When he joined as its Head of Engineering in its Bengaluru office in 2015, gojek was a motorcycle-taxi company that was relatively unknown outside of Indonesia. Within a year, he was elevated to the post of its CTO and it turned out to be a great decision.

With him at the helm of the tech department, gojek saw a meteoric rise and became a super app that provided close a dozen products/services, including food ordering, commuting, digital payments, shopping, and hyper-local delivery.

He has just announced his departure from the company and he says he leaves the firm with great pride and satisfaction.

In this email interview, he talks to e27 about his gojek journey, the initiatives he started, learnings and future plans.

Edited excerpts:

You joined gojek in mid-2015 when the startup was still in the early stages. During your stint, the startup diversified to become a super app and a unicorn. How do you feel when you look back?

The past few years at gojek have been a fantastic journey, with experiences that I could never get elsewhere. I am very proud to have been a part of the work that gojek does to impact the lives of millions daily.

One of the highlights for me has been to witness our business gain global recognition and see US companies look at us as a pioneer in this model, which started out with the simple concept of motorcycle taxis in Indonesia.

Also Read: Roundup: gojek partners with fintech firm Pluang to launch an investment platform

I am also incredibly humbled to have worked with so many amazing colleagues. gojek’s “can-do” spirit has helped us to make a major positive impact in Indonesia and the region, in areas ranging from payments to transport services.

This shows that with a good team and strong mission, you can make things happen, and I am really proud of that.

Do you think you could have done more at gojek? What were several things that you think you could have done better? What are several others that you think you shouldn’t have done at all?

Looking back, there are always things that we could have done differently, because I now have the benefit of hindsight.

One thing I have learnt is the importance of making data-driven decisions from the beginning and using data to strengthen our initiatives, especially in terms of social impact and scalability.

That said, over the years, we have constantly been evaluating how we can do things better. While a lot of the early decisions were based on trial and learning, and our “go-getter” attitude, there has definitely been a shift to strengthen the thought process behind every decision, as we have learnt from our experiences over the years.

Over time, we have also learnt the power of diversity and inclusion in building out teams and growing talent. A platform like gojek thrives on having a variety of different perspectives and ideas to develop the best solutions — and this continues to be our focus. For example, we hope to empower more women in tech as the company grows.

May we know the reasons behind your departure? Does the current situation have something to do with this? Did gojek already find a replacement for you?

I am leaving to take a personal break and spend more time with my family as well as focus on my health. While I am leaving gojek physically, I will always be part of the Gojek family, cheering them on from the sidelines. I’m confident that gojek remains in the hands of very capable leaders who will continue growing the company.

We hope to find a replacement who shares gojek’s mission and ambitions, while also being able to take on multiple roles and add strategic value. The role of CTO has evolved significantly from when I first started five years ago, and we need the next person to carry the company through its next phase of growth.

Also Read: gojek’s GoPlay raises funding to support original content from Indonesian filmmakers

What are your future plans? Do you plan to go back to entrepreneurship? If you are to launch a product, which sector will it be in?

I don’t have any specific plans at the moment. However, there are two things that I want to focus on: giving back to the community and my family.

One area that I’m passionate about is the arts, such as drawing and painting, and I would love to spend more time on that with my children.

While I don’t think I will stop working, I hope to continue spending more time with my family and either pursue something through which I can give back to the community or help build organisations.

Diversifying into multiple verticals and becoming successful is never easy. How did gojek manage to get this right? What role did tech play here?

At gojek, it has never just been about one person, but rather it’s about the social impact we can make collectively. We are passionate about solving problems for people, and that is why gojek has become so adept at building a marketplace in sectors that were traditionally considered less organised.

This has helped us to build a business with a whole range of services, from food to entertainment and transport, and our aim is to continue being that one-stop app that helps solve daily problems for people.

Tech has played a huge role in our journey. For example, we developed an event-based architecture very early on. This means that we use events to establish communication within our ecosystem and respond to user needs, which allows us to accurately match demand to supply.

The Product Engineering team has also been instrumental in gojek’s journey. There is a real sense of ownership within the team, which has united us and helped us to work well towards a common goal.

This culture will continue to help us grow in the years to come as we develop more services and solutions that meet the needs of gojek users.

Also Read: gojek names Facebook, PayPal as new investors in latest funding round

What were the specific contributions/initiatives/products that you brought to the gojek table? And how transformative have they been? With you at the helm, did the company leverage technologies like AI, robotics, IoT, drones, blockchain, etc.? 

AI plays a big role in helping us understand our partners and users, which in turn allows us to improve our services.

For example, when it comes to estimating how long a driver will take to reach a user, we have to take into account not just the distance but other factors like traffic jams and whether it’s a motorbike or a car.

AI allows us to understand and learn these things and that enables us to give far more accurate estimates to our users and improve the overall experience.

On the user front, AI also helps users utilise the gojek app more efficiently. AI can understand user intent and give them recommendations based on past purchases.

Ultimately, when users spend time on gojek, we want to ensure that their time is spent efficiently and that their needs are met.

While it has been a fairly smooth ride for gojek in the past 3-4 years, the outbreak of COVID-19 changed things for the worse. How did the startup manage to survive the crisis? What role did tech play here?

gojek responded very quickly to the COVID-19 outbreak, rolling out a whole series of initiatives very early on to ensure the safety of our driver and merchant partners as well as our users.

From the beginning of March 2020, we started introducing temperature screening points for drivers, contactless deliveries and online training on safety measures for merchants, among others.

The focus has always been on ensuring our driver and merchant partners are safe and know the right protocols, so that our users can also have peace of mind.

Also Read: gojek investor Northstar makes first close of its US$800M fifth fund

Another aspect that I’m proud of is the way the management and employees at gojek have responded.

In March, we launched the Gojek Partner Support Fund to support the welfare of our driver and merchant partners during this time. The management team donated part of our salaries and all planned salary increments were also redirected to the fund, while employees made additional contributions voluntarily.

You successfully built many tech companies and were part of several others before joining gojek. How did this immense experience help you at gojek? Also, what are the key lessons/learnings that you will carry with you when you depart gojek?

My past experience as a founder has made me work hard and focus on innovation in everything I do. It has also taught me that there is always a solution, no matter the circumstance.

In fact, a lot of innovation happens precisely because of constraints. At the start of gojek’s journey, we had far fewer people than we do today and were faced with the daunting task of having to find more talent, while still delivering high-quality products. But we managed to do it, even with a smaller team!

My experience in connecting with teams and people as a founder has also enabled me to build strong relationships with my team at gojek. Staying positive is key, and I also believe that empathy is a trait that all leaders should have. It’s important to understand that people work with you (not just for you) — that is a mindset that has helped me a lot.

How do you compare your experience being a founder v/s being gojek’s CTO? Which has been more fulfilling and satisfying, and why?

Both have been very fulfilling. One of the great things about working at gojek is that I’ve never felt like this is just a job. As I step down from my role, I know I am not just leaving colleagues and a great team, but also a family.

I’ve always told my team that they are my 9am-5pm family, and this is something that will always remain even after I leave the company.

In a way, working at gojek has been more impactful as compared to when I was a founder. My time at gojek gave me the opportunity to work with an extremely inspiring, capable team, and I have also learnt a lot from being part of a company that makes a positive impact on the lives of so many people.

gojek recently sealed investment deals with WhatsApp and Paypal. While the PayPal integration sounds interesting, how will you deal with regulators of several countries moving forward. Also what is the rationale behind the WhatsApp deal?

Digital platforms and payments are the future and will continue to play an increasingly large role in the lives of consumers. We believe very strongly in these trends, and will continue to work with our partners to further enable the digitisation of businesses. The vote of confidence from our investors shows that we are on the right path.

Also Read: Afternoon News: gojek’s senior management donates 25 per cent of annual salary to COVID-19 affected partners

The world that we live in is also changing amid current circumstances, and the microeconomy in Indonesia and Southeast Asia will likewise go through significant shifts. There will be many opportunities for gojek to contribute, and our latest partnerships will enable us to make an even bigger difference in the region.

What are the positive sides of the Coronavirus outbreak from gojek’s perspective? How did the company exploit this?

I believe that gojek is going to play an even more important role in the post COVID-19 world. More people are staying home and there is a real opportunity here for gojek to contribute in terms of facilitating payments, logistics and generally connecting demand to supply, as more people look online to meet their daily needs.

We have already been doing this amid the pandemic by adapting our services to meet consumer needs and enabling more merchants to go online, but there is a lot more to be done.

As we adapt to life in a changing world, this will be one of the most powerful things we can do for Indonesia and Southeast Asia.

gojek is already a super app. What is next for the company? Also, is it looking to expand outside of Southeast Asia?

As a tech company that focuses on solving problems, the options for gojek are limitless. If we find the right partners and there is a suitable opportunity for us to contribute, we will certainly consider doing so.

Our focus has always been on helping businesses and consumers through tech, and this will not change even as gojek grows and expands.

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Image Credit: gojek

The post ‘gojek taught me the importance of making data-driven decision’: Outgoing CTO Ajey Gore appeared first on e27.

Ajay Gore, Group Chief Technology Officer of gojek, has announced his departure after serving the tech giant for about six years.

Gore, who joined the on-demand multi-service company in mid-2015 as Head of Engineering in its Bengaluru office before being promoted to the position of CTO in January 2016, is leaving the Unicorn to “take a personal break and spend more time with my family as well as focus on my health”.

He will begin transitioning out of the firm at the end of this month.

gojek is yet to announce his replacement.

“While I am leaving the firm physically, I will always be part of the gojek family, cheering them on from the sidelines,” he said in an interview with e27. “I’m confident that gojek remains in the hands of very capable leaders who will continue growing the company.”

Also Read: Here’re the most-used digital payments across APAC in Mar-Apr 2020

“We hope to find a replacement who shares gojek’s mission and ambitions, while also being able to take on multiple roles and add strategic value. The role of CTO has evolved significantly from when I first started five years ago, and we need the next person to carry the company through its next phase of growth,” he remarked.

A Post Graduate Diploma in Advanced Software Technology, Gore started his professional career in 1999 as a Staff Scientist at NCST Mumbai (now CDAC). A year later, he quit the organisation to join ThoughtWorks where he worked nearly 11 years in different positions.

In April 2012, he moved out of ThoughtWorks to take on the role of the CTO at Hoppr. A year later, he left the firm to start his own venture SoLoMo Media. He has also founded/co-founded two other companies CodeIgnition and Innovation and Technology Trust (non-profit).

“Ajey has decided to leave the company and take a personal break after an intense five years of growing gojek into a platform that impacts the lives of millions of people daily,” commented gojek Co-CEO Kevin Aluwi.

“Ajey joined gojek in 2015 when we were a small company that no one really knew about. He and the rest of his team took a chance on us and believed in our mission and potential when few others did, playing a critical role in getting us to where we are today,” Aluwi said.

Aluwi further commented that over the years, Gore’s passion, strategic insight and innovative mindset have helped gojek develop into an integrated ecosystem that solves the daily challenges faced by consumers across Southeast Asia.

“Ajey has built and mentored the gojek engineering team into the strong unit that it is today, and will be leaving gojek’s next phase of growth in their capable hands. We are deeply grateful for everything Ajey has contributed – he will always be part of the gojek family,” the Co-CEO remarked.

Started in 2010 with a mission to improve the livelihoods of local ojeks (motorcycle taxis), gojek has now grown to become a super app that offered multiple on-demand services, including food ordering, commuting, digital payments, shopping, and hyper-local delivery.

Also Read: How to bridge the tech talent gap in a post-pandemic world

As of 2018, gojek claims to have processed more than US$9 billion annualised gross transaction value across all markets where it operates — Singapore, Thailand and Vietnam.

During its 11 years of existence, gojek has secured about US$4.5 billion across 10 funding rounds from the likes of Google, Tencent, Facebook, PayPal, and Mitsubishi. Over these years, it has also acquired a dozen companies, including Moka, Coins.ph, and AirCTO.

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Image Credit: gojek

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GoPay partners with Pluang to launch investment platform GoInvestasi

gojek’s digital wallet unit GoPay has partnered with fintech firm Pluang t0 launch a digital investment platform, called GoInvestasi.

This enables consumers to invest in digital gold using the GoPay app, starting from just 0.01 gram of gold (equivalent to approximately IDR8,000 or US$0.57).

Through GoInvestasi, users can purchase digital gold in three steps — selecting the quantity, confirming the transaction and paying via GoPay.

Gold investments made through GoInvestasi are overseen by Indonesia’s Commodity Futures Trading Regulatory Agency, with the gold also guaranteed by state-owned Kliring Berjangka Indonesia, Indonesia’s futures clearinghouse.

Users also have the option to either liquidate their digital gold into cash through GoPay in real-time or withdraw the physical gold. The physical gold ​will be accompanied by a certificate from Aneka Tambang Tbk., a state-owned mining company, verifying that the gold has a purity level of 99.99 per cent.

Fintech platform Nium partners with Visa to issue white-label card in Australia

Nium, a global fintech platform, has officially become a Visa issuer in Australia following its membership in Visa’s Fintech Fast Track programme.

With this licence, Nium can provide end-to-end issuing, processing and on-boarding services, and can shorten the lead time for Visa card issuance to just four to six weeks.

Also Read: Digital remittance startup InstaReM rebrands into Nium, offering global enterprise payments platform

Through this partnership, Nium will be able to conduct real-time funds transfers to both physical and virtual Visa Credit and Debit cards, for instance, deposition of payroll into Visa cards.

It will also enable secure digital payments through tokenisation for in-stores, online payments and at ATM points, as well as unlock simple payment experiences for businesses and consumers around the world through multi-currency cards with multi-pocket/wallet spend management features.

Nium’s presence in Australia through Visa is a part of the plans to extend its portfolio to clients in the country and beyond, providing end-to-end B2B and B2C issuing services globally.

Algorand Foundation, Borderless Capital launch Asia Accelerator programme in Singapore

The administrator of the Algorand blockchain protocol, the Algorand Foundation, has launched a startup accelerator, in collaboration with an VC firm Borderless Capital.

According to Brave New Coin, the accelerator aims to encourage blockchain development, empowering projects to build, grow and foster financial innovations in the Algorand ecosystem.

For each selected project, the programme offers US$15,000 upfront seed funding, with up to US$250,000 available for follow-on investment.

The inaugural programme will begin in three phases — a 12-week accelerator programme in October 2020 and finish in January 2021, taking place in Singapore.

The Algorand blockchain is claimed to solve problems in other blockchains such as striking an optimal balance between decentralisation, scale, and security.

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Photo by Edi Kurniawan on Unsplash

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Vietnamese real estate startup Propzy has snagged a US$25 million in Series A funding.

According to a TechCrunch report, the funding round is led by Gaw Capital and SoftBank Group’s early-stage venture arm, SoftBank Ventures Asia.

Other investors joining the round are Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare, and Insignia.

The company said it will use the Series A funding to focus on growing the product line and prepare for its expansion into direct mortgage financing.

Propzy was founded in 2016 with the goal to leverage on technology to guide customers through the entire stage of a real estate transaction, from offline sales centres to an online marketplace for listings, financial products including mortgage lending and finalise it via enterprise software for property managers and tenants.

Also Read: Frontier Digital Ventures exits investment in Propzy anticipating losses

According to Propzy founder and CEO John Le, the firm’s better description for its business would be financial, insurance, and real estate technology.

The company helps guides its consumers through the process of real estate transactions, including insurance and financial process.

Propzy’s current operations are mostly situated in Ho Chi Minh City with 30 brick-and-mortar sales centres and a total of 400 sales staff. It plans to expand into Hanoi through the rest of this year and 2021.

Next, the firm has set eyes on entering other Southeast Asian markets, including Thailand, Malaysia, and the Philippines.

Propzy’s approach of combining offline sales centres with online marketplace helps the firm to go through the pre-screening of tens of thousands of properties before it can be on their listings.

According to Le, Propzy has gathered data from over the last four years to assess homes, help recommend prices, and show customers comparable properties, all built on an automated valuation model. On the financing front, Propzy provides its business model for its bank partners to help customers get pre-approved for loans based on property value.

Also Read: Vietnam-based proptech startup Propzy targets a US$25M Series B fundraising

Next in line is the tenant software. Propzy developed the software to report issues or book maintenance services and amenities for buyers after they move into an apartment unit. If in the future they decide to sell or rent the property, they can also do so through the platform.

Recently, Dealstreet Asia reported about Frontier Digital Ventures’s exit from the property tech startup. It has fully divested its 20 per cent stake for a cash consideration of US$4.7 billion.

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Image Credit: Tran Phu on Unsplash

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Split, a fintech startup that enables businesses to provide a ‘buy-now-pay-later’ service to their customers in Singapore and Malaysia, announced today it has secured an undisclosed amount of funding, led by 500 Startups.

Angel investors, including Louise Daley, Deputy CEO of AccorHotels Asia Pacific, also participated. With this, Daley has also joined Split’s Board of Directors.

Split was co-founded in 2018 by Dylan Tan (CEO) and Vishvesh Suriyanarayanan (CTO) as part of Entrepreneur First’s talent investment programme.

The startup gives businesses the ability to offer their customers the choice of paying in up to three instalments online, offline or via social commerce. Its technology can be integrated with e-commerce platforms, in-store, and for businesses that sell via chat apps or social media.

By using Split, businesses see incremental revenue through higher conversion and average transaction value, claims the company.

The service is completely free of charge to consumers with no interest, late fees, or hidden fees.

According to Tan, the global pandemic has shifted consumer spending behaviours considerably and many businesses are struggling to adapt.

“COVID-19 has brought enormous economic uncertainty – this means consumers are more mindful of the money they spend and businesses can’t keep offering unsustainable discounts. Split bridges that gap by making purchases affordable for consumers so businesses don’t have to slash prices,” he added.

Also Read: Indonesia to regulate digital gold transaction by the end of the year

“We’re giving consumers a more convenient alternative payment method with a business model that is also aligned with responsible spending. We don’t make money from interest nor do we charge consumers for missing payments — we’re taking a completely different approach by incentivizing good repayment behaviour instead of punishing financial hardship,” Tan explained.

The startup has partnered with several brands across Malaysia and Singapore in fashion, electronics, furniture, jewellery, personal care, fitness, gifts, F&B, and travel. Its clients include Switch and Urban Republic, and CG Computers.

Khailee Ng, Managing Partner of 500 Startups said: “While traditional financing options rely on charging interest or earning from missed payments, Split turned the model around and made it completely free for consumers. We see incredible potential in how their instalment payment service works not just for large retailers but also serves a massive longtail of small & medium businesses selling online, offline or via social commerce.”
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Picture Credit: Split

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SFA initiates framework to promote partnerships between fintech companies and financial institutions

The Singapore FinTech Association (SFA) has announced the launch of a new framework aiming to promote partnerships between fintech firms and financial institutions.

According to a press statement, this is also part of the support package that was announced by the Monetary Authority of Singapore (MAS) on 8 April 2020 to support financial sectors.

The new framework will include a self-assessment toolkit to help firms identify their maturity and compare it against the minimum requirements. This, in turn, will increase the level of confidence for financial institutions when partnering with fintech companies.

As of late 2019, the region has been home to more than 600 fintech firms.

Mr Chia Hock Lai, President, SFA, said in a statement: “With 80 per cent of Singapore-based fintech firms offering technological solutions to financial institutions, it is a critical skill for them to be competent with the compliance requirements of working with financial institutions.”

“This Digital Self-Assessment Framework will enable FinTech firms to be more effective when collaborating with financial institutions, and giving financial institutions more confidence in the partnership as they accelerate their digitalisation efforts,” he added.

NUHS, Bot MD launch bot to assist in COVID-19 health monitoring

Singapore’s healthcare institution NUHS, together with Artificial Intelligence healthcare startup Bot MD, has launched SGDormBot to monitor symptoms in COVID-19 positive individuals through social messaging apps.

The AI bot has a user-friendly interface which reminds the patients to monitor their temperature, heart rate and oxygen levels. It also sends an instant SMS alert to NUHS clinicians whenever there are abnormal vital signs reported.

Also Read: Wallex Technologies nabs Series A funding led by BAce Capital, SMDV, Skystar Capital

SGDormBot is currently being used by patients in six NUHS managed dormitories across Singapore.

Global gaming company Ubisoft sets up studio in Vietnam

Paris-based video game company Ubisoft, better known for the popular titles Far Cry and Assassin’s Creed, has launched a new studio in Da Nang, Vietnam, according to VNExpress.

The studio will focus on developing instant games and offerings that will not require a download and access via social media.

Currently, the new studio has a team of 40 people and plans to expand to 100 soon.

Ubisoft is also collaborating with local universities to create training programmes, given Vietnam’s reputation for having significant numbers of tech specialists and new IT graduates every year.

“The location is perfect, right between Hanoi and Ho Chi Minh City, so there is this a big talent pool to draw from,” said Ubisoft Da Nang manager, Aurelien Palasse.

Also Read:  What Southeast Asia’s gaming companies can do to stay ahead of foreign competitors

“Da Nang also offers a great alternative to much larger cities, with an ideal balance between quality of life and work,” Palasse added.

Image Credit: Stephen Phillips – Hostreviews.c

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Ula, a wholesale e-commerce marketplace app with operations in Java, Indonesia, announced today it has secured US$10.5 million in a seed round of funding, co-led by Sequoia India and Lightspeed India.

OSMDV, Quona Capital, Saison Capital and Alter Global also joined the round, along with other undisclosed angels investors.

The startup said in a press note that the fresh money will be used for expansion outside of Java Island. Ula also plans to add new categories, such as apparel and electronics in the future.

It will also hire tech teams across Singapore, India and Indonesia to increase its current workforce.

Launched in January this year by Nipul Mehra (ex-investor at Sequoia India and ex-Senior Director – Retail, at Flipkart, Ula helps small store owners increase their income via its multi-category wholesale e-commerce platform. The app gives them benefits such as a wide products list, prices, doorstep delivery, and pay-later options.

“70-80 per cent of the retailers in emerging markets like Indonesia is plagued by inefficiencies in the supply chain, inventory and working capital management,” said Abheek Anand, Managing Director of Sequoia Capital (India).

“With more and more Indonesian small and medium enterprises (SMEs) becoming open to adopting technology, platforms like Ula are an easy, affordable and scalable solution to help these retailers streamline their businesses,” he added.

Ula’s current focus is daily needs and consumer goods (such as FMCG and staples), which the company believes are especially important during these times where the traditional supply of essentials may be impaired.

Ula claims to have grown 10x since its launch, with customers returning to buy up to 2-3 times of their original volumes.

Also Read: Fintech innovations are likely to be accelerated during the pandemic: OVO CEO Jason Thompson

“For us, the true measure of Ula’s success will be in how much we can improve our customer’s lives and businesses. Our collective vision is to revolutionise SME trade using technology, helping increase their efficiency and providing them with tools to conduct their business seamlessly and more profitably,” said Riky Tenggara, Co-founder of Ula.

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Image Credit: Anton Luzhkovsky

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Philippines-based digital financial services provider Ayannah, and India-based payments company Electronic Cash and Payment Solutions (“ECAPS”).

Christened Ayannah Global (AG), the new entity aims to provide “affordable and accessible digital financial services” to the growing middle-class in South Asia and Southeast Asia with headquarters in Singapore.

AG will be jointly led by Miguel Perez and Praveen Suri as Co-CEOs.

Choosing Singapore will support AG’s expansion plans into markets, such as India, Indonesia, the Philippines, and soon Vietnam, it said in a press statement. The merged entity also intends to broaden its current product suite towards becoming a B2B digital financial services provider post-merger.

Also Read: Ayannah wants to bring online payments to the “unbanked”

Additionally, AG has announced the appointment of banking veteran Ray Ferguson as Chairman of of the Board.

Ferguson brings in over 30 years of experience across five continents with senior roles in Asia- and the Middle East-arm of Standard Chartered Bank, including roles as CEO in Taiwan, Indonesia, the UAE, the Americas, and Singapore. He had also in the past served as Group Chief Banking Officer at Arab Banking Corporation in Bahrain.

AG has launched Kaya, a digital marketplace connecting middle-class customers and SME entrepreneurs with banks, lenders, and insurers in the Philippines and will launch versions in India, Indonesia, and Vietnam later this year.

Post-merger, the new entity will be launching its Series B fundraising round soon, with a target of US$30-50 million. To date, the group has received capital from Wavemaker Partners, Golden Gate Ventures, and 500 Startups, as well as several family offices across Asia.

As a result of the COVID-19 pandemic, the group is also seeing greater demand for its open banking and omni-channel distribution platform, especially from banks, lenders, and insurers who rapidly need to roll out digital services.

Established in 2010, Ayannah is an AI-enabled technology platform that provides financial services to the emerging middle class, with a significant presence across geographies with customers in India, the Philippines, Indonesia, and Vietnam. The company claimed that its AI tech is designed to launch a comprehensive range of financial and lifestyle products and services ranging from payments, remittance, insurance, and telemedicine.

Also Read: Digital payments startup Ayannah diving deep into Big Data

Ayannah’s products include PanaloCare, a hospital income insurance plan in partnership with AXA, which supports the insured with a daily supplementary income whenever hospitalised.

Since 2013, Bengaluru-based ECAPS has catered to the needs of domestic migrants and the unbanked populations in India. The company provides services such as domestic money transfers, utility bill payments, recharges and travel ticketing for emerging middle-class consumers in India.

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Picture Credit: Ayannah

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Action Community for Entrepreneurship appoints James Tan new Chairman

The Action Community for Entrepreneurship (ACE) announced today it has appointed James Tan as its new Chairman of the Board of Directors.

Since its inception by Singapore’s Ministry of Trade and Industry in 2013, the ACE has grown to become the community with more than 3,600 startups employing 18,000 people, more than 100 incubators, accelerators and venture builders, and 150 venture capital funds in Singapore, ACE’s scope has increased tremendously since its inception in 2003 by the Ministry of Trade and Industry.

Prior to his appointment as Chairman, Tan served on the Board as the Deputy Chairman from 2016 to 2020, and as a Member of the Board from 2011 to 2016.

Tan replaces Dr Mark Hon, who has completed his term as Chairman.

The ACE has been working closely with community stakeholders, especially government agencies, innovation enablers, and startups to drive entrepreneurship and innovation in Singapore during COVID-19 pandemic.

It also helps to facilitate disbursement of government grants such as the Startup SG Founder grant and the Global Talent Ready (GRT) grant.

Mobile and web trading app Tiger Trade launches SGX Trading in Singapore

Tiger Trade, a one-stop mobile and online trading app from Tiger Brokers, has launched access to the Singapore Exchange (SGX) today.

This adds to Tiger Brokers’s current list of stock exchanges, such as the New York Stock Exchange (NYSE), the NASDAQ, and the Hong Kong Stock Exchange (HKEX).

Also Read: With new funding, Tiger Brokers paves path for Chinese to invest in overseas stock markets

Launching in SGX helps strengthen Tiger Trade’s online and mobile offerings for its customers, who now have the ability to invest in financial instruments such as A-Shares Trading, Equities, Exchange-Traded Funds (ETFs), Futures, and Stock Options.

Tiger Trade’s app was launched in February 2020 with the goal of enhancing available investment opportunities through integrating SGX opportunities to investors on the back of surging investment interest even in the midst of a global economy affected by COVID-19.

The Tiger Trade app offers its retail investors one of the lowest commission rates for as low as US$1.99 (S$2.80) per trade. From now till 31 December 2020, they are offering commission rates for Singapore stocks at 0.08 per cent per trade with no minimum charges.

Halal fintech startup Wahed raises US$25M led by Aramco’s VC arm for Indonesia expansion

New York-based Halal fintech startup Wahed has raised a US$25 million funding, led by the Saudi Aramco Entrepreneurship Ventures, the venture capital investment arm of oil giant Saudi Aramco, TechCrunch has reported.

Also Read: E-commerce website builder Sirclo secures funding from East Ventures

The company that dubbed itself as “halal robo adviser” also has investors BECO and CueBall Capital participated, as well as Dubai Cultiv8 and Rasameel.

Wahed has set its eyes on expanding its subsidiary in Saudi Arabia with the platform currently running in the US and the UK, with plans to grow in the largest Muslim markets, including Indonesia, Nigeria, India, and the CIS.

In total, Wahed has raised US$40 million in funding since its 2015 founding by Junaid Wahedna. Wahed was launched in Malaysia after the Malaysian Securities Commission awarded the company the country’s first Islamic Robo Advisory license last October.

Two Indonesian e-commerce builders merge

SIRCLO and ICUBE, two of Indonesia-based e-commerce enablers and agencies that help create shopping sites for SMEs, have agreed to merge their businesses, says a DealStreetAsia report.

The merger will see the new company to have 450 employees, with ICUBE to continue to operate as an independent entity integrated with the services offered by SIRCLO.

Following the merger, ICUBE Founder and MD Muliadi Jeo will replace Leontius Adhika Pradhana as SIRCLO’s CTO and Prada a will take up the role of CPO.

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