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https://technode.global/2022/08/05/airasia-super-app-offers-gig-riders-in-malaysia-full-time-employment/ | Airasia Super App offers gig riders in Malaysia full-time employment | 51 | AirasiaAll airasia food and airasia xpress riders will be employed as full-time employees, effective immediately, enjoying a full suite of Allstar benefits which include employees provident fund (EPF), SOCSO, medical coverage that covers their spouses and children as well, annual leaves, and travel benefits such as AirAsia Flights ID90 and e-coupon schemes, airasia said in a statement. This is on top of guaranteed income up to RM 3,000 monthly, exclusive airasia rider training as well as free personal accident coverage. Based on performance, riders can also earn extra incentives. “We are thrilled to be welcoming the riders into our family. As many people know, airasia has always been about people, and we believe that people are our greatest asset. This applies across all of Capital A’s business units, including the airasia Super App. Just as our baggage handlers, cabin crew, and pilots are the backbones of our aviation business, these gig workers are the heroes of our delivery operations, “We don’t believe in contract staff and will now move towards employing all riders as full-time employees, receiving the same benefits that every Allstar receives, on top of the excellent benefits from airasia food & airasia xpress respectively,” Tony Fernandes, Chief Executive Officer of airasia parent firm Capital A. “Over the years, airasia has created tens of thousands of job opportunities across the region. With our expansion as a super app platform, we have also depended on gig workers’ crucial services for lifestyle services such as food & parcel deliveries. “Giving full-time employment to our gig riders is more than just offering them Allstar benefits; it’s about adding value to their lives and career paths, allowing them to dream and making those dreams come true. By being full-time employees, they are part of the larger Capital A ecosystem, where they will have opportunities to explore and develop their careers further. From a delivery rider, they can become a cabin crew, a pilot, a data analyst, a digital marketer, part of the corporate office – the possibilities are endless,” he added. Airasia food is currently serving customers in Malaysia, Singapore, Thailand, and Indonesia and the delivery service by airasia xpress is currently available in Malaysia, Singapore, and Thailand. Malaysia’s AirAsia, UK’s Skyports seal partnership to explore air taxi in Malaysia |
https://technode.global/2022/08/03/catcha-investment-corp-2-0-withdraws-250-million-ipo/ | Catcha Investment Corp 2.0 withdraws $250M IPO | 51 | Catcha Investment Corp 2.0, the second blank check company formed by Southeast Asian internet group Catcha Group, has withdrawn its plans for an initial public offering (IPO) in the United States. Catcha Investment Corp 2.0 is incorporated in the state of Cayman Islands. Catcha Investment Corp 2.0 is primarily in the business of blank checks, according to U. S. Securities and Exchange Commission. “The company is withdrawing the Registration Statement because it has determined not to pursue an initial public offering of its securities. Therefore, withdrawal of the Registration Statement is consistent with the public interest and the protection of investors, as contemplated by paragraph (a) of Rule 477 under the Securities Act,” the special purpose acquisition company (SPAC) said The SPAC has filed in March 2021 to raise $250 million by offering 25 million units. Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third of one redeemable warrant, its earlier prospectus showed. The withdrawal request also came as SPAC activity started to lose its popularity this year. SPACs were the preferred way for tech companies to go public in the past two years. Singapore-headquartered super app Grab went public on NASDAQ last year after Altimeter Growth Corp’s investors approved the merger between the two companies. Market uncertainties and the threat of tighter regulations towards SPAC deals have affected investors’ and sponsors’ appetite. Catcha Investment Corp 2.0 was set to be led byChairman and Chief Executive OffcerPatrick GroveandPresident and DirectorLuke Elliott, co-founders of Catcha Group. Grove is also the Chairman and CEO of Catcha Investment Corp (Catcha Investment 1), while Elliott is also the President and Director of Catcha Investment 1. Catcha Investment 1 completed its IPO in February 2021. Catcha Investment Corp 2.0 intends to focus its search on a target with operations or prospective operations in the technology, digital media, financial technology, or digital services sectors, which it refers to as the “new economy sectors”, across Asia Pacific, in particular Southeast Asia and Australia, according to its prospectus. Founded in 1999 and led by Grove and Elliott, Catcha Group said it is one of the earliest and most established internet-focused investment groups in Southeast Asia and Australia. Headquartered in Malaysia and Singapore and with over 20 years of operating experience, Catcha Group has a strong focus and deep local understanding of the region, according to its website. [Updated] Catcha Group’s Patrick Grove considers SPAC-listing in Singapore |
https://technode.global/2022/08/02/kpmg-hsbc-report-spots-10-potential-unicorns-in-malaysia-heres-a-closer-look/ | KPMG-HSBC report spots 10 potential unicorns in Malaysia: here’s a closer look | 51 | A recent report published by audit and advisory firm KPMG and banking group HSBC has featuredThe Emerging Giants in Asia PacificThese potential unicorns, dubbed “Emerging Giants”, include Boost Holdings, Exabytes, Jirnexu, among others. “Malaysia has developed a good understanding of technology and how innovation works, as evidenced by the many home-grown companies listed in the top 10 leading Emerging Giants for Malaysia,” said Guy Edwards, Head of Technology, Media and Telecommunications, KPMG in Malaysia, in a statement last Monday (July 25). “The list of Emerging Giants in Malaysia excites us because it is proof that our nation has all the right ingredients for start-ups to flourish and be leaders that shape their industry,” said Karel Doshi, Head of Commercial Banking, HSBC Malaysia. According to Securities Commission Malaysia, funding is starting to reach a significant level – total committed venture capital (VC) funds hit $1.2 billion in 2021, up 20 percent on 2020, and nearly five times more than Malaysian start-ups raised in 2019. There has also been an increase in venture capital deals in the region, with record-breaking numbers in 2021. Although 2022 looks unlikely to repeat the highs of 2021, the first quarter (Q1) 2022 figures suggest that 2022 is on target to exceed both 2020 and 2019 funding levels for Asia Pacific as a whole. This is consistent with the investments in Malaysian startups. $319 million has been invested in Q1 2022 versus $121 million in 2019, $101 million in 2020 (totaling $222 million) and $532 million in 2021. While there is no specific formula to be an “Emerging Giant”, the companies identified were standout players in a wide variety of disciplines, including superior technology and/or technical knowledge, “hyper localized” businesses, mastery of logistics channels and supply chain operations, successful adaptations of their business model(s) based on correct identification of market gaps and a winning culture that attracts and retains talent, HSBC and KPMG said in the joint statement on Monday (July 25). We take a closer look at these companies:
1. Boost is the fintech arm of telco Axiata and a full spectrum FinTech player in Southeast Asia that unifies financial services spanning payments, micro-financing, micro-insurance, cross-border content services and merchant solutions. Boost formed a consortium with Malaysia’s fourth largest banking group RHB Banking Group and won a digital banking license. In 2020, Singapore-headquartered insurance company Great Eastern, has made a strategic investment of $70 million Boost Holdings, a digital financial services unit of Axiata. Great Eastern, a subsidiary of OCBC Bank, will hold a 21.875 percent stake, while Axiata’s unit will control the remaining stake.2. Headquartered in Penang, Exabytes has offices in Kuala Lumpur, Singapore and Indonesia. Founded in 2001, Exabytes said it has grown to be one of Southeast Asia’s leading cloud, e-commerce and digital solutions provider.
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4. Previously known as 11 Street Malaysia, Presto Mall said it is Malaysia’s largest homegrown online shopping platform, which is part of Presto – Malaysia’s first homegrown multi-service lifestyle app that offers various lifestyle and convenient features as well as mobile payments. Malaysia’s ACE Market-listed tech firm PUC Bhd acquired a 12.35 percent stake in 11 Street Malaysia in 2018 from SK Planet Global Holdings Pte Ltd and Axiata Digital Services for MYR40 million ($10.22 million). The deal implied a valuation of about MYR323.9 million ($84 million) for 11 Street Malaysia then. PUC later took over the management of the firm and rebranded the e-commerce platform as PrestoMall. PrestoMall has adopted the supply chain model and it is one of the top 10 e-commerce platforms in Malaysia, PUC group managing director and CEO Cheong Chia Chou said 11 Street
5. Mindvalley’s platforms (website and apps) offer self-development programs for the mind, body, soul, entrepreneurship, career, relationship, among others. Its brands include Lifebook, WILDFIT, Evercoach and Mindvalley Talks. Users can also subscribe to its membership and get access to its programs. Its founder Vishen Lakhiani was a computer engineer and senior leader at a Silicon Valley startup. But he faced extreme stress and was burnt out. He took up meditation as a solution and this changed his life. He quit the valley to study meditation, teach around the world and go into deep mastery of human development. Mindvalley was born as a result, according to its website. Lakhiani, the author of the bestseller The firm is said to be valued at $100 million, according to media reports. Lakhiani said Mindvalley is looking at doubling revenue in the next year. “We may or may not go for an Initial Public Listing. The goal is ultimately 1 million students enrolled in our online programs,” he said in
6. Neurogine Group aims to provide a common cross-border mobile banking, payment and investment platform in Southeast Asia. The group is headquartered in the satellite township of Petaling Jaya, Selangor, Malaysia since 2014 and operates three Licensed Entities (LEs) based in Labuan. These LEs are regulated by Labuan Financial Services Authority.
7. Eatcosys said it is a multi-disciplinary company founded by a group of specialists working as integrated entities to reimagine businesses primed for the next generation. Eatcosys provides an integrated platform with a broad suite of retail and digital solutions to address and remedy any pain points presented in the retail business lifecycle. The integrated platform works across three fundamental verticals: platforms services, technology-enabled services and FinTech.
8. SAYS or Says. com said it curates Malaysia’s biggest stories, simplifying the latest news on politics, lifestyle, entertainment, fun, and more. It is a Social News Network in Southeast Asia. Its community of social media users curates and shares trending news, and provides pay-for-performance social media content distribution services to advertisers. Within the first 10 months of launching, SAYS. com has already worked with every top advertiser and media agency in Malaysia to engage the social media generation, information from SAYS. com has been acquired by
9. Lapasar is a B2B wholesale platform aimed to digitizing and simplifying the procurement process. In 2018, Lapasar started out as a B2B platform in the corporate segment. Its clients such as telco Telekom Malaysia, national oil firm PETRONAS or energy firm Tenaga Nasional which buy items for their daily operational needs (laptops, office furniture, etc) from its platform. Last year, Lapasar has raised $1.82 million in funding from NEXEA’s angel investors, family offices and corporate investors that include shopper360 Ltd, who led the funding round. The firm has raised a total of $2.5 million in funding over 5 rounds, according to Crunchbase.10. PolicyStreet is the brand name of Polisea Sdn. Bhd, an approved Financial Adviser and Islamic Financial Adviser in Malaysia. PolicyStreet aims to “democratize” insurance by making it simple, easy and affordable through its digital platform. Unicorns-in-the-making: The underrated, untapped, and unknown of Malaysia’s tech ecosystem |
https://technode.global/2022/08/01/malaysias-bank-islam-chooses-aws-as-preferred-cloud-provider-to-power-digital-transformation/ | Malaysia’s Bank Islam chooses AWS as preferred cloud provider to power digital transformation | 51 | Amazon Web Services (AWS)The bank is using the breadth and depth of AWS’s cloud capabilities, including containers, networking, and content delivery, to build the Be U digital bank to help customers better manage their finances, AWS said in a statement. According to the statement, Bank Islam is building Be U through its centre of digital experience (CDX), an independent division which is developing new banking services on AWS to transform customer experiences. Bank Islam has over five million customers who increasingly demand new and innovative digital banking services to better manage their finances, including quick response (QR) code payments, and automated supply-chain financing for small and midsize enterprises (SMEs). Before the establishment of CDX, the bank took more than a year to deploy a new financial service using its on-premises infrastructure. By turning to AWS, Bank Islam can develop new digital financial services, including an app, a debit card, and a financing facility, in just a few weeks, to better serve customers. Through CDX, Bank Islam can quickly develop and deliver a portfolio of digital financial services that comply with Islamic/Shariah financial requirements. By using AWS, CDX also gains the agility to innovate rapidly to become more customer- centric at a lower cost, while complying with the bank’s stringent security and compliance control requirements. CDX has also selected cloud-native AWS advanced technology partner Mambu to help further accelerate the bank’s digital transformation journey. Mambu provisioned its cloud-native core banking solution on AWS to power CDX’s development environment in just one day, enabling the bank to build the Be U prototype in three months. This agility helped CDX validate its digital banking technology stack quickly, before beginning production of Be U. On top of this platform, CDX is building new digital banking products using Amazon Elastic Kubernetes Service (Amazon EKS), which gives Bank Islam the flexibility to start, run, and scale Kubernetes container applications in the cloud. With Amazon EKS, CDX can securely create applications that automatically scale and run in a highly available configuration to achieve increased fault tolerance and resilience. With Amazon CloudFront, a content-delivery network service, CDX can deliver content, like educational videos and interactive forecasting tools, via Be U to help customers monitor their spending, control budgeting, and oversee all aspects of their banking experience, including authorizing international credit card spending. AWS’s capabilities will allow Bank Islam’s strategic partners, including financial technology firms and digital marketplaces, to integrate and co-innovate with CDX to provide financial services like payments, financing, and financial advice via Be U, offering customers more ways to manage their finances digitally. “Our aim is to raise the prosperity of all Malaysians, and AWS has given Bank Islam the ability to innovate and quickly launch new digital financial services that are meaningful to our customers’ financial health and well-being,” said Mohd Muazzam Mohamed, Chief Executive Officer of Bank Islam. “We selected AWS as our preferred cloud provider to benefit from the highest levels of security and compliance, without sacrificing speed of innovation. We were able to develop a prototype for our Be U digital bank in only three months with AWS, and we can now explore advanced cloud services, like machine learning, to develop an alternative credit framework to broaden access to customers who would otherwise have difficulty obtaining a credit line,” he said. Meanwhile, AWS ASEAN Managing Director Conor McNamara said banks of all sizes across Southeast Asia are using cloud technology to drive financial inclusion, deploy disruptive business models to attract customers in the face of new digital challenger banks, and ensure that they can hire and retain top talent. “In Malaysia, Bank Islam is a great example of that. Working with AWS gives Bank Islam access to an unmatched portfolio of cloud services with the highest levels of security so they can deliver intuitive customer solutions quickly, securely, and at scale. We are proud to support Bank Islam on their journey to develop new digital business solutions to better serve Malaysians,” he added. Malaysia’s Bank Islam launches digital banking app |
https://technode.global/2022/07/28/malaysias-airasia-partners-uks-skyports-to-explore-air-taxi-in-malaysia/ | Malaysia’s AirAsia, UK’s Skyports seal partnership to explore air taxi in Malaysia | 51 | Skyports InfrastructureThe partnership between AAM industry expert Skyports, and AirAsia, a traditional airline operator, is an important next step in establishing a fully operational vertiport network in the country, AirAsia said in a statement. As the industry matures, partnerships between traditional aviation players and AAM specialists are essential in developing a practical, well-studied, and well-integrated network of vertiports, it said. According to the statement, AirAsia is also actively involved in the operationalisation of AAM in Malaysia. In the past year alone, the company announced future plans to lease 100 Vertical Aerospace VX4 eVTOL aircraft from Avolon, launched its drone training programme, and most recently, extended drone-related training to the high-technology related sectors. Leveraging the strengths of both parties, the partnership will draw on AirAsia’s aviation expertise and experience, as well as its on-ground market knowledge and networks. Complementing this, Skyports Infrastructure brings to the table its global portfolio of designing and building take-off and landing infrastructure for eVTOL passenger aircraft. Skyports Infrastructure’s work is also instrumental in advancing regulatory development across markets, through close collaboration with local regulatory bodies and standards setting organisations. According to the statement, initial assessments will prioritise Kuala Lumpur, capital city of Malaysia. The one-year partnership will focus on joint feasibility studies for the integration of air taxi vertiport infrastructure, the identification of potential vertiport sites, and the development of operational requirements and frameworks to ultimately implement a vertiport network in Malaysia. “Following the announcement of our venture into the urban air taxi service earlier this year, we have been working around the clock to explore its feasibility in Malaysia. This partnership with Skyports will accelerate the review of the infrastructure including vertical take-off and landing platforms in the country as well as strengthen our potential as a zero-emissions ultra-short-haul air travel provider in Southeast Asia,” AirAsia Aviation Group Limited Chief Safety Officer and Head of Advanced Air Mobility Captain Ling Liong Tien said. “AirAsia has revolutionised commercial air travel for the past two decades and we look forward to working with Skyports which will put us ahead of the curve and shape the future of autonomous aviation in the region,” he added. AirAsia’s Advanced Air Mobility is set up to pioneer the commercial application of emerging techs in AAM; namely unmanned aircraft systems (UAS/drones) and electric vertical take-off and landing (eVTOL) to create new revenue streams for the AirAsia brand; and to expand Asean’s connected network beyond airports. “We are excited to be partnering with AirAsia, a powerhouse airline operator that brings great synergy to our work at Skyports. This partnership highlights the steady progress of AAM development and interest in Malaysia and the wider Asia Pacific (APAC) region, “With innovative and forward-looking partners like AirAsia, we will be able to take concrete steps towards the realisation of a safe, efficient and fully-integrated air taxi network which brings real benefits to the people and communities it serves,” said Skyports Head of Asia Pacific Yun-Yuan Tay. Skyports Infrastructure is the leading enabler of AAM, providing the critical link between the ground and the sky. The company designs, builds and operates take-off and landing infrastructure for air taxis, and partners with world-class electric vertical take-off and landing (eVTOL) passenger and cargo vehicle manufacturers around the world to enable safe, sustainable and efficient flight operations within urban and suburban environments. A pioneer in the burgeoning AAM industry, the firm has a diverse portfolio of projects across major cities, including Paris, London and Los Angeles. Within the Asia Pacific region, the company has made steady progress, with ongoing partnerships to assess and develop AAM infrastructure in neighbouring Singapore and Japan. Skyports investors include Deutsche Bahn Digital Ventures, Groupe ADP, Irelandia Aviation, Levitate Capital, Solar Ventus, The Goodman Group, Kanematsu Corporation, Ardian, F2i and GreenPoint. Airasia Super App achieves record high growth in average monthly active users |
https://technode.global/2022/07/27/malaysias-meradue-services-partners-with-mdv-to-facilitate-global-growth-and-expansion/ | Malaysia’s Meradue Services partners with MDV to facilitate global growth and expansion | 51 | Meraque Services Sdn Bhd (Meraque)Meraque said in a statement that the move is to facilitate the growth of Meraque’s operations and expansion in Malaysia and the ASEAN region, with a key focus on the agriculture, plantation, infrastructure and telecommunication sector, through MDV’s specialised financing facility. Meraque Chief Executive Officer Razalee Ismail said the potential financing from MDV will be instrumental in Meraque’s effort to increase its drone production to at least 100 drones a year, scaling its operations globally and tripling its revenue in the next three years. Cited the Drone Market Report 2021-2026, Meraque said the drone technology industry has captured a steadily rising audience, with the global drone market forecasted to achieve $41.3 billion in 2026. Cited a recent study by Malaysian Research Accelerator for Technology & Innovation (MRANTI), it said the Malaysian drone economy is expected to contribute MYR50 billion ($11.21 billion) to the gross domestic product and create 100,000 job opportunities by 2030. “Meraque had developed the first Malaysian Hybrid Spraying Drone in 2020 for the purpose of spraying pesticides and fertilisers at local plantation fields. Currently, Meraque controls the largest market share for drone spraying services in Malaysia and we are looking to train and hire at least 500 local talents by the end of 2023 to meet the growing demand of the palm oil plantation sector as well as other large agriculture lands such as durian, rubber, coconut, paddy field and pineapple,“Financing from a tech financier such as MDV is crucial to ensure that we are able to achieve our targets as planned,” Razalee added. According to the statement, the palm oil plantation sector faces key challenges in terms of labour shortages and a dip in yield and innovative technology such as drones, robotics and automation have been used by the industry as tools to assist manual labour and increased yield by enabling operations and processes to be done faster, safer and more cost effective. “With the support of MDV, we will be able to expand our operations especially in the palm oil plantation in Malaysia while enabling our local partners to utilise technology in their operations and provide economic opportunities for communities in the rural areas,” said Razalee. Meraque is a digital transformation and technology company which has pivoted from a conventional facilities management company to become one of the fastest-growing drone technology services companies. Its current technologies are focusing on its hybrid drone in the agriculture sector, enterprise software and hardware solutions for palm plantation management, telco infrastructure inspection and commercial drone delivery solutions. MDV Chief Exeucutive Officer Nizam Mohamed Nadzri, meanwhile, said that as an agency under MOSTI, MDV is committed to supporting the government’s efforts in growing the tech start-up ecosystem holistically and sustainably by ensuring that start-ups funding capacity will be continuously enhanced particularly during the post-pandemic recovery period. As such, he said MDV is consistently working to increase its financing support for high potential technology start-ups such as Meraque to ensure their growth and enabling them to reach their maximum potential. “As a technology financier, MDV possesses the capacity to support and understand the financing requirements of technology companies, hence we are pleased to explore potential partnership with Meraque to facilitate their expansion journey further,” he said. Established in 2002, MDV is a government agency with the objective of providing flexible and innovative financing to develop high-impact and technology-driven sectors of the economy, identified and prioritised by Malaysian government as future engines of growth. MDV’s strategic role in the technology financing ecosystem in Malaysia is defined by its approach to funding which is different from other financial institutions. Its niche is helping to fund young technology-based companies or start-ups that are unable to secure financing from commercial financial institutions due to their novel business model, lack of proven operating track record and lack of collaterals. Malaysia’s Petronas, Aerodyne to collaborate on deployment & commercialization of drone-based solutions |
https://technode.global/2022/07/26/alpha-startups-digital-accelerator-seeks-next-gen-early-stage-startups-in-malaysia/ | Alpha Startups™ Digital Accelerator Seeks Next-Gen Early-Stage Startups in Malaysia | 51 | New startup ideas and business models are key engines of economic growth. They not only create new jobs but also foster competitiveness and innovation, which is why the Malaysian government’s MyDIGITAL initiative is looking to attract two unicorns and launch 5,000 startups in the next five years. In line with this initiative, The six-week fully virtual programme is highly flexible to suit a variety of schedules. The Alpha Startups™ Digital Accelerator (ASDA) Cohort 43 is vertical agnostic. That is to say, participants may join from any industry and any location. “I’d like to extend an open invitation to anyone who wants to start their own startup, whether you’re still only just mulling an idea, or if you have something specific you want to solve,” said Kavidha Natarajan, Head of Education Programmes at 1337 Ventures. “The programme will take you through ideation to MVP, and beyond the promise of funding through us and other VCs, you will get invaluable consultation from industry experts and mentors to help accelerate your business, plus RM 100,000 in digital infrastructure” she added, going on to say that teams tended to appreciate the market access, startup playbook, and mentoring space more than they did any other aspect of the programme. The accelerator programme will close with a virtual Demo Day where the best teams will present their concepts to an audience of highly accredited investors, venture capitalists, and others. Past notable judges include Suresh Thiru, former CEO of SEEK Asia and prominent angel investor; Dato Syed Haizam, Managing Director of The Hive Southeast Asia; and Tony Yeoh, CEO of Digital Penang. Promising startups will receive up to RM50,000 as pre-seed funding and up to RM100,000 in digital credits on infrastructure on Amazon Web Services (AWS) cloud credits, Airtable, Digital Skills Training, and Job Portal credits, and more. Supported by Malaysia Digital Economy Corporation (MDEC) and Digital Penang, the application for ASDA is currently open until August 4th, 2022. Malaysia’s VentureTECH and Japan’s SBI Ventures launch $18M private equity fund to boost Malaysian growth-stage technology firms |
https://technode.global/2022/07/26/airasia-super-app-achieves-record-high-growth-in-average-monthly-active-users/ | Airasia Super App achieves record high growth in average monthly active users | 51 | Capital A BerhadCapital A said in a statement on Monday the growth is primarily underpinned by the strong return of travel and increased user acquisition on the mobile app. Additionally, the number of transactions increased 70 percent for quarter on quarter comparison and climbed five times as compared to the second quarter last year. These were driven primarily by increasing transactions from flights, airasia ride, FlyBeyond, and SUPER+. Meanwhile, BigPay reached 1.2 million carded users in the second quarter, a 62 percent increase from the same period last year. This was mainly driven by strong market adoption over the past year and throughout this year in line with the travel recovery and the expansion of product offerings, such as DuitNow payments and transfers, additional remittance corridors, and one of the first digital lending products in Malaysia. For Capital A’s logistics business, Teleport transported slightly lower cargo tonnage by 27 percent year on year due to the extended lockdowns imposed in China that began in March. Delivery, on the other hand, improved significantly, up 630 percent year on year. Teleport achieved a record-breaking total of 1.15 million deliveries in the second quarter. This was in part due to Teleport’s onboarding of a large new ecommerce platform in the second quarter which accounted for 10 percent of delivery volume. The new platform is expected to boost growth in the industry significantly with Teleport’s robust expansion plans across the region this year. Capital A consolidated airlines continues to post significant performance improvement, with a notable load factor of 84 percent, akin to its pre-pandemic levels, signalling that air travel revival is well underway. The consolidated airlines carried over 5.6 million passengers, a 633 percent increase year-on-year and 48 percent increase quarter-on-quarter. The consolidated airlines flew more than 35,000 flights in the quarter, up 483 percent year on year compared to the same period last year, supported by the growing domestic demand and the resumption of international travel in ASEAN countries. Correspondingly, available seat kilometres (ASK) rose by 456 percent year on year and revenue passenger kilometres (RPK) increased by 582 percent year on year. In the second quarter, total operating aircraft for AirAsia Malaysia, AirAsia Indonesia and AirAsia Philippines were 45, 12 and 8 respectively. AirAsia Malaysia posted a stronger load factor of 84 percent in the second quarter, up by 20 percentage points (ppts) year on year and 10 ppts quarter on quarter. Passengers carried and capacity increased significantly by 1276 percent year on year and 955 percent year on year to 3.8 million and 4.6 million respectively, with more operating aircraft added to support the huge surge in demand for both domestic and international flights. Load factor for international flights achieved 81 percent with 31 additional destinations reinstated and the highest number of international passengers carried post pandemic, attributed mainly from Malaysia-Singapore routes, followed by Malaysia-Indonesia and Malaysia-India routes. AirAsia Indonesia, meanwhile, recorded an encouraging load factor of 77 percent in the second quarter, an increase of 10 ppts year on year. Domestic flights achieved a healthy load factor at 73 percent while the load factor for international flights was stronger at 86 percent. Passengers carried and capacity improved by 132 percent year on year and 102 percent year on year respectively, on the back of the resumption of international flights, with 29 percent of the total number of seats sold from international flights. The number of flights flown has also increased by 102 percent year on year. AirAsia Philippines, on the other hand, posted the highest load factor among the group’s airlines at 93 percent, which grew by 15 ppts year on year. In the second quarter, the number of passengers carried increased by 480 percent year on year and capacity expanded 388 percent year on year. Flight frequencies were added on popular routes to meet strong demand which increased ASKs by 309 percent and the number of flights flown jumped 388 percent year on year. In June, AirAsia Philippines resumed international routes to Kota Kinabalu, Seoul, Hong Kong and Guangzhou. In the second quarter, AirAsia Thailand carried over 1.7 million passengers, up 133 percent year on year with a load factor of 75 percent, rising 14 ppts compared to the prior corresponding period. The airline added flight frequencies and routes to meet rising demand, resulting in an 87 percent increase in flights flown, to a total of 12,326 flights with 25 operating aircraft during the quarter. More international flights were reinstated during the quarter, operating 19 routes to 8 countries by the end of the second quarter. As a result, the ASK and seating capacity significantly rose by 116 percent and 90 percent respectively as compared to the same period last year. Additionally, the average sector length grew by 16 percent, mainly driven by flights from the South Asian market. Malaysia’s Capital A mulls US listing |
https://technode.global/2022/07/25/malaysias-exabytes-partners-with-chinas-huawei-cloud-to-provide-cloud-first-smart-solutions/ | Malaysia’s Exabytes partners with China’s Huawei Cloud to provide cloud-first smart solutions | 51 | Malaysia-based all-in-one business cloud, digital, and e-commerce solutions provider Exabytes said in a statement the strategic partnership aims to be the enabler for innovation driving the cloud-first digital transformation journey for businesses in Malaysia and beyond. As part of its goal to accelerate the growth of cloud-based digital transformation solutions for enterprise customers, the partnership will also enable access to other business applications such as smart building, smart city, smart traffic, smart agriculture, smart healthcare, smart logistic and other smart solutions that are driven by machine learning (ML), artificial intelligence (AI) and the Internet of Things (IoT). “Cloud infrastructure alone will not drive business growth. It has to be supported with business applications in order to achieve the desired business outcomes,” said Chan Kee Siak, Group Chief Executive Officer of Exabytes. “With Exabytes being an all-in-one business cloud, digital, and e-commerce solutions provider, the support from Huawei’s Cloud platform and our partner ecosystem will be the enabler of innovation when matched with our cloud-first smart solutions,” he added. Meanwhile, Exabytes Executive Vice President and Head of Enterprise Business Eric Foo believed that This partnership with Huawei Malaysia to use its Cloud platform and its solutions partner ecosystem will be the catalyst in driving the cloud-first digital transformation journey for businesses in Malaysia and beyond. “We want to leverage on the capabilities of digital technology to gain a better competitive advantage as well as other business values for our joint customers,” he added. According to the statement, small and medium-sized enterprises (SMEs) and large enterprises need to prioritise on ways to increase their online presence in order to stay competitive. With the cloud-first strategy, businesses can leverage the benefits of utilising cloud platforms such as having agility, scalability, security and speed to market. With that taken care of, companies can now focus on business applications, data analytics and automation in order to achieve the targeted outcomes and business imperatives such as improved user experience, increased productivity, cost optimization, enhanced process efficiency and innovation. As more businesses are beginning to emphasise the adoption of digital solutions in many of their processes, research analysts believe that since the pandemic drastically changed how we live and work, more than 80 percent of information technology (IT) operations will be hosted off-premise. In light of this, Exabytes and Huawei will work closely with customers and partners to create many more open, collaborative, win-win-win conditions that will strengthen the industry ecosystem and accelerate Digital transformation. “Looking at the growing market of cloud in Malaysia, we have come to a point where it is essential for Huawei Cloud and Exabytes to work together, leveraging each of our strengths in order to provide solutions that complement each other and explore opportunities for joint innovation to address the digital transformation needs of businesses,“Moving forward, partnerships are crucial and are key to build a robust ecosystem in Malaysia for all businesses to scale. We hope our partnership will see joint success for both organisations,” said Lim Chee Siong, Vice President of Cloud and AI Business Group, Huawei Malaysia. As the all-in-one business cloud, digital, and e-commerce solutions provider, Exabytes plans to expand its partner ecosystem by bringing more regional and global cloud solution partners into Malaysia. Acquiring over 160,000 customers globally with 21 years of experience in the cloud hosting industry, Exabytes is also planning to leverage its presence in Indonesia to promote Huawei Cloud services and partner ecosystem solutions and services in this high potential and fast-growing market. Founded in 2001, Exabytes specialises in providing services of cloud hosting, shared hosting, email hosting, Virtual Private Server, dedicated servers, domain name registration, digital marketing and others. The company currently serves over 160,000 small and medium-sized businesses in 121 countries. The company is part of Exabytes Capital Group Sdn. Bhd, and is headquartered in Penang, Malaysia. Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. It has more than 197,000 employees, and it operates in more than 170 countries and regions, serving more than three billion people around the world. Its vision and mission is to bring digital to every person, home and organisation for a fully connected, intelligent world. China’s Xinghuo BIF and Malaysia’s Zetrix jointly introduce Web3 Services |
https://technode.global/2022/07/25/malaysias-tng-ewallet-raises-168m-funding-led-by-lazada/ | Malaysia’s TNG eWallet raises $168M funding led by Lazada | 51 | Touch ‘n Go GroupThis funding round was led by a new investment in TNG Digital by Lazada Group and a follow-on investment by TNG Digital’s current shareholder and parent company Touch ‘n Go Sdn. Bhd, Touch ‘n Go Group said in a statement. This round of funding brings the total amount raised by TNG Digital over the last 18 months to over MYR1 billion ($220 million). In addition to Touch ‘n Go and Lazada, other shareholders of TNG Digital include Ant Group, insurers AIA Group and US-based venture fund BowWave Capital. According to Touch ‘n Go, this new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments. “I’m extremely pleased to welcome Lazada to the Touch ‘n Go eWallet family. We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem. I look forward to seeing the teams roll out these exciting collaboration opportunities to our users,” said Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group. “The funding round also sets us up nicely for our next phase of growth. We will continue to expand in all areas of digital financial services and ensure that our user base is served in an innovative and inclusive manner,” he added. In the meantime, Alan Chan, Chief Executive Officer of Lazada Malaysia said he sees digital payment services as a critical bolt-on to bring the best customer experience on Lazada. “Lazada is fully committed to providing a seamless customer journey, as well as being a catalyst to stimulate capacity building among our sellers, primarily local small and medium-sized enterprises (SMEs) and micro, small and medium-sized enterprises (MSMEs). Our long-standing partnership with Touch ‘n Go eWallet has served our customers well, allowing buyers to check out easily and quickly. Today’s announcement fortifies that partnership and we are excited by the prospects it presents for both our companies,” he said. Touch ‘n Go Group is Malaysia’s financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure. It comprises the service offerings of Touch ‘n Go Sdn Bhd, a wholly owned subsidiary of CIMB Group and TNG Digital, a joint venture between TNG and Ant Group, parent company of Alipay, China’s largest digital payments platform. Established in 2017, TNG Digital is the owner and operator of TNG eWallet which has over 16 million registered users in Malaysia. Combining TNG’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, the TNG eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure. Ant-backed e-wallet Touch ‘n Go launches digital personal loan facility |
https://technode.global/2022/07/21/samsung-sdi-invests-1-3b-in-cylindrical-battery-lines-in-malaysia/ | Samsung SDI invests $1.3B in cylindrical battery lines in Malaysia | 52 | Samsung SDISamsung SDI said in a statement that it held a ceremony to mark groundbreaking of a second battery production facility equipped with state-of-art and innovative lines in Seremban, Malaysia on July 21. With a total of 1.7 trillion won investment phase-by-phase until completion in 2025, Plant 2 at Samsung SDI Energy Malaysia (SDIEM) will start mass-production of PRiMX 21700 cylindrical batteries (21mm X 70 mm) in 2024. Samsung SDI’s decision to construct the second factory in Malaysia comes as a strategy to meet the rising demand for cylindrical batteries recently. The batteries from the Plant 2 will be used in various applications ranging from electrical tools, micro-mobility to electric vehicles. Established in 1991, SDIEM is the first overseas business entity of Samsung SDI. The company started off with producing braun tubes in its early years before shifting to batteries in 2012. “Today’s groundbreaking ceremony will serve as a starting point for realizing our vision to become a Global Top Tier Company by 2030. With successful completion and early stabilization of Plant 2, we will make SDIEM the center of the global battery industry. With the support from the Malaysian state government and partner companies for best quality, we will be able to realize the vision much faster,” said Samsung SDI president and Chief Executive Officer YooNho Choi. During the congratulatory remarks, Negeri Sembilan Menteri Besar Aminuddin Harun said investments from high-impact industries, such as Samsung SDIEM are integral to our vision of driving robust economic growth in Malaysia and Negeri Sembilan, which is outlined in our Malaysia Vision Valley 2.0 plan. “Not only is this testament to our economic potential in Negeri Sembilan, but also the investment-friendly policies implemented by the State. Samsung SDIEM’s investment to be the pioneer in Electric Vehicle (EV) Battery Cell manufacturing in Seremban will continue to create jobs for the youth and spur more opportunities for local businesses,” he said. According to the statement, the global cylindrical battery market is forecast to grow from 10.17 billion cells in 2022 to 15.11 billion cells in 2027, showing an annual growth rate of 8 percent on average, as demand expands from electrical tools, micro-mobility to electric vehicles and energy storage systems. India’s Ola to invest $500M in battery innovation and indigenous cell R&D |
https://technode.global/2022/07/20/carsome-expands-malaysia-based-regional-headquarters/ | Carsome expands Malaysia-based regional headquarters | 52 | Southeast Asia’s largest integrated car e-commerce platform The expanded headquarters occupies a total of 41,860 square feet of space, spread across four stories at KYM Tower in Mutiara Damansara to house over 560 employees, Carsome said in a statement. Carsome Co-Founder and Carsome Academy Chief Executive Officer Teoh Jiun Ee shared that the expansion underlined Carsome’s vision to mobilize Malaysia as a central talent hub for the region. To do that, it has amplified efforts to recognize local talents that will contribute towards building a stronger team and nurture skillsets to better serve the industry and help solve customers’ pain points. “The expansion exemplifies another one of our corporate milestones since the establishment of Carsome in 2015. We believe that the larger and better workspace for our Carsomers will elevate their working experience, at the same time meet the needs of our team for a larger and more inspirational workspace. Through our growing workforce, we endeavor to channel more efforts into talent development in Malaysia to bolster our regional presence through strategic hires, upskills, and development of local talents,” Teoh said. The opening of Carsome’s newly expanded headquarters was officiated by Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer, Mahadhir Aziz. “Carsome is indeed Malaysia’s very own pride and joy – an innovative and inventive company that is not only an indicator of Malaysia’s robust and thriving digital ecosystem, but also evidence of the country’s strength as the digital hub of the region. As Malaysia aspires to be a high-income nation, at least 45 percent of the workforce needs to be highly skilled, “Carsome’s expansion marks the growth of their local and regional talent pool as well as their commitment towards developing future talents. Their dedication towards inculcating digital talents is aligned to the goals of Malaysia Digital, which seeks to accelerate the adoption of digital among Malaysians. We look forward to working with Carsome in nurturing Malaysia’s digital talents and in supporting their future growth and expansions across the region,” said Mahadhir Aziz, Chief Executive Officer of MDEC. Carsome is one of the few local tech startups with a regional headquarter presence in Malaysia, and one that continues to establish Malaysia as a central talent hub in the region. Onward from the expansion, it will double up its local investment and is committed to develop, attract and retain talents with different areas of specialization. In its efforts to upskill the workforce, it has provided over 29 training sessions and courses amounting to 4,400 minutes to 258 employees in customer service, operations, business development, and sales teams within Carsome Group. Adding on to that, Carsome has also established the Carsome Academy in Malaysia, Thailand and Indonesia and introduced Carsome Certified Lab in Malaysia to further develop and nurture a skilled Technical and Vocational Education and Training (TVET) workforce. Down the pipeline, Carsome plans to set up more Carsome Certified Labs in the region, to provide more hands-on practical experience and job opportunities for TVET talents. These initiatives are a culmination of Carsome’s market expansion efforts, where it recognizes the need to train and build teams with various market expertise which is essential to continue innovating the used car ecosystem within the region. Malaysia’s Carsome appoints football legend & icon Eric Cantona as brand ambassador |
https://technode.global/2022/07/20/malaysian-pm-proposes-national-utility-firm-tenaga-national-car-maker-perodua-to-team-up-on-ev-charging-report/ | Malaysian PM proposes Tenaga, Perodua to team up on EV charging – report | 52 | Malaysian Prime Minister Ismail Sabri Yaakob on Wednesday proposed to the national utility company Tenaga Nasional Bhd (TNB) and Perusahaan Perusahaan Otomobil Kedua Sendirian Bhd (Perodua) to forge cooperation in introducing affordable electric vehicle (EV) charging rates for the people. The prime minister said TNB is currently working to increase its energy production by using renewable energy sources and providing adequate EV charging stations, national news agency “At the same time, Perodua can use this opportunity by exploring new fields such as producing high-quality EVs that Malaysian families can afford,” he was quoted as saying. “In fact, telecommunication companies like Telekom Malaysia (TM) can also work with these two parties to provide data package that will enable users to book EV charging sessions online,” he said when launching the all-new Perodua Alza at the Kuala Lumpur Convention Centre. Established in 1993 through a partnership with Japanese automobile manufacturer Daihatsu, Perodua is Malaysia’s second national car manufacturer. Focusing on compact cars, it has secured the largest share of the Malaysian automobile market for 16 years in a row from 2006 to 2021. Perodua is Malaysia’s first and biggest Energy-Efficient Vehicle (EEV) manufacturer, having produced and sold over a million EEVs to date, according to Perodua’s website. Ismail Sabri said such smart cooperation should be forged as soon as possible to overcome the effects of climate change that had hit the world, and also to ensure sustainable development of the country. He said the cooperation would also help achieve Malaysia’s target of being a carbon-neutral nation by as early as 2050. Ismail Sabri said the government is willing to discuss with the private sector to ensure that all policies or initiatives introduced were in line with the country’s direction. He said he had recently asked Universiti Pendidikan Sultan Idris located in the High-Tech Valley to develop a training and research center, to be known as the Centre of Advanced Automotive Research and Training (CAART). The prime minister’s proposal also came after Chinese EV maker Great Wall Motor announced it has officially entered the Malaysian market Great Wall Motor in 2020 took over the General Motors plant in neighbouring Thailand, Asia’s fourth-largest auto assembly and export hub. The EV market has begun to take off in Southeast Asia as automakers plan to start production in at least three countries this year, Shell invests in Malaysia’s smart mobility solution provider ParkEasy |
https://technode.global/2022/07/18/malaysias-bank-islam-launches-digital-banking-app/ | Malaysia’s Bank Islam launches digital banking app | 52 | Malaysia-listed banking firm Made available to the public since mid-June this year, Bank Islam said in a statement that it targets between 350,000 and 400,000 downloads and users of the Be U app within the first 12 months of its operations. According to the statement, the all-new banking app allows users to do their banking transactions seamlessly, without the hassle of visiting a branch, thus broadening financial inclusivity by targeting the digital-native, younger generation. Its engaging and user-friendly interface is intended to help users quickly understand and manage their finances. Bank Islam Group Chief Executive Officer Mohd Muazzam Mohamed said Be U is a gamechanger for the firm and the Islamic banking industry as it is a product that intends to redesign and catalyse Bank Islam’s future growth by leveraging the rapidly changing fintech landscape and further allowing customers access to an affordable and easy-to-use financial solution. “Through Be U, Bank Islam is shifting from being product-centric to customer-centric in building products that fulfill customer needs. This effort aligns with our five-year business strategic plan (LEAP25), which aims to become the champion in Shariah-environmental, social, and governance (ESG) total financial solution with leadership in digital banking and social finance,” he added. He also said that having taken a holistic approach to meet customers’ needs, the bank has designed the digital bank proposition to be different and complementary to what is presently available in the market. According to him, Be U is targeted at the younger generation, offering a savings account that allows zero balance, fund transfer capabilities, and a “nest” feature that helps users save for specific goals. He also noted there will be frequent new functionalities or offerings on the Bank Islam Be U app over the next 12 months, including term deposit, gig marketplace, debit card, personal financial management, micro-financing, micro takaful and much more. “We will replicate the learnings from Be U into the entire organisation, which is the bigger picture we’re looking at. We want to turn Bank Islam into an increasingly agile organisation by adopting new ways of working, attracting talents with new skillsets, using the latest technology, and leveraging data and automation. This will, in turn, enable Bank Islam to serve our customers better,” he said. Be U uses Mambu Digital Core as its technology backbone and is housed in Amazon Web Service (AWS) cloud. Having zero legacies allows the app to meet customers’ needs quickly. By leveraging its cloud-based advantage, Be U users can benefit from the agility of the app and enjoy a curated, user-friendly and personalised banking experience. “Be U focuses on customer segments that Bank Islam does not, capturing users still in the early stage of their working life. Once their financial footing isBank Islam is Malaysia’s first public listed Islamic Bank on the main market of Bursa Malaysia Berhad. Established in July 1983 as Malaysia’s first Islamic Bank, the bank has 141 branches and more than 900 self- service terminals nationwide. As a full-fledged and pure-play Islamic bank, the bank provides banking and financial solutions that strictly adhere to the Shariah rules and principles and are committed to the ideals of sustainable prosperity and ESG values. The core subsidiaries of the Bank Islam Group are pioneers in various Islamic financial services, including investment and stockbroking, namely BIMB Investment Management Berhad and BIMB Securities Sendirian Berhad. Malaysia’s Cradle Fund’s outgoing CEO Rafiza Ghazali to lead KAF-led digital Islamic bank |
https://technode.global/2022/07/18/advance-intelligence-group-acquires-singapore-based-fintech-startup-jewel-paymentech/ | Advance Intelligence Group acquires Singapore-based fintech startup Jewel Paymentech | 52 | Advance Intelligence GroupJewel Paymentech (“Jewel”) has an established track record of onboarding businesses and monitoring fraudulent transactions, specifically in Know Your Business (KYB) and Know Your Transaction (KYT) monitoring. It also provides automated solutions to large merchants such as marketplaces, to identify illegal and counterfeit goods as part of their KYC process. With a presence in Singapore and Malaysia, Jewel’s technology is used by the region’s largest banks, fintechs, and payment networks. The Singapore-based company, named by SWIFT as one of Asia’s most promising fintech companies, was founded eight years ago. The acquisition of Jewel Paymentech for an undisclosed sum will strengthen Advance Intelligence Group’s capabilities in the Web3.0, fraud, and risk management space. Jewel’s 30-member team based in Singapore and Malaysia, including its senior leadership team, will join the Group. Jewel will remain as an independent business entity under the Group’s enterprise business unit, ADVANCE. AI, with CEO Sean Lam, Co-Founders Lee Wooi Siang and Sandra Cheim, and CIO Goh Ser Yoong joining its senior leadership team. Founded in 2016, Advance Intelligence Group is one of the largest independent technology startups headquartered in Singapore. The Group has built an ecosystem of AI-powered, credit-enabled products, and services, including Asia’s leading Buy Now Pay Later (BNPL) platform Atome, SaaS enterprise solutions provider ADVANCE. AI, and omnichannel e-commerce merchant services platform Ginee. Umair Javed, Senior Vice President, M&A and Corporate Development at Advance Intelligence Group, said, “We’ve spent a lot of time with Jewel’s founding team and we’re very excited to add their capabilities, talents and leadership team to our Group. Their established track record in merchant due diligence, transaction, and fraud monitoring complements our own capabilities and offers our existing clients and partners in our ecosystem an even fuller suite of products and services. ”Sean Lam, CEO of Jewel Paymentech, said, “Being part of the broader Advance Intelligence Group ecosystem will not only serve our current clients better but will allow us to tap on deep investor relationships, capital, and technology base. Our staff will also be able to further develop their career journey, so this coming together of our two companies is a win-win for both our existing team and client base. ”Dong Shou, CEO of ADVANCE. AI, said, “We warmly welcome the addition of Jewel’s leadership team and staff. Adding Jewel’s KYB and KYT expertise to our existing set of digital identity, fraud detection, and risk management solutions means we are now even better equipped to support our clients in their digital transformation journey as they navigate an ever-evolving regulatory, compliance, and security landscape, both in Web2 and Web3. ”Both ADVANCE. AI and Jewel are also accredited by the Infocomm Media Development Authority of Singapore (IMDA). Edwin Low, Director of Enterprise and Ecosystem Development at IMDA, added, “This acquisition brings the merger of two innovative, high growth IMDA-accredited companies in the fintech and eKYx space. Collectively, there are complementary product synergies that can be offered to their enlarged global client base. This also bodes well for Singapore’s ecosystem as we see a much stronger and globally competitive entity resulting from this merger. ”Fraud Costs Increased More Than 10% over Pre-Pandemic Levels for APAC Businesses, According to LexisNexis Risk Solutions Study |
https://technode.global/2022/07/15/shopback-launches-shopback-paylater-alongside-global-brand-refresh/ | ShopBack launches ShopBack PayLater alongside global brand refresh | 52 | ShopBackThe launch also kicks off the ShopBack Group’s first global brand refresh across its 10 markets in Asia Pacific. Underscored with its new tagline – For the Wins – the brand refresh looks to translate the small wins on ShopBack’s platform into an elevated shopping experience. ShopBack PayLater live in Singapore and MalaysiaShopBack PayLater will be available at over 4,000 online and in-store merchants in Singapore and Malaysia, including Charles & Keith, Crate & Barrel, Love Bonito, Shiseido, ZALORA, and more. It integrates hoolah’s platform capabilities with ShopBack’s Pay feature, enabling shoppers to split their in-store or online purchases into three interest-free monthly installments when they check out via ShopBack. Cashback earned from shopping online and in-store Cashback earned via ShopBack Pay can also be used to offset PayLater payments. “Financial flexibility is the key to achieving our goal of making shopping rewarding, personalised, and accessible to all. Our PayLater feature removes the need for initial large lump sum payments and allows users to divert resources saved from installment payments to merchant purchases or even their own savings. This makes ShopBack an optimal space for enabling rewarding shopping experiences while encouraging financial mindfulness,” said Hamish Moline, Managing Director, Financial Services. ShopBack: For the WinsTo illustrate the full suite of benefits that ShopBack provides, the Group’s global rebrand will focus on empowering its shoppers to achieve small wins in their daily shopping and payment activities. Its new tagline “For the Wins”, a play on the popular Internet catchphrase, looks to celebrate the victories in one’s daily life, however small they may be. “ShopBack believes in the power of small wins, applied consistently and continuously, and we work relentlessly to deliver smarter ways to shop and pay. We hope that the rebrand brings out this message more strongly to our shoppers,” said Henry Chan, CEO and Co-Founder. “As we grow our network of partners and global brands, we will continue to engage shoppers across multiple touchpoints, help partners gain visibility and sales, and support them in achieving their own victories through small wins. ”In collaboration with CapitaLand Malls, the rebranding campaign will include a series of roving popups across Singapore, where participants stand a chance to win S$100,000 worth of Tesla shares and other prizes. The global rebrand and launch of ShopBack PayLater are the latest in a series of milestones achieved by ShopBack. The company drove $3.5 billion in sales to 10,000 merchants in 2021, launched its ShopBack Pay service earlier this year, and raised $80 million during a recent funding round in June. The Group also plans to deepen its product offerings and expand its financial services to more markets in the coming months. Singapore’s ShopBack raises $80M Series F investment led by Asia Partners |
https://technode.global/2022/07/15/indonesias-doku-acquires-malaysias-senangpay-for-7-5-million/ | Indonesia’s DOKU acquires Malaysia’s senangPay for $7.5 million | 52 | DOKUThe acquisition followed DOKU received funding from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP last year. “The recent acquisition of senangPay marks the beginning of DOKU’s expansion overseas and its efforts to reach a wider business segment, especially small and medium-sized enterprises (SMEs). As a leading payments provider in Indonesia with the widest suite of online and offline payments products serving over 150,000 merchants, we look forward to offeringour innovative products to similar businesses in Malaysia,“We believe the opportunity to enter Malaysia is all the more attractive given the similar socio-cultural backgrounds of our two countries,” DOKU’s Chief Operating Officer Nabilah Alsagoff said in a statement. SenangPay is an online payment gateway that was established in 2015. It is managed by Simplepay Gateway Sdn Bhd and registered with Bank Negara Malaysia as a merchant acquiring services provider. It is also registered with Mastercard International as a payment facilitator (PF) for the Asia Pacific region. As an online payment gateway, senangPay helps Malaysian businesses easily accept customer payments through a range of methods which includes credit card, debit card, internet banking (FPX) and all majors e-wallet providers in Malaysia. Today, senangPay is amongst the Top 5 payment gateways in Malaysia and the company has served over 15,000 merchants, with a team of more than 45 people. Through DOKU’s acquisition, senangPay is planning to strengthen and expand services beyond online payment gateway, adopting new services such as e-wallet, remittance, and offline transaction such as Tap On Glass, mobile to mobile (M2M) etc. With these new offerings, senangPay will enable the transition of its merchants from brick-and-mortar models into the digital era, in line with the Malaysian government’s “Malaysia Digital” initiative. “When we set up senangPay, we wanted to create an alternative payment gateway for the small medium business especially for business owners that lack technical skills and not familiar with digital tools. Operating online business is not so affordable so we started something that is more cost effective. Our gateway is secured and we provide reliable service and superior support. We are beginning to see more merchants using us, “So, I believe this acquisition is beneficial and necessary for the company’s growth as well for everyone internally and our merchants. By closing the gap between the two countries, and combining expertise from two companies, I expect to see significant improvements in areas we may have never expected, as well as in areas we wish to improve,” said senangPay Chief Executive Officer Mansor Abd Rahman. As a testament to senangPay’s market innovation, the company recently launched senangzakat, a convenient platform to pay a variety of zakat (donations) in Malaysia. This new offering has already gained strong traction and positive responses from users which have highlighted its user-friendly experience. DOKU is a payment platform and the first Indonesian-owned electronic payment solutions provider to offer local payment solutions tailored to address merchants’ online payment needs. It provides the suite of online and offline payment solutions, and local payment methods, serving over 150,000 merchants across many industries, including TikTok, Google, Garuda, Prudential, and Traveloka. The firm is the only payments player with five licenses from Bank of Indonesia which enables us to offer a variety of solutions, such as payment gateway, domestic fund transfers, cross border remittance, biller payments, e-money, e-wallet and QR code payments. Indonesia FinTech firm Xendit reaches unicorn status with $150M Series C led by Tiger Global Management |
https://technode.global/2022/07/14/malaysias-carsome-appoints-football-legend-and-icon-eric-cantona-as-brand-ambassador/ | Malaysia’s Carsome appoints football legend & icon Eric Cantona as brand ambassador | 52 | Malaysia-based integrated car e-commerce platform As one of the greatest footballers of his generation, Cantona and Carsome both share a common drive in their relentless spirit to go above and beyond for their fans and consumers, Carsome said in a statement. In his capacity as ambassador to the brand, Cantona will take an active involvement in Carsome’s upcoming promotional activities this year as well as group-wide advertising campaigns in Malaysia, Indonesia and Thailand where Carsome is the market leader. Carsome Co-Founder and Group Chief Executive Officer Eric Cheng said that Cantona’s relentless spirit to go above and beyond for football fans embodies the company’s drive to further elevate the car ownership experience and have Carsome as the trusted platform for buying or selling a car. “We are excited to have Eric Cantona onboard as Carsome’s brand ambassador. I believe Eric’s personification of victory and fearlessness displayed throughout his life and career will bring us to even greater heights in the used car market as we continue to deliver trust, transparency and choice to our customers,” Cheng said. Dubbed by fans as ‘King Eric’, Cantona’s commanding, unpredictable, yet charismatic presence on and off pitch saw him leaving a legacy in the history of football and remains an influential figure till today. He was the key piece of the puzzle in solving Manchester United’s goal-scoring troubles in his debut season. His instrumental role in breaking the club’s championship dry spell after 26 years of trophyless seasons is very much likened to Carsome as a brand that set out seven years ago to redefine the used car industry, at a time when customers deeply lacked trust in the used car market. Fast forward to 2022, Carsome has set an industry standard for customers to purchase quality assured pre-owned cars through Carsome certified. With this, customers can experience a hassle-free car buying experience and go home confidently with quality refurbished cars which have gone through a stringent 175-point inspection and vigorous refurbishment process. The first in the market to offer a one-year extended warranty and five-day money-back guarantee, with up to 30 brands of cars to choose from, Carsome shares Cantona’s boldness to break the barrier of normalcy to stay on top of the game and be a leader. Cantona’s one-of-a-kind determination also personifies Carsome’s unyielding journey in transforming the car transaction and ownership experience in Southeast Asia by delivering the brand promise of bringing trust, transparency, and choice, to consumers and dealers through our technology platform and deep expertise. “I am pleased to see the progressive and innovative work done by a market-leading Southeast Asian brand like Carsome. I am confident that our partnership will introduce more car buyers to high industry standards set by Carsome certified, and subsequently welcome them to a world where the car ownership journey is a trusted and pleasant one,” Cantona said. Malaysia’s unicorn Carsome to delay dual-listing plans – report |
https://technode.global/2022/07/12/vleppo-tokel-conduct-digital-procedure-to-make-nft-rights-legally-enforceable-in-the-real-world/ | Vleppo, Tokel conduct digital procedure to make NFT rights legally enforceable in the real world | 52 | Web3 firms Vleppo said in a statement that the firm in June developed a blockchain contract management system (CMS) that enables NFT owners to create a digital contract by embedding their NFT’s on-chain ID directly into the Blockchain record of the same digital contract. This seemingly simple digital procedure however has massive ground-breaking significance for the digital world. Through this process, the NFT can now act as an immutable evidentiary anchor for the digital contract, forever linking the two together. This link is readily observable because Vleppo’s blockchain system, called Alysides, which is a customized fork of the Komodo Protocol, is both public and permissionless. This Vleppo solution has for the first time finally addressed the longstanding concern of the blockchain industry and NFT owners about the lack of clarity on the legal enforceability of smart contracts as related to NFTs. That Vleppo has developed a solution is most welcoming as well as providing a great sense of relief to holders of valuable NFTs. According to the statement, for a contract to be legally enforceable it needs to fully satisfy the elements of offer, acceptance, consideration, capacity of the parties to contract and an intention between parties to create and be bound to legal relations. The first three elements are satisfied by any smart contract. Legal issues arise, however, when attempting to demonstrate that both parties intended to create legal relations and/or have the capacity to contract. This is because current smart contracts in isolation are incapable of definitively confirming that these qualitative elements of a legally enforceable contract have been met. Therefore, it is common practice for smart contracts to be accompanied by a separate natural contract. By comparison, a digital contract or smart contract executed in the Vleppo CMS, where the ID of the NFT is embedded into the Blockchain record of the contract, ensures that the link between the NFT and underlying contract cannot be broken. The Vleppo solution is blockchain agnostic as this unique solution delivers legal enforceability enhancement to NFT owners, regardless of whether the NFT is on the ethereum, polygon, solana or any other blockchain. Furthermore, because of the Komodo Protocol’s superior design and lack of reliance on ‘gas-style’ transaction fees, Vleppo’s CMS can accommodate even the highly complex contractual arrangements in an affordable and efficient way in comparison to other popular protocols, such as ethereum. Being blockchain enabled, Vleppo can provide further additional value-added services to users such as payments, escrow and Blockchain governed dispute resolution – essentially everything needed to execute and settle contracts. “It has been a long slog. But it is a big delight for the Vleppo team to be able to savour the sweet smell of success. At long last, the problem that has posed a challenge to the blockchain world and NFT owners, concerning the distinct lack of legal clarity and legal rights in smart contracts, is finally resolved, “We would welcome the opportunity to help all blockchain companies and NFT owners to enhance their existing digital and smart contracts as well as their NFTs to be recognized as legally binding contracts in courts of law,” said Peter Coco, Vleppo’s Chief Executive Officer. Founded in 2018 by Malaysian Albert Cheok , Vleppo is a Web3 blockchain solution provider whose applications have been focused on developing a blockchain integrated suite of business tools for freelancers, small and medium sized enterprises (SMEs), and enterprises. Tokel is a platform that uses unique nSPV technology to deliver a simple, fast and easy to use Blockchain NFT and token creation system, while Komodo is a community-oriented project, consisting of a customized version of the Bitcoin protocol (known as the Komodo Protocol) as well as a blockchain running on the Komodo Protocol. China’s Xinghuo BIF and Malaysia’s Zetrix jointly introduce Web3 Services |
https://technode.global/2022/07/11/ocbc-partners-jt-to-offer-last-mile-delivery-for-over-1500-couriers-in-malaysia/ | OCBC partners J&T to offer “last mile” delivery for over 1500 couriers in Malaysia | 52 | OCBC Bank (Malaysia) Berhad (OCBC Bank)The collaboration, which follows from previous successes since the two first got together in 2021, will see the digital collection solution being progressively used by all J&T Express couriers nationwide, along with an in-store presence as well, OCBC Bank said in a statement. The move harnesses OCBC Bank’s OCBC OneCollect to overcome seemingly insurmountable “last mile” delivery challenges related to collection of payment by these couriers. OCBC OneCollect, rolled out just as the pandemic set in, is Malaysia’s first merchant cross-border Quick Response Code (QR Code) collection service. OCBC Bank’s collection solution enables J&T Express’s couriers to eliminate cash collection – vulnerable to theft and being misplaced when on the go – through a QR Code embedded in their collections app. At the customer’s doorstep, the courier simply generates a QR code using the app for the customer to scan and make the payment on the spot. The amount then flows seamlessly into J&T Express’s account. When the funds are successfully credited, the courier receives a credit notification upon which the delivery is released to the customer. Similarly, for collections at outlets, customers are invited to do the same, saving J&T Express the hassle of needing to open over a thousand dedicated current accounts. According to OCBC Bank Managing Director and Head of Transaction Banking Chong Lee Ying, the tie up with J&T Express is a milestone in the bank’s quest to remove all impediments to effective “last mile” delivery. “Last mile delivery has long had to contend with safety and convenience issues as the couriers open themselves to unseen and unappreciated risks when it comes to collecting cash on behalf of the company. “This can go unnoticed because each collection is relatively small. But the amounts can snowball with each delivery, making the couriers targets for theft. In addition, cash easily gets lost or misplaced. We are pleased that OCBC OneCollect is able to step in where it matters most,” she added. J&T Express (Malaysia) Sdn Bhd Chief Finance Officer David Zheng said the company is pleased to have OCBC Bank’s solution being used to enhance the safety of its couriers who operate mainly on motorcycles to make its operations even more seamless. “Going cashless for a cash-on-delivery business is a happy misnomer. We have now made it possible to eliminate cash handling and sorting out of physical cash at all our points of collection including our outlets. This saves us daily trips to the bank as well,” he said. OCBC OneCollect was earlier for enabled collection by businesses using PayNow QR (Singapore) and DuitNow QR (Malaysia) as a digital merchant solution, encompassing both mobile application and web portal options. OCBC Bank became the first bank to introduce PayNow QR into the Malaysian market in 2020 and extended the service earlier this year to logistics and “last mile” delivery companies to address collection and reconciliation issues. Tencent-backed J&T Express raises $2.5B ahead of Hong Kong listing – report |
https://technode.global/2022/07/08/scaleup-malaysia-seeks-to-invest-1-million-in-ten-startups/ | ScaleUp Malaysia seeks to invest $1 million in ten startups | 53 | Growth stage accelerator ScaleUp Malaysia said in a statement that it has increased its investment in its startups to $100,000 per company, making it one of the largest cheque sizes from an accelerator in Southeast Asia. Participants will also be receiving investments from the accelerator before commencing the program instead of at the end of the programme, it said. “We have been tremendously blessed to have worked with some of the best companies in the region over the last three cohorts. This increase in our investment size upfront shows our belief that Malaysia and Southeast Asia have some truly remarkable founders. We hope to support them on their journey,” said Xelia Tong, Managing Partner of ScaleUp Malaysia. Applicants who apply for Cohort 2022 will also experience a quick turnaround time to know if they will make it through. ScaleUp Malaysia aims to inform participants of their interest acceptance and investment for Cohort 2022 within five weeks of applying to the program. “We recognise that this is a very precarious time for founders with so much uncertainty with the economic situation in the region and around the world. This is why we have streamlined our process to make sure that exceptional startups get funded quickly so they hit the ground running and scale effectively,” said Andre Sequerah, Managing Partner of ScaleUp Malaysia. ScaleUp Malaysia has announced investments in 30 startups since 2020 including Iimmpact, Fefifo, AOne, Homa and Guruinnovatif. With one exit already under its belt and follow-on investments of up to 15 times after the program, its top companies have seen a 300 percent increase in revenue since participating in ScaleUp Malaysia. “We accept startups from all industries and verticals but what is really important is that they need to demonstrate product-market-fit, a sizable market and a compelling go-to-market plan,” Sequerah added. ScaleUp Malaysia not only accepts startups from Malaysia but from all over the world. Startups from 26 countries applied for its last cohort. The accelerator also noted that it has strong representation of female founders compared to the industry in general and seeks to support more women entrepreneurs. “We’re really excited that more than 40 percent of the startups we back have female founders. They are smart, driven and determined to make their mark. We are looking forward to helping more women make a difference,” said Tong. Applications for Cohort 2022 are now officially open until 31st August 2022. ScaleUp Malaysia is an accelerator that focuses exclusively on growth-stage companies in Malaysia – helping them position their business for exponential growth. It is founded by a team of experienced entrepreneurs, professionals and seasoned investors. Championing the concept of building “Pegasus” companies of building fast-growing profitable businesses, ScaleUp Malaysia companies go through a programme that includes in-class training, one to one coaching and equity investment for selected companies. The accelerator has announced investments into 30 companies since 2020 which include fast growing startups such as AOne, Iimmpact, ATX, Fefifo, and Homa. ScaleUp Malaysia announces investments in 11 emerging startups |
https://technode.global/2022/07/08/grab-launches-intercity-travel-service-in-malaysia-and-singapore/ | Grab launches intercity travel service in Malaysia and Singapore | 53 | Southeast Asian super app The launch of the service also sees the inclusion of direct bus routes to Singapore, helping to minimise congestion on highways, ticket concessions, and even borders, especially during peak travel periods, Grab said in a statement. “As a homegrown brand, we want to help Malaysians plan their travels conveniently and affordably with the use of technology. It’s only through collaboration with industry leaders across different sectors that we’re able to simplify routine errands such as planning for a holiday, making it even more seamless and rewarding at the same time, “Grab Intercity is no different. By growing our travel offerings, users can plan their holidays without the need for multiple apps or log-ins. We hope this enables a more convenient way for Malaysians to prepare for the upcoming Hari Raya Aidiladha too,” said Rashid Shukor, Director of Country Operations and Mobility, Grab Malaysia. The addition of direct routes between Malaysia and Singapore represents the expansion of Grab Intercity to Grab users in Singapore. Users will be able to purchase bus tickets to over 30 destinations in Singapore from 11 different states and cities across Malaysia. Routes between Malaysia and Singapore on Grab Intercity will be available for booking and purchase beginning July 7, 2022. Grab collaborated with Splyt and Easybook to adapt the service onto the platform, enabling users to book a ticket, pay with GrabPay and earn GrabRewards. With over 15,000 available routes, the service expands Grab’s travel offerings which currently includes a host of other services such as to browse and book attractions, experiences, hotels and even travel insurance, to cater to users’ varied and unique travelling needs. Minister of Transport Malaysia Wee Ka Siong said that by incorporating direct routes to and from Singapore, such efforts support the nation’s economic recovery by increasing channels for convenient travelling. “As travelling continues to be a key focus for many countries, facilitating the ease of cross border travels is even more vital than ever in helping the recovery efforts of our economy. Moreover, as borders continue to relax further all around the world, we foresee a further increase in travelling activity, both domestically and internationally,“This is why it is important for both private and public sectors to come together to play their part in contributing to economic growth in varied ways. With efforts such as this from Grab Malaysia, Malaysians and Singaporeans alike will not only have additional, convenient travelling options at their fingertips, but economies will be able to benefit too,” he said. Grab is Southeast Asia’s leading superapp based on gross merchandise value (GMV) in 2021 in each of food deliveries, mobility and the e-wallets segment of financial services. It operates across the deliveries, mobility and digital financial services sectors in 480 cities in eight countries in the Southeast Asia region – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The firm enables millions of people each day to access its driver- and merchant-partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending, insurance, wealth management and telemedicine, all through a single “everyday everything” app. It was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and since then, the Grab app has been downloaded onto millions of mobile devices. Grab buys and relaunches food site HungryGoWhere |
https://technode.global/2022/07/01/chinas-xinghuo-bif-and-malaysias-zetrix-jointly-introduce-web3-services/ | China’s Xinghuo BIF and Malaysia’s Zetrix jointly introduce Web3 Services | 53 | China’s Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) and Malaysia’s Both parties said in a statement on Friday the BID, an official DID method listed in the DID Specification Registry of World Wide Web Consortium (W3C), is a new approach to realize decentralized identity based on Xinghuo BIF. The initial phase of the BID rollout will include the introduction of Chinese-related credentials, agreements and the corresponding legal frameworks that would serve as the foundation for the establishment of such agreements. Meanwhile, Zetrix will connect Chinese parties signing on the domestic Xinghuo BIF network with their international counterparts signing on the Zetrix network. Xinghuo BIF is a China initiated international blockchain infrastructure supported by all levels of the Chinese Government led by China Academy of Information and Communications Technology (CAICT) while MY E. G. Services Bhd (MYEG), via its Zetrix blockchain, runs the International Supernode of Xinghuo BIF to connect entities outside China to the Xinghuo BIF. Xinghuo BIF presently resolves 94 million identifiers daily, placing it as the most actively used platform and validates this use case in real world applications. According to the statement, the BID service is an extension of the existing Xinghuo BID and Xinghuo Blockchain-based ESigning services that was officially deployed in February 2022. On October 12, 2021, a memorandum of understanding between CAICT and MYEG announced the strategic cooperation framework between Xinghuo BIF and Zetrix as the international infrastructure to connect China’s Xinghuo network to international markets. “BID and Verifiable Credential form a critical foundation for the digitalisation of trade and services. Beyond the process and trade efficiencies that we envision, this will also counteract the threats of counterfeiting,” said Dr. Jin Jian, president of Institute of Industrial Internet and Internet of Things Institute (IIIIoT), CAICT. Meanwhile, MYEG Group Managing Director TS Wong said BIDs and VCs are critical building blocks of more interconnected Web 3, as they are the foundational tools that decentralised apps can call upon to deliver a myriad of new services that would unleash the full potential of blockchain platforms. “No other blockchain platform currently provide these services at a scale that matches Xinghuo – Zetrix and we are excited to be the global industry leaders in this real world usecase,” he said. Zetrix has engaged credential issuers and certification authorities to ensure the information registered are true to fact, and continues to engage with more stakeholders in strengthening the integrity of this vital facility. According to the statement, Zetrix DID solution, which conforms to the Xinghuo BID, will power an on-chain signing service to enable users to transact with certainty and verified identities. The resultant Zetrix blockchain-based E-signing service provides support for multiple signing templates and user-defined transactions, verification of an individual’s or product’s documents/credentials, and inquiry of documents or credentials. Organisations can use this service by keying in information and signing using their BID to issue certificates/credentials on the Zetrix blockchain. Users in China and elsewhere with access can search relevant information quickly through the BID identifier resolution service and vice versa. Meanwhile, the Xinghuo-Zetrix blockchain certificate service demonstrates that users can inquire the authenticity of any certificate or credentials. It ranges from government issued credentials like official residency, to provenance of goods, to the adherence of international standards by enterprises. Users can authenticate certificates online, instead of relying on traditional ways of issuing paper documents for proof. These credentials can then be independently verified using the issuer’s public BID. In addition, digital credentials may incorporate smart features, i. e. programming logic. The combination of the BIDs and VC services will enable a host of varied use cases, from simple issuance of certificates to smart product authenticity documents with ownership history and programmable government issued credentials. As an ongoing concern, Zetrix will design more templates of signing occasions, extension environments, and API integration, providing safe and efficient identification services for all industries. Malaysia-listed MYEG’s Zetrix blockchain to launch mainnet |
https://technode.global/2022/06/24/indonesias-gojek-says-no-current-plans-to-enter-malaysia/ | Indonesia’s Gojek says ‘no current plans’ to enter Malaysia | 53 | Indonesia-based ride-hailing giant “Gojek is not currently available in Malaysia and we have no current plans to enter the market,” a Gojek spokesperson told Gojek was responding to earlier The Vocket. com first reported the development. As at June 7, 2022, there are It was reported in November 2019 that Gojek, together with other bike-hailing companies like Dego Ride, will start a pilot run in Malaysia in January 2020. Gojek has already predicted that its entry into Malaysia in 2020 will not be an easy ride. In a report in November, the company’s head of transport Raditya Wibowo said Malaysians were not used to the culture of being passengers ferried on motorcycles. Raditya said then that Gojek was making preparations to enter the Malaysian market after getting approval from the government to provide its on-demand service platform by January 2020. In July last year, Malaysian budget airlines AirAsia Group’s digital arm, AirAsia Digital announced the Gojek, which merged with e-commerce firm Tokopedia to form GoTo Group last year, operates in 207 cities in Southeast Asia, across 22 services that include on-demand ride, food, payments, logistics, and lifestyle services. Gojek has formally announced its international expansion in Vietnam, Singapore, and Thailand, according to its website. AirAsia to acquire Gojek’s Thai operations for $50M via share swap deal |
https://technode.global/2022/06/23/malaysias-unicorn-carsome-to-delay-dual-listing-plans-report/ | Malaysia’s unicorn Carsome to delay dual-listing plans – report | 53 | Malaysia-headquartered used car platform Carsome, which is also Malaysia’s first tech unicorn, has halted work on the planned offerings that were set for this year, the people reportedly said. Carsome may revive the first-time share sales next year if markets improve, they added. Carsome has yet to respond to Quoting sources, Carsome is said to have confidentially filed for the IPO with NASDAQ. Carsome is also considering a dual listing at the Singapore Stock Exchange (SGX) too, a move that is said to have been encouraged by one of its key investors Temasek-backed 65 Equity Partners, according to the report. Carsome announced in March the acquisition of 51 percent stake in Singapore integrated automotive firm CarTimes Automobile Pte Ltd (CarTimes). In January, Carsome completed its $290 million Series E round, increasing the company’s valuation to approximately $1.7 billion. The financing round was jointly led by Qatar Investment Authority (QIA), 65 Equity Partners (65EP) and Seatown Private Capital Master Fund (Seatown). The round also saw strong participation from investors such as Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile. Carsome has become Malaysia’s first tech unicorn as part of a share-swap deal that take a stake in iCar Asia in July last year. Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising a service that is “trusted, convenient and efficient”. It transacts more than 100,000 cars on an annualized basis, which translates to around $1 billion in revenue. It has expanded into Indonesia, Thailand and Singapore. In Southeast Asia, Carsome competes with Singapore-based Carro, Indonesia’s OLX Auto and Carousell Auto Group. According to Malaysia’s Carsome to list on NASDAQ at $2B valuation – report |
https://technode.global/2022/06/23/ethis-group-and-gobi-partners-to-debut-shariah-compliant-20m-seed-fund/ | Ethis Group and Gobi Partners to debut Shariah-compliant $20M seed fund | 53 | Malaysian ethical investment and social finance platform operator The fund, which is targeted to have its first closing by the end of this year, is notable for being Ethis Group’s first move into the venture fund space as well as Gobi Partners’ first-ever fully Shariah-compliant fund, the duo said in a statement. This collaboration combines the venture guiding acumen of Gobi Partners which currently has $1.5 billion of assets under management across North Asia, South Asia and ASEAN, with Ethis Group’s growing group of fintech investment and crowdfunding platforms in Indonesia, Malaysia and most recently Oman. The fund will benefit from the network of start-ups and scale-ups accessible by Gobi Partners, a prominent name in Asia, and Ethis with its deep relationships in the halal economy and impact-investment space. The partnership is aimed at capturing the growth of startups in the Halal economy where startups adhere to Shariah law, and thus their products are built to serve a large Muslim community. The geographic presence of Gobi and Ethis in markets with large Muslim populations bode well for the joint fund to invest in these startups. Furthermore, the fund’s focus on the broader ethical investment agenda resonates well with the post-pandemic emphasis on environmental, social, governance and sustainable investments that also stretch beyond the Muslim community. “The establishment of this joint fund will allow us to channel investments into tech startups driving change and making an impact. Venture capital is in high demand and suitable for ethical investment,” said Ethis Investment Platform LLC (EIP) Chief Executive Officer, Mohamed Shehzad Mohamed Islam. Once launched, the joint Fund will invest in Shariah-compliant startups globally with an initial geographic focus in the Middle East and Northern Africa (MENA) as well as the ASEAN regions. EthisX’s presence in the Sultanate of Oman in particular is timely as it can have direct access to the growing investment opportunities supported by the Oman Vision 2040 which emphasised the diversification of its economy, development of the fintech industry and digitisation efforts by the authorities. “We are excited to partner with Ethis Group in creating this new Shariah-compliant Fund, which is very much in line with our existing TaqwaTech focus. Muslim consumers represent a $2.2 trillion market opportunity, and the Muslim community is anticipated to make up more than 31 percent of the world’s population by 2060, however, the Muslim community’s digital needs are largely unmet or underserved,“Through this partnership with Ethis and the creation of this dedicated Fund, we will now be able to fund, nurture and support even more Muslim entrepreneurs,” said Gobi Co-Founder Thomas Tsao. Founded in 2002, Gobi Partners which is now headquartered in Kuala Lumpur and Hong Kong, supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Gobi has raised 15 funds to date, invested in over 320 startups and nurtured nine unicorns. The latter includes Malaysia’s first unicorn, car e-commerce marketplace Carsome, and British-Hong Kong biotech startup Prenetics. In 2016, Gobi launched its TaqwaTech vertical which focuses on investments in Islamic ventures and the global Muslim economy. Most notable of its TaqwaTech investments is Dubai-based Umrahme, which is now the global market leader in online Umrah pilgrimage bookings with over 3.5 million pilgrims since its inception in 2019. Gobi Partners publishes inaugural Sustainability Report |
https://technode.global/2022/06/22/malaysia-to-focus-on-creating-smart-cities-says-science-minister/ | Malaysia to focus on creating smart cities, says Science Minister | 53 | Malaysia is focusing on creating smart cities based on the trend of increasing population in the urban areas, according to the country’s Science, Technology and Innovation Minister Dr Adham Baba. The creation of smart cities was one the approaches being taken in solving urbanization issues to improve the residents’ quality of life, spur economic growth, provide a safe environment, and encourage efficient urban management technology application, he said, national news agency “According to the Second National Urbanisation Policy report, Malaysia’s urban population is expected to increase from 20.29 million in 2010 to 27.3 million by 2025. “It is estimated that over 70 percent of the country’s population live in the urban areas,” he said in his speech when launching the sustainable smart city sandbox pioneer programme between National Technology and Innovation Sandbox (NTIS) and Sunway Innovation Labs (iLabs) on Tuesday. Dr Adham said that having smart cities in this country would enable the use of technology developed by local talents through the initiatives of the Ministry of Science, Technology and Innovation (MOSTI) such as the NTIS to assist the authorities in tackling urbanisation issues and raise the quality of life. At the ceremony, MOSTI through an agency under the Malaysia Research Accelerator for Technology and Innovation (MRANTI) has also signed a memorandum of understanding (MoU) with Sunway Innovation Labs for the smart city sandbox through NTIS. NTIS is a platform to accelerate the process of changing the country as a user of technology to producer of technology. Through this collaboration, the innovations developed by start-up company, Sunway iLabs Super Accelerator, could be channeled to NTIS for testing in an actual urban setting developed by Sunway and for monitoring and sponsorship before taking the technological solutions to the market and implemented across the nation. This effort could make Bandar Sunway a living lab, bring in young talents, intellectuals, research experts, innovative labs and commercial activities to generate actual solutions for the urban areas in future. Among the benefits of the sustainable smart city sandbox pioneer program would be achieving Malaysia’s commitment to becoming a carbon neutral nation towards zero carbon emissions by 2050 and make Malaysia a greener country, in line with the United Nations Sustainable Development Goals, Dr Adham said. The Sunway urbanization action plan can be adapted nationwide for the safety, comfort, well-being, and improving the quality of life of the residents, while also protecting and conserving the environment, according to the report. MRANTI’s Fourth Industrial Revolution Innovation Hub to benefit 1,250 biz owners this year |
https://technode.global/2022/06/21/malaysias-naluri-secures-7m-pre-series-b-funding-round-led-by-pruksa-group/ | Malaysia’s Naluri secures $7M pre-series B funding round led by Pruksa Group | 53 | Malaysian digital health service provider Pruksa Group’s investment is joined by Bertelsmann Investments from Germany and Striders Corporation from Japan and is supported by several returning investors, including M Venture Partners (MVP), Palm Drive Capital, and INP Capital, Naluri said in a statement. The new funding is earmarked for Naluri’s strategic expansion in Thailand and will further bolster the company’s operations in Malaysia, Singapore, and Indonesia. Naluri’s digital health service and healthcare cost-containment solution deploys technology to deliver integrated person-centred care to transform the lives of people at risk of, or managing, the most pervasive chronic and mental health conditions. Chronic health conditions, including type two diabetes, hypertension, obesity and hyperlipidemia are reaching endemic proportions in the region, reducing work capacity, life expectancy, and economic productivity. The company, founded in 2017, pairs evidence-based interventions and human-led expertise with a digital platform (via the Naluri app) to deliver significant health outcomes at a lower cost to healthcare payors. In a region where shortages of registered professionals constrain care delivery, Naluri also empowers its team of health and wellness experts with data and the company’s proprietary artificial intelligence (AI)-augmented coaching platform, decision support systems and self-help digital tools to deliver highly personalised behavioural health programmes at scale. Expanding beyond its digital chronic disease management and employee assistance programmes, the company’s breakthrough is its ability to combine an organisation’s historical claims data with organisation-wide health screenings to understand and forecast future healthcare demands and costs. Then, coupling the health risk data with regular health monitoring, Naluri delivers proactive early interventions that prevent the onset of additional medical complications that often lead to escalating costs. The company, founded by serial entrepreneur Azran Osman-Rani and medical systems expert Jeremy Ting, is backed by prominent investors, including Integra Partners, Pathology Asia (via Biomark), M Venture Partners (MVP) and Sumitomo Corporation Equity Asia. Naluri serves more than 75 of the region’s leading employers in industries that include financial services, oil and gas, property development, telecommunications, tertiary education and aviation. It offers healthcare payors effective corporate wellness solutions across Malaysia, Singapore, Thailand and Indonesia, with imminent plans for expansion into the Philippines, Hong Kong and Australia. According to Naluri, Southeast Asia faces an epidemic of chronic non-communicable diseases, now responsible for 60 percent of deaths in the region. The problem stems from environmental factors that promote tobacco use, an unhealthy diet, and inadequate physical activity and is made more urgent by the COVID-19 pandemic, which disproportionately affected those with pre-existing conditions and further disrupted essential prevention and treatment services. The issue is so pervasive that the World Health Organization (WHO) welcomed a new Heads of State and Government Group to get the world back on track to reduce premature deaths from noncommunicable diseases by a third – in line with the Sustainable Development Goals (SDGs). With the exacerbation of mental health conditions, including depression, anxiety, stress and burnout on the back of Covid-containment measures, Naluri said the demand for accessible, affordable and scalable solutions has spurred its growth. “We must do more to not only manage chronic health and mental health conditions, but we must also prevent them as well. We must do so quickly and effectively. Global markets have tightened, but this investment affirms Naluri’s mission and fast-tracks our efforts to deliver support to more deserving people in the region,” said Naluri Co-Founder and Chief Executive Officer Azran Osman-Rani. Malaysia’s RHL Ventures scouts opportunities in ESG, healthcare & financial sectors as it finalizes Hibiscus fund |
https://technode.global/2022/06/17/malaysias-capital-a-mulls-us-listing/ | Malaysia’s Capital A mulls US listing | 53 | Capital A BhdIts Chief Executive Officer Tony Fernandes said in a statement that the group is evaluating all fundraising options, including private placement, direct listing or listing via a merger with a Special Purpose Acquisition Company (SPAC). The firm has also received a clean audit report by Auditors Ernst & Young, which was tabled at the annual general meeting and received by the shareholders, denoting confidence in Capital A’s ability to continue business for the future. According to Fernandes, the clean audit report is a key step forward to expedite removal of PN17 status which he is confident of exiting in the coming months. “The PN17 regularisation plans are on track, which the management team is developing, taking into consideration multiple solutions without proposals for capital dilution or equity raising. We are confident of meeting the deadline to submit the plan to Bursa Malaysia by early January 2023,” he said. Citing strong air travel demand and plans to recover to pre-Covid capacity, he said the airlines have strategic plans in place to paint the skies red once again with a leaner and more robust model for a successful and viable operation for the future. On the digital side, he said the group will continue to forge ahead with its ambitions to become the leading super app of choice in Asean, Teleport to be the leading logistics provider with the best and fastest coverage and BigPay to be the neobank that provides the best value across our suite of financial products. “We strive to be the preferred choice for customers in delivering the best value and high quality at the lowest cost for everyone,” he said. Tony Fernandes plans US listings for AirAsia airline & super app – report |
https://technode.global/2022/06/17/airasia-super-app-launches-closed-loop-e-wallet-platform/ | Airasia Super App launches closed-loop e-wallet platform | 53 | The Airasia Super App said in a statement that airasia pocket users will be able to earn airasia points upon activation. Airasia pocket is currently available to all airasia Super App users in Malaysia in the Ringgit Malaysia currency. “As fintech and neobanks continue to reshape the financial landscape in Malaysia and across ASEAN, airasia Super App is continuing to be an industry disruptor and expand its fintech services by launching airasia pocket, which enables our app users to make payment for all products and services faster within the Super App ecosystem,“This includes payments for flights and hotel bookings, as well as on airasia food, airasia grocer, airasia xpress, or when booking a ride through airasia ride. This aligns with our fintech strategy to drive a seamless user experience and make online payments’ invisible’. By working with our partner Fasspay, users can have peace of mind as this new feature is completely secure, fully compliant, and licensed by Bank Negara Malaysia,” said Mohamad Hafidz Mohd Fadzil, airasia Super App’s Chief Fintech Officer. According to the statement, two types of airasia pocket accounts are available – the Lite and Pro. The Lite account is recommended for everyday use with a wallet size limit of MYR500 ($113.62), while the Pro account is designed for higher value transactions with a wallet size of up to MYR4,999 ($1135.93). “This is the final step in closing the loop for the whole airasia ecosystem, which will draw out the true superpower of the airasia Super App. airasia pocket is the more accessible, faster, and more rewarding way to pay for anything within the airasia ecosystem and will facilitate a better user experience. Having airasia pocket also provides more significant insights into customer behaviour which will assist us in giving better value and more quality services to all our app users,” said Amanda Woo, Chief Executive Officer of airasia Super App. The airasia pocket’s features are developed by Fass Payment Solutions Sdn Bhd (Fasspay), a white-label e-wallet player and an approved e-money provider by Malaysian Central Bank. This platform is designed to allow its partners to build and innovate on Fasspay’s full-stack payments platform and offer various payment and financial services to their customers. “We are honoured to be a partner in airasia Super App’s fintech journey and will continue to support its aspiration to grow regionally and globally. Fasspay’s mission is to enable our partners, such as airasia Super App, to realise their vision by using this wallet-as-a-service to extend their financial services. This partnership is just the beginning for Fasspay as our ultimate aim is to avail this full-stack payments platform to other customers both small and large globally,” said Chris Leong, Chief Executive Officer of Fasspay. Currently, top-ups for airasia pocket are available via Online Banking (FPX), with more options to be added in the future. The airasia Super App is a one-stop travel, e-commerce and fin-tech platform offering consumers over 15 lines of products and services via the super app as well as airasia. com website. Powered by data and technology, the airasia super app leverages its digital ecosystem of 51 million users and 40 million downloads to generate personalised and seamless consumer experience in the digital new era. Users can also engage in real-time conversations, join like-minded communities, play games and much more. From travel needs to everyday lifestyle essentials, there is always something for everyone on the airasia Super App. Established in 2012, Fasspay is a wholly-owned subsidiary company of SoftPOS player Soft Space Sdn Bhd (Soft Space), that acts as a merchant acquiring arm for partner banks. With over 30 financial institutions across 10 countries, Fasspay provides more than just mobile payment solutions. As a non-bank e-money issuer regulated by Bank Negara Malaysia, and a Visa Ready BIN Sponsor, Fasspay is able to provide merchant partners white label e-wallet services and white label Visa prepaid card that serves as a value-add to their existing business solution. Tony Fernandes plans US listings for AirAsia airline & super app – report |
https://technode.global/2022/06/14/malaysia-unicorn-carsome-announces-appointment-of-advisory-board/ | Malaysia unicorn Carsome announces appointment of advisory board | 54 | Malaysia-headquartered integrated car e-commerce platform The advisory board is made up of “individuals of various specializations, dynamic perspectives and deep expertise who will provide insights, connect networks and share experiences in building and scaling technology companies in the region”, Carsome said in a statement. The board currently consists of four members, namely Managing Partner & Co-founder of Asia Partners, Nicholas Nash; Founder of Smile Group, Harish Bahl; Managing Partner of Indies Capital, Pandu Sjahrir; and Vice President of Meta Asia Pacific, Dan Neary. Carsome’s announcement also came after it was reported Carsome Co-founder and Group CEO Eric Cheng said that the advisory board adds “great values” to Carsome’s leadership team by elevating decision-making and affirming the company’s next steps on firmer, proven footing. “We are deeply honored by this priceless opportunity to stand on the shoulders of giants and work with elites of their respective industries,” he said. Nash was best known for spearheading Southeast Asia’s internet company Sea Ltd. ’s landmark IPO on the New York Stock Exchange, the largest US IPO of a Southeast Asian company. “Carsome definitely has the potential to become Southeast Asia’s next big thing, and we are excited to help accelerate the company’s next growth spurt,” said Nash, who is also the Chairman of the advisory board. Bahl is a serial entrepreneur with a track record in founding and building e-commerce and digital media companies across Asia and other emerging markets. He has partnered and built businesses with major companies like Airbnb, Ogilvy, WPP Digital and Yahoo!, among others. Sjahrir, serves in multiple organizations to promote entrepreneurship and education in the region. Indies Capital, where he is the Managing Partner, has invested over $1.1 billion and is a shareholder in more than 100 companies over the last seven years. Sjahrir is currently the Chairman of Indonesia for Sea Ltd and the Chairman of GoTo Financial, part of GoTo Group which is one of Indonesia’s first unicorn technology companies. “The formation of Carsome’s advisory board underscores the importance and the company’s focus on the Indonesian market. I am happy to guide the Carsome team into accelerating the growth and expansion of its Indonesian market through a multi-pronged approach,” added Sjahrir. Neary is one of the most seasoned and influential operators with almost three decades of executive-level experiences in Asia. Having gone through the exciting development in the region in management positions with great companies like eBay, Skype and Meta, Neary has deep expertise in operating and advising technology and e-commerce companies in developing markets. Besides, Neary is also active in the entrepreneurial community. He co-founded Travelmob (acquired by HomeAway) in the early days. He is now an active Limited Partner with a couple of Venture Capital funds, an early-stage investor in over 15 companies. Malaysia’s Carsome to list on NASDAQ at $2B valuation – report |
https://technode.global/2022/06/13/tony-fernandes-plans-us-listings-for-airasia-airline-super-app-report/ | Tony Fernandes plans US listings for AirAsia airline & super app – report | 54 | Tony Fernandes’s “If you want to be an actor, you’re probably going to want to end up in Hollywood at some stage in your career,” Fernandes told the“We think the time is right for part of Capital A Group to be listed in the US,” he was quoted as saying. He said the group had begun compliance work and envisaged two separate listings, one for AirAsia “sometime next year”, followed by the so-called super app, which will offer services from travel to takeaways. The company, which previously considered merging its digital businesses with a special purpose acquisition company (SPAC), dipped into the red during the pandemic, prompting audit firm EY in July 2020 to question its ability to survive. Fernandes said that issue had now been resolved. Capital A, previously known as AirAsia Group, has been aggressively building its digital businesses and super app over the last two years as most of its planes were grounded due to travel restrictions to contain the COVID-19 pandemic. The group has hoped to build its super app, modeling regional tech giants such as Grab’s and Gojek’s super apps which offer a variety of services including ride-hailing, food delivery, and payment services. Capital A remains under Practice Note 17 (PN17) on the Malaysian stock exchange — a listing for groups in financial distress. Fernandes, who is Capital A’s Chief Executive Officer, insisted that was a solvable “accounting” issue, which “doesn’t reflect the fundamentals of the company”, he told He said 85 of AirAsia’s 212 aircraft were now flying, with 80 to 90 percent load factors, and 176 aircraft back in the skies by December. “I think in the third and fourth quarter, we would be EBITDA-positive, including leasing, and so . . . I’m quite confident of 2023 being profitable and definitely cash flow positive,” he was quoted as saying. Capital A’s first-quarter losses widened to MYR903.79 million ($204.67 million) from MYR767.42 million a year ago. Commenting on the listing plans, Fernandes cited his success in transforming from Warner Music executive to budget aviation pioneer after buying AirAsia from the Malaysian government in 2001 for less than $1, would eventually sway investors. “Twenty years ago, when I started this airline, no investor wanted to invest in us. It wasn’t a very convincing story to say you’re going to start up an airline when you’re from the music business, with no money, and go up against Malaysia Airlines, Singapore Airlines and the like,” he was quoted as saying. “Twenty years later, I now say I’m going to take on these digital unicorns. Probably not a convincing story either from an airline that’s struggling, going through Covid, has a weak balance sheet, etc. But it’s slowly coming,” he told The airasia super app was valued at around $1 billion in July last year On Monday, Capital A shares were trading at MYR0.635 at the time of writing, giving the group a market capitalization of MYR2.642 billion ($598.26 million) . AirAsia aims to become Asia’s largest food delivery, ride hailing company – report |
https://technode.global/2022/06/10/malaysias-khazanah-launches-sustainability-framework-targets/ | Malaysia’s Khazanah launches sustainability framework & targets | 54 | Malaysia sovereign wealth fund At the launch, Khazanah has also presented their views on the need for businesses to focus on a just and responsible transition. The Sustainability Framework introduced by Khazanah is designed to be holistic, captured under the three main pillars of ESG, and focuses on issues which most impact the organization and its portfolio from a business materiality point of view. “To execute a coherent response to sustainability, we will adopt an all-of-Khazanah approach – covering all aspects of how it behaves as a responsible investor, as a sustainable organization, and as a good corporate citizen,” Khazanah Managing Director Amirul Feisal Wan Zahir said at the launch of theHe added that sustainability is also a core part of its “Advancing Malaysia” strategy introduced earlier this year, under the pillar of “Creating a Sustainable Future”. “Khazanah’s aspiration is to play a leading role in shaping an equitable and responsible transition towards a sustainable future for Malaysia,” he said. As the country’s sovereign wealth fund, Amirul Feisal said it is pivotal for Khazanah to ensure that its actions support and encourage a responsible transition towards a more resilient and inclusive economy. Due to the complex and diverse nature of companies in its portfolio, he said Khazanah will take a collaborative approach to work with its investee companies to shift towards a more sustainable business model, ensuring that these companies remain competitive and resilient against challenges faced, as well as to enable them to take advantage of sectors and themes benefiting from ESG tailwinds. “We have developed a set of Guiding Principles to anchor our decision making in our Sustainability journey. We strive to bring balance in adhering to these principles, allowing flexibility to adapt our Sustainability approach based on the different asset classes and sectors that we invest in. Fundamentally, we aspire for positive and improved outcomes that will not only benefit the economy but society as a whole,” Amirul Feisal said. About 150 Chairmen, CEOs and Senior Management of government-linked investment companies (GLICs) and selected government-linked companies (GLCs) under Khazanah attended the launch event. In his speech at the event, Malaysia Finance Minister Zafrul Tengku Abdul Aziz said that the government has outlined several key priorities in its recently announced Budget 2023 Pre-Budget Statement, including Malaysia’s strategic transition from the current recovery phase to longer-term reforms. These include facilitating better income opportunities and improved holistic wellbeing in order to achieve Keluarga Malaysia’s vision of more inclusive and sustainable development. He added that the Finance Ministry is confident that both public and private sectors will play their respective roles and contribute to the success of Malaysia’s sustainability efforts and goals. “I am also pleased to see that Khazanah’s goals are consistent with the nation’s objectives and the standards set by other leading global ESG practitioners. It is my hope that Khazanah will continue to champion sustainability and act as a partner to its portfolio companies as we work to achieve Net Zero by 2050” he added. As part of its Framework, Khazanah has identified Sustainable Investing and Enterprise Sustainability as two key action points to help achieve its sustainability targets. Through Sustainable Investing, Khazanah will embed ESG considerations into its investment decision-making and stewardship of all its investee companies. Additionally, through “Dana Impak”, Khazanah will actively invest in catalytic sectors that will help build national resilience and deliver socio-economic benefits to the nation. This includes themes around building climate resilience, as well as providing decent and dignified work, and social mobility for the people. Concurrently, via its Enterprise Sustainability approach, Khazanah will embed sustainability into its day-to-day operations through better management of its energy usage, material consumption patterns, as well as travel practices. Khazanah also aims to create greater impact through contributions to society and community. This includes continuing its efforts towards empowering communities, protecting the environment, promoting arts, and preserving heritage. This is carried out through its foundations, Yayasan Hasanah and Yayasan Khazanah, as well as other affiliated entities such as Taman Tugu, Think City and Khazanah Research Institute. Under the Environmental imperative, Khazanah aims to safeguard Malaysia’s natural assets as well as protect the environment for current and future generations. Under the Social imperative, Khazanah aims to improve the socio-economic well-being of all stakeholder groups by taking into consideration how business actions affect their customers, employees, suppliers, contractors, and the surrounding communities. While under the Governance imperative, Khazanah will ensure its actions and policies as stewards of businesses are carried out in a responsible manner. Within the Environmental pillar, Khazanah has set a target to achieve net zero emissions by 2050 and will be working towards carbon-neutral operations by 2023, actively assessing ways in which it can eliminate its emissions footprint through better work practices – as well as funding initiatives and projects providing a carbon offset. On the Social front, Khazanah aims to enhance diversity, equality and inclusion policies and programs. Khazanah will also work towards ensuring 30 percent of the Boards and senior leadership positions are held by women by 2025. In addition, Khazanah will introduce measurable socio-economic impact targets for all relevant initiatives, including under its Dana Impak and its foundation, Yayasan Hasanah, by 2023. From a Governance standpoint, Khazanah will enhance Board competencies in the area of sustainability at its portfolio companies by 2024, disclose its voting principles at company general meetings by 2022, and include ESG-linked KPIs for key leadership positions for its portfolio companies by 2023. Southeast Asia primed for investments to bridge sustainability opportunities, says Bain & Co, Temasek report |
https://technode.global/2022/06/09/alipay-partners-comfortdelgro-for-foreign-mobile-payments-in-singapore/ | Alipay+ partners ComfortDelGro for foreign mobile payments in Singapore | 54 | ComfortDelGro TaxiUsers of these mobile wallets can pay for the cab fare simply through the wallet apps without the need to exchange currency, both parties said in a statement. “With Singapore reopening its borders, we are looking forward to having tourists come visit us. As such, our partnership with Alipay+ is a vital one as it allows cashless payment options such as Malaysia’s Touch ‘n Go eWallet and soon South Korea’s Kakao Pay available on board ComfortDelGro taxis, making it more convenient for both Malaysian and South Korean tourists to pay for taxi fares. This saves them the hassle of having to have ready cash in local currency as they are able to pay the fares upfront on their own Touch ‘n Go eWallet or Kakao Pay App,” said ComfortDelGro Taxi’s Chief Executive Officer Jackson Chia. ComfortDelGro Taxi is Singapore’s largest taxi operator with a combined fleet of about 9,000 Comfort and CityCab taxis. Apart from cash payment, all ComfortDelGro Taxis currently support about 20 different cashless payment methods. “Transportation is an essential daily need; taxi of all modes of transportation is even more important especially to travelers. Through the support and collaboration with ComfortDelGro Taxi, we aim to deliver to all users of mobile payments supported by Alipay+ a seamless and smart digital travel experience in Singapore, where they can pay with mobile wallets they are familiar with,” said Cherry Huang, General Manager, Global Merchant Partnership, South and Southeast Asia, Ant Group. “This partnership also comes at a great time, as Singapore leads the way in opening up its borders and welcomes tourists back in the city state. We believe this is the perfect moment for tourists to reimagine travel experience post pandemic,” she added. Introduced by Ant Group in 2020, Alipay+ is a suite of global cross-border digital payments and marketing solutions designed to enable businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach 1 billion regional and global consumers, through one-time integration and simple technical adaption. Other leading e-wallets supported by Alipay+ include GCash (Philippines), TrueMoney (Thailand), Alipay HK (Hong Kong SAR, China) and more. Cited Singapore Tourism Board, the statement said the number of visitors to Singapore in the first four months of 2022 has exceeded figures for the whole of 20211. Malaysia is ranked #3 among the top countries where the most tourists are from. South Korea is also an important traveler source market for Singapore. In pre-COVID times, South Korea was ranked 9th out of the top 15 visitor source markets in 2019. Singapore FinTech firm HitPay raises $15.75M Series A funding led by Tiger Global |
https://technode.global/2022/06/09/carsome-launches-largest-experience-center-in-malaysia/ | Carsome launches largest experience center in Malaysia | 54 | Malaysia-based integrated car e-commerce platform, For customers, the Automall enables them to experience prospective cars – from viewing, to selecting, to on-the-spot test driving – and thereon completing their purchase with on-site financial facilities that can process loan applications and approvals in one day, Carsome said in a statement. It said its additional conveniences include car aesthetic services such as detailing and tinting for their newly-bought cars. Carsome Co-Founder and Group Chief Executive Officer Eric Cheng said the Automall aims to enhance customers’ car purchase journey by offering them convenience and comfort under one roof. “The launch of the Carsome PJ Automall will strengthen our online-to-offline hybrid offering and raise the bar on our customers’ car buying experience. Our motivation is to make this experience center a lifestyle-centric one, where customers can walk in to enjoy the shopping process, and more importantly, leave the worry and hassle to our dedicated teams,” he added. Located along the Federal Highway in the iconic Naza Automall showroom, the Carsome PJ Automall occupies a built-up space of over 100,000 square feet. It can accommodate more than 200 cars – from Carsome’s growing online inventory of over 1,600 cars – for customers’ viewing convenience, ranging from sport utility vehicles (SUVs), multi-purpose vehicles (MPVs), 4x4s, sedans, hatchbacks to the luxury line segment. The Automall also plays host to banking partners such as Maybank and Public Bank; car detailing and tinting partners namely Ecotint and Glass Auto, underlining Carsome’s endeavor in offering a differentiated car buying experience. First introduced in 2020, Carsome Experience Centers put forth the concept of ‘The New Way of Buying Cars’ and enabled customers the flexibility to browse a selection of Carsome Certified cars from Carsome website before arranging for a test drive at the nearest Carsome Experience Center. Since then, Carsome has established more than 10 Experience Centers in Malaysia to better serve the growing demand for pre-owned cars. To continue offering customers quality assurance and peace of mind in their car ownership journey, Carsome is exploring new partnership opportunities with brands from various industries. This is part of the company’s continuous effort to address customers’ pain points and deliver a differentiated experience in the industry. Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising a service that is trusted, convenient and efficient. It transacts more than 100,000 cars on an annualized basis, which translates to around $1 billion in revenue. Based in Malaysia, the company has expanded to Indonesia, Thailand and Singapore. Malaysia’s unicorn Carsome’s part of KAF-led consortium winning digital bank license |
https://technode.global/2022/06/08/malaysias-iprice-group-lays-off-20-percent-staff-in-move-to-focus-on-core-mission/ | Malaysia’s iPrice Group lays off 20 percent staff | 54 | iPrice GroupThe layoffs are part of several measures to focus the business on its core mission “to help people save money” shopping online, iPrice said in a statement. The move comes three months after the company announced a $5 million investment from Japanese Conglomerates Itochu Corporation and KDDI Corporation. According to iPrice proprietary data, two-thirds of shoppers in Southeast Asia overpay by more than 10 percent when shopping online. iPrice said it solves this problem by comparing prices, promotions and seller discounts across its vast catalogue of 7.5 billion+ offers collected from thousands of sellers and marketplaces. The best offers are then surfaced on the iPrice website, which can be seen as Google for products in Southeast Asia. In addition, the company offers users additional savings via the most comprehensive coupons offering in the market. Over the years, iPrice expanded the business from its website to offer a full-suite white-label marketplace solution for super apps, including buy now pay later (BNPL) providers and recently started building its app to capitalize on the 100 million+ users who visit iPrice websites every year. “Whilst we proved these new services all resonated with online shoppers, they each required further investment with a longer-term payback. In today’s uncertain economic environment, it’s important to be hyper-focused on the company’s core product,” said iPrice Group Co-Founder David Chmelař. While iPrice will refocus on its core mission, it said partnerships will continue as a subscription model with a focus on providing interested players access to SEA’s best-curated product catalogue and rich data about the regional e-commerce landscape. “iPrice team is a strong community, so it was a tough decision to reduce our team in line with the refocus on our core business. With these changes, however, we are in a stronger position to deliver on our core mission to help people save money,” said iPrice Group Chief Executive Officer Paul Brown-Kenyon. In the retrenchment process, iPrice said it will follow all contractual and legal requirements and is actively helping those staff who have been let go find new opportunities. Malaysia’s iPrice Group raises $5M from Itochu Corporation and KDDI Corporation |
https://technode.global/2022/06/07/gobi-partners-publishes-inaugural-sustainability-report/ | Gobi Partners publishes inaugural Sustainability Report | 54 | Pan-Asian venture capital firm “It is especially poignant for Gobi to publish our first Sustainability Report during Pride Month and on World Environment Day, and we look forward to further advancing and promoting environmental stewardship, social progress, and good governance through our work highlighted in this report and our sustainability initiatives in the future,” the Kuala Lumpur and Shanghai-headquartered VC firm said on its website. Over the past few years Gobi said it has unlocked new opportunities for value creation through a plethora of ESG and impact initiatives, programs, and partnerships; some of these, detailed in its report, include:A copy of the Sustainability Report can be downloadedGobi Partners and Ozora Venture launch first $10M seed fund for women startups in Indonesia |
https://technode.global/2022/06/06/malaysian-conglomerate-sunway-to-launch-largest-indoor-vertical-farm-in-kl-city-center/ | Malaysian conglomerate Sunway to launch largest indoor vertical farm in KL city center | 54 | Sunway XFarms, a Malaysia-based agritech company, will launch Kuala Lumpur city center’s largest indoor vertical farm in the third quarter of 2022. The urban farm will occupy three floors spanning 37,000 square feet in Sunway Tower, Sunway said in a statement on Tuesday. The farm is expected to produce at least 13,000 kilograms of “fresh, healthy, and pesticide-free” vegetables per month. The new Sunway XFarms hub at Sunway Tower will allow the urban population of Kuala Lumpur, the capital city of Malaysia, to enjoy fresh produce with maximum nutritional benefits, grown in the heart of the city and delivered to restaurants and consumers within three hours of harvest. “With Sunway XFarms’ launched in Sunway Tower, we hope to accelerate our commitment towards scaling sustainable food production which is close to consumers. Sunway XFarms will be able to contribute towards Malaysia’s food security, one seed at a time,” said Sunway XFarms Chief Operating Officer Eleanor Choong. Located at the intersection between Jalan Sultan Ismail and Jalan Ampang in Kuala Lumpur, known as the Golden Triangle, Sunway Tower is a 33-storey office building with convenient access to public transit and major expressways. The produce from Sunway XFarms is grown faster and healthier with significantly less wastage leveraging precision farming technologies. By using 90 percent less water as compared to traditional farming, XFarms is able to yield ten times more produce with less than 5 percent on-farm wastage. To ensure consistently high quality, produce is grown in a safe and controlled environment powered by a range of smart IoT sensors and cameras, which provide live analysis and information to the farm managers. “Sunway XFarms builds farms which are both market and technology-driven. Our smart farm ecosystem allows us to remotely manage our farms’ output, match it to demand accurately and make informed decisions using data collected and analyzed from hundreds of data points at any given time. By doing so, we see that we are not only achieving key production metrics but also sustainability goals,” added Choong. Sunway XFarms has nourished more than 1,800 families with over 15,000 kilograms of leafy vegetables grown and harvested right from the urban farm in Sunway’s flagship smart sustainable city Sunway City Kuala Lumpur since itsSet up in September 2020 with funding and talent by Sunway Property and Sunway Education Group, Sunway XFarms is currently collaborating with the group’s various business divisions including Sunway Malls, Sunway Hotels and Resorts as well as Sunway Lagoon, to expand its presence by building four food hubs and farms in Klang Valley, Johor, Ipoh and Penang. The Sunway XFarms in Sunway City Kuala Lumpur is also a key source of ingredients for local healthy food eatery La Juiceria Superfoods as well as restaurants at the five-star hotel Sunway Resort which includes upcoming world-class restaurant Gordon Ramsay Bar & Grill. To reduce carbon footprint, food wastage and nutrition lost through transportation, all Sunway XFarms’ locations are strategically located to ensure fresh produce is accessible to every neighborhood within a five-kilometer radius. This is in line with Sunway’s commitment to advancing the United Nations Sustainable Development Goals as well as its pledge to achieve net-zero carbon emissions by 2050, with an interim target to halve emissions by 2030. Sunway iLabs, Carsome to launch Malaysia’s first auto ecosystem accelerator |
https://technode.global/2022/06/03/shell-malaysia-invests-in-malaysias-smart-mobility-solution-provider-parkeasy/ | Shell invests in Malaysia’s smart mobility solution provider ParkEasy | 54 | Shell Malaysia Trading Sdn Bhd This investment will be Shell’s first investment in a local Malaysian tech start up, and gives Shell an immediate path to an established parking and e-mobility platform in Southeast Asia, Shell said in a statement. “Decarbonising mobility and enabling better services to our customers through digital innovation are core to our Powering Progress strategy. We intend to make investments that will help us serve our customers better through the energy transition and pressures of modern living. We value this opportunity to partner with a young Malaysian start-up, and believe our combined strength will help us develop superior mobility products and services for our customers,” said Seow Lee Ming, Shell’s General Manager Mobility. According to the statement, ParkEasy will continue to operate under its existing management and name. Over the last three years, ParkEasy has grown its business from a parking reservation app to include other offerings such as sales of its proprietary smart parking solutions and electric vehicle charging bay management systems. “At ParkEasy, we continually look for new, easier ways for people to enjoy an upgraded parking experience. We are excited to have Shell as a partner, especially as they support our vision and belief that people should always utilize their most valuable resource, time, on the things that truly matter to them,” said Warren Chan, Chief Executive Officer, Pixelbyte. The deal is expected to complete in the third quarter of 2022. Established in 2014, ParkEasy (Pixelbyte Sdn Bhd) is a leading Malaysian smart mobility solutions provider. With the belief that everyone should be empowered to focus on the things that truly matter to them, it is best known for their on-demand car park reservation service that allows users to book guaranteed parking spots. With over 150,000 reservations to date, it has returned their many customers precious time that would have otherwise been wasted in frustration. In-line with the global adoption of electric vehicles, many of ParkEasy’s bays are now also equipped with EV chargers, making it not only Malaysia’s largest car park reservation service, but also Malaysia’s largest privately-owned EV charging network. Beyond the app, it often works on custom smart mobility solutions for enterprises, notable projects include a brand loyalty parking service, an attendance-based staff parking system, and VIP event parking. Pixelbyte was co-founded by Warren Chan, Eric Tan and Winnie Mah in 2014. Early investors include Kumpulan Modal Perdana, Cradle Fund and 1337 Ventures. Shell is a global leader in power, energy, and gas technology and is working to meet increasing energy demand and supply challenges by delivering smarter products and cleaner energy, infrastructure, and by developing new energy sources while addressing the impact on the environment. Malaysia is one of Shell’s heartlands. The history of Shell in Malaysia started about 130 years ago. Shell currently has a strong market presence in the upstream, gas-to-liquids, downstream and business operations sectors in Malaysia. The company is also driven towards contributing to the local talent pipeline, while playing its part in contributing towards the communities and the society through its various flagship social investment. ScaleUp Malaysia announces investments in 11 emerging startups |
https://technode.global/2022/06/03/most-digital-banks-are-not-profitable-simon-kucher-study-shows/ | Most digital banks are not profitable, Simon-Kucher study shows | 54 | Despite lofty valuations, most neobanks (digital banks) are not profitable, The global commercial strategy consultancy said in a statement that digital banks entered the banking scene a decade ago as mobile-focused challenger banks looking to establish primary, digital-only relationships with digitally savvy clients, and it estimates there are currently close to 400 neobanks around the world, together serving nearly one billion client accounts. However, despite their lofty valuations, its study found that only five percent of these challenger banks have managed to reach a breakeven point. Its analysis of 25 of the largest neobanks in the world also found only two have achieved profitability, and that a majority of them earn less than 30 US dollars in annual revenues per customer. Even for the most renowned challenger banks this is the case, it said. It also revealed that only five percent of neobanks are breaking even, with most earning less than $30 in revenues per customer per year. “Moving from ‘get reach’ to ‘get rich’ requires a dramatic mindset shift that can be difficult to orchestrate. Yet it is critical that these digital banks make that leap before their sixth and seventh year in operation. The risk of failure rises exponentially at that point if the business is not even breaking even,” said Christoph Stegmeier, Senior Partner at Simon-Kucher. Meanwhile, Simon-Kucher Banking Lead Asia Pacific (APAC) Silvio Struebi said this observation was in line with Malaysian Central Bank’s eligibility criteria for digital banks in Malaysia, where the five awarded banks must showcase a clear projected path towards healthy returns. “A well-defined value proposition and the use of innovative technology to better serve customer needs and reach under-served segments at reasonable cost of acquisition will be vital for success. Licensed banks will have to develop solutions that address the specific needs of the target segment, promote responsible usage of financial services and create positive impact on under-served segments,” he said. According to the study, the market opportunity in Malaysia is substantial, and Malaysia currently ranks 36 out of 60 countries for digital banking development, at the lower end of APAC countries. Digital banking penetration is also lower than expected in Malaysia when compared to other similar markets which show up to 50 percent of adults with a digital banking account, and this indicates a significant growth potential for the awarded conglomerates and players in Malaysia, it said. For new players, it said either the pure digital-only challenger banks like SEA Group or banking speedboats of established players like RHB Bank, it will be crucial to get the value proposition right and to develop the monetization strategy before product launch. It said that introducing undifferentiated digital offerings like high interest saving accounts, credit cards, and micro, small and medium enterprises (MSME) loans will not be enough to win the under-served segment and digital-savvy customers in Malaysia as incumbent banks have increased their digital capabilities to better service the clients in recent years. For new digital banks, it said it’s crucial to develop innovative growth strategies that resonate with the target customer base to acquire, hook, and retain these segments. “The single most important factor is to drive effective product usage and enablement. Many digital bank clients are inactive after opening their accounts despite high acquisition costs. Therefore, a superior customer experience combined with an attractive loyalty program and ecosystem will make the difference in delivering long-term profitability,” said Struebi. Malaysian Central Bank in April announced five successful applicants for the digital bank licenses in the country. The successful bidders were: Boost Holdings Sdn. Bhd. and RHB Bank Bhd; GSX Bank Pte. Ltd (Grab-Singtel consortium) and Kuok Brothers Sdn Bhd; Sea Ltd and YTL Digital Capital Sdn Bhd; Aeon Financial Service Co. Ltd, Aeon Credit Service (M) Bhd and Moneylion Inc; and KAF Investment Bank Sdn Bhd. GRAB-Singtel, Axiata’s Boost-RHB, Sea Ltd-YTL, AEON Credit consortiums among winners of Malaysia digital banking licenses |
https://technode.global/2022/06/02/malaysias-home-services-platform-kaodim-to-cease-operations-next-month/ | Malaysia’s home services platform Kaodim to cease operations next month | 55 | Malaysia-based home services platform “So it is with a heavy heart that we announce that from July 1, 2022, Kaodim and all its affiliate platforms will no longer be operational,” its Co-Founder and Chief Executive Choong Fui Yy wrote in a note on Wednesday. “Although our recent recovery has been strong, the last 2+ years have been incredibly challenging,” he said. The prolonged COVID lockdowns and their “knock on” effects in the form of operational disruptions, labor shortages and higher running costs (especially on the service provider side) have significantly impacted its business and the quality of service, he added. “More recently, these challenges have compounded further with inflation and rising costs. This has affected customer demand, service provider fulfillment, margins and in turn, our earnings. Ultimately, we feel that we can no longer grow the business meaningfully for the long term, in line with our mission and ambitions,” Choong said. “Against this backdrop, we reluctantly but consciously arrived at the difficult decision to cease operations,” he said. “We did not come to this conclusion lightly. Indeed, we considered and exhausted all options that were available to us. ”Founded in 2014, Kaodim. com said it is a web and mobile platform that provides an easy and dependable way for people to hire service providers whether it is a plumber, a hairstylist or a wedding photographer. Besides Malaysia, the company has operations in Singapore (Kaodim. sg), the Philippines (Gawin. ph) and Indonesia (Beres. id). The services marketplace is also said to be a model similar to According to data platform Malaysia home services platform Recommend Group raises $4M Series A funding led by China’s Morning Crest Capital |
https://technode.global/2022/06/01/airasia-super-app-launches-e-hailing-service-in-thailand/ | Airasia Super App launches e-hailing service in Thailand | 55 | TheThailand becomes the second country for Airasia Ride’s ASEAN expansion, and will offer taxi rides as part of its first phase of entry into the market, Airasia Super App said in a statement. “As we are starting off with taxi service for Airasia Ride, we are targeting to capture 70 percent of international tourists arrival into Bangkok, especially with the reopening of borders and resumption of travel post-pandemic. The differentiation that Airasia Ride will offer is the option for passengers to have options to book our English-speaking drivers community, and a fleet of new taxis which will ensure a pleasant travel experience for tourists in Bangkok while using Airasia Ride,“And of course, we also prioritise the drivers’ income opportunity and are happy to share that Airasia Ride taxi drivers take 100 percent of the fares they earn, as we do not impose the booking fee on drivers. Furthermore, passengers can be confident when booking Airasia Ride as our fares are transparent,” said Nirada Tuckawarut, Head of Airasia Ride Thailand. According to the statement, there are currently 3,000 drivers registered with Airasia Ride in Bangkok, with plans to recruit more as the service expands across the city. In line with the aim to capture the international tourist riders market, the next provinces which Airasia Ride aims to expand to are holiday destinations such as Phuket and Chiang Mai. “We are very excited for the launch of Airasia Ride here in Bangkok today, as it completes the whole Airasia Super App ecosystem. Now, an Airasia Super App user arriving into Bangkok will have the full end-to-end experience, where they are able to book their flights, hotels and ride to their final destination all within the convenience of one single platform. Since our successful super app launch here in February, we have seen an increase of 53 percent in new users, mainly driven by our over-the-air (OTA) platform, which is our core business and we expect continued healthy growth of new users with the launch of Airasia Ride today. “Congratulations to the whole Airasia Ride team in Thailand for working hard to get this service up and running by this quarter, and we look forward to serving more provinces across the country soon,” said Amanda Woo, Chief Executive Officer of Airasia Super App. Last year, AirAsia Super App launched AirAsia Ride in the capital city Kuala Lumpur, Malaysia. It said it plans to rollout the e-hailing services in other countries including Thailand, Indonesia, the Philippines, and Singapore. airasia Super App collaborates with Google Cloud for digital growth |
https://technode.global/2022/05/30/mrantis-fourth-industrial-revolution-innovation-hub-to-benefit-1250-biz-owners-this-year/ | MRANTI’s Fourth Industrial Revolution Innovation Hub to benefit 1,250 biz owners this year | 55 | MRANTI MakersLab, the Fourth Industrial Revolution (4IR) Innovation Hub developed at the The initiative was also targeted to help 5,000 would-be entrepreneurs through exposure to 4IR technology, as well as help 50 companies to build prototypes of their products, the minister said, national news agency He said the project to upgrade MRANTI Park to a 4IR Innovation Hub is aimed at creating a platform for entrepreneurial development and a commercialization center to encourage innovation among micro, small and medium enterprises (MSMEs). It also focuses on providing experimental laboratories to assist MSMEs or startups to carry out prototype activities, providing capacity and capability development aids on an ongoing basis. Dr Adham said the 4IR-themed innovation center, which was launched on Thursday, was one of the government’s initiatives to guide entrepreneurs comprehensively from the prototype development process to product commercialization. He said MRANTI MakersLab was set up to provide a dedicated space equipped with testing and training facilities to enable innovators to conduct product test drives, as well as technologies that require field testing. MRANTI Makerslab, which currently has an area of 0.018 hectares (ha), will be increased to 0.046ha by November this year. It provides services covering drone technology design and prototyping, innovative 3D printing courses and 4IR flexible manufacturing systems as well as bio-science technology. MRANTI said An agency under Ministry of Science, Technology and Innovation (MOSTI), MRANTI is the one-stop research commercialization agency with the resources to accelerate the commercialization of innovative ideas that will drive impact. As a connector, collaborator and catalyst, it connects problem statements (demand) with solutions (supply), bridging collaboration between public and private sectors (transition); increase private sector participation, either through market access, investment, advisory or consultation and facilities for testing and prototyping. MOSTI announced the formation of MRANTI Malaysia’s MRANTI to open new learning and development centre to ramp up technology-savvy talent pool and innovation portfolio |
https://technode.global/2022/05/26/renewable-energy-rises-to-the-occasion-as-oil-gas-prices-spike/ | Renewable energy rises to the occasion as oil & gas prices spike | 55 | Editor’s note:The fact that nine out of 10 countries in ASEAN pledged to achieve net-zero carbon economy does provide tremendous opportunities for renewable energy startups in the region. The nine ASEAN members with net-zero emissions targets made their pledges in 2020 and 2021 when their economies took heavy hits from the COVID-19 pandemic. ASEAN is targeting a 23 percent share of renewables in total primary energy supply and a 35 percent share in installed power capacity by 2025. The intergovernmental organization also wants to see a 32 percent energy intensity reduction from 2005 levels. The latest figures show ASEAN had a 13.9 percent renewable share of primary energy and a 28.7 percent share of power capacity in 2019. But the region had already achieved a 21.8 percent cut in energy intensity by that point, according to Asean Centre for Energy (ACE). Indonesia, Thailand, and Vietnam are expected to see some of the largest renewable capacity expansions in Southeast Asia in 2022, according to ACE. Some of the venture capital firms have already started scouting opportunities to invest in renewable energy startups in the region and closely watching the sector. “It is proven now that energy from fossil fuel sources is unsustainable, and coupled with the devastating effects on global warming, there is [a] tremendous impetus to shift to renewable sources,” Malaysia-based private equity and VC firm Kairous Capital Partner Dr Michael Gan told “With the current geopolitical situation, this need has been higher due to the escalation of oil price. As many countries have committed to reaching net-zero by 2050, there would be significantly increased spending in this sector,” he said, adding that some estimates put the additional spending at around $1-2 trillion annually. “As such, we believe there would be much potential for this sector. We have not invested in any such startups previously but are willing to consider it,” he added. Earlier this month (May 10), the US Energy Information Administration (EIA) said it sees Brent crude oil prices averaging $107 per barrel in the second quarter this year (2Q22). The agency said sanctions on Russia and other independent corporate actions contributed to falling oil production in Russia and continued to create significant market uncertainties about the potential for further oil supply disruptions. EIA expects the Brent price to average $107 per barrel in 2Q22 and $103 per barrel in the second half of 2022. The average price is expected to fall to $97 per barrel in 2023, it said, adding that the price forecast is “highly uncertain”. Although renewable energy has yet to become a focused sector for AC Ventures, the Indonesia-based VC firm has already invested in a renewable energy startup. “The scope of renewable energy generally includes large-scale infrastructure projects, whereas we prefer to invest in less capital-intensive sectors,” AC Ventures Vice-president of investment Laura Lestari told As Southeast Asia’s largest country, Indonesia accounts for 40 percent of the region’s energy consumption, and the demand is predicted to increase further following the rapid economic growth, Laura said. She said Indonesia is home to the enormous potential in renewable resources, including hydropower, geothermal, biomass/biogas, solar photovoltaic (PV), wind power, and marine energy. For the past decades, Indonesia has been largely dependent on fossil fuels- such as coal (which contributes over half of the energy share), natural gas, and oil for energy and electricity production, she said. “This offers huge potential opportunities given that the energy sector is one of the main contributors to emissions after agriculture, forestry, and other land uses”. Following “Deal flows in renewable energy do not come as often, given that the capital intensity may not make VCs well-positioned to invest compared to FinTech and e-commerce,” she noted. Growth in this region’s internet economy is also wired by the shift in consumers’ behavior who have adopted and embraced digital services, particularly after the pandemic, which deepened the usage of digital consumption. With this new behavior ingrained in consumers’ lives, it will only further accelerate the growth of eCommerce and its enablers, she added. While some may view renewable energy as a ‘less popular’ sector in the Southeast Asian region, Dr Gan begged to differ and opined that the industry is merely not as mature as compared to developed nations. “I don’t think it is less popular or ‘less sexy’ here, but I’d have to say we are not as mature as developed countries. Take a look at their carbon offsets markets, it is already well-developed and become mainstream. The carbon finance sector is extremely important and must be taken into consideration in any business model,” he shared. “However, we see that this is starting to change, as Southeast Asia gets more well-informed and committed to fighting climate change. We will get there. ”According to Dr Gan, a good example would be the oil and gas or energy utility companies. They are seriously looking into renewable energy space and committed plenty of capital to it. For instance, Malaysian national oil and gas firm Petronas’ expansion into renewable energy started as early as 2013, through its first internal solar photovoltaic project in Pahang, Malaysia. By 2018, this had increased to a total of five assets located across Malaysia and Italy. In 2019, Petronas New Energy has also established its presence as an international renewable energy player through the acquisition of Amplus Energy Solutions Pte Ltd. Shortly after, Petronas also launched its flagship rooftop solar solution, known as M+ by Petronas. To-date, Petronas has grown its solar capacity under operation and development to over 1GW in India, Malaysia and Dubai, servicing over 200 customers across more than 400 projects and growing, data from its website showed. In a recent interview with local business weekly “Other ongoing efforts to reduce carbon emissions include reducing flaring at its upstream assets and incorporating solar power at its facilities for better energy efficiency, in addition to its solar energy ventures that are well established in parts of Asia,” she was quoted as saying. Oil and gas firms globally are under pressure to set targets that are consistent with the Paris Agreement, the climate accord which is widely seen as important to tackle the climate crisis. In May last year, a Dutch court ruled that oil giant Shell must cut its carbon emissions by 45 percent by 2030. That is a much higher reduction than the company’s earlier target of lowering its emissions by 20 percent by 2030, “There are definitely many investment opportunities in the green agenda here, as I feel the awareness is quite high,” Dr Gan said. “Even if most of the ‘hardcore’ research are done in the west, there would be opportunities for customization, localization and distribution in this region. In fact, perhaps it’s a good time now, before such startups reach higher up on their S-curves. ”Commenting on where to look for opportunities within the sector, Kairous’ Dr Gan said the VC firm also considers the other spillover effects in the renewable energy industry. “We don’t look at this sector just from the renewable energy sources such as solar, wind, storage, hydrogen, per se, but also many of the other spillover effects. For example, disruptive technologies that encourage, enable, facilitate or distribute the use of renewable energy,” he shared, adding that ‘energy reduction’ startups such as those in the reduce, reuse, recycle (circular economy), shared economy are also in focus. Dr Gan also shared the criteria he would consider when he invests in renewable energy startups. “Preferably companies that have a unique and innovative solution to solving the problem at hand, which is the energy conundrum in this instance. They should also have experienced decent growth and able to scale with some growth capital. We would also evaluate how we can help this company from our regional network. Companies with longer horizons might do better with investments by private equity funds though,”Bolong Chew, the Co-Founder and Chief Executive Officer of Singapore-based renewable energy startup “These technologies can really shift the needle in the energy crisis and climate change, and what we really need now is to drive operations and deployment of them in a scalable manner, and I believe digitalization and business model innovation can contribute a lot,” he told His company, Solar AI Technologies, provides building intelligence for rooftop solar projects. The firm combines data analytics with software to digitize and streamline the end-to-end solar process, enabling property owners to monetize their unused roof space with no money upfront. It aims to hyperscale the deployment of distributed solar and the transition towards 100 percent renewables by modernizing the way rooftop solar is sold. Solar AI Technologies, which is currently in seed stage, plans to raise about $1.5 million, he said. “We are not yet actively fundraising, but will be starting to do so in a couple months. ”EngieOn the challenges the startup faces, Chew said there is a lot of education and awareness that need to be driven around the benefits of renewable energy, as well as business models behind it – be it for its customers, investors and financiers or partners. “While solar technology has been in the market for decades, the understanding of it, especially in the region, is oftentimes still rather low. This is why we are really focused on building awareness in the way we operate as a company,” he said. Chew also pointed out that climate problems are typically capital intensive, and there is a significant lack of early-stage project financing in order to help startups. FinTech continues to be a hot sector in Southeast Asia after a booming 2021 |
https://technode.global/2022/05/25/singapores-funding-societies-expands-financing-offerings-for-msmes-via-islamic-fintech-facilities/ | Singapore’s Funding Societies expands financing offerings for MSMEs via Islamic FinTech facilities | 55 | Funding SocietiesFunding Societies Malaysia Co-Founder and Chief Executive Officer Wong Kah Meng said in a statement that despite their encouraging business performance, MSMEs have limited access to financing and are underserved for various reasons (some of the main factors include low to zero credit track record, lack of assets to pledge, and lack of financial documents for credit assessment). “This trend was further exacerbated during COVID-19. Due to social distancing norms and limitations in meeting customers face to face, it became difficult for traditional financial institutions to provide loans to SMEs, notwithstanding stricter requirements in certain industries or products due to heightened risk,” he added. He also said that during the pandemic, he observed many enterprising Malaysians have taken to digital platforms and marketspaces to start, sustain or even expand their business. “This can be seen from the increase in search traffic and number of SMEs we have onboarded through digital channels across both digital and offline economies,” he added. According to the statement, MSMEs recognize the importance of utilizing FinTech and Islamic FinTech (iFintech) to gain access to capital to ensure continuous operationalization and expansion of their business activities. The introduction of Shariah-compliant financing complements Funding Societies’ existing broad range of financing products to serve creditworthy SMEs of all segments, vintages, and sizes, including those operating in the Halal industry. Furthermore, iFintech is growing briskly amidst concerns of global economic slowdown following general sluggish markets and cautious consumer sentiments in the United States as well as Southeast Asian economies like Malaysia and Singapore. In 2021, the Malaysian iFinTech market was estimated to be valued at $3 billion. Malaysia is categorized as a “market leader” on the iFinTech Hubs Maturity Matrix with high growth and a high conduciveness. The country comes first on the Global Islamic FinTech (GIFT) Index. “This represents an encouraging opportunity for both SMEs and investors. The gradual pick-up in economic activities and reopened borders coupled with anticipated elevated consumer confidence would translate into a more optimistic outlook as a whole. However, we need to maintain a cautious approach as various markets have raised interest rates in an attempt to rein in inflationary pressures, risking an economic slowdown,” Wong said. In ensuring compliance with Shariah principles, Funding Societies partners with Masryef Advisory, a registered Shariah advisory company with the Securities Commission as its Shariah advisor. “Funding Societies took a great step to also offer Shariah-compliant products that benefit both Muslims and non-Muslims investors to invest in its platform. In addition, the underserved MSMEs can now have greater access to Islamic financing through the platform. We are proud to be part of Funding Societies’ journey into Islamic financing. Funding Societies has obtained Shariah-compliant certificate from Masryef which would enable them to also offer Islamic financing solutions to the users,” said Khairil Anuar Mohd Noor, Principal at Masryef Advisory. Funding Societies’ Shariah-compliant trade financing solutions enable Malaysian MSMEs who have been operating for at least a year to access zero collateral financing and a credit line of up to MYR1 million ($227,531). Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia, and Thailand, registered in Malaysia, and operates in Vietnam. The FinTech startup is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to SMEs, which is funded by individual and institutional investors. In seven years, it has helped finance over five million business deals with over MY9.5 billion ($2.16 billion) in funding. Masryef Advisory Sdn. Bhd. is a registered Shariah Advisory firm under Securities Commission Malaysia (SC) and a partner of Malaysia Digital Economic Corporation (MDEC). The firm has been offering consultancy and advisory services to over 30 clients for the past three years standing by over than 50 years of experienced founders and consultants. Parallel to Malaysia’s aspiration as a leading global Islamic finance hub, Masryef has worked together with regulators, experts in the field and industry players. Masryef as a boutique advisory firm focused on Islamic FinTech and has been partner with most of the peer to peer (P2P), equity crowdfunding platform (ECF) and buy now pay later (BNPL) players. Singapore’s Funding Societies steps into Vietnam in fifth market expansion |
https://technode.global/2022/05/24/malaysias-cradle-funds-outgoing-ceo-rafiza-ghazali-to-lead-kaf-led-digital-islamic-bank/ | Malaysia’s Cradle Fund’s outgoing CEO Rafiza Ghazali to lead KAF-led digital Islamic bank | 55 | Malaysia-based Rafiza will initially be joining KAF Investment Bank as part of the digital bank project team pending the incorporation process of the digital bank entity, KAF Investment Bank said in a statement on Tuesday. The consortium led by KAF Investment Bank is one of the five successful applicants to win the bids for the digital banking licenses in Malaysia. The consortium will be licensed under the Islamic Financial Services Act 2013 (IFSA). “We are pleased to have Rafiza to head our digital banking leadership team given her wealth of experience in both the private and public sectors. Her extensive foundation in banking as well as her involvement in innovation, particularly with the Malaysian FinTech community, will be a huge asset in the building of KAF’s digital banking partnership platform,” KAF Investment Bank Deputy Chief Executive Officer Thariq Usman Ahmad said. Rafiza’s experience spans significantly across the financial industry from Danaharta to RHB Investment Bank, where she oversaw information technology, investment operations, corporate planning, finance, and treasury settlement. She also served with central bank Bank Negara Malaysia, Thomson Reuters and Cagamas before her present role as Group CEO of Cradle Fund Sdn Bhd, where she was instrumental in leading its transformation into a startup ecosystem builder and the agency responsible for managing the development of the Malaysian Startup Ecosystem Roadmap, KAF said. Cradle Fund is an early-stage startups venture fund owned by the Malaysian government. Rafiza’s appointment also came after Cradle Fund announced on Monday that she will step down as Group CEO and relinquish her role with effect from May 31 to pursue other opportunities. In the interim, the board has appointed Cradle’s Senior Vice President of Corporate Services, Norman Matthieu Vanhaecke as Acting Group CEO, Cradle Fund said in a statement. The appointment is effective June 1 until a permanent replacement is confirmed. Rafiza has been instrumental in expanding the mandate for Cradle beyond providing grants, to it now taking a leading role as the start-up ecosystem builder via the MYStartup Strategy. During her tenure, Cradle was designated the focal point for the Malaysian Start-up Ecosystem and as the coordinating agency for the Malaysian Startup Ecosystem Roadmap 2021-2030 (SUPER). Cradle Fund is Malaysia’s early stage start-up influencer, incorporated under the Ministry of Finance Malaysia in 2003 with a mandate to fund potential and high-calibre tech start-ups through its Cradle Investment Program. Cradle Fund is presently administered by Ministry of Science, Technology and Innovation (MOSTI)Malaysia’s unicorn Carsome’s part of KAF-led consortium winning digital bank license |
https://technode.global/2022/05/12/malaysian-prime-minister-too-tries-to-court-tesla-to-invest-in-the-country-report/ | Malaysian Prime Minister too, tries to court Tesla to invest in the country – report | 55 | Malaysia Prime Minister Ismail Sabri Yaakob has suggested US-headquartered electric vehicle maker Tesla to invest and produce electric car in the country as he presented Malaysia as a preferred investment destination, national news agency The prime minister on Wednesday (Thursday, May 12 in Malaysia) rolled out the red carpet for American investors and businessmen and welcomed them, especially the Fortune 500 companies, to invest or increase their investment, namely in economic digital, green technology and electric car sectors. “I’ve suggested to Tesla to invest in Malaysia in producing electric cars,” he reportedly told Malaysian journalists after meeting Ambassador Ted Osius, president and chief executive officer of the US-ASEAN Business Council (US-ABC) at a hotel in Washington DC. Set up in 1984, the US-ABC represents 170 major American businesses in Southeast Asia. The prime minister is on a four-day working visit to the US, during which he would meet with President Joe Biden and ASEAN leaders. Neighbouring Indonesia has been publicly wooing Tesla to invest in the country to help develop its ambitious EV and battery industry plans. Earlier on Monday, Indonesia, the world’s largest producer of nickel, seeks to accelerate the development of its nickel industry to supply batteries for EVs. A team from Tesla is visiting several sites in Indonesia, including Morowali, this week, coordinating minister for investment and maritime affairs Luhut Panjaitan told reporters in Jakarta on Monday. According to Tesla and the Indonesian government have been in talks for at least three years but no deals have been struck yet. South Korea-headquartered Hyundai Motor Group has made the early move to set up an EV plant while partnering with LG Energy Solution to build a battery plant. Founded by billionaire tech entrepreneur Elon Musk, Tesla has a manufacturing facility in Shanghai, China. Tesla has recently halted most of its production at its Shanghai plant due to problems securing parts for its EVs, according to an internal memo seen by Tesla’s sales in China had also slumped by 98 percent in April from a month earlier, data released by the China Passenger Car Association (CPCA) showed on Tuesday as China imposed strict lockdowns in Shanghai. Now’s the time for Tesla to roll into Singapore |
https://technode.global/2022/05/09/grab-said-to-be-eyeing-stake-in-malaysias-sixth-largest-banking-group-ambank-report/ | Grab said to be eyeing stake in Malaysia’s sixth largest banking group AmBank – report | 55 | Singapore-headquartered ride-hailing and food delivery giant Grab Holdings Inc is said to be eyeing a stake in AmBank’s two largest shareholders Australia and New Zealand Banking Group Ltd and the group’s former chairman Azman Hashim are likely to be the sellers, the business weekly paper reported, quoting several persons familiar with the matter. ANZ has a 21.68 percent stake in AmBank while, Azman, who retired as the banking group’s chairman March-end, owns 11.83 percent stake, the group’s latest annual report showed. Listed on the Malaysian stock exchange, shares of AmBank closed at MYR3.64 ($0.83) on Monday, giving it a market capitalization of MYR12.06 billion ($2.75 billion). The news came after the Grab-led consortium, comprised of Grab-Singapore Telecommunications Ltd (Singtel)’s digital bank joint ventures GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd, was awarded a digital banking license in Malaysia When contacted about the potential acquisition, Grab’s communications team said the company “will not comment on rumors and speculation”. It is not uncommon for well-funded tech firms like Grab to acquire stakes in banks. In January, Grab and Singtel have each bought a 16.3 percent stake in PT Bank Fama International from Indonesian conglomerate Elang Mahkota Teknologi Tbk (Emtek), the majority owner of the bank as they wished to pursue banking opportunities in Indonesia. Singtel and Grab were each paying 500 billion rupiah ($35 million) for their individual stakes, according to earlier media reports. Grab’s rival Gojek, an Indonesia-headquartered super app, acquired a 22 percent stake in Indonesia-based Bank Jago in December 2020. Later in November 2021, Bank Jago partnered GoPay, Gojek’s FinTech arm, to offer digital banking services via Gojek super app. Grab made its debut on the Nasdaq in December last year, following a $40 billion merger with a special purpose acquisition company (SPAC). The listing on Nasdaq is expected to provide up to approximately $4.5 billion in cash proceeds to Grab. The company later announced plans to acquire Grab-led digibank consortium to focus on local micro-SMEs, gig economy workers |
https://technode.global/2022/05/09/malaysia-has-no-plans-for-more-digital-banking-licenses-report/ | Malaysia has no plans for more digital banking licenses – report | 55 | Malaysia has no plans to issue more digital banking licenses, according to “At this point, we have no plans to issue any more licenses than the five announced,” she told national news agency In deciding to award five licenses, Nor Shamsiah said the central bank considered many factors, such as the size of the country’s banking system relative to the economy. “This isn’t a case of ‘the more the merrier!’” she added. The governor also said it is important to also recall back the situation in the 1990s, where the country had a large number of domestic banks, but many of which did not have the financial strength, size, and scale to operate viably or compete effectively. “Clearly, Malaysians were not better served by the higher number of banks. We should also not forget about the Asian financial crisis where our economy suffered its deepest-ever recession because of some of these weak banks failing – with the cost borne by taxpayers,” she warned. Nor Shamsiah was responding to a question on why is Bank Negara only offering five licenses and will more licenses be issued in the future. Malaysia is joining Hong Kong, Singapore, and the Philippines to issue digital banking licenses, in a bid to embrace online-only banking services. Neighboring Thailand is also preparing rules for setting up of virtual banks, Singapore has issued four digital bank licenses in December 2020. Hong Kong has issued eight such licenses while the BANGKO SENTRAL ng Pilipinas (BSP) has capped the number of digital banking licenses to six in the Philippines. Malaysia, a country of 32.4 million people, is a middle-income market with Gross Domestic Product (GDP) per capita of $27,913 according to the World Bank. It is a well-digitized society with about 105 percent smartphone penetration in 2020, according to GlobalData estimates, Maybank Investment Bank wrote in a note. GRAB-Singtel, Axiata’s Boost-RHB, Sea Ltd-YTL, AEON Credit consortiums among winners of Malaysia digital banking licenses |
https://technode.global/2022/05/06/malaysias-unicorn-carsomes-part-of-kaf-led-consortium-winning-digital-bank-license/ | Malaysia’s unicorn Carsome’s part of KAF-led consortium winning digital bank license | 55 | Southeast Asian used car marketplace “Yes, we are excited to confirm that Carsome is part of the consortium led by KAF Investment Bank which has received one of the first digital bank licenses in Malaysia granted by Bank Negara Malaysia (BNM),” Carsome investors’ relations team told The consortium led by KAF Investment Bank is one of the five successful applicants to win the bids for the digital banking licenses in Malaysia. The consortium will be licensed under the Islamic Financial Services Act 2013 (IFSA). “Financial Inclusion is an important enabler of our customer experience and Carsome’s success. With the support and guidance from Bank Negara, we will continue to explore potential partnership and participation opportunities within the consortium to democratize financial access in Malaysia, by leveraging our technology, data and network, as the region’s largest car e-commerce platform,” the IR team wrote in an email. Carsome, however, declined to comment on the stake the company will own in the digital bank. The news also came as Carsome is said to be filing for Carsome has been actively acquiring car-related businesses over the past few months. In January, Carsome completed its $290 million Series E round, increasing the company’s valuation to approximately $1.7 billion. The financing round was jointly led by Qatar Investment Authority, 65 Equity Partners and Seatown Private Capital Master Fund (Seatown). The round also saw participation from Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile. Carsome emerged as Malaysia’s first tech unicorn in a share-swap deal that take a stake in iCar Asia July last year. Meanwhile, KAF Investment Bank said in a Linkedin post that the consortium it led is fully 100 percent Malaysian, and consists of household names such as Carsome, MoneyMatch and Jirnexu. Established in 1975, KAF Investment Bank group and its affiliates are a diversified Malaysian financial services group serving customers in both Shariah and Conventional fixed income and money markets, investment banking, stockbroking, funds management, unit trusts and trustee services. KAF Investment Bank-led consortium was among the low-profile bidders for the digital banking licenses. Besides Carsome, the KAF Investment Bank-led consortium also includes two other FinTech firms, Jirnexu and MoneyMatch. Malaysia FinTech firm Digital remittance platform MoneyMatch is another graduate of the Fintech Regulatory Sandbox operating in the international payment space, operating on a fully digital platform to provide remittance services for individuals and businesses with a global reach of over 82 countries in more than 40 currencies. MoneyMatch is launching its Series B fundraising round following the recent successful digital banking license application, local media MoneyMatchGRAB-Singtel, Axiata’s Boost-RHB, Sea Ltd-YTL, AEON Credit consortiums among winners of Malaysia digital banking licenses |
https://technode.global/2022/05/05/malaysias-unicorn-carsome-acquires-wapcar-autofun-businesses/ | Malaysia’s unicorn Carsome acquires WapCar & AutoFun Businesses | 56 | Southeast Asia’s used car e-commerce platform Upon the completion of the acquisition, Carsome set up WapCar AutoFun Sdn Bhd (WapCar), as a fully-owned subsidiary of the Carsome group in Malaysia. Carsome Co-founder and Group CEO Eric Cheng said that WapCar has built a strong automotive content strategy in Southeast Asia, liked by a large and engaging customer base. The partnership will enable Carsome to capture and serve customers from their early stage of car exploration and bring a more engaging and fun experience to the car transaction and ownership journey. “We believe our collaboration through content, technology and data will augment our ability to bring trust, transparency and choice to customers together,” Cheng said in a statement. WapCar established its first flagship brands, WapCar and AutoFun in 2019. Today, it operates a number of automotive content websites and social media channels across Malaysia, Indonesia, Thailand, Philippines, and Vietnam. WapCar provides a full range of content which covers car exploration, transaction, and ownership experiences, using industry-leading technology to help customers in Southeast Asia find their perfect car and immerse themselves in all things related to automotive. The platform also produces, distributes, and manages highly-engaging Professionally Generated Content (PGC) and User Generated Content (UGC) at scale. In 2021, the platform distributed on average more than 1,400 article write-ups and 100 videos on a monthly basis across YouTube and TikTok channels, which attract millions of customers across the region. As of last quarter of 2021, WapCar had become one of the most visited auto content platforms with over 6 million average Monthly Active Users (MAU). “We are excited to work with Carsome to collectively provide a smooth car buying and selling experience to millions of WapCar users on our platform across the region, as well as an end-to-end solution in their car transaction and ownership journey,” WapCar General Manager Sting Peng said. Carsome said the acquisition is an important move that further strengthens Carsome’s market leadership in the region, and reinforces its commitment to drive ecosystem expansion. The acquisition also comes after the company’s acquisition of a majority stake in Last month, Carsome is also part of the KAF Investment Bank-led consortium which was recently awarded a digital banking license in Malaysia. Malaysia’s Carsome to list on NASDAQ at $2B valuation – report |
https://technode.global/2022/05/05/lottiefiles-raises-37m-series-b-funding-led-by-square-peg-capital/ | LottieFiles raises $37M Series B funding led by Square Peg Capital | 56 | US and Malaysia-based motion graphics platform LottieFiles said it will use the funding to further its product roadmap and expand its operations to cater to the expanding user base. The company plans to launch a new design workflow and collaboration solution to its global user base in summer 2022, which will enable designers to save more than 15 hours per asset shipped and give users 80 percent more time to focus on creativity. “Our mission is to democratize motion design and graphics animation and make it accessible to all,” said LottieFiles’ Chief Executive Officer and Co-Founder Kshitij Minglani. “LottieFiles completely transforms the creation and design workflow process, which empowers every designer and their teams to leverage the power of motion to create delightful user experiences. The LottieFiles team spent the last three years studying and perfecting a blueprint that now works for design and developer teams from more than 135,000 companies. ”LottieFiles previously raised $9 million in Series A funding in January 2021, led by Microsoft Venture Fund M12, and has experienced 160 percent growth in net new registered users since that time. The Series A financing enabled the company to acquire a design asset library, expand its operations and team to more than 100 employees worldwide, and create even wider adoption of Lottie with an expanded user base. “LottieFiles plays into the theme that the future of design is in motion as digital engagement increasingly revolves around interactivity. We have been impressed with the fast-growing LottieFiles community all over the world from the biggest tech companies to individual designers,” said Piruze Sabuncu, Partner at Square Peg Capital. According to LottieFlies, the majority of today’s most-downloaded apps, popular websites and platforms now use the open-source vector-based file format, Lottie. Lottie is a JSON animation file format that enables designers to ship animations on any platform as easily as shipping static assets. Lotties are also small files that work on any device and can scale up or down without pixelation — allowing designers to create app onboarding and in-app animations, reactions, infographics, social media assets, animated icons, stickers, gaming assets and more. The LottieFiles. com website currently counts users from more than 135,000 companies globally, including animation designers and motion designers from Google, TikTok, Disney, Uber, Airbnb and Netflix. Based in San Francisco with additional offices in Seoul and Kuala Lumpur, LottieFiles is a privately held company backed by Square Peg Capital, XYZ Venture Capital, GreatPoint Ventures, 500 Startups and M12, Microsoft’s Venture Fund. Malaysia’s financial platform Payd raises $1.7M in seed funding led by IFS Capital |
https://technode.global/2022/04/29/grab-led-digibank-consortium-to-enable-local-micro-smes-and-other-financially-underserved-segments/ | Grab-led digibank consortium to focus on local micro-SMEs, gig economy workers | 56 | Grab Holdings LimitedGrab said in a statement that SMEs are expected to be key beneficiaries of digital banking, highlighting the segment forms the backbone of the Malaysian economy – representing over 97 percent of overall business establishments, contributing approximately 38 percent of national gross domestic product (GDP), and employing nearly half of the working population. Subject to regulatory approvals, it said the digital bank joint venture will hold a 55.45 percent stake in the proposed Malaysia digital bank, which will be led by Pei Si Lai, a financial services industry veteran with over 25 years of experience. According to the statement, Lai has been appointed its Chief Executive Officer designate and will form a dedicated team that aims to redefine banking for the estimated one in two Malaysians who are underserved or unbanked. To build the Malaysia digital bank that will seek to offer seamless and secure financial services customised to meet consumer needs, it said Lai will assemble a team with diverse backgrounds in finance and technology. Over 200 roles are targeted to be filled by launch, including in the areas of product and design, data, technology, risk, and compliance, it added. “The Malaysia digital bank consortium is honoured to be given the opportunity to build a next-generation digital bank and drive access to financial services for underbanked Malaysians. We are thankful to Bank Negara Malaysia (BNM) for their trust in us,“We will leverage the consortium’s combined strengths, including our technology expertise, data from highly-engaged consumers using everyday services, experience providing financial services across Southeast Asia, and deep understanding of the Malaysian market, to redefine the banking experience for underbanked Malaysians and improve their economic outcomes – small businesses will have access to growth capital, and individuals the opportunity to dream bigger,” said Reuben Lai, Senior Managing Director, Grab Financial Group (Digibank) and board member of the regional digibank joint venture. Meanwhile, Singtel’s Group Chief Financial Officer and board member of the regional digibank joint venture Arthur Lang said he is glad to have this opportunity to support Malaysia’s vision of greater financial inclusion for its people. “Our consortium partners and ourselves are excited to build a platform that will provide innovative digital banking services for the underbanked as well as the SMEs that are the backbone of the Malaysian economy. This aligns closely with our goal of harnessing technology to empower people across the region, bringing greater options and positive change as we build something special across the region. We aim to spur fintech innovation that will transform the banking experience, making financial services more accessible, relevant and affordable,” he said. As Chief Executive Officer designate of the Malaysian digital bank, Pei Si Lai brings extensive experience and deep customer centricity honed over 25 years in retail banking, wealth management, corporate finance, product and business management, as well as governance, in both local and international markets. Prior to her current role, she was Managing Director and Country Head, Consumer, Private and Business Banking for Standard Chartered in Malaysia. “The opportunity to build the Malaysian digital bank from the ground up and be at the forefront of the fast-evolving Malaysian FinTech landscape is incredibly exciting. Aside from leveraging agile banking technology that will enable us to offer tailored and unique banking experiences for our consumers, my team and I will also tap on the strong support from our shareholders and strategic partners, as well as guidance from Bank Negara Malaysia and the Ministry of Finance, to deliver on our mission to serve and empower underbanked Malaysian communities such as gig workers and small businesses. We will also actively partner with leading industry players to advance the Malaysian financial landscape,” said Pei Si Lai. Moving forward, Grab said the Malaysia digital bank consortium will work closely with BNM to meet all of its requirements in order to be awarded the Malaysia digital bank licence. The digital bank joint venture between Grab and Singtel was formed in 2020 and selected to be awarded a full digital banking licence in Singapore. The consortium of GXS Bank and Kuok Brothers was one of the five successful applicants that has been selected to receive a full digital banking licence in Malaysia, subject to meeting all of BNM’s regulatory conditions. GRAB-Singtel, Axiata’s Boost-RHB, Sea Ltd-YTL, AEON Credit’s consortiums among winners of Malaysia digital banking licenses |
https://technode.global/2022/04/29/grab-singtel-axiatas-boost-rhb-sea-ltd-ytl-aeon-credits-consortiums-among-winners-of-malaysia-digital-banking-licenses/ | GRAB-Singtel, Axiata’s Boost-RHB, Sea Ltd-YTL, AEON Credit consortiums among winners of Malaysia digital banking licenses | 56 | Bank Negara Malaysia According to the cenral bank, the following applicants are to be licensed under the Financial Services Act 2013 (FSA):The following applicants are to be licensed under the Islamic Financial Services Act 2013 (IFSA):Three out of the five consortiums are majority-owned by Malaysians namely Boost Holdings (a unit under telco Axiata Group) and RHB Bank Bhd, Sea Ltd (Singapore-headquartered e-commerce firm) and YTL Digital Capital Sdn. Bhd. and KAF Investment Bank Sdn. Bhd. “Digital banks are expected to further advance financial inclusion. By adopting digital technology more widely for everyday transactions, we can significantly increase opportunities for our society to participate in the economy – by overcoming geographical barriers, reducing transaction costs and promoting better financial management,” Bank Negara Malaysia Governor Nor Shamsiah said in the statement. “Digital banks can help individuals and businesses gain better access to more personalized solutions backed by data analytics. As businesses move online, digital banking also provides a safer and a more convenient way to transact,” she added. According to Bank Negara, all 29 applications received were thoroughly assessed pursuant to section 10 (1) of FSA, and IFSA, which require Bank Negara to consider all the factors in Schedule 5 of the Acts and other relevant policy requirements. The assessment criteria cover the character and integrity of applicants, nature, and sufficiency of financial resources, soundness and feasibility of business and technology plans as well as ability to meaningfully address financial inclusion gaps. “Applications were assessed on their individual merits, as well as relative to other applications based on consistent evaluations of each assessment criteria. This horizontal review is based on the assessment criteria applied across all applicants to determine the relative strength of each application and identify successful applicants, the central bank said. Throughout the assessment process, Bank Negara said it instituted strict governance and evaluation procedures to ensure robust, objective and consistent assessments across all 29 applications received. Four levels of assessment were carried out, supported by a cross-functional technical team, a review team and internal independent observers from Bank Negara’s risk and legal departments. The final recommendations to the Minister were deliberated and endorsed by the central bank’s Management Committee. Following this announcement, the successful applicants will undergo a period of operational readiness that will be validated by Bank Negara through an audit before they can commence operations. This process may take between 12 to 24 months. In line with the 5 strategic thrusts stated in the Financial Sector Blueprint 2022-2026, BNM will continue to work with the financial and fintech industries and relevant stakeholders to continuously enhance access to financial services throughout the country and across all segments of society. Bank Negara announced in July it has received 29 applications for digital banking licenses. A diverse range of parties has submitted applications for the digital bank license, ranging from banks, industry conglomerates, technology firms, e-commerce operators, FinTech players, cooperatives, and state governments. Notable applicants that have officially announced their applications include Grab-Singtel venture, Axiata-RHB consortium, Paramount-Star Media Group, iFAST Corporation Ltd, Capital A’s (previously AirAsia Group) BigPay-MIDF-Ikhlas Capital consortium, and AEON Credit Service (M) Bhd, among others. Malaysia will be joining Hong Kong, Singapore, and the Philippines to issue digital banking licenses in recent years. Neighboring Thailand is also preparing rules of setting up virtual banks, Consortiums partnering banks, e-wallets have an upper hand to bag Malaysia digital bank licenses |
https://technode.global/2022/04/29/malaysia-to-announce-digital-bank-licenses-winners-as-early-as-friday-report/ | Malaysia to announce digital banking license winners as early as Friday – report | 56 | Bank Negara Malaysia is expected to announce the successful applicants for its digital bank licenses on Friday (Apr 29), local mediaThe central bank later told local media that it would be announcing the winners “upon completion of the legal process”. Bank Negara did not immediately respond to Bank Negara announced A diverse range of parties has submitted applications for the digital bank license, ranging from banks, industry conglomerates, technology firms, e-commerce operators, FinTech players, cooperatives, and state governments. Notable applicants that have officially announced their applications include Grab-Singtel venture, Axiata-RHB consortium, Paramount-Star Media Group, iFAST Corporation Ltd, Capital A’s (previously AirAsia Group) BigPay-MIDF-Ikhlas Capital consortium, and AEON Credit Service (M) Bhd, among others. Analysts previously told Frontrunners were said to include the Malaysia will be joining Hong Kong, Singapore, and the Philippines to issue digital banking licenses in recent years. Neighboring Thailand is also preparing rules of setting up virtual banks, Consortiums partnering banks, e-wallets have an upper hand to bag Malaysia digital bank licenses |
https://technode.global/2022/04/29/malaysias-e-commerce-platform-shoppymore-eyes-10-times-more-sellers-regional-expansion/ | Malaysia’s e-commerce platform Shoppymore eyes 10 times more sellers & regional expansion | 56 | Malaysia’s newest e-commerce website “What we have is a comprehensive and thorough mechanism with a three-fold objective; one, we look for vendors who are ethical and trustworthy, two, we ensure and verify that the products on Shoppymore are genuine, authentic and of good quality, and three, we have an extensive customer and vendor support system to solve problems, educate and assist,” says Shoppymore Founder and Group Chief Executive Officer Barani Karuna Karan said in a statement on Thursday. Shoppymore was introduced to the Malaysian online marketplace in 2021. The platform closed 2021 with 100 sellers, a figure the company aims to increase to 1,000 this year (2022) with a revenue of MYR10 million. “Plans are also in the pipeline to expand to India, Indonesia and the Philippines to introduce Malaysian-made products in cross border commerce and to take the Shoppymore brand values to a wider market,” he said. He added that Shoppymore’s intent is not to accumulate large numbers of sellers, but to ensure that the platform is recognized as a world-class marketplace such as Amazon, Flipkart and eBay. The company also focus on supporting micro-entrepreneurs, the local and made in Malaysia products with ‘halal’ and rural-based industry. Shoppymore currently hosts over 100 Sellers, including brands such as Destina 1 International Sdn Bhd, Singer Malaysia, Viqmax, Adway Malaysia, Asia IT component. aLL- the plus-size store, Faerahijab, Groway (Solaray), Harenet Marketing, HajiWan (Richness Foods Industry), Stretch Film, Three R Florist, BENS PHARMACARE GROUP, Vilvam Vision, Tree Leaf Trading and etc. It welcomes 500 – 1,000 visitors each day with transactions valued at an estimated MYR50,000. “We have worked out a ‘win-win” situation benefiting sellers and buyers with a complete e-marketstreet ecosystem towards our goal of creating a made-in-Malaysia online shopping platform that is on par with world class players,” Barani says. The main e-commerce players in Malaysia include Alibaba’s Southeast Asian arm Indonesian Bukalapak 1Q revenue surges 86 percent to $54.39M on higher Mitra Bukalapak contribution |
https://technode.global/2022/04/27/malaysias-financial-platform-payd-raises-1-7m-in-seed-funding-led-by-ifs-capital/ | Malaysia’s financial platform Payd raises $1.7M in seed funding led by IFS Capital | 56 | Malaysia-based financial wellbeing platform The round was led by IFS Capital, with participation from 1982 Ventures and The Hive Southeast Asia, a recipient of the Dana Penjana Nasional program, the company said in a statement. “In the long run, we hope to be a platform that eases the financial worries of the Malaysian workforce, helping build a better engagement between employers and employees,” Payd Co-founder and Chief Executive Officer Justin Kong said. Payd aims to build the largest mobile financial wellbeing platform for employees, all over Southeast Asia. Towards this end it will be deploying its funds towards brand building, team expansion to accelerate product development, as well as to launch more innovative products and services in the coming months. High net worth angel investors also participated in the funding round. To date, Payd has garnered over 20,000 employee sign-ups, and has witnessed an increase in enrollment rates of up to 25 percent. This mirrors the consistent success of the brand since its inception, Payd has been experiencing a growth of 120 to 180 percent month-on-month since July 2021, as more Malaysian businesses are now choosing to provide EWA benefits to their employees. Founded in 2020, Payd is a rising comprehensive earned wage access (EWA) solution provider. Through this B2B2C platform, employers can now seamlessly offer their employees the freedom to choose when to receive the money that they have earned, thus increasing engagement in the workplace, resulting in higher retention rates and improved financial literacy. Utilizing a framework that is easily integrated with any organisation’s Human Resource (HR) and payroll system, employees will now be able to access up to 50 percent of their income whenever they need it. Companies that are currently partnering with Payd include, Malaysia’s iPrice Group raises $5M from Itochu Corporation and KDDI Corporation |
https://technode.global/2022/04/25/al-rajhi-bank-malaysia-selects-singapores-moneythor-as-a-strategic-partner-for-personal-finance-management-features/ | Al Rajhi Bank Malaysia selects Singapore’s Moneythor as a strategic partner for personal finance management features | 56 | Al Rajhi Bank Malaysia (ARBM)This partnership is in line with ARBM’s ambition to become the number one Islamic innovation bank in Malaysia, ARBM said in a statement. Having committed to a digital transformation in 2021, ARBM is focused on providing customers an all-encompassing Islamic banking solution. The bank will deploy Moneythor’s PFM features to deliver rich in-app functionality and power highly personalised experiences for their customers. The Moneythor solution is powered by real-time data, coupled with machine learning and behavioural science techniques to provide data-driven personalisation capabilities for digital financial management. This will allow ARBM to lean into its customer centric values and strengthen its digital engagement capabilities whilst reinforcing its position as a leader in Islamic banking. As Al Rajhi Bank Malaysia builds out a full spectrum of Shariah-compliant products, the Moneythor solution will enable ARBM to respond to the requirements and needs of consumers and allow them to deliver a market-leading digital proposition at the same time. “The partnership with Moneythor will give ARBM a competitive edge in launching a state-of-the-art digital banking capabilities, which will be differentiated through innovation, customer experience and reliability, “To seize the opportunities in both digital bank and Islamic finance, we have tapped into various innovative partners and proven solutions, and we are pleased to count Moneythor as one of them to power the personalised money management features of our upcoming digital bank services,” said Arsalaan Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia. Following its official launch in 2007, ARBM became the first Arab bank to start its operation in South East Asia, as part of a Shariah compliant banking group that is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development. The bank continuously endeavours to expand its suite of products and services to meet the financial needs of its customers, delivering innovative Shariah compliant financial solutions across retail, corporate, treasury and investment segments. Today, it operates through a distribution network of 13 branches nationwide. “We are thrilled to be a partner of Al Rajhi Bank Malaysia’s new digital bank. We look forward to delivering personalised customer-first digital banking experiences for the bank’s users with best-in-class PFM features and financial wellbeing services. We are excited to collaborate with such a forward-looking financial institution and to bring those innovative Islamic finance capabilities to life for consumers in Malaysia,” said Olivier Berthier, Chief Executive Officer of Moneythor. Moneythor is a software company providing financial institutions with a modern toolkit to enhance their digital services, with money management features powered by actionable insights and data driven personalised recommendations enhanced with open banking. The solution is a fully configurable platform and scalable orchestration engine that sits between data sources and customer channels to deliver highly personalised and engaging customer experiences in real-time. Singapore’s OCBC Bank partners Digital Exchange MVGX to develop new green financing solutions |
https://technode.global/2022/04/25/malaysias-petronas-aerodyne-to-collaborate-on-deployment-commercialization-of-drone-based-solutions/ | Malaysia’s Petronas, Aerodyne to collaborate on deployment & commercialization of drone-based solutions | 56 | Malaysia state energy firm The collaboration is set to elevate the adoption of drone-based technology in the energy industry and beyond to drive operational optimization while reducing carbon footprint and improving worksite safety, Petronas said in a statement on Monday. It is also part of Petronas’ efforts to enable remote and autonomous operations through the expansion of robotics and digitalization, Petronas added. A Memorandum of Collaboration (MoC) was signed on Apr 21 between the two parties. “Petronas believes the partnership with Aerodyne is testimony to the shared vision of both organizations to propel Malaysia to the forefront of drone technology solutions in the world,” Petronas President and Group Chief Executive Officer Tengku Muhammad Taufik said in his speech. “With Petronas’ in-house technologies and Aerodyne’s expertise, we look forward to the exciting potential drone-based technology will bring to the energy industry as well as other sectors, particularly in improving safety and reducing carbon footprint at worksites. ” According to Petronas, the importance of drone-based technology is “exemplified by the establishment of the Petronas Drone Center to facilitate deployment”. Petronas has successfully demonstrated inter-platform delivery for payloads of 5kg within a 5km distance, the company added. Through this collaboration, both parties will also jointly explore technical and economic viability of drone solutions with higher payloads and longer distance to increase logistics efficiency and speed, Petronas said. In addition to a joint deep dive into innovative drone-based solutions for technology deployment and commercialization, both companies will also look into technology enhancement, human capital development, the establishment of related regulations and standards, as well as push to liberalize the usage of drone services in Malaysian industries. “Pooling our expertise and resources to develop unique and creative solutions for today’s challenges in the O&G sector is an exciting approach and will enable both parties to tap into opportunities in Malaysia and beyond,” Aerodyne Founder and Group Chief Executive Officer Kamarul A. Muhamed added. Aerodyne is ranked number one in the remote-sensing drone service provider rankings in 2021, according to drone market research firm Drone Industry Insights. In an interview with Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 1] |
https://technode.global/2022/04/21/malaysias-carsome-to-list-on-nasdaq-at-2b-valuation-report/ | Malaysia’s Carsome to list on NASDAQ at $2B valuation – report | 56 | Southeast Asian used car marketplace Carsome, which is also Malaysia’s first tech unicorn, is said to have confidentially filed for the IPO with NASDAQ. Carsome is also considering a dual listing at the Singapore Stock Exchange (SGX) too, a move that is said to have been encouraged by one of its key investors Temasek-backed 65 Equity Partners, according to the report. Carsome has yet to respond to Carsome will be joining Singapore-headquartered superapp Grab to list on NASDAQ. Other tech unicorns in the region such as GoTo, Bukalapak and PropertyGuru have gone public in the US or the local stock market. The IPO news also came after Carsome announced In JanuaryCarsome has become Malaysia’s first tech unicorn as part of a share-swap deal that take a stake in iCar Asia Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising a service that is “trusted, convenient and efficient”. It transacts more than 100,000 cars on an annualized basis, which translates to around $1 billion in revenue. It has expanded into Indonesia, Thailand and Singapore. In Southeast Asia, Carsome competes with Singapore-based Carro, Indonesia’s OLX Auto and Carousell Auto Group. Malaysia unicorn Carsome raises $290M in Series E financing |
https://technode.global/2022/04/18/sunway-ilabs-carsome-to-launch-malaysias-first-auto-ecosystem-accelerator/ | Sunway iLabs, Carsome to launch Malaysia’s first auto ecosystem accelerator | 57 | Sunway Innovation Labs (iLabs)Launching in the third quarter of 2022, the so-called The program will provide a holistic platform for startups in the auto ecosystem to scale by providing mentorship, opportunities for funding and access to partnership opportunities through Sunway and Carsome’s network of entrepreneurs, venture capitalists, corporates and industry experts. “We are truly excited over this partnership with Sunway iLabs, as this is the first-of-its-kind accelerator in the Southeast Asian region to identify, partner and scale innovative start-ups,” Carsome Co-founder and Chief Executive Officer Eric Cheng said. Selected startups will be offered the opportunity to connect with Sunway’s 13 business divisions and Sunway City Kuala Lumpur’s ecosystem as well as the group’s funding funnel and ecosystem comprising Orbit Malaysia, SunSEA Capital, Gobi Partners and The HIVE SEA for further funding and investment opportunities. This is in line with Sunway’s vision to position Sunway City Kuala Lumpur as a living laboratory bringing in experts to generate sustainable, real-world solutions for the future urban spaces towards the betterment of our environment and humankind. “We are really pleased to see how our partnership with Carsome has grown into a broad-spectrum innovation platform covering R&D, tech talent development, and now also a startup accelerator program,” Sunway Group Chief Innovation Officer and Director of Sunway iLabs Matt van Leeuwen said. “Sunway Group has invested over MYR200 million ($47 million) in startups and venture building over the last few years and we remain committed to equipping and enabling businesses in developing greater local innovations as part of our commitment to nation-building and advancing the 17 United Nations Sustainable Development Goals,” Sunway Group CEO of Digital and Strategic Investment Evan Cheah said. Launched in 2017, SunwayiLabsaims to foster entrepreneurship and stimulate market-driven innovations, to help entrepreneurs become more competitive in this rapidly changing environment. It is structured as a unique, non-profit, smart partnership between Sunway Group, Sunway Ventures/SunSeaCapital, the corporate venture arm of the group and Sunway University. Carsome becomes Malaysia’s first tech unicorn last year. Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising a service that is trusted, convenient and efficient. It transacts more than 100,000 cars on an annualized basis, which translates to around $1 billion in revenue. It has expanded into Indonesia, Thailand and Singapore. In March, Carsome announced the Malaysia’s Carsome acquires majority stake in Singapore integrated automotive firm CarTimes Automobile |
https://technode.global/2022/04/14/ey-global-ipo-market-sees-significant-slowdown-in-q1-malaysias-exchanges-lead-by-proceeds-in-asean/ | EY: Global IPO market sees significant slowdown in Q1; Malaysia’s exchanges lead by proceeds in Asean | 57 | After record-high levels of global IPO activity in 2021, volatile market conditions have resulted in a significant slowdown during the first quarter of 2022, according to The year started off strongly, continuing the momentum of Q4 2021, with January producing the strongest opening month in 21 years by proceeds. However, by the second half of the quarter, worldwide stock market declines shifted the trajectory dramatically in the opposite direction, resulting in a significant drop in overall activity. For Q1 2022, the global IPO market saw 321 deals raising $54.4 billion in proceeds, a decrease of 37 percent and 51 percent year-on-year (y-o-y), respectively. The sudden reversal can be attributed to a range of issues, both emerging and residual. These include the rise in geopolitical tensions; stock market volatility; price correction in over-valued stocks from recent IPOs; growing concerns about a rise in the commodity and energy prices; impact of inflation and potential interest rate hikes; as well as the COVID-19 pandemic risk continuing to hold back a full global economic recovery. In line with the sharp decline in global IPO activity there was a considerable fall in cross-border, unicorn, mega (proceeds above $1 billion) and SPAC IPOs. There were also a number of IPO launches postponed due to market uncertainty and instability, according to EY. IPO activity in the Americas region completed 37 deals in Q1 2022 raising $2.4b in proceeds, a decline of 72 percent in the number of deals and a 95 percent fall in proceeds YOY. The Asia-Pacific region recorded 188 IPOs raising $42.7 billion in proceeds, a decline y-o-y of 16 percent for volume, but an increase of 18 percent in proceeds. EMEIA market IPO activity in Q1 2022 reported 96 deals and raised $9.3b in proceeds, a decline y-o-y of 38 percent and 68 percent, respectively. “While markets continue to be volatile, and uncertainties on economic recovery remain for reasons including continuing concerns around COVID-19, there is a risk that IPO activity will continue to slow further with IPO candidates choosing to postpone their transactions. Companies need to be well prepared to access the market when the window opens, likely for a shorter timeframe, and include a careful review of business models and preparation of alternative fund-raising plans,” Paul Go, EY Global IPO Leader said. The Asia-Pacific region started the year strongly with an 18 percent rise in proceeds y-o-y, despite a 16 percent decline by deal numbers in Q1 2022. Four of the seven mega IPOs in Q1 2022 globally were listed in this region, including two of Q1’s largest IPOs by proceeds. The region saw 188 IPOs raising $42.7 billion in proceeds, surpassing Q1 2021 which had raised the highest Q1 proceeds in 21 years. In terms of sector activity, industrials led by volume (40 IPOs, $3.3b), followed by materials (37 IPOs, US$5.3b), while energy and telecommunications led by proceeds ($11.2 billion via 8 IPOs and $8.5 billion via 3 IPOs, respectively). Greater China saw a 28 percent decline in deals (97) and a modest 2 percent rise in proceeds (which raised $30.1b) y-o-y. Hong Kong saw notably slower IPO activity due to recent market volatility, a severe outbreak of Omicron cases and a relatively bigger fall in the local stock market indices. While Mainland China also saw a small decline in deal numbers, proceeds rose YOY due to hosting three of the seven mega IPOs in Q1 2022. After the largest number of IPOs seen in 2021, Japan’s IPO activity slowed in Q1 2022, with a number of small-cap IPOs coming to the market. Overall Japan saw 15 IPOs raise $0.2 billion in total proceeds. Asean’s exchanges saw a 32 percent increase in deal numbers (29 IPOs in Q1 2022, up from 22 IPOs in Q1 2021), but a 57 percent decline in proceeds ($1 billion in Q1 2022, down from $2.4 billion in Q1 2021). The notable decline in proceeds was due to the lack of a mega IPO being posted in Q1 2022, compared to 1 mega IPO a year ago. During this quarter, Indonesia’s IDX was most active by deal numbers (12 IPOs raising $219 million), while Malaysia’s exchanges led by proceeds ($362 million via 5 IPOs). In other Asean exchanges, Thailand’s exchanges saw 5 IPOs raising $228 million, the Philippines Stock Exchange had 4 IPOs raising $201 million while Singapore’s Catalist welcomed 3 IPOs raising $17 million. IPO activity in the Americas region weakened this quarter in comparison to the record-breaking Q1 2021, with deals down 72 percent (37 IPOs) and proceeds falling by 95 percent ($2.4 billion). Health and life sciences led the number of deals while a single large deal drove financials to lead by proceeds. In the Americas, the materials sector followed by number of deals, driven solely by the smaller Canadian exchanges (CSE and TSX-V), while health and life sciences ranked second by proceeds. The pace of SPAC IPOs and mergers slowed amid challenging market conditions. Activity is expected to pick up as the year progresses because more than a quarter of the 600+ active SPACs expire later this year and more than 60% expire in the first half of 2023. Recent elevated market volatility from geopolitical tensions unsurprisingly impacted Europe, the Middle East, India, and Africa (EMEIA) equity markets and subsequent corporate activity. Many IPO candidates in the region postponed their IPOs until a clearer picture emerges on the economic outlook. Overall EMEIA saw 96 IPOs, a decline of 38 percent y-o-y, proceeds raised were $9.3 billion, a 68 percent decline y-o-y. On a more positive note, the global financial markets remain open and functioning despite the continued uncertainty. In the first quarter of 2022, Europe accounted for 15 percent of global IPO deals and only 5 percent by proceeds. Two European exchanges were among the top 12 exchanges by deal numbers and by proceeds raised. Deal numbers in Europe were 47 with proceeds of $2.7 billion raised. In the UK, the slower pace of IPO activity was due to a dip in investor confidence from Q4 2021 that carried into 2022. Q1 2022 saw eight IPOs in the UK with total proceeds of $113 million, a y-o-y decline of 60 percent by deal number and a dramatic 99 percent fall by proceeds. The first quarter saw some slight shifts in sector performance partly due to the changing economic environment and market conditions, according to EY. Both the technology and materials sectors led by number of IPOs with 58 each, raising $9.9 billion and $5.9 billion, respectively. This was followed by industrials (57 IPOs raising US$5b). Technology continued its dominance by deal numbers for the seventh consecutive quarter (since Q3 2020) but ranked second by proceeds – breaking a streak of seven consecutive quarters raising the highest IPO proceeds since Q2 2020. In Q1 2022, energy took the lead in terms of proceeds ($12.2 billion via 15 IPOs), driven by Q1’s largest IPO on the Korea Exchange, while telecommunications came third ($8.6 billion via six IPOs) due to Q1’s second-largest IPO on the Shanghai Stock Exchange. EY: Asia-Pacific M&A hit highest value on record, fuelled by technological innovation & ESG agendas |
https://technode.global/2022/04/13/malaysia-marketing-tech-firm-involve-asia-expands-to-vietnam/ | Malaysia marketing tech firm Involve Asia expands to Vietnam | 57 | Malaysia-based marketing technology (MarTech) platform The company said it has generated over US$1.4 billion in sales for its brands, with over $46 million paid out to its publishing and other partners. “Vietnam is an important market for Involve Asia as it is one of the fastest-growing economies in Southeast Asia with a vibrant and technologically savvy population. With an e-commerce market in the country that is accelerating rapidly and high social media usage, it presents a ripe opportunity for us to help brands in the country reach their customers through our proprietary MarTech solution in a cost-efficient manner, and ultimately scale their business through partnerships with influencers, apps and affiliate sites,” Involve Asia Chief Executive Officer and Founder Jimmy How said in a statement on Wednesday. According to the e-Conomy SEA 2021 report by Google, Temasek and Bain, the e-commerce market in Vietnam is estimated to increase by 32 percent within 5 years to reach $39 billion in 2025. In addition, 78.7 percent of internet users have made an online purchase in 2021 based on a study conducted by We Are Social. The accelerated pace of e-commerce adoption has pushed merchants in Vietnam to go digital in order to reach their customers, fueling a 23 percent increase in digital ad spending in 2021 from the previous year, and is projected to grow 14 percent to $934 million in 2022. One of the challenges Involve aims to solve in Vietnam is the long payment cycles that marketing partners face when running campaigns on behalf of advertisers, typically between sixty to ninety days. Leveraging on its proprietary risk scoring system, Involve’s platform enables Advertisers to weed out fraudulent activities and to ensure high-quality outcomes are paid out quicker, the company said. Involve said its express withdrawal capabilities allows marketing partners to receive their money in as quickly as 15 days, which enables partners to manage their cashflows and to scale up their operations. The region’s top e-commerce, travel and finance brands use Involve platform to manage over 1.2 million partnerships with marketing partners such as TechRadar, Microsoft, Honey, Shopback and more. Founded in 2014 and headquartered in Kuala Lumpur, Malaysia, Involve Asia has presence in six countries in Southeast Asia. It counts global venture capitalist firms 500 Startups, Accord Ventures, OSK Ventures International, GDP Venture, CAC Capital and Cradle Seed Ventures as their investors. Hong Kong intelligent logistics platform Zeek launches quick commerce solutions in Hanoi, Vietnam |
https://technode.global/2022/04/13/sedanias-singapore-based-espl-enters-crypto-nft-gaming-in-the-metaverse/ | Singapore’s eSports firm ESPL partners Philippine’s Yield Guild Games for crypto NFT gaming | 57 | Esports Players League (ESPL)The partnership aims to generate up to 300,000 gamers for ESPL and Sedania, Sedania and ESPL said in a statement. They also said the partnership will allow ESPL to focus on enabling the 3Gs (game publishers, gamers, and guilds) to build a sustainable ecosystem by launching exciting NFTs and projects surrounding cryptocurrency other than gaming tournaments. These projects are aligned with the environmental, social, and governance (ESG) goals through utilising protocols and cryptocurrency networks that are more environmentally considerate; leveraging gaming for good, allowing students to offset student debts with play to earn (P2E) rewards and earnings; providing a safe, trusted platform for brands to engage gamers. “It is important for us to discover the viability of cutting-edge technologies critical to the metaverse as we believe it enhances our vision of ESPL as a compelling platform that provides a more exciting gaming experience for players,” said Sedania Founder and Managing Director Datuk Azrin Mohd Noor. “We’ve been working closely with ESPL to drive sustainable Esports development. Through our partnership with YGG SEA, we can channel our growth by building the foundations of a sustainable metaverse with ESPL being at the helm of the community,” he added. Sedania ventured into the esports space in 2019 when it founded ESPL through its investment in Esports Pte Ltd, with the group’s stake currently standing at 36.21 percent. ESPL has organised tournaments for the world’s top game publishers, including Riot Games, Supercell, Tencent, Sky Mavis, and many others. Coming from its roots as a community-driven Esports platform, ESPL is working towards its massive goal of becoming the preferred platform for competitive gaming across all genres in the Metaverse. The platform has gained more than 250,000 gaming enthusiasts signed up together with more than 500 tournaments organized globally. “Technology has definitely brought gaming and the Esports industry to astonishing new heights. With Web 3.0 on its way, more ESPL development and tournaments can be held in the metaverse with rewards and prizes distributed immediately upon completion,” said ESPL Chief Executive Officer Daryl Teo. “Moving forward in 2022, ESPL will organise a series of groundbreaking tournaments involving a globalised Metaverse and NFT games such as Axie Infinity by Sky Mavis. We are optimistic that the success of our current tournaments will be a signal from gamers to continue our pursuit of expanding our user base,” he added. Sedania is an investment holding company with a focus in sustainability-enabling businesses. Since its listing in 2015 on the ACE Market of Bursa Malaysia, it has invested in innovative businesses which lead to the reduction of carbon emissions and enable sustainability. The company invests in its corporate clients’ future energy sustainability by financing and deploying energy efficiency solutions and renewable energy systems. For consumers, Sedania offers preventive healthcare products which reduce carbon emissions through the selection of eco-friendly ingredients and biodegradable material. Over 150 products are sold under the brand Offspring online and through selected retail stores in over 20 countries worldwide. Singapore gaming firm Refract secures over $6M funding led by Sea Limited |
https://technode.global/2022/04/13/malaysia-listed-myegs-zetrix-blockchain-to-launch-mainnet/ | Malaysia-listed MYEG’s Zetrix blockchain to launch mainnet | 57 | Malaysia-based This marks the completion of phase 1 of Zetrix’s journey towards being a leading platform for decentralized applications, where industrial use cases like supply chain traceability and financing co-exist with the metaverse, the e-government service provider said in a statement on Tuesday. Zetrix is the international extension of Xinghuo BIF, China’s largest national-level blockchain network supported by all levels of the Chinese government and running both governmental and commercial applications. It is a collaboration between MYEG and Beijing-based Bubi Technologies which provides the backbone infrastructure and supernodes outside China that integrates with Xinghuo BIF. Zetrix’s Layer-1 infrastructure will host applications, protocols and networks to be deployed on top of its proprietary smart contracts and Proof-of-Stake (PoS) consensus mechanisms across a network of validator nodes. MYEG’s recently launched NFT marketplace, NFT Pangolin is a global marketplace for creators to issue and sell their unique crypto-secured digital collectibles. Compared to the expensive costs associated with Ethereum, Zetrix will provide lower minting charges and gas fees to reduce the financial barriers to entry for participants which will encourage more artists, traditional and digital alike, to explore the potential of blockchain and a new platform as a means of showcasing and trading their work, MYEG said. Moreover, to commemorate Zetrix’s mainnet launch and the first-ever minting of NFTs on the Zetrix blockchain, users of the ‘Compare by MYEG’ service will receive free, limited-edition commemorative NFTs to kickstart their digital assets journey. ‘Compare by MYEG’ is an online platform in Malaysia that allows users to compare and purchase car insurance and takaful renewal services conveniently to get the best prices. The NFTs are complimentary with the purchase of insurance through the platform, and owners of the NFTs will also be eligible for future benefits. Additionally, it also allows its owners to personalize a caption of their choice on the NFTs to make each of them one-of-a-kind. “This can further educate existing customers and potential users on not only the application of NFTs beyond the creator scene, but also its potential real-world utilization and hopefully to initiate its use for ownership of real-world products. Our aspiration is to be the bridge to enable NFTs or digital collectibles to move freely between China and the rest of the world,” MYEG Group Managing Director TS Wong said. MYEG said the Zetrix mainnet launch contributes significantly to the company’s plans of digitalizing all forms of value transfer and asset ownership, and tokenization as well as for the metaverse ecosystem development. Upcoming projects on Zetrix include Zetrix decentralized finance (DeFi), Web 3.0 domain registry and support for DAO (Decentralised Autonomous Organisations), the company added. Listed on the local stock exchange, MYEG is a concessionaire for Malaysian e-government MSC Flagship Application. MYEG builds, operates and owns the electronic channel to deliver services from various government agencies to Malaysia citizens and businesses. Beyond Malaysia, MYEG has operations in other key regional markets such as the Philippines and Indonesia. Malaysia’s MYEG launches global NFT marketplace known as NFT Pangolin |
https://technode.global/2022/04/08/applications-now-open-in-malaysia-for-5th-cohort-of-ey-startup-incubator-program/ | Applications now open in Malaysia for 5th cohort of EY startup incubator program | 57 | Early-stage tech startups in Malaysia are invited to apply to theThis year, the EY organization announced the continued expansion of the EY Foundry startup incubator program into Cambodia, Guam, Thailand and Vietnam. These markets will join Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore and Sri Lanka, where the program has been running since 2018, EY said in a statement on Friday. EY Foundry said it is particularly keen to work with those startups that can enhance the EY Tax practice in any of the following innovation areas:“Our incubator program has a new focus on innovation. Start-ups from all sectors are invited to collaborate with us in developing pilot solutions to enhance our clients’ experience and develop the services of tomorrow, leverage disruptive technology to create new markets and business models, meet sustainability goals, and stay centered on people and wellness,” Amarjeet Singh, EY Asean Tax Leader shared. “With the geographic expansion of this year’s program to include more countries in Southeast Asia, more start-ups in the region will have the opportunity to participate in the program and scale their business. ”Successful applicants to the program will be announced at a virtual launch event to be held in June 2022. Winning startups will be offered six months of participation in activities that include tailored learnings by EY subject-matter professionals, as well as EY piloting sessions to better prepare startup products to access the corporate community. EY Foundry takes no equity in the startups and to further support the program’s participants in building their technology, the successful applicants will be given $120,000 worth of Microsoft Azure credits. “Through this incubator program, we look forward to continue working with the relevant ministries and agencies to connect with the startup communities from across diverse sectors as well as supporting more budding entrepreneurs in Malaysia to achieve greater scale and impact by leveraging our professional experience, industry capabilities and global network,” Program Director of EY Foundry in Malaysia and Malaysia Tax Leader, Ernst & Young Tax Consultants Sdn Bhd, Farah Rosley said. To qualify for the EY Foundry program, applicants must fulfill a set of criteria:Founders of startups are invited to apply to the program until April 29, 2022 at EY Foundry is the corporate venturing unit of EY, one of the Big Four accounting and consulting firms. Global SWF: Temasek becomes Singapore ‘super-incubator’ with a suite of in-house startups |
https://technode.global/2022/04/08/airasia-super-app-collaborates-with-google-cloud-for-digital-growth/ | airasia Super App collaborates with Google Cloud for digital growth | 57 | airasia Super AppThe two organizations will nurture technology talent, co-create software tools for open innovation, deliver data-driven intelligence on behalf of micro-, small- and medium-sized enterprises (MSMEs) on the platform, and ensure accessibility for diverse users in cities and rural areas, the companies said in a joint statement. “With the Super App as the center of our ecosystem of e-commerce, logistics and FinTech, we are determined to continue that legacy and give all 700 million people in Asean inclusivity, accessibility and value with an extensive range of services available at their fingertips,” Capital A Group Chief Executive Officer Tony Fernandes said. “With Google as our partner to take our digital journey to the next stage, we will expand the platform into an entire ecosystem that will not only be transactional, but be about building community, and enriching that community with market-ready technologies and resources to engage more users – not just the customers but partners like restaurants, airlines, hotels and drivers,” he added. “With Google’s help, our ecosystem will not only be transactional, but be about building community, and enriching that community – not just the customers but partners like restaurants, airlines, hotels and drivers,” Fernandes said. airasia Super App, which operates in Malaysia, Indonesia, Singapore, Thailand, and the Philippines, is part of Capital A’s digital pillar. The platform offers a suite of on-demand services from flight and hotel bookings to food and parcel delivery, and ride-hailing services, as it aims to take on regional super app such as Grab and Gojek. “… we look forward to exploring further co-innovation initiatives with Google, whether in digital travel planning, self-driving cars, cloud gaming, startup investment, or supporting frontline workers through Google Workspace,” airasia Super App CEO Amanda Woo said. The strategic collaboration and ecosystem building efforts will encompass four pillars which include fostering an agile culture and co-innovation talent engine, ensuring seamless user access anytime and anywhere, on any device, unlocking data-driven insights to fuel MSME growth and empowering partners and developers to co-innovate and contribute. One of the initiatives include establishing a Cloud Center of Excellence (CCoE) consisting of AirAsia Allstars and Google Cloud technologists. The CCoE will leverage Google Cloud’s infrastructure, and advanced microservices, serverless and networking technologies; deploy Google Cloud’s analytics, machine learning and artificial intelligence technologies; adopt Google Cloud’s open-source principles and infrastructure, among others. Google, on the other hand, will also tap airasia Super App’s in-region network to expand its developer community in Southeast Asia. “Super-apps are helping small businesses thrive and stimulate economies. In fact, the World Economic Forum estimates that 70 percent of new economic value generated in the next decade will be driven by digital platform business models,” Google Cloud CEO Thomas Kurian said. AirAsia Group has been aggressively building its digital businesses and its ASEAN Super App over the last two years as most of AirAsia’s planes were grounded due to the ongoing COVID-19 pandemic. The group has hoped to build its super app modeling regional tech giants such as Grab’s and Gojek’s super apps which offers a variety of services including ride-hailing, food delivery, and payment services. Capital A posted a net loss of MYR3.12 billion ($744 million) in 2021, narrowed from MYR5.11 billion ($1.22 billion) in 2020, mainly due to strict cost control measures. The revival of the airline industry, particularly ASEAN countries gradually easing travel restrictions has contributed to the group’s reported growth in passengers carried and commendable load factor at 80 percent in the last quarter of 2021. This helped improve its financial position, the group said in February. AirAsia Parent Capital A unable to get $120M govt-guaranteed loan |
https://technode.global/2022/04/08/travel-tech-firms-await-revenge-traveling-as-malaysia-reopens-but-concerns-remain/ | Travel tech firms await ‘revenge traveling’ as Malaysia reopens, but concerns remain | 57 | The tourism industry could be one of the most affected sectors globally when COVID-19 pandemic hit since the end of 2019. The tourism business almost came to a halt as countries closed borders and imposed travel restrictions to contain the deadly and infectious coronavirus.2020 was supposed to be the Visit Malaysia Year as the country targeted to welcome 30 million tourists. The plan was totally derailed due to the pandemic when the country closed its borders around March. The industry was not able to fully recover in 2021 as the borders remained closed, no thanks to the Delta-variant which sent new COVID-19 cases to high-level, straining the country’s healthcare system. Malaysian Association of Tour and Travel Agents (Matta) estimated that the closure of international borders and travel restrictions had caused the country to lose about MYR90 billion ($21.34 billion) in tourism receipts in 2020 with the figure increasing to MYR165 billion ($35.56 billion) last year. Travel tech firms are finally able to hope for a better year as Malaysia, alongside with other countries in the region, reopens for international travelers after two years. But still, the recovery of the traveling industry may not be a smooth one as a sub-variant of the highly transmissible Omicron version of coronavirus, BA.2, is now dominant worldwide, prompting surges in countries across US, Europe and Asia. Malaysia has reopened its borders to international travelers starting April 1. Visitors and Malaysian returnees who are fully vaccinated are not required to undergo quarantine upon arrival but must be tested two days before traveling and within 24 hours of their arrival. Malaysia-based travel tech firm “We foresee MICE (meetings, incentives, conferences, exhibitions) travel will recover. Conferences and exhibitions will be organized in the coming months. Company incentive trips will resume,” Tourplus Founder and Chief Executive Officer Rickson Goh told “After two to three months, foreign independent travelers and group tours will be back. We expect to see ‘revenge travel’ happening soon,” he said. Currently, Goh said the company is still focusing on domestic tourists and families with children. “The Omicron variant does bring some concerns to the travel industry. However, since most Malaysians are vaccinated, the impact will not be huge as during the time in early 2020, when everyone is afraid to travel. I believe 2022 will still be the recovery year for the travel industry,” he said. Tourplus, which operates a travel platform, has also partnered with the Selangor state government to launch ‘Go Selangor’ App, an official travel app aiming to help local small and medium enterprises (SMEs) to digitize their business and to be ready to serve domestic and international travelers. “We see huge demand in domestic travel with unique accommodations like ‘glamping’, one-day trips and staycations. Hotels are fully booked during peak season. Even during normal days, occupancy rates are about 60 percent. Some popular hotels are fully-booked until the second quarter of 2022,” he shared. Kuala Lumpur-based translator Tan Huei Shan said she will be traveling to Semporna, Sabah, a state in East Malaysia next week. “It has been two years since I have traveled. We are going with a group of friends. To be honest, I don’t really feel 100 percent safe to travel, but we will be extra careful,” she told But for Aishah Zainal, a mother of a toddler, is not ready to start traveling with her daughter. “We do bring our daughter out, mainly to less crowded places like the park and the shopping mall during weekdays,” the executive told “It would be a nightmare if she gets the virus as I don’t know if she will get a severe case or not,” Aishah added. On Thursday (Apr 7), Malaysia recorded 12,105 new COVID cases with 98 percent having mild or no symptoms. Only 221 cases were deemed critical, data from Capital A Bhd, the parent company of budget airline “Air travel is on a strong rebound, especially with various countries across Asean announcing the reopening of borders and more Vaccinated-Travel-Lane (VTL) arrangements,” airasia Super App Chief Executive Officer Amanda Woo said in a statement last month. “SUPER+ will certainly facilitate affordable and convenient travel for everyone to visit and explore the many destinations within the wide network connectivity of the AirAsia Aviation Group. ”Tourplus also sees opportunities as many operators in the travel industry have yet to digitalize their business operations. “There is a huge gap in the travel industry as most of the operators are yet digitalize their business, unlike hotels and airlines which have done so, connecting their ‘inventory’ to the channel managers which allow instant booking and dynamic pricing that is the closely tracking customer behavior. Big [travel] players like Klook and KKday have ventured into B2B SaaS solution to provide tour and activities management systems,” Goh said. In the future, he expects there will be more solo or independent travelers, last-minute bookings and the need to access information fast and easy. “This is where Tourplus will be focusing, in building technology to transform the travel industry,” he added. Tourplus, backed by US-headquartered VC firm SOSV and Australian alternative asset management firm Hotel aggregator and owner “In all the countries around the world that we serve, we see that travel bookings have accelerated rapidly in places where at least 40 percent of the population have received their first dose of the vaccine,” Tan Ming Luk Tan, OYO Head of Singapore Malaysia, told Recent data also indicate that properties that are part of VaccinAid,(with tags shown on its website to indicate hotels’ staff have been vaccinated) record a 220 percent increase in occupancy and a 180 percent increase in revenue per available room (RevPar) compared to properties that are not. According to Tan, nearly 15 percent of its rooms across Southeast Asia and Malaysia have yet to resume operations following Covid lockdowns. Hotel owners are facing a complex set of issues including health concerns for themselves, their staff and their guests, lack of staff availability, lack of clarity on government regulations, and financial illiquidity. Of these, nearly a third have indicated to OYO that they would like to exit the hotel business and explore other business opportunities. “For the rest, we are supporting them through a combination of establishing sanitization protocols and training their staff, providing flexibility in terms of pricing and commercial arrangements to ease cash flows, as well as leveraging technology to reduce dependence on manpower including contactless check-in, among others. “We expect nearly 50 percent of the properties that are temporarily shut today to resume business over the next three months as the markets reopen. The rest will take longer as it will be a combination of property owners needing to find new lessees, exploring alternative business models with their properties and simply waiting for markets to rebound completely,” Tan explained. The Indian hospitality startup, which counts Softbank and Sequoia Capital as backers, provides full-stack technology products and services that aim to increase revenue and ease operations to hotel or properties owners who operate over 157,000 hotel and home storefronts in more than 35 countries including India, Europe, and Southeast Asia. OYO has continued to add properties to its network even during COVID time, according to Tan. “We’ve added nearly 3,500 to 4,000 new rooms each month across Southeast Asia. So our network will continue to grow in the next quarter,” he said. On how OYO has prepared itself to welcome the resumption of traveling activities, Tan said OYO noted the pandemic has created and accelerated multiple industry trends such as – hyper-focus on hygiene, ‘domestic-first’ recovery with the reinvention of local destinations. “COVID-19 has given rise to new destinations and vacation formats. Increasing shift towards work from home setup across sectors is also boosting longer-term travels to local destinations,” he said. Large hotel chains have a perception of maintaining high hygienic standards and ensuring safer stays as compared to the smaller hotels, which is resulting in large hotel chains gaining market share, Tan shared. “With significant consumers facing financial uncertainties, there is also increasing preference for value-for-money options, provided they meet the required criteria of hygiene and trust. ”OYO has also launched ‘Sanitized Stays’, ‘Sanitize Before Your Eyes’ and ‘Zero Touch’ standard operating procedures, enabling the company and its partners to build confidence and trust among its guests and also help to bring back confidence to support the recovery of the hospitality and travel sector. OYO has also tapped into the new customer segment by creating demand for ‘workation’. “We have launched dedicated products for capturing medium- and long-term stay demand at affordable rates, which has seen a good market response,” Tan added. OYO has always been a tech-focused organization, the impact of COVID-19 in March/April 2020 transitioned the firm into a tech-first organization, he said. “We have been working to improve existing – and introduce new – technologies and products for our hotel and home partners, and customers. In fact, we used the pandemic as an opportunity to strengthen our focus on technology which included an increase in tech-related investment between 2019 and 2021. ”OYO, which filed for an initial public offering last year, is said to be considering slashing its fundraising target by half or even shelving the debut, OYO told For Malaysia, OYO said it continues to focus on providing guests with what they need in the new normal – be it more flexibility in booking, assurance of sanitization, or hotels in destinations within driving distance. “All aspects of the customer journey especially on hygiene and cleanliness is being relooked at going forward. Contactless experiences will be important. We also believe that travelers will demonstrate preferences for hotels, restaurants and lodging facilities that communicate enhanced sanitation and hygiene protocols. The focus is on being clinically clean,” he said. Another Malaysia-based travel tech firm “We expect minimum recovery for the travel industry this year in view of the uncertainties. We will be agile, stay resilient, pivot fast, and keep some cash reserves to stay afloat,” Chin Yoon Khen, Founder and CEO of LokaLocal told The company, which previously connects travelers to locals for unique traveling experiences, has also introduced virtual reality tech in 2020, when the country imposed a partial lockdown to contain COVID-19. “We ventured into virtual reality (VR) tech in 2020, providing services to a broad range of clients across different sectors in telecommunication, real estate, healthcare, electrical power, furniture/timber, death care services and many more. We see seven times business growth in 2021,” he shared. Moving forward, Chin expects there will be many travelers who are still afraid of infection. “They will seek experiences in less crowded places and would prefer to travel in smaller groups locally which provides a lot more flexibility. ”“We use VR tech to offer an alternative way for tourists to discover Malaysia attractions and places through 360° virtual tours. We will roll out self-guided audio tours and promote hybrid tourism in a bid to revive traveling in 2022,” he said. Chin said restrictions on mobility have stimulated the use of the Internet as a way of visiting destinations virtually and consulting tourist information. “As a travel tech company that specializes in digital content creation via VR/AR, we are turning the unprecedented challenges into countless opportunities. Pandemic gives a huge boost to digital adoption,” he said. The company, which is in its seed stage, will focus on keeping its business to be self-sustaining and will go on to raise the next funding round. “For the tourism industry to recover, governments need to strive for economic and political stability, as well as layout a phased approach to balance public health and economic needs,” he said. AirAsia partners more airlines to sell competitors’ flights on super app |
https://technode.global/2022/04/07/pace-partners-shangri-la-to-offer-bnpl-payments-its-hotels-across-malaysia/ | Pace partners Shangri-La to offer BNPL payments across its hotels in Malaysia | 57 | Singapore-based Pace Enterprise (Pace), a FinTech solutions company with a ‘Buy Now Pay Later’ (BNPL) platform, announced on Thursday an exclusive partnership with Shangri-La Hotels and Resorts, to offer its BNPL payment option at participating hotels across Malaysia. With Pace’s BNPL payment infrastructure integrated into Shangri-La’s point-of-sale systems, hotel guests and patrons can split their payments over three months, interest-free. The new payment option encompasses services available within the establishment, including hotel stays, dining, as well as wellness services, such as massages or spas. To make a payment, guests or patrons will simply need to choose and complete the transaction using the Pace mobile app at any Shangri-La payment terminals. New Pace users will need to register for an account before they can make any payments. Pace users can also enjoy exclusive offers and discounts for various Pace merchants. “With Pace’s BNPL solution, we can offer a wider range of payment solutions and allow our guests to enjoy much-deserved rest and relaxation with the Shangri-La experience in a flexible and convenient manner,” said Katie Roberts, Director of Marketing, Malaysia. “In time for a rebound in travel and tourism, we are looking forward to supporting it by providing flexible payment solutions,” said Turochas “T” Fuad, Pace’s Founder and CEO. Pace is currently available at Shangri-La Hotels and Resorts in Malaysia for over-the-counter payments only and for Malaysia, Singapore, Thailand and Hong Kong Card holders. To date, Pace has over 5,000 points-of-sale across the Asia region and is on track to meet its goal of 1 million users by the end of 2022. Pace also aims to have an annualized Gross Merchandise Value (GMV) of $1 billion by end 2022. Featured image credits: Shangri-LaSingapore’s Pace acquires regional BNPL pioneer Rely to strengthen its FinTech position in the region |
https://technode.global/2022/04/06/malaysias-juristech-partners-with-germanys-mambu-to-drive-innovation-in-malaysias-digital-banking-ecosystem/ | Malaysia’s JurisTech partners with Germany’s Mambu to drive innovation in Malaysia’s digital banking ecosystem | 57 | Malaysian FinTech firm This new collaboration will act as a catalyst for further expansion of the industry, with the result being greater support for both unbanked and underserved markets in Malaysia, and a boost to overall financial inclusion in the country, JurisTech said in a statement. The partnership of the two software powerhouses will look to streamline exchanges to create a seamless customer and user journey in the credit and financing application lifecycle. The connectivity between Mambu and JurisTech’s products allows JurisTech to offer a holistic credit management platform from digital onboarding, loan origination, debt collection, and artificial intelligence to the digital banking sector. “It is my pleasure to announce JurisTech’s partnership with Mambu to serve the digital banking ecosystem in Malaysia. Mambu is known for its cloud-native, composable banking platform and will play a strong role together with JurisTech in driving new digital innovations to bridge the gaps in providing access to credit for the underbanked community,” said See Wai Hun, Chief Executive Officer of JurisTech. With Mambu’s unique ecosystem of high-performing, best-in-breed partners bringing extensive industry experience in payments processing, accounting and finance, regulatory reporting, and card issuing and processing, JurisTech said its partnership with Mambu will enable unique digital transformation initiatives in the Malaysian fintech industry. JurisTech aims to leverage Mambu’s capabilities such as global market presence and clientele to drive the company to grow globally. This will not only propel JurisTech to grow in Malaysia’s digital banking sector but also in the digital banking sector globally. Through its partnership with Mambu, JurisTech believes that it will transform and revolutionise the digital banking ecosystem providing high-impact solutions and creating more value for both consumers and financial institutions, putting innovation at the heart of its products. “The financial services industry in Malaysia is on the verge of a period of significant change with the new digital banking licences due to be announced by Bank Negara Malaysia any day now. Our new partnership with JurisTech will enable Mambu to continue to drive innovative change within the Malaysian digital banking ecosystem as the impact of the new licences begins to be understood. We have been very impressed with JurisTech’s innovative technology and look forward to seeing the impact that we can have together, with the combined force of our market-leading solutions,” said William Dale, Commercial Director at Mambu Asia Pacific (APAC). JurisTech is a Malaysian-based fintech company specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond. Founded during the 1997 Asian Financial Crisis with revolutionary software to connect banks to legal firms for late-stage debt recovery, the firm has since continued to innovate to handle the end-to-end needs of digital banking from digital customer onboarding to orchestrating complete digital ecosystems. With the rising trends of the digital ecosystem, JurisTech has opened its doors to connect with new partners in the digital banking ecosystem. With Malaysia becoming the third country in ASEAN to issue digital banking licences, it marks an important milestone in the development of the nation’s future financial economy. JurisTech said its expansion into the digital banking ecosystem will present a myriad of opportunities for fintechs and digital banking players to accelerate their financial services by leveraging robust technologies, in tandem with the nation’s growing economy. Launched in 2022 in Berlin, Mambu is a software as a service (SaaS) cloud banking platform that fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, FinTechs, retailers, telcos and more. It has 900 employees that support 200 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO and Orange Bank. Mambu APAC launched in Singapore in 2016 and is now very active in the Asia Pacific region, most notably in Singapore, Malaysia, Vietnam, Thailand, Indonesia, the Philippines and Australia. Its customers in APAC include TNEX, Timo and Cake in Vietnam, Bank Jago and Bank INA in Indonesia, leading Islamic bank Bank Islam in Malaysia, UNO in the Philippines, and Bluestone, Nimble, Tyro, Lumi and Hay in Australia. It completed a Series E funding round in December 2021, raising 235 million Euro ($256 million), taking the valuation of the company to just under 5 billion Euro ($5.45 billion). Its lead investors are EQT, Acton Capital, Bessemer Venture Partners, Runa Capital and TCV. Malaysia fintech and e-wallet provider MyMy set for beta testing and reveals Malaysian-inspired product innovations |
https://technode.global/2022/04/01/ant-backed-e-wallet-touch-n-go-launches-digital-personal-loan-facility/ | Ant-backed e-wallet Touch ‘n Go launches digital personal loan facility | 58 | Touch ‘n Go (TNG) GroupThis marks TNG eWallet’s first digital lending solutions offering, having previously already launched financial services propositions in investments and insurance, TNG said in a statement. Accessed through the TNG eWallet and delivered fully electronically, GOpinjam offers personal loans from as low as RM100 to a maximum of MYR10,000 ($2376). The repayment period for these loans can range from one week to one year, with no hidden fees of early settlement charges. To further promote inclusion and accessibility to as many people as possible, potential borrowers will require a minimum monthly income of only RM800 to gain access to GOpinjam. GOpinjam is developed in partnership with Malaysian bank CIMB Bank Berhad and employs differentiated product design and delivery mechanisms to ensure best-in-class user journey and experience. The credit underwriting process is also differentiated, built using the best of both data sets, that of the credit bureau and also eWallet spend data – resulting in greater accessibility for the under-banked segment. For example, this is the first lending offering that would allow users to borrow from as low as MYR100 ($23.76), with CIMB Bank’s e-Zi Tunai Personal Loan product which has been approved by Malaysian regulator Bank Negara Malaysia. “This is a true market first. We researched the landscape thoroughly before building GOpinjam and I feel we’ve come up with a proposition that delivers significant value to our users, at the same time address the pain points of current personal lending propositions. We’re so pleased to have been able to put this together. We will take feedback post launch and continue to improve with the goal of making this the go-to product for this segment,” said Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group. “The financial inclusion element was always at the forefront of our thinking, and we expect GOpinjam to be available to those who otherwise would not have been able to access formal credit facilities. We’ve managed to get this done on the back of a ‘win-win’ partnership mentality between TNG and CIMB Bank – leveraging each other’s strengths in credit underwriting and wealth of data to bring the most relevant personal credit solution to underserved segments,” he added. Updating on the other key financial services development launched by TNG, he added that TNG’s GO+ micro-investment proposition which was launched in 2021 has already 2.25 million users. At the same time, on the insurance side, he said TNG contributed to 31 percent of the Perlindungan Tenang Voucher Programme (a national insurance initiative) by the government of Malaysia. “CIMB is proud to support GOpinjam through our CIMB e-Zi Tunai Personal Loan, a fully inclusive proposition targeted at underserved segments, anchoring on a pure-play eWallet- bank partnership. This development is also in line with our long-term strategy and intent for the TNG Group, and to allow it to develop into one of Malaysia’s leading non-bank digital financial services providers. We believe GOpinjam also addresses the government’s push towards a more cashless and inclusive society, an area that both CIMB Group and TNG Group fully support,” said Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group. TNG Group is Malaysia’s financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure. It comprises the service offerings of Touch ‘n Go Sdn Bhd (TNG), a wholly owned subsidiary of CIMB Group and TNG Digital Sdn Bhd (TNGD), a joint venture between TNG and Ant Group, parent company of Alipay, China’s largest digital payments platform. Established in 2017, TNGD is the owner and operator of TNG eWallet which has over 16 million registered users in Malaysia. Combining TNG’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, the TNG eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure. CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Malaysia’s stock exchange, it offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, it has market presence in China, Hong Kong, India, South Korea, the United States and United Kingdom. It has one of the most extensive retail branch networks in ASEAN with 630 branches and around 33,000 employees as at 31 December 2021. Malaysia’s Touch ‘n Go eWallet and Singapore’s Dotlines collaborate to include migrants into the cashless society |
https://technode.global/2022/04/01/australias-fintech-unicorn-airwallex-launches-payment-services-in-malaysia/ | Australia’s FinTech unicorn Airwallex launches payment services in Malaysia | 58 | Australia-based FinTech platform Initially, qualified Malaysian businesses will be given access to Airwallex’s fast, transparent and cost-effective foreign exchange conversions and payouts in more than 130 countries, empowering them to grow and operate globally, Airwallex said in a statement. It said it will continuously extend availability of its product offerings to more businesses over the next few months. Friday’s announcement marks Airwallex’s ongoing commitment and successive step forward in its Southeast Asia expansion. Earlier this year, Airwallex announced it was open for business in Singapore shortly after receiving a Major Payment Institution License by the Monetary Authority of Singapore. Airwallex is a global payments platform with a mission to empower businesses of all sizes to grow without borders. With technology at its core, it has built a financial infrastructure and platform to help businesses manage online payments, treasury and payout globally, without the constraints of the traditional financial system. The firm was founded in Melbourne in 2015, and in just six years, it has secured more than US$800 million in funding and a valuation of $5.5 billion. The Airwallex group currently serves tens of thousands of customers across all the markets it operates in, including leading global brands such as Qantas, Papaya Global and Plum. The company has a team of over 1,000 employees across 19 locations globally. Airwallex partners with Choco Up to empower cross-border e-commerce |
https://technode.global/2022/03/31/malaysias-hatten-land-signs-agreement-with-new-partner-for-crypto-mining-activities/ | Malaysia’s Hatten Land signs agreement with new partner for crypto mining activities | 58 | Hatten Land Limited Hatten Land said in a statement that the partner agrees to deliver 50 sets of S19J Pro as pilot batch machines by end of April 2022 for crypto mining operation to location(s) designated by Hatten Edge for the provision of crypto mining services. Produced by BITMAIN, the manufacturer of digital currency mining servers, S19J Pro is the top-of-the-line model and considered to be one of the most productive and energy-efficient mining rigs in the market. Under the agreement, the pilot batch of rigs will be delivered and installed by 30 April 2022 with the option of delivering additional 500 in 2022. Since its strategic pivot towards the digital economy in late 2021, Hatten Land has gained strong momentum in partnering with established crypto mining operators, including the partner, who are attracted by the group’s large-scale, high-quality mining facilities and collaborative business model. The partner and its owner have hundreds of crypto mining rigs operating within Southeast Asia currently, including Peninsular Malaysia, East Malaysia and Laos, and endeavours to expand its crypto mining operations with Hatten Land in Melaka. According to the statement, both companies will share the net proceeds of the cryptocurrencies that are mined after deducting the related operational and management expenses, as such, the agreement is expected to contribute positively to the net assets and financial performance of Hatten Land for the financial year ending 30 June 2022, barring unforeseen circumstances. Hatten Land said its strategy is to leverage its existing physical assets to provide a secure and stable facility to host crypto mining activities without having to incur substantial capital expenditure or recurring cash outflow. Under this asset-light model, the group will obtain a share of the net proceeds of digital assets being mined, with the crypto mining activities focused on Bitcoin (BTC) at the initial phase. Since January 2022, the group’s mining operation is smooth and stable within its converted facilities, despite the tightened border controls between Singapore and Malaysia. With a total of three such agreements for crypto mining activities and the reopening of borders between Singapore and Malaysia from April 1, 2022, the group aims to target new opportunities with new business partners to utilise top-end crypto mining rigs to expand and scale up its crypto mining operations. “Since we started crypto mining operations in January 2022, we are now more well-equipped and better positioned than ever to expand our operations. Large scale, high-quality, low-cost crypto mining facilities are highly sought-after in Malaysia. With our growing track record, we aim to build on this momentum to secure new partnerships and expand into one of the leading cypto currency mining service providers in Asia,” said Colin Tan, Executive Chairman and Managing Director of Hatten Land. In light of the full resumption of pre-covid land transportation and further easing of other modes of transportion between Singapore and Malaysia, from April 1, 2022, the group said it will accept major cryptocurrencies, through a registered licensed partner, for property sale, retail and hospitality transactions under its property portfolio. With key properties primarily in Melaka, one of Asia’s iconic tourist destinations, Hatten Land’s current development portfolio comprises five integrated mixed-use development projects and retail malls that has a combined built-up area of 6 million square feet. Cited a report by World Economic Forum, Hatten Land said the advent of cryptocurrencies has led to the creation and operation of new global, decentralized networks that have been used by over 100 million people across the world to transfer trillions of dollars of value. “With the popularity of cryptocurrencies, there is a growing trend by consumers to use it as a payment method for a range of products and services, both online and offline. Together with the rise of digital economy in Asia, there are strong incentives for us to integrate cryptocurrencies in our business activities to access new demographic groups and liquidity pools,” said Tan. Hatten Land is a property developer in Malaysia specialising in integrated residential, hotel and commercial developments. Headquartered in Melaka, it is the property development arm of the conglomerate Hatten Group, whose core businesses are property development, property investment, hospitality, retail and education. To potentially enhance the value of its physical assets as well as create digital assets at the same time, with sustainability efforts in mind, the group’s new business strategies is to re-purpose its physical assets, in particular its malls, by identifying new uses, including but not limited to co-sharing office spaces, talent innovation hub, education-related activities, cinema operations, crypto mining and renewable energy activities. The group has obtained shareholders’ approval to diversify its business to include renewable energy, physical-digital malls, cryptocurrency mining and the metaverse via an extraordinary general meeting on December 30, 2021. With the various digital and renewable initiatives announced by the group, the group opined that there are opportunities to enter into new markets offering new business opportunities which would potentially provide additional and recurrent revenue streams and assist in continual growth of the group. Hatten Land began trading on the Catalist board of SGX-ST on February 28, 2017 after the completion of the reverse takeover of VGO Corporation Limited. SGX Catalist-listed Hatten Land signs comprehensive collaboration agreement with Huawei |
https://technode.global/2022/03/30/malaysia-to-enact-laws-to-better-regulate-buy-now-pay-later-schemes/ | Malaysia to enact laws to better regulate ‘Buy Now Pay Later’ schemes | 58 | Malaysia’s central bank is working with the Finance Ministry and Securities Commission Malaysia to enact laws to better regulate ‘Buy Now Pay Later’ (BNPL) schemes. Bank Negara Malaysia“The CCA will strengthen regulatory arrangements for all consumer credit activities, including BNPL schemes offered by non-bank operators,” the central bank said in its annual report published on Wednesday. BNPL schemes offered by non-bank operators currently do not fall within the regulatory purview of the central bank or any regulatory agency, according to Bank Negara. For BNPL schemes offered by, or in partnership with banking institutions, the banking institutions are expected to observe practices that are consistent with the responsible lending expectations, Bank Negara said. “To further mitigate the risks that BNPL schemes may encourage consumers to spend beyond their means, we have also worked with the Financial Education Network to educate the public on the risks of using BNPL schemes,” it added. Southeast Asia super app Beyond the regulated activities, the central bank said it also monitors new market developments to ensure they do not pose any undue risks to the public, including the BNPL schemes. The regulator noted BNPL schemes allow customers to make payments in installments with zero interest but pointed out there may be other charges levied on the customers (e. g. processing fees and late payment fees). “In some cases, the total charges levied by BNPL providers on the customers may be higher than the total interest and charges imposed by conventional lenders,” the central bank said. BNPL schemes have started to gain traction in Singapore, Malaysia, and Indonesia since last year as more BNPL startups and tech giants such as ride-hailing and FinTech unicorn Grab and e-commerce platform Shopee offering the service, following similar trends in UK, Europe and Australia. Traditional payment giants such as Visa and Mastercard are also offering similar options, as more consumers see BNPL as a way to stretch their budgets. The scheme, however, has stirred concerns among regulators that it could cause youngsters, who are often seen as financially naive, to overspend and be lured into debt traps. In October last year,Elsewhere in neighboring Singapore, The global BNPL market is on a rapid uptrend and is projected to surge 400 percent to $352 billion by 2025 from $89 billion in 2020. The BNPL sector is estimated to process $680 billion worth of transactions in 2025, translating to a compound annual growth rate of 13.23 percent, according to research data analyzed and published by online trading portal Comprar Acciones in February. Featured photo credit: UnsplashChallenges and opportunities as Buy Now, Pay Later shopping gains traction in Malaysia |
https://technode.global/2022/03/29/consortiums-partnering-banks-e-wallets-have-upper-hand-to-bag-malaysia-digital-bank-licenses/ | Consortiums partnering banks, e-wallets have an upper hand to bag Malaysia digital bank licenses | 58 | Editor’s note:Consortiums partnering with banks or financial institutions and e-wallet operators will have an upper hand in securing a digital banking license in Malaysia, according to analysts. “Although it is not really a necessity, we believe that partnering with banks will give some benefits to the consortiums as banks can provide experience in regulatory, risk management and credit evaluation,” Imran Yusof, Vice President and Head of MIDF Research told Similarly, experience from e-wallet providers will be useful in terms of deposit-taking, client acquisition, and understanding the market of such products, he added. However, Imran said the research house cannot be “entirely certain” on how this will be evaluated by Bank Negara Malaysia, the central bank. Bank Negara MalaysiaNotable applicants that have officially announced their applications include Grab-Singtel venture (which secured one of Singapore digital bank licenses in 2020), Axiata-RHB consortium, Paramount-Star Media Group, Singapore-listed wealth platform Several reports noted that local conglomerate Sunway Bhd has also led a consortium for the application. Malaysia-listed tech firm Green Packet Bhd has teamed up with Singapore-listed Zico Holdings Inc. and digital Islamic factoring platform M24 Tawreeq and a group consisting of Genting Plantations Bhd, the plantation arm of Malaysia’s gaming conglomerate Genting Bhd. , technology firm PUC, Pahang and Sabah state governments, has also submitted its application. Apart from meeting financial inclusion objectives of serving the unserved and/or underserved segments, applicants for the digital bank licenses will be assessed on their ability to contribute to the proposed digital banks in a few areas such as risk management and compliance capabilities, adoption of relevant new technologies and digital innovations and their access to deep and robust customer analytics, among others, according to Sophia Lee, the Co-Head of Financial Institution Ratings at RAM Ratings, a rating agency in Malaysia. “As such, applicants such as financial institutions and established FinTech players that have their own e-wallets and/or lending platforms could have an upper hand in some of these areas,” she told Applicants with consortium partners which have prior experience in digital banking in other countries may have an added advantage on the technology capability aspects,” she added. It is worth noting that Singapore-headquartered super app The iFAST consortium has roped in Yillion Fintech Pte Ltd which provides the core digital banking technology and capabilities for Sunway is said to have roped in Tencent-backed Chinese fintech firm Linklogis Inc and Bangkok Bank PCL to apply for a Malaysian digital bank license, Malaysia’s move to issue digital bank licenses comes at a time when regulators across Asia including Singapore, Hong Kong, and the Philippines are opening up the banking industry to digital players, encouraged by higher smartphone penetration and better internet connections. Neighboring Thailand is also preparing rules for the setting up of virtual banks as the central bank seeks to promote FinTech to spur competition and wider access to banking services, Central Banks and consumers hope that digital banks could bring financial inclusion to underserved segments, helped by advanced technology. The demand for online banking services and digital payments have also increased significantly, thanks to Covid-19 pandemic. While some opined that several consortiums chose to partner with government-linked companies, army-linked entities and state governments to some extent do imply “connections” is more important or equally important than capabilities, MIDF’s Imran has begged to differ. “The fact that government-linked companies (GLCs) are linked to some of the consortiums does not imply that ‘connections’ is a factor at all. We believe that any consortium that will be granted the license will be based on merit. We believe that the GLC’s participation in these consortiums are based on business opportunities and decisions,” he added. In a “I would like to communicate to all potential applicants out there, to stop lobbying, in Bank Negara Malaysia we abide by a strict governance process in assessing applications, and I would like all parties to respect that process,” he was quoted as saying. RAM Ratings’ Lee pointed out that digital banks have the advantage of significantly lower cost of operations given the reduced need for human intervention and not having any physical branches. “Their focus is also on delivering simpler, faster and more convenient solutions to consumers. By utilizing technologies based on artificial intelligence or other forms of predictive algorithms along with big data analytics, digital banks may undertake alternative assessment of credit risks to enable greater financial inclusion,” she explained. Lee said potential beneficiaries include the 8 percent of the unbanked adult population in Malaysia, as well as small and micro-enterprises that are unable to access traditional bank financing. “Given the ubiquity of smartphones and spike in mobile banking transactions by more than double to MYR460 billion ($109 billion) in 2020 as triggered by the pandemic, the market potential for digital banking is bright,” she said. Lee, however, noted that the debut of digital banks may affect the unsecured retail lending such as personal loans and credit cards as well as micro-enterprises segments of traditional banks. In Lee expects digital banks’ profit performance – like most start-ups – is likely to be constrained in the early years. “This is due to the hefty initial outlay to develop their ecosystem and the need to build up [their] scale by occasionally offering promotional rates amid the competitive business landscape,” she explained. Digital banks will also be subject to the same regulatory framework as commercial banks, although capital adequacy and liquidity requirements will be simplified during the foundational period of between three and five years. “All said, we do not expect digital banks to compete with unsustainable rates as they are required to prove their profitability and sustainability to Bank Negara in order to maintain their licenses. Applicants will need deep pockets to continuously serve as a source of financial strength to support their respective proposed digital banks,” she added. “Regardless of the size of the underserved, we believe that the current market does support the existence of digital banks. Of course, for better profitability, it may have to eventually expand regionally,” Imran added. TechNode GlobalRead more if you would like to learn more about their strategy and plans, what are the opportunities and challenges they see in building a digital bank in Malaysia:Does Axiata-RHB consortium have what it takes to win a digital bank license in Malaysia? [Q&A]SGX-listed iFAST Corp to continue digital bank ambition in Malaysia [Q&A]BigPay banks on AirAsia’s ecosystem, consortium’s banking expertise to vie for digital banking license in Malaysia [Q&A]Angkasa-Boustead consortium banks on Islamic bank positioning, existing captive members to win a digital banking license in Malaysia [Q&A] |
https://technode.global/2022/03/28/malaysias-private-equity-and-venture-capital-funding-up-26-75-percent-in-2021/ | Malaysia’s private equity and venture capital funding up 26.75% to $3.52B in 2021 | 58 | Malaysia’s total committed funds for private equity and venture capital rose 26.75 percent to MYR14.83 billion ($3.52 billion) in 2021 from MYR11.7 billion ($2.78 billion) in 2020, Total committed funds under management for private equity increased to MYR9.65 billion ($2.29 billion) from MYR7.39 billion ($1.76 billion) in 2020, while funding for venture capital grew to MYR5.18 billion ($1.23 billion) in 2021 from MYR4.31 billion ($1.02 billion) in 2020. For private equity, commitments are sourced largely from corporate investors (28.56 percent), individuals and family offices (19.12 percent), and financial institutions (11.89 percent). As for venture capital, government agencies and investment companies (45.01 percent), sovereign wealth funds (27.90 percent) and corporate investors (19.73 percent) make up the top three sources of funding. The top three registered corporations by amount of investor commitments as at end 2021 were Creador, Xeraya Capital, and Malaysia Venture Capital Management Berhad (MAVCAP). Venture capital investments in 2021 concentrated on early stage (51.26 percent), followed by seed (20.46 percent) and growth (17.88 percent) opportunities. Private equity investments were primarily channeled into growth plays (87.14 percent), with some investments made to early stage opportunities (12.03 percent). In total, 36 venture capital and 29 private equity deals were recorded in 2021. In terms of target industries, medical and biotechnology (63.56 percent) saw the highest share of venture capital investment in 2021, followed by information and communication (25.88 percent), and financial services (4.26 percent). As for private equity, investments were largely channeled to wholesale and retail trade (34.97 percent) in 2021, followed by accommodation and food services (32.24 percent), and financial services (8.15 percent). Divestments in 2021 were mainly exits in the growth stage. Trade sales were a common exit route for venture capitals while secondary sales to investors or other managers were major liquidity routes for private equity. Meanwhile, the total number of registered corporations stood at 124 as at December 31 2021. The venture capital segment accounted for 105 registered corporations (venture capital management corporation [VCMC] and venture capital corporation [VCC]), while the private equity segment consisted of 19 registered corporations (private equity management corporation [PEMC] and private equity corporation [PEC]). As at end 2021, the number of professionals employed by the industry with at least four years experience stood at 344. In 2021, the total funds raised via equity crowdfunding (ECF) in Malaysia increased to MYR221.63 million ($52.64 million) from MYR127.73 million ($30.34 million) in 2020. Since its inception, the total funds raised via ECF in the country stood at MYR420.86 million ($99.95 million).104 issuers have successfully fundraised via 104 campaigns in 2021. The total number of issuers increased by 33 percent in 2021 from 2020.53 percent of issuers in 2021 were technology-focused companies. The majority of issuers in 2021 have established their businesses for five years or less, with more issuers in 2021 having business operations of less than two years compared to 2020. Campaign sizes in 2021 continued to be of larger fundraising amounts, with 86 percent of the campaigns raising beyond the MYR500,000 ($118,750) mark. The highest amount of funds raised in 2021 by a single campaign stood at MYR18.89 million ($4.49 million). The “Professional, Scientific, and Technical Activities” sector received the most funds in 2021 with MYR60.25 million ($14.31 million).54 percent of campaigns in 2021 fundraised for Series A. The main purpose for fundraising in 2021 was for business expansion. Since ECF was first introduced, the total number of participating investors surpassed the 11,000 mark. For a year-on-year comparison, investor participation increased from more than 3,000 in 2020 to more than 5,000 in 2021. Total funds raised via P2P financing climbs to $270MMeanwhile, the total funds raised via peer to peer (P2P) financing in Malaysia reached MYR1.14 billion ($270 million) in 2021, more than twice the amount of funds raised in 2020. Since its inception, the total funds raised via P2P financing in the country stood at MYR2.29 billion ($540,000). A total of 1,988 issuers fundraised in 2021 – an increase by 49 percent from 2020. The fundraising was successfully carried out via 14,301 campaigns. Technology-focused issuers decreased to 11 percent in 2021 from 36 percent in 2020. Half of total issuers in 2021 have been in operation for less than 5 years. Campaign sizes in 2021 continued to be of smaller fundraising amounts, with 70 percent of campaigns raising MYR50,000 ($11,875) and below. The “Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles” sector remained the largest sector served in 2021 with MYR514.41 million ($122.17 million). A total of 54 percent of investment notes in 2021 were issued for invoice, business, and micro financing. Other types of financing included distinct product offerings from various recognised market operators (RMOs). The majority of the campaigns continued to trend towards shorter-term financing in 2021, with tenures of three months or less. The purpose of fundraising in 2021 continued to be predominantly for working capital. Since P2P financing was first introduced, the total number of participating investors surpassed 28,000. For a year-on-year comparison, investor participation decreased from more than 16,000 in 2020 to more than 15,000 in 2021. Digital asset trading value stands at $4.98BDespite market uncertainties following the pandemic, Malaysia’s domestic digital asset market had continued to grow, with approximately MYR21 billion ($4.98 billion) in digital assets traded across all registered digital asset exchanges (DAXs) in 2021. The digital asset market continued to garner investors’ interest as the total number of investment accounts grew by close to 300 percent to approximately 760,000 in 2021, compared with more than 190,000 in 2020. Investors aged below 35 years comprised the largest segment at 62 percent, holding more than 470,000 accounts as at end 2021. The SC said it continued to facilitate the introduction of new digital assets to be traded on DAX, with the approval of Bitcoin Cash (BCH) in March 2021 as an additional permissible digital asset. The other digital assets permitted to be traded on DAX include Bitcoin, Ripple, Ethereum, and LiteCoin. Since introducing the DAX framework in 2019, the SC had registered four DAXs, namely Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd, Tokenize Technology (M) Sdn Bhd, and MX Global Sdn Bhd. Securities Commission Malaysia registers two initial exchange offering operators |
https://technode.global/2022/03/25/malaysias-petronas-partners-waygate-technologies-to-commercialise-co-developed-robotic-inspection-solution/ | Malaysia’s Petronas partners Waygate Technologies to commercialise co-developed robotic inspection solution | 58 | Petroliam Nasional Berhad (Petronas)Petronas said in a statement that based on the BIKE robotic system, the device enables improved data management and inspection of confined or hard-to-reach spaces in oil and gas facilities – onshore and offshore. The enhanced technology includes a cleaning tool as well as additional ultrasonic and eddy current inspection capabilities. Under the agreement, Petronas will deploy the updated BIKE robot in more facilities, while WTR will provide comprehensive training and support services. The agreement also marks the commitment by both companies to promote uptake of the device among its partners and customers. “Petronas is pleased to join forces with the robotics team at WTR for their vast experience and patents in mobile robots and inspection technologies. Coupled with the vision and capability of our research and development (R&D) team, we could create solutions that would benefit our inspection and maintenance operations, as well as streamline our asset management. We also look forward to offering these solutions to other companies in the future,” said PTVSB Chief Executive Officer Mahpuzah Abai. The companies are also co-developing two new versions of the tool, the BIKE I-Beam, designed to overcome specific obstacles and sharp edges in confined spaces, and a micro crawler version to facilitate inspection of smaller pipes. “Petronas has been a valued customer of our nondestructive testing (NDT) solutions for years and we are thrilled to now also be able to help advance their remote inspection and cleaning procedures. Our R&D teams have been working closely together to tailor our robotic BIKE platform to their specific challenges. The result is a solution that will allow Petronas to minimize safety risks for their personnel as well as the overall downtime of their assets around the globe,” said WTR Executive General Manager of Visual and Robotic Inspection Solutions Michael Domke. For WTR, the agreement seals another milestone in its strategy to strengthen its automated data caption capabilities and drive innovations that will enhance its customers’ productivity and competitiveness. Robotic inspection solutions are part of its mission as part of the energy technology ecosystem to make energy operations safer and more efficient for people and the planet. Petronas is a dynamic global energy group with presence in over 50 countries. It produces and delivers energy and solutions that power society’s progress in a responsible and sustainable manner. It seeks energy potential across the globe, optimizing value through its integrated business model. Its portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions. Waygate Technologies is an industrial inspection solutions provider and the world leader in nondestructive testing (NDT) ensuring safety, quality and productivity. It combines more than 125 years of experience and a collection of heritage brands including Krautkrämer, phoenix|x-ray, Seifert, Everest and Agfa NDT. It drives digital transformation through a broad portfolio of solutions in industrial radiography and computed tomography (CT), remote visual inspection (RVI), ultrasound (UT), eddy current, and robotic inspection. Headquartered in Germany, it is part of the digital solutions segment of Baker Hughes. Petronas Future Tech 2.0 welcomes 20 Malaysian deep tech startups including drone tech firm Aerodyne |
https://technode.global/2022/03/25/fintech-continues-to-be-a-hot-sector-in-southeast-asia-after-a-booming-2021/ | FinTech continues to be a hot sector in Southeast Asia after a booming 2021 | 58 | Editor’s note:FinTech will continue to be one of the hottest sectors in Southeast Asia after record amounts were pumped into the region’s FinTech firms last year, according to investors. Central banks in the region are also in the midst of opening up the highly-regulated financial sector in a bid to spur innovation to improve efficiency and serve the unbanked population. Thailand is preparing rules for the setting up of virtual banks, getting ready to join peers including Singapore and Malaysia in promoting FinTech to spur competition and wider access to banking services, Digital payments, e-wallets transactions have skyrocketed over the past two years when COVID-19 pandemic hit. More consumers and merchants are adopting digital payment in their daily lives. For Malaysia-based digital mortgage crowdlending platform “More than 70 percent of Southeast Asia population is underbanked or unbanked according to Bain & Co. Over the years, while there has been huge development and adoption in the payment space which was also accelerated by the Covid-19 pandemic, there is still much potential in the investment, lending, savings and decentralized finance (DeFi) space today,” HomeCrowd Founder Dave Chew told “We focus on the mortgage lending space which is a traditionally ‘unsexy’ industry that has been long in need of disruption,” he said. “We decided to base and launch in Malaysia as it is an ideal ‘test bed’ for developing FinTech solutions and further scale into the Southeast Asia region. We see a huge untapped market in the rural area and villages in the country where there is a community that lacks access to traditional financial services compared to those living in the urban areas where the majority of the FinTech startups predominantly focused on. ”Chew said Islamic FinTech is also an interesting space. “Malaysia is the world leader in the traditional Islamic finance space thus there are also huge talents pools available. Some of them already reskilled themselves to join the FinTech space. ”Even before the coronavirus hit, global FinTech revenues in 2018 were about 92 billion euros ($101.24 billion) in 2018 and are expected to grow to more than 188 billion euros ($206.89 billion) in 2024, according to a pre-COVID forecast by Deloitte, an audit and advisory firm. Venture capital investments in Asia Pacific-based FinTechs surged to a record high of $15.69 billion in 2021, more than double the prior year’s figure of $5.87 billion, according to S&P Global Market Intelligence’s 2022 Asia-Pacific Fintech Market Report published recently. Zooming into Southeast Asia, FinTech startups raised $5.83 billion in funding last year – out of at least $23.18 billion in equity funding and another $2.57 billion in debt financing raised, according to “The pandemic has strengthened the case for FinTechs, and we believe that venture capitalists are likely to remain invested even as a market pullback clouds the outlook for IPO or blank-check exits,” Celeste Goh, Fintech Research Analyst at S&P Global Market Intelligence said in a statement earlier this month. “The uncertain market conditions ahead, however, may nudge investors toward mature FinTechs that have demonstrated financial discipline and B2B companies, which tend to have better unit economics than their consumer-facing counterparts. ”AC VenturesAccording to AC Ventures, FinTech remains a sought-after sector in the region, drawing capital from well-known European and US FinTech-focused funds. “We continue to see innovative business models as consumers are more accustomed to transacting from their phones. Concurrently, mobile phones present a high engagement platform and strong source of data to promote financial inclusion and literacy while unlocking access to commerce and financing,” the Jakarta-based VC firm Founder and Managing Partner Adrian Li told “Although the growth in the FinTech space has been ultra explosive in the past two to three years, technology has barely touched the surface in the Southeast Asia financial services industry if we compare it to the $8 trillion loan disbursed in Indonesia alone in 2021, based on data from Financial Services Authority of Indonesia (OJK). We continuously monitor the space closely and look forward to backing the best team and business model,” he said. Indonesia-focused AC Ventures’ FinTech portfolio companies include payment gateway unicorn Li said AC Ventures has seen a wave of early wage access and open finance companies completing their initial funding rounds. “On the B2B side, insurance or employee wellness is an interesting model as the push to wellness and health had been amplified with the pandemic. In 2022, we identify several potentially exciting models from the more mature market. For instance, innovative credit scoring, mortgage FinTech, and teenage banking models are among our deal pipeline. ”FinTech is one of the top few sectors of investment for Gobi Partners, according to its Managing Partner Kay-Mok Ku. “Notable companies we have invested in include Julo and Large, youthful consumer markets with low traditional banking penetration and more open regulation such as Indonesia and the Philippines are probably the most attractive markets, Ku said. “Consumer payment and credit will likely constitute the most substantial part of the FinTech sector while more developed markets in the region will see an expansion of digital insurance and wealth management services,” he added. The central bank of the Philippines has approved six digital banks while there are seven licensed digital banks in Indonesia. AC Ventures’ Li also shared his observations in Indonesia. “In Indonesia, we have seen multiple waves of technology disruption in the financial services industry, from simple functions such as payments and transfers pioneered by e-wallets and first-generation banks to bank transfer companies. Subsequently, more products and services are built upon peer-to-peer (P2P) payments as credit scoring is integrated between traditional banking and digital economy data, giving birth to the proliferation of P2P lending companies where we have a footprint at such as The market later identified further opportunities in facilitating more sophisticated investing activities such as online brokerage, investment, and cryptocurrencies, he said. “Concurrently, we also witnessed the rise of InsurTech players that complement existing digital marketplace services such as e-commerce, travel insurance, protection for gig economy riders and drivers, and many more. Essentially, one digital infrastructure paved the pathway for new business models to prevail on them. As penetration grows, Li said new solutions can also be built on payment platforms themselves such as payment aggregators which now offer better user interfaces or integrations on top of payment gateways. Within FinTech, there has been differentiation made in areas such as expense management or digital banking sector where companies are targeting different niches for instance corporate clients, pre-banked segments, shariah, among others. The moves to target those untapped and underserved segments will continue to expand the industry’s total addressable market, like Bain, Google and Temasek’s report indicated a very positive outlook in FinTech in the region between 2021 and 2025. Within the timeframe, digital payment in the region is forecasted to grow to $1.7 trillion, digital loan book is expected to reach $116 billion, and FinTech investments asset under management is expected to reach $92 billion. The financial sector is one of the most supervised and highly-regulated economic sectors. Regulators globally are becoming far more active in the FinTech space to understand the risks and concerns associated with this growing industry. HomeCrowd’s Chew said regulation is the biggest challenge faced by his company, similar to other FinTech startups in Malaysia. “[Previously] Regulators tend to regulate us [FinTech startups] like the traditional finance players. The engagement process with regulators is complicated as there are various authorities regulating respective spaces. Some are overlapping with each other,” he said. However, he noted the situation has improved as regulators said that they will look at the FinTech industry differently in a bid to promote more innovation and experimentation. In Malaysia, central bank Bank Negara Malaysia has launched The Regulatory Sandbox in October 2016, to provide a regulatory environment that is conducive for the deployment of FinTech and facilitates overall innovation in the Malaysian financial sector. The Regulatory Sandbox also seeks to encourage innovation and the delivery of financial services by granting regulatory flexibilities for FinTech solutions with genuine value proposition to be experimented in a production or live environment. It has received 106 applications to-date. “We hope that our government and regulators would support FinTech startups better by regulating us progressively based on the stages of the companies (early to late-stage), not a one-size-fits-all kind of regulatory framework,” Chew suggested. HomeCrowd, which is in the midst of raising $1 million for its seed round, aims to help underserved millennials using a data-driven credit scoring that grants them access to a peer-to-peer (P2P) lending platform for a mortgage loan. The startup expects to secure a license within a month or two after meeting the additional paid-up capital requirement which is entailed in its in-principle approval from the Housing Ministry. Generally, AC Ventures’ Li said all financial services companies face similar structural and macro problems surrounding data availability/Know your customer (KYC), low financial literacy, and limited access to banks and other financial services. “The same challenge prevails for both traditional and tech companies. Nonetheless, some FinTech firms are built on the premise that they will bridge the gap and alleviate the structural problems by improving access, enriching data, and others,” he added. Although the region provides growth opportunities for FinTech startups, regulations in different countries using different sets of laws could deter FinTech players to expand beyond their home markets. Gobi’s Ku pointed out that different regulations across the markets make it difficult to build truly regional startups from scratch. “But this might change if mergers and acquisitions allow different local startups to be rolled up as a regional FinTech company,” he added. Meanwhile, Li said that regional expansion is still a possibility as companies look to replicate their products beyond their home market. He concurred with Ku’s view that regional expansion would be more difficult given the regulatory and compliance requirements for FinTech businesses. “Xendit’s regional expansion has demonstrated that it is possible to achieve but we Indonesia- based FinTech businesses are fortunate to have the single largest Asean market to grow into without needing to consider regional expansion pre-maturely,” he quipped. Featured image credit: Edi Kurniawan on UnsplashSoutheast Asia FinTech fundraising hits record high of $3.5B year to date – report |
https://technode.global/2022/03/24/the-securities-commission-malaysia-registers-two-initial-exchange-offering-operators/ | Securities Commission Malaysia registers two initial exchange offering operators | 58 | The Securities Commission Malaysia (SC)The regulator said in a statement, the registered IEO operators will provide an alternative avenue for eligible companies to raise funds via the issuance of digital tokens in Malaysia. An issuer may raise funds up to MYR100 million ($23.65 million) from retail, sophisticated, as well as angel investors, subject to the investment limits provided in the SC’s Guidelines on Digital Assets. According to SC, these new operators will be required to carry out the necessary assessments, among others, to verify the issuer’s digital value proposition, review the issuer’s proposal and disclosures in its Whitepaper, and undertake a comprehensive due diligence on the issuer and its token offering, prior to hosting the issuer’s digital token on their platform. In addition, it said they will be given up to nine months to comply with all the regulatory requirements before commencing operations, and this includes putting in place a robust and effective Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) process to mitigate Money Laundering and Terrorism Financing (ML/TF) risks. The SC also reminded members of the public that they are not permitted to offer, issue or distribute any digital assets, which have been prescribed as securities, in Malaysia without obtaining a registration or authorisation from the SC. In this regard, a person convicted may be liable to a fine not exceeding MYR10 million ($2.37 million) or imprisonment for a term not exceeding 10 years or both. Members of the public are also advised to be mindful of the risks related to investing in digital assets, including risks of investing on platforms not registered with the SC. Malaysia capital market regulator reviews SPAC framework – report |
https://technode.global/2022/03/23/malaysias-iprice-group-raises-5m-from-itochu-corporation-and-kddi-corporation/ | Malaysia’s iPrice Group raises $5M from Itochu Corporation and KDDI Corporation | 58 | iPrice GroupThe additional funding will bolster iPrice’s role in finding shoppers the best deals as Southeast Asia’s e-commerce market becomes increasingly difficult to navigate, iPrice said in a statement. IPrice recently launched a Price Watch service allowing users in Indonesia to receive alerts of their desired products’ price drops directly at iPrice App. The service will continue to roll out in Singapore, the Philippines, Malaysia, Vietnam, and Thailand throughout 2022. With the new funding, iPrice will expand its services to the lending market by helping users find not only the best e-commerce offering but also the best consumer loans to fund their purchases. A Google report predicts that digital lending will hit $92 billion in transactions by 2025 due to its current acceleration in Southeast Asia, and the comparison platform intends to meet consumer demand. iPrice Group is Southeast Asia’s online shopping companion. With a mission to bring a greater level of transparency, convenience, and trust to the e-commerce market across Southeast Asia in order to help people save money, the company today operates in seven countries across Southeast Asia namely Malaysia, Singapore, Indonesia, Thailand, Philippines, Vietnam, and Hong Kong. Currently, iPrice compares and catalogues 7+ billion e-commerce offers from more than 8 million sellers, attracting more than 130 million unique users in 2021 across the region. It currently operates under its own brand iPrice and through various partnerships with leading apps, such as SmartPay (Vietnam), GoRewards (Philippines), Home Credit (Indonesia) Visense (Singapore), Robinsons rewards (Philippines) and Boost (Malaysia). Cited a Facebook and Bain & Company report, iPrice said that in 2021, the number of platforms used by Southeast Asia digital consumers has steadily risen to 7.9 websites per user on average, nearly 52 percent more than 2020. This trend creates a reinforced need for a curated catalogue to provide transparency across platforms and help users save money among multiple marketplaces. iPrice addresses this need by aggregating the best offers from more than 7 billion products and 8 million sellers on a single platform. In 2021, more than 125 million unique users across the region used iPrice platform. “Besides comparing products, prices, sellers’ reputations, and delivery conditions, we are continually deepening our expertise to help shoppers in various ways – be it aggregating seller vouchers, creating an app that alerts users of their desired products’ price drops, or finding the cheapest loans to fund their purchases,” said iPrice Group Chief Executive Officer Paul Brown-Kenyon. iPrice is also excited to welcome Itochu as part of the capitalization table. Although known for its trading operations, Itochu has vast experience in the area of lending and its subsidiary, PT ITC Auto Multi Finance, operates a lending business in Indonesia under the brand Payku. “We’re very excited that we can leverage our investors’ extensive lending experience. The first step in our strategic cooperation will be adding Itochu’s subsidiary, Payku, as a key lending partner in Indonesia. Their expertise will be vital as we further penetrate the lending market,” added Brown-Kenyon. Malaysia’s Vase. ai raises seed funding led by Indelible Ventures |
https://technode.global/2022/03/21/malaysias-touch-n-go-ewallet-and-singapores-dotlines-collaborate-to-include-migrants-into-the-cashless-society/ | Malaysia’s Touch ‘n Go eWallet and Singapore’s Dotlines collaborate to include migrants into the cashless society | 59 | Touch ‘n GoA cashless society is now closer than before, and with this collaboration, the migrant community can fully embrace and be part of the cashless society, both parties said in a statement on Monday. Headquartered in Singapore, Dotlines is a technology-powered consumer and business solution group, working in 10 verticals in more than 21 impact sectors under different brand names. Dotlines has developed many applications that include the Sohoj app, fully developed in the company’s second development center in Malaysia. Launched in 2016, the Sohoj app enables the migrant community to stay connected constantly, transfer top-ups, buy goods and services for self and families back home, and transact securely via its widely spread retail partners. Over the last 5 years, Sohoj has built a strong physical retail store and agent network comprising of 12,000 touchpoints. Under the collaboration, Touch ‘n Go eWallet will be able to capitalise this network to be closer to these migrant workers and bring them under formal financial inclusion, through assisted account activation, near-to-home top-up, and many more. Features of the Sohoj app will be made available within Touch ‘n Go eWallet, which serves the purpose of enabling migrants to reload and transfer top-ups to their families back home. With these features, migrants can purchase internet packs or airtime and send them to their family and friends back home. The process is straightforward. Upon selecting the chosen country and preferred internet pack or airtime packages, users will just need to key in the receiver’s phone number and proceed with paying through their Touch ‘n Go eWallet. The services are available for countries such as Bangladesh, Indonesia, Myanmar, Nepal, India, Pakistan, Myanmar, the Philippines, and Vietnam. “There is a significant number Touch ‘n Go eWallet users from the migrant community now. With the surge in demand for cashless and contactless payments, we see this as an opportunity to further include them as part of the cashless society in Malaysia. Touch ‘n Go eWallet hope to continue bringing services that provide for our migrant friends’ convenient and cashless way of daily living. Through this collaboration with Dotlines, they can easily transfer top-ups, buy goods and services for themselves and their loved ones back home and ensure a safe transaction with Touch ‘n Go eWallet,“We will introduce more and more curated services to our migrant friends in the coming months. At the same time, we have also ensured our network of retail and reload merchants for Touch n go eWallet includes those that serve the migrant segment,” said Danny Chua, Chief Commercial Officer of TNG Digital Sdn Bhd. Undoubtedly, COVID-19 has caused a surge in demand for cashless and contactless payments. As more and more merchants head towards the cashless mode of payment, the merchant migrants’ acquirer programme is a priority for Touch ‘n Go eWallet and Dotlines. More small and medium-sized enterprises (SME) merchants are coming forward (particularly those who are serving the migrants segment) to sign up as a merchant on Touch ‘n Go eWallet. “Our platform for migrant services, Sohoj, has helped millions of blue-collar Bangladeshi, Nepalese and Indonesian individuals to enjoy a better digital life and stay connected to their families back home. We patiently built a curated network of 12,000 touchpoints across Malaysia to facilitate the life of these migrant workers in an assisted manner. Touch ‘n Go is a strong impact brand in Malaysia, and with this collaboration, we will make the lives of the migrant workers even better,” said Tareq Udden, Chief Commercial Officer and Head of SEA of Dotlines. Malaysia fintech and e-wallet provider MyMy set for beta testing and reveals Malaysian-inspired product innovations |
https://technode.global/2022/03/18/carsome-and-public-bank-sign-mou-for-car-financing-collaboration/ | Carsome and Public Bank sign MoU for car financing collaboration | 59 | Malaysian lender With this MoU, the bank will be able to provide stock-financing and end-financing arrangement for the vehicles to its member Car Dealers and individual purchasers who have won the bids through Carsome online platform, as well as to extend wholesome financial products/services to Carsome’s customers, Public Bank said in a statement. According to Public Bank Managing Director and Chief Executive Officer Tay Ah Lek, Public Bank through this collaboration aims to offer comprehensive financial services solution namely PB Current Account, PB Enterprise, Cash Management and Credit Card Merchant Service with preferential terms to Carsome and its member Car Dealers. “This synergistic collaboration is in line with Bank Negara Malaysia’s initiatives to accelerate the digitalisation of financial services, which include supporting the overall development of a dynamic fintech ecosystem in Malaysia. This collaboration will enable Public Bank to interface with Carsome’s online platform to provide a more efficient and seamless vehicle financing delivery system, thus further reducing processing time as well as minimising physical documentation for the financing of successful bidding of vehicles. Through this collaboration, Public Bank is confident to further improve our market share in the vehicle financing segment,” Tay said. “Being a leading financier in the automobile industry, Public Bank’s strong infrastructure will bring mutual benefits to this new relationship with Carsome. And Carsome will be able to leverage on our wide network of branches and HP Centres which are stronglysupported by the trust in our PB Brand to extend market acceptance of its platform,” he added. Public Bank also said it is committed to support Malaysia’s transformation to digitalisation and will continue to initiate new or improve existing efforts in the future. “We are thrilled to be working with Public Bank, an established banking institution in Malaysia to offer financing solutions to our customers and dealer-partners. Our vision has always been to create an end-to-end integrated online used vehicle ecosystem; our partnership with Public Bank brings us one step closer to that, as we are able to give more financing options to our customers and dealer-partners when they transact with us,” said Eric Cheng, Carsome Co-Founder and Group Chief Executive Officer. Carsome is Southeast Asia’s largest car e-commerce platform with operations across Malaysia, Indonesia, Thailand and Singapore. The company provides end-to-end solutions to consumers and car dealers, from car inspection to ownership transfer to financing, promising a service that is trusted, convenient and efficient. Listed on the Malaysian Stock Exchange, Public Bank is a bank based in Malaysia, offering financial services in Malaysia as well as the Asia-Pacific region. Malaysia’s Carsome acquires majority stake in Singapore integrated automotive firm CarTimes Automobile |
https://technode.global/2022/03/18/grab-financial-arm-and-sedania-introduce-grab-cash-financing-i-for-grab-drivers-and-delivery-partners-in-malaysia/ | Grab Financial Group partners Sedania to provide Shariah-compliant financing to Malaysian drivers | 59 | Grab financial armBoth parties said in a statement that Grab Cash Financing-i aims to provide Grab’s driver- and delivery-partners with convenient and secure access to financing, so they can more easily address their immediate household and financial needs. This financing option lowers the barriers to micro-financing which is typically inaccessible to those below a certain income level and lack a formal credit history. This solution is made possible through SASC’s GoHalal Financing Programme (GHP), which ensures the financing activities and operations are compliant with Shariah principles and practices. The GHP has key Shariah compliance tools to enable Shariah financing and among key features are Shariah Advisory Services by Afsha Shariah Advisory and As-Sidq Digital Trading Platform using Digital Commodities for real time transaction and processing. These key features are crucial elements to uphold the Shariah principles in micro financing in the digital ecosystem which makes it a very unique proposition. According to Nisa Ismail, Chief Executive Officer of SASC, it is important that micro-financing is made available to all Malaysians and the products and platform are Shariah-compliant to ensure transparency in the financing terms and conditions. The GHP is developed with digital acceleration in mind to better position Shariah financing in today’s and tomorrow’s economy. “As the world grapples with the economic impact of the pandemic, access to inclusive financing options in the gig economy remains limited. During this trying time, it is important for every Malaysian to be supported and have convenient access to financial assistance and services that will help them thrive and move forward. We are honoured to work alongside Grab Financial Group to offer the Grab Cash Financing-i programme to their driver and delivery-partners who have been serving as front liners during the pandemic,” said Nisa. Cited a survey which was conducted among Grab’s driver- and delivery-partners, the statement said 65 percent of them cited that a Shariah-compliant financing option was important to them. Their main financing needs included emergency and personal expenses, current loan settlement and education for family members. When the programme was introduced in December 2021 to a limited number of eligible partners, it received encouraging responses. “Since introducing the programme, we saw a take-up rate of 16% among eligible Grab drivers and delivery-partners. Grab Cash Financing-i is just one of GFG’s collaborative efforts with like- minded partners like Sedania to democratise financial services for everyday Malaysians. Our ecosystem, technology and data provide unique insights into our partners’ earnings and spendings, and subsequently their risk scorecard and payment capabilities. We can then customise products that cater to their financial needs,” said Sean Goh, Managing Director and Head of GFG, Grab Malaysia. Following the encouraging response, GFG is officially piloting the Grab Cash Financing-i to a larger pool of eligible drivers and delivery-partners. Eligible partners will receive communications about the programme with a link so they can apply conveniently with no documents and collateral required. Meanwhile, the product is offered to those under 75 years old with minimum monthly earnings of MYR800 ($190.27) earning as a Grab partner, and automated payments are made directly from the partner’s daily earnings to facilitate the financing payments. According to the statement, this product launch is in line with GFG’s mission to drive financial inclusion across Southeast Asia by offering simple, transparent and flexible financial products. Prior to this, GFG has already been providing financial products to drivers and delivery-partners in Malaysia under the banner of the GrabBenefits Programme. Access to affordable insurance, financial literacy courses, fuel subsidies and advanced shopping vouchers are meant to help them defray their daily expenses and be more financially resilient. During the pandemic and recent floods, affected driver and delivery-partners received financial relief to assist with their immediate needs and expenses. GFG is a Southeast Asian fintech platform with the mission to drive financial inclusion across the region by offering simple, transparent, and flexible financial products. Starting with digital payments in 2017, it now offers a suite of financial products including lending, insurance and wealth management. SASC is a wholly-owned subsidiary of Sedania Innovator, a technology provider that empowers financial institutions with Islamic fintech solutions. Starbucks partners with Grab to enhance Starbucks experience for customers in Southeast Asia |
https://technode.global/2022/03/17/malaysias-carsome-acquires-majority-stake-in-singapore-integrated-automotive-firm-cartimes-automobile/ | Malaysia’s Carsome acquires majority stake in Singapore integrated automotive firm CarTimes Automobile | 59 | Malaysia-based integrated car e-commerce platform Carsome said in a statement the acquisition is an important move that further strengthens its market leadership in the region, and reinforces its commitment to drive ecosystem expansion. Carsome Co-founder and Group Chief Executive Officer Eric Cheng said that CarTimes has built a strong brand in Singapore, trusted by local customers and partners since 2001, through a seamless car transaction process supported through a broad range of ancillary services such as financing and insurance. “We are thrilled to announce the partnership with CarTimes, the team of which has over twenty years of experience in the auto industry. This partnership will enable us to deepen our footprint in the Singapore auto market, and augment our ability in bringing trust, choice and transparency to customers together,” he said. Established in 2001, CarTimes is one of the largest and trusted, award-winning auto companies in Singapore, which offers a full suite of auto solutions ranging from new and used car retail, rental, financing, insurance to repair, maintenance and workshops. In alignment with Carsome’s mission of prioritizing customers’ values, CarTimes built its business to ensure every customer can enjoy ultimate peace of mind at every step of the car transaction and ownership journey. CarTimes Founder and Managing Director Eddie Loo said that the partnership with Carsome is crucial in assisting them to better serve customers and to provide them with the resources to digitize and improve the two-decade-old relationship that they have with their customers. “We are extremely excited to be able to find a partner who is fully aligned with our core values and is bringing innovation, technology, and regional experience to our team. Having built an automotive ecosystem of services for our customers here in Singapore, we believe that we have managed to convey our vision of providing a peace-of-mind buying experience to our customers,” he said. The acquisition comes after the company’s recent announcement of completing its acquisition of iCar Asia, a listing and content automotive platform in Southeast Asia, and the appointment of Digbijoy Shukla as Head of Merger and Acquisition and Ecosystem Strategy. Carsome is Southeast Asia’s largest integrated car e-commerce platform. With operations across Malaysia, Indonesia, Thailand and Singapore, it aims to digitize the region’s used car industry by reshaping and elevating the car buying and selling experience. The company provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising to bring trust, choice and transparency to our customers. It currently has more than 3,000 employees across all its offices. Malaysia’s Carsome buys 51% stake in Singapore used car dealer CarTimes for $60M – report |
https://technode.global/2022/03/17/malaysias-mranti-to-open-new-learning-and-development-centre-to-ramp-up-technology-savvy-talent-pool-and-innovation-portfolio/ | Malaysia’s MRANTI to open new learning and development centre to ramp up technology-savvy talent pool and innovation portfolio | 59 | The Malaysia Research Accelerator for Technology and Innovation (MRANTI)The new learning and development centre will offer a spectrum of 4IR focused tools, technologies and technology immersion programmes, aimed at gathering communities for greater experimentation and collaboration in a bid to increase local inventions, MRANTI said in a statement. “Opportunities in artificial intelligence, automation, electrification, data science, cloud computing and 3D printing are booming! However, many reports show that Malaysia needs more scientists, engineers, technologists to fill critical occupations1 as we enter the Fourth Industrial Revolution (4IR) era – just as much as we need to up-end our innovation commercialisation rate. While roadshows allow us to reach all corners of Malaysia to fan interest in technology and innovation, a central hub allows for the meeting of minds. This is where ideas for impact are sparked, where thought and tinkering become a thing,” said its Chief Executive Officer Dzuleira Abu Bakar. Cited KPMG survey, MRANTI said Malaysia’s capital city Kuala Lumpur is among top 10 cities in Asia Pacific seen as a leading technology innovation hub. “We want to maintain our competitive edge. This requires us to cultivate ideas from an early stage, effectively transition and scale them for sustainable impact. As a connector, MRANTI aims to match solutions to problems, MakersLab would be a springboard to cultivate creative and innovative problem-solving skills from within the community,” she said. Located at MRANTI Park in Bukit Jalil, MRANTI MakersLab will offer innovators, students and hobbyists with quick, affordable and convenient access to tools, equipment, space and knowledge for the rapid prototyping of solutions. It is ideal for sandboxing smaller scale ideas and tinkering of hardware and software in a dedicated space. “Between April and May, a pop-up makerspace will serve as a prelude to MRANTI’s MakersLab and we invite school students, youth and the STEM community to come over to realise their ideas now. Visits are currently by appointment basis for best maker experience,” said Dzuleira. Dzuleira explained that MRANTI’s MakersLab adds to the suite of MRANTI Park’s 686 acre integrated facilities for end-to-end research, development, commercialisation and innovation (R&D&C&I) services. MRANTI Park currently hosts five Living Labs for dronetech, unmanned autonomous vehicles (UAV), 5G, BioScience (Agriculture, Healthcare, Bioindustry), and 4IR technologies – ideal for stress-testing innovations in a closed environment. From here, viable products and solutions can be brought on to real-world test beds including the National Technology & Innovation Sandbox sites for live environment testing, and further, primed for industrial-scale contract manufacturing, consulting and a host of go-to-market programmes at MRANTI Engineering and MRANTI Nexus facilities. “Ultimately we want to increase the R&D commercial output of local innovations,” said Dzuleira. At the MRANTI’s World Engineering Day launch recently, Dzuleira shared that one of the key measures for Malaysia to achieve the high tech nation status is having a 1 to 100 engineer to population ratio. According to the Board of Engineers, Malaysia (BEM), the engineer to population ratio for Malaysia is 1:174. “There is a high demand for engineers and the skills gap in engineering will negatively affect areas of the United Nations Sustainable Development Goals in terms of clean energy, sustainable cities and climate action,” said Dzuleira. “At MRANTI’s MakersLab, we want to foster a culture of learning-by-doing, innovation, hands-on exploration here – where the community can be involved in the shaping of world-class Malaysian-made inventions which could someday be applied to address critical societal and planetary issues,” she said. MRANTI’s World Engineering Day celebration, in collaboration with BEM, the Institution of Engineers, Malaysia (IEM), and STEM4ALL Makerspace, drew in over 500 students, educators, innovators and technology enthusiasts. Over two days, events and activities included a series of talks, forums, competitions, exhibitions and design workshops themed Build Back Wiser – Engineering The Future. MRANTI’s community, corporate, academia and research outreach engagement sessions are aimed at strengthening collaboration within the innovation ecosystem. MRANTI is the one-stop research commercialisation agency with the resources to accelerate the commercialisation of innovative ideas that will drive impact. As a connector, collaborator and catalyst, it connects problem statements (demand) with solutions (supply), bridging collaboration between public and private sectors (transition); increase private sector participation, either through market access, investment, advisory or consultation and facilities for testing and prototyping. Malaysia needs “big innovation purpose” to stay ahead, says its government agency MRANTI |
https://technode.global/2022/03/17/malaysias-drone-tech-hub-ambition-opportunities-challenges-part-2/ | Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 2] | 59 | Editor’s note:The global market for Unmanned Aircraft Systems (UAS) or drones has grown significantly over the last decade. Rapid technological development on the hardware has resulted in robust and reliable aerial platforms now addressing a growing number of civil and industrial use cases, across a diverse set of verticals including oil & gas, agriculture, logistics, and many others, a A number of challenges, however, still constrain widespread adoption of UAS technology in these commercial contexts. One of the key challenges drone tech firms face is to thread the fine line of encouraging innovation while maintaining public safety and confidence at the same time, according to Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer Mahadhir Aziz. “Also, drone tech companies may face regulatory hurdles as the drone regulation varies in different countries,” he told While regulations are needed to be put in place to ensure safety of the public, “Drone companies often need to abide by strict certification and compliance for drone operations, which may result in long periods for permits, limited guidelines for Beyond Visual Line of Sight (BVLOS) flights, and multi-agency approvals,” she said in a separate interview. Besides regulations, both “Drone regulations are always stringent globally because drones are considered ‘high risks’, with concerns related to privacy and safety. [But] I’m supportive of having stringent and proper regulations in place,” Kamarul said. “For example in Australia, it is stringent in terms of regulation, but at the same time, it’s easy to operate businesses there. In Malaysia, I’m very encouraged by the support from the CAAM. Soon they’ll announce the authorized training organization. They are already putting in the structure that will make it easy for us to operate. ”He said drone tech firms have to look beyond the Malaysian market and build world-class technology to compete globally. While he noted universities in Malaysia are churning out good quality talents that drone tech firms can tap into, there is still insufficient talent for fast-growing tech firms like Aerodyne and the industry. “This is especially so when we are trying to build world-class technology. We are not building technology only for Malaysia, but looking at technology that can be exported globally. This technology needs to be at par or better than technology that has been developed in Israel, Japan, in the US. Attracting the best talent is a challenge,” he said. Kamarul, however, did notice that there are already a series of initiatives from various government agencies to support the drone tech industry. “I think there’s a coordinated effort by the government to support the industry. This will result in better talent, and better support in terms of funding, visibility. ”Malaysia government agencies such as MDEC, have designed and implemented several initiatives to fast-track growth of the country’s DroneTech industry and high potential companies such as DroneTech Testbed Initiative and collaboration with The World Economic Forum. “We are proud to share that some of the Malaysia-based drone companies are part of MDEC’s Global Acceleration and Innovation Network (GAIN) program, which helps high potential Malaysian tech companies to scale up regionally and globally via four unique pillars – Gateway, Amplify, Invest and Nurture,” MDEC’s Mahadhir said. In a recent report by Drone Industry Insights (DRONEII), a drone market research and analytics company, besides Aerodyne which came out first on the list, there are other also other Malaysia-based drone tech companies – Meraque (#19), Poladrone (#27), and OFO Tech (#36) included in the list. Aerodyne, For example, Poladrone received the Global Technology Fund from MDEC in 2020 to develop Oryctes, the world’s first precision spot spraying drone designed for oil palm. “MDEC also works closely with other government ministries and partners such as MaGIC and partners via the MDEC also strongly encourages entrepreneurs and local SMEs to explore emerging opportunities and technology applications for industries such as agriculture, construction, energy, infrastructure, and public safety, he added. MRANTI, a merged entity of MaGIC and Technology Park Malaysia under the Ministry of Science, Technology and Innovation, is also closely supporting the industry. “Drones will be one of our immediate priorities in the first phase of MRANTI, through which we aim to build partnerships to bridge the gap between technology and industry demand, deploy intervention programs to support the drone tech ecosystem with the necessary programs and interventions to accelerate commercialization,” MRANTI CEO Dzuleira told “The task at hand is to create a basket of such companies and expand the ecosystem so that we elevate the rewards and returns from such ventures,” she added. Government FundingThe National Budget for 2022 outlines several areas where drone tech and related industries will be given the spotlight as Malaysia strives to become the drone hub of Southeast Asia. This includes:National Technology and Innovation Sandbox (NTIS)Agriculture Sandbox at FELDA Mempaga, Pahang, Robotics & Automation Sandbox at Drone and Robotic Zone Iskandar (DRZ Iskandar), Urban drone delivery in Cyberjaya and Area57. Area 57In September last year, Malaysia has launched a drone development zone “Through Area 57, we can conduct more thorough case studies and encourage adaptive regulations that can spur innovations. It will allow more collaborations with other government agencies and authorities to ease the development of the drone tech industry,” Dzuleira said. For example, last year, the CAAM launched three Civil Aviation Directives directly relating to drones allowing the industry as a whole to operate with more clarity and safety. Among agencies that Area 57 will be cooperating with are Department of Survey and Mapping Malaysia (JUPEM), Malaysian Communications and Multimedia Commission (SKMM), SIRIM, Department of Environment and Chief Government Security Office. “With Area 57 as a one-stop-center for the drone tech ecosystem, we hope to see more drone companies and academia from various higher educational institutions in contributing feedback to build a stronger ecosystem, she said. Area 57 provides integrated facilities to UAS/drone innovators, developers and manufacturers in every step of the drone development lifecycle from the design phase, testing phase until the service and maintenance phase once the infrastructure is completed in the second quarter in 2023. It will also assist the drone industry players and stakeholders in engaging with relevant government authorities and regulators for testing activities and certifications besides offering license certification training. It also engages with the communities and future generations through events and expos including seminars, exhibitions, roundtable sessions. It is worth noting that besides providing a one-stop center to support the drone community from design to maintenance, Area 57 also aim to connect these companies with local authorities for testing and certification. More capacity-building programs will be offered soon, Dzuleira said. “Through MRANTI, we aim to build partnerships to bridge the gap between technology and industry demand, deploy interventions programs to support the drone tech ecosystem, and to provide facilities and infrastructure to nurture the growth of drone tech innovations. ”According to her, the prioritized sectors for Drone Tech in Malaysia include:In January, Taking a cue from China where there is the emergence of tech giants such as Alibaba, Baidu, Tencent and Xiaomi, Aerodyne’s Kamarul said the government should also support and encourage the adoption of technology. Drone tech companies, on the other hand, should better position themselves and focus on specific markets, collaborate and find ways to complement each other, he said. “Malaysian players should get together. We can still have healthy competition but let’s come together to build the ecosystem,” he said. “Drone startups should find their own niche, develop solutions which can provide value to their clients. ”For example, instead of trying to build a drone, or hardware, which some of the larger corporations like China-based While it may not be easy for drone tech firms to export their services due to strict regulations, Malaysian firms can work with and invest in local partners in foreign markets, Kamarul added, as he shared Aerodyne’s experience. He also suggested government-linked companies (GLCs) to work and collaborate with tech firms, and adopt local technology to help create a stronger tech ecosystem. More testing sites, funding, and collaboration with large corporations are some of the ways to support the drone tech industry, VStream Revolution CEO Saravanan Chettiar told “We should have more drone R&D sites or test sites that can be used by drone tech companies with facilitation for permit application,” he said. There should be more investments or fundings made available for startups and strategic partnerships with industry players including national oil firm Petronas, state-owned palm oil plantation agency Felda, Malaysian Highway Authority (LLM) and others, he suggested. MDEC’s Mahadhir suggested drone tech startups to understand the drone landscape in Malaysia and also globally. “Pay close attention to not only the market needs but also to the local regulations. Secondly, MDEC strongly recommends drone tech startups to engage us. MDEC is here to help startups navigate through the industry as we have established a strong network and support in the drone tech industry. Our support can range from networking, business facilitation, to market access among others,” he said. MDEC will continue to work closely with the relevant Ministries, agencies and ecosystem players and will be guided by the MyDigital blueprint and the National Fourth Industrial Revolution (4IR) Policy, he added. Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 1] |
https://technode.global/2022/03/17/malaysias-carsome-buys-51-stake-in-singapore-used-car-dealer-cartimes-for-60m-report/ | Malaysia’s Carsome buys 51% stake in Singapore used car dealer CarTimes for $60M – report | 59 | Malaysia-headquartered used car platform Quoting sources, the local media reported that the deal is half in cash and half in shares and believed to be worth around $60 million. Regulatory filings showed that on Mar 7, CarTimes Managing Director Eddie Loo transferred 408,000 ordinary shares in the company to Carsome Group, Malaysia’s first tech unicorn. Loo, who founded the company, still owns the remaining 49 percent of CarTimes. Carsome and CarTimes have yet to respond to Established in 2001, CarTimes Group provides a full-suite of solutions, from retail, rental, insurance and workshop servicing, information from its website showed. The news comes as Carsome is said to be preparing for an initial public offering in the US later of the year. Carro claims to be Singapore’s number one car marketplace that offers a full-stack service for all aspects of car ownership. Besides buying and selling of new and used cars online, Carro also offer car loans, car repair and maintenance services at its workshop. Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising a service that is trusted, convenient and efficient. It transacts more than 100,000 cars on an annualized basis, which translates to around $1 billion in revenue. It has expanded into Indonesia, Thailand and Singapore. In January, Carsome announced the completion of its $290 million Series E round, increasing the company’s valuation to approximately $1.7 billion. Featured photo credit: CarTimes Malaysia unicorn Carsome raises $290M in Series E financing |
https://technode.global/2022/03/15/malaysia-aviation-group-partners-with-bnpl-platform-hoolah-to-enable-travellers-in-malaysia-singapore-and-hong-kong-to-pay-for-flights-over-time/ | Malaysia Aviation Group partners with hoolah for travellers in Malaysia, SG, HK to pay for flights over time | 59 | Malaysia Aviation Group (MAG)Through this collaboration, travellers in Malaysia, Singapore and soon Hong Kong, can now book their getaway with MAG’s main airline, Malaysia Airlines online and pay for their flights via hoolah’s flexible three-month, interest-free payment option, both parties said in a statement. This means that travellers can fly to their destination and enjoy their vacation before paying for the ticket in full while spreading the cost over three monthly interest-free instalments, it added. This partnership comes at an opportune time as travel is picking up in Singapore where its borders are already open to 30 countries/regions including Australia, South Korea, and Switzerland under the Vaccinated Travel Lane (VTL) scheme, and the anticipated soon-to-launch VTLs with Greece and Vietnam. As a member of the Travel Safe Alliance Malaysia (TSAM), Malaysia Airlines will continue to facilitate safe and seamless travels to support Malaysia’s #ReopeningSafely strategy. “We are excited to collaborate with hoolah as it provides another payment option and flexibility for customers to book their flights with Malaysia Airlines. This marks our first-of-its-kind partnership with a BNPL provider in Asia, and it couldn’t be timelier as we anticipate growing demands for travel with the reopening of our borders soon,“Malaysia Airlines is committed to facilitating safe and seamless travels to all our guests, and now, we are taking the worry out of planning a trip, as they’ll be able to book and enjoy their getaway ahead of time, before paying for their trip through interest-free instalments. We invite travellers to take this opportunity to explore new destinations and Fly Confidently with Malaysia Airlines, as we have put in place extensive health and safety measures on-ground and in-flight so travellers can have a fulfilling journey with Malaysian Hospitality,” said Lau Yin May, Group Chief Marketing and Customer Experience Officer of Malaysia Airlines. Arvin Singh, Chief Executive Officer and Co-Founder of hoolah said :“We are thrilled to be partnering with MAG in Asia and support their business objectives as we push forward together to accelerate the recovery and growth of the travel and tourism industry. As countries in the region gradually open up their borders, we look forward to making travel more accessible and affordable for travellers, along with the flexibility to pay for their holiday over time. ” MAG is a global aviation organisation comprising three focused business portfolios from airlines, aviation services and E-commerce and travel services businesses. Its current Airlines business portfolio that serves the global, domestic and segmented market comprises Malaysia Airlines – the national carrier of Malaysia, Firefly and MASwings – the regional airlines focused on serving communities across Malaysia, and AMAL by Malaysia Airlines – one-stop pilgrimage travel solutions centre. MAG also focuses on aviation services business such as maintenance, repair and overhaul (MRO), cargo, ground handling and training that houses MAB Engineering, MASKargo – one-stop cargo logistic and terminal operations service provider, Aerodarat – one-stop ground handling solution provider and MAB Academy – one-stop aviation and hospitality centre of excellence. Its Journify, the integrated one-stop travel and lifestyle digital platform represents the e-commerce and travel services business portfolio, focusing on providing end-to-end travel solutions, complementing its established strength and expertise in the airline and aviation services businesses. Launched on March 1, 2018, hoolah empowers shoppers to afford the things they need today responsibly and pay later via 3 interest-free monthly instalments. Active in Singapore, Malaysia, and Hong Kong with over 2,000 merchant partners, it connects merchants with shoppers wherever they are, promising a convenient, seamless and excellent shopping experience for all. Singapore shopping and rewards platform ShopBack to acquire BNPL player hoolah |
https://technode.global/2022/03/11/airasia-parent-capital-a-unable-to-get-120m-govt-guaranteed-loan/ | AirAsia Parent Capital A unable to get $120M govt-guaranteed loan | 59 | Capital A BhdThe conditions include a joint and several guarantee from its founders Tony Fernandes and Kamarudin Meranun, as well as for the company to submit a regularisation plan which will also be approved by the stock exchange Bursa Malaysia, Capital A said in a regulatory filing on Thursday. The regularisation plan is to remedy Capital A’s consolidated shareholder equity to be above MYR40 million and 25 percent of share capital (excluding treasury shares) or for the company “to obtain a time extension to provide the regularisation plan from Bursa Malaysia for the matching tenure of the DPGS Club Facility. ”“Capital A is exploring other available debt financing alternatives with acceptable terms suitable to the operations and financing requirements of the company,” the company said in the filing. Capital A, formerly known as AirAsia Group Bhd, has received approval from Danajamin Nasional Bhd for the club facility in October last year. The loan, 80 percent of which is guaranteed by the government, is earmarked for working capital purposes, which will support staff costs and key operating expenses such as aircraft maintenance. The loan is supposed to be disbursed as part of a COVID-19 economic stimulus package from the Malaysia government. Danajamin Nasional, the country’s sole financial guarantee insurer, is half-owned by the Finance Ministry of Malaysia. In January, Capital A has been categorized as a The group has been aggressively building its digital businesses and its ASEAN Super App over the last two years as most of AirAsia’s planes were grounded due to the ongoing COVID-19 pandemic. It has introduced The group has hoped to build its super app, modeling regional tech giants such as Grab’s and Gojek’s super apps which offer a variety of services including ride-hailing, food delivery, and payment services. Capital A posted a net loss of MYR3.12 billion ($744 million) in 2021, narrowed from MYR5.11 billion ($1.22 billion) in 2020, mainly due to strict cost control measures. The revival of the airline industry, particularly Asean countries gradually easing travel restrictions has contributed to the group’s reported growth in passengers carried and commendable load factor at 80 percent in the last quarter of 2021. This helped improve its financial position, the group said in February. On Tuesday, Malaysia Prime Minister Ismail Sabri Yaakob announced that the country will reopen its borders to international travelers starting April 1. He said visitors and Malaysian returnees, who are fully vaccinated are not required to undergo quarantine upon arrival. They, however, must undergo a RT-PCR test two days before departure and a rapid test (RTK) upon arrival. AirAsia aims to become Asia’s largest food delivery, ride hailing company – report |
https://technode.global/2022/03/10/aws-signs-new-cloud-framework-agreement-with-malaysia-to-power-public-sector-innovation/ | AWS signs new Cloud Framework Agreement with Malaysia govt to power public sector innovation | 59 | Amazon Web Services (AWS)The CFA enables Radmik Solutions, an IT systems integrator and technology service provider in Malaysia, and now an AWS managed service provider, to provide consulting and technology services to government agencies and contribute towards the growth of Malaysia’s digital economy, AWS said in a statement. According to the statement, AWS is the first international cloud service provider to have concluded and signed a CFA with the Malaysian government, as part of its long-term commitment to support Malaysia’s digital transformation. The statement also said that Malaysia’s government agencies and departments can now access AWS Cloud services through a streamlined procurement model to drive innovation and digitize government services for citizens. The CFA removes the administrative overhead for individual agencies and departments through favorable, pre-negotiated contract terms and conditions, which streamlines the cloud adoption process for government agencies and helps them save costs as a result of the economies of scale achieved from the aggregated procurement. It said Malaysian government agencies now have a consistent approach to access and use all AWS services in any of AWS’s 84 Availability Zones spanning 26 geographic regions around the world, without having to negotiate separate contract terms. They will be able to leverage the breadth and depth of more than 200 fully-featured AWS Cloud services, including AWS’s industry-leading security capabilities, global infrastructure, and comprehensive security and compliance controls validated by third-parties. “Aligning to Malaysia’s MyDigital initiative, the Government has published a ‘Cloud First Policy’ circular to provide guidelines for adopting cloud computing technology in the implementation of information and communications technology (ICT) projects to further improve public service delivery,” said Adi Azlan, Principal Assistant Director of the Malaysian Administrative Modernisation and Management Planning Unit (MAMPU) at the Prime Minister’s Department. According to AWS, the flexibility in access to AWS Cloud services encourages experimentation with new ideas to accelerate innovation within the Malaysian government, as well as the ability to deliver new citizen services more quickly and at a reduced cost. The AWS services offered include AWS Enterprise Support to provide close guidance and best practices, and AWS Professional Services for agencies that need to obtain more guidance on complex projects. It also noted the CFA is part of AWS’s ongoing commitment to support the Malaysian government’s Digital Economy Blueprint, which is the country’s roadmap towards becoming a regional leader in the digital economy. AWS Malaysian customers include large public sector organizations, such as the Ministry of Higher Education and the Smart Selangor Delivery Unit in the Selangor State Government, as well as leading companies like Petronas and innovative startups like Storehub. According to the statement, the Department of Polytechnic and Community College Education in Malaysia’s Ministry of Higher Education used AWS to reduce downtime in delivering education services on its cloud-based learning management system, Curriculum Information Document Online System (CIDOS). Their CIDOS is now the largest integrated cloud-based education platform in Malaysia’s public sector, delivering a full year of academic curriculum online for over 110,000 students and 7,000 lecturers across 36 polytechnics. Additionally, the Selangor state government adopted AWS Cloud technology to build and run its Citizens Electronic Payments Platform (CEPat), which enables citizens to access paid government services on their mobile or through the web. It also said the Department of Statistics Malaysia (DOSM), which collects national economic and social statistics, became the first Malaysian federal government agency to migrate to AWS in 2020. While the agency typically only takes three months to conduct Malaysia’s national census, it needed to maintain its costly on-premises infrastructure year-round. By switching to cloud services, DOSM now only uses cloud resources as needed, saving costs and improving scalability. DOSM migrated its citizen-facing services to the cloud using various AWS services and worked alongside AWS Partners Uberfusion and Integriti Padu (IPSB Technology) to handle traffic spikes, improve security, and help census workers access DOSM’s cloud-based e-learning solution. On AWS, DOSM’s census portal can handle 100 percent of its traffic at any time, including at a peak of 200,000 users. In total, DOSM helped nine million users access Malaysia Census Data on AWS. AWS said it has an extensive network of AWS Partners in Malaysia, such as Maxis Enterprise and Radmik Solutions, who help support Malaysian businesses and organizations in their cloud journey. Radmik Solutions will offer consulting and technology services to government agencies as the local Managed Services Provider in the CFA. “We are delighted to collaborate with the world’s leading cloud services provider to accelerate cloud adoption in Malaysia’s public sector. This collaboration will give us the speed and connectivity to foster greater innovation and accelerate our customers’ digital transformation,” said Adam Roslly, Managing Director of Radmik Solutions. To help accelerate innovation with the Malaysian government, AWS said it will provide training support for selected federal government employees via on-demand digital courses, facilitated training events, and instructor-led classroom training. These initiatives aim to help government employees develop the skills and expertise needed to implement cloud technologies at scale, make better data-driven business decisions, and innovate new services to drive improved outcomes for citizens. This training support is part of AWS’s broader commitment to help develop a digitally-trained workforce to power Malaysia’s digital economy. In January 2022, AWS launched the re/Start program in Malaysia, through free cloud computing courses offered by Malaysia-based UNITAR International University. “We are excited to support the Malaysia government, in collaboration with AWS partner Radmik Solutions, to help build the digital future of the country. This CFA will make it easier for government agencies to procure AWS services, and enable them to use the cloud to rapidly experiment at a lower cost and with increased flexibility. It will pave the way for an accelerated cloud adoption journey in Malaysia by removing barriers in government technology procurement, allowing government agencies to focus their time and resources on their core mission of improving citizen services,” said Eric Conrad, managing director of worldwide public sector for ASEAN at AWS. Malaysian government entities MaGIC & Penjana Kapital collaborate to offer seed stage startups better funding access |
https://technode.global/2022/03/10/malaysias-myeg-launches-global-nft-marketplace-known-as-nft-pangolin/ | Malaysia’s MYEG launches global NFT marketplace known as NFT Pangolin | 60 | MY E. G. Services Berhad (MYEG)It said in a statement that the global NFT marketplace supports the issuance and trading of NFTs and is set to operate on the soon-to-be-launched Zetrix Layer 1 blockchain network which serves as a parallel chain to the International Backbone and Supernodes of Xinghuo, China’s national blockchain infrastructure. According to the statement, NFT Pangolin currently supports Ethereum. It will also introduce Zetrix-based NFTs, providing for lower gas fees and carbon footprints which not only decreases financial barriers to entry for participants but is also eco-friendly and in line with the industry’s move towards sustainable ESG practices. Hence, the support of multichain NFTs will be a unique value proposition offered by NFT Pangolin. Furthermore, it said issuers of NFTs on NFT Pangolin will be able to market these NFTs in China as digital collectibles where there are strict regulations on trading of NFTs but collectors may buy them as long-term collectibles. “With Zetrix’s plans to enable a new wave of innovation and the increasing tokenization of all forms of asset ownership, the introduction of Zetrix-based NFTs in our Marketplace is an important step towards achieving that objective. We believe that the application of NFTs will go far beyond digital art and we will be pioneering NFTs which are pegged to ownership of mainstream assets, for example, ownership of your vehicle registration number for a start,” said Wong Thean Soon, Group Managing Director of MYEG. NFT, a non-interchangeable unit of data, token or asset stored on the blockchain that can be authenticated, sold and traded, has seen exponential growth in popularity among artists and investors alike in recent years. As an ever-evolving company, MYEG sees this as a springboard into a global market to support the creative arts and unlock future innovations built atop smart contracts. As NFTs have started to become available on multiple chains across the globe, Zetrix will strive to enable the cross-chain trading of NFTs. NFT assets may be associated with digitalized files, such as photos, videos, and audio and its applications can also include physical items, such as physical art. With this launch, NFT Pangolin aims to be the platform of choice for ASEAN NFT creators and has set a bold target of reaching a global audience. The platform allows users to mint, sell and trade NFTs. In the meantime, the platform is working with Imperium Universe, which has listed artists like Vinn Pang and Faezal Tan, and will be adding others in the coming months. Moreover, as part of its aggressive expansion plans, NFT Pangolin will announce key partnerships in the coming months to make the platform an ASEAN-wide home for talents. It is welcoming more artists and partners to join its platform on its journey in pushing the boundaries of this new digital frontier. In fact, the platform has already onboarded both traditional and digital artists alike, such as Yazeed Kayoom and Johan Ishak, with their collections now available for sale on the platform. NFT Pangolin offers aspiring NFT artists, celebrities and creative talents, including brands, full product development and marketing services, including a lazy minting option for fixed priced items, where the minting cost is paid by buyers during the purchase. “We are building support for physical artworks as we have received a lot of interest from traditional artists and art galleries who want to enter the NFT space. While the regional space of creative talents is excited to get into the NFT industry, there’s still a lot of work needed to educate the mass market of buyers about the benefits and value of owning any NFTs and their potential application outside of the creative world. To solve part of this, we are building a gamified educational tool for upcoming campaigns with influencers, celebrities and brands,” said Mohamad Johan Nasir, the Business Development Director (SEA) of NFT Pangolin Technologies Sdn. Bhd. The platform is confident that, as a product of the well-established MYEG, it will be able to overcome the barriers to not only reach its targeted potential customers worldwide, but also to nurture the public’s acceptance of NFTs. “Another disadvantage for the individual issuers is the high marketing costs needed to promote their products to the world. We understand that pain. Being part of the NFT Pangolin tribe and MYEG ecosystem will enable them to get the much sought-after exposure, as we expand our marketing efforts,” said Johan. While there may be a lot of hype associated with NFTs globally, the entry of MYEG, as a public listed company, into this space only hints at more exciting things to come as the new NFT marketplace player in the region. With NFT Pangolin and Zetrix, MYEG takes another step ahead in its digital transformation plans towards an innovative and integrated future. Malaysia property developer Hatten Land partners Singapore FinTech Hydra X to develop and operate cryptocurrency exchanges |
https://technode.global/2022/03/10/carsome-appoints-digbijoy-shukla-as-head-of-merger-and-acquisition-and-ecosystem-strategy/ | Carsome appoints Digbijoy Shukla as Head of M&A, Ecosystem Strategy | 60 | Malaysia-based car e-commerce platform In this new role, Shukla’s key responsibility is to develop an end-to-end ecosystem strategy for Carsome to ensure a seamless experience throughout the automotive ownership journey, Carsome said in a statement. It includes staying close to the automotive ecosystem in Southeast Asia and bringing in valuable Merger and Acquisition (M&A) targets and partnerships for the company; developing an integration strategy to create synergistic values with existing business units; and, building the M&A and Ecosystem team regionally, it added. Carsome Co-founder and Group CEO Eric Cheng said that the entire Carsome team is excited about the growth prospects brought in by Shukla and his team. “Carsome’s vision has always been about creating an end-to-end yet open, transparent and collaborative automotive ecosystem powered by technology and data. The appointment of Digbijoy is timely as he will enable us to continue our customer-focused mission, paired with industry participants to make the car ownership experience better in Southeast Asia,” said Cheng. Shukla is an experienced professional, bringing with him nearly two decades of wide-ranging experience across diverse sectors including marketing, operating, investment and venture building across Southeast Asia and India. Prior to Carsome, he spent over six years with leading cloud platform Amazon Web Services (AWS), where he led the startup and new venture business development function in Southeast Asia and prior to that in India, enabling startups to scale with the best help of the AWS and broader Amazon’s ecosystem. He also used to manage the country office for business venture catalyst Ennovent India, where he was instrumental in managing business development, operations and new business launch, which is India’s first impact angel group, Ennovent Circle. Before that, he was a founding member of EdTech startup TenMarks. INC, which was acquired by Amazon in 2013. Shukla is also an angel investor and has a personal angel portfolio of 21 startups. “I am humbled and grateful for the opportunity to work with such an inspiring team, who are constantly pushing the boundaries of innovation powered by relentless execution on behalf of our customers, to bring them peace of mind through the entire lifecycle of their vehicle ownership experience. I look forward to contributing to the expansion of Carsome’s vision and creating the most trusted vehicle ownership ecosystem powered by technology and data by driving synergetic business value via strategic partnerships in Southeast Asia. ” Shukla said. Shukla’s appointment is an important move that reinforces Carsome’s commitment to drive ecosystem expansion across the region, complement the car selling and buying experiences, bring more choices, enhance trust and increase transparency to its customers, dealers and partners regionally. It comes after the company’s recent announcement of completing its acquisition of iCarAsia, a leading listing and content automotive platform in Southeast Asia. Shukla was also involved in the transaction process. This is another important step in the company’s continued efforts in strengthening the group’s leadership team, with other recent senior appointments being Juliet Zhu as Group President, Ravi Shankar Mallavarapu as Chief Marketing Officer, Andrew Mawikere as Country CEO of Indonesia, and Siwaphume Lertsansaran as Country Managing Director of Thailand. Carsome is Southeast Asia’s largest integrated car e-commerce platform. With operations across Malaysia, Indonesia, Thailand and Singapore, it aims to digitize the region’s used car industry by reshaping and elevating the car buying and selling experience. The company provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising a service that is trusted, convenient and efficient. It currently has more than 3,000 employees across all its offices. Carsome plans to build more used car refurbishment centers in Malaysia, Indonesia & Thailand |
https://technode.global/2022/03/09/malaysias-vase-ai-raises-seed-funding-led-by-indelible-ventures/ | Malaysia’s Vase.ai raises seed funding led by Indelible Ventures | 60 | Vase Technologies Sdn Bhd (Vase. ai)This new round of funding was led by Indelible Ventures, along with their existing investors, Vase. ai said in a statement. The investment from Indelible Ventures will be poured into aggressive geographical expansion and enhancing the artificial intelligence (AI) technology behind the Vase. ai platform. Vase. ai is an AI-powered self-service platform that provides companies with fast and reliable insights into consumers, markets, brands, products, and more to support their marketing and product decisions. “Our platform helps companies make better and smarter decisions when it comes to marketing and product decisions. The investment and support from a partner like Indelible Ventures will help us significantly as we enter a new phase of growth. We look forward to a long partnership with them as we continue our mission to make consumer and market insights more accessible to the millions of brands in ASEAN,” said Julie Ng, Chief Executive Officer and Co-Founder of Vase. ai. Vase. ai was founded in 2015 with the mission of making human insights accessible to everyone instantly. It was built as an answer to more traditional market research firms that lack the flexibility and speed necessary for fast-growth and nimble businesses. As a technology startup, Vase. ai harnesses its expertise in AI to produce high-quality market research at an affordable price and within 24 hours. The ability to bring all digital data points“Vase. ai provides a high value-add solution in an exciting space that taps into the fact that consumer insights and habits are changing faster than ever before. They have the technology, know-how and a great track record in the region, so we know our investment will further accelerate their, already impressive, regional growth. We’re excited to be working with a strong founding team and look forward to seeing them grow the business even further,” said Kevin Brockland, Managing Partner of Indelible Ventures. Vase. ai has worked with leading brands in ASEAN and run over 600 projects for clients, including large brands such as Digi, Carsome, IPG Mediabrands, Systema, TNB, RinggitPlus. Malaysia’s RHL Ventures scouts opportunities in ESG, healthcare & financial sectors as it finalizes Hibiscus fund |
https://technode.global/2022/03/08/malaysias-rhl-ventures-scouts-opportunities-in-esg-healthcare-financial-sectors-as-it-finalizes-hibiscus-fund/ | Malaysia’s RHL Ventures scouts opportunities in ESG, healthcare & financial sectors as it finalizes Hibiscus fund | 60 | RHL Ventures“While these trends may not seem new, these themes have started gaining momentum in recent times,” the Malaysia-headquartered VC firm Co-founder and Co-Managing Partner Raja Hamzah Abidin told “We are expecting Southeast Asia’s startup ecosystem to flourish, with ESG being one of the core pillars for investing, as investors look to invest in SEA beyond the pandemic, especially in the food tech and AgriTech space. It is an area that has historically been underinvested in ASEAN. “Hamzah said the ongoing COVID-19 pandemic continues to disrupt the traditional way of healthcare distribution, therefore healthcare services will continue to be in focus. “This sector has immense potential for disruption and evolution, whether telemedicine, virtual patient monitoring, or innovative solutions that make digital health more accessible. We expect this trend to continue,” he explained. The financial sector is another sector that RHL closely looks at. “Southeast Asia has a huge unbanked or underbanked population. With digital financial services space heating up across the region, especially Indonesia, Vietnam, and the Philippines, we expect the unbanked population rate to decline in the coming years gradually,” he said. The Hibiscus Fund is a venture capital fund managed by RHL and South Korea’s Hamzah said the VC firm has raked in around $70 million and it is targeting to finalize the fund by the end of first quarter. Besides Hibiscus Fund, he said RHL is planning for another fund in 2023, but declined to elaborate. “We have a new fund in the pipeline in 2023, which we will only announce when the time is right,” he said. On RHL’s plan in 2022, Hamzah said the firm is on track to close another two deals by the end of the first quarter, after closing nine deals in 2021. “We anticipate the pace of deployment this year to be similar to 2021, allocating capital to new deals and also re-ups,” he said. “We also plan to form further partnerships with the government and private sectors to elevate Malaysian small and medium enterprises (SMEs), enable the sustainable development of the digital economy, and create more avenues for regional expansion for startups. ”Within Asean besides Malaysia, the main markets that the VC firm is looking at include Singapore, Indonesia, Thailand, and Vietnam as these countries display great potential in building successful private market businesses, Hamzah shared. RHL’s portfolio companies include healthy Malaysia-based snacks e-commerce platform RHL continues to be bullish on the tech space in Southeast Asia, after the region saw a record year with more new unicorns emerging last year, accelerated by the COVID-19 pandemic. “We have seen many deserving and innovative tech companies in the private market that would greatly benefit from access to capital, network, and mentorship at the right time,” he said. “As we move forward, we are looking to build and support innovative private tech companies that have the potential to disrupt and transform markets. Technology enables companies to grow exponentially and create a synergistic ecosystem where everyone can benefit from the value it makes. ”Southeast Asia’s startup ecosystem had its best year ever in 2021. Supported by excess liquidity globally, private investments in homegrown companies reached $25.75 billion last year. Venture-backed companies in the region collected at least $23.18 billion in equity funding and $2.57 billion in debt financing, according to As more foreign funds flocked into Southeast Asia, with more money chasing tech startups, Hamzah said its well-established startups ecosystem, strong investors, and a proprietary startup database system to capture ecosystem champions over the long term would serve as the firm’s competitive edge. “Our partnership with Korea’s KB Investments and Malaysia Ministry of Finance’s Penjana Kapital highlights the potential strategic value that we can bring to our portfolio companies,” he said. “This strategic partnership enables us to expand our investment portfolio by networking and connecting with giant unicorns that wouldn’t usually look at Malaysia yet. With the Penjana Kapital program, the startups can command a fair market value, gain better access to the capital and connect with the Malaysian stakeholders and significant government sectors, helping them scale faster and more efficiently. ”Zooming into Malaysia, while the country’s startup and VC ecosystem is often seen lagging its peers like Singapore, Indonesia, and Vietnam, Hamzah said the public-private co-investment program under the Penjana Kapital could support Malaysian startups ecosystem beyond capital investment which include resources-sharing in terms of technical knowledge transfer, cross-border network support to grow local startups beyond the home market. “To build a sustainable and resilient startups ecosystem in Malaysia, we should encourage local startups to leverage and enlarge Malaysia’s uniqueness and continue to tap into less developed sectors of the digital economy including Islamic commerce and AgriTech,” he said. “RHL is committed to investing sustainably while creating long-term value for society and our investors. Some of the key areas it is currently looking at include food safety, security, and sustainability, empowering women entrepreneurs and economy, good company governance structure in startups and AgriTech,” he said. “We believe that these areas will further flourish the Malaysian startup ecosystem, whereas we aim to build a more robust private market business in the region,” he added. Based in Malaysia, RHL is a multi-family private investment firm focusing on Southeast Asia. Founded in 2016, the firm is currently led by Rachel Lau, Hamzah, and Jo Jo Kong. The firm typically invests in early stages companies (Series A/B fundraises) and it also participates in later-stage rounds. Besides Southeast Asia, it also invests opportunistically in other regions. The investment firm has attracted attention when it was first set up, mainly due to the family background of its partners and the advisors it managed to put together. Lau is the daughter of the late property tycoon Lau Boon Ann, who was a non-executive director at Malaysia-based On top of the network and family background, the partners also have experiences in investment management as well as the operations of businesses, among others. RHL’s RHL Ventures’ Hibiscus Fund targets final close of up to $100M, eyes opportunities in food, healthcare & mobility sectors |
https://technode.global/2022/03/07/malaysian-finance-platform-ethis-group-launches-ethis-global-platform-for-global-expansion/ | Malaysian finance platform Ethis Group launches Ethis Global platform for global expansion | 60 | Malaysia-based ethical investment and social finance platform operator Approved by the Capital Market Authority (CMA) – the Sultanate of Oman’s regulator and supervisor of the capital market and insurance sector – EthisX is managed by Ethis Investment Platform LLC based out of Muscat, the Sultanate of Oman, and Kuala Lumpur, Malaysia, Ethis said in a statement. EthisX is unique in that it acts as a first-of-its-kind cross-border ethical private capital marketplace able to offer direct shariah-compliant investments into small and medium-sized enterprises (SME) companies and special purpose vehicle (SPV) projects from around the globe. “In our focus to #CirculateGood with our global community of impact investors and donors, we are committed to working alongside Oman CMA towards a successful global cross-border marketplace. With the approval of CMA, companies from inside and outside Oman can apply to raise funding. This, in turn, allows global investors access to shariah-compliant,According to him, EthisX will be rolled out in geographical phases starting with Oman. “The platform allows companies to raise funds through equity crowdfunding (ECF) and peer-2-peer (P2P) financing that includes sukuk and micro-sukuk. For P2P, EthisX is focusing on invoice financing, asset-backed financing, working capital financing, and Buy Now, Pay Later (BNPL) financing. ECF issuances will focus on startups and growth companies particularly in the tech sector,” he said. According to him, EthisX will be leveraging on the immediate transaction volume from other Ethis platforms, targeting to grow transaction value per month by at least 10 times from current by the fourth quarter of 2022. “We want to push our market expansion plan through EthisX as aggressively as possible, and we would like to express our gratitude towards Oman CMA for believing in our vision and execution ability,” he added. EthisX, regulated by Oman Capital Market Authority, is the first platform of its kind catering to shariah-compliant and impact-driven investors globally. Its platform provides investors and funders direct access to companies, issuers, and social campaigns from around the world with a focus on Asia and the Gulf region. “Oman is a bridge between emerging regions with the potential to extend to other parts of the world, and has great potential to be an emerging regional hub for Islamic finance and fintech. As the regulator and supervisor of the capital market and insurance sector in Oman, we value CMA’s acceptance of EthisX as a platform that curates the capital marketplace. We aim to have EthisX become a valuable contributor towards realising OMAN VISION 2040, which emphasises the country’s economic development that is anchored to Environmental, Social, and Governance (ESG) and Sustainable Development Goals (SDGs),“For the Group, EthisX as our next step forward makes the best strategic business sense as Ethis is amongst the early adopters of crowdfunding as an investment marketplace and is an Islamic fintech proponent,” said Amran Mohd, Chairman of EIP. Umar Munshi, Co-Founder and Group Managing Director of Ethis elaborated :“As one of the pioneers of shariah-compliant crowdfunding, Ethis not only has proof of concept but also substantial experience and knowledge through the management of its platforms which prioritize deals with social impact so that the community can enjoy the benefits of their investments. ”Ethis operates crowd-investment platforms approved by regulators in Indonesia, Malaysia and now Oman. Its platforms serve ordinary people, high-net-worth individuals, corporate, and government entities. It built its initial track record from 2016 to 2020 in social housing in Indonesia where its global community of investors from more than 50 countries funded development projects to build close to 10,000 homes. Since the onset of COVID-19, it has launched popular new investment products, including short-term, high-yield supply-chain financing projects in Indonesia and equity investment in ‘future tech’ startups in Malaysia. Its social finance marketplace GlobalSadaqah plays a vital role in matching donors and Islamic economy players to better distribute social finance and zakat to non-governmental organization (NGOs) and social enterprises. Binance and Cuscapi Bhd take strategic stakes in Malaysia fintech firm MX Global |
https://technode.global/2022/03/03/capital-a-venture-firm-bigpay-launches-first-fully-digital-personal-loan-product/ | Capital A e-wallet unit BigPay launches first fully digital personal loan product | 60 | Capital A e-wallet unit BigPay said in a statement its wholly owned subsidiary and a digital money lending license holder BigPay Later has launched its first personal loan product. This makes BigPay the first product to have a full digital personal lending product as part of its offering in Malaysia. BigPay said there has been an overwhelming demand for the personal loans product and it will be rolled out to more users over the coming weeks. BigPay Later Personal Loans is currently available to selected users and will be progressively rolled out to more and more people. “The pandemic has highlighted how important it is that people have access to versatile, easy-to-use financial solutions. Many underserved demographics in Malaysia lack access to the credit they need because they do not have the typically ‘acceptable’ credit history which is required by traditional banks – this directly impacts the ability to build long term financial standing,“We have always been committed to democratizing financial services through accessibility and education across Southeast Asia. We believe that the launch of our personal loans product is unique with the level of transparency, the ease of use and the way in which we do our credit scoring that doesn’t only look at the history of past loans, but also at customer behavior. The launch of the personal loans product brings us one step closer to bridging the financial inclusion gap. ” said Salim Dhanani, Chief Executive Officer and Co-Founder of BigPay. The personal loans offered by BigPay Later have competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply. Additional documents are not usually required and the application can be approved within minutes. The personal product issued by BigPay Later is fully regulated by Malaysia’s Ministry of Housing and Local Government (KPKT). Available on the BigPay app, the loan dashboard features a repayment schedule with a transparent breakdown of repayment installments and an auto-payment option to prevent users falling behind on repayments. Details such as the principal amount, interest, late interest and stamping fee are clearly highlighted instead of the standard lump sum so that users always know the payment amount and duration, as well as what they are paying for. “We are very proud of BigPay Later’s launch of the first digital personal loans product. BigPay has the ability to leverage Capital A’s rich database and customers that have strong loyalty to our brands. BigPay shares the same ethos and principles as Capital A and AirAsia: focusing on affordability, accessibility as well as inclusivity. We are excited that we can disrupt once again and give the common man, from small and medium-sized enterprises (SMEs), small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services,” said Tony Fernandes, Chief Executive Officer of Capital A. BigPay is an ASEAN FinTech with Malaysian roots founded in 2017. It is committed to democratizing financial literacy, accessibility, and wellbeing in the region by providing transparent, simple and secure digital financial services. From payments to international transfers, bill payments, credit, micro-insurance and smart budgeting, its goal is to drive sustainable change for consumers and businesses across Southeast Asia. Since its inception in 2017, financial inclusion has been a core vision and mission of BigPay. The last four years have seen over two million Malaysians improve their financial health with BigPay. This has become a reality as BigPay has continuously added multiple regulated financial products to its offerings, including an e-money account, international remittance, micro-insurance and budgeting. In November 2020, BigPay Later was named one of the eight companies in Malaysia to receive a provisional license for online money lending by the the Ministry of Housing and Local Government in Malaysia (KPKT), expanding BigPay’s capacity to deliver better financial services for Malaysians. AirAsia changes name to Capital A to reflect new core strategy |
https://technode.global/2022/03/02/scaleup-malaysia-announces-investments-in-11-emerging-startups/ | ScaleUp Malaysia announces investments in 11 emerging startups | 60 | Growth stage accelerator ScaleUp Malaysia said in a statement the cohort which kicked off in August 2021 drew over 200 applications from 26 countries including Malaysia, the United States, Egypt, Indonesia, Singapore and Japan.20 companies were shortlisted to participate in Cohort 3 and placed into separate tracks, giving them exclusive access to Quest Ventures and Indelible Ventures respectively over the course of 16 weeks. The companies selected by Quest Ventures for co-investment were GuruInnovtif, Open Academy, MadCash, SpareXHub, VireServe, and WaSushi. Indelible Ventures selected Howuku, Kumo and MidWest Composites for co-investment. ScaleUp Malaysia also made direct investments in BizTech Asia and RECQA, alumni from its 2nd Cohort. Quest Ventures and Indelible Ventures look to announce one to two more companies at a later date. “Congratulations to these amazing entrepreneurs. We applaud the ambitious drive, ingenuity and passion they displayed throughout the programme. At the very core, ScaleUp Malaysia Accelerator aims to nurture businesses, catapulting their growth beyond traditional boundaries to create the next generation of disruptive businesses,” said Xelia Tong, Managing Partner of ScaleUp Malaysia. Ensuring the companies are well equipped to navigate future challenges, prime them for further growth and tap markets across Southeast Asia, each company will receive up to $60,000 in investment. Quest Ventures has shown a commitment to developing the Malaysian ecosystem and has grown a portfolio of 16 companies in the nation through its partnership with ScaleUp Malaysia over the last 12 months. “We truly believe that Malaysia has some of the best entrepreneurs in the region with a flair for innovation and an innate ability to understand cultures in various markets. We are excited to welcome these 6 new companies into our portfolio and work with them to build globally scalable businesses,” said Jeffrey Seah, Partner of Quest Ventures. Indelible Ventures which launched in September2021 is on the lookout for tech-enabled Malaysian start-ups with business to business (B2B) products that are ready to scale internationally. Indelible has selected 3 companies to invest in from this Cohort. “The three companies we have selected have demonstrated remarkable sophistication in developing a product with global scale potential and have founders who are passionate to build great innovative businesses. We aim to be a champion of the potential of these entrepreneurs and play our part to elevate them onto investors’ radars,” said Kevin Brockland, Managing Partner of Indelible Ventures. ScaleUp Malaysia, through their Pegasus model, aims to groom startups in the growth and post-product-market fit stage into scaleup businesses with high revenue growth and increased profitability rates that attract follow-on investments. Since 2019, it has built a proven track record in helping growth-stage companies secure funding from leading investors. Thus far, over 30 startups have graduated out of the accelerator, collectively raising more than $14 million in capital and one exit. ScaleUp Malaysia has also opened registration for startups to state their interest to participate in Cohort 4. Quest Ventures Track:Indelible Ventures Track:New Investments by ScaleUp Malaysia: |
https://technode.global/2022/03/01/binance-and-cuscapi-bhd-take-strategic-stakes-in-malaysia-fintech-firm-mx-global/ | Binance & Cuscapi Bhd take strategic stakes in Malaysia FinTech firm MX Global | 60 | MX Global Sdn. BhdMX Global also landed another investment for Redeemable Convertible Preference Shares (RCPS) into the company by Cuscapi Berhad, a pioneer digital business solutions provider in Malaysia, MX Global said in a statement. These new capital injections will allow MX Global, a licensed fintech company, to build brand awareness, hire more high-quality talent and develop new features within Malaysia’s regulatory framework. MX Global said that the strategic cooperation further demonstrates the continuous growth and development of the digital assets industry, which will bolster the cryptocurrency market in Malaysia and South-East Asia. The investments from two major players, Binance and Cuscapi Berhad, will not only allow MX Global to venture into a much bigger clientele pool, but also propel MX Global to become the major player in the industry. “MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers,” said Fadzli Shah, Chief Executive Officer of MX Global. With this initial effort to support sustainable growth in the cryptocurrency market in Southeast Asia, Binance hopes to work with regional and local partners to drive further collaborations. “We see potential in Malaysia given its respected and innovative crypto and blockchain community. We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole as well as across the entire crypto and blockchain ecosystem,” said Changpeng Zhao (CZ), Founder and Chief Executive Officer of Binance. Speaking on the investment from Cuscapi Berhad, Fadzli Shah expressed his excitement in working together with the major digital business solutions provider that holds an extensive list of well-known clients. “I believe that this cooperation will not only expand the potential services that MX Global can offer in the future, but it will also allow the company to innovate and revolutionize the payment system in Malaysia,” he added. Cuscapi Berhad Executive Chairman Jayakumar Panneer Selvam said that this historic collaboration between digital assets and payment systems will create integration and synergy that will bring together the high potential of the use of cryptocurrency to conduct commerce. “With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive,” he said. MX Global is a Kuala Lumpur-based fintech company with a mission to create a highly accessible and secure cryptocurrency trading platform that allows merchants, consumers, and traders to transact cryptocurrencies. It envisions the MX Global trading platform to be the preferred liquidity platform for cryptocurrency investors and token issuers in Malaysia. In light of the demand for cryptocurrencies, the company has created a user-friendly platform for users to begin trading in Bitcoin and Ethereum. It offers end-to-end solutions in storing, buying and selling cryptocurrencies within its exchange and its compliance management system reflects strong integration of cyber-security controls. Aside from that, it has also appointed leading professional advisory and legal firms to provide support in the areas of advisory, legal, compliance, business operations and risk management design to continuously strive to be the leading example of best practices in the industry. MX Global is also one of the four Recognized Market Operator-Digital Asset Exchange (RMO- DAX) that has been granted full approval by the Securities Commission Malaysia (SC) in July 2021 and complies with the standards and practices to uphold investor protection in conducting safe and secure trading of cryptocurrencies in the country. Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, its platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. Cuscapi Berhad is a public listed company on the main board of the stock exchange in Malaysia. Established in 1978 as DTS (Malaysia) Sdn Bhd, Cuscapi is recognized as a pioneer supplier in digital business solutions in Malaysia. It was listed on the ACE Market in 2004 and changed its name to Datascan Berhad and subsequently in 2007 to Cuscapi Berhad, as a public company. The company offers business management solutions, information technology security solutions, consulting services and contact center outsourcing services for businesses across a variety of industries, including retail, hospitality, automotive, telecommunications, finance and public services. Crypto exchange Binance to invest $200M in Forbes |
https://technode.global/2022/03/01/malaysia-needs-big-innovation-purpose-to-stay-ahead-says-its-government-agency-mranti/ | Malaysia needs “big innovation purpose” to stay ahead, says its government agency MRANTI | 60 | An ambitious purpose on innovation, a synergised ecosystem and a ‘bridge’ between research and commercialization – these are among the elements needed for Malaysia to pull ahead in the region and achieve its ambition to be among the top 20 most innovative nations by 2030 in the Global Innovation Index, said MRANTI said in a statement Malaysia is currently ranked 36, and correspondingly, gross domestic product (GDP) growth is currently significantly lower than its potential output level with a gap of 49 percent. Cited the Malaysia Knowledge Economy Study, it said every 1 per cent increase in innovation capacity increases a country’s GDP per capita by 0.36 per cent. For Malaysia, it said an increase in innovation production could translate to $1.21 billion additional to its GDP of USD336 billion, even as the 12th Malaysia Plan has outlined innovation as a key enabler in economic growth. In the first of a series of industry discussions aimed at fostering tighter synergy in the ecosystem, initiated by MRANTI, panel experts said that Malaysia has incredible potential, but it needs tighter collaboration within the innovation ecosystem that will support its success. Furthermore, a strong technology transfer office mechanism between academia, government and investors to accelerate innovation to commercialization is needed. While as much as 80 percent of research in Malaysia today is being conducted in Malaysia’s higher learning institutions, it cited WIPO data and said just over 9,000 patent applications were made in Malaysia between 2013 and now. However, it said this is a fraction of the 120,000 research publications Malaysia has produced in the same period. “To be absolutely candid, our ecosystem is still fragmented. Our Return on Ideas, or ROI, is not yet where it should be. This is why we need to ask ourselves some hard questions: Why aren’t we innovating enough? And, even though we have so much talent, the private sector is still not investing enough in research and development (R&D) – why?” said Dzuleira Abu Bakar, Chief Executive Officer of MRANTI. “As an ecosystem, we have come a long way, but there’s so much more that needs to be done. True innovative spirit most cannot be unleashed by an inaccessible and fragmented ecosystem. Lack of funding access, limited resources including skilled talent, and policies that have yet to catch up to potential are just few of the many areas that need to be urgently addressed,“Many of our research and higher education institutes produce amazing discoveries every year. They publish many research papers and discover great inventions in their labs and R&D facilities. We have some amazing talent in our academia,“But that’s where they stay. Many do not go on to commercialization, because they do not have access to funding or expertise to scale, and many struggle to file patents, which can be complex and take years,” she added. According to MRANTI, Malaysia’s commercialization rate is only at an estimated 5 to 10 percent currently, compared to some highly-developed economies like Japan or the United States, where commercialization rates are as high as 60 percent. Meanwhile, Cancer Research Malaysia Chief Scientist Officer Teo Soo-Hwang said that the critical infrastructure to enable success in commercialization is not yet fully-developed in Malaysia. She added that many of the world’s most esteemed education institutions not only have great academic units, but also commercialization units, expertise and funding that enable them to commercialize their research. “It is this confluence of manpower and funding that we absolutely need in Malaysia. Cancer Research Malaysia and other research institutions have already shown that we can produce cutting edge research, some of which is ready for commercialization, but we need more support in order to commercialize,” she said. Furthermore, she added, Malaysia needs its “big innovation purpose”, and to be clear as to what innovation areas to work on, and Malaysia can offer on the world stage in order to attract the talent, investment and recognition it needs to achieve its ambitions. “What do we do well above the rest that will allow us to stand out? For example, Cancer Research Malaysia has focused on research in Asians and in that way, we have brought a value proposition to an international platform – it is clear that we need to continue to be clear about how we are unique and excel in these areas,” she said. Universiti Malaya Vice Chancellor Mohd Hamdi Abd Shukor also said a lot of academic research is for the purpose of fundamental discovery but these do not necessarily need or can be commercialized. “More work needs to be done is in applied and industry research, where problems can be met with solutions,” he said. According to him, researchers often have difficulties in wearing the many hats needed in the commercialization journey. “What we’re asking professors to do, when they have a patent, is to ‘spin-off’ into different roles; opening up a company, for example. And I’ve seen this end in failure a lot. Sustainability is an issue. It’s clear that this method is not working. Researchers are not always businessmen, and they should be building capacity in research. Taking the patent through into the business world should be done by the experts in business,” he added. He also noted that the professor cannot be the researcher, entrepreneur and venture capitalist at the same time. “We need to look at the entire value chain again (to better mark out roles and responsibilities),” he said. As for Thomas G Tsao, Founding Partner of venture capital firm Gobi Partners, an initiative like MRANTI is much needed. “As a venture capital firm, we welcome any initiatives that encourage more collaboration and communication. We welcome partnerships. What MRANTI is doing here, bringing together stakeholders who weren’t necessarily talking to each other in the past, is fantastic,” he said. Gobi has invested in 27 early-stage startups in Malaysia, and also has its ASEAN headquarters in Malaysia. In this respect, Dzuleira said that MRANTI is working to be that connector between the various stakeholders in the ecosystem, functioning as a single platform, or “glue” between the key players in the ecosystem. “This is one of many more engagement sessions with the ecosystem. We will drive continuous innovation, and be the one-stop research commercialization agency with the resources to accelerate the commercialization of innovative ideas and concepts to impact,“We connect problem statements with solutions, bridging collaboration between public and private sectors to increase private sector participation, either through market access, investment, advisory or consultation and facilities for testing and prototyping,” she said. According to the statement, MRANTI will also connect researchers to the industry, and in doing so, ramp up the number of research or innovations that can be commercialized. It will also be working closely with the Ministry of Science, Technology and Information (MOSTI) and the Economic Planning Unit (EPU) in Malaysia with the vision to play a critical role in bringing together the private and public sectors. “However, MRANTI’s mandate is not a silver bullet. There will be no magic trick involved. Instead, what will truly be the ingredient for success is consistent, persistent and structured engagement among all stakeholders, so that everyone is united in this journey towards commercialization,“MRANTI believes that the national GDP will improve, more jobs can be created, and Malaysia will attract more foreign investment, to ensure products and solutions are more affordable, available and accessible towards improving quality of life for all Malaysians, and to ensure Malaysia becomes a high-tech, high-income nation,” she said. Malaysia launches new technology commercialization agency MRANTI, merging tech-focused agencies TPM & MaGIC |
https://technode.global/2022/02/25/fave-launches-southeast-asia-tech-hub-in-kuala-lumpur-malaysia/ | Fave launches Southeast Asia tech hub in Kuala Lumpur, Malaysia | 60 | FaveAs a part of Fave’s efforts in evolving the fintech landscape, the new tech hub will serve as a platform to groom top class engineering talents and drive digital innovation in Southeast Asia, Fave said in a statement. In collaboration with training partner iTrain and universities, Fave’s tech hub aims to onboard 100 engineers in 2022. The tech hub will provide participants with training, professional certification, mentoring and coaching, product development projects, as well workshops and eventually placement offerings across Fave and Pine Labs companies. Kickstarting with the first batch, the programme will mainly focus on fresh graduates, making them industry-ready. Besides opening to fresh graduates from codingAs a recurring programme, the tech hub will be the foundational first step in Fave’s commitment to continuous growth of the engineering talent pipeline in Southeast Asia. “It is beyond essential to invest into growing talent that is the backbone of the booming fintech ecosystem in the region. We are proud to be taking a leading role in building a pipeline of talent that will benefit the entire ecosystem and digital innovation in the region. With the launch of Fave’s tech hub and our versatile training approach, we are confident in shaping the next generation of experts to revolutionise SEA (Southeast Asia)’s fintech landscape. We only see this as the first step in fostering world-class product engineering—a booming career path in Malaysia, Southeast Asia and beyond,” Arzumy MD, Chief Technology Officer of Fave. Fave’s roadmap to building world-class Fintech Engineering talents in Southeast Asia is anchored by three pillars:1. Ecosystem Building: Partnering with top educational institutions in Malaysia to identify and upskill talent through adjunct lectures, development workshops, career guidance and mentoring workshops. This will be coupled with an expanded internship programme to expose participants to ecosystem partners that employ digital technologies required to create advanced digital solutions. Tech companies and service providers in high-potential engineering communities will also be re-engaged with events and meet-ups to accelerate the overall mission of Fave.2. Readiness Training: Occupational training and skills development will be achieved through a strong partnership with iTrain, who will helm the rigorous 6-week technical and soft-skill modules.3. The “Good to Great” Initiative: A post-training programme segment where upskilled participants are assigned responsibility to empower and grow other engineers, as well as non- technical team members and manage full project streams. Fave is also on the lookout for individuals with a methodical and structured thought process with strong collaboration skills, quick understanding of new concepts and strong communication abilities. Over a period of 4 cohorts scheduled on March 21, May 9, July 4 and September 5, Fave aims to double its internship intakes that will raise the bar in product engineering in Southeast Asia. Fave is one of Southeast Asia’s leading fintech platforms, providing a smart payment app for the next generation of consumers to pay and save. It also empowers offline businesses to grow and digitally connect with their customers in a whole new way. The company is on a mission to maximize joy and value in every shopping experience and accelerate the offline world’s transition to the digital economy. It currently operates in over 35 cities across Malaysia, Singapore, Indonesia and India. It is part of Pine Labs Group of Companies—a merchant platform company that provides financing and last-mile retail transaction technology. |
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