We have seen a constant and steady growth when it comes to innovations in the fintech space over the last few years, but the radical shift in market sensibilities brought about by recent events have certainly accelerated this. With the need for digitalization emerging out of virtually every aspect of work and life, the fintech space has stepped up in order to meet today’s unique demands.

With digitalization taking on an increasingly important role in society, fintechs have seen not only an increase in relevance and value, but is also under pressure to push for rapid adoption and accessibility. The goal, of course, is for the fintech space to penetrate as many markets as possible in order for them to be able to help bridge gaps, provide solutions, and further address the increasing need for seamless and tech-driven systems in as many sectors as possible.

As such, Indonesian FinTech KoinWorks is following the footsteps of NEO startups around the world like Starling, Monzo, and Revolut who have hit the limelight by providing instant digital bank accounts, debit, and credit cards.

Increased adoption rate for better accessibility

KoinWorks, which already has Indonesia’s largest user base of over 750,000 users according to OJK statistics, has been busy pre-registering early adopters for its upcoming SMEs new product, KoinWorks NEO. Unsurprisingly, 100,000 eager SMEs have signed up in less than 4 months since the program started.

Indonesia, with approximately 65 million personal businesses, is one of the largest markets in the world. Combine that with KoinWorks’ expertise in lending to digital SMEs and you can see why there is already a huge demand for their product. Equipped with an innovation mentality and agile approach, KoinWorks has built a variety of products, catering to SMEs on their growth journey. Ranging from a simple education centre to kick off SMEs’ entrepreneurship, access to working capital, and potentially as wild as fast click legal services.

Also read: How can corporate executives, startups, and VCs stay ahead of the innovation curve?

KoinWorks’ Multiple Products are stacked into one app, tagged as an SME Super Financial App. The new addition, KoinWorks NEO, will allow its SME customers to receive payments from multiple sources such as e-money (like GoPay, OVO, and ShopeePay), VISA, Mastercard, Amex, and JCB. Another highlight when it comes to KoinWorks NEO features allows SMEs to consolidate their multiple bank accounts using optical character recognition and machine learning into digestible reports for entrepreneurs to make sound business decisions. All of these products will allow KoinWorks’ SME customers to be more focused on growing their business, knowing KoinWorks will be there to hold their fort.

A proven leader in the fintech space

KoinWorks is a Super Financial App that won the 2019 Asian Banker Financial Innovation Award for the Loan Category, Top 5 VISA finalists in the VISA Everywhere Initiative, winner of the IDC DX Awards Indonesia 2020 in the Digital Disruptor category, and Top Fintech Startup Soonicorn Award 2020 by Traxcn as a fintech with the potential to become a unicorn. KoinWorks offers a variety of financial products where users can manage assets and loans through one platform/application. It is a breakthrough in the evolution of financial technology by making a commitment to providing the best financial solutions that are accessible and affordable for everyone into the company’s DNA.

Proven as a consistent winner, KoinWorks has been cash-flow positive throughout 2021. Their flagship products, KoinBiz & KoinInvoice, loans to SMEs, have grown to record high disbursements last month, plus the combination of strong take rate and low NPL (<1.5%) pushes revenue growth for KoinWorks up 42% Quarter on Quarter. Another one of their Q4’ 2020 product releases, KoinGaji, an Early Wage Access (EWA) solution for SMEs, has also hit strong adoption rates with 400% growth in the last 2 months. KoinGaji is expected to hit another major milestone of 10.000 employees in their ecosystem in the coming months.

Also read: How fintech startups can fast forward their growth

“SMEs in Indonesia will see KoinWorks App as their personal secretary. The availability of services and ease of access will only help SMEs to accelerate. SMEs are Indonesia’s pillar of economy and KoinWorks is right in line with Indonesia’s GDP growth mission.” said Willy Arifin, Executive Chairman & Co-Founder of KoinWorks.

Helping bridge gaps and develop solutions

With its increased market penetration allowing more users to seamlessly access their slew of products and services, KoinWorks hopes to sustain and even further its mission of empowering local businesses.

As a leader in the fintech space, the company is poised to further strengthen and develop their services in order to meet society’s growing demands while uplifting the very sectors that need them the most. Having already pre-signed 100,000 SME customers for Its upcoming KoinWorks NEO product, KoinWorks asserts its position as a major player in the global fintech space, championing the best interest of all major stakeholders and beyond.

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For femtech startups, there have been questions about why the sector is ‘late to the party’ in Southeast Asia.

But Amina Sugimoto believes that instead of asking why they arrived late or why such startups are low-funded, we must discuss the regional challenges faced by women in Southeast Asia.

“When it comes to comparing Western and Eastern countries and how they should be, there is often a bias towards a western-centric point of view,” points out Sugimoto, founder of Fermata Inc., a company that provides solutions for women’s wellness.

“Instead of comparing regions of completely different cultures, religions, and lifestyles, I hope we can take a localised approach to public health and assess what each country and its citizens need,” she adds.

“Instead of asking whether femtech is late to arrive in SEA compared to its western originator, let’s ask what type of femtech products should be the focus and in which country, based on the population’s needs and readiness,” Sugimoto notes.

In a recent report, titled ‘Femtech Market Map of South East Asia 2021‘, Fermata spells out the different health challenges faced by women in Southeast Asia and where femtech is headed.

Here are the edited excerpts of the report:

Stigma against vaginal health makes it harder to develop femtech further

Sugimoto is of the opinion that innovations in female hygiene care are less likely to be adopted if women are not taught how the female reproductive system works. This causes girls to develop anxiety and self-consciousness around their vaginal health because they do not have the knowledge and normalised discussion around personal care.

Internal-use products like tampons and menstrual cups are harder to convince a woman to try than a sanitary pad. Furthermore, high-tech pleasure toys and fertility trackers also require the user to be familiar with her reproductive system and open-minded enough to give them a try.

Unfortunately, there are also no femtech startups in Cambodia, Burma, and Laos, according to the report. The reason is that, unlike developed countries that support innovation, less developed countries have to focus more on public health issues like having access to basic healthcare.

Cultural and social taboos around sexual health

Unfortunately, many counties in Southeast Asia do not have a national sex education policy. Therefore, each high school has different ways of teaching about reproduction and contraception, and few do not teach it at all.

Also Read: Rise of the she-economy: 11 femtech companies and organisations aiming to empower women in SEA

The Unicef’s ‘Review of Comprehensive Sexuality Education in Thailand’ elaborates that institutions stress topics related to the prevention of teenage pregnancy and sexually transmitted infections (STIs), while in Singapore, the Ministry of Education has recently updated its sex education curriculum to go beyond abstinence and teenage pregnancies to be more inclusive.

Inadequate sex education programmes such as these are common in other countries as well. This often leads the young adults to gain incorrect information on the topic and affecting informed decision-making when it comes to their sexual health.

However, there are some startups that have observed this and aim to solve this issue. For example, theAsianparent, helps Asian women have healthy pregnancies and raise healthy children through its content platform.

Lack of education leads to myths and misunderstanding

In some Asian countries like Vietnam and Thailand, tampons are very hard to find (Asian women are still wary of using them), whereas, in others like the US, 70 per cent of the population regularly use the device.

Femtech solutions such as the Elocare wearable in Singapore can help women monitor, treat, and manage their symptoms with ease throughout their midlife stage.

Still, it is an untapped market that offers impactful opportunities as women approaching peri- and menopause now have more purchasing power than ever.

The full report is available to read here.

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There is a great case to be made for globalisation that goes beyond today’s precarious market. As many countries focus on nationalisation coupled with protectionist policies, there is a growing culture of risk-aversion among businesses that keep companies from building and expanding to foreign markets.

This shouldn’t be the case. With roadblocks becoming increasingly unpredictable, companies simply need to be more agile and strategic when it comes to pursuing their goals of expansion. The reason for this is that with globalisation, the potential for business growth is limitless. We’ve seen this manifest in today’s trends: Digital technology adoption has surged, with a large spike in areas like e-commerce, videoconferencing, and robots — all of which provide us with a glimpse of how interconnected the world can be.

Cross-border e-commerce and remote work, when successful, have a huge potential to spur new opportunities for many economies around the world. Videoconferencing has been utilised for cross-border partnerships. AI and robotics offer us insights into the potential of tech. The only way forward is to look at all available tools and see how far they can take us.

Globalization 4.0 as a springboard for business growth

Globalization 4.0 is the future in which the global economy will be shaped mainly by the use of technology. With the opening of service sectors in rich countries to competition from developing countries, companies will look to alternate cross-border strategies and the use of emerging technologies to manage the risks of scaling up internationally.

For startups, operating through virtual borderless teams is very much a feasible and highly attractive strategy given the current environment. Globalization 4.0 will see these trends accelerate and also see new approaches to scaled expansion — via a hyper-local approach to market growth, recruitment, and compliance.

Also read: KoinWorks hits profitability, securing 100k SMEs as early adopters for its NEO product

How do startups decide when they are ready to scale outside their home country? Reading the signals that your product will work in other regions is important, but often it is the stakeholders like clients, investors, or competitors that compel a startup to scale beyond their borders. In the e27 Scaleup Success webinar, Jeffrey Paine of Golden Gate Ventures, an early-stage technology fund investing in Southeast Asia, says it often comes down to the founder’s DNA.

Founders who have the ambition to establish a global company from day one are often better prepared for regional expansion since it manifests in their leadership. Management needs to be convinced of the value of expansion, and they need to hire and convince the right team of what needs to be done to succeed.

International expansion is fraught with challenges

For startups looking to expand into new countries, the number one source of fear and doubt is the speed and complexity of setting up an entity. Recruitment is also top of mind for most startups looking to start operations in a new country. Significant risks inherent in setting up international subsidiaries are related to legal, HR, and Tax compliance.

Tackling the pain points like entity formation, legal compliance, hiring the right team, and dealing with localisation are significant hurdles to regional scaling. Cash Flow is another major factor — not controlling the balance sheet is a perennial reason for failure to expand.

Ken Chen, Co-Founder of iCHEF, says finding the right partners is extremely crucial. iCHEF sought partnerships in countries like Malaysia and Singapore that yielded success. The partners helped them figure out many of the solutions to many common frustrations like entity setup and employee work permits.

Also read: How can corporate executives, startups, and VCs stay ahead of the innovation curve?

Some of the rudimentary aspects that need to be addressed early on include connecting with the right partners and right services, setting up the right team who understands how to hyper localise the product there, and understanding the local regulations. The same is true for portfolio companies under VC firms.

Finding the right partner is about talking to potential partners to understand their abilities, motivations, and commitment to partner with you. Acquiring startups with a passion for the industry is a great option to expand, says Chen. Design an incentive matrix to understand the level of commitment of your partner and to figure out how you will share the success.

Research and due diligence hold the key to success

Due diligence and in-depth local research are the mantra startups need to double down on when they consider regional expansion. Lack of research is the number one reason startups run into trouble when they move into a new market. The more data and insights you have regarding the market, the better you will do, says Paine.

Every business has its own playbook but it is tailored to your home market. Usually, the 70-30 rule applies where 70 per cent of the original playbook will work, but certain cultural factors can only be understood when you have strong local talent that really understands how to build trust in the local culture.

The research aspect should not neglect the details such as how you will ensure compliance with local tax and accounting laws. Setting up to navigate the complexity of local HR policies, regulations and while managing cash flow properly, is where the right VC interventions can truly guide expanding startups.

Building the right team

The route to success is based on putting the people at the centre of your expansion strategy. Founders need to decide if they will lead the expansion themselves or hire a launch expert in that country. VCs point out that usually one of the founders needs to be there for 3-6 months to really make it work.

Key Success Factors in building international teams:

• Make sure the team you hire has all the support and resources they need to succeed.
• Empower them to take important decisions based on their local knowledge.
• Simplify the process of onboarding newly acquired international team members.

The first one or two hires startups make in a new country will probably turn out to be wrong, says Paine. Startups should plan for these situations by having a plan B in place until they better understand what they need to succeed. Getting people on board who are in sync with the HQ culture is a vital factor in recruitment.

Better globalisation strategies and remote collaboration technology can help startups assemble the right talent in teams with local intelligence, local knowledge and networks.

Also read: How fintech startups can fast forward their growth

The big decision founders will need to consider is whether to set up a subsidiary or to assemble a team without setting up a branch office overseas. Setting up a new entity involves getting licenses for trade, accounting, payroll, tax, HR etc, as well as finding the talent and onboarding them with payroll, benefits, and resources.

Startups can manage this risk by recruiting a team through an Employee of Record (EOR) platform or by setting up a PEO organisation. These solutions allow startups to assemble a team rapidly and get started while they understand what type of team setup is eventually going to be required.

VC intervention plays a prominent role in helping their portfolio companies to access international recruiting experts like Globalization Partners. Professional service providers like Globalization Partners help companies compliantly hire and onboard new talent in days, without having to get involved with entity formation in the country where the human resources are located.

Their AI-driven Employer of Record platform helps startups build a remote global without the hassle of setting up new entities. From payroll and benefits to tax filings and country-specific laws, they take all the responsibility and can even help you transfer the team into your entity when you are ready.

Even for startups who simply want to capture global talent in a post-COVID remote working world, deploying a PEO/EOR firm lets you capture this unique opportunity. Thanks to the pandemic, a lot of exceptional talent is available around the world. Startups can easily build a world-class remote team in days, with all the regulatory work done for you.

Request an EOR Proposal today.

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This article is produced by the e27 team, sponsored by 
Globalization Partners

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Mekari, an Indonesia-based SaaS platform for human resource and finance management, today announced the acquisition of Qontak, a startup that provides Customer Relationship Management (CRM) and omnichannel communications platforms, for an undisclosed sum.

Following the acquisition, Qontak Founder & CEO Brendan Rakphongphairoj will be joining Mekari’s top management while continuing his leadership position at Qontak as one of Mekari’s business units.

This acquisition followed Mekari’s US$21 million Series D funding round led by Money Forward that the company has announced in April.

In a press statement, Mekari CEO Suwandi said that Qontak’s CRM and omnichannel communication solutions will provide an added value for their customers in increasing revenue, providing a better customer support experience, and increasing productivity of sales and support teams.

Also Read: Ecosystem Roundup: Goldbell acquires BlueSG; Thailand’s IPO Market is a success story in SEA this year

As a fellow Indonesia-based startup, Qontak said that it has secured more than 1,000 corporate clients of various scales. Qontak’s omnichannel communication solutions are integrated to leading platforms such as WhatsApp, Facebook, and Instagram.

The formation of Mekari began with a merger between four Indonesian startups that are working in providing SaaS solutions for businesses: Talenta, Sleekr, Jurnal, and Klikpajak.

Announcing their merger in April 2019, each of these startups are providing services in the field of human resources, accounting, and taxation.

The startup specifically targets the SME market in Indonesia, contribute 64 per cent or about US$60 million every year to the country’s economy, as shown in 2017 statistics.

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Image Credit: Mekari

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If you’re looking to highlight your company to the most active investors in Southeast Asia in a bid to secure your next capital to propel your company forward, look no further!

e27’s Companies Fundraising section will help you to gain extra visibility by featuring vital information about your company and your fundraising interest to all the investors out there. In this new section, Pro startups can now add a short 1-liner company description that will allow readers a quick glance to understand what the startup does and whether it is aligned with their portfolio.

And since visual aids are 43% more persuasive than those descriptions without visuals, Pro startups can now add a background photo that visually describes their company. Of course, important details are not left out; fundraising details, the country startup is based in, and the markets and industry tags are all included in this latest version. Here is how it looks like:

Companies Fundraising

Not yet an e27 Pro member? Now is the perfect time for you to sign up here and get featured on our Companies Fundraising section to get your company seen by the thousands of investors who visit our platform!

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Mio, a Vietnam-based social commerce platform, has raised US$1 million in a seed financing round co-led by Venturra Discovery and Golden Gate Ventures.

Other backers include iSeed SEA, DoorDash executive Gokul Rajaram, and Vidit Aatrey and Sanjeev Barnwal, co-founders of Meesho, India’s latest unicorn company.

This news was first reported by TechCrunch.

According to the publication, the newly raised capital will go into hiring, product enhancement and distribution centre.

Launched in June 2020, Mio helps women from Vietnam’s lower-tier and rural regions become micro-entrepreneurs through community selling.

Women can sign up on Mio with zero investment. The platform will then help them build, launch and promote their online business and sell their products.

Also Read: YC-backed Super raises US$28M to grow its social commerce platform in Indonesia

Since it’s not easy for them to go through the entire entrepreneurship process by themselves, Mio supports them with training, order management, fulfillment, and logistics.

Making use of the social media culture, most of Mio’s resellers target customers via platforms like Facebook, TikTok, Instagram, and local messaging app Zalo.

The company claims that its resellers make about US$200 to US$300, earning a 10 per cent commission on each order and additional commissions based on the monthly performance of resellers they referred to the platform.

Social commerce is a concept that first took off in China and then slowly spread to different regions in the world. In the region, it constitutes 11.6 per cent of the total retail e-commerce sales, with just over US$186 billion in 2019.

One of the reasons for its popularity is because the whole concept offers brands and retailers social features to create shareable and immersive campaigns that can easily make product launches go viral.

Amid the COVID-19 crisis, the global social commerce market is estimated to increase at a soaring rate of 31.4 per cent.

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“We are here to change the general perspective that cannabis is bad, illicit, and harmful,” says Albert Goh. “We believe that cannabis is not any way more harmful, intoxicating or addictive than alcohol or cigarettes.”

According to UN Office of Drug and Crime, cannabis is the most widely cultivated, trafficked and consumed drug worldwide. As per one estimate, the global cannabis market, which was valued US$10.6 billion in 2018, will reach US$97.35 billion by the end of 2026.

Also Read: Cannabis tech startup Hempstreet blazes hot in India’s ancient medicine market

Despite the growing demand worldwide, the possession/use of cannabis is illegal/a grave crime in many countries around the world — barring a few such as the Netherlands, Canada, Jamaica, and Columbia. A call to legalise the drug, however, is gaining momentum.

Asia is not far behind in the growth of cannabis, which is expected to reach US$22.87 million by 2027 from US$2.32 million in 2019. Southeast Asia is also slowly opening up, with Thailand legalising medical cannabis. Several countries are also exploring legalisation.

This offers tremendous opportunities to cannabis entrepreneurs.

In 2019, Goh and team decided it was time to venture into the industry and they launched WeedHub out of Thailand.

WeedHub is an online directory for cannabis, which targets anyone who has smoked and/or consumed alcohol before.

“Our intention is to gather all businesses that sell or promote cannabis-based products (in this case, cannabidiol or CBD) and provide the audience with a more informed option and knowledge rather than depending on friend-of-a-friend sources,” Goh explains.

The startup was founded by Kotaro Ise and Goh, both serial entrepreneurs.

Ise earlier co-founded Ayasan, an online platform for home service in Southeast Asia, and Donz, a Japanese virtual restaurant in Thailand. Goh previously built co-working space providers UnionSPACE and vOffice.

While Weedhub is a currently just a directory, the founders have bigger plans with the startup. “We will be launching our WeedHubX Accelerator in Bangkok to empower the region’s cannabis-related startups, as well as WeedHub Festival/PopUp Market, our own end-to-end e-commerce platform and more,” Goh shares.

Dealing with regulations

Thailand is a growing market for cannabis. A Thaiger report says cannabis could become a major cash crop in the country and generate 8 billion baht for Thai pharmaceutical industry by 2025.

Medical cannabis has been legal in Thailand for the three years. Recently, the government also agreed to allow parts of the plant with very, low traces of the “high-inducing” component tetrahydrocannabinol, or THC, to be in medicinal products and food.

Also Read: The business of medical cannabis and how it might change in the next few years

“Thailand has relaxed its law against CBD. Nowadays, 7-11 convenience stores are selling CBD-infused drinks. As for other countries, the gamebook we are playing would be similar to how the adult industry is,” he explains.

The company’s other target markets are Cambodia, Laos, and Vietnam — where it has local partners to take care of payments, logistics, etc.

Where does WeedHub source cannabis from? “We are not ready to give the details yet as we are finalising a major deal with a public-listed cannabis company right now,” replies Goh, who also declines to share traction details.

While the industry is facing regulatory challenges, more and more countries are slowly relaxing their law against CBD usage nowadays, which is sending a positive signal.

“It is an exciting time to enter the market,” Goh says, “as cigarettes and alcohol companies are scrambling to get a foot into this exploding industry.”

A self-funded company for now, WeedHub intends to raise funds within the next four to six months. “We are in talks with several parties (non-VCs). We prefer to keep the details private for now.”

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Image Credit: WeedHub

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Forge Global, a global private securities marketplace, has announced the closing of an oversubscribed funding round of more than US$150 million.

Backers include existing investor Deutsche Börse and new investors Temasek, Wells Fargo Strategic Capital, LUN Partners Group, and True Global Ventures.

This round brings Forge’s total funding raised to date to over US$250 million.

Forge intends to use the fresh funding to continue to expand service offerings in the US and beyond.

Ecosystem Roundup: GoTo and the battle for dominance in SEA

Additionally, the company said it has received US’s Financial Industry Regulatory Authority (FINRA) approval to operate as a single broker dealer with SharesPost, which Forge merged with in 2020.

Jane Atherton, Managing Director, Investment at Temasek International and Paul Hilgers, Managing Director of Deutsche Börse’s cash market business, will join Forge’s board.

Forge CEO Kelly Rodriques said: “With the momentum from the SharesPost acquisition and the support and backing of strategic investors including private market investing pioneer True Global Ventures, which first invested in SharesPost in 2010, we are in an excellent position to continue to build world-class solutions that bring data, technology and liquidity at scale to the private markets.”

Founded in 2014, Forge is a marketplace for private equity, giving private and institutional investors access to top pre-IPO companies. In other words, it is a marketplace where private shares are traded as freely as public company shares on the Nasdaq.

Since inception, Forge claims to have completed more than US$9 billion in transactions in nearly 400 private companies.

In the months since its acquisition of SharesPost, the company tallied three consecutive record-breaking quarters including in Q1 2021 when Forge completed 1,400 transactions totalling more than US$730 million of volume.

“The importance of private markets is growing — for companies and investors alike,” said Christoph Hansmeyer, Head of Group Strategy & M&A at Deutsche Börse. “Investing in Forge pays testament to our commitment to help companies access liquidity both publicly and privately, and allows global investors to participate in the wealth created in both the public and private markets.”

With more than 642 private unicorn companies globally totalling US$2 trillion in collective valuation and with many of those staying private for 10 years or more, unicorn companies are increasingly turning to the private market for liquidity solutions that Forge provides.

Global institutions are signalling increased interest in innovative new products and services.

Also Read: How this app is helping low-income workers to achieve financial stability

“The private securities market plays an increasingly important role in today’s financial landscape, and Wells Fargo recognises the significance of a digital platform like Forge in the ongoing evolution of this marketplace,” said Tom Richardson, Head of Principal Technology Investments at Wells Fargo Strategic Capital.

“Forge’s liquidity solutions simplify the complexities of private market transactions and introduces further transparency into the price discovery process,” Richardson noted.

In February 2021, Forge launched Forge Company Solutions, a comprehensive liquidity solution suite for private, high-growth companies to facilitate custom liquidity programmes including executive liquidity, company-sponsored employee liquidity, tender offers and direct listings.

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The ASEAN fintech ecosystem has grown tremendously over the last 5 years, with more than $37 billion funding raised by startups in ASEAN. With COVID-19 accelerating the need for rapid digitalisation in the financial industry, it has enabled many fintechs to grow tremendously as well. Meanwhile, non-fintech companies have also seen a great opportunity in embedding various financial services through Embedded Finance.

As this trend continues to expand and the emergence of smarter digital solutions in the fintech sector continues to flourish, startups both in the fintech and non-fintech sector have to equip themselves with the proper skills and knowledge needed to adapt more seamlessly to our fast-changing times.

Fintech Forward powered by AWS and Saison Capital

AWS and Saison Capital have collaborated to launch Fintech Forward — a 10-week online programme for fintech startups, non-fintech startups that are working on embedded finance, or decentralised finance business models in ASEAN. The 10-week programme is designed to support early-stage fintechs that are building the future of finance in ASEAN.

Founders attending the programme are poised to learn key insights, strategies, founder stories, and business and technical learnings from industry insiders to accelerate the digital growth of their startups.

The sessions on Fintech Forward will cover topics such as fundraising, product management, compliance, fintech architecture, and go-to-market (GTM) strategy, among others. These sessions will be led by leaders from Saison Capital, their mentor network, and mentors from AWS.

Also read: How can corporate executives, startups, and VCs stay ahead of the innovation curve?

In addition, there will be guest speakers from fintech, embedded finance, and blockchain startups across ASEAN and many more who will share their stories of operating in their respective markets. Learnings from these key stakeholders will be instrumental in helping startups grow, expand, strategise, and adapt to a smarter and stronger digital future.

AWS and Saison Capital will select 10-15 companies to participate in the 10-week online programme starting in the second week of June 2021. Selected startups may be eligible to receive up to $100,000 in AWS Activate credits, as well as be part of sessions with fintech domain experts and technical experts with deep experience building on AWS.

The perks of joining the programme

Other than the $100,000 in AWS Activate credits that startups are eligible too, they will enjoy access to a strong network of industry stakeholders. By being part of the Fintech Forward, founders can connect with the team from AWS, Saison Capital, and other sector experts.

In addition, the program has a robust support system from a range of experts in a wide range of fintech sub-sectors. The selected startups will be immersed in an educational environment filled with masterclasses on sales, fundraising, fintech, hiring, strategy, security and compliance, infrastructure scaling, and so much more.

Moreover, accepted participants will be able to access an array of insights and tools. Fintech Forward’s educational curriculum led by sector experts that spans across all the key underlying foundations to develop a business as well as the GTM Roadmap. Lastly, they will receive valuable insights from startup veterans from various geographic contexts on how to scale and grow in new dynamic markets such as Southeast Asia.

Building the future of Finance in ASEAN

Saison Capital is a single LP fund, backed by Credit Saison, one of Japan’s largest consumer credit companies/credit card issuers and a Pan-Asian fintech wholesale debt provider. Saison Capital invests US$100k to US$3M directly into Pre-Seed to B stage companies across South East Asia and India. As a fund with a fintech bias, they have invested into household names like Grab Financial Group, Shopback, Ula, Bukukas, Tazapay, alongside marquee investors like Temasek, Sequoia, RTP Global, AC Ventures, and Whiteboard Capital. They have also been LP investors into top regional funds like Beenext, CyberAgent, and top global funds like Quona and Better Tomorrow Ventures.

“Together with AWS, the Fintech Forward programme will be a platform for us to further scale our support to founders who wish to accelerate their understanding of financial services and the opportunities available in the region,” said Chris Sirisereepaph, Partner at Saison Capital.

Also read: Sendbird reaches unicorn status amidst growing need for mobile communications

Sirisereepaph added, “given the huge headwinds of digitisation in the last year, we believe it has never been a better time to build companies that will greatly improve the access of consumers and SMEs to goods and services, regardless of income or geography.”

From idea to IPO, AWS empowers fintech startups to deliver exceptional customer experiences by providing the deepest and broadest sets of innovation tools, including machine learning (ML) and artificial intelligence (AI) services. Fintech startups such as Coinbase, Robinhood, Wise, Carta, Xendit, and many more are working with AWS Fintech Team to serve their customers around the globe.

As fintech startups face traditional and emerging risks in an increasingly complex regulatory environment, they rely on AWS infrastructure, services, and industry experience to protect their business and customers.

Interested startups may apply now on Saison Capital website. The deadline for applications is 9 June 2021, at 2359PM GMT+8. Startups are encouraged to apply as early as possible as interviews will be conducted on a rolling basis.

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This article is produced by the e27 team, sponsored by 
AWS

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Philippine e-commerce enabler, Great Deals E-Commerce Corporation, has raised US$30 million in Series B funding round, led by local logistics major Fast Group.

The round was joined by private equity firm CVC Capital Partners, besides existing investor Navegar.

This round comes almost a year and half after Great Deals secured US$12 million Series A from Navegar in January 2020.

Great Deals will deploy the fresh capital in tech development and the construction of an automated “state-of-the-art fulfilment centre”.

“We recognise that Philippine logistics is by far the toughest across the ASEAN region and remains to impede our e-commerce penetration outside GMA.

With this funding and strategic support from our new investors, this opens new opportunities to drive forward instant commerce, delivery under one hour, wherever you are. We can reach and serve more Filipinos faster and safer. That is the next big thing that can boost further the digital economy in our country,” said Steve Sy, founder and CEO of Great Deals.

Also Read: Great Deals raises US$12M from Navegar to be the Alibaba of Philippines

William Chiongbian II, Group President and CEO of Fast Group, said: “The Fast Group sees a lot of synergies with Great Deals in building capability. We are privileged to contribute to the growth of Philippine e-commerce, as it relies heavily on a strong supply chain backbone.”

“We envision strategic collaborations between Great Deal’s high-growth e-commerce solutions and Fast’s leading position in Philippine logistics. This partnership also marks Fast’s first M&A transaction since CVC’s investment less than six months ago,” said Brice Cu, Managing Director and Head of the Philippines at CVC Capital Partners.

Sy founded Great Deals in 2014 after spending many years as an entrepreneur in the retail and e-commerce sectors. He identified a glaring need to enable entrepreneurs like himself to succeed in the internet economy.

Great Deals offers end-to-end business solutions ranging from digital marketing, content creation, storefront management, web design, business analytics and customer service to warehousing and peak-scaling fulfilment.

The firm caters to both local and multinational brands, including Abbott, L’Oréal, Unilever, Nestle, Samsonite, GSK, Bayer, and Fila.

In 2020, Great Deals claims to have posted four-fold growth in 2020.

According to International Trade Administration, COVID-19 has increased demand for e-commerce in the Philippines. While the younger population was already open to online shopping, the need for social distancing has pushed the cash centric and face to face shopping culture towards a more digital one, and this is expected to continue.

What is lacking is proper digital and logistics infrastructure to truly enable a digital economy. There needs to be higher bandwidth capacity to service the retail market.

Plus, Filipinos are prolific users of social media. Estimates in 2020 showed that there were 76 million active social media users in the country. Of this, 75 million are on Facebook, 12 million on Twitter, and 4 million on LinkedIn.

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Image Credit: Great Deals

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