Are you a startup seeking to scale internationally? Listen to the newest Global Class podcast episode featuring Jan Van Casteren, Head of Europe at Flexport. The company is a freight forwarding and customs brokerage company based in San Francisco, California

In this episode, Van Casteren talks about the early days of Flexport, how it had to be a global company almost from day one, and how Flexport had to adapt core values in order to scale and manage a global footprint.

Learn about some of the often overlooked parts of expanding to new markets and how to build a strong team.

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This article was first published on Global Class.

Image Credit: Global Class

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Physical retailing is not dead, so long as retailers develop innovative ways to create a memorable experience for consumers.

Malls may die a slow (or fast) death if the following foundations of transparent, real-time data, and synergy between stakeholders, are not made a reality today. In Singapore, three factors can compete with the rise of online shopping.

Firstly, an operating model of win-win relationships exists between all stakeholders, including landlords and merchants, with consumers in the centre.

Secondly, a fundamental shift from silos and distrust to trust and cooperation and thirdly, a data infrastructure (hardware and software) that enforces trust and provides superior business insights and changes in productivity.

The retail mall of tomorrow will not succeed unless they have complete real-time data visibility and sharing, just like e-commerce marketplaces.

Shop in any online marketplace today, from multiple stores. This marketplace has real-time and itemised information about every single purchase that you make.

Step into any mall today to buy your latte and bagel, your pair of shoes and your dress; the mall doesn’t have this information.

A critical edge that e-commerce marketplaces have over physical malls is the real-time visibility of granular sales data. E-commerce marketplaces can tell you how many people shopped at midnight and how many transactions were made, and what that average basket size was per transaction. Malls cannot.

Also Read: How can European companies win in Indonesia’s e-commerce market?

Systems, contracts and approaches in offline retail today is outdated, and thus the physical retail ecosystem cannot keep pace with the exponential growth of e-commerce.

Actual omnichannel retail with malls requires complete data visibility. No one has achieved this before because of POS fragmentation, the difficulty of integration, and a non-data centric approach.

Take a look at any POS system in any shop, in any mall in Singapore. Right this minute, POS machines all over the island are clocking in thousands of transactions concurrently.

The problem?

Malls today are not equipped with the systems to view, analyse and use this data to grow with merchants and delight customers.

Again, e-commerce marketplaces can, and they routinely tell the market and each of their merchants how many people shopped at what time, how the merchant did on the day compared to their competitors and the whole market. Malls, on the other hand, are unable to provide this information in real-time.

Inability to respond to crisis

For example, during a lockdown of 14 days, should a mall be able to understand how sales fare day to day, before, during, and after the lockdown? In reality, yes, they should, but it hasn’t been reflected in all malls. It is information that the vast majority of malls do not have, and therefore, no merchants receive as insights.

Also Read: Offline is the future of online retail

It makes it challenging to negotiate subsidies and waivers in tripartite discussions, turning to pictures of empty malls and ‘he-said-she-said back and forths.

Based on observations in the industry, it is commonly known that landlords and merchants distrust each other as a rule of thumb. They doubt the data each present, question each other’s intentions and actions, and each party claims that the other does not share data transparently.

You only have to look at any social media post within merchant groups, business publications, and the conversations and comments that unfold to understand the intensity of these feelings.

Is this the only way to operate? With distrust and keeping our cards to our chest?

Workable models for data transparency

Why is it that merchants are more than happy to share all sales data with e-commerce marketplaces? Why is it that retailers routinely sync their customer database with tech giants like Facebook and Google for loyalty and retargeting purposes?

These business relationships are underpinned by the three principles shared above—an operating model of win-win, trusting relationships, and an automated, scalable data infrastructure.

E-commerce is new, shiny, and revolutionary. Physical marketplaces, on the other hand, has been around for centuries. With this, malls must disrupt themselves and meet evolving consumer demands and behaviours.

Also Read: Carousell acquires Ox Street to double down on its re-commerce efforts in Greater SEA

We already know that tech giants like Amazon, JD and Alibaba own their retail stores and complexes. Perhaps it is time for big tech to disrupt and best landlords at their own game?

Transformation involves upgrading physical systems, changing the hearts and minds of these organisations, and maintaining open mindsets surrounding legacy SOPs and beliefs, such as data sharing between stakeholders.

Building alignment, consensus and trust are close to our hearts which is why we created The Future of Retail Asia Podcast interviewing retail ecosystem leaders from all around Asia.

Unlocking value, revenue and investments into the retail ecosystem

As more retailers opt for the omnichannel approach, the question arises of how these value-adds to the consumer and drive higher sales and revenue.

Ultimately, it all boils down to creating a seamless online to offline shopping experience for the customer. That can only be enabled with data that lay latent and trapped in the fragmented Point-Of-Sale systems market in Singapore’s retail scene.

For retailers and brands, showing data is the ‘proof of the pudding’ – driving more sales effectively and harnessing data to do that predictably and efficiently, is what will save the retail ecosystem, not arguing about rents.

Interestingly, it will also be why the largest brands in the world, FMCG brands like PepsiCo and CocaCola, P&G and Unilever, would invest more money.

Do you think they would be interested to know how their SKUs move every hour, day and week in the mall or retail ecosystem?

Also Read: Beyond e-commerce: How omnichannel experiences can shake up SEA retail

Understanding demand flow to plan marketing, manufacturing and distribution better saves brands billions of dollars a year if achieved – this unlocks tremendous value.

Fintech partners like banks, card issuers and e-wallets would love to understand customers, purchases and how they perform in the market, and predictable and measurable ways to acquire and have users spend more with them.

Show your partners the data of how spending can be increased, and you will see money flow in like a gushing river – all because you can show these partners how they can increase ROI and decrease costs – while all other competing malls struggle to calculate rental monthly.

The Great Singapore Sale (GSS) has died. The only honourable way is to recreate a new, data-centred and customer-centred version of it.

When was the last time you saw a GSS print ad and specifically went to town to catch the sales?

The popularity of the GSS has dwindled sharply in recent years, and this has been prominently replaced by catchy online ads and jingles shouting every double number you can imagine (11, 22, 33, 44, 55, 66, 77, 88, 99), but that doesn’t have to signify its death.

Could the Great Singapore Sale be reincarnated and brought back to life with real-time data, omnichannel marketing and engagement?

Want to give people real-time sales figures in the malls? Top-selling brands and shops for the day?

You need aggregate real-time data.

Want to challenge your shoppers to shop all day if the mall hits S$10 million spend for the day everyone in the mall receives a S$10 voucher?

Also Read: B2B e-commerce platform EI Industrial attracts seed funding from Cocoon Capital, Beenext

You need aggregate real-time data. Any omnichannel future, customer-centric future, experience innovated lot – requires aggregate real-time data.

The best part is that the technology, the processes, and the steps already exist to make it happen.

The Fair Tenancy Framework, while a good start, will not work by itself, as the rental calculation isn’t exciting for retailers and even malls. Growing top line is.

If there is one thing that retailers care about, it is sales. Growing whole retail ecosystems, whether it is a mall or a precinct, requires every party working together in the ecosystem, for the good of the ecosystem. This interestingly applies to malls, but to also precincts (for example 600 merchants in Kampong Glam, or in Chinatown).

If data can unlock how to double or triple spend in a mall, that’s what will work, and you only need to look at e-commerce use cases to see how to bring it into the mall.

The future of offline retail is an exciting and promising one for landlords, tenants, and shoppers alike, if and only if all of the above happens.

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Gamification has become a buzzword in recent years. Simply put, gamification uses game elements in a non-game context, offering a great way to retain customers.

It’s a growth strategy straight out of China, which has seen many major e-commerce companies, including Alipay, Alibaba’s Taobao and Pinduoduo, incorporate gamified elements into their apps to increase user engagement and draw in repeat customers.

Learning from the Chinese experience with gamification, many Vietnamese companies have started to leverage the strategy of incorporating gamification in business as a solution to target customers more engagingly and effectively.

Growing gamification adoption in Vietnam

The value of the gamification market worldwide has skyrocketed from US$4.91 billion in 2016 to US$11.94 billion in 2021, according to Statista.

In the Asia Pacific, the gamification market is projected to grow exponentially at a rate of 27 per cent. China and India will help drive the market by focusing more on using gamification to enhance user experience.

In Vietnam, MoMo is at the forefront of the trend toward gamification with offerings such as MoMo Academy, MoMo City, and the most recently launched MoMo Jump. It allows users to jump into gift boxes that appear on the road to collect coupons, promotions, and discounts to use various services available in MoMo e-wallet.

Vietnam-based one-hour delivery startup Loship is also upping its engagement tactics by launching two new gamified features called Daily check-in and Quest hunt.

BAce Capital suggested the strategy– their partners are directors at Ant Group. Drawing on their knowledge of Chinese trends, Loship incorporated mini-games into its app, just as China’s Pinduoduo added gaming to its e-commerce platform. 

“It was not something done with a strong sales objective in mind, but rather an experience that would allow customers to enjoy. Users visit Pinduoduo without any specific intent, much like visiting a real-world shopping mall. Likewise, Loship users may pull up the app for gaming, not shopping, but wind up making purchases,” Loship CEO Trung Hoang Nguyen shared.

Another startup that has incorporated gamification into its platform is Fika, a dating and social networking platform focusing on female users in Asia. With gamification, Fika broke the mold of traditional dating apps.

Also read: How gamification is increasing productivity during COVID-19

Each day users will receive a series of mini-challenges such as “Match someone new today” or “Text 2 days in a row”, etc., and for each completion, users will receive a Fika Coin reward. These Fika coins are used to unlock many premium features in the Fika app, such as seeing who liked you, rewinds, unlimited likes, etc. 

Gamification done right is key

Gamification is supposed to be a product longevity booster, not a replacement for the app’s inherent utility. Gamification plays a pivotal role in improving the user experience, engagement, and appeal of the app.

Let’s walk through some of the benefits that gamification brings to the table:

User retention

Gamification is a retention machine when done well. All gamification types have the same standard hook, where you can log in daily, perform a specific action to get rewards. Psychologically, these rewards motivate users to keep going on with the game and achieve more rewards. T

The principle here is that high-frequency usage would cultivate a user habit, leading to user stickiness. This user stickiness is tied to purchasing products.

China’s Pinduoduo is a leader in using gamification to promote frequent usage and purchases on its platform. The average number of monthly users in Pinduoduo increased more than twofold from 195 million in 2018 to 487 million in 2020 thanks to this engagement strategy.

Vietnam-based Loship has also followed this strategy to develop its daily check-in challenges. Each time users check-in, they are granted a certain number of Lo-points, which can be redeemed for in-app vouchers and coupons.

“While each check-in doesn’t generate direct revenue for Loship, the product experience eventually ties back to commerce if/when users redeem their points. This theoretically should yield a higher customer lifetime value,” shared the Loship representative.

User acquisition

Games that require users to invite or introduce their friends are the perfect vehicle to acquire new users. 83 per cent of consumers say they either completely or somewhat trust recommendations from family, colleagues, and friends about products.

Vietnam’s MoMo uses the referral program to have existing users invite their friends to install the app in exchange for extra turns to play games and incentives of VND500.000 for each successful referral.

The highest amount receivers get their name displayed on the app’s leaderboard feature.

Referral mechanics was also the fuel that propelled Pinduoduo to spectacular growth at its inception. Once the user is hooked, they’ll happily acquire on behalf of the company.

As such, the company can reach out to more potential customers without any advertising dollars invested. 

Data collection

Gamification can help companies understand their customers on a deeper level. When playing games, users reveal their preferences regarding time, capacity, attitudes, and willingness to pay, allowing for more precise targeting.

This insight becomes the foundation of better customer experience and engagement, leading to loyalty and trust. Historical data can also be used to make better predictions and build more effective marketing campaigns. 

In the case of Fika, for instance, Fika encourages users to take on mini-challenges such as “Match someone new today” in exchange for Fika Coins.

The more users join the challenge, the more insights and customer data are revealed. Fika can build up robustly personalized constantly and matchmaking algorithms to find more meaningful connections for their users.

Gamification is not a trend. It’s a future

Gen Z makes up 1/7 of Vietnam’s 92 million population. Being in tune with this large and growing generation of consumers means mastering gamification – and applying this tactic to the business context.

With the impact of COVID-19 leading people to aggressively search for online entertainment, more and more applications coming to market, and the concept of gamification gaining more credibility, it is only a matter of time before gamification takes off in a nation that loves gaming like Vietnam.

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Abu Dhabi wealth fund to inject US$400M into GoTo’s pre-IPO round
According to a report of August, GoTo was set to close an up to US$2 billion pre-IPO funding round in a few weeks; Various reports suggested that GoTo plans to list in Indonesia by the end of 2021 before proceeding with a US listing with a potential valuation of US$40B.

Cloud communications firm Vonage acquires Jumper.ai to enter conversational commerce space
Jumper.ai allows businesses to turn shoppers’ conversations into richer AI-enabled customer experiences with rapid service and sales follow-through; Jumper.ai creates omnichannel, messaging-first customer engagement and shopping journeys across social, messaging, and web.

Vertex seeks to launch US$150M SPAC in S’pore by year-end
The Temasek-backed VC firm is understood to be filing its application with the SGX this month; Sources said Vertx aims to list its SPAC by the end of this year; Sources also said Vertex is seriously considering merging its SPAC with one of its investee companies.

Auspac Investment Management launches US$50M fund to back SEA startups
Auspac intends to invest in 15-20 firms (2-3 deals in every half year) over three years at cheque sizes ranging from US$1M to US$3M; It aims to close the first tranche of US$5M from its Australian parent; Auspac recently joined the US$6M Series A round of Malaysian insurtech startup PolicyStreet.

H3 Dynamics closes US$26M Series B to introduce long-range hydrogen-air logistics solutions
Investors include SPARX Mirai Creation Fund, EDBI, ACA investors, and Capital Management Group; H3 Dynamics aims to create a scalable path to low-carbon hydrogen-powered flight in three development phases — drones, cargo, and passengers.

East Ventures, Lightspeed, senior execs from SEA’s unicorns back Geniebook’s US$16.6M Series A financing
Geniebook employs AI and machine learning to assist students in improving their academic performance through personalised experiences on its platform; It claims to maintain its profitability and positive cash flow thanks to a strong financial year in 2020.

Indonesian farming lender Crowde bags US$9M Series B
Investors include Monk’s Hill Ventures, Mandiri Capital, PT Great Giant Pineapple; A VentureCap Insights pegs Crowde’s valuation at around US$32M; Since it started, the fintech firm has disbursed loans to around 34,000 borrowers.

ASX-listed Novatti to acquire Malaysian fintech firm ATX for up to US$7.4M
ATX provides digital payment services and owns and operates several B2B and B2C brands, such as PayHub, GoPay, MyPOSPay and RuncitHero; The deal presents strategic value for Novatti on several fronts, including access to an established network of 30,000+ payments touchpoints across Malaysia.

MarketWolf scores US$5.5M investment to simplify trading experience for short-term traders
Investors are individuals holding senior positions in renowned PE firms, investment funds, fintech and consumer internet startups; MarketWolf removes unnecessary jargon and complexities associated with options and educates them while protecting their capital with built-in risk features.

DocuSign Ventures debuts to invest in startups that innovate the agreement process
DocuSign Ventures targets early-stage companies that have achieved early signs of product-market fit –or Series A to C stage companies; The firm is also “flexible” in its cheque sizes with no stated maximums or minimums with typical deals that are up to 10% of the size of the round.

UOB’s venture arm leads US$5M Series A of Vietnamese fintech firm SAMO Holding
SAMO owns the financial comparison site thebank.vn, financial advisors platform momi.vn and insurance distribution firm TheBank Assurance; The company said that thebank.vn processes more than 1.316 financial products, from house and car loans to travel and health insurance packages.

Singapore’s Doyobi nets US$2.8M pre-Series A to upskill teachers in 10+ countries
Investors are Monk’s Hill Ventures, Tres Monos Capital, Novus Paradigm Capital, and XA Network; Doyobi enables teachers and school administrators to integrate STEM and 21st century-related classes in a fun and engaging way.

Phuture aims to help solve fibre deficiency among Malaysians using its plant-based meat products
Phuture provides a range of products, from plant-based mince and burger patties to High-Fibre Chick’n brand; Funded by accredited investors based in Singapore, Australia, and the US, Phuture Foods is currently out to raise follow-on investment.

IDX Commissioner Pandu Sjahrir invests in EmTrade
EmTrade is an Indonesian edutech startup; The startup will use the funds for technology development, expansion of userbase and transitioning the business model from edutech to fintech.

6 reasons why Hong Kong is the ideal place for fintech startups
Home to more than 460 fintech companies, including several unicorn startups, Hong Kong has emerged as one of the world’s most dynamic fintech markets; It leverages its historical position as an international financial centre and embraces progressive regulatory regimes to foster innovation and appeal to global entrepreneurs.

Facebook announces ‘Novi’ digital currency wallet
Novi is a digital wallet that aims to help people send and receive money abroad instantly; It has no fees to send or receive money internationally and no markups on exchange rates; Novi uses digital currencies that make sending money as easy as sending a message, starting with USDP.

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Image Credit: GoTo

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The COVID-19 pandemic has forced businesses and consumers to increasingly utilise the internet for most goods and services, resulting in a massive shift to a nearly whole digital world.

As a result, cash payments have sharply declined, and digital payment solutions have become the primary option.

The shift to a cashless economy is not, however, unprecedented. With a preference for real-time payment options, combined with greater adoption of digital identity solutions, Singapore is leading Asia towards the reality of a truly cashless economy.

The rewards of digital payment and banking solutions are evident. Increased mobility of money across borders, 24/7 access, and the ability to track payments in real-time are just some of the benefits of digital finance.

But as financial services institutions (FSIs) expand their offerings to meet the changing expectations of users, FSIs and their leaders have an increased responsibility to protect consumers.

Faced with the need to handle and manage a large influx of digital payment information, the challenge for FSIs is protecting users from fraudulent activity while not compromising customer experience.

The uptick of digital payment platforms has provided criminals with greater access to personal and financial data than ever before. In 2020, Singapore saw a 37 per cent increase in people falling victim to a cyber incident as the global pandemic pushed people towards digital platforms for everything from banking to shopping to online healthcare.

Also Read: Singapore’s Coda Payments buys BAASH to further expand its gaming goods and solutions

With these numbers expected to grow, FSIs are faced with never before seen transactions and personal data levels. In response, they need to rise to the challenge by implementing scalable and risk-based models of cybersecurity.

Classic cybersecurity models are no longer enough to protect users from cybercriminals. ForgeRock’s 2021 Consumer Identity Breach Report found that finance was in the top three industry sectors most affected by data breaches, with breaches involving personal identity information increasing by 49 per cent. 

As the reality of a cashless economy creeps closer, users who cannot or do not know how to protect themselves rely on FSIs to adopt the proper levels of security.

This responsibility grows more significant as consumers’ consumption of goods and services shift online, and cybersecurity breaches, scams, and hackers represent a greater level of threat than ever before.

An increase in cloud security breaches is also problematic. With an increasing number of FSIs shifting to cloud platforms, the impact of wide-scale data breaches through technology providers has become a pressing issue.

The 2021 Kaseya ransomware attacks have proved that hacks and breaches have become more sophisticated than ever.

New central banking rules implemented by the Money Authority of Singapore (MAS) work to ensure FSIs are responsible for checking the security of their technology vendors. FSIs need to be proactive in their implementation of security systems to protect increasingly digital society.

Also Read: Practical tips to protect your business from cyberattacks

Improving user experience with passwordless authentication

To alleviate the pressures faced by FSIs, businesses also need to adopt scalable and risk-based cybersecurity models.

To detect and manage vulnerabilities, the implementation of intuitive systems which utilise AI provides a much more robust solution than traditional rules-based models of criminal detection. Ultimately, minimising the time and energy spent on fraud detection enables FSIs to put more resources into improving customer experience.

Given the weak passwords, multi-factor authentication (MFA) is a more reliable mechanism for safeguarding access to consumer devices, but more can be done to build upon this. The best solutions rely on passwordless authentication.

Passwordless authentication works by expanding the circle of trust to devices via a security key— without any certificate management. This is not only more secure by minimising points of vulnerability from malicious actors, but it also creates a user-friendly customer experience with fewer friction points.

The end-user experience of migrating to a passwordless environment can be seen in push-based authentication. Leveraging things like face-ID or touch ID for the second authentication factor means users don’t have to remember hundreds of unique passwords and usernames.

This authentication method also makes the user themself a central part of the login process, making it hard for malicious actors to replicate, significantly reducing the risk of a breach occurring.

Key takeaways

With the rise of a completely digital economy, FSIs can no longer rely upon fixed threat detection methods. As digital access in hyper-speed continues to grow, investing in intuitive infrastructure is paramount to the success of a cashless economy.

Also Read: Tackling misinformation and creating a safer internet through blockchain amidst Asia’s lockdowns

Up against unknown threats, solutions need to be adaptable, scalable, and intuitive to protect the increasing number of users online. With an increased responsibility placed upon the shoulders of FSIs and their leaders, the best solution is the solution that effectively solves tomorrow’s problems today.

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Anfin, a Vietnam-based stock trading app for retail investors, has raised US$510,000 from Global Founders Capital (GFC), First Check Ventures, and R2 Venture Partners.

GFC is a Germany-headquartered billion-dollar fund and an early investor of notable tech companies, such as Facebook, Rocket Internet, and Archer Aviation, LinkedIn, Lazada, and Slack.

“GFC is always looking for outstanding founders globally to provide them with capital. Our current focus is in Vietnam and Southeast Asia that is home to a large pool of talent,” said Jay Lim, VC management partner at Global Founders Capital. “I believe they [Anfin] are active as a key player in improving financial literacy in Vietnam.”

We have contacted Anfin for more details about the funds and will update this article when we hear from it.

Also read: Pocket power: 27 personal finance startups in SEA to help you manage money

Founded in June 2021 by CEO Phuoc Tran and CPO Michael Do, Anfin is a stock investment app that enables users to buy and sell stocks with small capital starting at only VND50,000 (around US$2) and allows trading of fractional shares.

Anfin aims to simplify the financial investment process through a user friendly, transparent and highly secured platform, generating passive income for young Vietnamese.

The startup also supports users’ decision-making by providing investment knowledge, from basic to advanced, and updating financial news in an easy-to-understand style.

“The complicated process, risk aversion and large initial capital are common barriers that hinder Vietnamese people from investing in securities,” said Anfin CEO Phuoc Tran. “We strive to inspire and support Vietnamese people, especially the young, to help them confidently start investing to achieve their financial goals.”

In H1 2021, the total number of new domestic investor accounts opened in Vietnam increased by 58 per cent compared to the whole of 2020. Around three per cent of Vietnam’s 100 million population has a stock brokerage account, according to investment firm VinaCapital.

The year 2021 has witnessed a massive growth of people joining the stock market, while the traditional investment options like real estate and gold have become less excited, reports VinaCapital.

Vietnam’s government aims to increase the country’s stock brokerage penetration rate to 5 per cent by 2025 and 10 per cent by 2030.

In Southeast Asia, investment platforms are ripe for an explosion, with Aijab becoming the latest unicorn in this sector. In Vietnam, Finhay and Infina are the two notable startups that recently secured funding.

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Also read: Anfin

 

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Farmacare, which helps community pharmacies in Indonesia be more competitive and provide better services for their neighbourhood, has secured an undisclosed amount in seed funding.

Led by Beenext, the round also saw participation from Taurus Ventures, iSeed SEA, Indonesia Women Empowerment Fund, and unnamed angels.

“We are excited to announce the closing of seed investment in Farmacare, led by BEENEXT with Taurus Ventures, iSeed SEA, IWEF (Indonesia Women Empowerment Fund, a fund operated by Moonshot Ventures and YCAB Ventures), and angels,” founder Adi Sudewa said in a LinkedIn post.

“We are growing by leaps and bounds, but still early in our dream to create positive impacts for community pharmacies, distributors, and millions of Indonesians who need much better access to medicines and other pharmaceutical products,” he added.

Also Read: Pharma entrepreneur Thomas Miklavec shares his journey on expanding his startup across SEA

Founded in 2020, Farmacare offers a cloud-based pharmacy business management solution. It assists pharmacies in the archipelago with the daily administrative workflow management, thus increasing the efficiency and potential of their businesses.

Its solution boasts of features such as sales record management, inventory tracking, and CRM. Pharmacies can monitor their business performance from anywhere, anytime. They can also see daily sales per employee, check purchase invoices, monitor stock of goods, and monitor multiple pharmacies using a single app.

Farmacare also helps prevent potential losses that usually occur in pharmacies, such as fraud due to unrecorded sales and purchases; items lost, expired, or dead stock; and empty goods and rejected customers.

Subscriptions are available at IDR 149,000 (US$10.5) a month for the three-month package or US$136,000 (US$9.6) a month for the one-year package.

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Image Credit: Farmacare

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RareJob, an online ESL (English as a second language) school, has signed a capital alliance agreement with Dream Viet Education (DVE), the operator of “Kynaforkids”, a Vietnamese online English tutoring service.

As per a press statement, DVE marks RareJob’s maiden investment into Vietnam’s edutech market. The partnership looks to leverage the existing assets of the two firms.

Under the investment, RareJob aims to utilise its network of approximately 6,000 available Filipino tutors on “RareJob Eikaiwa”, an online English conversation lesson service, to provide high-quality lessons to DVE’s students.

The Japanese firm stated that this collaboration aligns with its intention to expand globally. It has been strengthening business targeting corporations and educational entities and is expanding to global leader developments and career-related businesses through synergies.

Also read: Edutech is surging, but here are the 3 issues it is facing

Founded in 2013, Dream Viet Education provides online English tutoring platforms, including Kyna.vn and Kynaforkids. 

During the COVID19 pandemic, DVE claims to have seen robust growth both domestically and internationally in its online English tuition service under the Kyna English 1-1 brand. The company also said it has secured a steadily growing number of users.

RareJob and DVE also intend to strengthen collaborations for DVE’s existing services for adults and kids through leveraging RareJob’s PROGOS, an AI business English-speaking test, and RareJob Eikaiwa materials.

Previously, RareJob made inroads into other markets through strategic investments in local edutech startups, such as Thai online English teaching company Globish Academia Company and Indian online English tuition company Multibhashi Solutions.

According to “Vietnam IT Landscape 2020” research, the amount of investment for the Vietnamese edutech industry market reached US$20.2 million. As of 2019, the total amount of foreign investment capital for edutech has reached US$55 million in Vietnam.

 

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A few days ago, Kia announced that their electric vehicle sales exceeded 10,000 units just in September 2021. Hyundai also reported over 16,000 units of the plug-in electric vehicles sold in the same month.

In 2020, in a year where the pandemic halted almost all industries and when overall car sales globally dropped by 16 per cent, electric car registrations rose by a whopping 41 per cent. And that’s just passenger vehicles; it doesn’t include three-wheelers and electric motorbikes.

In a world at dire risk of missing its climate targets, electric vehicles seem like the carbon-mitigation technology with the best potential to scale commercially, capturing both the world’s imagination and its wallets. 

But are electric vehicles really more climate-friendly?

For Sohail Hasnie, Principal Energy Specialist at the Asian Development Bank, the answer is yes. 

He posed the comparison between a fuel-run vehicle versus an electric vehicle travelling 100 kilometres. “If you want to do 100 kilometres on the Toyota Corolla, you need about eight litres of petrol. And that eight litres of petrol when you burn it, it will produce about 18 kilograms of carbon dioxide,” Hasnie said.

Whereas, at the same distance travelled, an electric vehicle requires about 20 kilowatts of electricity, emitting 9 kilograms of carbon dioxide-based on today’s electricity generation source.

“So, 18 kilograms of carbon dioxide versus nine kilograms for the same distance. It’s phenomenal,” Hasnie added.

And it’s not just in the actual vehicle itself that electric vehicles get more climate-friendly. Wavemaker Partners-funded Summit Nanotech, for example, are exploring greener, faster, and more affordable ways of extracting lithium, which the industry will need as it scales. Then there is The Flow, a company that is working on flow batteries that can easily be used in existing service stations to alleviate some energy source pain points electric vehicle owners may encounter.

With these possibilities of more efficient yet greener batteries and energy grids comes the greater possibility of converting commercial fleets to electric. 

“We’re interested in how you’re going to charge those fleets, but also how are you going to route those fleets to the city, how are you going to maintain the batteries over time and how are you going to resell those cars, long term,” says Doug Parker, an automotive startup founder turned investor at Wavemaker Partners.

This is precisely what Euler Motors is working on. According to their founder, Saurav Kumar, Eular Motors was started with the aim of helping combat climate change by decreasing air pollution

“If you look at the segments that commit or give you a lot of air pollution, it’s the commercial vehicles, then the two-wheelers, small two-wheelers, and then you have obviously four-wheelers in it,” Kumar said. “But they [the other three segments] do not contribute as much as these commercial vehicles.”

And while it is early days yet for Euler Motors, interest in the product is promising. Just in the previous month, they have received orders for 2,500 units of their three-wheeler electric vehicle from various e-commerce and grocery stores in India.

There is growing, tangible support for the shift to electric vehicles

It took less than five years from when the Nissan LEAF came out to reach the one million electric vehicle units running mark, significantly taking less and less time for every million. Now, we are at ten million electric vehicles running globally. 

This is widely because of the increased awareness of the environmental benefits of electric vehicles, as well as better technology that creates better vehicles.

A huge cause for the adoption, though, can be attributed to two things: the Paris Climate Change Accord, and the United Nations Sustainable Development Goals.

With the government-level commitment to these two international agreements, there is assured support for the move that even traditional industries are in on it, with a lot of large corporations announcing plans to aim for Net Zero carbon emissions.

The time is ripe for electric vehicles to flourish

Government support and company commitments to Net Zero make it all the more possible for the electric vehicle industry to grow.

The role of startups in this shift is crucial: as technology gets better and the transition of energy sources from fossil fuels to alternative sources get faster, startups have the advantage of being able to move at the same pace.

Paired with an ecosystem that is coming together — from cleaner energy sources, better energy storage, manufacturing of vehicles, and public and private companies’ transition to more sustainable transport systems — electric vehicles may soon become the norm for a region that aims to save the planet.

The Climatic Series Episode 2

In this episode of the Climatic Series, we take a look at how electric vehicles are changing the vehicle manufacturing industries’ perspective especially in light of climate issues, and meet startups, investors, and other stakeholders who are working on building a sustainable ecosystem across the region to help scale the reach and impact of electric vehicles.

Watch the Talkshow here. Open call application here.

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This article is produced by the e27 team, sponsored by ADB Ventures

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Newsflash. You don’t need to be a millionaire to be an impact investor. There are all kinds of ways of investing your money today. You can invest in cryptos, buy NFTs, and you can, of course, invest in stocks. Still, in my experience, there is nothing like backing a company at the seed stage– especially when the company’s mission is to solve the world’s biggest challenges like clean water or clean air.

If you want to start angel impact investing, meaning backing companies that are solving today’s biggest challenges, you have so much choice today.

Following the journey of people who share your values and who have made it their mission to build a company from scratch is exciting and rewarding, and at the seed stage, you can make a difference with your capital.

Whether you want to back companies creating meat with almost no carbon footprint, capturing CO2 from the air, creating circular economy technologies or bringing affordable healthcare to the masses, you can become part of a new paradigm of ethical investing with as little as US$10,000.

When I was working for Techstars, one of the best technology accelerators in the world, I  would overhear conversations between angel investors. As a consequence, I made three assumptions that were proven wrong in the last year:

• I assumed that all investors were millionaires. I felt intimidated, assuming angel investing was something for the elite that I wouldn’t be able to do before becoming a millionaire myself. 
• I assumed I needed to know everything about business before becoming an investor, but all I needed was to develop expertise and a network in a sector I’m passionate about. 
• I also thought that it wasn’t possible to make money in ways aligned with my values of striving towards sustainability and equality.
• I held on to the outdated assumption that making money and doing good in the world were mutually exclusive.  

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

You can invest US$10K as opposed to US$25K in a startup

Typically, the smallest ticket size for an angel investor is US$25,000, but you can also back companies with US$10,000 or US$5,000 if you have something unique to bring to the table.

Ideally, you will want to build a portfolio of about 20 companies over five years, that’s four investments a year, a total of US$40,000 a year. This is so that you spread your risk and probability of returns. 

If you’re wondering how to make this happen, you can reach out to accelerator programmes like Antler, Entrepreneur First or Techstars. You can also join networks of investors like Top Tier Impact (where I work), so you get access to quality deal flow.

There are also numerous events where startups pitch. You communicate how much you want to invest. Agree on the terms of the investment and done!

Returns happen where the business you invested in either gets acquired or goes public. It’s usually a five-to-eight-year timeline, so in that sense, you need a long-term investment perspective.

The idea is to follow on on investments that are doing well in subsequent rounds.  

My point here is that you can invest US$10,000 in a good business, and they will happily receive it, provided you bring something unique to the table; a good value proposition to founders, sector expertise or a relevant network.

It’s also okay to start with more minor tickets and do a more significant number of deals.

Also Read: Why is impact investing suddenly so hot?

You don’t need to be an expert in all sectors. Just pick one focus

So what do you bring to the table? You don’t need to be an expert in everything. For some angel investors, it’s money only. For others, it’s their time or the introductions they can facilitate.  

• Your network of potential advisors and investors is of vital interest to founders,  and it can be formal or informal. I run an angel investor club called Stage 6, which opens the door to investment opportunities and gets investors to back companies on advantageous terms. 
• Exposure and expertise: My friend Berenice Magitretti is both a journalist and an angel investor in femtech. She brings in money as well as sector-specific expertise. 
• Localised knowledge and market trends: I have focused most of my angel investing on alternative protein because it made sense for me being based in Singapore, which is becoming one of the best ecosystems in the world for food technology.  

Value alignment and adding value with your capital

In the last year, I have made three angel investments ranging between US$10 and US$25,000, two in funds and one in a startup. If you focus on one subsector, you will build expertise, and your due diligence will become easier and easier as you start to become knowledgeable.

So if you want to hack angel investing, think about the following: What can I  bring to the table that would make my check ultra-valuable? 

By focusing on alternatives to animal protein such as plant-based, cell-based and fermentation technologies, I am backing alternatives to the broken industrial agriculture system.

Investing as an angel impact investor is making a difference because that is the hardest capital to raise.

Also read: A wave of change: What sets impact investing apart from traditional investing

If you want to make a difference with your money, invest in companies pre-IPO that are tackling the world’s biggest challenges. Once a  company is public and you buy shares, there is a lot of capital available.  

Once you have started, you will quickly see that the real challenge is finding good companies to back, and you achieve that by building trusted relationships.  

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