PayMongo Co-Founder and Board Chairman Luis Sia (R) with the other two Co-Founders Francis Plaza (M) and Jaime Hing
PayMongo receives demand to investigate board chairman
‘As concerned employees of the company, we are worried and disappointed that Luis Sia continues to be involved in the board of PayMongo’, an anonymous person claiming to be a PayMongo employee filed the complaint via email.
MUFG partners with Danamon to launch US$100M startup fund in Indonesia
The fund, MUFG Innovation Partners Garuda No. 1, will invest in Indonesian companies that are expected to have synergies with Danamon; Danamon was acquired by MUFG and MUFG Bank in April 2019.
Investments in SEA slam the brakes in January
Based on data from Tech in Asia, there were only 47 funding deals in January, totaling US$220M; This is down from the 53 deals worth US$840M recorded in December 2022.
Philippine VC firm Foxmont Capital closes US$21.3M Fund II
The investors are Pavilion Capital, AppWorks, and Netherlands-based Orient Growth; To date, Foxmont Capital has invested in 31 startups, including Kumu, edamama, Colourette, Ztock, and Peddlr.
PayPal to shed 2,000 jobs globally
This accounts for nearly 7% of the company’s total headcount; PayPal now joins the growing list of global tech giants announcing layoffs, including Amazon, Meta, and Alphabet.
Bangladeshi B2B e-commerce platform ShopUp bags US$30M debt financing
The funding consists of US$20M from Lendable and US$10M from The City Bank; ShopUp will use the funds for expansion, strengthening supply chain operations, and helping address the food waste problem in Bangladesh.
E-scooter rental startup WeMo nets US$15M for Thailand, Indonesia expansion
The investors include AppWorks and Taiwan National Development Fund; WeMo is partnering with governments, investors, businesses, and transportation providers throughout Southeast Asia.
Freight rate management platform Freightify raises US$12M Series A
The investors are Sequoia India, TMV, and Alteria Capital; Freightify provides white-labelled rate automation solutions to digitise freight forwarders’ rate procurement, rate management and quotation processes.
Gobi Superseed II Fund invests in Durioo+, Lapasar, Paywatch, pitchIN
Gobi Superseed II Fund targets early-stage tech-enabled Malaysian startups operating in AI, Big Data, cloud, e-commerce, fintech, IoT, and Halal economy.
Healthtech firm WhiteCoat grows revenue 3x US$7.7M in 2022
The Singaporean firm targets profitability in its home market by the end of the year; The firm also aims to reach profitability in Indonesia and Vietnam within four years.
Malaysian farmtech startup Secai Marche bags US$1.6M Series A
The investors are Agribusiness Investment & Consultation, Spiral Ventures, and Beyond Next Ventures; Secai Marche will use the new capital to develop its own demand forecast system and optimise truck routing.
Indonesian cybersecurity startup Peris.ai raises funding
The investors are East Ventures and Magic Fund; Peris.ai will use the money to build its cybersecurity platform, train AI/ML capabilities, and nurture the ethical hacker community.
Fund managers have their task cut out right now: Edward Tay
VCs have to relook at their portfolio companies’ valuations as part of the fiduciary role as a fund manager, says ex-Sistema Asia CEO; There’s been an increased tendency to focus on sustainability-related investments in 2023.
Balancing revenue, impact is social impact startups’ top challenge
SoundEye, The Posture Lab, and ACKTEC Technologies reveal the challenges that they are going through and how Sustainable Impact Accelerator can help them tackle them.
Be hungrier and bolder to explore a variety of industries: Sharina Khan of Thoughtworks
The Lead Consultant and Experience Designer at Thoughtworks talks about plunging into the risk of switching careers while juggling motherhood.
Web4, a vision of an intelligent, decentralised web
AI and the Symbiotic Web are key technologies that will drive the development of Web4; Web4 aims to provide a more secure and private web, where users have more control over their data and how it’s used.
How the metaverse and blockchain accelerate economic development
Blockchain technology serves as the foundation for the metaverse, as many applications within it run on blockchain systems.
Genesis bankruptcy: Luno Malaysia assures funds are safe
Luno is Genesis’ sister company and lending partner; In Nov 2022, Luno took steps to ensure its customers had access to their savings wallets after Genesis decided to suspend redemptions and loan origination temporarily.
Year of the rabbit: Leaping into a bumper year for digital payments
Where innovation grows, it is vital that regulation must follow, particularly in the payments industry where trust is of paramount importance.
3 success tips to help e-commerce businesses unlock online success
The full potential of the APAC region remains untapped, and there is a great opportunity for growth and funding in the e-commerce space.
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