Scaling your business effectively can give you a huge edge over your competitors, whether they are domestic or international players

Scaling is one of the most discussed topics among entrepreneurs. However, it is a term that often being confused as growing. So what exactly is scaling?

Growing a business is not equivalent to scaling one. To grow a business, it can be done by investing more resources such as staff and raw materials to increase output. Both revenue and cost, in this case, will grow proportionately.

Scaling, on the other hand, is about being able to grow the revenue while keeping operating costs low. It is not just about selling more products and services.

This article serves as a guide to scale up your business, be it for a small business owner or someone who is managing a multinational corporation.

Four key factors of scaling

Premature scaling occurs in 70 per cent of companies and is responsible for the failure of 74 per cent of tech startups.

To ensure that scaling is not done prematurely, you must first understand the four key factors of scaling. The four key factors are: Market, cash flow, internal control, skills, and attitude.

1. Market

• What are the key cultural factors in your new market do you have to be aware of?
• What is the demographic of your target audience?
• What opportunities does this market have that can be exploited?
• When is a good time to enter this market?

Also Read: 5 content marketing trends you need to heed

These are some of the questions that you should think about before scaling. Be it entering a new market or expanding within the current one, you should have in-depth knowledge of the dynamics of the target market, and the taste and preferences of the consumers. You will then be able to position your company better to reach out to the target market.

2. Cash flow

Without money, a company cannot survive. As scaling aims to keep the operational cost low, cash flow management is essential. Having strong credit management and tight control of overdue debt allows companies to constantly track their cash flows in and out of the company, minimising unnecessary loss.

3. Internal control

Scaling allows the company to become bigger. In a small company, internal control may not be such a big of a problem as everyone is kept updated all the time. Once the company grows, there will be more people to handle and internal control becomes increasingly complicated.

Proper documentation must be done; policies and procedures need to be put in place to provide guidance for the employees. Stricter management standards and quality control systems are needed to ensure that the company is running effectively and efficiently.

4. Skills and attitude

Companies at different stages of scaling would require people with different skill sets. Initially, companies will need generalists with strong problem-solving skills. When the company grows bigger and segregation of duties occurs, specialists are required.

Companies will need to hire more specialists along the way and be able to assimilate them into the team. Messaging of the scaling activities of the company has to be clearly communicated to team members to ensure attitude alignment.

Three ways to scale your business

Here we have three common ways to scale up a business.

1. Market penetration

Market penetration is about selling more of the existing products to the existing clients/markets. To sell more you will need to look at four elements: business model, distribution network, marketing, and operations. Some ways that you can do so is by modifying the business model, building partnerships and alliances, or enhancing distribution deals and marketing efforts.

Before deciding to scale the business in this manner, you should ask yourself these questions:

1. What is the current size of the market? What is the potential size of the market? Will it grow or contract?
2. How much of the market share can we take?
3. How well does your product fit into the current market?

2. Introduce new products

The second method is to introduce new products. This does not mean that companies have to spend big bucks to develop totally new products to existing clients. It can be about making modifications to the existing products, repackaging it to increase value to clients for their purchase.

Also Read: Don’t be anchored by the anchor2019

This can be done through the enhancement of the product by eliminating obsolete features and adding new innovative features. Alternatively, companies can create and launch a completely new product that is related to existing products.

These are the few questions that you can reflect on:

1. Will the new product address the unmet need of customers?
2. Will the product make money?
3. How will your new product fit into your core competencies?
4. Is this new product a complement to your current offering? Or is it a replacement?

3. Add a new target market

The last method is to add a new target market. This is done by selling the existing products to the new markets. To do so you can reach out to new customer segments or expand outside the home country. The easiest way is to identify a market that is geographically close to the home market and has a relatively close culture to the home country.

Think about these questions:

1. Do you need a new set of strategies?
2. Can the same value proposition be applied to the new target market?
3. What is the market size you are looking at?
4. What are the environmental factors that can affect company performance in this new market?
5. Who are the main competitors in such markets?

Four scaling strategies

With the understanding of the way to scale a business, you can now proceed to adopt one of the four strategies that are classified based on two attributes – efficiency vs. speed and level of certainty.

1. Classic startup growth

For the classic startup growth model, efficiency is prioritised in the face of uncertainty. You will be aiming to minimise uncertainty while still growing. You will need to be resource efficient and need to learn about the market, technology, and team before commencing on scaling. In this controlled and efficient growth, you can work to minimise the uncertainty while trying to seek for product/market fit.

Also Read: Why business transformation is important in the digital age

2. Classic scale-up growth

Classic scale-up growth focuses on growing efficiently once the founders have achieved certainty in the environment. Typically, founders will only begin scaling once they are sure of the environment. This strategy is good if you are maximising the return of investment in an established and stable market and it is usually done in industries where there is no need to grow quickly.

3. Fast scaling

If you are adopting the fast scaling strategy, you will usually give up efficiency for growth. Fast scaling takes place in the environment of certainty, which means that the cost is well understood and predictable. This is a very good strategy to gain market share or when companies are trying to achieve revenue milestones.

4. Blitzscaling

Blitzscaling (a term coined by Reid Hoffman and Chris Yeh) works only if founders are willing to give up efficiency for speed but without waiting to achieve certainty. The aim of blitzscaling is to gain market shares quickly to become the market leader. This approach is a “do or die” method in which the company either succeeds or dies within a short time. The team has to accept the risk of making wrong decisions in exchange for the ability to move faster and achieve success.

Five steps to minimise the risk of scaling a business

Scaling a business has never been an easy task and many organisations had to learn in a hard way to get it right.  Here we present five steps to minimise the risk of scaling:

1. Evaluate & plan: Identify a strategy early in the planning and often evaluate the plan.
2. Find resources: Ensure that there are enough funds and internal capability and capacity to support the scaling plan.
3. Upgrade technology: Start to automate the processes to make things easier to execute.
4. Revise processes: Automate and add more processes to support the scaling plan.
5. Leverage on Strategic Business Relationship: Identify and work with current or existing partners and clients that can assist with scaling the business

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You’ve got a great idea, but how do you sell it to industry greats? Check out our guide to pitching 101, with tips from established investors and corporates.

Pitching is a necessary experience for every budding startup who wants to launch their ideas into the global spotlight. There’s no better way to hone your skills when it comes to selling your business model to a potential investor.

More importantly, pitching gives your startup the opportunity to connect with venture capitalists (VCs) and corporates, which are often on the lookout for partners to co-innovate with and fund.

If you’re new to the concept of pitching, not to worry. Here are some tips from investors and corporates on what they look out for in a startup pitch, and what you should avoid!

Also read: SLINGSHOT 2019: A launchpad for promising startups across the world

How to impress with your pitch

It’s important that your pitch offers unique insights. Investors and corporates are on the lookout for uncommon solutions that tackle markets ripe for disruption.

Paul Santos, SEA Managing Partner for Wavemaker Partners, said: “Pitches that wow me are often the ones that can explain tremendous opportunities that aren’t so obvious. The challenge is that you have limited time to do this. This is why pulling it off makes it impressive.”

For Kelvin Ong, Founder and CEO of FocusTech Ventures, what gets his attention are “well-defined or re-framed problems in underserved markets that are solved with differentiated approaches.” This includes proposing multi-faceted solutions that span from business model analysis, channel strategies, to user experience.

Graham Howes, Managing Director of BP Ventures Asia, echoed similar sentiments. As BP Ventures Asia aims to invest in solutions that can produce energy more efficiently and contribute to a low carbon future, his firm looks for startups that have a differentiated technology or business model, on top of a clear and realistic business plan.

Examples of such innovative efforts include the electrification and digitisation of mobility, as well as the move from individual vehicle ownership to fleet.

Also read: Joining pitching competitions is good for founders and startups

Key traits investors look out for

Kelvin Ong from FocusTech Ventures said: “When it comes to early stage investing for us, founding team dynamics and positive traits that signal execution ability, commitment and conviction are table stakes.”

He added: “With the right market dynamics, customer understanding and product mindset, positive validation of key assumptions and traction will follow.”

Daniel Lin, Co-Founder and Executive Director of FundedHere, has four key criteria in mind when selecting the kind of startups he’d like to work with: (i) founder’s experience and executional capabilities; (ii) industry of the startup; (iii) scalability of the business; and (iv) valuation of the startup.

What to say and avoid during pitching

You’re confident in what your startup has to offer. But now you need to tackle the execution. Here’s a list of things you should say and avoid during your pitch session:

• Avoid saying “we have a passionate team”. Instead, prove why you’re the best team for this opportunity, convey how you spotted the opportunity, why it was meaningful, and why you’re the right team to pursue it.
• Articulate and divide your time around market, product and business areas, while framing your pitch around what your startup has achieved so far.
• Be humble in listening, and flexible enough to let go of pre-conceived assumptions. At the same time, you must remain confident, firm, and stay true to your vision and unique way of thinking.
• Rehearse your pitch and ensure that your slides bolster your verbal presentation. Never underestimate the power of first impressions for your audience. Begin with a bang.

Test your pitch out at SLINGSHOT 2019 – Asia’s most exciting deep tech startup competition!

Want to earn the chance to pitch to some of the world’s best and brightest? Check out SLINGSHOT 2019, Asia’s most exciting global deep tech startup pitching competition powered by Startup SG, organised by Enterprise Singapore. More than US$1 million in prizes are up for grabs!

Good news: the application deadline for SLINGSHOT 2019 has been extended to 12 July 2019! Don’t miss the chance to pitch your startup to more than 160 of the world’s biggest investors and corporates – apply here!

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The Dublin-headquartered company’s investment amount was not disclosed

Experian, a global consumer credit company, has invested an undisclosed amount in Grab’s latest financing round, making it Experian’s fourth investment in Asia, as reported by Business Times.

The investment also opens a partnership in which Experian and Grab will see the use of technology and data analytics to support Grab’s customised offerings for its users, such as improvement in access to loans for aspiring entrepreneurs in the region.

Experian Asia-Pacific chief executive Ben Elliott said that the partnership also seeks to “improve access to mobility-enabled solutions and financial services for underbanked South-east Asia consumers”.

“Our vision for the future of financial services is that it will be powered by technology and alternative data. We want to transform the way consumers and businesses seek out financial products and services,” Elliot added.

For its Series H round, Grab has said that it plans to raise US$6.5 billion. The round is expected to close by the end of this year and so far has collected more than US$4.5 billion in capital.

Also Read: Naspers unit PayU forays into Southeast Asia by acquiring Singapore startup Red Dot Payment

This year alone, Grab has secured US$1.46 billion from Masayoshi Son’s SoftBank Vision Fund and added another US$300 million from existing investor Invesco, a US-based investment manager.

Among Grab’s other investors in the Series H round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor.
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With the e-commerce industry heating up, how do you get users to turn into paying customers

Growth of any e-commerce business zeroes is largely dependent enticing the customers to make a purchase. It is as much about generating repeat business as it is about acquiring new customers. While e-businesses are gaining immense momentum with each passing day, getting users to buy from you can be difficult owing to the increase in competition. Cart abandonment is one of the biggest conversion woes for e-commerce websites.

Imagine the disappointment of having an “almost-converted” customer who added a product to their cart only to leave it behind. There are several reasons for this, as enlisted below:

However, it is not all doom and gloom, as you still have a chance to turn them into paying customers by reminding them of the products they have saved in the cart. The best way to recover the cart abandoners is through real-time web and mobile push notifications. These messages pop up on the user’s desktop or mobile screen and prompt the reader to take the next action.

10 strategies to increase the chances of a complete transaction

Having a user-friendly interface, informing the user about the total cost beforehand, offering multiple payment options, and a simple checkout process can help to reduce cart abandonment. You might have implemented SMS marketing and email marketing to communicate with the cart abandoners, but it cannot outperform the instant influence of push notifications.

So, how can you create push notification strategies to reduce cart abandonment?

1. Segment the users

At the outset itself, you should segment the users based on parameters such as:

• The device used (mobile, tablet or computer)
• Browser used (for web push notifications)
• Language of the device or browser
• Geographical location
• Frequency of purchase
• Past interaction of the prospect like products browsed, pages visited, resources downloaded, etc.

Also Read: Why business transformation is important in the digital age

Doing so will help you determine the loyal customers so that you can send them personalized discounts. This eventually leads to a higher engagement rate and more conversions.

2. Add a human touch to the automated push notifications

Batch and blast messages fail to appeal to the customers. According to a study, 31 per cent of consumers wish that their shopping experience was more personalized than it is at present. Therefore, you should draft tailormade push notifications that include the name of the customer and an image or images of the abandoned product. This will help the customer to connect with the message and recognize the brand. An engaging or punny headline will work as an icing on the cake.

Remember, that there is a real person at the other end of the notification who is looking forward to a memorable shopping experience.

Just like you can implement the nine-word template by Dean Jackson in the re-engagement email, you can do so even in the push notifications.

3. Time your push notifications right

It is recommended that you do not send a push notification as soon as the customer has abandoned the cart. This can, sometimes, annoy the users. On the other hand, the customer might make a purchase from the competing e-commerce player if you let too much time elapse after the cart abandonment.

Therefore, it is of paramount importance to send push notifications at the right time. Test and determine the minimum time that you should give the customer to come back. If they do not come back within the estimated time, you can remind them with a push notification.

4. Use the power of urgency

Often, your customers are merely building their wishlists by adding multiple items to the cart. They hope to come back to make the purchase later at a suitable time. Here’s where you can use the power of urgency. Send a push notification to inform the customers about a limited time availability or discount. For example: “The stock is running low. Hurry up.” or “Last 3 hours for the offer to end.”

This strategy creates a fear of missing out and entices them to complete the purchase before the offer slips out.

5. Request for the customer’s feedback and offer help

The cost might not be the sole factor that deters the customer from making a purchase. Technical glitches like website errors and payment failure can also lead to cart abandonment. In such cases, you can ask for the customer’s feedback and offer to help.

You can send a push notification with the contact details and phone number or link to the contact page. The error might have irked the customer, but the push notification can help you win their trust and make the purchase.

6. Incentivize the cart abandoners

Discount offers in a push notification can entice the customer to make the purchase. You can promote a limited time offer that would create a sense of urgency and prompt instant purchase.

For instance: You can send a push notification like “Use DISCOUNT25 to get extra 25% off on your cart.”

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

Just make sure that the users do not gamify the system and you do not end up attracting the discount shoppers or impeding the profit margin.

7. Create a series of push notifications

A series of push notifications works the best when it comes to recovering cart abandoners. As the first push message, send a simple reminder that lets the customer know that they have forgotten something in their cart.

The subsequent notification can encourage the customer to complete the purchase with a limited-time discount coupon. The last message will notify the user that the offer is expiring soon. Once the customer makes the purchase, close the push notification campaign.

8. Showcase testimonials from other customers to instill trust

Trust plays a significant role in getting customers to buy in e-commerce as it directly influences their buying intention and indirectly influences the perceived usefulness. Considering this fact, include testimonials or product reviews from other customers in the push notification. This will not only emphasize on the popularity of the product but also build confidence in the customer’s mind. It will ease anxiety and convince him or her to make the purchase.

9. Monitor the frequency of push notifications

Of course, the objective of the push notification strategy is to recover the cart abandoners. But you should not get too salesy. Too many push notifications can turn off the customers and force them to block the notifications or block the app.

Also Read: Honest e-commerce mistakes that piss customers off

In order to avoid this, evaluate your push notification strategy and its performance regularly. Make the necessary changes according to the metrics like view rate, click-through rate, and conversion rate to name a few.

10. Carry out A/B testing to validate what’s working

A/B test the headline, copy, images used, and timing of the push notification to ascertain what’s working and what isn’t. Also, test the push notifications before sending so that there are no grammatical or rendering errors.

Summing it up

To wrap up, target the cart abandoners with the right push notifications and relevant offers. Utilize a push notification platform to improve the cart recovery of your e-commerce website.

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

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

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Kredivo provides different options of payment methods and terms to help customers break large payments into monthly, affordable, and safer payments

Indonesia telco Telkomsel announced today that it has invested an undisclosed amount into fitech startup FinAccel (Kredivo), through its venture arm Telkomsel Mitra Inovasi (TMI), along with MDI Ventures.

Kredivo is a digital payment startup that provides different options of payment methods and terms to help customers break large payments into monthly, affordable, and safer payments.

The fintech company claims that it uses data science in credit-scoring algorithms, combined with more traditional measures such as credit history and income, to determine creditworthiness, unlocking access to credit to a whole new set of consumers.

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

Kredivo has also been supporting payment transaction for big players in e-commerce, such as Tokopedia, BukaLapak, Shopee, and digital cashier system Moka to build and offer a more online payment method for their customers.

“Our objective is not only to provide a more flexible and feasible payment solution for the young professionals but also to advance thousands of Indonesian retailers by providing alternative financial service that allows them to reach wider customer segment,” said CEO of TMI Andi Kristianto.

“Telkomsel’s investment into FinAccel (Kredivo) is a clear-cut win in the fact that both parties can go-to-market together, tapping into Telkomsel’s consumer network and providing them with value-added services,” said CEO of MDI Ventures Nicko Widjaja.

According tio Kredivo, as of now only less than 10 per cent of applicants apply successfully for credit products using traditional methods. Kredivo’s mission is to broaden access to capital, which it believes can help build up Southeast Asia’s already growing economies.

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Image credit: Kredivo

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Here’s how you can maximise the reach of your app

Mobile apps have become a very powerful platform for business and marketing nowadays. Mobile internet usage has beat the desktop internet usage back in 2016. So, it’s clear that advertisers can’t disregard anymore the power of marketing through mobile apps.

Not only it provides the advertisers a great chance to promote their products and services but it is also an opportunity for the app publishers to make money from their apps.

However, mobile app marketing might not be as easy as it sounds. There is a vast range of apps available in the market and the developers are working on new app monetizing ideas every day. Well, nothing to get that disappointed.

There are many strategies that can help you to monetize your app(s) even if they are free of cost and you can actually generate a significant amount of revenue by using them efficiently. Marketing apps through affiliate marketing is one of the most effectual of them.

In this article, we will see how marketing mobile apps through affiliate marketing can give you a boost in promoting your app. You can check the other effective strategies and different sales techniques of affiliate marketing to monetize your app on how free apps make money.

Why affiliate marketing?

After developing an app when you are quite confident about its performance and getting the vibe that people may like it as well, your first task is to let people know that your app does exist on the earth. And you need a strong marketing strategy for that purpose.

Of course, affiliate marketing is a potent way for the marketization of your app but there are other options too. So, let’s have a brief look at the other available method to marketize your app before going to affiliate marketing.

If you have no experience in marketing the first thing you can do is to hire a digital marketing company who are experts in mobile app marketing and they will set it for you. They will identify a potential market where advertising your app will draw a good amount of traffic in your app. But the main obstacle here for you can be the charge it will take. These services are highly expensive. And it will be gamble to spend so much before even knowing how much return it will make you.

Also Read: The essentials of mapping a customer journey across digital assets

You can go for paid advertisements and featured or promoted listings in app stores and that can help a lot to increase the visibility rate of your app. But this can also be excessively expensive, and neither does it secure the fact that it will reach your target audience.

A significant number of good app reviews can boost your app’s ranking but being a beginner you cannot manage to get so many of it. That indicates you have to go for paid reviews which are not only costly but also run the greater risk for your app to get blacklisted if you’re found to manipulating your app reviews.

Considering the above-described facts, marketing mobile apps through affiliate marketing seems the best option in hand. It’s probably the best cost-effective method of marketization as you pay here only when an action has been taken place for your app- a click, download or purchase. Also you here you don’t need to take the burden of advertising your app by yourself.

How affiliate marketing works:

Marketing mobile apps through affiliate marketing have gained outstanding importance nowadays. Mobile app affiliate schemes follow the basic structure similar to other affiliate marketing schemes. You need to sign up with the scheme and a commission structure will be set that you will have to pay based on the actions you receive in on your application for the affiliate marketing scheme.

Then you will send relevant links and marketing materials to your partners for them to use those for promoting your app. You can also offer incentives to your affiliate partners to build a stronger bond.

Affiliate marketing gives you the opportunity to pay only when an action has been taken for your app through affiliate marketing. If you don’t get any result you are free not to pay a cent and this incentivizes your partners aggressively advertise your app on several platforms. After an action (a click, sign up, install or a purchase) has been taken place then only you will pay your partners according to the commission structure.

Affiliate marketing networks for mobile apps

There are mobile app affiliate marketing portals which specialise in affiliate marketing for mobile apps only. In case you can’t find a dedicated mobile app affiliate marketing program there are several comprehensive multi-portal schemes to offer services.

Try to get one affiliate marketing scheme which is devoted to mobile app marketing and especially which has already worked with similar content and working on with the affiliated partners who advertise corresponding contents. That way you will get an idea of who will be best suited for your app.

It’s better to try the new affiliate programmes along with the established ones in marketing your app through Affiliate Marketing. As you will only pay if you get any good results via these.  You never know a newcomer in this field might work out for you the best.

How to get affiliates for your app’s promotion?

If you are a newbie in app developing and nobody knows your company then it’s hard to pursue good affiliate networks. If your approach is not convincing enough then affiliates might not like to work with you as they only get paid when there is a conversion. And if your app does not sell they will not get any profit out of it.

Also Read: Why we need to rethink how we measure SEO

So, you can make them take a chance on you by following these techniques.

1. Offer them a commission structure that seems very lucrative to them and they agree to invest their time and effort on your app.
2. Provide them with a large number of marketing materials such as links, promotions, and visuals to use them for your app.
3. Also, offer them tempting incentives with special deals and offers. At least until you get established.

Following these, you will get a good start in marketing your app through affiliate marketing.

It might take some time and a lot of effort to market your first app. People who are unfamiliar with the domain of marketing can find it a little tough to dig the soil in this field. That’s why marketing mobile apps through affiliate marketing can prove to be a great help to you. Spend some time, do some research and choose your affiliate partners wisely. It’s easy and very cost-effective.

So if you are planning to launch your first app don’t burden up yourself with the extra labor of marketing your app. Try marketing your app through affiliate marketing and save a lot of time and money. Also, share with us your idea of marketization your app by commenting on the comment section.

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

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

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

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

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

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

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

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

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

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

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

Dentsu Aegis Network acquires Ambient Digital Vietnam [DealStreetAsia]

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

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

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

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

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

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

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

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

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

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

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

 

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The Antler Singapore Demo Day introduces new startups operating in sectors such as fintech, consumer technology, telco, AI, crypto, and healthtech

Startup generator and early-stage VC ​Antler​ announced that it has invested US$2.4 million into its second group of companies originating from Singapore.

Antler said that its S​ingapore Demo Day  saw more than 500 investors, VCs, and people from the regional startup ecosystem attended the event. There were 3,000 applications, in which the program initially brought together 100 individuals from 22 countries. But only 40 founders made it into the next phase of the programme to get their company off the ground in three months.

The companies, Antler said, come from enterprise, telecommunications, fintech, consumer technology, and other sectors. They are:

Sama

A company that aims to reimagine the migrant workers recruitment process by starting with the construction industry. Their mission is to remove inefficiencies and barriers that stand in an individual’s way in pursuit of a better life by building a platform that matches workers with jobs overseas without the need to pay upfront fees to agents and other middlemen.

Eskwelabs

A platform that offers job-focussed training for in-demand skills. Eskwelabs combines the low-cost of online learning with the high engagement of offline training to produce job-ready students. Eskwelabs was launched with a data science bootcamps in the Philippines.

Base

A platform for personalised skincare regimen for the modern millennial Indonesian women, offering a fully digital direct-to-consumer (D2C) experience with high-quality products made from ​halal​ and vegan ingredients.

Hodlnaut

A platform that lets investors earn interest on their cryptocurrencies by lending it to margin traders, who would otherwise struggle to access crypto loans. This approach allows crypto holders to capture the untapped value of their portfolio while benefiting the margin traders simultaneously.

Soma Sketch

A platform that lets users journal and draw how their body feels, to help them understand and communicate their psychiatric symptoms better. The app will use patterns in their data to identify mental health risks and educate users on their physical aspects.

Zvook

A platform that matches brands with podcasts, enabling them to monetise through engine-based recommendation. The relevant results will enable brands to discover advertisement opportunities.

Also Read: Home caregiving services platform Homage adds two new senior hires

Airalo

A platform that aims to enable people to access more than a hundred eSIMs from around the world, with just a couple of taps from their phone.

Bubays

A platform that enables users to personalise their healthy baby food order based on their baby’s age and allergies. It also helps track the baby’s development.

Fast Science

A tech company that simplifies and summarises patents and research papers by leveraging on AI and machine learning to analyse, rank, and summarise the best scientific documents in a given field of research. It then matches the content with the user’s interest areas and pushes relevant content based on their watching behaviour.

Xanpool

An omni-channel solution to make the onboarding and offboarding infrastructure in crypto much more user-friendly, and resilient against single channel dependency.

Qashier

A point-of-sale (POS) solutions to help small merchants digitise their businesses. Its flagship product is the Qashier Smart Terminal– a connected, multi-purpose device that combines a POS software, payments hub, and an open platform for third party app integration at an affordable monthly subscription rate.

Journify

A personal coaching marketplace connecting millennials with a market of health coaches, nutritionists, and life and performance coaches.

Torre.ai

A democratisation of retail investor access to alternative investment opportunities, such as private equity and venture capital funds.

Also Read: Bruneian legacy planning startup Memori raises seed funding from Asian royals

Fiwi Market

An online wholesale marketplace that allows customers to freely return items within 60 days. Operating in the Philippines, they also help local makers expand the distribution of their business and get into multiple stores without having to cold call retailers again.

Mattrvest

A platform that enables millennials to plan, save, and spend in what matters to them by providing financial education and planning via a set of chatbots.

Maic

An AI productivity tool that enables construction sites to be more productive by synchronising staff and projects, task planning, real-time attendance tracking, and the correct management tools in place.

Ask Dee Dee 

A platform that combines telehealth, symptom diagnosis, and a health tracker to meet women’s sexual and mental health needs.

Since its first programme in Singapore in 2018, Antler has generated 44 new tech companies originating from Southeast Asia and the Nordics in a wide range of industries.

Antler’s approach is funding the founders from Day 1 and investing in them if they pass the evaluation of the Investment Committee after ten weeks.

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

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

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

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

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

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

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

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

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

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

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

7 standouts in III’s roster of 30 Taiwan startups

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

The seven startups are as follows:

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

What the participating startups think of the experience

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The service is free to use for consumers.

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

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

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

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

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

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