Singapore investigating claims Muslim app developer sold user data to US military; The app, which tracks prayer times, has clocked 98.5M downloads by users across 200 countries; Recently, the app was reported to have sold granular location data to X-Mode, a US third-party data aggregator that sells its services to customers, which had included US defence contractors. ZDNet
Singapore fintech Sleek raises US$4M led by SEEDS Capital; Sleek provides cloud-based solutions, with AI-driven customer platforms and automation for entrepreneurs’ operating systems; Its services include company incorporation and on-going compliance management, digital accounting, and tax filing in Singapore and Hong Kong. DealStreetAsia
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Investors will shy away from startups that have no exit plans; Kiwis Aliwarga of UMG Idealab says it’s important that all shareholder agreements and data room are properly sorted in advance to ensure proper and responsible data display; The process of listing a company should be considered as a capital strategy to achieve the next business milestone. e27
First LGBT+ digital banking platform launches in US; Daylight, the new platform, said it has developed tools and content to help LGBT+ Americans reach specific financial goals such as saving money for surrogacy or gender transition surgery, and to make banking more inclusive. Malay Mail
Vietnam’s Cricket One seeks a place in the crowded alternative protein market for its cricket-made food products; The 500 Startups-backed startup processes 100M+ crickets a month and has shipped its cricket powder to 15+ countries around the world; In the edible insects market, Thailand, Canada and Europe are dominating. e27
Singapore e-commerce startup SourceSage closes US$2.23M funding; Lead investors are iGlobe Partners and Wavemaker Partners; SourceSage aims to empower enterprises and individuals with their own platforms to start, grow and scale their businesses online; Its platform has engaged more than 7K merchants from over 14 countries. DealStreetAsia
How entrepreneurs can turn their weakness into strength; Some entrepreneurs avoid their weaknesses because for them, it’s easier to pretend they don’t exist, and ignoring them may feel like the fastest, safest bet to make them go away; While this may work in some instances, it can be catastrophic, like not knowing how to manage your finances. e27
How will ASEAN fare in the post-pandemic global economy?; COVID-19’s economic hysteresis may spur ASEAN’s investment in sustainable infrastructure; The post-pandemic age presents a paradigm shift around its digital transformation and political tension between trade and protectionism. e27
500 Startups invests up to US$150K each in 9 Vietnamese firms via Saola Accelerator; The accelerator has hosted three batches, selecting a total of 17 startups that includes a mix of fintech, edtech and e-commerce businesses; Among the startups are Cricket One, Bizzi, CoolMate, TradingFoe. TechInAsia
How to craft a problem statement that VCs will love; As a startup, it’s important to understand who will be paying for your service — that is who your problem statement should be focused on, will the consumers be paying for the service with a fee for everything that they are buying, or will the merchants pay to be onboarded? e27
Malaysia’s MDEC launches DataKITA initiative; DataKITA is preparing the nation for a new world order of data, one driven by disruptive Fourth Industrial Revolution (4IR) technologies that necessitate business openness and digital evolution; Through the initiative, MDEC will collaborate closely with enterprises and stakeholders within the nation’s data economy. Open Gov
All indicators point to shift to digital payments in Philippines, says BSP; Some notable indicators in the country’s population include a high smartphone penetration (64%), high number of SIM users (159%), usage of the Internet (65%), and social media usage (67%); A BSP study in 2015 said only 1% of financial transactions in the country are digital; By 2019 however, the figure has risen ten-fold to 10%. NewsBytes
Digital transformation optimises productivity and reduce costs and time; Based on implementing digital transformation products and solutions for customers in Vietnam and globally, digital transformation could help businesses cut costs by up to 60% and even save up to 90% in time in some processes compared to pre-digitisation. Vietnam News
True Digital Park (TDP) launches new academy; It aims to boost digital skills among members of the public through cooperation with various global tech enterprises; Located in Bangkok’s Phra Khanong district, TDP is operated to serve as a tech and startup hub in ASEAN. Open Gov
Paving the way forward with 5G; Malaysia has set up a national digital infrastructure plan (Jendela) with the aim to equip all residents with access to quality broadband services; Jandela will be implemented in stages from 2021 to 2025 under the 12th Malaysia Plan with the hopes of making the delivery of 5G services a reality by 2022. The Star
Huawei says 5G set to become industry game-changer; Huawei deputy chairman Ken Hu says with Mbps speeds in the hundreds, industries that require real-time data processing and related operations will significantly benefit; It will include healthcare, ports, steel, power grids, mining, and manufacturing industries. NewsBytes
Why tech startups need to understand the importance of investing in insurance; Major types of insurance that are absolutely essential when for a financially secure tech business include Professional Indemnity Insurance, IT Liability Insurance, Cyber Insurance, and Management Liability/Director’s Liability Insurance. Tech Collective
Visa study finds untapped opportunity for smartphone payment terminals in APAC; Its ‘tap to phone’ feature enables sellers to accept Visa contactless payments directly on their own Android NFC-enabled smartphone; Majority (55%) of APAC consumers would likely use tap to phone payments. Myanmar Tech Press
APAC should tap women as engines of growth, says Singapore President; Advancing gender equality mean an extra S$4.5T (12%) of the collective annual GDP; This could also bring in an additional S$26B to Singapore’s annual GDP over the next 10 years. The Straits Times
How 7 industry-led coalition groups are preparing for Singapore’s post-COVID economy; Unlike past efforts, the seven Alliance for Action (AfAs) adopt a “startup” approach, in which they aim to take action and build prototypes quickly, while keeping an eye on opportunities in the longer-term; Some of their projects in the works are growing e-commerce, digitising supply chain, and Building the Little Green Dot. The Straits Times
Microsoft launches dedicated healthtech startup programme in India; India faces an increasing number of healthcare challenges with a lack of infrastructure, uneven doctor to patient ratio, and an increase in demand for healthcare services; The programme is designed to help startups scale with advanced technology and joint go-to-market support. Open Gov
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