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Tesla plans multibillion-dollar EV plant in India

Elon Musk’s Tesla is set to enter India, reports the Financial Times. A team from the company is slated to arrive this month to scout for potential locations for a groundbreaking multibillion-dollar electric vehicle (EV) plant.

This strategic move comes on the heels of India’s recent decision to slash import tariffs on EVs, a development Tesla actively advocated for.

Also Read: Is India on the verge of shifting gears to EVs?

Previously, India imposed hefty import taxes ranging from 70 per cent to 100 per cent on automobiles. However, in a bid to attract investment, this tariff has now been reduced to as low as 15 per cent, provided the investing company commits to establishing a manufacturing facility in the country with a minimum investment of US$500 million.

Last June, Musk held discussions with Indian Prime Minister Narendra Modi, expressing his keen interest in investing in India at the earliest opportunity. Now, Tesla’s focus is on scouting potential sites in automotive hubs such as Maharashtra, Gujarat, and Tamil Nadu. These regions boast established infrastructure and port facilities, crucial for streamlining exports—a clear indication of Tesla’s global aspirations for its proposed factory.

While Tesla has enjoyed a robust presence in China, serving as a vital market and manufacturing centre, stiff competition from local rivals like BYD has intensified domestically. In response, Tesla appears poised to shake up the market dynamics by targeting the production of a sub-US$30,000 model in India. This move not only aims to bolster Tesla’s presence in Southeast Asia but also to capture markets in the Gulf countries, Africa, and Europe.

Also Read: Thinking out loud: Are electric vehicles as sustainable as we believe?

Recently, Vietnamese EV maker VinFast announced its plans to set up a factory in India. As per a report, the company is moving fast to kick-start its India operations in Q3 or H2 2024.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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The future of payments in Singapore: From outages to innovation with BaaS

In today’s world, seamless payment transactions for daily essentials like food, transportation, and housing are expected.

Yet, some of the most commonly used payment systems appear disconnected, clunky, rife with technical issues and fraud — rampant in everyday life. In October 2023 alone, 2.5 million transactions were affected by bank outages in Singapore, and 810,000 attempts to log in to digital banking accounts failed.

Despite the fact that advanced technology solutions are readily available, notable challenges still exist in the financial industry. With customer wants and needs rapidly evolving with technology, how can traditional financial institutions keep up?

Embedded finance is the norm today, and Banking-as-a-Service (BaaS) is the antidote to the issues plaguing payments and the broader financial industry. Enabling banks and fintech companies to innovate as they collaborate, which then leads to better and more efficient financial products and services, BaaS simplifies the integration of banking services via the use of APIs, reducing complexity and speeding up the development of new payment solutions. The benefits are both obvious and endless, but we must first understand why it is especially crucial in Singapore’s payments market.

The payment landscape in Singapore can be divided into three categories of key players: banks and financial institutions, payment processors (think Visa or Mastercard, Stripe, Apple Pay, etc.), and fintech firms looking to disrupt the financial services landscape. It features multiple digital payment systems, schemes, and providers that operate independently, leading to complexities for both merchants and end consumers.

PayLah!, PayAnyone, and PayNow have transformed the ability to make purchases, including P2P purchases, without the need for a payment gateway or terminal.  Now, everyone with a bank account can be both a merchant and a consumer, reducing the cash transactions seen from yesteryear.  User acceptance across these applications is promising.

Also Read: The banking revolution: Balancing convenience and security in the digital era

There is also a huge range of payment providers with their own set of services, fees, and technical requirements that are complex to navigate.  Additionally, the existing services can be inefficient, partly due to the significant technical debt accumulated by banks and financial institutions over the years as new features are added and changes are made to accommodate the evolving requirements of users. Technical debt and the lack of resources utilised to play catch up sees legacy systems succumb to outages and inefficiencies.

The BaaS proposition was specifically designed to overcome these challenges. BaaS typically means that banks and financial institutions leverage scalable and modular technology solutions that allow them to expose their services to third-party platforms in a seamless manner.

On top of that, banks and financial institutions effectively providing BaaS already adhere to industry standards and best practices, especially around security and regulatory requirements that also prevent the introduction of unnecessary complexity or inefficiencies into the system.

BaaS is a one-way ticket to a world where banks work with third-party platforms, including but not limited to fintechs, to launch new products and services without having to build infrastructure from scratch. This is where innovation happens at speed, as we can test new ideas and iterate more rapidly.

On a more practical level, BaaS also enhances security in the financial services industry, as the banks and financial institutions themselves are adopting advanced security measures, compliance with regulatory standards, secure APIs and data protection measures as part of their technology stack.

However, there is still quite a way to go in terms of the widespread adoption of BaaS as a business model amongst banks and FIs in Singapore. Many banks and financial institutions are yet to fully appreciate the suite of advantages that the business models offer, whilst others are hesitant to do so due to the limitations of their existing solution in catering to the inevitable scale of a BaaS business model.

Addressing these challenges will need a multifaceted approach with regulators, third-party ecosystems, payment providers and banks or financial institutions collaborating to create an environment conducive to innovation with ample support for the integration of an easy-to-deploy and scalable solution with legacy systems.

Singapore’s readiness to be a global leader in fintech is proof of its rapid growth potential.  With the government implementing and promoting regulatory sandboxes that allow for fintechs to test products and services in a controlled environment, a revolving door of new fintech solutions to solve even the most complex problems awaits.  We’ll also start to see a higher rate of financial inclusion as the use of digital wallets and simplified banking services are more widely adopted.

Overall, the Singapore payments landscape will benefit greatly from the adoption of a BaaS business model by banks and financial institutions — especially in reducing technical debt, significantly increasing agility and offering a solution to scalability without compromising legacy systems.

With the government’s commitment to continuous improvements and fixes, the transformative impact of BaaS on the Singapore payments landscape is poised to be significant, paving the way for a more efficient, secure, and innovative financial ecosystem.

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Joseph Schooling quits competitive swimming, turns VC investor

Joseph Schooling

Singapore’s only Olympic gold medalist, Joseph Schooling, has announced his retirement from competitive swimming to pursue a new venture in startup investing.

Partnering with investment banker Cliff Go and serial entrepreneur Ben Ling, the professional swimmer has founded Swaen Schooling Capital.

Also Read: Women as focus of impact investment: Does it bring more harm than good?

Established in August 2022, Swaen Schooling Capital, led by Go, focuses on early-stage investments in three key sectors: impact and sustainability, sports and wellness, and tech. The firm also explores opportunities to create original businesses internally or through strategic joint ventures.

While no investments have been announced yet, Schooling has previously participated in the pre-seed round of the mental health startup Huddleverse in May 2023, per Crunchbase. It remains unclear whether this investment was made through Swaen Schooling Capital or independently as an angel investor.

Also Read: Navigating sports tech using the travel industry’s playbook

The move into venture capital aligns with a growing trend in Southeast Asia, with investors increasingly focusing on impact and sustainability. Notable investors like Temasek Holdings, East Ventures, Openspace Ventures, and Wavemaker Partners have been actively supporting startups in this space.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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Why fasting is the ultimate productivity hack for entrepreneurs

Hailed as a practice that can lead to longer life and curing diabetes; Intermittent Fasting or “IF” has recently gained more popularity where celebrities such as BBCs Mike Mosely and Silicon Valley entrepreneur Phil Libin has espoused the benefits of routinely fasting.

Like many Asians, I was brought up constantly praised and encouraged to eat voluminously and frequently – so when I first heard about fasting over 4 years ago I was naturally sceptical.

But I first started experimenting with fasting after reading “Eat Stop Eat” written by Brad Pilon in 2015.

Although he presented some interesting body composition data supporting the benefits of fasting it was some fairly simple anecdotes and logic that initially appealed to me. Firstly, fasting is one of the oldest practices followed by many religions suggesting that there is some benefit associated with it.

Secondly, before the age of modern medicine both Hippocrates and Paracelsus, a German-Swiss physician, advocated and prescribed fasting as a way to a healthier life and cure certain illnesses.

Lastly, ‘eating three meals a day’ is a relatively recent phenomenon and even the Romans are understood to have only eaten once a day.  That said, the food industry is one of the largest global industries and how we eat is potentially driven more by marketing and the need for growing profits and revenues than human necessity.

Fasting then had a natural appeal to me as there appeared to be a very little monetary incentive to promote it. The concept is relatively simple, abstain from eating. This does not require detailed explanations, a special diet or any equipment whatsoever. There was nothing to purchase at all or any medicine or tests to prescribe.

Also Read: Scale up your productivity, scale up your business

This indeed could be one of fasting’s greatest limitations to widespread adoption. The fact that it is very hard for anyone to make money out of it! Take for example the use of fasting to treat medical disorders – from diabetes to obesity.

How willing would you be to pay a doctor to simply tell you that your best medicine would be to abstain from food regularly?

So my journey in fasting began half out of curiosity and half from relishing a challenge of something I had never done before.

As someone who ‘lives to eat’ and used to believe that not eating regularly could induce stomach cramps and hunger to the extent of hospitalisation, I was slightly fearful.

But surprisingly I got through my first 24 hours from dinner to dinner the next day with relative ease, simply drinking plain water when I felt hungry. I practised this once a week from 2015 to the end of 2016.

Then in 2017, I decided to step up my practice moving from doing 1 x 24 hour fast a week to 2 – which I generally do every Monday and Thursday.

This time I tracked some high-level body weight, composition and size metrics and in the period of 9 months, I lost around 7 kgs, reduced my waist to just under 30 inches and my body fat from 16.0 per cent to around 12 per cent. I did this all while continuing my regular Ironman training clocking in some of the best 70.3 times I have ever done yet with less training.

Experiencing both mental and weight-control benefits I was curious about the medical research that had been done on fasting. So I read a book by Dr Jason Fung, a Canadian doctor, who had conducted research into the health impact of fasting and uses therapeutic fasting to cure type II diabetes.

The science behind fasting

According to the research regular fasting can have the same impact as a caloric restriction which in mice has been shown lead to a longer life. In addition IF also has the benefit of inducing a ketogenic state in the body.

By allowing the body to run through all of its ready glycogen stores our body switches to stored fat to create energy. In the process of burning fat chemicals, ketones are released into the bloodstream.

Ketones trigger the release of a molecule BDNF in the brain which can build and strengthen neurones contributing to brain health. Ketones can also reduce inflammation, blood pressure and a hormone known as IGF-1 all of which has been shown to have an association with longer life and less age-related disease.

Also Read: Feeling like a fraud? Here is how to fight Impostor Syndrome and improve team productivity

So how does one do it? There are a variety of approaches such as BBC medical journalist Michael Mosely’s 5:2 approach which includes fasting 2 days with a small <500 calorie meal in between to alternate-day fasts and eating within a window of 4-8 hours each day.

Personally, I have found fasting every Monday and Thursday, which also happens to be the Muslim fasting routine, from dinner to dinner (a Monday fast would mean not taking any calories from Sunday after dinner until Monday start of dinner) to work best for me.

Also Read: How to stop working late and increase productivity : do your most exhausting task first

Beyond the researched health and physiological benefits, I’ve found fasting to also help reinforce a regular discipline in my weekly routine. This includes reinforcing discipline in my exercise (I continue to train during my fast days) as well as my work routine. Finally, after going through several hours of ‘feeling hungry’ on Monday and Thursday I feel immense gratitude when I break my fast.

I’ve found fasting to be super flexible (if I have work lunches I simply switch my fast days). It costs nothing and saves time as I can work through mealtimes on my fast days.

For busy entrepreneurs it’s not unusual to end up missing meals now and then but doing it purposefully and benefiting from regular fasting is an additional bonus. In fact, several of our portfolio founders and our team members have taken it up as well.

The hardest part was getting started and overcoming years of habitual eating but for me, since starting 4 years ago I’ve not looked back and have found fasting to be as necessary a part of the week as eating.

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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This article was first published on September 11, 2019.

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FishLog closes pre-Series A+ round to strengthen its cold chain ecosystem, expand in the US

(L-R) FishLog co-founders Abdul Halim, Bayu Anggara, and Reza Fahlepi

FishLog, an ecosystem enabler for Indonesia’s fisheries cold chain industry, has announced the completion of its pre-Series A extension round of funding.

The investors in this round include Mandiri Capital Indonesia, BNI Ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital.

Also Read: How Fishlog aims to revolutionise Indonesian fisheries with cutting-edge tech solutions

The size of the deal has not been disclosed.

FishLog will use the capital to empower and elevate fisheries businesses and stakeholders to strengthen its cold chain ecosystem.

The startup also announced the appointment of finance veteran Dimas Wikan Pramudhito as its Chief Financial Officer. Pramudhito has a rich background in esteemed banking institutions such as Rabobank, Mitsubishi UFJ Financial Group (MUFG), Standard Chartered Bank, and NOBEL Capital Investment, including a notable stint as CFO at PT Antam Tbk from 2015 to 2019.

FishLog was established in 2020 by Bayu Anggara, Reza Fahlepi, and Abdul Halim to solve the fragmentation in cold chain fisheries in Indonesia. A seafood platform, FishLog enables the national fisheries cold chain network through community involvement. It empowers cold storage to increase its utility by connecting it with more fishermen, distributors, and buyers.

It offers FishLog Trace and FishLog Smart Contract, powered by blockchain technology. While FishLog Trace guarantees seafood comes from responsible sources, leveraging a traceable sourcing system and providing quality insurance coverage, FishLog Smart Contract handles financing, enhancing transparency.

A portion of the newly raised funds will be used to strengthen its traceable products in the US. FishLog distributes over 60,000 kg of seafood products and connects over 60 domestic and international buyers, helping them expand their businesses.

“The US is one of the largest markets in the world. Based on data from the US Department of Agriculture, US seafood imports exceed exports by US$20.3 billion in 2023. The latest data indicates that there is such a significant potential open for FishLog to strengthen its ecosystem in the US. This can accelerate the profitability of product distribution such as Blue Swimming Crab, Tuna, Shrimp, and many more as Indonesia imports products to FishLog’s B2B international buyers,” stated Bayu Mukti Anggara, co-founder and CEO.

Also Read: FishLog raises US$3.5M to empower cold storage warehouses in Indonesia to improve utility

Sustainability is also a key focus for FishLog as it claims to have achieved a 40 per cent increase in cold storage productivity through sustainable supply and technology, managing over 4,000 tons of seafood inventory per month.

Furthermore, FishLog has empowered over 800 workers, 38 per cent of whom are women. As part of its sustainability initiative, FishLog has recently closed a grant of US$100,000 with the United Nations Development Program (UNDP) and the Ministry of Finance of the Republic of Indonesia.

The company also collaborates with the BNI Xpora programme to support Indonesian seafood SMEs in expanding exports. FishLog has channelled around US$950,000 to empower export fisheries and business partners.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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DigiFT, an on-chain real-world assets exchange, expands into Hong Kong

DigiFT founder and CEO Henry Zhang (L) speaking at an event

DigiFT, a DeFi exchange for on-chain real-world assets, has expanded into Hong Kong.

The company has also announced the appointments of Kevin Loo as CEO of DigiFT (Hong Kong)and Shen Hao as MD and Chief Development Officer of the parent firm.

Both executives bring over twenty years of global experience respectively, having held senior leadership roles across corporate and commercial banking, investment firms and digital asset areas.

The Monetary Authority of Singapore (MAS)-licenced DigiFT has also obtained membership in the Cyberport Incubation Programme, a flagship for digital technology and entrepreneurship in Hong Kong with over 2,000 members.

Also Read: Joseph Schooling quits competitive swimming, turns VC investor

“At DigiFT (HK), we believe this is an opportune moment to provide global Web3 financial solutions to continue helping Hong Kong and APAC stay at the forefront of global finance. We look forward to working closely with the regulators and industry players to pave the way for a tokenised future that is scalable, secure, and sustainable,” said Loo.

“Our expansion into the market is a natural next step in our growth plans as we look to facilitate broader access to tokenised real-world assets,” said Henry Zhang, Founder and CEO of DigiFT.

In February this year, the Hong Kong Monetary Authority (HKMA) set out the supervisory standards regarding the sale and distribution of tokenised products.

Founded in 2021, DigiFT is an exchange for on-chain real-world assets approved as a Recognised Market Operator with a Capital Markets Services license by the MAS. It enables asset owners to issue blockchain-based security tokens, facilitating continuous liquidity trading through an Automated Market Maker.

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: DigiFT

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Startup pointers : essentials for aspiring millennial entrepreneurs

One of the biggest concerns that millennials have is the idea that they’re not making a difference in their workplace. The reason why this is so troublesome for them is due to the fact that some of them have the unrealistic expectation of making a difference from the first day in their workplace.

Needless to say, the only way to make this work is to actually be the person in charge, which is why millennials seem to be showing a surprising amount of entrepreneurial spirit.

Still, the business world often turns out to be a place unlike what they’ve expected it to be. Therefore, here are six things they need to know to be ready for what lies ahead.

Understand why so many people fail

The first thing you need to do is figure out why so many enterprises fail.

For instance, there could be no market need for your business, you might lack a competent team or your competition might be too tough.

Also Read: The millennial force: changing the workplace and its culture

One of the ways to look at this from the right perspective would be to take a look at the list and try to see if any of these concerns would be true in your particular case. Once you get this out of the way, you’ll drastically increase the odds of your own business making it.

Invest in proper education

Another thing you should think about is your investment in education.

One of the biggest problems that millennials (even non-entrepreneurs) face when it comes to financing, is the fact that they’re both confident and lack knowledge in the field.

Therefore, you need to invest in your own education by either looking for a competent mentor or by finding the right online course to embark on. Even the concept of microlearning can turn out to be quite beneficial for an aspiring entrepreneur.

Become more resourceful

Perhaps the most important thing for making it in the business world is the concept of being resourceful. What this means is being able to achieve a maximum effect with what you’ve got.

Also Read: This app helps Indian millennials enhance their mind and soul wellness

You see, when it comes to boosting the profit of your enterprise, the majority of people heavily focus on increasing income. What they fail to realize is that reducing the costs of running a business can get you there just as fast (sometimes even faster). You can do this by saving power, embracing more effective business practices and reducing the cost of office supplies.

Drop deadweight

Making the right team is incredibly important, however, sometimes, when hiring, you’re not looking at all the right traits of potential employees.

For instance, in your quest for ideal candidates, what you’ll be looking at is their performance, their work experience and their education.

Still, this doesn’t reveal their personality. There are some types of people who can run your business into the ground by just… well, being themselves. We’re talking about emotional vampires, backstabbers and more.

Don’t wait for too long

By waiting for too long, you risk missing your window of opportunity. You see, any data that you’ve gathered has an expiry date, which means that if you do your research, determine that it’s not the right time to start your own business at the moment and wait for a year or two, the validity of the data will become quite questionable.

Factors change and keeping track of them might become harder and harder as the time progresses. Why? Well, because you will carry your prejudices (from previous research sessions) with you. Planning is great but eventually, you need to get into the middle of things.

Prepare for the unexpected

As Mike Tyson once said, everyone has a plan until they get punched in the mouth.

The same thing will happen to your business. Even if you do everything right, prepare enough cash, do a survey on your target demographic and hire the most competent of teams, you’ll have to face a scenario where things don’t go according to plan.

Also Read: An entrepreneur should lay down annual milestones, it helps break down your vision into clear targets

The most important thing here is that you understand just how normal this is and try to adjust, rather than waste too much energy trying to steer everything back on the previous track. Flexibility is the key to surviving in any industry.

By embracing these points, you’ll ensure that you’re not as easily surprised, startled or caught off-guard. Sure, it’s impossible to be ready for all that lies ahead, nonetheless, by remaining flexible and proactive you’ll become a lot more resilient.

The most important thing you need to understand is that just because things are not doing as you’ve expected, this still doesn’t mean that they’re going in the wrong direction.

 

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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Image Credit: Brooke Cagle.

This article was first published on September 11, 2019.

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Vietnam’s sand-based thermal energy storage startup Alternō secures US$1.5M

Alternō, a Vietnamese startup providing a thermal energy storage solution utilising sand battery technology, has secured over US$1.5 million in an oversubscribed seed investment round co-led by The Radical Fund (Singapore) and Touchstone Partners (Vietnam).

Antler (Vietnam), Impact Square (Korea), and Glocalink (Singapore) also participated.

Previously, Alternō received grants from international foundations, including US$200,000 from the Temasek Foundation, US$350,000 from P4G, and US$40,000 from the Japan International Cooperation Agency.

Also Read: How Alternō’s vision is changing the energy landscape with sand batteries

Alternō provides an innovative thermal energy storage solution utilising sand battery technology tailored for agricultural applications across drying, warming, or heating needs. This technology comprises insulated sand with custom heat-conducting tubes. It ensures a “seamless” transition to low-carbon agricultural practices while enabling cost savings for customers in a price-sensitive sector, compared to conventional grid energy and lithium-ion batteries.

“With the upcoming carbon tax (CBAM) by the European Union on imported products, our vision not only contributes to reducing carbon emissions in agriculture but also enhances the competitiveness of Vietnamese companies on the international market with products meeting global green standards,” said Hai Ho, co-founder and chief commercial of Alternō.

The company is now developing industrial versions of its sand battery systems with capacities ranging from 250 kWh to up to 1.8 megawatts. This will significantly save energy and reduce annual carbon emissions for farms and agricultural enterprises worldwide.

It was one of the three winners at Net Zero Challenge 2023, a climate innovations competition in Vietnam organised by Touchstone Partners and Temasek Foundation.

Also Read: Balancing act: Carbon Balance’s quest to tackle climate crises with tech-driven sustainability

In recent years, green environment, green economy, and green growth have become a priority for global investors. According to PwC’s “Global Investor Survey,” over 75 per cent of investors have identified or decided to invest in businesses focused on environmental, social, and governance (ESG) factors. Furthermore, the report highlights that green startups and businesses are becoming focal points and preferred investment trends among global investors.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Asia’s beauty lies in its complexity: 3 strategies to do well in an Asian market

Asia, known as “the continent of contrast”, is one of the most diverse continents in the world.

Entering such a diverse nation can be scary at first, but it is also one of the best locations in the world to do business due to its availability of land, labour, and capital. Many manufacturing and tech companies are based in Asia because of its affordable labour costs.

The Asian market has plenty of room for innovation and growth.

It’s a family affair

The first point is more of a mindset for doing business in Asia.

One of the major characteristics of Asian culture is its collectivist nature. People are very close-knit and attached to one other.  Therefore, if you want to be a part of the family you have to be the family.

That means not being afraid to explore people’s unique tastes, forming close bonds with locals or business partners, and learning everything about the culture.

For example, “giving gifts” in general is a major part of Asian culture. It is something that brings people together.

Believe it or not, in India, businessmen receive gifts from one other, for example, sweets during festivals or occasions. India itself has more than 20 festivals in a year.

All the events can be difficult to remember sometimes, but its all part of blending in with the culture.

In the Japanese work culture, drinking with a work colleague is seen as part of work which is usually not the case in Western society, where people frequently go out for “after work” drinks.

This is because the Japanese sometimes tend to keep their opinions to themselves without voicing it out, so if your Japanese employee has agreed with you during a conference, you might find out that he has a completely different opinion just after a few drinks.

Keeping up with the trends

Asia is the most populous continent in the world, with an incredibly large and diverse market. To serve a market like this, a business must be constantly on their tiptoes.

One example is the incredible rise of the Korean boy band BTS recently. In no time everyone started talking about them ; not just in Asia but also in the US.

Taking advantage of the opportunity, Soko Glam, a Korean skincare and beauty brand, started making BTS sheet masks for the face. At a glance, it seemed like a pretty ordinary facial mask, but with the images of the boyband group on the cover, it was sold out in a matter of few hours.

Simply, knowing what was happening in the market helped Soko Glam create this opportunity for their business.

Two ways to do this can be to befriend locals or hire an expert who knows the emerging trends.

Know your lingo

Knowing the lingo is so important because every country has a different lingo in Asia and knowing it helps in developing a bond between the customer and the brand.

There are tons of examples of businesses who have leveraged on this point.

One of my favourites is Singapore’s leading taxi-hailing service which managed to override the popular international ridesharing app Uber.

By using popular Singlish phrases like “Yay, driver here liao!” and  “Wait ah, finding driver”, Grab has managed to entertain and create a sense of belonging within its customers.

Another example is a study done by Raj Raghunathan, a professor in the Department of Marketing in the University of Texas, who attempted to answer the question about whether participants would show more liking to familiar objects rather than unfamiliar ones.

When participants were shown two sets of Japanese alphabets, one to which they had been previously exposed and another to which they hadn’t, participants reported greater liking for the ones they were familiar with, even though they couldn’t recall seeing them.

And what can be more familiar than language?

Conclusion

Sometimes people can get overwhelmed by the diversity in Asian culture, however, it is important to remember to embrace the uniqueness, and convert the challenge into an opportunity.

This article was first published on September 16, 2019.

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Carousell acquires luxury bag reseller LuxLexicon to strengthen recommerce play

Carousell Group, a multi-category platform for secondhand in Greater Southeast Asia, has acquired the business of Singapore’s luxury bag reseller and consignment platform LuxLexicon for an undisclosed sum.

The acquisition will help Carousell grow its ‘Luxury’ category with an omnichannel strategy and expanded premium luxury offerings. “By joining forces with LuxLexicon’s expertise, we could help each other supercharge our luxury bag business in Southeast Asia, Hong Kong and Taiwan over the next few years,” said Marcus Tan, co-founder of Carousell Group.

Also Read: Carousell partners with YEAP to address challenges in e-waste

LuxLexicon will leverage Carousell’s expertise in online recommerce and overseas expansion for future growth. “LuxLexicon and Carousell Group share a common goal of providing a trusted and accessible platform for buying and selling authenticated luxury bags. Additionally, we both see similar strong consumer demand for popular brands such as Hermès, CHANEL and Louis Vuitton. This acquisition allows us to offer more variety of bags and recommend interested consumers to each other,” added founder Florence Low, who will continue to lead LuxLexicon as a separate brand, retaining its name, retail space, and team.

Founded in 2019, LuxLexicon has one of the largest resale Hermès bag selections in Southeast Asia. Each item goes through a rigorous due diligence examination by their in-house authentication expert before being listed for sale.

Founded in 2012, Carousell is a recommerce marketplace with a diverse range of products across a variety of categories, including cars, lifestyle, gadgets and fashion accessories. Last year, Carousell launched programmes to make buying and selling authenticated luxury bags more trusted and convenient. The firm claims its Certified Luxury, which allows users to buy authenticated luxury bags, has quadrupled transaction volumes since its launch — while ‘Sell to Carousell Luxury’, which allows users to sell or consign their bags directly to Carousell, has more than doubled in leads.

Carousell is available in Singapore, Hong Kong, Indonesia, Malaysia, the Philippines and Taiwan.

The group is backed by investors, including Telenor Group, Rakuten Ventures, Naver, STIC Investments, 500 Global, and Peak XV Partners.

This acquisition follows Carousell Group’s 2022 acquisition of Laku6, an electronics recommerce platform in Indonesia, and REFASH, an omnichannel fashion recommerce retailer in Singapore.

Also Read: Carousell acquires Ox Street to double down on its re-commerce efforts in Greater SEA

“We have been strengthening our recommerce foundations to drive our multi-category approach on our top growth categories. Part of these efforts were acquisitions for fashion, mobiles and autos over the years. Beyond growing organically as a top priority, we will continue to seek acquisition opportunities with the right partners across our focus categories and markets to accelerate the future of secondhand in Greater Southeast Asia,” added Tan.

The total luxury resale market in Southeast Asia, Hong Kong and Taiwan combined is projected to grow to US$7.5 billion by 2026, based on research by RedSeer Strategy Consultants. The Group has observed similar organic growth over the past few years and is set to cement its recommerce leadership. This is mainly organically driven by Carousell where its luxury bag category listings in Singapore have grown monthly by 71 per cent over the past two years.

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