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Singapore’s Travelstop officially expands to seven markets in Asia

Business travel startup Travelstop from Singapore is now available in Indonesia, Thailand, Hong Kong, Taiwan, Japan, South Korea, and Vietnam

Travelstop, business travel SaaS platform based in Singapore, has announced its expansion to seven Asian markets. Countries, where the AI-powered platform will be available, include Indonesia, Thailand, Hong Kong, Taiwan, Japan, South Korea, and Vietnam.

Travelstop was founded by ex-Expedia employees, approaching business and travel using SaaS platform that helps to simplify traveling in business by automating expense reporting.

Travelstop manages to find a niche in traveling by catering to the need of business traveling management, something that the company admits to being largely untouched in Asia although boasting a massive US$1 trillion annual global spend. Because of this, Travelstop’s success also lies in the adoption of its system by companies like RedDoorz, Funding Societies, S P Jain School of Global Management, and Dot Property during its beta launch last year.

Also Read: Malaysia’s cab-hailing startup EaziCar to raise US$73K via equity crowdfunding

In 2018, the startup raised seed funding and now the company follows through with the localised versions in each of the seven mentioned countries.

“Many companies in Asia have offices in multiple countries across the region. Our goal is to provide these users with the best possible experience in their local language, currency, and supporting the regional tax, reporting formats, payment options while ensuring that we offer the most relevant booking options,” said Prashant Kirtane, Travelstop’s co-founder and CEO.

With new features such as “Book for Others” feature, it aims to improve the productivity of travel managers to book travel for employees within a company, allowing for control on the business travel booking process or in countries where technology acceptance is generally lower.

Beside “Book for Others”, Travelstop also introduces “Business Travel Policies” to make sure business travel bookings that are outside of travel policies are automatically flagged during the booking process, allowing companies to improve overall compliance to things like budget and reduce costs.

In addition to the new features, Travelstop has added an iPhone-based app for business travel management on-the-go.

“Our goal is to make employees more productive; they no longer have to return from their business trips and spend hours dealing with the much-dreaded expense claims process,” said Altaf Dhamani, Travelstop’s co-founder and Chief Product Officer.

Also Read: Go-Jek acquires majority stake in Philippines’s blockchain fintech company Coins.ph

Since its launch in August 2018, the startup has raised US$1.2 million in funding from investors led by SeedPlus, a US-based venture capital firm, and travel industry veterans from Expedia and Yahoo!

The company claimed to have the largest selection of flights in the region, with over 800 carriers, including most regional and low-cost carriers.

Image Credit: Travelstop

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Micro-retail tech startup Warung Pintar secures US$27.5M in Series B funding

The oversubscribed round is joined by the Indonesian startup’s existing investors

Warung Pintar team posed with more than 3,000 Mitra and their family members at Pesta Rakyat Pintar.

Indonesia’s Warung Pintar, a micro-retail tech startup has announced today a Series B funding round totaling US$27.5 million.

Existing investors who participated include SMDV, Vertex, Pavilion Capital, LINE Ventures, Digital Garage, Agaeti, Triputra, Jerry Ng, and EV Growth. The new investor coming on board is OVO.

“Warung Pintar has significantly push mitra’s (term to call its partners) income up to 41 per cent. We will continue to strive in transforming micro-retail so they can have a more competitive advantage in the midst of the retail landscape and build a better economy for themselves,” said Co-Founder & CEO Warung Pintar, Agung Bezharie Hadinegoro.

Also Read: Vietnamese e-wallet service MoMo raises Series C funding led by Warburg Pincus

Empowering underserved population and building equal opportunities have been the recurring theme of Warung Pintar’s main mission, one that’s received a nod from Managing Partner of Vertex, Chua Kee Lock, “I believe Warung Pintar is well-positioned to accelerate SME digital adoption in Indonesia,” he added.

OVO, the newest investor in the company said that joining the funding aligns with OVO’s mission of financial inclusion. “This venture underlines OVO’s conviction to be part of Indonesian’s SMEs growth in the digital economy era,” said CEO Jason Thompson.

Jerry Ng, CEO of BTPN, added an important layer to the potential of Warung Pintar’s operation.

“From Warung shoppers, warung owners to investors, Warung Pintar understands its customers’ wants and needs, their socioeconomic, and cultural context. By engaging and bringing them into our growing digital ecosystem, the company is able to deliver both financial values and create meaningful impact for its customers,” said Ng.

Warung Pintar started off with only two kiosks on January 2018, and now has boasted more than 1,150 kiosks.

The strength of Warung Pintar -literally translated as “Smart Kiosks” – has been its community.

“One of the reasons all this growth are possible is because of the hard work from all Warung Pintar team -whom we called AnWar (Anak Warung) – translated to people who like hanging out in Warung. Currently, we have more than 200 AnWars (and growing), helping us in building a better economy for Indonesia. Together with Warung Pintar, they continuously leverage on the quality of technologies and services that Warung Pintar can offer,” said Hadinegoro.

Also Read: Artificial intelligence and the art of building presentations

Warung Pintar claimed to have 110 per cent of Social Return On Investment — which means every investment that Warung Pintar gives to each Mitra will improve their life quality in areas like the ability to afford children’s education and healthcare, socio-economic relationships among each other, and the skill of entrepreneurship by 110 per cent.

Last December, Warung Pintar officially extended the business opportunity to the people of Banyuwangi regency (East Java Province in Indonesia) and aims to grow to more than 5,000 kiosks at the end of 2019.

Image Credit: Warung Pintar

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From Kopi to a cool mil: Event marketplace Delegate raises US$1 million

Delegate plans to use the money to invest in its SaaS platform and overseas expansion

Delegate Co-founders Jaqueline Ye (Left) and Melissa Lou (Right)

The way Jacqueline Ye tells it, Delegate was born out of illicit Kopi dates. Ye was a woman who knew what she wanted. She wanted to start her own business and she wanted Melissa Lou as her Co-founder.

The Kopi must have been pretty good (or, more likely, Ye was just persistent). Three years later, the duo’s company is a growing events-based marketplace that boasts 70,000 users and 1,700 vendors.

“This is the most functional relationship the both of us have had in our lives. We basically have a child together, but there is no romance, so there is no incentive to want to stay together except for the business. A lot of the skills in managing relationships I’ve learned with my relationship with Mel. And vice versa,” said Ye in a conversation with e27.

Today, Delegate announced it has raised a US$1 million pre-Series A from an unnamed family office and Yang Bin Kwok, the former CTO of Zopim (one of Singapore’s most visible startup success stories).

The money will be used to expand into the US and Australia and improve its PRO SaaS product.

Also Read: Malaysia’s healthy snacks e-commerce Signature Market raises a Series A round from RHL Ventures

Delegate is a platform for people to find vendors who may be a good fit to manage their event — be it a big celebration like a funding party, or a special night to propose to a loved one. This, in turn, makes it a good place for vendors to advertise their services.

Delegate takes five per cent from every transaction and its freemium SaaS product, PRO, is a subscription service.

The goal of Delegate PRO is to help vendors manage their business online. It offers services like lead generation, customer relationship management (CRM) and a payments platform. Ye and Lou are also flirting with the idea of building a calendar and installment payment services.

They also try to incentivise customers with deals and preferential prices. For corporate clients, the company has a concierge service to manage the relationship with vendors.

Finally, Delegate is also dabbling with blockchain. Ye and Lou were very clear about not pursuing an ICO, but they do want to use the technology to improve the rating/review infrastructure for vendors.

“A big problem vendors have is that they have an issue with qualified leads and they get spammed a lot. [We want to] build something that could be embedded on any marketplace, a reputation and rating system,” said Lou.

The perk of the blockchain is the reviews are immutable, which would help quality companies see fair rewards for their good work.

Raising from family offices

One of the interesting quirks of this round is Delegate provides another data point on a notable trend: Startups are looking beyond venture capitalists to raise funds.

This may mean launching an ICO (a trend that is dying), raising from High Net Worth Individuals, pursuing corporates or looking for family offices.

Every startup is unique, and they have their own specific reasons for raising funds from whomever they chose. But it seems, in 2019, avenues that were once hyper risk-averse are now proving to be reasonable avenues for fundraising.

For example, Delegate had a strict hard-cap at US$1 million, which almost immediately eliminated a portion of the VC industry. They were less desperate to raise money, so the funding was never going to involve a pumped-up valuation or a large slice of equity.

“We didn’t need a big chunk of money, we needed less than what [VCs] would be willing to put in,” said Lou.

“We feel our product has reached enough maturity to need a sum of money to provide a good company structure. To hire the right expertise to grow and scale the product.” she said.

In 2019, it will be interesting to watch the source money for startups.

Looking ahead

The next big challenge for Delegate is expanding into the US and Australia. The team chose those countries because — in the event space — the markets are similar to Hong Kong and Singapore. Delegate recently ran a product-market-fit experiment and discovered it was receiving a lot of queries from Los Angeles and Austin, Texas.

Obviously accomplishing this goal will not be easy, but, when asked what they want to be telling e27 in a year, Ye blurted out “We made it in America!”. Then the burden of the tape recorder led to an awkward chuckle.

In reality, the long term goal of Delegate is to be a place for people to regularly visit. The issue with the events industry is that people really only use the services when it’s an important moment: be it a wedding, a corporate anniversary or a gigantic money-maker like Echelon.

Also Read: B2B eProcurement marketplace Dropee raises US$341K seed funding from Vynn Capital

Lou said she hopes Delegate becomes more of a “household brand” and that it will be a go-to place for smaller scale events like birthdays, house parties and even romantic moments with a loved one.

“I want Delegate to be a household name like AirBnB is for alternative accommodation,” she said.

Not bad for an idea born out of some illicit Kopi dates.

Siew Dai please.

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Artificial intelligence and the art of building presentations

AI tools can help you get the message across without breaking a sweat

We’re living in a time of unprecedented convenience. Today, automation has brought unparalleled ease to how we conduct our business and studies online.

Although the art of giving presentations has remained largely unchanged since the early incarnations of Microsoft PowerPoint hit our computers back in 1987, the likes of AI and machine learning have begun to make their marks on the industry — empowering us to build engaging content along the way.

Here, we take a look at exactly how AI is beginning to bring convenience to the art of building presentations.

Dedicated tools

Occasionally, creating the right presentation for your audience requires solving a difficult question about perspective.

The problem is that as the presenter, you’re too close to the content to know if it’s striking the right chord with your audience or if it just manages to miss the mark.

Luckily, AI doesn’t suffer from such crises, and one tool in Beautiful.ai works wonders in picking up the slack of setting users up with a well-formed, engagingly crafted presentation that features the right blend of carefully selected images and bullet points.

Beautiful.ai utilises AI to learn about the subject you’re discussing in your slides and sets about automatically crafting your presentation as you enter the raw data. This means that the tool will automatically select a fitting smart template that caters for the level of information you’re looking to convey, as well as tapping into an extensive library of stock photos and media to further compliment your creation.

As you add further information, Beautiful.ai adapts the presentation it’s building to suit the subject in real-time. As a result, you just have to concentrate on the points you’re trying to get across.

This highly intuitive AI-based tool can also work with existing pre-formatted templates, meaning that you can also build a presentation up by using a specific design as a starting point. Numerous platforms like PoweredTemplate can help you with the task.

Test tube templates

Beautiful isn’t the only AI-based program to bring users their own intuitive PowerPoint presentations.

There are plenty of systems located in the cloud that is capable of building beautiful presentations without the user even having to click a button.

Programs like Zuru and SlideBot are able to look at the raw information in existing slides and automatically populate them with images based on the keywords they find within the content. The tools can also apply design rules to format each slide, leaving you with a well-crafted presentation that’s been intelligently built from the bottom up without the need for user input.

The AI technology embedded in both Zuru and SlideBot is intuitive enough to understand the golden rules of prominently positioning images while minimising the text that surrounds them.

These tools can make for a significant benefit when it comes to keeping your content on-message. A recurring problem when it comes to creating presentations is the risk of deviating from the initial points that you’re trying to make. With Zuru and SlideBot’s use of supporting the keywords that they find, you have a tangible reference point to ensure that you don’t shoot your presentation off on a tangent – the tools also make for a significant time saver should the worst occur and you get tasked with building a PowerPoint with little-to-no notice.

Also read: How artificial intelligence is disrupting education

Adaptive learning

Arguably the largest benefit of AI and machine learning technology is its capacity to learn as it adapts to your presenting style.

AI’s fundamental role in this field is to compliment and bring convenience to the user. The more that a presentation’s creator tweaks the slides that an AI program has churned out, the more it learns for future reference.

Think of it as a more robust form of predictive text. With the support of a program that’s adaptive enough to learn from the shortcomings of its service, the more it will bridge the gaps in its understanding.

If you’re regularly tasked with creating slideshows, the AI will soon learn the formats that you prefer and the scale of images and text boxes that work for you also. Convenience is at the forefront of technology’s future, and the world of PowerPoint is no exception.

PowerPoint assistants

The use of AI can stretch way beyond the aesthetics of presentations, too. Towards the end of 2018, Microsoft launched a nifty new feature called ‘Ideas.’ Microsoft Ideas has been designed to act as an AI infused personal assistant to Office users, and has the power to review your PowerPoint presentations as part of its broad-reaching range of services.

Also read: 3 ways to to instantly establish trust during your investor presentation

At the click of a button, Ideas will be able to take a look at your slides and suggest subtle, or more significant, changes based on your design, content and grammar. Significantly, Ideas is also capable of reviewing your charts, and offering ‘ideas’ for making them look more readable or exciting.

Of course, it’s worth saying that AI assistants aren’t currently flawless when it comes to advising users on improvements to their work, but given the significance of getting large-scale presentations right first time, sometimes that extra pair of digital eyes can make all the difference between harnessing a captivated audience instead of a room full of clock-watchers.

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

Photo by Alex Litvin on Unsplash

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In the business of improving other businesses: Malaysia’s game-changers in the B2B spectrum

Malaysian startups Glueck, AVANA, and Finology offer unique products that have reshaped the B2B ballgame

MDEC Malaysia Glueck AVANA Finology

When it comes to tech innovations, the most popular and widely used products—hardware, software, or digital platforms—are those that are enjoyed largely by the general consumers.

We’ve seen everything from ride hailing apps, to social media networks, to smarter personal devices, but what we are often clueless about are products that exist to improve other businesses.

What transpires in the business-to-business ecosystem, however, is unique and quite revolutionary.

From cloud and aggregator-type marketing platforms, which collate and synthesize sophisticated finance data, to facial analysis systems that extract and curate consumer insights, to social commerce enablers that help sellers unify online transactions in one easy-to-use platform—tech startups catering to the business-to-business (B2B) ecosystem have upped the ante in the recent years.

We spoke to three top B2B-focussed tech startups in Malaysia to see the types of innovation they are spearheading, and how they are faring in the Malaysian digital ecosystem.

How Finology solves roadblocks in the finance sector

What started as a simple idea among the founding team in 2010 derived from the observation that information on banking products were lacking online, the team behind Finology decided to launch Loanstreet.com.my in 2012 as their first product.

At the time, Finology realised that banks needed support to help make the transition to a digital world and to market their services online. Loanstreet.com.my is a solution for Malaysians to compare and apply for housing loans.

This pioneer product is essentially a popular aggregator-type marketing platform for banks and insurers to market products online, and for consumers to discover, compare, apply for, or purchase them.

By 2015, Finology had expanded the parameters of their services with an end-to-end digital onboarding and instant loan approvals system called Loanplus: a cloud platform for property developers and real estate agents to pre-qualify their customers’ loan at the point of booking.

Having partnered with 18 banks, Loanplus provides single point loan eligibility checking among the partner banks in less than 10 minutes, and can even handle tracking of loan application status.

It doesn’t stop there. Under their consulting services, Finology also offers Fintech and Insurtech solutions through XpressCover™, a system that allows insurers to rapidly build, deploy, and widely distribute new insurance products with minimal programming interventions; and XpressLend™, an omni-channel loan originating system with instant approval capabilities for banks and alternate lenders.

“The team at Finology takes time to study the issues and challenges of both consumers and clients and have a strong R&D where they can prototype, test and pilot solutions,” said Pranjal Kamra, founder and CEO of Finology.

Kamra explained, “more recently, with increased industry knowledge, the company has been able to spot opportunities and gaps in the market where they can provide transformative solutions and showcase them to prospective partners.”

Currently, Finology has clients in Malaysia, Indonesia, and the Middle East.

Sci-fi flicks turned into a groundbreaking startup idea

Steven Spielberg’s 2002 sci-fi thriller Minority Report featured tech in the year 2054 that included a graphic processing unit (GPU) capable of processing and analysing images.

According to folks at Glueck, the Spielberg movie became one of their biggest inspirations for the facial analysis system they developed.

Named after Sheldon and Eleanor Glueck, developers of the “Social Prediction Tables”, Glueck Tech has stayed true to its inspirations with its sophisticated computer vision, artificial intelligence, and deep machine learning algorithms, which help measure people’s interests and responses to stimuli in real-time environments.

They realised early on that the global Out of Home (OOH) advertisement industry lacked a comprehensive “audience measurement tool,” and 60% of customers have not completed an intended purchase caused by poor customer service experience. This translates to an estimated $83 billion in lost sales for retailers.

Their solution is simple: using face demographics and facial recognition with emotion analysis to perform analytics and extract insights for Indoor Out of Home advertisements for media clients, and customer experience analytics for retail chains, malls, service centres, and banks.

“In the current market, the major players sell ‘rate cards’ promoting that their sites generate high amounts of viewership to derive higher revenue,” said Alberrt Alexander, co-founder and CEO of Glueck Tech.

“Our technology provides an accurate audit of people count, dwell time, demographics, and sentiments. By leveraging on our technology, they can derive increased and sustained competitive advantage in OOH advertising, prevent revenues from stagnating, and increase and optimise inventory space, among many others,” he said.

Helping sellers navigate through multiple platforms

A major hurdle faced by many online sellers using social media and chat platforms such as Facebook, Instagram, and WhatsApp is that it’s hard to keep track of all transactions transpiring across multiple channels at the same time.

This is especially true for Southeast Asia not only because of SME trends, but also because of buyer behaviour where purchases are often triggered in platforms frequented by potential customers.

To facilitate and make these transactions more seamless for both the buyer and the seller, AVANA has developed a platform for social commerce providing social sellers with an easy-to-use system to help them better manage their orders and inventory.

Also read: eCommerce: Revitalising conventional forms of trade in Malaysia

Essentially, their platform is a social commerce enabler which collates activity and transaction data for social sellers present in multiple social platforms so that they can manage their business in one unified interface.

AVANA is the brainchild of its two co-founders, Luqman Adris who was an aerospace engineer and self-taught programmer, and Soh Yien Yee who started an online community for online blogshops when she was still in university.

The two met while working together in a digital marketing agency, where they built enterprise software and managed social media campaigns for Malaysia’s major shopping malls.

At that time they realised that businesses of all sizes rely on social platforms but do not have enough insights to track ROIs. They also noted the rising number of small sellers using at least one social media channel for sales but who do not have the capital to invest in automation tools used by larger businesses.

“We traded stories and decided to do something about this by developing a cost-efficient platform using our combined experience of software development for e-commerce and social platforms,” said Soh, co-founder and CMO of AVANA.

How are these B2B game-changers able to fair in the Malaysian context?

Malaysia’s vibrant, dynamic economy owes much to its young, growing population. As such, its high rate of technology adoption among citizens vastly help businesses innovate.

For Glueck, starting up in Malaysia is strategic because of the plethora of incentives designed to help grow the digital economy.

“We were a recipient of a government grant in our early stages while MDEC on the other hand helped us gain exposure regionally in Southeast Asia ,” said Alexander.

Glueck—whose business has accommodated customers from as far as Thailand, Singapore, Indonesia, India, and Japan—credits Malaysia’s good support through business matching and market expansion programmes such as exhibitions, business trips and accelerator programmes. This has helped connect Glueck to various regional ecosystems.

On the other hand, Finology thinks that the startup ecosystem exists for those who have a steely determination to succeed. Malaysian tech entrepreneurs can get the support and resources that they need from both private and public institutions, but this needs absolute commitment and a rock-solid business model to acquire support and achieve ultimate success.

Also read: How Malaysia helps bolster the less glamourous side of tech

AVANA’s experience with starting out in Malaysia only differs from Glueck’s and Finology’s in that it is largely defined by the advent of technology from the consumer’s perspective. Since the idea behind their product was derived from social commerce, which is a manifestation of consumer behaviour, they credit much of their success to Malaysia’s adoption of the B2B market.

AVANA’s business operation has expanded to Indonesia and has provided solutions for customers in as far a Hong Kong and Taiwan. They believe Malaysia’s neutral market elements make it easier to scale regionally.

“The Malaysian startup ecosystem is definitely more robust compared to maybe 5 years ago, with more access to assistance, mentors, VCs and also peers from Malaysia and also within the region. It is the perfect place for you to start and experiment with a startup, since it has most of the market elements that you would usually encounter when you start elsewhere in Southeast Asia,” said Soh.

Where to go from here?

Glueck believes that there is still a lack of sufficient financial support for the Malaysian startup ecosystem. Without local support in financing and market expansion help, startups may find it difficult to sustain their businesses.

On the other hand, Finology believes that Malaysian entrepreneurs are more adaptive, with Malaysia having the potential to produce more world beaters — if we can improve our ability to develop and attract talent.

Despite this, all three startups are fairly optimistic. AVANA believes that Malaysia is now reaping the rewards of its efforts to help grow the startup ecosystem, seeing that we have gained a lot of great, innovative startups largely because of those efforts. More importantly, better government support can only mean more quality startups.

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Go-Jek acquires majority stake in Philippines’s blockchain fintech company Coins.ph

As per the partnership, Go-Jek unit Go-Pay will work with Coins.ph to enhance cashless payments and banking services in the Philippines


Indonesia’s on-demand transportation, payments and logistics giant, Go-Jek, has announced that it “is making a substantial acquisition of shares” of Philippines-based blockchain-powered fintech company Coins.ph.

The transaction details have not been disclosed.

The companies have also announced a partnership, under which Go-Jek’s payments platform Go-Pay and Coins.ph will work together to encourage cashless financial transactions in the Philippines by combining Go-Pay’s technological expertise, scalability and experience in Indonesia with ​the blockchain firm’s deep local knowledge.

​Ron Hose, Founder and CEO of Coins.ph, said​: “Coins.ph and Go-Jek share the same vision that has made each a success in their markets, empowering their customers by giving them lower-cost and more convenient access to services. Together we have a tremendous opportunity and by leveraging Go-Jek’s resources and expertise, we can give Filipinos even more convenience, choice, and access to the services they want.”

Also Read: Cryptocurrency usage will be mainstream — and seamless — in the future: Coins.ph founder Ron Hose

Hose and the extended team will continue in their existing roles, with no impact to customers.

Coins.ph enables anyone, including those without a bank account, to access financial services directly from their phone. Using Coins.ph, customers have access to a mobile wallet and services such as remittances, mobile air-time, bill payments, and online shopping at over 100,000 merchants. Coins.ph claims to have grown its customer base to over five million in under five years, processing over six million transactions per month (as of December 2018).

Go-Pay is the leading digital payment service in Indonesia, with partnership with 240,000 merchants across Indonesia, almost half of which are micro, small and medium enterprises (MSMEs). The firm has also partnered with 28 financial institutions in the country with whom it works closely to facilitate access for the unbanked to financial products and services.

Aldi Haryopratomo, CEO of Go-Pay​, said: “Consumer transaction behaviour in Indonesia and the Philippines share many similarities, and together with Coins.ph, we hope to have similar success in accelerating cashless payments in the Philippines.”

Go-Jek Founder and CEO Nadiem Makarim​, said: “With the second largest population and a strong domestic economy, the Philippines is one of the most exciting markets in Southeast Asia. Supporting the success of a local fintech entrepreneurial champion like Coins.ph, with a similar ambition to empower society through innovation and technology, has always been part of our passion for growth. Today’s announcement marks the start of our long-term commitment to the Philippines and a continuation of our mission to use technology to improve everyday lives and create a positive social impact.”

According to a WeAreSocial 2018 report, Southeast Asia has one of the highest rates of mobile connectivity in the world, with Indonesia and the Philippines boasting higher mobile user penetration and mobile connectivity than the worldwide average. And yet, according to data from Bangko Sentral ng Pilipinas, in 2017, ​77 per cent of the Filipino population were unbanked, 60 per cent of adult Filipinos still conducted payments through cash, and over 80 per cent used over the counter services to send and receive money. Digitising these payment and remittance services is a crucial step towards digital financial inclusion.

Photo by Jonas Leupe on Unsplash

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Despite reputation, Singaporeans don’t think it is easy to start a business in the city: Report

But when they do start companies, Singapore entrepreneurs have a firm understanding of the need to sell across borders

Singapore is consistently considered one of the best places in the world to do business. The World Economic Forum ranked the city-state as the third most competitive economy in the world, slightly behind Switzerland and the US.

However, according to a new report from Stripe, local companies may not necessarily be experiencing that reality. Only 40 per cent of Singaporeans told Stripe, “It is easy to start a business in my home country.” This despite it only taking 2.5 days to start a company in Singapore.

Japanese had the highest perception of starting a business in their country, at 77 per cent, but it takes 12.5 days to start a company in Japan. Hong Kong had both the fast time to start a business (1.5 days) and ranked second in perception of starting a company (57 per cent positive).

That being said, once Singapore companies do get their enterprise rolling, they are keenly aware of the need to sell their product/services beyond the city.

88 per cent of Singaporean companies cross borders to sell goods — which is tied for the world’s top-spot with Hong Kong. This makes sense considering the similar economic infrastructure of the two cities. They both are small-but-wealthy markets with a huge logistics industry that has transformed the island cities into international trading hubs.

This bodes well for building a culture of international commerce.

Other countries that ranked high were Japan, France, Italy and Spain.

Also Read: From Kopi to a cool mil: Event marketplace Delegate raises US$1 million

One interesting fact is that China ranks extremely high for an economy of its size (74 per cent of companies sell abroad). The US is much lower at 45 per cent.

This is important because, according to Stripe, companies that move fast to sell abroad grow more quickly (7x for slower companies compared to 9x for faster firms).

“There’s a logic behind the urge to expanding internationally quickly: it correlates with longterm economic success and productivity. Over the last five years, firms that expanded internationally during their first year grew 141 percentage points faster in revenue and 15 percentage points more quickly in headcount than the ones that were slower to reach international markets,” the report reads.

Also Read: Go-Jek invests in Philippines’s blockchain fintech company Coins.ph

Unfortunately, choppy trade waters have made globalisation more of a challenge for online companies. 42 per cent of respondents said doing business is getting harder these days.

In the conclusion of the report, Stripe notes that this burden falls largely on SMEs, who do not have the finances to pay for a legal team that could help them navigate increasing government restrictions.

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Today’s top tech news, Jan 18: India’s Dailyhunt raises US$3.5M

In addition to Dailyhunt, we also have updates from Delegate, Go-Jek, Coins.ph, and a scholarship programme for IT talents

dailyhunt_funding_news

Indian news aggregator Dailyhunt raises US$3.5 million – Dealstreet Asia

Indian regional language news aggregator platform Dailyhunt has raised INR24.61 crore (US$3.5 million) in Series E2 funding round, Dealstreet Asia reported.

Documents from intelligence platform Paper.VC named Omidyar Network, Sequoia Capital and the Renu Sehgal Trust as investors in the funding round.

Founded in 2007 by Virendra Gupta, the platform started out as an aggregator of news from newspapers. It also has a focus on aggregating and providing video content, as well as live television streaming.

Dailyhunt has raised INR36.9 crore in an earlier Series E2 funding round from LightVC.

Singapore’s Delegate raises US$1M pre-Series A funding round – e27

Singapore-based event management platform Delegate today announced that it has raised a US$1 million pre-Series A funding round from an undisclosed family office and former Zopim CTO Yang Bin Kwok.

The company planned to use the funding to support its expansion to the US and Australia as well as to improve its PRO SaaS product.

Delegate is a platform for users to find vendors to manage their events, from parties to marriage proposals.

Its PRO platform help vendors manage their business online through services such as lead generation, customer relations management (CRM), and payments.

Also Read: India’s DailyHunt raises US$25M from ByteDance, Sequoia and Matrix to aggregate content in local languages

Go-Jek invests in the Philippines’ Coins.ph – e27

Indonesian on-demand transportation, payments, and logistics giant Go-Jek today announced that it has made a “substantial” acquisition of Philippines-based blockchain-based fintech company Coins.ph.

Go-Jek also announced a partnership with Coins.ph to encourage greater cashless financial transactions in the Philippines by combining Go-Pay’s technological expertise, scalability and experience in Indonesia with ​the blockchain firm’s deep local knowledge.

Coins.ph Founder and CEO Ron Hose and his team will continue with their existing roles following the acquisition, with no impact to the platform’s users.

Indonesia to allocate US$7M for IT scholarship – KataData

The Indonesian government through the Ministry of Communications and Informatics is set to allocate IDR100 billion (US$7 million) of funds for an IT professional scholarship programme, KataData reported.

For the scholarship programme, the ministry will work with 28 private and public universities, 22 polytechnics, and five global tech companies.

The programme is being divided into four categories (“academies”): Freshgraduates, vocational schools, coding teachers, as well as online academies.

The programme aimed to solve Indonesia’s challenge in providing IT talents.

Image Credit: rawpixel on Unsplash

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What I learned about procrastination while scaling my startup to 4.2M users

A problem that can be detrimental to your business, yet is not often discussed

Photo by Nik Shuliahin on Unsplash

Cosy.

That’s how I felt.

Tucked beneath what may have been the world’s softest blanket.

I took a deep breath and rolled onto my side. It was a familiar moment — the moment when my 6 a.m. alarm clock sounded, after a night of tossing and turning.

The moment when my daily responsibilities had yet to beckon me. The moment when the clouds of my imagination felt more real than writing lines of code.

In a few minutes, I would answer the same question I had faced every weekday for the past year:

Should I stay in bed or should I work on my side business?

At the time, I was working as a programmer for an NYC media company.

Balancing a full-time job with the responsibilities of scaling my startup, JotForm, taught me a lot about myself.

Among other things, I learned that I was somewhat risk-averse.

The typical path of raising venture capital wasn’t appealing to me. Additionally, as someone who highly values personal freedom, I didn’t want to make myself beholden to anyone.

This meant two things:

  1. I had to prioritize profitability from day one.
  2. In order to experience consistent gains, I had to consistently beat my arch-nemesis: procrastination.

My biggest realisation? The reasons we avoid completing a task, at any given moment, are extremely personal. And commonly touted “productivity hacks” don’t always cut it.

I want to share my experience of overcoming procrastination while scaling a side project into a company that now employs more than 130 people.

But before diving in, it might be interesting to take a look at how two types of founders handle procrastination: VC-backed founders vs bootstrappers who build their startups without any outside funding.

Are bootstrappers more likely to procrastinate?

Bootstrappers like myself aren’t the only entrepreneurs who sometimes grapple with the snooze button.

However, VC-backed founders may have a slight psychological advantage when compared to their bootstrapping counterparts: The pressure that comes with taking someone else’s money.

But that’s not all.

VC-backed founders are motivated to “pay investors back” sooner rather than later for another reason: Once a company has grown accustomed to a certain level of spending, scaling back becomes next to impossible.

Should the company fail to gain traction within 12 to 18 months, it could very well become another failure statistic.

Thus, the VC-backed founder who doesn’t feel like sending out emails Monday morning has every incentive to do so.

Conversely, the bootstrapper must learn how to push through procrastination — without the motivating force of a ticking clock and a room full of unhappy investors.

I encountered this learning curve while building JotForm in 2006. It was my first year in business, and my bedroom served as the company headquarters.

While I loved what I was building — a user-friendly form builder to help organizations enhance productivity — the temptation to procrastinate sometimes got the best of me.

Whether it was the lull of my comfy bed or the laughter promised by a favourite TV show, my home office was riddled with distractions.

During this time, I read many books about entrepreneurship, productivity, and procrastination. Sometimes their advice worked for me, and other times it didn’t.

The real reasons we procrastinate


When I became especially curious about the topic of procrastination, I often wondered:

Why do we delay doing the tasks that get us closer to the things we say we want?

Through self-observation, one thing became clear: There was always a reason for my procrastination.

Whenever I noticed the urge to put something off, I tried to ask myself “why.” Surely enough, my mind always answered.

Once I had identified the real problem — that was causing the feeling of avoidance — I could develop an appropriate plan of action to reclaim my productivity.

As simple as it sounds, identifying the root problem is somewhat contrary to common advice. The internet is filled with articles that advise us to push through feelings of resistance.

Heidi Grant, a social psychologist, and Harvard Business Review contributor, echoes this sentiment:

“Somewhere along the way, we’ve all bought into the idea, without consciously realizing it, that to be motivated and effective we need to feel like we want to take action… I really don’t know why we believe this, because it is 100 per cent nonsense.”

Also Read: How I navigated the trials of building an early stage startup

While I completely agree and have often written about how organizational systems can enhance productivity, I believe something extremely important is often overlooked:

Productivity hacks are only effective when we know why we’re avoiding something in the first place.

Just do it” isn’t a sustainable solution for beating chronic procrastination. If we repeatedly find ourselves avoiding certain tasks, an underlying problem needs to be addressed.

Once we identify the real cause, we can search for the right productivity hacks and solutions to meet our needs.

Here are the most common reasons that I figured often lead us to procrastinate:

1. We feel like we’re not making progress

Think back to the last time you started a new project. You probably felt excited about executing that new marketing strategy, blog content idea, or programming stack.

Fast forward a couple of weeks, and you now find yourself approaching the same task with a twinge of discouragement.

Observe your procrastinating mind in action, and it’s probably saying something like: My hard work isn’t being rewarded; this isn’t fun.

Science says humans are intrinsically more motivated by instant gratification than delayed gratification. Considering that worthwhile projects are rarely built overnight, this tendency is annoyingly inconvenient. The solution?

Stanford University behavioural scientist and lecturer BJ Fogg recommends creating systematic behavioural changes that correspond with “small wins.”

In other words, create your own way to celebrate small milestones. According to Fogg, every task should be accompanied by “a trigger” — and the easier the action better.

Say you’re committed to writing content for your new website. You might make an agreement with yourself to write one paragraph after each time you use the restroom, and continue to follow this trigger throughout the day.

Once you’ve completed the task, Fogg urges you to celebrate in a predetermined manner. The celebration could be as simple as treating yourself to a piece of chewing gum or as active as taking a bike ride through a favourite part of town.

Treat the series of actions like a game:

Trigger → Task → Celebration.

Why does this work? Creating small wins provides an incentive to keep working toward the finish line. Eventually, the actions create a habit that may become enjoyable.

2. We’re not sure where to start

Another common reason for procrastination? Having so much to do that we’re not sure where to begin.

During the early days of building JotForm, I wasn’t always sure what to work on. With seemingly endless tasks begging for my attention, I often ended up “procrastinating” with low-value activities.

Based on my conversations with other founders, I know my experience was far from unique. A lack of organizational systems leads to unnecessary feelings of overwhelm, confusion and avoidance.

Here’s the key:

a) Acknowledge that it’s normal to feel uncertain when beginning something new.

b) Brainstorm with mentors, advisors, and friends how to best prioritize your time.

The more systems we put in place, the less we find ourselves procrastinating. I’m reminded of the importance of this each year when I visit my family. They own a small olive farm that runs like a well-oiled machine.

Everyone knows what needs to happen first, second and third when we harvest the fruit. With no room for guesswork, procrastination is virtually non-existent.

3. We’re afraid of failing

This is the unofficial mantra of Silicon Valley tech founders.

– Fail fast, fail often.

However, look beneath the surface, and a different image will emerge: ambitious entrepreneurs who are terrified of making a bad decision.

As one anonymous insider shared with management consultant and Forbes contributor Rob Asghar:

“Many people here do talk about embracing failure, but that’s usually just hype. Many of them fear any kind of failure, and the pressure to succeed is so intense that some new businesses instead find themselves looking for shortcuts.”

While some founders cope by taking shortcuts, others stall out due to perfectionism. The tendency shows up in the form of delayed launch dates, missed deadlines, and “productive procrastination.”

During the early days, it wasn’t uncommon for me to spend a ridiculous amount of time on tasks that didn’t really matter.

Meanwhile, I was missing out on opportunities to grow our customer base, forge business partnerships, and help even more organizations enhance their productivity with user-friendly forms.

Also Read: How to acquire your first 1,000 loyal users and get them to actively use your product

This was another reason I made the controversial decision to forego venture capital. I knew the pressure of a board looking over my shoulder would clash with my inner perfectionist.

Does that mean I never procrastinated for fear of failure? No — but I could be gentle with myself when it happened.

“It’s not necessarily the sky-high standards that slow you down, but the sky-high standards mixed with a belief that your performance is tied to your self-worth,” says Ellen Hendriksen, Boston University Psychologist. “That combination can grind you to a halt.”

Hendrickson recommends that we should consistently remind ourselves of the crucial difference between who we are and what we achieve.

Easier said than done, but it’s sound advice.

4. We dislike the task itself

Surprise, surprise — the most common reason for procrastination may actually be disliking the task at hand.

It’s no secret that building a business involves several moving parts. Understandably, everyone enjoys some tasks more than others.

One person may have an affinity for cold email campaigns, while another would rather play in traffic.

In such instances, HBR contributor Heidi Grant recommends using something she calls “if-then planning.” The process involves identifying the specific steps needed to complete a task and — most importantly — where and when you will do it.

For example: If it’s 11 a.m. then I will stop what I’m doing and cold email prospects.

Grant claims the process is different than relying on sheer willpower alone.

Personally, I find it more effective to ask targeted questions:

What could happen if I complete this task?

What could happen if I don’t complete this task?

What is my overarching vision? Why does it matter?

Once I reconnect with my goals and remind myself of the potential outcomes, I’m back on track. Obviously, there is no “right way” to deal with procrastination.

These are just some of the methods that have worked for me over the years. Everyone has unique personality quirks, internal motivations, and reasons for procrastinating.

Translation: The newest productivity hack everyone is raving about may not work for you. And that’s okay.

Identify your personal reasons for procrastinating, apply the best-suited advice and ignore the rest.

Oh, and do your best not to hit snooze — no matter how cosy your bed might feel.

This post first appeared on jotform.

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Photo by Nik Shuliahin on Unsplash

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Vietnamese e-wallet service MoMo raises Series C funding led by Warburg Pincus

MoMo wants to continue on investing in its technology, particularly in the use of AI, security, and big data

momo_funding_news

Vietnamese e-wallet and digital financial services platform MoMo announced on Wednesday, January 16, that it has raised a Series C funding round led by global private equity firm Warburg Pincus, wrote Vietnam Economic Times.

The company did not reveal the exact figures but a report by Dealstreet Asia puts the number at around US$100 million.

The company said that the new funding will provide it with “substantial resources” to expand its footprints and develop “millions” of payment points throughout Vietnam.

Also Read: Vietnam’s FastGo commences operation in Myanmar

It will continue to invest in technology, particularly in artificial intelligence (AI), security, and big data.

MoMo claimed to serve nearly 10 million users on its e-wallet platform; its transaction volumes has also grown more than three fold over 2018.

In addition to enabling customers to pay for purchases at various merchants, the MoMo platform also enables users to buy phone credits, send money, and pay bills.

Entering 2019, startups of various verticals in Vietnam have been announcing late-stage funding rounds.

This week, e-commerce site Leflair announced a US$7 million Series B funding round while fintech startup Tima announced its Series C effort.

Image Credit: Chang Duong on Unsplash

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