicles that showcased the strength of the data available on the e27 platform.

Our Contribution Programme, which has given a space for community members and thoughts leaders to voice their opinion and show their expertise, will also continue to grow bigger and better.

Last but not least, the startup ecosystem report is also set to return this quarter –with a new face. So watch this space.

All of this would not be possible without the support that you have given to us. I would definitely love to hear from you! Tell me what your startup has been up to, what you would like to see more in our platform. I am looking forward to see your messages at writers@e27.co and the e27 Telegram Group.

Also, next time we bump into each other at events, do not hesitate to say hello.

Regards,

Anisa Menur Maulani

 

 

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What is stopping the big conglomerates in Philippines from getting their skin into the startup game?

Southeast Asia has long been dubbed the next hub for startups in Asia Pacific with its big-name unicorns going more rapidly global—like Grab and Go-Jek. And yet, the Philippines, despite being the region’s second largest with more than a hundred million citizens, only has one unicorn, Revolution Precrafted, a startup that produces premade homes.

The Philippine startup community has pointed to the lack of funding sources and government support in the country for its slow growth. In the 2017 Philippine Startup Survey conducted by accounting firm PwC Philippines, majority of startup founders cited capital and regulatory requirements as major challenges when starting up.

Also Read: Women-focused startup competition ‘She Loves Tech’ comes back to Philippines

For one, the startup community could have enjoyed support from the country’s big businesses earlier, as major partners. In Indonesia, the country’s largest conglomerates took a bet on startups early on in the game, setting up venture capital firms of their own as they sought companies who were poised to become the region’s next unicorns.

The country’s darling startup, Go-Jek, is even funded by two of the country’s biggest conglomerates: Astra International, which has interests in automobiles, and cigarette manufacturer Djarum Group.

With that kind of capital support, it is no wonder the country now has four unicorns. And it’s not like Indonesia is far more advanced than the Philippines. The archipelagic countries both struggle in financial inclusion and suffer from poor infrastructure. If anything, Indonesia is even more susceptible to risk and challenges with more than 260 million citizens spread across more than 18,000 islands. The 100 million Filipinos based in the Philippines’ 7,700 islands suddenly pale in comparison.

So why did Philippine business institutions hesitate to embrace the digital revolution?

One cannot help but be reminded of  the “innovator’s dilemma.” In the seminal book by  Clayton Christensen, the business professor bared that most successful businesses struggle to invest in disruptive technologies until it’s too late, for fear of hurting the very systems that make their enterprises work and flourish.

It’s a sentiment recently echoed by Talino Venture Labs CEO and co-founder Winston Damarillo at e27’s recently concluded Echelon Asia Summit 2019 in Singapore. “Big institutions grapple with [serving the next half of the population] because in order for them to survive long term they have to serve the down market. But in order for them to serve down market, they have to scale down what they are very comfortable with,” he said.

Lucky for the country’s conglomerates, no startup has completely disrupted their core businesses yet. Still, the decisions most of them have been making in recent years show that they too are keeping their backs in check for the next big disruptor who might swoop in and acquire their market shares.

Last May, Ayala Corp., and JG Summit Holdings both announced fresh capital worth $200 million in total to invest in early-stage startups in the region. The announcement came after two to three years’ worth of investments made by the two companies in different startups both here and abroad either through their sister companies or subsidiaries.

Also Read: [In Photos] IGNITE wraps up Philippines tech conference with more collaborations to come

Ayala Corp. has technically long been an investor in startups, but only through Kickstart Ventures, a subsidiary of Globe Telecom, which is also under its wing. Kickstart Ventures has made 38 investments since its inception in the early 2010s, a healthy mix of local and regional ones, including a stake in Philippine-based Coins.ph, which was more recently acquired by Go-Jek.

In recent years, even Ayala’s other more traditional subsidiaries, like its health arm, AC Health, also invested in startups that eventually supported its current businesses. In 2017, AC Health invested in MedGrocer, an on-demand delivery service for medicines. In the next two years, it bought majority shares on two other health startups, health tech solutions developer Vigos, and health care platform AIDE App.

JG Summit made similar moves in the same year when it invested in Garena Interactive Holding, the company which operates e-commerce platform Shopee. It has since expanded its startup portfolio, even as far as launching its very own fintech firm, Cashalo, in 2018.

The fresh funds from the two conglomerates affirm what Damarillo similarly described at the Echelon Asia Summit 2019 in Singapore as “Corporate VC 3.0”.

“Corporate VC 3.0 lends itself very well to engaging family-run corporations, in particular, the third generation who are tasked with growing the businesses given technologies available to them now,” Damarillo said. “It involves creating startups from within, not as a side-venture but to further develop and expand their core business.”

Saphron, an insurtech startup driven to make insurance “radically accessible through seamless technology” is one example of a Corporate VC 3.0 innovation. Backed by Talino Venture Labs, in cooperation with Sage Capital, Saphron aims to bridge the gap between the low-income markets to affordable insurance products through its two main offerings: micro and modular insurance.

The startup’s first partner is the Pioneer group, a leading commercial insurance provider in the Philippines that caters to Filipinos from socio-economic classes A to D. It is also the top provider of coverage for migrant workers and the low-income sector in the country.

“Saphron is a prime example of Corporate VC 3.0 at play, where large corporates support startups to bring their own core services, in this case insurance, far and wide,” said Damarillo.

“In the case of Saphron, what we need is to demystify insurance, remove its barriers, and make it attractive especially to the people who typically run away from it—but who actually need it most. We need a massive education and a shift in mindset. How will we do it? By meeting consumers where they are, through technology that they’re already familiar with.”

The country’s big businesses may count themselves as fortunate in the midst of this big startup revolution brewing in the region, for now. But with the number of startups mushrooming across Southeast Asia, ready to solve the biggest hurdles and challenges facing its biggest markets, the conglomerates’ long-term success will depend on their quick eye for the next big innovator in the space and in keeping them motivated under their wings.

Also Read: Lazada, Shopee and Zalora are most visited e-commerce sites in Philippines

Because talent and ideas are no longer scarce. The battle is now in keeping innovators and startup founders satisfied with their partnership and the joint impact they are making. And with that kind of problem, the real winners are no longer just businesses, but the markets set to enjoy the services and products they have long desired.

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The Singapore-based venture capital said it plans to raise US$200 million blind fund in 2020

Singapore’s Golden Equator Capital (GEC) has announced that it has raised two private capital funds totalling US$90 million, aimed for the growth capital of a public-listed company in the region.

The funds were backed by institutional and accredited investors in Singapore, Japan, and Korea.

The private capital funds will cover private debt and mezzanine financing to provide growth capital for acquisitions and business expansion purposes, for companies and projects in Southeast Asia.

GEC said that the private capital funds, led by its Managing Partner Jacob Jiwon Kim, primarily focus on the infrastructure, energy, and financial sector. In the past, Kim has worked for various government and financial institutions in the region as a corporate strategy and acquisition specialist with a background in managing multiple hedge funds and a private equity fund covering Asian markets.

“Asia has historically been a market financed by Western banks, but with these lenders scaling back in Asia in the last decade, the gap in the much-needed growth-financing for Asia’s emerging economies has been growing,” said Kim.

“At the same time, there is a lot of capital in developed Asian markets such as Japan and Korea that’s looking for investments with stronger returns than their domestic markets. I believe our regional network and market expertise are well poised to curate investment opportunities in Southeast Asia for investors from developed Asian markets,” he added.

Also Read: Bridestory co-founders’ AI photography startup SweetEscape raises US$6M funding

Next, GEC said it targets to raise a blind fund in the range of US$200 million next year while the fund manager continues to work on additional projects and may potentially launch a few more project funds.

With a growing preference for Asia-focused private debt funds, more than 900 institutions are increasing their exposure to private debt strategies, looking to diversify their private debt portfolios while finding less competed opportunities. According to Preqin, 30 per cent of investors believe that Asia presents the best of opportunities for investing in private debt.

GEC is a Singapore-based fund management company holding a Capital Markets Services (CMS) licence, a business under Golden Equator Group. GEC currently has five funds: two private capital funds and a prime currency income fund, besides its two venture funds.
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Using cryptocurrency provides a high level of encryption and drastically reduces the chances of fraud

The popularity of cryptocurrencies has never been higher, as more and more people across the globe look to invest in these markets and capitalize on their growth. At the same time, it’s important to remember that cryptocurrencies also function as a wallet utility that can be used in day-to-day transactions.

Bitcoin and Ether remain two of the most common cryptocurrencies used today, but the market continues to expand as more digital options are made available. Anyone looking to get started with crypto investing or transaction management has the option of buying from literally hundreds of choices.

But you also need a way to store it and spend it.

New companies that allow you to easily do both are popping up like flowers in the spring. One such service, CoinPayments, allows you to group all of your currency balances into a single account and use it on different online shopping platforms. Here are some key reasons to use cryptocurrency.

Blockchain security

Cryptocurrencies like Bitcoin and Ether are fundamentally different than how most average consumers use cash, checks, or credit cards today. These new currencies are built on a purely digital technology called blockchain, which boasts robust security features through encryption.

All cryptocurrencies rely on a financial ledger system, similar to how a checkbook or online bank account works. Each transaction is recorded in the ledger in order to track which entities own which parts of the blockchain. However, unlike checking accounts, cryptocurrencies do not have any central bank or authority to manage these transactions.

Also Read: ‘The Age of Cryptocurrency’ is a must read for anyone who wants to go from zero to one in blockchain

Because the blockchain ledger is distributed across the world through a number of computer networks, there is a very low risk of fraud or transaction interference. All of the systems on the network run computational algorithms to maintain the integrity of the blockchain and process new transactions. This type of infrastructure is known as a peer-to-peer network.

When you first open an account, you can register for a digital wallet of Bitcoin, Ether, or one of the many other publicly available currencies. By doing so, your wallet will be assigned both a public and a private encryption key. These work together to keep all transactions secure, similar to how a virtual private network (VPN) uses encryption to maintain your online privacy.

And like a VPN encrypts your internet connection and reroutes your IP address to keep hostile entities like hackers from finding you online, blockchain works to protect your cryptocurrency from the same bad guys. Each time you initiate a new crypto transaction, a new block is added to the global blockchain with the transaction details encrypted by your private key.

The desired recipient must be able to use your public key in order to accept the request and process the rest of the transaction. While this happens, all of the nodes on the blockchain network use their algorithms to validate the exchange.

Conversion to international currencies

Cryptocurrencies like Bitcoin and Ether don’t care where you are physically located. A share of the blockchain is worth the same whether you live in the United States or in Africa. In this way, cryptocurrencies act as global financial solutions that require minimal overhead or account requirements.

Though there is a growing list of major retailers who accept crypto payments, it’s not exactly easy to operate your entire financial life around blockchain technology yet, so you will likely need to maintain an investment in traditional cash and credit systems. Fortunately, there are crypto management solutions that let you manage deposits and withdrawals with external accounts.

Also Read: Implementing cryptocurrency and blockchain in the cybersecurity space

In order to add credit to a digital wallet for use with Bitcoin or Ether, you’ll first need to fund the wallet through a normal checking or savings account. After that, you can choose to begin making crypto transactions or else simply keep the credit in your account as a financial investment.

At any time in the future, you have the ability to sell your stake in the digital currencies and withdraw the money into a bank account with US dollars or a number of other international currencies.

Minimal transaction fees

When considering making an investment into Bitcoin, Ether, or one of the other cryptocurrencies on the market today, ponder more than just the exchange rate with your traditional currency. You need to keep in mind all of the benefits that come with blockchain technology, including the low transaction and account fees.

In the traditional financial world, large companies that manage your money are constantly charging you for their services. Some of these are obvious, like the account fees that brokerages and mutual funds require, while others are less transparent, like the credit card transaction fees that are factored into many merchants’ prices. These sorts of charges may feel like a requirement in today’s economy, but thanks to the cryptocurrency boom they don’t have to be.

Because of its peer-to-peer infrastructure design, the blockchain has no central authority that takes a cut from investments and transactions. You are only responsible for paying fees to the company that you use for exchanging money between cryptocurrencies and external accounts. If you shop around, you can find rates as low as 0.5 per cent.

Web and app integrations

Considering that the blockchain is a completely digital-based technology, it makes sense for it to have a wide range of integrations across the internet. Customers have the ability to pay with crypto wallets through platforms like Shopify, WooCommerce, and Magento.

Also Read: What’s in store for blockchain and cryptocurrency?

Another key advantage of cryptocurrencies is that online transactions are settled immediately, compared to credit card purchases which can take days to complete.

Final thoughts

If you are a small business owner who wants to jump onto the blockchain bandwagon, you can add support for cryptocurrencies to your existing website or mobile application. Services like CoinPayments offer a full application programming interface (API) and shopping cart plugins to make Bitcoin, Ether, and others available to your customers. Shoppers can either log into an existing account or else use their own blockchain wallet to complete a transaction.

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Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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