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With its rising popularity, it is understandable that your business might want to include cryptocurrency as one of the available payment options –assuming that it is legal in the market that you operate in, of course.

But before you decide to jump on the bandwagon, there are some points that you need to consider.

Let this infographic by Fundera be with your guide in making that decision.

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Image Credit: Stanislaw Zarychta on Unsplash

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appoints ex-Airbnb & Carousell exec, Chai Jia Jih as CEO- Press release

SE-AsiaTech startup xto10x Technologies announced that it has set up its Singapore office to serve Southeast Asia startups, with Chai Jia Jih (JJ) leading its SE-Asia business as CEO, SE-Asia.

Founded by Saikiran Krishnamurthy (former McKinsey director & ex-Ola, Flipkart executive), Binny Bansal (Flipkart co-founder & former CEO), Neeraj Aggarwal (ex-Flipkart, Curefit executive), the Bangalore headquartered startup provides software, knowledge, and capabilities across several critical areas of scaling up, such as translating strategy to execution, hyper-growth, operations, data science, HR, strategic business finance, and putting in place operating systems for effective governance.

“After startups have found product-market fit and created serious business momentum, there is still significant work to scale into large, profitable, world-class companies,” said Mr. Krishnamurthy, xto10x Co-founder, and CEO. “There are many more SE-Asia startups now at the scale-phase and we see the opportunity to help them with significant 10x opportunities. We’re excited to have JJ onboard to deliver our solutions to startups in this region”

“After working through 10x growth at both Airbnb and Carousell, I’ve seen that startups face unique challenges in the scale-up phase that they hadn’t needed to solve in earlier stages. I am thrilled to take up this role to help more startups in SE-Asia, bringing expertise from experienced practitioners like Saiki, Binny, and Neeraj to founders in this region” said Chai.

Delivery Hero to buy S Korea’s Woowa Brothers for US$4b- Reuters

German food delivery company Delivery Hero has agreed to acquire its South Korean rival Woowa Brothers for US$4 billion, said a Reuters report.

Woowa Brothers said the companies will also create a joint venture in Singapore to tap into the booming food delivery market in Asia and compete with Grab, UberEats and Gojek. The deal comes as Woowa Brothers Corp, which owns South Korea’s biggest food delivery service “Baedal Minjok”, faces growing competition from rivals such as e-commerce firm Coupang, backed by Japan’s SoftBank Group.

Delivery Hero ranks second in South Korea’s food delivery market. Delivery Hero will acquire an 87 per cent stake held by investors such as Goldman, GIC, Hillhouse Capital and Sequoia Capital, while the remaining 13 per cent owned by Woowa’s management will be converted into the German company’s stake. Reuters

Singapore-based Acronis acquires software firm 5nine to bolster cloud services- DealStreetAsia

Singapore-headquartered cybersecurity firm Acronis has acquired 5nine, a global provider of Microsoft Hyper-V and Azure cloud management and security solutions, for an undisclosed sum as per a DealStreetAsia report. Following the deal, 5nine will become a wholly-owned subsidiary of Acronis, per a company statement.

Also read: Goldman Sachs invests US$147M in cybersecurity startup Acronis, gearing up for acquisitions

Acronis will integrate 5nine’s technology into the Acronis Cyber Platform. Founded in 2009, 5nine helps manage and secure workloads across the Microsoft Cloud – public, private or hybrid. Its software is designed to reduce costs, increase productivity, and mitigate security risks. Acronis provides cyber protection, catering to areas such as safety, accessibility, privacy, authenticity, and security (SAPAS).

“By adding 5nine’s solutions to our portfolio of cyber protection products and services, we’re giving our partners and customers an easy way to adopt the Microsoft hybrid cloud platform,” said Acronis founder and CEO Serguei “SB” Beloussov. Founded in Singapore in 2003, the company claims that it has 5 million consumers and 500,000 businesses worldwide.

YouTube’s Music App Outpaces Spotify and Local Rivals in India- Bloomberg

YouTube has signed up more than 800,000 subscribers for its paid services in India since debuting in March, according to people familiar with the matter, said Bloomberg in an article.

The services are growing faster than rival paid music offerings in India, including Spotify and local players Gaana and JioSaavn, according to the people, who asked not to be identified because the subscriber data hasn’t been released. The one paid service that could have more users than YouTube is Apple Music, which has been tight-lipped about its subscriber figures.

YouTube has long struggled to gets users to pay for its services, especially since the company’s main website is synonymous with free videos. But the Google division has started to gain traction, and the numbers out of India suggest it’s having particular success in the world’s second-most-populous country.

YouTube sells two paid services in India: YouTube Music Premium and YouTube Premium. The music service offers a library of songs on-demand, much like Spotify, as well as the ability to download tracks, listen to music without ads and play tunes while using other apps. YouTube Premium offers the traditional YouTube video service without ads — and the ability to play clips offline. But music is the driving force behind YouTube’s appeal, especially in India.

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What is the gig economy and why is everyone talking about it? Gig work has been around since the beginning of time, but as far as the modern era goes it hasn’t been quite as standard in the employment landscape until very recently.

“Gig” is a term that was coined by Jazz musicians around the turn of the last century that referred to their performances. It was around that time that organized labor was also pushing for more regular work schedules, and by the postwar era, one-income households with 40 hours a week jobs were considered the norm. By 1995 in the United States, only about 10% of workers were in nontraditional jobs and working arrangements.

During the time of the industrial revolution the economy was changing in very noticeable ways, and workers needed to fight for reasonable work hours and working conditions. Labor and employers agreed upon the 40-hour workweek, which gave people greater predictability in their lives.

But now the economy is changing again and workers need greater flexibility in order to participate to their fullest. The gig economy is taking over, and in just a few years gig workers are expected to outnumber traditional employees.

Worldwide, however, there is a different story. The global gig economy is worth US$4.5 trillion as of last year. The prevalence of smartphones and internet access worldwide are making it much more attractive to people who may lack access to traditional employment.

Apps like Airbnb, which was created to help roommates make rent, can help people rent out extra rooms in their house or extra properties on their land to tourists and business travelers. Lyft and Uber can help people afford vehicles who might otherwise not be able to by putting that vehicle to work. Postmates and Instantcart type services can help people who are lacking in employment options find work delivering food to those in traditional employment who need assistance with day-to-day tasks.

In the United States, gig work is still mostly seen as harmful to the workers, and there are constantly new legal challenges to it, mainly because of issues of liability and workers’ rights. But the system is helping many people in most cases. The average gig worker is someone who works in addition to their regular job, and they can expect to add US$1122 a month to their income because of it. Only 16 per cent of gig workers are working in the gig economy as their only source of income, even though they would prefer traditional employment, and 13 per cent are using gig work to cover all their monthly living expenses. The majority are involved in gig work in order to increase their spending power a little more.

By 2025, the gig economy is expected to add US$2.7 trillion to the global economy while increasing employment worldwide by 72 million full-time equivalent positions. An estimated 10 per cent of the global labor force will be impacted. Learn more about the history and future of the gig economy from the infographic below!

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Centauri Fund, a new growth-focussed venture capital fund jointly established by KB Investment, a business unit under Korea’s financial institution KB Financial Group and MDI Ventures, the corporate venture capital initiative under Indonesia’s state-owned telecommunication company TelkomGroup with headquarters in Jakarta and Seoul.

The fund is set to close at US$150 million, and it will begin investing in January 2020 managed by Managing Partner of MDI Ventures Kenneth Li alongside CEO of KB Investment Jong Pil Kim, both act as Centauri Fund’s General Partners.

Centauri Fund is said to be focussed on startups that cover financial technology, e-commerce infrastructure, software-as-a-service, big data, and “digitally native vertical brands”.

Centauri Fund aims to invest between US$1 million and US$5 million in rounds that range from pre-series A to series B stage in tech startups throughout ASEAN, with an emphasis on its largest market, Indonesia.

Li of MDI Ventures joined the fund right after being able to generate seven exit events within three years of its first investment.

Also Read: Meet the VC: How Indonesia’s MDI Ventures managed 3 overseas exits within a month

Meanwhile, Kim joins Centauri Fund after cultivating multiple investment exit scenarios for KB Financial Group.

“The launch of Centauri Fund is a commitment by both TelkomGroup and KB Investment with the aim of expanding their horizons deeper into the Southeast Asian tech ecosystem, as well as supporting Indonesia and the regional startup space,” explains Achmad Sugiarto, Director of Strategic Portfolio of TelkomGroup.

The fund’s thesis revolves around a principal issue of solving for low success rates and the inability of many startups to transition to the next phases of maturity. Therefore, the fund proactively seeks to mitigate this effect by providing direct support from corporate partners.

Kim adds, “By partnering with Telkom on the Centauri Fund, KB is showing how serious it is about further expansion into ASEAN. We believe beyond a shadow of a doubt that by placing a greater focus on Indonesia, we will be able to effectively realize this mission. We see Centauri Fund as the culmination of two industry powerhouses collaborating to forge a new path of discovery.”
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Photo by Fikri Rasyid on Unsplash

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SingSaver.com.sg, Singapore’s financial comparison platform, has launched instant digital insurance comparisons and secured a brokerage license from the Monetary Authority of Singapore (MAS).

With the license, the platform is now able to offer its instant digital insurance comparisons for its travel, home, and main categories insurance products ranging in over 100 policies by 12 providers.

The insurance providers include AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World, and Etiqa TIQ.

The platform’s new license as an insurance broker in itself is a milestone for the business as it diversifies beyond credit cards and personal loans. With it, SingSaver’s broking team are able to advise consumers applying for a range of insurance products.

Also Read: SingSaver’s parent CompareAsiaGroup raises US$20M funding led by Experian

Rohith Murthy, Founder and Country Manager at SingSaver said: “It used to be the case that banks and insurers sold you a product; now that model has been flipped upside down. As we become more digital savvy and less loyal to brands, a new generation of shoppers spearheaded by the Millennials and Gen Z’s want to instantly compare and apply for financial products like insurance online — and increasingly on mobile.”

SingSaver investors include Goldman Sachs, IFC World Bank, Alibaba, and Experian.

In 2019, SingSaver parent CompareAsiaGroup (CAG) secured US$20 million in Series B1 funding from Experian, a global provider of data and analytical tools, in August. The group is backed by institutional investors including Goldman Sachs, IFC World Bank, Alibaba, and Experian.

Founded in 2015, SingSaver’s mission is to empower people to lead healthier financial lives through increased financial literacy, helping them save money while becoming more financially independent. SingSaver provides financial comparison tools that allow users to quickly and easily compare credit cards, personal loans, and insurance for free.
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Picture Credit: unsplash.com/nitin_mathew

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Indonesia’s largest private lender by assets, Bank Central Asia (BCA) has pumped up its venture capital arm Central Capital Ventura (CCV) with IDR 200 billion (US$14.26 million) to pursue fintech investments according to a DealStreetAsia report.

CCV typically backs Series A plus startups with the ticket size of US$500,000 to US$2 million. Its investment thesis covers fintech, insurtech, big data, deep tech and IoT bets related to the financial services space.

In a filing with the Indonesia Stock Exchange (IDX) last week, BCA said that CCV has a strategic role to collaborate with fintech companies and CCV president director Armand Wijaya told the media that this investment will be allocated as additional capital in fintech startups. BCA holds a 99.99 per cent stake in CCV and it is the eighth sister company under the BCA Group.

Also read: AI startup 6Estates closes Series B funding round from GDP Venture, Central Capital Ventura

The company set aside an allocation of US$15 million in 2017 for investments in fintech and thus CCV has nine companies under its portfolio: Qoala (Jakarta-based insurtech firm), Airwallex (Australia-based cross-border transaction provider), GPN (national payment gateway), Element (US-based artificial intelligence), KlikACC (P2P lending firm), JULO (marketplace lending), Pomona (ad platform), Impact Credit Solutions (credit aggregator for consumers), and Wallex (currency payment processor).

Indonesia saw the launch of the country’s first bank-led VC in 2015 when Bank Mandiri set up Mandiri Capital Indonesia. The move was followed by BCA two years later. Now, other state-controlled lenders – Bank BRI, BNI and BTN – have set up VC firms to invest in fintech companies to add synergy to their core line of business.

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Image credit: Afif Kusuma on Unsplash

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We fund the founders creating the future of local and urban transportation. The micromobility revolution, motivated by a rapidly changing world, has started.

Micromobility is unbundling the automobile, and liberating resources.

These resources will yield countless market opportunities, and create economic incentives that make mobility universally available, accessible, and affordable.

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This article was first published on nfinitiv.

Image Credit: Sunyu Kim on Unsplash

The post Podcast: A conversation with Phil Gillman, venture capitalist at Micromobility Ventures appeared first on e27.

He has always wanted to escape civilisation and recede into nature at every opportunity he got, for he was perturbed about the ill-treatment inflicted on the environment by human beings.

“Plastic rubbish at the peak of a Borneo mountain, mounds of trash in the middle of the Simpson desert, and litter washed up and strewn across the beaches of Southeast Asia, the humankind leaves traces of themselves everywhere, even in the most remote places,” said Ati Bakush, a nature lover and avid traveller from Australia.

“I’d reached a point in my life with four young children where I began to question what sort of legacy and future our generation is leaving behind. I decided to use my skills in software to develop a solution with a mission to help the planet. Ekoru is the result of this goal,” he added.

Located in Kula Lumpur, Ekoru is a search engine alternative to Google, which donates a part of its revenue to partners involved in ocean cleanup.

“During my professional career, I was involved in the development of search engines for mobile operators in Southeast Asia and Latin America. While working on these projects, it occurred to me that I could be applying the same skills and knowledge for the benefit of the environment instead of profiting a large corporation,” he said, sharing the story behind the starting of the venture.

Also Read: The Capture app enables you to track, reduce and offset carbon emissions from everyday life

At Ekoru, he is supported by his wife Alison Lee (Communications Director). A team of supporting developers and designers in countries such as the UK, Sweden, the US, and Indonesia also participate in the initiative from remote locations.

Bakush and team were initially looking to work with multiple environmental causes but settled on the health of the oceans as it’s becoming increasingly important.

“The effect of human impact and climate change isn’t just about rising sea levels, but increased temperatures, the sufferings of marine animals, reduction and contamination of our food supply, carbon absorption and a myriad of other issues. The health of an ecosystem which covers 70 per cent of our planet and contains 97 per cent of our water should be at the forefront of everyone’s mind,” Bakush stressed.

Ekoru V/s Google

Ekoru works just like any other search engine and makes money from the sponsored links which appear above the search results.

Ekoru’s USP is that 60 per cent of its total revenues go to its clean oceans partners, such as Big Blue Ocean Cleanup, whose mission it is to clean coastal and marine environments. “This allows users to help our oceans while they search and surf the Internet every day,” he noted.

The search engine works on any mobile, tablet, or computer browser. An Android mobile search app is already available, with the iPhone version to be launched soon.

All the searches are private, and no information about searches is stored. Every search is also encrypted to keep user data away from prying eyes.

The search engine is available in three languages — English, French, and German.

The startup is currently in touch with some schools and educational board about introducing Ekoru as the default search engine for classroom computers and devices.

“We’d like as many students as possible to learn about the importance of our oceans and helping conserve them while they research their school work,” he said.

Who does Ekoru compete with?

Also Read: MAEKO addresses climate change by converting food waste into compost. Greta Thunberg should feel happy

“We take the view we’re competing only with Google and not other search engines — it’s an unprecedented situation where one company has managed to achieve a comprehensive stranglehold/monopoly/dominance in a single vertical. The upside of this is that there is an enormous amount of room for everyone else to grow at Google’s expense,” he smiled.

Green energy-powered servers

Ekoru’s servers are located in green data centres powered by hydro-electricity. This minimises the carbon footprint on the Internet and ensures that every web search is as green and eco-friendly as possible.

“Finding a data centre for Ekoru’s servers that are 100 per cent green was, however, challenging. After an intense hunt, we discovered OVH, whose Beauharnois data centre in Canada is powered entirely by hydro-electricity. It uses water-cooled servers with no fans and uses thermal air convection in their buildings instead of air-conditioners,” he said.

“Having our servers powered by green energy was a top priority for us. The Internet’s C02 footprint is a hidden problem with data-centres around the world, consuming vast amounts of energy to power servers and air-conditioning,” he shared.

The Ekoru project is primarily self-funded in addition to an initial investment from private investors.

When asked about Ekoru’s fundraising plans, Bakush quipped: “It’s a bit hard to write a fundraising pitch when the first slide promises to give away 60 per cent of the revenue. At the moment, we hope we can continue to grow organically with the support of a growing userbase. Organic growth has the benefit of being free of any external pressures, meaning that we are only responsible for our users.”

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AI-powered voice customer service Observe.AI secures US$26M funding [Press Release]

Observe.AI, the AI-powered agent enablement for voice customer service, announces that it has raised US$26 million Series A funding led by Scale Venture Partners, with participation from Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures. This funding allows Observe.AI to expand its US-India team globally and accelerate product development.

In conjunction with the funding, Andy Vitus, partner at Scale, will be joining Observe.AI’s board. This brings the company’s total funding to US$34 million.

“Legacy speech analytics systems are simply not meeting the needs of the world’s top brands,” said Swapnil Jain, CEO, and co-founder of Observe.AI. “Today’s customer service agents have a unique ability to emotionally connect with customers and are often a brand’s only frontline representatives. This investment will fuel our mission to elevate agent performance through AI-based coaching and insights.“

Observe.AI uses the latest speech, natural language processing, and deep learning technologies to analyse 100 per cent of customer conversations and provide adaptive coaching, including completely automating some parts of the quality assurance and compliance tracking processes. The platform becomes smarter with each call analysis.

Observe.AI also announced that it has been accepted into the Microsoft for Startups program. With this relationship, Microsoft customers can leverage Observe.AI’s platform through its Azure marketplace.

Bio startup Aprogen just became South Korea’s 11th unicorn [Korea Herald]

South Korean bio venture firm Aprogen Pharmaceuticals Inc. has just been listed as the country’s 11th unicorn, according to an industry tracker on Tuesday.

Also Read: Meet the 8 Southeast Asian startups who will receive US$1-2M each from Sequoia’s Surge programme

With a valuation of more than US$1 billion as recorded by tech market intelligence platform CB Insights, the latest investment it secured was back in May. Aprogen received US$16.7 million in investment from venture capital firm Lindeman Asia Investment.

Aprogen is a venture enterprise founded with proprietary technologies in antibody engineering and recombinant protein engineering. It was founded by a professor at the Korea Advanced Institute of Science and Technology and has since established several cell lines for blockbuster biosimilars, including Remicade and Herceptin.

It also started the clinical development of multiple biosimilar products in Japan through an alliance with Nichi-Iko Pharmaceuticals Co.

South Korea ranks fifth in a global unicorn tally, with a combined 11 unicorns, including online retailer Coupang and Viva Republica, the operator of easy mobile remittance service Toss.

Techstars appoints Eunse Lee as Managing Director of Techstars Korea [Press Release]

The accelerator program Techstars announces the appointment of Eunsee Lee as its Techstar Korea’s managing director.

Lee had a three years stint in Los Angeles serving as a Founding Managing Partner at ELEVEN:ZULU Capital before returning to Korea in 2018 and taking a role as Managing Director of BEYOND STARTUP, a startup incubator in Seoul under the Seoul Business Agency.

Lee was also the founder of EICG, a boutique strategy, and consultancy agency.

In Techstars’ first-ever accelerator program in Korea, Lee will oversee the supporting and nourishing of the local startup ecosystem in Pangyo, Korea.

Lee stated that he will focus on three categories that startups may fall into during the application process, which are Enterprise Tech, Human-Device Interaction, and Lifestyle Tech.

The accelerator program itself will be hosted at the Pangyo Techno Valley campus (PTV), a business and innovation hub, known locally as the Silicon Valley of Korea. Techstars Korea is accepting applications through March 1st, and the program will run June 2020 through September 2020.

Good Doctor, Grab launch GrabHealth Powered by Good Doctor to open access to quality healthcare [Press Release]

Good Doctor Technology Indonesia, a health technology-based company, and Grab, announced the launch of a one-stop online health care solution within the Grab platform called GrabHealth, powered by Good Doctor.

GrabHealth powered by Good Doctor will be a one-stop medical health solution providing online health chat with a professional medical doctor, e-commerce for Health & Wellness products, and health, wellness, and lifestyle articles curated by medical doctors. Indonesia is the first market that Grab is launching digital healthcare services on its app.

Also Read: Singaporean biotech startup Curiox receives US$15M investment, planning Korean IPO

Dr. Adhiatma Gunawan, Head of Medical Management of Good Doctor Technology Indonesia, said, “Good Doctor Technology Indonesia has a vision of One Doctor for Every Family in Indonesia. This partnership with Grab is a breakthrough collaboration that will allow us to provide access to quality healthcare services provided by reliable healthcare professionals and facilities to Indonesian families across the nation.”

The move is a part of Softbank US$2 billion investment to Indonesia that was announced during a visit to President Joko Widodo last July.

Currently, GrabHealth powered by Good Doctor service is only available for all Grab users within the Greater Jakarta area (Jabodetabek). However, this service will also be widely released to other regions in Indonesia will soon follow.

TikTok’s creator tests out new music app in Indonesia, India [Tech In Asia]

Bytedance, the Chinese internet titan, reportedly has begun testing a new music app in India and Indonesia, with hopes to replicate the success of its short-video app TikTok.

The new app, called Resso, has been launched since six months ago and in its beta-testing phase, Bloomberg reported, citing numbers from Sensor Tower. The data also showed that the app began gaining traction during the end of November.

Earlier, it was reported that Bytedance was set to take on the likes of Spotify and Apple Music with its own music-streaming service, with planned initial launches in Indonesia, India, and Brazil.

What differentiates Resso is that it displays real-time lyrics and allows users to post comments on individual songs. Borrowing features from TikTok, users are able to generate music-accompanied GIFs and videos.

Resso offers a monthly subscription service, which costs the same as Spotify’s US$1.70 offer in India. With a subscription, Resso users can download songs for offline consumption and listen to music ad-free.
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Picture credit: Observe.AI

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Intrepid Group, a startup that seeks to help brands access all Southeast Asia e-commerce easily, has secured an undisclosed amount of Series A funding led by Kairous Capital, a regional venture capital specialised in cross-border investments between China and South East Asia.

Other investors include Sun SEA Capital, a Malaysia’s Sunway Group-backed venture capital firm, as well as the 500 Startups Vietnam.

Founded by ex-Lazada’s co-founders, Intrepid Group offers brands one-stop-shop access to Southeast Asia’s e-commerce.

Also Read: 500 Startups Vietnam closes its first fund oversubscribed at US$14M

It helps global brands optimise their e-commerce presence on e-commerce and social platforms such as Lazada, Shopee, Tokopedia, Facebook, Instagram that also includes running their stores and leveraging latest technologies in AI and automation, running their digital marketing to maximise returns on investment, as well as offering a wide array of data services to help brands in refining their e-commerce strategy.

“We are blessed to be at the heart of a booming industry, and our mission is to help brands surf on this tsunami,” said Charles Debonneuil, CEO of Intrepid Group who was the former CMO and co-founder of Lazada Group.

Intrepid said it already has offices across Indonesia, Philippines, Singapore, and Vietnam, with on-going office openings in Thailand and Malaysia.

“Consumer behaviour in Southeast Asia is rapidly evolving, many traditionally siloed activities on the brand side now need to converge, and we look forward to assisting in that new approach,” said Jasper Knoben, Chief Commercial Officer of Intrepid Group, who was formerly the Asia-Pacific E-commerce Director of Philips.

Debonneuil further explained that Intrepid has been focusing on building their core differentiators, their own technology stack with their technology hub in Vietnam; and their growing team of multi-cultural experts across various domains: e-commerce (with a large number of ex-Lazada/ex-Shopee employees), data, technology, marketing, fashion, fast-moving consumer goods, and home appliances.

Also Read: 8 e-commerce trends to look out for in Southeast Asia 2019

Intrepid said that it targets to become one-stop-solution with localised access to the six main Southeast Asia markets for global brands that are already present in the region, as well as brands from across the globe which are eyeing at Southeast Asia as their next growth driver.

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Image Credit: Intrepid Group

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