M17 Entertainment secures US$26.5M for expansion
Taipei-based live technology and entertainment content company M17 entertainment limited has announced US$26.5 million in Series D funding from Vertex Growth, Stonebridge Korea Unicorn Venture Fund, Innoven Capital Singapore, Kaga Electronics, and ASE Global Group, according to PRNewswire.
The new money will be used for growth in Japan as well as expansion into markets such as the US and the Middle East.
Established in 2015, M17 currently has offices in Taiwan, Singapore, Hong Kong, Japan, South Korea, Malaysia, and the US, and employs around 500 people worldwide.
“M17 provides a virtual stage for performers to explore what is possible both artistically and financially by allowing them to showcase their talent and interact directly with fans everywhere in real-time. This new funding allows us to continue our mission of empowering artists around the world, through our online live streaming and social commerce platforms,” said Joseph Phua, CEO of M17.
Lazada, Alumak partner to provide merchants with working capital during the lockdown
Singaporean e-commerce company Lazada has announced a partnership with Jakarta-based fintech startup Alumak to provide working capital to online merchants affected by COVID-19, according to a company statement.
The focus of this initiative is to help sellers keep their businesses afloat and empower them during the lockdown.
A loan of up to US$5,000 will be provided to business owners, who sign up via Alumak’s website. Upon approval of the application, capital can be directly drawn down.
This initiative will be open to online sellers who have been in operation for at least six months on Lazada.
“During times like this, we are focusing our efforts to support the economy through our sellers. The cooperation with fintech companies like Alumak enables our sellers to get access to funding and keep their business going. Hopefully, with empowered sellers, we will be able to help the Indonesian economy bounce back faster as SMEs and e-commerce sellers are the foundation of the economy,” said Haikal Bekti Anggoro, Vice President of Traffic Operations at Lazada.
gojek partners with Pluang to allow users to trade in gold
Indonesian ride-hailing super app gojek has launched an online investment product called GoInvestasi, according to KrASIA.
Through GoInvestasi, users can trade in gold without much effort. It claims to offer gold with “the lowest fees and highest returns”, and has already been certified by the Indonesian Ulema Council (MUI).
Tokopedia and Bukalapak have also launched gold investment products respectively in the past.
Indonesia’s competitive and active domestic market for gold has made it one of the most popular investments, mainly since many locals see it as a type of savings, rather than investment.
Carousell brings in former Redmart executive as its new Vice President of Growth
Singapore-based C2C marketplace Carousell has appointed former Redmart executive Penny Cox as its Vice President, Growth.
She most recently served as the Senior Vice President of online supermarket firm Redmart. Prior to this, Cox was Strategy Manager of UK-based online grocer Ocado .
In her new position, she will be responsible for leading the company’s growth and marketing strategy.
“As a general marketplace, there are distinct tracks for user journeys on Carousell – buying an old mobile phone is very different from looking for a new place to live. With my category-based expertise, I will help us to focus on these diverse customer journeys to understand how we can best cater to our users’ needs,” she said.
Carousell has a diverse range of products in around 29 categories, including cars, lifestyle gadgets, and fashion accessories.
Zipmex launches stablecoin on an international digital exchange
Singapore’s digital assets trading platform Zipmex has partnered with blockchain company Rupiah Token to launch a stablecoin, called IDRT, which is fixed to the Indonesian currency.
A stablecoin is a cryptocurrency designed to minimise fluctuations in price.
The new IDRT stands where 1IDRT is pegged to 1 IDR (US$0.000067).
Zipmex has also revealed its plans to list IDRT across all its current exchange countries, including Indonesia, Singapore and Australia, with plans for further expansion.
The launch of the stablecoin fixed to the Indonesian Rupiah comes as part of the wider trend currently taking place in the Asia economy, with China coming out with its own central bank digital currency (e-RMB).
This is sparking a shift in the future of monetary policy across the region as China delivers a state-backed token.
IDRT stablecoin is a start in deploying digital currencies across this region. Zipmex is looking to exceed efforts in digital asset adoption and trading by focusing on growth across the SEA region.
Unlike other crypto assets, IDRT is stable and is backed 1:1 by the Indonesian Rupiah. Rupiah Token is deployed on three different blockchain networks: Ethereum (ERC 20), Binance Chain (BEP-2), and Luniverse. IDRT inherits the speed, security, transparency, and other desirable characteristics of the Ethereum Blockchain.
“Pegging the coin to Indonesia Rupiah and listing it across all our current markets opens up a new foreign exchange service for people. We are looking to start making digital currency trading more accessible and feasible for everyone across Southeast Asia and Australia,” said Zipmex Co-founder Marcus Lim.
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The post Roundup: Lazada, Alumak partner to provide working capital to online merchants; M17 Entertainment raises US$26.5M appeared first on e27.