To get those juices flowing, relive last year with our 2018 video

Did you know the Pig was the last to arrive at the Jade Emperor’s party? This is why it is last in the Chinese Zodiac cycle. So as the Year of the Pig approaches, let’s learn from its mistake and get on top of things.

So, with that being said, IT IS ECHELON SEASON! We are hustling to ink speakers, brainstorming fun activities and organising the epic Echelon Roadshow.

This year, #Echelon2019 is a bit earlier, taking place in Singapore on May 23rd-24th. If you would like to stay up to date (and get early-bird deals) sign up here to be the first to be notified when we officially launch Echelon Asia Summit 2019.

In the meantime, why not get excited by reliving Echelon 2018 in the video above. Last year was a fantastic two-days but we can’t wait to blow your mind in 2019!

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Don’t like banks? Don’t use them. Here’s how

It might be an open door but nobody likes banks, no really, almost nobody does. Let’s evaluate if any of the current stakeholders are happy:

Shareholders: Most bank stocks haven’t really gone anywhere for a decade. Sure perhaps they recovered from the 2008 debacle but in many cases, share prices are just back where they left off in 2007. The point is the rest of the stock market (especially tech) did better so shareholders can’t be too thrilled.

Employees: I’ve yet to meet an employee who’s happy with his or her banking job outside a few high ranked people with fat bonuses. Most employees are pigeonholed working on things they don’t care about. Apathy is probably the 8 to 10 of the banks’ Net Promoter Score employee satisfaction survey.

Customers: Happiness with your bank is typically defined as “I haven’t had issues with them for months, so yeah they are fine”. Has anyone really been delighted with good service, new innovative products, things that actually make your life easier?

So if nobody likes them why are they still around, why do we still use them?  The reasons are pretty straightforward:

1. Monopolies and regulations: Banks operate in one of the most protected and regulated environments possible. Try starting a new bank, it’s really hard if not impossible. This obviously kills any form of innovation, customer service or productivity gains.
2. Until now there was no alternative: We were simply forced to use the existing banking infrastructure, how else could we transact and make payments?

But fret not, an alternative has finally arrived and for the first time, it’s possible to live life with minimal banking interaction. Granted, you’ll be hard-pressed to cut their tentacles entirely for now but with a bit of education, you can kick the habit by 90 per cent. Here’s how:

1. Move your cash into crypto assets;
2. Use those assets to pay for almost everything;
3. Start earning in crypto and never visit the bank again

Sounds too good to be true or too risky? It’s really not that hard to accomplish anymore and you’ll feel a sense of relief in the process, free yourself and take control of your own assets.

Move your cash into crypto assets

Simply use an exchange like Gemini, CoinHako or a Bitcoin ATM to convert your fiat into crypto. Bitcoin is a good entry point but if you don’t like the volatility simply convert to regulated stablecoins like GUSD or USDC or decentralized solutions like DAI.

These stablecoins are a relatively new phenomenon and for now you’ll be limited to the USD but other solutions (like EUR or even currency baskets) are in the works. This way you can hold crypto assets without dealing with the volatility.

Also Read: 10 ways blockchain can help overcome the biggest challenges in commercial leasing

The next step to becoming your own bank is to buy a hardware wallet which holds the private keys of your assets. It stores these keys locally on the device so nobody but you can ever gain access to them.

The underlying protocol of Bitcoin has never been hacked but the same cannot be said for exchanges: Not your keys not your Bitcoin is a well-known expression in the industry coined by Andreas Antonopoulos so do invest in your own hardware wallet such as Trezor. After that, you’re in full control 24/7 365 days a year and nobody can freeze your assets or delay payments.

Use those assets to pay for almost everything

But nobody accepts crypto I hear you say? True for now but that’s ok as there are intermediary solutions whereby you’ll never need a bank and can still pay at 95 per cent of places:

• Get a Visa card: Crypto.com or Revolut: Order one of their cards, refill it with Bitcoin and voila, you can pay anywhere that accepts Visa. Yes, this still relies on Visa but let’s go step by step.
• Get cash: Can’t pay with Visa? That’s ok too as there are more and more Bitcoin ATM’s around the world where you can easily withdraw cash from your Bitcoin holdings. In Singapore, you’ll find one in Plaza Singapura for example.
• Pay for services directly with crypto: Over time more and more businesses will start accepting crypto directly. Need to top up your phone, for example, try Bitrefill or book flights at CheapAir.com. Or as a merchant, you can work with PundiX for example.

Start earning in crypto and never visit the bank again

Eventually, you’ll get so used to using crypto you would not want to receive bank account payments anymore. So ask your employer or clients to pay you directly in crypto and close the loop. Especially if you’re receiving international wires because this is a guaranteed cost and headache saver.

Concerned you would get even less interest than in a bank account? Again quite the opposite, there are plenty of 3rd party services like Celcius or Compound that offer anywhere from 1 to 7 per cent on your crypto holdings.

While the above steps might not be practical for most people as of today it does show that for the first time we have an actual alternative to traditional banking. We’re still early in the crypto development cycle so things still come with a steep learning curve.

However, I vividly remember the early days of the internet and the parallels are striking.

In the 90’s sending emails, streaming music, or downloading movies was technically possible but cumbersome and slow.

Regardless, the promise of peer to peer transfer of information was too powerful and the technology improved, services emerged and density of adoption increased; traditional services from back then run on top of the internet today. Let’s not forget the largest listed companies today (Facebook, Amazon, Netflix, Google) did not exist and were unthinkable just 20 years ago.

It is the task of entrepreneurs in the crypto and blockchain industry to do the same thing again, but this time we’re targeting peer to peer transfer of assets. Established middlemen of today will be cut just like the internet did to Blockbuster, the music industry and phone companies.

The difference this time is that we’re going after much higher profile targets. So if you really don’t like banks educate yourself, join a movement that will revolutionise the financial space and make the world a better place.

—

Kenrick Drijkoningen is the Founding Partner of LuneX Ventures. He was also the former Head of Growth at Golden Gate Ventures.

You can follow Kenrick via LinkedIn and Twitter.

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

 

The post Here’s how cryptocurrency will eventually usurp traditional banking appeared first on e27.

The startups span multiple verticals including relatively nascent industries such as e-sports

Singapore-based startup generator and early-stage VC Antler has today officially unveiled the 13 startups of its inaugural batch at a demo day held at the Google Campus in Singapore.

These startups were first initiated into the programme in July last year and were the result of Antler’s intensive selection process (only 3 per cent of applicants are accepted) that brought in 62 founders from over 22 countries globally.

The companies span a broad range of industries including real estate, e-sports, marketplace, fashion, hiring, financial, robotics and automation, retail, lifestyle and more.

After five months of finding the right solution to build, finetuning their business model, and working with Antler’s global network of mentors, the startups finally took to the stage to present their products to a room of investors and entrepreneurs

Without further ado, here are the 13 startups that pitched:

COVE

Singapore-based startup COVE is building a home rental marketplace so renters can search for homes, book viewing appointments and secure their tenancy all on a single platform.

Another advantage it offers renters is flexible leases, which can be as short as just three months.

COVE also helps landlords to make their homes more attractive to potential tenants by furnishing these homes with stylish fittings, smart TVs, kitchenware and wifi.

The company said its service is compliant with government regulations set out by the Urban Redevelopment Authority (URA). It aims to manage 750 homes in Singapore by the end of this year.

AutoSahulat

AutoSahulat is a Pakistan-based auto repair marketplace. The company aims to make the auto repair industry more efficient by building a one-stop digital platform that aggregates a list of maintenance and repair service providers.

All necessary information on these providers is provided transparently so customers can compare between them and rate their services.

The company currently has 100 verified service providers on its platform. Besides just providing auto repairs, AutoSahulat wants to use its platform to create positive social impact  It on-boarded child rights organisation Search for Justice help to devise campaigns that will curb child labour challenges in Pakistan,

Although based in Pakistan, the AutoSahulat is incorporated in Singapore. It is seeking US$750,000 in funding.

Cognicept

The world is increasingly becoming reliant on robotics to power our industries, but these service machines are far from perfect and so they break down or encounter obstacles that often require human intervention.

This is where Cognicept steps in. The startup’s goal is to solve robot downtime issues by allowing a human pilot to take control anytime a robot faces an obstacle it cannot overcome on its own.

Also Read: This Indian startup has developed a robot that could automate manhole cleanup

The Cognicept platform issues a ticket to the user to alert them of an error when their robot encounters a problem, allowing them to take control of the robot and pilot it remotely until it is clear of the obstacle.

The company offers its platform as a subscription model, with its basic plan costing US$200 per month, which offers 150 minutes of robot error handling time.

Cognicept is currently contracted by robot provider Savioke to provide global robot error handling services. It also has Letter of Intent (LOI) from several companies such as Konica Minolta and Infinium Robotics.

The company is seeking a funding of US$900,000.

All Woman Co.

All Woman Co. believes that plus-sized women are underrepresented in the fashion industry, so it has developed a platform that helps them buy swimwear that fit their sizes.

It offers a mobile body scanning app and an online quiz that allows plus-sized women to obtain accurate clothes fitting measurements virtually.

The company said that it acquired around 3,500 customer on its platform before it even launched its first swimwear design and 70 non-paid brand ambassadors promoting the company.

EduCredit.Ph

In the Philippines, many tertiary-level students are forced to discontinue their education midway because of lack of finances. EduCredit.Ph was formed to tackle this problem.

The reason many such students can’t obtain the financing needed is because they do not have bank accounts. The only alternative options are informal lenders (or loan sharks) who charge exorbitant interest rates of up to 30 per cent monthly, or specialised lenders, like fintech services, that offer only short-term loans.

EduCredit offers students credit to pay off their school fees and controls the use of these funds by transferring them directly to the schools.

The service calculates how much money a student should receive by analysing their area of studies, the institution they are enrolled in, as well as their academic score. This allows them to gauge the student’s future income.

EduCredit.Ph charges an interest fee of 3 per cent monthly. The company also provides a payroll deduction scheme so students can find gainful employment first before paying off their debts.

Eureca

Eureca is an India-based startup that aims to not only reduce the time it takes to hire tech talent but also ensure that these applicants are of top calibre.

It provides a time-bound auction marketplace with a curated list of top candidates that are available for immediate interviews. Doing this allows the company to reduce the time-to-hire from 82 hours to 32 hours.

The company monetises by charging participants (the employers) a participation fee of between US$1,500 to US$5,000 and 8 to 10 per cent of the employee’s annual salary as a placement fee.

Currently, Eureca has six paying clients including OYO and rentmojo.  It plans to raise US$800,000.

Gardore

Gardore is a women-focussed fashion marketplace that sells business outfits. It offers more than 60 brands and shoppers can find the outfit that best matches their style via a variety of filters such as “career level”, “budget level”, and “dress code”.

The company also offers content on how to find the right outfit for business.

Also Read: The Billion Dollar Fund for Women launches with US$460M+ pledged

Beyond fashion, Gardore is working on offering adjacent categories such as makeup and travel luggage.

The company is currently seeking to raise US$1.5 million in funding.

Motoran

Buying used goods online is always a gamble. While the items may be cheaper, there may be times when you might encounter a dud.

The founder of Indonesia-based used motorcycle marketplace Motoran wants to build trust between sellers and buyers. Its platform provides motorcycle inspection and pricing analysis via its web and mobile app platform.

Motoran currently has partnerships with 144 used dealers as well as a motorcycle financing company called CS Finance. It also has Honda as a trade-in partner and has a partnership with an automotive workshop chain in Indonesia.

The company is planning to raise US$700,000.

Josudo

E-sports is a growing industry where professional players can expect to earn millions of dollars in prize money competing.

Josudo is a startup that believes it can groom the next generation of professional e-sports players using its online coaching platform. It offers 1:1 coaching and accompanying video curriculum via monthly subscription. These coaches offer lessons for popular online multiplayer games such as Fortnite and League of Legends.

The company also hosts amateur tournaments and leagues to beef up players’ skills.

The platform currently has 3132 sign-ups and 32 coaches. It is seeking to raise US$1 million in funding.

YoRipe

YoRipe brands itself as one-stop cooking and grocery assistant for people who want to prepare healthy meals at home.

Users can get personalised recipes on the platform by stating their taste preference, health
goals, mood, cooking skill and how much time they have.

YoRipe also curates deals and promotions from large supermarket chains such as FairPrice. It even allows users to upload receipts of the food items they purchase so it can estimate the shelf life of these items and remind users when their food is about to expire.

Robin

Spotting falsified data in resumes and CVs is not easy often involves a lot of manual work (such as cross-checking with universities on applicants’ qualifications). Robin is a startup that wants to streamline this process via data-driven qualitative insights.

Robin analyses a report using 70 data points to ensure the information on the resume is legitimate. It charges S$360 (US$266) for the screening of 10 candidates.

The company is currently seeking US$700,000 in funding.

Sampingan

Sampingan is a freelancer marketplace that caters to business-focused jobs. It connects companies with freelance agents who can perform partners and SME acquisitions, real-time data collection, and commission-based sales jobs.

The platform offers a job management system, agent training service, and a fraud screening process.

Within four months, Sampingan has onboarded more than 1,500 agents across 25 cities in Indonesia, who have collectively completed over 30,000 different tasks.

The company has also caught the Golden Gate Ventures, who provided an investment of US$500,000

Panya Studios

Panya Studios is game show developer that has developed a trivia-style quiz game which regularly rakes in 1.2 million views a week. But what it wants to do now is to offer a white label solution and SDK to clients who want to develop their own mobile game shows.

One selling point of Panya’s kit is that it allows for the development of interactive low latency game shows at broadcast scale — which means that these game shows would be able to attract a broader range of users, even those without fast internet connections.

Recently, the company raised US$730,000 from VCs including BigBets and Anton Gauffin, Antler, Investigate, 500 Tuk Tuks and 500 Vietnam.

Panya is currently looking to raise a Series A round.

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Image Credit: Antler

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The company that runs ride-hailing service Grab is being sued by a domain service company based in Singapore

GrabTaxi Holdings is reportedly facing a lawsuit over an alleged agreement that both GrabTaxi Holdings and a local firm had over the Indonesian Internet domain name of “grab.co.id”.

As reported by TODAY Online, the agreement is that GrabTaxi Holdings agreed to acquire the domain name for US$250,000 from 3 Corporate Services, a local company that offers business management consultancy services and manages web portals. However, the local company is now seeking losses and damages from GrabTaxi Holdings after it said that GrabTaxi Holdings refused to follow through with the agreement.

Also Read: E-scooter sharing Neuron Mobility enters Malaysia

In a released High Court documents, the civil suit was filed in July last year.

Niru & Co LLC, the legal team behind GrabTaxi Holdings argue that the 3 Corporate Services was engaged in cyber-squatting activities.

Cyber-squatting is known as the practice of registering names as Internet domains of well-known companies or brands looking to resell and profit from them. GrabTaxi Holdings said that the company purposely “squats” the “identical or confusingly similar name, trademark or service mark” belonging to Grab.

The chronology of the event dates back to July 2017, when GrabTaxi Holdings’ head of partnerships Shawn Heng allegedly got in touch about the unicorn’s interest in buying the domain name grab.co.id in a phone call with Mark Ho, a director and sole shareholder of 3 Corporate Services.

At that time, Ho allegedly told Heng that the firm did not register grab.co.id, but it could help transfer the domain name to GrabTaxi Holdings. The conversation then continued over WhatsApp, resulting in an alleged written agreement on July 22, 2017, that 3 Corporate Services was to procure the transfer of the domain name from Top 3 Media to GrabTaxi for US$250,000.

3 Corporate Services, represented by Selvam LLC, then was informed in September 2018 that GrabTaxi would not go through with the agreement.

GrabTaxi Holdings responded in its court filings that it did not accept 3 Corporate Services’ sale offer at all, as the offer was subject to certain pre-conditions, one of them is that 3 Corporate Services must own the domain name at the time the offer was accepted.

3 Corporate Services denied such requirement in the agreement.

To make matter even muddier, GrabTaxi Holdings is also accusing that 3 Corporate Services, along with Top 3 Media, to extort big companies and personalities for domain names that referred to these well-known entities.

Some names even emerged in GrabTaxi’s accusations, such as “Go-Jek.com.sg”, “Amywinehouse.com.sg”, “ToyotaHarrier.com.sg”, and “f1Auto.sg”, all denied by 3 Corporate Services.

Also Read: Naver Corp possibly takes part in Bukalapak’s potential fresh funding

3 Corporate Services claimed that Top 3 Media is in the business of branding, website design and digital marketing, and its Indonesian arm “Grab Indonesia” had been in operation since 2013 while Grab only branded itself as so in 2016.

The trial for the civil suit is scheduled in June this year.

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Terra will work with Ulaanbaatar administration to replace the payment method of utility bills and government subsidies with its stablecoin

Terra, a blockchain company building the next-generation payment system, today announced a partnership with Mongolia’s capital city of Ulaanbaatar, to launch instant money transfer and lending services.

Terra’s payment solution will first launch in Ulaanbaatar City’s Nalaikh District through a pilot programme, with plans to expand citywide. The programme is set to launch within the next six months.

Mongolia’s fintech market is still in its early stages, but has recently experienced a series of successful IPOs from local startups that display the market’s rising potential. As a reaction to this success, the Mongolian government has implemented progressive regulations that intend to facilitate the growth of startups and fintech, such as the Central Bank of Mongolia approving the launch of its first national digital currency license.

With the support of the government, Terra aims to simplify and secure the payment process with the click of a button, and provide other financial services such as fast and low-cost remittance and lending.

Also Read: What founders need to understand about fundraising from Angels

The partnership aims to reform the largely cash-based infrastructure of Mongolia by enabling more transparent and convenient digital payments. The pilot programme in Nalaikh City will launch with two main features: peer-to-peer (P2P) payments to allow instant transfer among users of different banks, and mobile payments to build the infrastructure for secure, contactless payments. As an immediate next step, Terra will work with local government to replace the payment method of utility bills and government subsidies with its stablecoin.

“Facilitating P2P and recurring utility payments with Terra are important first steps towards building a blockchain-based financial infrastructure in Mongolia,” said Daniel Shin, Co-founder of Terra. “From there, we will build out a wider range of financial services, reforming the remittance, loan, and overall banking industry.”

“We believe this pilot programme with Terra will reform how the people of Nalaikh City make everyday payments. It will contribute to the development and enrichment of the nation’s digital payment infrastructure, while creating a new online platform to easily share information and offering great opportunities to connect with our citizens through advanced technology,” said Radnaabazar Choijinsambuu, Governor, Nalaikh District of the Capital City.

A special task force made of key players from Terra, Nalaikh District, and XGround – a fintech company with a strong base in Mongolia – will oversee the initiative.

Founded by a team of business, finance and blockchain experts, Terra is designing a digital currency that it claims will power the next-generation payment network on the blockchain. It uses a dual-token model to fully collateralise its stablecoin Terra, with a decentralised asset and second token called Luna.

Terra has offices in Singapore and Korea.

Nalaikh City is located 36 km east from Capital City Ulaanbaatar and hosts a population of about 40,000. It is Mongolia’s first industrial hub, serving as the home to the first state coal mining company since 1922. Today, the industry is still developing rapidly, with the City supporting other growing sectors such as agriculture and the production of consumer goods.

In support of the Action Program of the Government of Mongolia for 2016-2020, which aims to revitalize the economy and promote growth, Nalaikh City is focusing on increasing internet accessibility and advancing financial inclusion for its citizens.

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Also, Hydra X partners with CEZEX; IMDA, Singtel and DBS’ collaborate to champion SMEs

The Asia Accelerator to announce its call for application this month [Press Release]

The only independent traditional startup accelerator program in Singapore, The Asia Accelerator, will launch a call for applications on January 15. The first cohorts will stand a chance to get SGD100,000 (US$74,000) of funding, free office space, a trip to Silicon Valley and credits from the accelerator’s notable partners such as AWS, Stripe, and Hubspot.

In a mass notes sent by the co-founders of The Asia Accelerator, the program mentions that there will be roadshow and visits to Singapore, Kuala Lumpur, Jakarta, Ho Chi Minh City, Bangkok, Manila, and Dhaka starting from January 15.

Keen startups can apply online at theasiaaccelerator.com/apply, which will remain open until February 15.

Also Read: Startup generator Antler unveils 13 startups at its first Demo Day

The Asia Accelerator highlights its founder-friendly funding terms in the note, and it also allows referral system for startups that want to recommend other startups (with commission of US$100 per referrals successfully landing in the top-10).

GrabTaxi sued over the domain name ‘grab.co.id’ [e27]

GrabTaxi Holdings, the company that carries ride-hailing unicorn Grab, is reportedly being sued by a 3 Corporate Services, a web portal service and local management consulting firm in Singapore. The dispute is over an Indonesian domain name of “grab.co.id”.

GrabTaxi Holdings allegedly failed to comply with the written agreement that says it will acquire the domain name for US$250,000. It is being sued for losses and damages.

The parties involved have both denied respective accusations toward one another, in which GrabTaxi Holdings said that 3 Corporate Services engaged in a cyber-squatting practice of acquiring well-known names for domain and resell it at what it’s called to be “extorting” prices for profit.

Meanwhile, 3 Corporate Services said that its Indonesian arm “Grab Indonesia” had been in operation since 2013 while Grab only branded itself as so in 2016.

The trial for the civil suit is scheduled in June this year.

Trading tech provider Hydra X partners with digital asset exchange CEZEX [Press Release]

Singapore-headquartered trading technology provider Hydra X announces that it has partnered with the Asia-based digital asset exchange, CEZEX. The collaboration aims to integrate CEZEX with Hydra X’s Sigma trading platform as a trading venue.

“As a licensed digital asset exchange, CEZEX is one of the first and leading venues in Asia to offer fully regulated and secure access to digital and securitised token offerings, so this partnership is strategic for both sides to become a primary aggregated marketplace for trading venues that connects digital and emerging asset classes,” said Daryl Low, CEO of Hydra X.

Hydra X provides technology such as distributed ledger technology (DLT) that provides mission-critical trading and settlement infrastructure for digital and traditional asset financial marketplaces. Sigma trading platform by Hydra X offers a suite of trading tools ranging from price formation to analytics while facilitating price discovery and asset transfers across multiple exchanges and brokers globally.

CEZEX is Asia’s fully regulated and licensed digital assets trading exchange for multiple asset classes, including currencies, securities, and derivatives. CEZEX is also a platform for listing security tokens.

IMDA, Singtel, and DBS band together to launch new platform supporting SMEs [Press Release]

The Infocomm Media Development Authority (IMDA), Singtel, and DBS announce the launch of 99 per cent SME e-commerce (99sme.sg), a platform that seeks to support Small and Medium Enterprises (SMEs) merchants in Singapore in easily adopting digital technologies and providing customers with omni-channel experiences.

With the new platform, SMEs can utilise the omni-channel and retail features to grow customer base using both offline and online presence. The platform also allows retailers to offer ‘last-mile’ delivery options to their online customers by allowing them to perform self- collection from the stores, which is critical for SMEs to upsell and cross-sell to online customers who walk into their stores and collect their merchandise.

Also Read: Meet the 4 Bruneian startups who impressed at Darussalam Enterprise Startup Bootcamp’s Singapore Demo Day

SME merchants can also use the platform’s business insights and reports to better understand sales performance of product categories and help them plan their product mix to optimise sales and inventory.

There is no charge for SMEs to list their products or services. as well as participating merchants.

Digiperform raises US$3.6M from India’s prominent media house [press release]

India’s leading news publication group, HT Media, has invested US$3.6 million in digital education Startup Digiperform.

The company will use the funds to build brand awareness and marketing in India and accelerate growth.

Launched in 2014, Digiperform offers short-term skill training courses for job seekers, working professionals and business owners for building digital skills. Headquartered in New Delhi, Digiperform has 36 training delivery centres in 14 states across India and 10 new centres in the pipeline.

“This investment will add momentum to our capital raising and supports our focus on marketing in order to accelerate brand awareness and presence across India,” said Digiperform’s CEO Manu Jolly. “We are focused to create highly skilled and efficient manpower to support digital economy in India by offering in-demand, job role-specific curriculum and training.”

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Paid-up capital is the total amount of capital that the owners or shareholders have put into funding the company

Forming a company in the Lion City is quite simple and straightforward, so long as you follow all the rules and regulations as stipulated by law. Whether you do it yourself or hire a company incorporation services in Singapore, you need to know all the requirements that must be accomplished when incorporating a company. One of which is the paid-up capital.

Here are some of the frequently asked questions (FAQs) about paid-up capital and its significance when undergoing a new company registration in Singapore.

What is Paid-up Capital?

Paid-up capital is the total amount of capital that the owners or shareholders have put into funding the company. This is the sum of money that shareholders have given in exchange for the shares they have purchased from the company. These funds are then used to finance the operation of the business.

What is the minimum amount of paid-up capital that is required to form a company in Singapore?

The minimum amount of paid-up capital that is required for new business registrations in Singapore is S$1.

Is there a required currency for paid-up capital?

Singapore law allows any legal currency to be used as paid-up capital.

When should the paid-up capital be paid?

The paid-up capital is required to be settled immediately upon company incorporation. The funds should be deposited into a corporate bank account.

Can a shareholder withdraw his share of the paid-up capital?

A shareholder is not allowed to withdraw his share or any amount from the paid-up capital. Once this has been given for a new business registration in Singapore, the paid-up capital belongs to the company and must be used for its business needs.

Is there a lock-up period for the paid-up capital?

No, there is no lock-up period. Once money has been injected into the company as paid-up capital, it can be utilised anytime but solely for business purposes.

Can paid-up capital be increased?

When paid-up capital is increased, this is in the form of new shares. Paid-up capital may be increased through accepting new shareholders to buy shares from the company or through existing shareholders who may increase their original shares.

Is there a process that should be followed when increasing paid-up capital?

The paid-up capital may be increased at a later date following this procedure:

1. The required capital must first be deposited into a corporate bank account. A copy of the bank statement showing proof of capital injection must be sent to the company incorporation services in Singapore that you hired to help you with company formation.

2. Once the bank statement has been received, the company formation firm may ask you to produce the following documents:

• Ordinary Resolution showing authority to issue shares
• Resolution from directors detailing allotment of shares
• Extraordinary General Meeting
• Letter to be issued to the company secretary
• Application of shares

These documents will then be filed with corporate authorities (Company Registrar) to update the paid-up capital of the company.

What are the requirements for paid-up capital when incorporating a company in Singapore?

Paid-up capital requirements for new company registrations include the following:

• A minimum paid-up capital of S$50,000 for those applying for a relocation visa (Entrepreneur Pass or EntrePass)
• There is no required paid-up capital for those applying for a relocation visa in the form of an Employment Pass or EP
• For those setting up a regulated business, which includes companies such as a travel agency or a recruitment agency, the paid-up capital will depend on the licencing requirements

Keeping this information in mind can help new entrepreneurs efficiently handle their paid-up capital requirements when undergoing business registration in Singapore. To make the process easier, however, business owners can hire a company incorporation services in Singapore to help them with handling such requirements with efficiency.

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Hailing from industries such as F&B, agriculture, technology, healthcare and cosmetics, these startups were mentored by seasoned entrepreneurs and subject matter experts

Brunei’s fledgling startup ecosystem has been burgeoning with vibrant activity over the past month — with the successful completion of nationwide hackathon Brunei Hacks 2018 and the announcement of the largest seed round raised by a local startup – and momentum doesn’t seem to be slowing down as we head into 2019.

4 Bruneian startups were flown in to Singapore for a demo day to pitch to a group of regional investors. Held at SPECTRUM Global, this event was a culmination of the fourth cycle of Darussalam Enterprise (DARe) 100-day Startup Bootcamp. Golden Equator Consulting (GECo) facilitated the programme to help equip Bruneian startups with the core skill sets needed to maximise their growth potential and achieve long-term sustainability of their business. Hailing from industries such as food & beverages, agriculture, technology, healthcare and cosmetics, these startups were mentored by seasoned entrepreneurs and subject matter experts who shared relevant industry expertise and experience.

Here are the 4 startups that pitched:

1. Rotuku.com

An online Halal-certified products marketplace that offers a product development programme to Nano and Micro SMEs helping them achieve market access competitively.

2. Essentials.ai

An insurance technology service that aims to close the technology gap in Asia’s insurance industry starting with an AI-driven chatbot service that can communicate effectively with the digitally-savvy population.

Also read: This accelerator programme wants to help Southeast Asia tap into the potential of Brunei

3. Memori

All-in-one legacy planning platform that aims to enable the everyday person to manage every aspect of their legacy including creating secure wills, insurance policies, memorial services as well as social media and email passwords.

4. Bowlus

A platform that connects bowlers and bowling centres worldwide, with a mission to provide a brand new bowling experience through big data and gamification.

In his welcome address, Daniel Leong, Deputy CEO at DARe, shared that while fundraising would be a bonus, it was more important for the startups pitching to get regional exposure and build up their network here in Singapore, showing that a small country can have big ideas, big dreams and the ability to deliver it.

Echoing this sentiment was Adam Flinter, Managing Partner of Golden Equator Consulting, who said, “Beyond equipping these startups with foundational business sustainability knowledge and expansion strategies, our role is also to connect emerging startup economies like Brunei with the regional startup ecosystems, so that their innovative businesses can have the right access to networks and opportunities that can help them speed-grow their business and strengthen their presence in the region and beyond.”

The trip to Singapore definitely proved to be a fruitful one, as all 4 startups really impressed in their pitches. Ambar Machfoedy, Managing Partner at Rekanext Capital Partners, summed it up nicely for the panel of investors in attendance, “I didn’t know what to expect at first when knowing I’d be hearing pitches from Bruneian startups, but I was very impressed with the pitches. A number of them have unique ideas or approaches for addressing problems that consumers and business face, and I say that from the perspective of someone who has looked at numerous ventures from the region. It’s refreshing that the Brunei startups are looking at heretofore untapped opportunities like will-writing services and insurtech – I’m looking forward to having deeper conversations with these startups down the line!”

ICYMI, you can relive the demo day via DARe’s Facebook live broadcast.

Peering into Brunei’s Startup Ecosystem

Brunei Darussalam is strategically located on the north coast of Borneo in ASEAN, and enjoys a healthy economy and political stability largely attributed to its oil and gas economy. To diversify away from heavy reliance on the latter, the Bruneian Government introduced the Wawasan Brunei 2035, which aims to actively develop key sectors such as Halal, Tourism, as well as Innovative and Creative Technologies.

At the heart of this strategy was the establishment of DARe in 2016, as the national agency to nurture an entrepreneurship culture and equip Brunei’s MSMEs with the core skills to compete on the world stage. Through it’s 100-day Startup Bootcamp, participating would be guided through the full startup journey through workshops, mentorship and opportunities for market access within ASEAN.

Also read: Brunei’s legacy planning startup Memori raises US$100K funding

Javed Ahmad, CEO of Darussalam Enterprise, shared that, “Equipping early-stage startups with the skills to accelerate growth, stress-test their business ideas, and gain international exposure are crucial in today’s globalised economy. This is an important step forward in achieving the Brunei Vision 2035’s goal in raising the standards of our talent pool to develop a dynamic, diversified, and sustainable economy to compete on the world stage.”

Progress since then has been evident, as the Global Entrepreneurship Index in 2018 ranked the nation 5th in the region entrepreneurship environment, just behind South Korea, Singapore, Japan and China.

About Golden Equator Consulting (GECo)

A digitally-focused business consulting firm that helps companies with strategy, transformation, and growth. We combine real-world business experience, the Golden Equator Consulting “core” methodology and deep professional networks to provide expertise across multiple verticals, including digital transformation, consulting, market entry strategies, marketing, and web development.

Golden Equator Consulting is part of Golden Equator, a group of companies based in Singapore: Golden Equator Capital is a fund management company; Golden Equator Wealth is a multi-family office; Golden Equator Consulting provides digital and tech-focused business consultancy services with expertise in Asia; SPECTRUM is a curated technology and innovation business club; and Asia Finance is a Fintech solution platform. For more information, please visit: https://www.goldenequatorconsulting.com/

About Darussalam Enterprise (DARe)

DARe is a statutory body that looks to nurture and support local enterprises with the aim to foster their growth in order to enable them to contribute to the country’s GDP. DARe develops local enterprises by assisting in capacity building, facilitating access to funding, access to international markets as well as providing industrial spaces for SMEs to grow, business support services, and promotional services. For more information, please visit: http://www.dare.gov.bn

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The post Meet the 4 Bruneian startups who impressed at Darussalam Enterprise Startup Bootcamp’s Singapore Demo Day appeared first on e27.

Indonesia’s online marketplace Bukalapak has just celebrated its ninth birthday

Celebrated its ninth birthday last night, a source revealed to DailySocial that Bukalapak is going to announce its newest funding in which the company behind South Korean LINE, Naver Corp participates.

The information is also confirmed by other sources from Kumparan. However, Bukalapak’s founder and CEO Achmad Zaky refused to comment during the birthday celebration’s press conference.

Also Read: Tokopedia appoints former Indonesia Finance Minister as its President Commissioner

In the press conference, Bukalapak revealed the company will allocate IDR 1 billion (US$ ) to develop its program called Mitra Bukalapak or Bukalapak’s Partners.

There’s no further details on the possible funding.

Recently, as one of unicorns in Indonesia, Bukalapak has been focussed on allocating budget towards its R&D center. Bukalapak believes that further innovation will drive more businesses.
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The post Naver Corp possibly takes part in Bukalapak’s potential fresh funding appeared first on e27.

While the quality of startups and entrepreneurs have been increasing over the years, there are still many common mistakes and areas that entrepreneurs should take note of when pitching to angels

At AngelCentral, our Partners, who have all been active angel investors for many years, meet close to 500 startups annually. As such, they have met a diverse group of founders with extremely different backgrounds and personalities, and been pitched a wide range of business ideas and opportunities. While we believe that the quality of startups and entrepreneurs have been increasing over the years, there are still many common mistakes and areas that entrepreneurs should take note of when pitching to angels. Here are some important things we believe that founders should understand before approaching an angel investor:

You are the most important part of the pitch

During the many investor meetings I have sat in, many founders like to go straight into pitching their business. Yes, while many founders get it right by sharing important areas of focus such as their product, market opportunity, traction and the like, they usually skim or worse yet, miss out on the most important thing that many angels focus on: the founders themselves.

When evaluating an investment opportunity, most angels like to make sure they are extremely confident that the founder(s) is the right person to make the idea work. Of course, many founders will share about their past study and work experiences, skillsets and abilities, projects they have worked on, etc. However, it is also useful for investors to know the entrepreneurs’ vision not only for the business, but as an individual. This includes sharing about their values, mission, and goals in life.

A couple of months back, I joined an office visit meant for angels who have already committed to investing in the startup. During the Q&A session, an angel asked the founder her reasons for doing the startup in the first place. The founder spent about 10 minutes giving a spirited sharing about how succeeding in the startup would help to achieve her goals, dreams, and her mission in life. Everyone present could sense the passion and excitement from the founder when doing so, and not only did it solidify many of the angels’ commitments, a couple of investors even decided to increase their investment sums after hearing that sharing.

Also read: The angel investor’s cheat sheet to successful portfolio building

This is not to say that you need to share every personal detail of your life, but a crucial part of any pitch towards investors. is you should always give reasons for angels to invest in you as a person, and not just the business.

Investor rejection is going to happen; Make full use of it

No matter how much research you have done for your financials, preparations you have made for the most effective deck, and number of rehearsals to perfect your pitch, there will always be investors who reject you. This is completely normal. There could be a thousand reasons why an investor says no, and not one of them could have been within your control. It could be that your business does not fit into their investment thesis, they have already invested in a similar business, or they have maxed out their portfolio allocation for the year. Of course, it might be because they do not believe in your idea or business.

Don’t be disheartened. It is normal. Some of the biggest names in the US’ startup world such as Mark Cuban, Chris Sacca, and Bill Gurley, missed out investing in companies such as Uber, Airbnb, and Google. Yet, they are still considered as some of the most successful investors of all time! If even the most renowned investors can miss out on such opportunities, it means that being rejected by any angel would mean that your idea is bound to fail.

Thus, instead of taking it personally or feeling down that your investment pitch was rejected, you can make full use of it by asking for three simple things. Firstly, you can ask why they rejected you in the first place. Some founders, having been rejected by potential investors, decide not to communicate with them anymore. Instead, you could use it as a huge learning opportunity by finding out why your pitch was rejected in the first place. This can help you improve and increase your chances of getting an investment in future pitches.

Secondly, ask whether you can periodically provide updates to the investor about your startup. While investors do not invest in you in this round, they could always do so in subsequent rounds. Also, by providing periodic updates, investors will constantly be kept aware of your progress.

Lastly, ask for potential referrals. Even if one investor decides not to invest in you, it does not mean that he/she believes you might be right for someone else instead. It is usually ok to ask if the investor can make a warm introduction to another potential investor who could have a greater level of interest in your startup instead.

Also read: 6 bad angel investor practices that will sabotage a startup’s success

Focus on securing a (reputable) lead investor

From my experience, most angels in the region generally prefer to invest only after the startup already has a VC or super angel leading the round already. This could be due to the variety of reasons, perhaps that angels here are more risk adverse, or trusting that the lead investor would have made an extensive amount of due diligence and evaluation and thus trusting his/her judgment, etc. Either way, if you have secured a reputable VC or super angel to lead the round, it usually becomes easier to secure the commitments from other investors.

Do note that the key word here is reputable. You would generally want a lead investor that has a good reputation among the ecosystem. He/she must have had some experience in investing in or leading previous deals, be known for being both founder and investor friendly, whether that involves being responsive, helpful, participating actively, or issuing fair terms for both parties.

By securing a good lead, fellow angels will actually be a lot more confident in investing in your startup and it is likely you will gain a lot more interest than before, as it signals credibility that a reputable investor would want to lead your fundraising round. It will help you to secure investment commitments from fellow investors a lot easier.

A great product does not mean it is a good investment opportunity

When speaking founders, one thing I found is that many startups tend to focus on how great their product is, or the number of partnerships or customers the businesses have secured as a proof of its validation. While all these info is great, it does not necessarily translate to a good investment opportunity. This is because other areas such as, the projected financials (incl. sales) of the business, along with the target valuation of the company at that fundraising round, are usually important factors for angels to consider when deciding to invest or not. There are many times where the startup’s solution is solid and there is actual validation from the market,  that angels still decide to pass on the opportunity because the valuation just does not make sense from their POV.

Thus, it is important for angels to highlight the company’s projected financials for the next 3-10 years, and how it will bring about a positive ROI for the angels. Yes, while it is true that many angels do not just do it for the money, it is important to show that you as a founder, have thought of a clear path on how your angels can profit in the long run by investing in you as well.

Conclusion

Through this piece, I hope that founders will have a better idea of some things they need to look out for when fundraising, and help create a better experience not only for themselves, but for investors as well.

As part of what we do in AngelCentral is to create a smooth fundraising process for startups when pitching to angels, do check us out if you are a founder looking to fundraise, or an individual who wants to find out more how to become an effective and competent angel investor.

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Photo by Eugenia Vysochyna on Unsplash

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