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Today’s top tech news, Aug 29: MAS opens digital banks application process

With this, a handful of fintech companies in Singapore may soon turn into digital banks

MAS opens digital banks application process [DealStreetAsia]

A handful of fintech companies in Singapore may soon turn into digital banks as the city-stake kicks off an application process wherein five new digital bank licences will be doled out.

According to a statement by the Monetary Authority of Singapore (MAS), applications officially opened today and will close at the end of this year (December 31, 2019).

Names of selected companies will be announced in mid-2020, and they will be expected to begin operations in mid-2021.

This follows an earlier June announcement by MAS’s senior minister and chairman, Tharman Shanmugaratnam, wherein he had indicated plans to issue up to two “digital full bank” licenses and three “digital wholesale bank” licenses in the city state.

Send mail from your home with Pos Malaysia’s new service [The Star]

You no longer need to go to the post office to send packages, thanks to Pos Malaysia Berhad’s new online shipping platform SendParcel.

SendParcel, a service under Pos Laju, allows users to book deliveries and generate shipping labels or consignment notes online, and for e-commerce businesses even make bulk orders.

The consignment note is generated once a booking is made, with customers required to print it out and then attach it to the parcel.

To use it, customers need to sign up for an account on Pos Malaysia’s website, then buy a credit package.

Flywire, VPBank Partner on international tuition payments for Vietnamese students [press release]

Flywire and Vietnam Prosperity Bank (VPBank) today announced a new partnership that aims to simplify international tuition payments for Vietnamese students.

By partnering with VPBank, Flywire enables Vietnamese students to make their international tuition payments in VND, via their preferred method, including bank transfers, which are very popular in Vietnam.

The joint offering also provides an intuitive, digital workflow for the submission of the necessary documentation required by local regulations. Previously, this process was highly manual, and student payment options were very limited.

Flywire offers a tuition payment platform for international students and schools. The platform provides a single point of management and payer engagement from billing and payment through reconciliation.

IIX, Australia’s DFAT launch EquityScale programme [press release]

Impact Investment Exchange (IIX) and the Australian government’s Department of Foreign Affairs and Trade (DFAT) announced today the launch of the EquityScale program, which aims to mobilise US$10 million in private sector capital to support impact enterprises that are improving the lives of underserved women in Asia Pacific.

EquityScale leverages IIX’s ecosystem and gender-focused approach to provide enterprises, investors, professional individuals and corporates with access to online training, resources, and networks to apply a gender lens to their business approaches.

The programme also invites impact enterprises to apply for the Future 500 Fellowship program for the chance to access capital raising support, mentoring, technical assistance, and corporate partnerships.

LamboPlace launches new e-commerce marketplace in Malaysia [press release]

LamboPlace, a new player in the e-commerce industry, officially launches its online marketplace.

Established in 2018, the company looks to offer genuine, high-quality and trusted products to Malaysian consumers. LamboPlace looks to achieve this through the curation of lifestyle products based on current trends, and partnering with key brands to deliver a unique experience in online shopping.

“Amidst the various products available on numerous e-commerce marketplaces today, LamboPlace wants to provide savvy Malaysian shoppers access to their preferred and trusted brands. Through our carefully curated merchant list, we look to offer all our users the peace-of-mind to shop with us for original lifestyle products. We believe that the consumption habits locally have changed, and we want to better reach customers and become the key platform for those looking to create their unique, personal style,” Jason Yap, CEO of LamboPlace.

LamboPlace currently features close to 300 brands including popular market players such as Sony, Sharp, and Pensonic.

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As an entrepreneur, are you ready to meet the press?

Even the earliest stage startup can rise to visibility or be forever lost by their first media spotlight

Not so long ago, training to meet the press and television reporters was a realm reserved for top business executives only. Now, even the earliest stage startup can rise to visibility or be forever lost by their first media spotlight, so it behoves us all to know the rules early. Most entrepreneurs I know admit to poor first media interaction, and many are still waiting for the instant replay.

On the social media side, the stakes are just as great. Ask Eric Migicovsky, founder of Pebble, who raised over US$10 million on the Kickstarter crowdfunding platform for his relatively low-tech wristwatch with programmed clock faces. Kickstarter may take a bit of the credit for this, but they admit the majority of projects without media attention don’t even approach their funding goals.

There are lots of expensive public and media relations firms out there who can give you the full treatment, but I recommend starting with a good book on the subject, such as the classic by media training expert Brad Phillips, The Media Training Bible. He provides 101 two-page lessons divided into eight learning categories that I like as follows:

1. Learn the ground rules for traditional media. Few of us have the background to know when to turn down an interview request, or never use the “no comment” approach, or when it’s more effective to comment “off the record.” Even practical issues, like understanding reporter deadlines, and your own editing rights, are critical.

2. Craft messages and message supports. A message is a one-sentence statement that incorporates two things: one of your most important points and one of your audience’s most important needs or values, with a call to action. Message supports are stories, statistics, and sound bites that reinforce your message. Both need to be clear and direct.

Also Read: Funding news is not public relations: Building your startup’s story world

3. Make every interview memorable. The key to any effective interview is to articulate a message or message support in almost every answer you ever give. Speak in complete sentences, aimed at the 12-year-old language level, and skip the acronyms. Avoid tentative phrases like “We’re trying” in favour of the stronger “We are doing.”

4. Answer the tough questions. You must answer every question, every time, or risk appearing evasive, online or on camera. Yet quickly transition back to the message and supports. In all cases, you must stay cool, avoiding anger, sarcasm, or the urge to walk away. Never offer an answer unless you know it’s true – it’s better to say “I don’t know.”

5. Use appropriate body language and attire. The main impression you leave with an audience may have little to do with your words. Show energy, eye contact, and gestures to enhance the impact of your words. Wear solid colours, and make your look true to your brand and yourself. People judge you and your company in the first few seconds.

6. Handling different media formats. These days the media formats range from email, phone, radio, television, to social media. Social media includes blogs, social networks, and video-sharing sites. With social media, you are always “on the record” and once you say it, it’s out there forever. All the lessons from traditional media apply, and more.

7. How to respond to media in a crisis. A crisis is an event, precipitated by a specific incident, that attracts critical media attention and lasts for a definite period of time. It could be a product quality problem, or a major customer complaint on Twitter. The challenge is to be prepared, and communicate quickly and effectively until it’s over.

Also Read: Save it for a rainy day: How startups can handle media crisis like a pro

8. Prepare, prepare, prepare for every media event. Even the most experienced executives write down what they need to say, and practice for every event. Steve Jobs was a master at this, even though he had years of experience. The result was that every interview or event, online or live, came off naturally and positive. Why do many entrepreneurs think they can “wing it” and get the same results?

Every entrepreneur in this new era of shrinking attention spans, social media overload, and sensationalised reporting needs to know how to create positive messages, cut through the noise, and motivate audiences with multiple media. Don’t wait for a reputation-destroying disaster to start your learning. You won’t get a second chance for a great first impression.

A previous version of this article first appeared on nfinitiv.

Image Credit: AbsolutVision on Unsplash

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Don’t hire ‘brilliant jerks’: a practical guide for actually beneficial performance reviews

Having an employee that fails to build the company culture will ultimately reflect poorly on the leader

You’re never going to get a cup of coffee at the tech behemoth’s Sydney office, but you’d find hot, fresh breakfast and lunch provided for free.

Just this April, the two Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar dressed up in Elvis costumes to perform a variation of ‘Viva Las Vegas’ at the Mandalay Bay convention centre in Las Vegas.

The twist? They changed the lyrics to ‘Jira Las Vegas’, referencing to their best-known software product, Jira. This just an extension of their culture—Atlassian is one of the best tech companies to work for with a rating of 4.3 on Glassdoor.

The CEO approval rating on Glassdoor? 93 per cent.

Atlassian’s work culture is phenomenal, transparent and effective. ‘Open company, no bullshit’, ‘Build with hear and balance’, ‘Don’t f**k the customer’. These are actual values that the Australian tech giant embodies.

Which goes back to the cup of coffee.

Price removed the free coffee to initiate walking meetings. He wanted to make the office less of a ‘sticky place’.

Also Read:  We analysed the hiring trends of Southeast Asia’s top e-commerce players, and here’s what we found

With Sotheby’s, ANZ, Airbnb, and Netflix amongst the 150K customers that Atlassian is serving today, their execution of a solid corporate and work culture forms one of the biggest contributing factors to their success.

Their commitment to ensuring a culture fit over job performance has been publicly displayed since 2015.

Let’s face it: ‘culture’ is quite a buzzword in the corporate world.

Yet, the data is clear: companies who succeed in creating an engaging, inclusive and positive culture are companies who succeed in every single metric they are tracking—with a direct correlation to company revenue.

What’s in a company culture?

It is the personality of the organisation from the employee perspective. What does he think when he comes to work? What does he feel when he sits in the office? What are the emotions tagged to saying “I work for Company X”?

Be it written or not; culture determines the company’s environment and how the employees will adapt and settle in.

It is a combination of values, beliefs, taboos and even myths that companies develop all the time.

This blend is highly intricate and significant: yet, many organisations are not prioritising building culture, which directly impacts their hiring, engagement, and retaining capabilities.

Here’s the data: having a great culture reduces the probability of job turnover over three times, from 48.4 per cent to 13.9 per cent, according to a Columbia University study.

Having turnover means having replacement costs, which can be 6–9 months of their salary. Undeniably, different studies show significant variations in the exact numbers.

Nevertheless, the correlation is clear: companies with weak and disengaging cultures are going to struggle.

Employee engagement translates directly to the success, financial and otherwise, of the business. Engaged employees are employees who care about the company.

“Screw the coffee; I’m going to get shit done!” That’s what engaged employees generally think. Without expecting rewards, they are willing to make the extra effort.

They believe that the company’s success is related to their own. They have personal vested interests.

Fact is, 900 million employees are not engaged in their workplace, according to Gallup’s State of the Global Workplace.

340 million employees are actively disengaged around the world. Only 13 per cent of employees in the 142-country report is engaged in their work.

So, rather than thinking about ditching the coffee, most employees are thinking about ditching their work instead which is a heavy price to pay for the company. Low-level engagement within companies results in a 33 per cent drop in operating income, according to the Harvard Business Review.

Compared to their high-level engagement counterparts, they don’t get to enjoy the 19 per cent increase in operating income.

Hence, rather than think of culture as an “HR” problem, leaders and managers need to look at it as a business problem.

Performance reviews suck

Often called a necessary evil of corporate life, performance reviews seem to exist as ambushes: it is that time of the year where the manager, seemingly out of nowhere, decides to unleash every single criticism (sugarcoated or not) he has on the employee, oftentimes quoting numbers, citing examples and talking about ‘his impression’ and ‘what he feels’.

Performance reviews suck.

Not because of its existence, but due to its execution; performance reviews are opportunities for managers to do holistic, objective reviews on how the employees are contributing to the company’s success.

How are they able to improve? What are the growth opportunities for them in the coming year? What resources will there be for them to tap on?

Performance reviews still hold a bad name. Often, it leaves people with bitter feelings. Why did he say this? How could he say that? I did so much work, yet this is all I get? Maybe I’m that bad. Am I not cut out for this job? Maybe everyone else is ganging up on me.

As a leader, you need to ensure that your performance reviews are fair and biased. Your role is to communicate with neutrality or positivity: your aim is to guide your employee in being self-aware. You want them to grow on their own as well but with more clarity.

Most importantly, you want your employee to fit your values and form the culture that the organisation should have.

Also Read: Time to quit spreadsheets for tracking biz leads? ClinchPad says yes

You want your employee to fit your values and form the culture that the organisation should have.

On the contrary, many organisations focus on the delivery of results and emphasise on it over behaviours that can cause problems for the team and company culture.

Hence, giving rise to ‘brilliant jerks’. As a leader, your aim is to understand whether your employee is conforming to the culture and values that the organisation embodies and not over-emphasise on one aspect.

If a team understands the purpose of their work and are well-connected with one another, they are happier and more effective. In this case, the performance system is adjusted to look at three aspects:

The expectation of role —what are the literal duties and responsibilities of his/her job position? Has the employee done well on this part? Where else can he improve? Where else does he need to focus a lot on?

Contribution to the team — how much work has the employee actually done that contributes to the team? Has he eased workload? Has she garnered results from the social media campaign? Have they built the bot that they intended to use next year?

Demonstration of company values —It is how well they conform to the values. Each value holds different significance (e.g. ‘Open company, no bullshit’ refers to transparent communication, accountability and assuming positive intent).

As a leader, your role is to ensure that your employees understand how far they are from contributing to upholding the values of the organisation. By allowing room for self-awareness, employees can also self-reflect: how can I improve, and what can I do?

The practical guide to doing performance reviews

Performance reviews have their place: it is your opportunity as a leader to build rapport and forge a direction towards attitudinal and skillset growth.

Yet, many organisations—even if they are in the same industry—are unique in their own ways. How can you do a performance review in a way that fits your organisation yet also making it a great one that can positively impact your employee for long-term?

Dig deep into your organisation’s values

The values of the organisation are deep-rooted and mean way more than what the word, phrase or sentence says. ‘Having kindness’ does not refer to being kind in general, but directly targeting at being kind to colleagues, customers and themselves.

‘Embracing adventure’ is not a signal for employees to go skydiving, but a signal to experiment and to step out of their comfort zone regularly.

As a leader, you need to look in between the lines and reconcile with the organisation’s mission and vision. How are these values able to help the organisation reach its goals?

How are they able to hit their business goals with those values? What kind of change will there be in the organisation if 100 per cent of the employees embodies those values from 8–5?

Take a hard look at those values and sieve out the most important ones. Top three, or top five, those values must be directly related to the business goals and the culture goals.

Your objective is to measure how well the employee is actually doing in embodying those values. Through those measurements, form actionable plans and guide their mindsets for the future.

Are they a “brilliant jerk”?

The reason why Atlassian’s change in a performance review could actually garner media mentions on Quartz, Yahoo Finance, Australian News and Business Insider is that it simply makes sense.

Every company has rockstar employees, but as a leader, you need to do a strict audit: are they building the culture up, or are they tearing people around them down? Is their stellar result at the expense of others? Are they creating toxic environments in the workplace?

Rather than having one rockstar employee, it is infinitely better to have a team of ‘average joes’ that gel well with one another.

Would it be better to have a team of well-functioning employees who operate in a healthy, comfortable environment? Is this rockstar employee causing dips in the performance of other employees?

All it needs is just one rock within a river stream to disrupt the water flow. Are you going to remove the rock or are you going to let the water erode it one day?

How much did they contribute?

Based on their role, how much did they contribute? Did they go beyond their role, or did they fall behind? As a leader, you need to identify the factors that are affecting their performance. What are the internal and external factors?

Draw a clear line: do you want them to contribute more? If you’re going to, then your role is to set an example. Get your hands dirty and be willing to do the grunt work.

Go beyond your ‘management’ role. Your employee will understand your expectations in no time.

Executing a great performance review can be a dealbreaker for employees: it is a sign of effective and empathetic leadership, which many employees are most receptive to.

When leaders fail at being fair and unbiased in their performance review, it is clear that such leaders are ineffective and lacking clarity in their thought.

Also Read:  Asia’s megacities are San Francisco’s biggest competitors when it comes to innovation

Till today, women who exhibit leadership qualities are considered ‘bossy’ as compared to their male counterparts who do the same.

Underrepresented minorities are also at a disadvantage: black employees have been told to tone down on some parts of their personality to come off as being ‘less aggressive’.

Your role as a leader is rid reviews and the workplace of such stereotypes and cognitive biases: treat every employee as equal.

That way, you are able to display empathetic and fair leadership, which could easily be equated to the fundamentals of any leader in today’s world.

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

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Image Credit:Avi Richards

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iMyanmarHouse appoints Flymya’s ex-COO Grace Ei Thwe Aung as General Manager

She will help the startup manage and optimise the process of scaling the team, business operations and deliver innovative solutions and products

Grace Ei Thwe Aung

Leading proptech company iMyanmarHouse.com has announced the appointment of Grace Ei Thwe Aung as its General Manager, effective this month.

Aung brings with her over 20 years of leadership and management experience in online travel and hospitality industries. Prior to joining iMyanmarHouse, she was COO at Aquamarine Ecotourism Development in Myanmar. Before that, she was COO of Flymya.com, a leading online travel marketplace. At Flymya, she led and managed a team of 162 while also being responsible for all strategy, operations, sales, marketing and product development in Myanmar, Cambodia, Singapore, and China.

Also Read: ShweProperty raises US$3M in fresh funding as 500 Startups makes an entry into Myanmar

“Property and the online marketplaces are one of the two highest growth and most dynamic industries to be involved within Myanmar,” said Aung. “With the portal’s (iMyanmarHouse) strong leadership and focus on delivering quality and exceptional services to consumers, partners and customers, it is undeniable that we are at the forefront in the market. I look forward to leading and broadening our reach as well as deepening our relationships with our consumers, partners, and customers,” she added.

Nay Min Thu, Managing Director of iMyanmarHouse.com, said: “She (Aung) will play an integral role in the continual success of the company. We look forward to the operational experience she will bring to the team of over 100 staff across both offices in Yangon and Mandalay. As iMyanmarHouse.com grows and expands into new markets in Myanmar, Grace will help us to manage and optimise the process of scaling the team, our business operations and continue to deliver innovative solutions and products to meet the needs of our customers, partners, and consumers.”

Also Read: Myanmar’s travel booking portal FlyMya acquires smaller rival Go-Myanmar.com

Founded in 2013, iMyanmarHouse.com claims to be serving more than 400,000 property buyers, investors, and renters who send over 60,000 leads every month to its customers. It has over 900,000 visitors and 2400 agents. As of July 2019, the company has helped property developers sell over US$390 million worth of properties.

Recently, iMyanmarHouse’s rival ShweProperty.com secured US$3 million in its Series B round of funding. led by Singapore-based private equity fund Emerging Markets Investment Advisers.

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Grab reveals details of Vietnam investment plan, to invest US$500M over 5 years

Grab also plans to support the government’s key national policy priorities in three main areas

First announced during an exclusive interview with Reuters, Southeast Asian ride-hailing giant Grab today revealed more details of its investment plan in Vietnam, one of its top market.

The company said that it will invest US$500 million into Vietnam over a period of five years to tap opportunities in fintech, new mobility solutions, and logistics. It will launch new services and expand existing transport, food, and payments network in the country.

Grab also announced its “Tech For Good” development roadmap which the company described as being aligned to the Vietnam government’s key national policy priorities under Vietnam’s “Socio-Economic Development Plan 2020”.

It will work in three main areas: Poverty alleviation (by partnering with financial institutions to provide financial services to micro-entrepreneurs and small businesses), skilled workforce building (by growing the company’s R&D headcounts in the country), and environmental sustainability (by complementing existing public transportation facility in the country).

Also Read: Grab launches green e-scooter GrabWheels in Indonesia’s top university

“Grab is one of the largest tech investors in Vietnam. By the end of 2019, we will have invested more than US$200 million into the country to better the livelihoods of users and partners of our ride-hailing, food delivery, logistics and cashless payments services,” said Jerry Lim, Country Head of Grab Vietnam.

“Today’s investment of US$500 million will accelerate our efforts to elevate the quality of life for millions of Vietnamese people beyond the end-users of our super app ecosystem. By aligning our business with the government’s socio-economic development plan, we want to make a significant and meaningful contribution to Vietnam’s long-term socio-economic growth, and support the country’s Industry 4.0 ambitions,” he continued.

Grab had previously announced a similar plan for Indonesia, also one of its top market. Through the company, Grab’s investor SoftBank plans to invest US$2 billion to help build the country’s digital infrastructure.

Image Credit: Peter Nguyen on Unsplash

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What makes investments in fintech and alternative lending in SEA promising?

It is expected that over time, fintech customers will build up some credit history and gain financial discipline

The phenomena of economic growth and investment attractiveness often coincide. In this respect, Southeast Asia provides a good example.

Today, the world economy is growing at an average rate of 3 per cent per year. Meantime, the dynamic of SEA countries has been almost twice ahead in the world.

In particular, tourism with rich natural and human resources have facilitated it. However, one of the most significant reasons looks even more ordinary.

Local countries have only recently overcome the agricultural past, so previous underdevelopment of many economic sectors explains the rapid dynamic of GDP.

Although underdevelopment doesn’t seem attractive, it still indicates opportunities for a leap forward. Quickly entering people’s lives, fintech has confirmed this pattern.

Online services, including lending ones, are drawing higher interest among the population. The same refers to investors looking for profit, and there are some points to their advantage.

Rapid economic growth and low penetration of lending services

Even the most optimistic estimates state that no more than 50 per cent of the population in Southeast Asia have a bank account. About 450 million people don’t have access to lending services. Besides, high poverty, uneven urbanisation and cultural peculiarities some regions are holding back the penetration of banks and development of lending.

Then, many people still shy away from formal lending and address relatives and friends to borrow some funds.

However, impressive rates of economic growth have promised to change the situation in near time.

Thus, only Brunei and Singapore will have rates lower than the global average, while other countries in the region easily outpace the forecasted 5 per cent.

Economic growth has an effect both on commercial entities and the population of Southeast Asia. Improved welfare promotes an increase in consumption.

The share of people whose income allows to meet only basic needs is expected to fall from 50 per cent in 2010 to 30 per cent in 2025.

Also Read: UiPath partners ASEAN varsities in educating workforce automation

The middle class will almost double. Apart from a direct increase in domestic spending on goods and services distinct from basic, the culture of consumption also corresponds with the formation of lending institutions and loans perceived as a normal part of the expenses structure.

Low competition with banks and banking products

Most banks in Southeast Asian countries have developed with an eye on the Western counterparts focused on solvent private clients, large enterprises and government institutions.

Although these services are in demand, it prevents them from tapping to a broader audience often lacking credit history and bearing higher risks.

At the same time, to open additional branches in remote areas means higher transaction costs and a complicated collection. That is why there is a gap between a bank and a client.

Large banks are not interested in working with small loans because of significant transaction costs. At the same time, an average loan amount in Asia is rarely above US$300. Meanwhile, own statistics of Robocash Group shows that advances of even less size (about US$100) are in higher demand.

Focus on online activities helps microfinance companies working in this segment to reduce transaction expenses. There is a shining example of the Philippines, where an electronic transaction takes 1 per cent of the amount that would be needed if to serve it at an offline branch (US$3).

Regulation and government support

There is a distinct interest from regional authorities in the development of alternative lending in Southeast Asia. In addition to providing convenient access to finance for end-users, this segment helps to solve socio-economic issues and improve the welfare of people.

There are regulatory sandboxes in Brunei, Indonesia, Malaysia, Singapore and Thailand. Moreover, Southeast Asia has no countries that are not elaborating legal requirements to non-bank lending and digital data security.

Also Read: How to get smart capital in Southeast Asia

Most of them have already formed a minimum set of regulatory conditions facilitating the provision of alternative lending both online and offline.

Raising mobile and internet penetration

Remarkably, most countries with the adoption of fintech above 60 per cent belong to the group of developing countries. In contrast, Japan and the United States have lower figures.

So there is a clear correlation between a rapid increase in the use of mobile and Internet technologies and the dynamic growth of fintech and alternative lending.

The reason is in the age of people in these countries. With 50 per cent of the population under 30 years old, Southeast Asia turns out to be more open to technological innovations. Meanwhile, the average age in developed countries is much higher and thus assumes more conservatism among people.

At the same time, it is essential to mention the heterogeneous nature of the fintech market. Digital lending is not the most rapidly growing segment in Southeast Asia.

It takes only 8 per cent of the total number of all fintech companies, while payments services comprise almost 40 per cent. It gives an idea that the lending sector remains undervalued that only strengthens its investment attractiveness.

Also, with an expanding digital footprint of customers, lending companies may consider more information when assessing potential solvency. In turn, it allows managing risks at an appropriate level.

Bright prospects

Apart from factors explaining why the industry is growing, there is a real statistics on digital lending. According to BBVA, it is developing countries where this market will actively expand. Meanwhile, the digital segment is the most promising one that is also confirmed by the current statistics of Robocash Group on the prevalence of online channels over offline ones.

Undoubtedly, investing has always been associated with risks, and digital lending also has them. The main points are related to competition primarily caused by a broad expansion of Chinese fintechs to Southeast Asia.

Also Read: Discover the latest trends in the ASEAN and China tech ecosystems at TechNode’s ORIGIN

Although competition is necessary, market oversaturation may slow down the growth of some companies and the overall industry that investors wouldn’t welcome. Moreover, there are significant local banks with an eye on the segment as a potential asset in the future.

Banks will have to step on the digital path already explored by fintech companies before. Most likely, banks will need at least several years to tap the opportunity in full. Meanwhile, fintech players will only increase their potential.

Sure, long-term prospects add some elements of risk and uncertainty into investment attractiveness of the alternative lending and fintech in Southeast Asia.

Nevertheless, if there is a question on a specific investment in fintech on the agenda today, then premises in its favour certainly outweigh any doubts.

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

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Image Credit: Jonas Leupe

 

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Indonesia’s Bukalapak partners with Axinan to provide digital insurance

Insurance will be offered for electronics and for transportation of goods

Indonesia e-commerce giant Bukalapak has entered into a partnership with Singapore-based insurtech startup Axinan to offer digital insurance solutions to its customers.

Merchants on Bukalapak can opt to insure against the risk of total loss or damage during transit through igloo – Axinan’s consumer brand. Bukalapak’s consumer customers who purchase gadgets and electronics can buy protection against
accidental damages.

Sompo Insurance Indonesia (Sompo Indonesia) is Axinan’s underwriter for Indonesia.

What makes Axinan well-positioned for Bukalapak’s platform is that its enterprise solutions are specifically designed for e-commerce companies, which typically move high volumes of goods over multiple regions or countries daily.

Axinan’s risk assessment engine is powered by big data, real-time risk management and digitised claims management – issuing pricing in line with the calculated risks of each transaction.

“With the booming e-commerce scene in Indonesia, there is an increasing gap we see arising due to the inherent risks associated with the eCommerce market – damage and loss during transit,” said Wei Zhu, Founder and CEO, Axinan, in an official press statement.

“We are actively seeking to address these risks by providing products in collaboration with our insurance partners. The objective is to make these products easy, accessible and available to those who need it the most. With this collaboration with Bukalapak, we are able to leverage their extensive local network of customers and thereby provide our solutions to a wider audience,” he added.

In February this year, Axinan partnered with FWD Singapore to offer Phone Screen Protection (PSP) plans, which insure customers against broken mobile phone screens.

Axinan is backed by Linear Ventures and Opensace Ventures, and is headquartered in Singapore, with operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and development offices in China and Taiwan.

The company also has partnerships with other e-commerce platforms including Bhinneka, Lazada, Shopee, and T-mall.

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Developing your brand voice on social media: 5 mistakes to avoid

Improve your social media marketing strategy to establish a distinguishable and beautiful brand voice

Photo by Hrayr Movsisyan

We’re entering the age of technological revolutions and massive diffusion of technologies connecting people around the globe.

The constant development of mobile devices gave birth to new forms of communication and 24/7 connectivity in social networks. They play a significant role in changing human consciousness and shaping new customer behaviour patterns. 

In other words, they are making our society more “digital”. So, it’s crucial for business success to understand the hidden influences of user’s decision-making process in the modern digital space.

The influence of Generation Z—the first generation of true digital natives—is expanding and influencing the social media trends too.

According to McKinsey, members of Gen Z are people born from 1995 to 2010 who from their earliest youth have been exposed to the internet, social networks, and mobile systems. 

There is no chance to increase ROI for your business success if you don’t spread your voice in the digital world and social networks, in particular.

Businesses should adjust their marketing strategies to the needs and requirements of Gen Z since this fast-growing society is dictating the future trends of the digital space and, therefore, new marketing trends too. 

Mistake #1. Underestimating the power of social networks

Social media penetration is ever-increasing worldwide. According to Statista, the pervasiveness of social media will increase to over 3.02 billion users worldwide by 2021.

Considering all other pieces of the marketing pie, social media marketing is a big slice today. The right content published in the right moment will help you build customer loyalty and bring plenty of other benefits to the business. You should learn how to optimise your content to the customer’s needs.

Social networks are a powerful tool of engagement able to spread the word of your brand around the globe within minutes. Social media are also helpful in user experience research.

Mistake #1 is underestimating the power of social networks and not making enough effort in producing high-quality content.

Mistake #2. Not understanding your target audience

Explore your target audience as you’d like to explore the mind of your loved one. Discover their wants and habits. 

Google Analytics can give you a good insight into your target audience peculiarities. Consequently, you’ll get a better understanding of people you’re creating social media content for. 

Also Read: The A,B, and C of startup branding

Moreover, you shouldn’t stop your customer persona research after investigating the cold data. Stats are a good old friend; however, don’t fully trust them. Sometimes, you should act like a marketer from the 19th century: check information “manually”.

Exploring your random follower’s profile “manually”, not by using any analytics tool, you will gain a new view at your customer persona.

You will get a specific kind of information, which you wouldn’t get from any automatically generated stats. It’s almost transparent, but it is still essential for effective marketing. It feels like your customer’s mood

On the fans’ profiles, you can learn about their lifestyles, tastes, habits, and even food preferences.

That will help you adjust your content to the needs and peculiarities of these people. You might be surprised, but such data can give birth to the unique marketing idea that will be understood by your target audience.

Mistake #3. Not offering real value to people

Don’t underestimate people. They understand if your content is good or not. No matter who your prospective clients are, be it, skateboarders, housewives, or entrepreneurs, individuals always feel the quality intuitively. Be interested in producing great content offering value to people.

The content bringing value doesn’t mean only tips, news, or talks about new product features. You can post user-generated content.

It shows appreciation for fans that reached out and connected with you. The “value” we’re talking about is the brand’s attention to a customer.

Also Read: These 5 growth-stage startups bucked the trend to create own brand in Malaysia

Let people feel that a company cares about how they feel using a product or service. The more you engage with your fans, the more likely they are to share new photos with you. 

User-generated content will enrich the brand’s social media page with the fresh visuals, give more engagement, and start the interaction chain between a company and its customers.

One more tip on the social media content: dear entrepreneurs, don’t try to produce visuals for the cheapest price.

Bad product images are almost equal to the brand’s fail on social networks. The better your product “looks”, the more likely your brand’s voice will be heard by others on the social channels.

Mistake #4. Not adding a pinch of novelty 

Life means dynamics. Your marketing should reflect the changes your customers are experiencing. Thus, a marketing strategy needs to be timely injected by a dose of changes. Otherwise, you will not survive in the market. If you do not accept changes, the changes will not accept you.

Experiment with the new approaches, try to constantly add a pinch of novelty into your social media content. 

To be wrong is human; all of us make mistakes. Don’t be afraid of doing them. You should take risks if you want to develop the unique and memorable ‘voice’ of your brand. 

Mistake #5. Not being aware of “malicious tags” on Instagram 

Since Instagram is the giant among other social networks, let’s pay special attention to it. We want to share with you genuinely new information on the Instagram system, which we’ve crystallised after providing marketing services for companies across different industries.

Don’t use any hashtags that contain words like “porn”, “addicted”, “sex”, “fetish”, “sexy”, or something similar.

Even if your post is not related to any of these topics, but it has the hashtags like “#foodporn”, “#heelfashionfetish”, “#addicted-to-food”, “#sexy_dress”, etc., your profile may get to a blacklist generated by Instagram bots. 

There are different scenarios of what may happen further. The worst scenario: your profile will be banned entirely.

The better scenario: you’ll be able to post on Instagram, but you’ll not be able not to add new hashtags for some period ranging from 1-2 weeks to 3-4 months. You will not be able also to edit the recently published posts anymore.

Consequently, you may lose the chance to get new followers that could come through new hashtags. Moreover, Instagram may start sending less traffic to your profile, because it’s blacklisted. 

Also Read: Vietnam payment startups Vimo and mPOS merge, rebranded as NextPay

What to do? The only thing is to wait until the Instagram system will update a ‘blacklist’ after some period of time and give the blacklisted profiles another chance to function as previously. 

If you’ve faced such a situation, we recommend not to stop your activity on Instagram, just be careful using the hashtags.

Conclusion

As we’ve mentioned before, err is human. But, to make mistakes and learn from them is the privilege of a smart human.

We hope our experience gained from making these mistakes will help you improve your social media marketing strategy and establish the distinguishable and beautiful voice of your brand.

The voice that will give pleasure to the target audience interacting with your content. 

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

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

 

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5 lessons I learned from a startup failure

Fail often, so you can succeed sooner

Some statistics say that over 90% of startups fail within the first five years. Some put this number at 70% over two years. However, I know for sure that my startup 100% failed. I created an app that allowed backpackers to connect with each other and chat. It was designed to help solo travelers find other solo travelers and locals around the world. However, it did not go well with travelers or anyone for that matter. It was a big blow to my ego but — what do you know? — there were lessons to be learned.

When I told my colleagues and friends that I was quitting my business, everyone asked me why that was the case. I find the phrasing of this question wrong. They should instead ask me what this failure taught me. One belief that got me through all that was that in failure too lies success. So I sat down multiple times and looked back at my journey to find out what I did wrong.

Instead of giving up, I started researching about other startup failures. I read stories about Jeff Bezos, the founder of Amazon, and Reid Hoffman, the co-founder of LinkedIn. It was incredible to know how they too struggled immensely in the beginning and rose back from their failures. I found valuable lessons from the Paolo MacCallum, CEO of NamoBOT, a name generating tool. The founder, after messing up several startups, used all the knowledge from previous experiences to bounce back with a new idea.

Here is what I had to learn from these individuals and my own experience:

1. Have Enough Capital

Apparently, I am not the only one who did not have enough money to successfully start a business. According to an analysis by CB Insights, the second biggest reason for startups to fail was running out of cash. Your finances should be well figured out before going into business.

When I first came up with my startup idea, I did not think my finances through. Fundamentally, I was my own sponsor from the very beginning. I thought the savings I had would be enough to launch my startup and they were. However, a few months down the road I was struggling with money.

Owing to the lack of cash, there was only one thing left for me to do, and that was to compromise on the most essential things. I had to lay off two people from my already small team. It was super hard to pay the rent for the workspace.

MacCallum suggested that I should have arranged money for at least a year of operations. There are avenues for startups to find money thanks to lending organizations and crowdfunding. This is how he got his funding for his startup.

Also read: What is venture debt financing? How can startups use it to their advantage?

2. Keep it Cheap, and Offer Discounts

It is super hard to make any profits during the first few months of any business. Same was the case for me. However, I wanted to make money, so I kept the prices at a level that would make me a profit faster. Consumers, on the other hand, are always looking for the cheapest stuff.

High prices are not really helpful when you are a startup, especially in a saturated industry. What I needed to do instead was offer my service at cheaper rates and give out coupons. Introductory discounts can help bring in more customers. I realize that when it was too late.

According to MacCallum, instead of worrying about making profits, I should have been more concerned about getting the word out there and just sell.

3. Not Every Advice is the Right Advice

When it comes to startups, many people think they are experts. They throw a few numbers at you, cite some successful examples and bam, they are experts. On the contrary, what my experience taught me is that you need to filter out all those advices and recommendations. It is crucial to consult people and pick their brains but carrying it out is on you.

Think carefully before you change your mind because someone said something. In the end, it is equally important to listen to your gut. After all, startups are all about defying the odds. If you are just going to play safe, it is not going to cut it.

4. You Cannot Do Everything on Your Own

At first, my startup was a one-man team. I was my finance guy. I was the developer. I was the tester. I was the business developer. I was the one who picked the lunch. Needless to say, it was too much to take on. This is directly related to the fact that I had little money. I was afraid to hire anyone because I simply could not afford it. I did not seek much help from my friends either.

When you want to build something big, you need a lot of hands. I am sure Taj Mahal was not built by one person. Unlike my startup, Taj Mahal to this day gets millions of visitors. The problem was that I took on tasks that I was not even great at. That was a big mistake.

When meeting potential investors, it was me, myself and I. Paolo MacCallum, said that instead of doing it all on your own, there should have been someone with more experience and a knack for communication to better explain the product. And I realized that he was right since it did not work out great for me as I had too much on my plate.

Also read: Why failing your startup does not mean you are a failure

5. Accept When Your Startup is Failing

It takes courage to accept failure and I, for one, lacked that courage. For the longest time ever, I was not even convinced that my startup is just not picking up. This had a domino effect, and things only got worse from there. Clients dropped out, money stopped flowing in, and there was a serious dearth of good ideas.

It took me some time to realize that things are not working out. But when it did occur to me, it got easier to wrap things up and move on to the next great adventure. (What did you think? I was going to give up?).

According to Herman Melville:

It is better to fail in originality than to succeed in imitation.

Staying optimistic is one thing, and staying away from reality is another. The latter just leads you to a downward spiral. Be realistic enough to know when the ship is sinking and obviously, get out of it.

Conclusion

The fact is that startups do fail all around the world. Many times it is because of your own mistakes, while other times it is circumstances that are beyond your control. Regardless, one should never give up and look back to learn valuable lessons. You only learn from experience and the things you learn yourself from failure stay with you for life. Once you know enough, there is no one stopping you from finally succeeding.

Someone has said it right:

The road to success and the road to failure are almost exactly the same.”

—-

This article was first published on e27, on November 28, 2018.

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

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Photo by Jennifer Bedoya on Unsplash

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Facebook, Lazada investor GFC leads US$2.05M funding in streetwear marketplace Novelship

Novelship is looking to quickly expand to additional markets outside of Singapore, including Malaysia, Hong Kong, and Indonesia

Novelship Founders

Novelship, a limited-edition sneaker and streetwear online marketplace in Singapore, has secured US$2.05 million in funding, led by Global Founders Capital (GFC).

With this round, the startup’s total funding raised to date has touched US$2.3 million from a host of angel investors and organisations. The partnership with GFC marks its first collaboration with an institutional investor.

Novelship is an online marketplace for buyers and sellers specialising in limited-edition sneakers and streetwear from popular brands including Nike, Air Jordan, Yeezy, and Supreme. The startup professionally authenticates every product bought and sold on its online platform and guarantees legitimacy in the marketplace.

The firm says since launch in October 2018, over 1,500 limited edition sneakers and luxury streetwear products have been transacted on Novelship by users located mainly in the APAC region.

The company is looking to quickly expand to additional markets outside of Singapore, including Malaysia, Hong Kong, and Indonesia.

Also Read: Our hyper-local approach sets us apart from competitors: Amit Saberwal of RedDoorz

“Over the past six months, we’ve seen a steady increase in demand across the region for luxury, limited-release sneakers and streetwear products. With the additional capital from GFC, we will fuel our rapid expansion into key, high-growth markets and become a leader across the Asia-Pacific region,” said Novelship CEO and Co-founder Richard Xia.

GFC is an international seed-to-lifecycle venture capital firm founded by Oliver Samwer, Co-founder of Berlin-based Rocket Internet. It has invested in numerous, high-profile startups including Slack, Facebook, Traveloka, and Lazada.

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