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Our company culture is driven by communication: Terng Shing Chen of SYNC

As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Terng Shing Chen is the Founder and CEO of PR and content marketing technology startup SYNC. With over a decade of experience in public relations and content marketing, Chen combines traditional PR and content methods with automation technology to create a scalable agency.

As the CEO of SYNC, Chen oversees business strategy and expansion, as the brand continues to grow in the region. He has led the company’s expansion into four markets, Singapore, Malaysia, Indonesia and India, and set up strong partnerships in Thailand, Vietnam and The Philippines.

Chen is also the lead media and messaging trainer for SYNC, having trained over 50 leading founders, CEOs and entrepreneurs in his career. He regularly conducts training sessions for startup founders through numerous startup accelerators and venture funds.

Besides SYNC, Chen is also the Co-Founder of the travel community platform Travel Wanderlust and co-host of the business podcast Business Over Drinks.

In this episode, Chen shares his organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

It may sound cliche, but we look for people with a couple of traits: the willingness to learn and the ability to be independent. These are critical qualities because, at SYNC, we look for people who are problem-solvers and adaptable. With technology and marketing changing at such a rapid pace, being stagnant or unwilling to learn is not a desirable quality.

How do they fit into your company culture? Tell us a little more about your company culture.

Our company culture is driven by communication. We encourage over-communication in fact, where we have team members keep everyone updated on progress on a very regular basis. This might sound a bit of an overkill, but it actually helps foster team bonding and enhance clear visibility of activity, which is necessary for our remote team.

At SYNC, we firmly believe that over-communication is a crucial factor in building strong and cohesive teams. To achieve this, we have implemented various strategies, such as daily check-ins, weekly progress reports, and team meetings that are a mix of messaging, video calls and in-person to develop some form of familiarity with each other.

We also encourage open communication channels, which are driven from the top down. This means I need to be over communicative and at the same time, I need to encourage people to speak to me and not be a stereotypical middle manager.

How do you foster transparency and encourage achievement at SYNC?

This is led by the over-communication policy we have in place, where we encourage people to share both the negatives and positives from their work. Every week a member of the team shares a detailed progress update including lessons learnt and we celebrate the individual achievements either through something as simple as a company-wide Slack message or even hosting a team dinner.

Also Read: Impactful technologies empower lives: Viveka Kalidasan of Let-Lab

Do you have a mental health policy? What does that look like?

We don’t have a detailed mental health policy, but rather we explore each instance on a case-by-case basis as everyone’s situation is different. As a team, we try to provide support and no judgment to foster honest conversations about difficult topics or situations they may be in.

In practice, this allows us to provide support where required and if necessary, provide them with time off to handle any issue. However, as we continue to scale, the ability to deal with these situations well and with compassion becomes challenging, so we are looking into more concrete processes and policies around this.

WFH or WFO, or hybrid?

WFH has been our preferred choice since day one, before the pandemic. We’ve conducted multiple in-house surveys to offer a hybrid option or a full WFO experience, but it has always been WFH for us.

How should a tech worker prepare for the funding winter?

I think the demand for high-quality talent still remains, but the companies and where the demand is coming from are evolving. If you have a valuable and relevant skillset, you will be fine, but I think gone are the days of table tennis in the offices and free beers all the time.

From my experience, this is part of the overall cycle and we see the ups and downs in the economy and for industries all the time.

How do you measure the performance of your employees?

We are output driven, so each member of our team has a clear idea of what they need to produce. As the team leader, I need to provide them with the tools for them to succeed and give them the freedom to excel. Whether you are a junior member or an experienced team leader, everyone needs to have a clear set of outcomes.

Also Read: Keep learning and building relationships during funding winter: Richard Yan of Airwallex

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

I go for the former because honesty is a critical part of running a successful distributed team. We have a lot of people involved at any stage of a project and those that are willing to learn, improve as we move along and admit their mistakes and gaps in knowledge are important.

I’ve learned over time that everyone makes mistakes regardless of skill, experience or position in the company, being honest about it, ensures we can rectify the mistake and stop it from spiralling out of control. This is essential for a company like ours.

Do you encourage ‘intrapreneurship’ at SYNC?

Yes, we absolutely do with each member of the team being encouraged to learn how the business runs, and the processes behind it and get involved (to some extent) with other aspects of the overall business. If your team member understands why we do what we do and how everything works, it is easier for them to buy into our vision and mission of the brand.

How do you support upskilling for your employees?

We have a few programmes in place, some include bringing external or using internal trainers to run workshops, as well as giving certain employees the opportunity to take courses to improve their skills. It depends on what they need and the path they want to take within the company, but in all honesty, we have seen a lot of positive growth within the team from our current efforts that we plan to continue this for as long as possible.

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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SMBC, Incubate Fund launch new US$200M fund for Asian startups in fintech space

Sumitomo Mitsui Banking Corporation (SMBC Group) today announced that it has co-founded the corporate venture capital fund “SMBC Asia Rising Fund” with Incubate Fund in Singapore. The fund managed is US$200 million, and its purpose is to accelerate business development and partnerships through investments in high-potential Asian startups.

Through this CVC, SMBC Group will enhance its business and provide clients with new solutions by uncovering/applying new technologies via partnerships with investee firms and developing new business models/products.

They will also enhance the value of its investee financial institutions in Asia by collaborating with startups looking to invest in areas such as lending tech, payment, supply chain finance, Banking-as-a-Service, and digital assets.

Also Read: Japan’s online language learning site Best Teacher raises US$530K from GMO VP and SMBC VC

This strategic partnership between SMBC Group and Incubate Fund will allow them to capitalise on opportunities in emerging markets while contributing to the growth of SMBC Group’s businesses through access to innovation and new technologies that can drive long-term value creation across industries.

e27 has reached out to the organisations to find out more details about their investment strategies and plan.

Incubate Fund is a leading Japanese venture capital firm specialising in early-stage startups. Since its establishment in 2010, the firm said that it had invested more than JPY98.3 billion (US$728 million) in more than 450 startups. The new CVC will be managed by Incubate Fund’s Singapore office.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Louie Martinez on Unsplash

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Stripe, WhatsApp introduce new feature to help businesses accept payments in chats

How the payment feature will look like

Stripe, a financial infrastructure platform for businesses, today announced a partnership with WhatsApp that allows Singapore businesses to accept payments directly in WhatsApp chats.

The new feature is built on Stripe Connect and Stripe Checkout, and enables Singapore customers and businesses to buy and sell directly in WhatsApp without having to go to a website, open another app, or pay in person.

The option to enable payments on WhatsApp in Singapore is available to local businesses using the WhatsApp Business Platform, which will include a Stripe account. The feature is currently available to a small number of Singapore-based businesses and will be available to many more in the coming months.

Supported payment methods include credit and debit cards, and PayNow, a real-time payment system popular in Singapore.

Also Read: AWST launches with US$1.7M in funding, teams up with Stripe

Singapore businesses that accept payments with WhatsApp chat also gain access to the Stripe Dashboard, a tool for managing all of their Stripe data in one place.

“Starting today, people in Singapore can pay their local merchants on WhatsApp in just a few taps,” said Stephane Kasriel, head of fintech at Meta, the company behind Whatsapp.

Since it launched in 2010, Stripe has featured more than 100 optimisations that enhance every aspect of the checkout experience, including pre-built payment UIs and more than 40 payment methods.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Stripe

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Ecosystem Roundup: SEA gets two startup funds, Indonesian e-grocer Tumbasin shuts down

Quest Ventures’s Partner launches new VC firm MSW Ventures
MSW Ventures, launched by Jeffrey Seah, first fund Asia Fund X seeks to invest in foodtech, agritech, data tech, sustainability, and enterprise tech.

Sumitomo’s SMBC launches US$200M corporate VC fund in Singapore
SMBC Asia Rising Fund targets startups that contribute to SMBC Group’s business through collaborations or business development in areas such as lending tech, payment, supply chain finance, banking-as-a-service and digital assets.

SG’s Allrites goes public in the US through Aura Fat merger
A statement said the transaction will give Allrites an enterprise value of US$92M; The merger will see Allrites becoming a wholly-owned subsidiary of Aura FAT Projects and listed on the Nasdaq under the ticker “ART”.

Indonesian e-grocery firm Tumbasin shuts down, to file for bankruptcy
This comes after the company suffered from “insurmountable financial challenges”; Founded in 2017, Tumbasin enabled users to compare prices of groceries across traditional markets and make purchases directly through the platform.

Jollibee billionaires launch online stock trading platform DragonFi
With the ability to create personalised layouts and multi-monitor support, DragonFi offers advanced charts with over 100 studies, indicators, and drawing tools available on its web and mobile app.

Ant Group eyes selling stake in HK digital bank subsidiary
Ant Bank, which has received approval from the Hong Kong Monetary Authority, is reportedly in talks with potential investors to strengthen its operations; The sales plan, however, is still in its early stages.

Elon Musk teases free Tesla FSD trial in North America
The Tesla CEO has laid out a rough plan for expanding access to Full Self-Driving (FSD), the company’s advanced driver assistance system, throughout North America and the rest of the world.

Binance resumes Bitcoin withdrawals after two halts in a day
Binance had paused withdrawals earlier as it didn’t anticipate the recent surge in Bitcoin’s network gas fees; On Monday, the average fee per Bitcoin transaction rose to US$7.25, the highest since May 2021.

Indonesian online kitchen startup Uena raises funding
The lead investors are East Ventures and Trihill Capital; Uena will use the fresh funds to expand its operations in Jakarta as the company looks to cater to a larger user base.

UOB leads US$51.5M round of Vietnam’s Buymed
Buymed operates a B2B e-commerce website that connects pharmaceutical manufacturers, distributors, and clinics; Buymed (known as Thuocsi in Vietnam) recently raised US$51.5M from major regional investors.

Take a look at the news articles we published this week
Advance Intelligence Group’s US$80M raise and Integra Partners’s Fund II close were the major news of the week.

Bootstrapped: How dating app Sirf Coffee takes on the likes of Tinder without raising VC money
The early challenges for Sirf Coffee were buying behaviour, lack of dating exposure, credibility, and membership pricing.

How startups are using Hong Kong as the launchpad of their international expansion
On the sidelines of the 7th Elevator Pitch Competition (EPiC) by the HKSTP in late April, e27 had an opportunity to speak to several startups that participated in their programme.

These 15 startups might just be part of this year’s TOP100
From our diverse pool of applicants, get to know these 15 startups that are close to competing at this year’s competition.

MeetUp with Indonesia’s most exciting tech entrepreneurs!
The Indonesia stop of e27’s regional meetups is happening tomorrow, 9 May 2023. Here’s why you should be there.

Journeying through the long, winding road of startup investments and M&A in 2023
In addition to investments flowing into particular sectors, we can also expect to see more M&As happening in the region in 2023.

Why the education sector needs a lesson in ad fraud
Education marketers need to be fully aware of the digital advertising supply chain which requires more trust and transparency.

Early-stage proptech and contech investing: Who gets the VC checks?
When assessing contech startups, the ability of the founding team to navigate a complex B2B sales environment is key to their survival and growth.

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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Ruangguru acquires Vietnamese live teaching platform Mclass

Left to right: Arman Wiratmoko (SVP of Corporate Strategy and Finance Ruangguru), Belva Devara (Co-Founder and CEO Ruangguru), Nguyen Minh Thang and Nguyen Van Khai (Co-Founders Mclass)

Indonesia-based edutech startup Ruangguru today announced that it had completed an acquisition of Mclass, a live teaching edutech platform in Vietnam, for an undisclosed sum.

In a press statement, Ruangguru said the acquisition is a strategic move to expand its reach and capability in the market, following its launch in Vietnam through its subsidiary Kien Guru.

“We are thrilled to welcome Mclass to the Ruangguru family. Together with Kien Guru, we believe that Mclass’s reputation and understanding of online learning can further strengthen our offerings and business in Vietnam and Southeast Asia (SEA),” said Belva Devara, Co-Founder and CEO, Ruangguru.

Also Read: The future of edutech: Personalising learning for all

“Our vision is to become the leading edutech company in SEA, and we believe this acquisition is a step forward in reaching that goal.”

Founded in 2019 by Nguyen Van Khai and Nguyen Minh Thang, Mclass is one of the fastest-growing edutech platforms in Vietnam. It is working with top-performing teachers in the country to offer live teaching sessions in subjects such as math, science, literature, university entrance preparation, and IELTS. The platform’s live teaching sessions has gathered 85,000 participants and a total of one million replays in 2022.

e27 has reached out to Ruangguru to find out what will happen to Mclass brand following the acquisition.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Ruangguru

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Early-stage proptech and contech investing: Who gets the VC checks?

Before diving into the topic, I want to make a case for the size and status of the Hong Kong contech (Construction Tech) market:

  • From McKinsey: Construction (including real estate, infrastructure, and industrial structures) is the largest industry in the global economy. It accounts for 13 per cent of the world’s GDP.
  • From Statista: In 2021, around 326,000 people were employed in Hong Kong’s construction industry. That is 8.5 per cent of the total workforce in Hong Kong.
  • From CIC HK: The average age of construction workers in Hong Kong is 47 years old.

Who gets funded and how?

Construction is the biggest industry that provides jobs for many and has been experiencing a rapidly ageing issue in its industrial workforce. With these figures and industry dynamics in mind, contech has become an attractive sector for VC investment. If you camp at HKSTP for three days, you will see a lot of contech startups working on BIM, robotics, DWSS, project management tools, and more.

The real question is — what kind of startups get funded in this space? Having spent some time sourcing deals across different incubators and working on contech deals in the past year, there are three key observations:

Deep industry knowledge and expertise of the founding team

Contech is harder to comprehend than other industries like Consumer, Enterprise Software, and Marketplace for one reason — the nature of the industry. The value chain of construction is complex and involves a lot more parties compared to other verticals.

Compared to an enterprise SaaS salesperson whose typical job involves convincing a client’s BD lead, Product/Project lead, and CFO, contech founders have to be able to comprehend many more pain points that cut across a construction project. Typical that would involve a lot of technical knowledge too. They, therefore, are often faced with a longer sales cycle.

When assessing contech startups, the ability of the founding team members to navigate a complex B2B sales environment is key to their survival and growth. See the photo below about the stakeholder map and my first reaction to the map:

Track record of successful project deliveries before product-led growth

Every single construction project is a prototype itself. Even with a 4D/5D BIM, no one knows how exactly the building will look upon completion on Day 0 when a project starts. This makes creating a product that could be used throughout the asset life cycles of different buildings/infrastructures, or a new service that could be deployed across different stakeholders, harder in contech than in other industries.

Also Read: The tale of the have-yachts and the have-nots in the proptech sector

To prove the value of work and capability of a contech startup, it has to first squeeze in the radar of potential clients and get noticed. That is why I believe contech startups will inevitably go through a longer period of being a “consulting-ish” company compared to B2B SaaS startups operating in other verticals.

A “consulting-ish” company is the stage where a startup is trying to become a product company but has to take project-based income to buy time to reach product-market fit. Contech startups who haven’t gone through this stage will either be category-defining stars or completely irrelevant to the game.

Opportunities lie in the earlier parts of the value chain

Let’s break down the value chain of a construction project into three parts:

  • Pre-construction
  • During-construction
  • Post-construction.

In general, I think the density of capital is much higher in the first two bits compared to post-construction.

The math in my mind is simple: the first two are big lump-sum from developers/main contractors/owners, while the third one is money from individual tenants paying management fees. An over-generalised thought of mine is that the likelihood of a startup grabbing a small bite and becoming a scale-up by operating in first and/or second is higher than operating only in third.

Founders operating in contech will understand the stark difference in customers’ ability to pay across the value chain. The photo below shows the relative sizes of funding in the US contech market from 2000 to 2021. Founders – pick your battles!

No alt text provided for this image

The relative sizes of Contech categories

The above is, of course, an oversimplified view of the contech startup space. Many successful startups just break existing assumptions and prove investors wrong.

If you have a contech startup idea and are operating in HK/GBA, I would love to learn more.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram groupFB community, or like the e27 Facebook page

Image credit: 123rf-nexusplexus

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KSC to bring 6 Korean startups to the 2023 Echelon Asia Summit

Echelon

Use our special promo code: GO for 75% off your Echelon tickets!

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

A partnership is a critical aspect of any successful endeavour, and the upcoming Echelon Asia Summit 2023 is no exception. With the Asia Pacific tech conference happening in Singapore EXPO on June 14-15, 2023, sponsors are playing a crucial role in ensuring its success.

Also read: 15 frontrunners closer to competing in the 2023 TOP100

Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

How these partners are helping us give you the best Echelon experience ever

Sponsors play a critical role in ensuring the success of the Echelon Asia Summit 2023 in several ways. Firstly, they provide various forms of support and coverage for the various activities and features that make the summit such an exciting and meaningful experience for attendees.

Moreover, sponsors bring their expertise and experience to the table, providing attendees with unique insights into the world of tech. By leveraging their networks and marketing channels, sponsors also help bridge audiences to the broader ecosystem, enabling access to valuable insights for different demographics.

Also read: The secret to innovation? Corporate-startup partnerships are key

One of the key roles of sponsors is also their presence at the actual Echelon Asia Summit. This provides attendees with the opportunity to network with them and get to know their platform, which is an essential aspect of Echelon’s purpose as an ecosystem enabler that connects all stakeholders together. By supporting the Echelon Asia Summit 2023, sponsors can help founders connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success.

As such, e27 is proud to announce K-Startup Center Singapore as one of its sponsors for the 2023 edition of the Echelon Asia Summit!

Meet K-Startup Center Singapore at Echelon Asia Summit 2023!

K-Startup Center Singapore (KSC) is operated by the Korea SMEs and Startups Agency (KOSME) as the government organisation under the Ministry of SMEs and Startups (MSS). KOSME is a comprehensive support agency specialising in SMEs and Startups in Korea.

It is the first Korean startup-supporting platform established in Southeast Asia. K-Startup Center Singapore plays a vital role as a Launchpad for Korean SMEs and Startups plugging into the startup ecosystem in Singapore and Southeast Asia.

K-Startup Center is running a global package program for Startups to help them by providing Global Scale-up Program (Acceleration Program with Local Partner), Provide Business space, and Customised Program to enable them to enter into Singapore and Southeast Asia markets.

“K-Startup Center offers customised programs, IR pitching, cooperative programs with our Networks, and consulting clinics for our Korean startups,” KSC explained.

Also read: The first 10 frontrunners closer to competing in the 2023 TOP100

KSC is dedicated to supporting Korean Startups in their plans to expand and thrive in the Southeast Asian market, including Singapore.

“Our participation in Echelon aligns with the organisation’s mission of offering a platform for Korean Startups to showcase their products and services, connect with potential partners and investors, and gain valuable exposure in the Southeast Asia market. [Through Echelon], we are able to provide Korean Startups with access to a broader network of industry experts, entrepreneurs, and investors who can help them scale and grow their businesses,” shared KSC.

At the Echelon Asia Summit 2023, KSC looks forward to exposure opportunities for their startups, meaningful business matching, and broadening their networks in Singapore and the rest of Southeast Asia.

Under its stewardship, KSC will be bringing with them six Korean startups to this year’s Echelon. These startups are as follows:

  • CakepLabs is a Korea-based company which concern with Financial Technology (Fintech) and Artificial Intelligence (AI) development. CakepLabs gives you the best solution for your Fintech and Banks’ problems. We only offer you the easiest, fastest, simplest, safest, and highest quality for your Fintech.
  • BC Labs is a company operating its co-investment platform, Coinvestor. Coinvestor aims to be the most engaging investment platform for digital assets globally. It offers an interactive digital space for investors and traders to seek profit-making opportunities from digital assets through a seamless service. Coinvestor sets itself apart from other crypto investment platforms by running a transparent operation, enhancing investment processes, and creating a collaborative environment.
  • Sesame Lab is a startup founded in 2018 that offers a blockchain-based integrated digital key platform service. The company holds capabilities to develop both hardware and software security solutions and has been carrying out various projects aiming to digitalise all keys to make a “world without physical keys”.
  • RetiMark is a company that discovers protein markers through proteomics-based platform technology and provides rapid and highly-accurate diagnostic service for blind ocular disease by developing a blood-based analysis algorithm S/W using multiple reaction methods and artificial intelligence.
  • CESeL Primus, based on eco-friendly vertical farm facilities, big data, and AI-based control solution, uses modularised patented cultivation beds from the design of vertical plant factories ranging from small to medium to large, and provide turnkey solutions from construction to distribution. In addition, they are supplying various line-up products such as container farms that can easily operate farms in a small space regardless of environmental changes. They also provide showcase-type display farms for F&B businesses, and shop-in-farm that can be sold at the same time as harvesting.
  • Drimaes provides an automotive software platform intended to offer in-vehicle infotainment services based in Daegu, Taegu-jikhalsi, South Korea. DRIMAES develops solutions that can give an authentic experience in the mobility area. Since existing cars have evolved into smart cars, IVI (In-Vehicle Infotainment) has become an essential part of in-vehicle experiences.

Join Echelon Asia Summit 2023

Get to know K-Startup Center Singapore and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore Expo. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

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MeetUp with Indonesia’s most exciting tech entrepreneurs!

Indonesia

Use our special promo code: GO for 75% off your Echelon tickets!

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

e27’s Regional MeetUp 2023 seeks to gather regional disruptors and innovators and bring the latest insights on the regional tech startup ecosystem straight into their respective homes — our next stop: Jakarta.

We’ll see you at WeWork Parc 18 on Tuesday, 9 May. Here’s what to expect:

The e27 MeetUp in Indonesia features a panel discussion with the topic “Southeast Growth Series: How can Indonesia’s tech ecosystem grow sustainably and where are future growth drivers”, with speakers Muhammad Faisal, Digital Startup Development and Partnership at the Ministry of Communications and Informatics of the Republic of Indonesia; Siddharth Kumar, Co-founder and CEO at MyRobin; Hansen Hubert, SVP at Alpha JWC Ventures; and Nitya Shah, Lead of WebEngage Startup Program; with moderator Thaddeus Koh, co-founder of e27.

Also read: KSC to bring 6 Korean startups to the 2023 Echelon Asia Summit

This event is an excellent opportunity to connect with the local tech startup community of Jakarta, share insights with experts and your peers, and potentially get free tickets to the Echelon Asia Summit happening on June 14-15 in Singapore.

The e27 MeetUp is also a great opportunity to explore how you can work with the e27 community – and e27 – to help you achieve your goals.

This is an invite-only event. If you would like to be a part of it, leave us your details in this form.

This event is brought to you by e27, in partnership with WeWork and WebEngage.

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

 

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How startups are using Hong Kong as the launchpad of their international expansion

Recently, Airwallex conducted a survey amongst over 250 Singapore-based SMEs about their international expansion plan and discovered the most popular destinations for these companies. While most of them would opt for their Southeast Asian (SEA) neighbours for their expansion, a great number are also looking beyond the region–with 21 per cent looking to expand to East Asia.

At the sideline of the 7th Elevator Pitch Competition (EPiC) by the Hong Kong Science and Technology Parks Corporation (HKSTP) in late April, e27 had an opportunity to speak to several startups that are participating in their programme. These fintech and proptech startups are using the event as a stepping stone either to enter the Chinese market or the international market–with Hong Kong as a stepping stone.

With its strategic location, reputation as an international finance hub, and support system for the startup community, there are some ways that these startups can use Hong Kong as a springboard for their expansion. We look at two companies with strong ties to SEA to understand how they are using it.

From SEA to HK

As one of the semifinalists of EPiC 2023 under the fintech category, Thailand-based Finema is using the event as an opportunity to support its international expansion plan.

“[Joining EPiC 2023] is a really good opportunity to do branding. It is an opportunity to find some local partners to expand our business into Hong Kong and China as the first step into China is Hong Kong. We got the chance to work with and to know more about how to step into Hong Kong through EPiC 2023 and HKSTP, with supporting information and everything,” says Chatchai Chanvej, Business Analyst & Business Development Lead at Finema.

Also Read: Opportunities abound for Hong Kong’s largest I&T Career Expo

From its home in Bangkok, the startup builds a Decentralised Identity Platform to provide enterprises with holistic solutions. It builds digital ID cards as well as passwordless and multi-factor authentication.

“We have a product that is really beneficial for users who are going to step into Hong Kong. Or for businesses in Hong Kong who would like to expand to Southeast Asia,” he explains.

He also explains some use cases of their identity platforms that businesses and governments can use, for example, their ID card validation platform for travellers from SEA countries. In order to achieve this, Finema is working closely with local governments in the markets they operate in.

When asked whether there is any concern from the local government about safety and access to data, especially with Finema being a foreign company, Chanvej explains that it is important to have a local partner for Finema–to help build trust in the security of their platforms.

From Mainland China to SEA

For Leapstack, the goal of participating in EPiC 2023 is mainly to gain the attention of potential investors and incubator programmes. “I want to explore the opportunity to be under the eyes of investor and incubators and sees whether we have any chance to explore doing fundraising or business connections with other potential business partners,” explains Tung Can, CEO at Leapstack Vietnam.

The insurtech company was founded in 2015 in Mainland China. After nearly a decade in the market, handling mostly government projects and commercial insurance, Leapstack begins looking at the international expansion market.

Also Read: Hong Kong introduces regulatory measures for crypto trading platforms to enhance security

“We think that China is already a good market, but we need to expand internationally. So that’s why we decided to establish in Hong Kong. And then we changed the name to Leapstack International following our opening in Vietnam,” he explains. “We see the potential in Vietnam market with its population … there are a lot of elements that bring us to make a decision that we need to open Vietnam first.”

Vietnam is seen as an entryway to Southeast Asia before the company eventually expands to Asia Pacific.

“We had a lot of discussions; we think it might be the best opportunity to go through the international market through the Hong Kong gateway. We consider Hong Kong as a mature market with many opportunities, from business opportunities to government support,” says Tung Can.

“Over the past eight years, we’ve already built the know-how. That means we actually have the potentials to test all of our technology over the years. So, that’s why it’s enough for us to come out of China and expand the business and the technologies to other countries. But of course, different countries may have different types of medical treatment, clinical guidelines and market practices. So we not only utilise the current technology and systems we have in China, but we’ve foreseen that we need to adjust to every country.”

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post How startups are using Hong Kong as the launchpad of their international expansion appeared first on e27.

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Jeffrey Seah of Quest Ventures launches new SEA-focused VC firm MSW Ventures

Jeffrey Seah

Jeffrey Seah, Partner at Quest Ventures, has rolled out a new early- and growth-stage investment fund Mettle Salt Wealth Ventures (MSW Ventures).

The VC firm’s first fund is called Asia Fund X, which is an opportunity fund in the face of challenges and transformations.

Asia Fund X fund seeks to invest in promising startups in Southeast Asia, particularly in foodtech, agritech, data tech, sustainability, and enterprise tech, with established product-market fit and experienced founders.

Also Read: Why Quest Ventures believes that the human-centricity of ESG investing will be more apparent

“At MSW Ventures, we’re passionate about working with early and growth stage companies in their go-to-market endeavours – we will strive to help them be comfortable with the uncomfortable,” General Partner Seah said in a LinkedIn post.

MSW Ventures will help AFX evaluate potential investments based on their sustainability and long-term success, looking beyond traditional performance metrics to gain an understanding of their business model and exit potential.

“In recent years, we have witnessed the emergence of transformative and disruptive technologies in response to significant changes in our world. The pandemic, for instance, has accelerated the adoption of remote work, digitalisation, and contactless transactions, leading industries to swiftly adapt to the new normal. While some consider these challenges, I view them as boundless opportunities — a constant reminder to think ahead and future-proof,” Sea said

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Jeffrey Seah of Quest Ventures launches new SEA-focused VC firm MSW Ventures appeared first on e27.