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https://technode.global/2021/09/01/malaysias-carsome-raises-200m-in-financing-round-valuation-hit-1-3b/ | Malaysia’s Carsome raises $200M in financing round, valuation hits $1.3B | 71 | Southeast Asian used car trading platform This is complemented by new credit facilities of $30 million, bringing total funds raised to $200 million, Carsome said in a statement. The Series D2 round, the largest equity investment in Carsome’s history, saw participation from one of the largest sovereign wealth funds in the region and a pool of new international investors such as Catcha Group and MediaTek as well as strong participation from existing shareholders including Asia Partners, Gobi Partners, 500 Southeast Asia, Ondine Capital, MUFG Innovation Partners, Daiwa PI Partners, among others. Rothschild & Co acted as the financial advisor to Carsome for the deal. According to Carsome Co-founder and Group CEO Eric Cheng, the latest funding round enables the company to accelerate its organic growth in the retail and auto-financing business. “We are geared up to achieve even greater heights while rolling out Southeast Asia’s integrated car e-commerce platform, now further solidified by various strengths within the ecosystem,” Cheng added. Automotive e-commerce platform Carsome raises $30M Series D to accelerate expansion in Southeast AsiaCarsome’s latest funding round came after it announced in July it plans to acquire listings and content automotive platform iCar Asia to create the largest automotive marketplace in Southeast Asia. Carsome’s latest funding round will empower its strategic focus on the growth and expansion of its business-to-consumer (B2C) business. This year alone, Carsome has opened at least seven B2C retail centers across Malaysia, Indonesia, and Thailand, with several more in the pipeline for the rest of the year. The company has also opened its first vehicle reconditioning center in Malaysia. The funding injection also strengthens Carsome’s offering in auto-financing for car buyers and used car dealers. Carsome has recently launched auto-financing for graduates who typically face challenges in obtaining loan approvals from conventional banks. Carsome’s Series D2 funding is also expected to boost its capabilities in strategic investments and mergers and acquisitions. This year, the company has acquired an all-equity stake in PT Universal Collection, a Jakarta-based car and motorcycle auction service, as well as Carsome transacts more than 100,000 cars on an annualized basis, which translates to around $1 billion in revenue. 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. Carsome currently transacts around 100,000 cars annually and has more than 1,700 employees across all its offices. Carsome partners Catcha to create SEA’s largest digital automotive marketplace via $200M acquisition of iCar Asia |
https://technode.global/2021/08/30/malaysias-gig-workers-employment-platform-troopers-bags-close-to-1m-in-series-a-round/ | Malaysia’s gig workers employment platform Troopers bags close to $1M in Series A round | 71 | Troopers MalaysiaShopper360’s investment and strategic partnership will provide Troopers the leverage to implement some of the company’s business plans. The investment will be used for technology development, marketing, and working capital to further expand its business In Malaysia, Troopers said in a statement on Monday. “Mobile continues to be a major platform for people to consume media, shop, and pay for goods and services. Therefore, it is only natural that we allow people to also search for jobs and short-term work through a mobile app. We see ample synergies with Shopper360 to grow our business further,” said Troopers Founder and Chief Executive Officer Joshua Tan. Troopers digital mobile platform enables the automation of gig matching and allows workers to choose where and when they want to work, and employers have access to a wide talent pool for all types of part-time / once-off gigs. Founded by Tan and Kelvin Lee in 2017, Troopers said it is revolutionizing the existing part-time recruitment culture and structure in Malaysia to create an eco-system that is reliable, efficient, and effective for their stakeholders. Troopers conducts all its recruitment, selection, talent management, payroll and training via the app and have hired more than 100,000 headcounts over the past four years in a variety of roles and jobs across Malaysia. Since the introduction of its mobile app in June 2021, it has generated more than 35,000 users and placed more than 20,000 jobs translating to RM1.2 million of income in just two months. Troopers is a digital manpower solutions company that specializes in part-time recruitment, human resource management, and technology-enabled job matching for the gig economy. Troopers aims to provide a safe and secure working environment for individuals while providing clients with access to a well-trained and talented flexible workforce. Troopers have increased market shares and managed to penetrate the Malaysian market via their reliable, transparent, and accountable eco-system strategy. shopper360 is a shopper marketing services provider in the retail and consumer goods industries in Malaysia with more than 30 years of experience in the in-store advertising industry. The group offers a range of field, digital and shopper marketing and advertising services. It also provides sales distribution services for products and brands. The group consists of ten agencies in Malaysia, Singapore, and Myanmar, namely Pos Ad, Jump Retail, Retail Galaxy, shopperplus Malaysia, Tristar Synergy, Gazelle Activation, Marvel Distribution, She Distribution, shopperplus Singapore, and shopperplus Myanmar.8 Future of Work trends that will influence your business in 2021 and beyond |
https://technode.global/2021/08/30/malaysias-islamic-crowdfunding-platform-ethis-group-raises-1-7m-in-pre-series-a-round/ | Malaysia’s Islamic crowdfunding platform Ethis Group raises $1.7M in pre-Series A round | 71 | Ethis GlobalThis funding round comes hot on the heels of Ethis’ recent appointment of Amra Mohd as the Chairman of the newly established Ethis Investment Management, Ethis said in a statement on Thursday. This ‘Super Angel’ round included leaders and executives from Islamic finance and fund management across various jurisdictions. Notable investors include corporate leader Wan Zulkiflee, former President and Group Chief Executive Officer of Petroliam Nasional Bhd (Petronas) and Daud Vicary Abdullah, a “renowned figure and thought-leader” in Islamic finance and banking, both from Malaysia, and Dubai-based Khurram Hilal, CEO of global Islamic banking at an international bank. Ethis Group Chairman of Advisors Mohd Radzif Mohd Yunus said: “Our global ambition and focus on impact has attracted new shareholders who bring tremendous experience and relationships to our group. This we believe will propel growth for years to come. ”In 2022, Ethis intends to expand its offerings in Indonesia and Malaysia to include agriculture and ‘Waqf’ issuers and projects. The funds will be used to scale up operations in existing markets, acquire licenses and set up in new jurisdictions, and develop new technology as part of the group’s planned milestones leading up to their full Group Series A round where Ethis targets to raise $10 million from institutional and strategic corporate investors. Founded in 2014 as a private investment club in Singapore, Ethis is a Malaysia-headquartered Islamic FinTech company focused on sustainable and impactful crowd-investments, financing, and donations. It is operating regulated platforms in Malaysia and Indonesia and has also secured regulatory approvals in Dubai and Qatar. Ethis Indonesia has been operating since 2015, matching retail investors from more than 50 countries into impact-investment campaigns, initially focused on property development for social housing and more recently introducing SME supply-chain projects. “This synergy, we believe, will be the key to our growth and success. Ethis is on track to prove the commercial viability of our high-impact FinTech model based on Islamic finance principles,” Ethis Group Founder Umar Munshi said. Ethis Group operates investment platforms approved by regulators in Indonesia and Malaysia, together with Its platforms serve ordinary people, high-net-worth individuals, corporates, and government entities. Ethis 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 100,000 homes. Since the onset of COVID-19, it has launched new investment products, including short-term, high-yield supply-chain financing projects in Indonesia and equity investment in ‘future tech’ startups in Malaysia. It said 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 organizations and social enterprises. Social finance platform Global Sadaqah’s flash-funding provides insights into Shariah-compliant crowdfunding |
https://technode.global/2021/08/27/scaleup-malaysia-inks-memorandum-of-cooperation-with-technology-park-malaysia-in-strategic-public-private-partnership/ | ScaleUp Malaysia inks memorandum of cooperation with Technology Park Malaysia in strategic public-private partnership | 71 | Malaysia-based accelerator “ScaleUp Malaysia is a known accelerator program that is operated by entrepreneurs and industry veterans. The partnership between TPM and ScaleUp Malaysia will provide startups better access to government resources that include labs, infrastructure, and other facilities, as well as regulatory facilitation to advance innovation. This collaboration opens up the door for the scaleups to receive support from the private sector’s networks, expertise and capital,” said Technology Park Malaysia Group Chief Executive Officer Dzuleira Abu Bakar in a statement on Thursday. According to Dzuleira, the recent announcement by the “In our bid to propel and create more startups, scaleups and future unicorns, this partnership as well as the formation of TCA is seen as a boost to the startup scene in Malaysia and is poised to see more technology companies that will succeed within the Malaysian ecosystem,” she said. “This is a strategic move where ScaleUp Malaysia aims to help create the right alliance with the Government’s resources and support with private sector networks, expertise, and capital. ScaleUp Malaysia will continue on to support the Government by providing training, market access, and capital to these companies to contribute towards the national agenda in creating a vibrant entrepreneurship ecosystem,” said ScaleUp Malaysia Managing Partner Sivapalan Vivekarajah. The development also came as the Malaysian government continues its effort to spur the startup ecosystem and encourages public-private collaborations to nurture more homegrown tech startups. The Malaysian government has placed strategic importance on grooming Malaysia’s startup ecosystem in its MyDigital Blueprint. MOSTI-led National Technology Innovation Sandbox (NTIS), has also seen strong momentum in the development and commercialization of cutting edge technologies. More than 2,500 companies applied to advance and strengthen their product development – and from these, more than 130 are gaining support in terms of market validation, regulatory facilitation, funding, and more through the program. “With all these initiatives in place, I have full confidence it will be a short matter of time for Malaysia to better our position in the race to raise regional and global champions. This partnership shows that we are truly vested in growing the ecosystem. The government has and will continue to play a key role in developing the next generation of successful technopreneurs,” said Dzuleira. ScaleUp Malaysia is an accelerator which focuses on growth-stage companies in Malaysia – helping them position their business for exponential growth. Technology Park Malaysia Corporation (TPM) is the innovation facilitator and technology enabler of Malaysia. It was established by the Ministry of Finance, Malaysia in 1996 and operates under the auspices of the Minister of Science, Technology and Innovation (MOSTI). As the national driver of innovation and technology, TPM manages and operates Malaysia’s 686-acre technology park campus in Bukit Jalil, Kuala Lumpur. ScaleUp Malaysia launches Cohort 3, partners with Quest Ventures & Indelible Ventures |
https://technode.global/2021/08/26/petronas-future-tech-2-0-welcomes-20-malaysian-deep-tech-startups-including-drone-tech-firm-aerodyne/ | Petronas Future Tech 2.0 welcomes 20 Malaysian deep tech startups including drone tech firm Aerodyne | 71 | A total of 20 Malaysian startups have been selected to participate in the second edition of Petronas FutureTech 2.0, an intensive technology accelerator program led by the national oil company in collaboration with state-linked telco The latest edition of the program received 368 applications, more than double compared to 165 for the first edition in 2019. Petronas“FutureTech 2.0 underlines Petronas’ commitment to position itself as a progressive energy and solutions partner ready to deliver innovative, game-changing, and sustainable actions in facing the energy transition as well as consumer demand,” said Arni Laily Anwarrudin, Head of Petronas Ventures. The 20 startups were chosen for their innovations to potentially solve challenges and uncover opportunities in Industry 4.0, specialty chemicals and advanced materials, the future of energy, digital transformation, and retail innovation. Some of the selected startups include drone tech firm Starting from August 30, these startups will take part in a 12-week virtual program which includes masterclasses, workshops, and coaching from 500 Startups’ global network of mentors, as well as experts from Petronas, TM and SDP. The startups will also focus on creating commercial opportunities with the corporations and accelerate their commercialization path through various potential collaborations. “With the synergy of Petronas, TM, and SDP, we aim to help them achieve global standards – namely by providing opportunities for innovation collaborations between these startups and the major corporations that can deliver value and create lasting impact in the country and beyond,” 500 Startups Regional Director of Asia Pacific Ee Ling Lim said. At the end of the 12-week program, these startups will present their innovations and traction to potential investors and industry stakeholders on Demo Day. The chosen startups will then continue to work closely with Petronas, TM, and SDP in running and completing potential pilot projects to validate the technology with business divisions within these companies, Petronas said. Following the first edition of Petronas FutureTech 2.0 in 2019, two startups have become investees of Petronas Ventures while the seven others are engaging with Petronas on the business front. Petronas announced the collaboration with TM and SDP for the second edition of Petronas FutureTech 2.0 in June. The development comes as the Malaysian government intends to spur the startup ecosystem and encourage the private sector to invest in tech startups. Petroliam Nasional Bhd (Petronas) is the sole manager of Malaysia’s energy reserves, ranked amongst the largest corporations on Fortune Global 500. It is the world’s fourth-largest LNG exporter. Petronas has set up a venture capital arm in 2019 to drive technology innovation and maintain a competitive edge to support its core oil and gas business for further growth. |
https://technode.global/2021/08/26/mdec-launches-global-technology-grant-to-nurture-global-tech-champions/ | MDEC launches Global Technology Grant to nurture global tech champions | 71 | Malaysia Digital Economy Malaysia (MDEC)It will provide up to 2 million ringgit funding for technology companies and technology accelerators, MDEC said in a statement. GTG’s objective is to support the scaling-up of Malaysian technology companies into the global arena by way of empowering innovation, development, and commercialization of disruptive or innovative products and services, the agency said. The grant works by supporting research and development (R&D), scaling up of provision of R&D services, development of new technologies, the establishment of Centers of Excellence, and the creation of new market-driven products or services for the global market. “The Global Technology Grant aims to nurture global champions out of local innovators by allowing them to develop and commercialize innovative and commercially driven products or services. This will have a snowball effect that ultimately leads to export revenue increases, the upskilling of local founders and talents, and a rise in digital investments that contribute towards the goals set by the Malaysia Digital Economy Blueprint (MyDIGITAL) and Malaysia’s vision to be the Heart of Digital ASEAN,” said MDEC Vice President (Tech Ecosystems and Globalisation) Gopi Ganesalingam. The GTG also serves to support high-impact ecosystem development initiatives, including the development of ecosystem players that contribute to the growth of the digital economy, such as new job creations, expansion of export and investments, and talent development. The grant offers two types of incentives: Type 1, which is directed at technology companies, and Type 2, for technology accelerators. The grant is open to both local and foreign-owned companies which are incorporated in Malaysia. These companies will have to fulfill requirements set by MDEC. The GTG is open for submission on August 27, 2021, and the closing date for submissions on September 15, 2021, with evaluation and approvals set to be completed by October. The project execution phase will begin in November and December. MDEC’s Global Technology Grant was announced during the Malaysia Tech Month 2021, a virtual, month-long curation of electrifying digital and technology events aimed at promoting Malaysia as a digital investment hub. MDEC is the agency under the Ministry of Communications and Multimedia Malaysia leading the digital transformation of the economy for 25 years. Featured image credits: Unsplash |
https://technode.global/2021/08/26/malaysia-based-spac-kairous-acquisition-files-for-a-50-million-ipo-on-nasdaq/ | Malaysia-based SPAC Kairous Acquisition files for a $50 million IPO on NASDAQ | 71 | Kairous Acquisition Corp Ltd, an Asia-focused blank check company led by the founder of Malaysia-based The special purpose acquisition company (SPAC) which plans to raise $50 million, is offering 5 million units at $10 each. Each unit consists of one ordinary share, one-half (1/2) of a redeemable warrant, and one right to receive one-tenth (1/10) of an ordinary share upon the completion of an initial business combination. Each whole warrant entitles the holder to purchase one ordinary share at a price of $11.50 per full share, its prospectus showed. “Our efforts to identify a prospective target business will not be limited to a particular industry or geographic location, although we currently intend to focus on opportunities in Asia,” the SPAC said in a filing dated Aug 24, 2021. The development was first reported by investment adviser On its acquisition strategy, the SPAC, which plans to be listed on NASDAQ, said it intends to “primarily focus on fast-growing technology companies in different industry verticals, including but not limited to e-commerce, financial technology, insurance technology, digital health, digital media, and digital services. ”The blank check company also plans to acquire businesses with enterprise values of between $120 million and $300 million and with revenue or net profit at an annual growth rate of at least 50 percent. “We intend to acquire companies with business models that are well proven in developed markets. Asia is growing at an unprecedented speed and we believe the region is in need of faster and more efficient business models, similar to those we see in developed countries such as the United States and China that are well proven to be much better in serving the market and recorded strong growth trajectory,” it added. The SPAC said it will seek to capitalize on the M&A and operational expertise as well as the relationships of its management team and its board of directors, to identify attractive businesses that have the capacity to grow rapidly by utilizing a public vehicle. The company is led by Chairman and Chief Executive Officer Joseph Lee, who is also the Founder and Managing Partner of Kairous Capital, a regional venture capital firm focusing on technology investments across China and Southeast Asia. Lee has more than 16 years of experience in cross-border investment across the Asia Pacific. Since 2004, Lee has been actively involved in private equity and venture capital investment. In 2006, he joined Kuwait Finance House (Malaysia) Bhd as the pioneer team in setting up their private equity division and first Islamic private equity fund in the Asia Pacific. Launched in 2015, Kairous Capital is a venture capital firm with a hybrid model as it has some private equity elements such as its involvement in the post-investment value creation of startup. To date, Kairous Capital has invested in 13 companies across China and Southeast Asia, covering industries such as financial technology, e-commerce, digital health, digital media, and digital services. Kairous Capital is an investor in Featured image credits: |
https://technode.global/2021/08/25/singapores-omnilytics-to-acquire-malaysias-supahands-in-20m-deal/ | Singapore’s Omnilytics to acquire Malaysia’s Supahands in $20M deal | 71 | OmnilyticsOmnilytics will be embarking on an ongoing strategic acquisition drive to bolster its core functions and technological capabilities to supercharge its long-term growth, the company said in a statement. “At Omnilytics, our vision is to enable a more intelligent, connected retail ecosystem, enabling brands to stay ahead of their competitors. Our acquisition of Supahands marks a pivotal step in our journey, filling a critical gap in our existing tech capabilities as we take one step closer in becoming retail’s most important data stack,” Omnilytics Chief Executive Officer and Co-Founder Kendrick Wong said. The acquisition of Supahands is set to bring Omnilytics’ Product Match solution to the next level, opening doors to future partnership and innovation endeavors across the e-commerce landscape, Onmilytics said. Supahands’ investors include Founded in 2014 and headquartered in Malaysia, Supahands is an end-to-end data labeling platform that develops training data to enable clients to launch and scale high-performing artificial intelligence applications for their business. The company’s global clientele includes online consumer marketplace Carousell, SaaS customer experience management platform Sprinklr, and retail solutions provider Badger Technologies. “Accelerating the adoption of AI is at the heart of our business at Supahands, having witnessed first hand the tangible benefits that artificial intelligence and machine learning can bring to our clients as they strengthen the different pillars of their business from analytics to deployment,” Supahands CEO and Co-Founder Mark Koh said. Following the acquisition, Koh will join the Omnilytics Board, taking on the role of Chief Strategy Officer as we embark on our accelerated growth plan for 2022. Armed with our proprietary Product Match solution, which enables brands and retailers to compare the same or similar stock-keeping units (SKUs) across multiple platforms, we’re on a mission to help the world trade efficiently by transforming retail with intelligent connected data and actionable insights. By using a singular set of naming conventions, Omnilytics provides retailers with the confidence to make accurate data-driven decisions at both product and market level and reduce risk of inconsistencies and misclassifications in their product database–ultimately achieving better business performance overall. Featured image credits: |
https://technode.global/2021/08/25/scaleup-malaysia-launches-cohort-3-partners-with-quest-ventures-indelible-ventures/ | ScaleUp Malaysia launches Cohort 3, partners with Quest Ventures & Indelible Ventures | 71 | Malaysia-based accelerator In launching Cohort 3 ScaleUp Malaysia announced that they have entered into partnerships with two venture capital firms, Singapore-based Collectively these firms bring access to partners, investors, and other networks in Southeast Asia and the United States of America, accelerating targeted growth in new times. Quest Ventures, a regional venture capital firm based out of Singapore enters its second year of partnership with ScaleUp Malaysia having worked hands-on with 20 scaleups and co-investing into 10 in the Cohort 2 program. Indelible Ventures, a US-based fund with a mandate to invest in Malaysian startups, targets tech-enabled scaleups with B2B products that have the potential to scale at an international level, making it a strategic partner moving forward. In Cohort 3, Quest Ventures will look to co-invest in up to seven companies whereas Indelible Ventures seeks to co-invest in up to five companies in this cohort. The investment partnerships will bring in a total investment of approximately $1 million (4.23 million MYR) to develop and grow Malaysian scaleups, targeting 20 companies to be shortlisted for the Cohort 3 applications. For Cohort 3, ScaleUp Malaysia is looking towards working with more scaleups eyeing the regional and global stage. “Leveraging on the partners’ extensive global experiences in helping scaleups scale beyond our shores is key for our Cohort 3. A fast-paced, rapid-response ethos has long been at the core of many scaleups, now more than ever especially against the backdrop of the Covid-19 pandemic. With the partnership, we look towards sustainable growth for long-term success,” said ScaleUp Malaysia Managing Partner Xelia Tong said. To qualify for the Cohort 3 program, scaleups must be operating on business models that have the propensity to disrupt existing markets or have solutions that are able to navigate future challenges and take advantage of opportunities brought about by any economic climate. ScaleUp Malaysia has started to receive an overwhelming response to the applications which closes on September 2, 2021. Participants will be shortlisted based on five key criteria:“In Cohort 3 we aim to go further by helping founders expand their mindsets and refine their approaches in scaling their businesses, and in exposing them to our networks in the region and around the world,” Quest Ventures Partner Jeffrey Seah said. The 20 companies shortlisted from the Cohort 3 applications will begin their accelerator journey in October 2021 before pitching in front of the Investment Committee at the end of the program. As part of the partnership, ScaleUp Malaysia Cohort 3 powered by both Quest Ventures and Indelible Ventures will invest at least $59,000 in the companies selected by the Investment Committee. “We decided to partner with ScaleUp Malaysia because we share a common high value-add approach and are aligned in our recognition that Malaysia, although under-represented in the regional VC landscape, has the talent and capability to become a leader in the region,” said Indelible Ventures Managing Partner Kevin Brockland. Malaysian Global Creativity and Innovation Centre (MaGIC)ScaleUp Malaysia is an accelerator that focuses exclusively on growth-stage companies in Malaysia – helping them position their business for exponential growth. Featured image credits: |
https://technode.global/2021/08/24/malaysias-airasia-launches-e-hailing-services-eyes-more-acquisitions-as-it-builds-super-app/ | Malaysia’s AirAsia launches e-hailing services; eyes more acquisitions as it builds Super App | 71 | Malaysian budget carrier AirAsia Ride was officially launched during an online event on Tuesday. Services are currently available in the Klang Valley, with expansion to more cities in Malaysia planned throughout the year. AirAsia plans to rollout the e-hailing services in other countries including Thailand, Indonesia, the Philippines, and Singapore. “Malaysia is the first step. Thailand will be next and then into Indonesia, the Philippines, Singapore, etc. There will be two rollouts. [One] in Malaysia and the Asean rollout. The response from drivers has been tremendous,” AirAsia Group Chief Executive Officer Tony Fernandes said in a virtual press conference. “What sets AirAsia ride apart from others in the market would be the unique insights and data that we have due to our position as a Super App that owns an airline, and have strong vertical products on e-commerce, FinTech, logistics, and now e-hailing,” AirAsia Ride CEO Lim Chiew Shan said. “This enables us to leverage on AirAsia Group’s rich and vast data and algorithm to provide a seamless and connected journey experience for our passengers where they will be able to perform in-path booking for both their flights and pre-book their ride to the airport and even for their return journey at the same time, all within the convenience of one single itinerary and without having to leave the AirAsia Super App. ”“At the moment, we have about 1,500 registered drivers and with our nationwide expansion, we expect 5,000 more to come on board in the next 6 months,” Lim said in a statement. For its e-hailing services, AirAsia Super App CEO Amanda Woo said it will inherit the DNA of running a low-cost model which enables savings to be passed on to guests and strives to offer the lowest fares on the road. “There is also the potential for AirAsia ride to integrate with Teleport, our logistics arm to complement the logistics and delivery services, tapping into the same pool of drivers for maximum efficiency and cost savings, apart from synergizing with our e-commerce verticals, supplementing our existing last-mile delivery capabilities with greater capacity and reach. Another exciting product innovation in the pipeline is partnership with electric vehicles, to spearhead the drive for sustainability in mobility for ASEAN,” she added. AirAsia said drivers will take 85 percent of the net fares (excluding toll charges), higher than other ride-hailing providers in the market, making it a viable part-time job option and side income opportunity. Fares on AirAsia Ride are set at an average of 1 MYR ($0.4) per kilometer, excluding toll charges, and for added convenience passengers are able to book on-demand rides, or even pre-book their rides in advance, it added. AirAsia’s e-hailing venture came as the aviation group is in the midst of building its digital businesses and its ASEAN Super App when most of its planes were grounded due to the ongoing COVID-19 pandemic. It has introduced food delivery, beauty e-commerce, among others. Its FinTech unit, BigPay, has also 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. Yet to be profitable, Grab, Southeast Asia’s biggest ride-hailing-to-food delivery group, expects to complete the merger with Altimeter Growth Corp special purpose acquisition company (SPAC) by the fourth quarter of this year in a $40 billion deal. Fernandes said AirAsia is also looking for four or five acquisitions while the group continues to develop its Super App to include products and services under travel, delivery, wealth management segments, among others. His comment on more potential acquisitions also came after the acquisition of Gojek’s operations in Thailand and food delivery platform Last month, AirAsia’s logistics arm Teleport announced last week it is Besides offering loans for drivers, customers, and small and medium enterprises, Fernandes said AirAsia is looking at offering customers to invest in Bitcoin, unit trusts, stocks at an affordable rate. “Aireen [Aireen Omar, President of Airasia Digital] is also working on a ‘fantastic’ education product. And we also have health products coming. We are in discussions and looking at next acquisition,” he said. The group is also working on parcel delivery, grocery, content creation, and finalizing its reward program in the Super App. “We have created Japanese Anime projects. There will be a lot more content. We have a fantastic messenger coming out,” he added. “We’ll never be complete [in building the Super App]. We’ll always be changing, adding but the bulk I talked about will be ready by November and December,” he said. Fernandes said its airline and digital businesses could be split “at some point” as he opined the stock market has not been giving its digital product any value. “This is for the board to decide. But certainly, if you look at the way we are positioning ourselves, there will be a split at some point, for sure. The stock market isn’t giving us any value for the digital product. And so we’ll have to look into that,” he said. The group logistics unit Teleport was valued at $300 million. “That’s more than our entire market capitalization,” Fernandes added. “We have an engineering company, food company, airline services group. People have too focused on the airline business. But AirAsia Group has become a multi-company, valuable, data-driven tech company. ”At the time of writing, shares of AirAsia were trading at 0.86 MYR ($0.20), valuing the airline group at 3.33 billion MYR ($789 million). AirAsia saw its net loss narrow to 767.42 million MYR ($181.59 million) in the first quarter of 2021 (1QFY21), from 803.85 million MYR ($190.22 million) a year earlier while quarterly revenue slumped 87.1 percent to 298.22 million MYR ($70.57 million) from 2.31 billion MYR ($546.62 million) in 1QFY20, as travel demand was curbed by the travel restrictions imposed by the government in January. The group announced on Monday it has postponed the release of its financial results for the second quarter ended June 30, 2021 (2QFY21) by a month from August 31 to September 30. In an interview with A few SPACs focused on technology have approached the group, and AirAsia has engaged auditors for the deal, he was quoted as saying then. AirAsia’s logistics arm Teleport to acquire food delivery platform Delivereat for $9.8M |
https://technode.global/2021/08/23/malaysias-telecoms-infrastructure-firm-edotco-accepted-as-united-nations-global-compact-signatory/ | Malaysia’s telecoms infrastructure firm Edotco accepted as United Nations Global Compact signatory | 72 | Edotco GroupAs a signatory, Edotco said it will be supporting the 10 Principles on human rights, labor, environment, and anti-corruption, which will be embedded as part of the company’s strategy, culture, and day-to-day operations. “We will be further extending our green agenda with a focus on carbon neutrality initiatives, we will drive social responsibility through more meaningful stakeholder management, and we will be ensuring sustainable governance through implementing best practices and standards that protect our interests internally and externally,” Edotco Group Chief Executive Officer Adlan Tajudin said in a statement on Monday. “These practices are not new to us at edotco, just moving forward we will be reporting them within edotco’s ESG framework to ensure we are benchmarking ourselves to the right practices in the industry. We understand that investors and even the general public view an organizations’ responsibility as beyond profits and solutions, and we want to show everyone that we take our environmental and social commitments seriously. Similarly, in our ongoing efforts to further enhance our governance and accountability, Edotco is aligned to Axiata’s Group initiatives in promoting good governance across our footprint,” he added. UNGC is the largest corporate sustainability initiative in the world, with more than 12,000 members from over 160 countries. It is a call to companies to align their strategies and operations with the UNGC 10 Principles, and to take shared responsibility for advancing broader societal goals such as the UN Sustainable Development Goals (SDGs). “We are delighted to welcome Edotco as part of a global movement for sustainable business, and aligning their sustainability agenda with United Nations Global Compact 10 Principles as the telecommunication industry is a significant contributor towards a sustainable world. Building on the good work currently being done by Edotco, we look forward to working together to strengthen Edotco as a sustainability sector leader nationally and globally,” said Faroze Nadar, Executive Director for UN Global Compact Network Malaysia & Brunei. It is a key requirement for UNGC members to submit a Communication of Progress (COP) within one year of their participation and thereafter on an annual basis. In support of public accountability and transparency, Edotco will be reporting its efforts via the submission of a signed statement by the chief executives expressing their continuous commitment, a description of practical actions as well as the measurement outcome in both quantitative and qualitative manners. Edotco’s move comes at a time when corporations in Asia and Southeast Asia are placing more emphasis on ESG-related business practices and strategy, following global trends. Established in 2012, Edotco Group is the first regional and integrated telecommunications infrastructure services company in Asia, providing end-to-end solutions in the tower services sector from tower leasing, co-locations, build-to-suit, energy, transmission and operations and maintenance (O&M). Edotco operates and manages a regional portfolio of over 34,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka, Pakistan, Philippines, and Laos. United Nations Global CompactWe need contextualized solutions to address sustainability challenges across Southeast Asia [Q&A with Durwin Ho for Startup Weekend Singapore 2021] |
https://technode.global/2021/08/20/political-uncertainties-in-malaysia-seen-as-short-term-risks-tech-investors-say/ | Political uncertainties in Malaysia seen as ‘short-term risks’, say tech investors | 72 | The political uncertainties in Malaysia following the resignation of its Prime Minister are seen as ‘short-term’ risks as the tech industry in the country is expected to continue its growth momentum amid the ongoing COVID-19 pandemic, according to tech investors. Muhyiddin Yassin stepped down as Malaysia’s eighth prime minister on Monday after losing his parliamentary majority after 17 months in office. Malaysia’s Cabinet has also been dissolved following his resignation. Malaysia is set to have a third prime minister and Cabinet within three years. On Friday, the palace Istana Negara said Malaysia’s King Al-Sultan Abdullah has appointed Ismail Sabri Yaakob as Malaysia’s ninth prime minister. In a statement on Friday evening, the palace said Ismail Sabri, who was the Deputy Prime Minister in Muhyiddin’s government, will be sworn in as Malaysia’s ninth prime minister on Saturday at 2:30 PM at the palace. The resignation of Muhyiddin and the appointment of a new PM came as Malaysia’s daily COVID-19 cases have been hitting a new daily high despite the rollout of the vaccination program since the beginning of the year. On Friday, Malaysia posted 23,564 COVID cases, crossing the 23,000 mark for the first time. On Tuesday, Fitch Solutions Country Risk & Industry Research said continued government instability in Malaysia will continue to undermine investor confidence. “However, given that the government has appeared unstable for months, Muhyiddin’s resignation itself is unlikely to prove a surprise to the markets and we do not expect an outsized impact on both the equity and bond markets in Malaysia,” it wrote in a note. Venture capitalists VCs typically take a long-term view when they invest in tech startups, venture capitalists told “Political uncertainty has little effect on investors’ confidence in Malaysian startups. As we know this is just a short-term risk,” “Long term concerns that we should be watching are which segments are heavily affected due to COVID-19 and the changing consumer behavior instead,” Hor said in a brief interview. Malaysia’s private equity and venture capital markets have been lagging as compared to its peers. According to DealStreetAsia’s report This was despite a jump in the number of deals. Malaysia registered 79 deals in total in 2020, more than double the 36 inked in the previous year. In comparison, Singapore recorded 280 deals with a combined value of $3.66 billion, followed by Indonesia with 134 deals and $3.37 billion in total funds raised. Another Malaysia-based venture capitalist Ng Sai Kit said he expects the tech ecosystem in Malaysia will continue to grow as tech investors focus on a longer-term outlook. “VCs are about patient capital and not investing in the short term. The ecosystem will grow, nevertheless. The pandemic has amplified the importance of the digital economy,” he told “Investors will focus on a longer-term outlook. This may be an excellent time to position for recovery from the pandemic. A short-term political whirlwind should not have much impact on most investment decisions by VCs in the tech sector,” he explained, concurring Hor’s view. Ng, however, warned that prolonged political uncertainty may slow economic recovery. On Monday, Fitch Solutions has slashed Malaysia’s 2021 gross domestic product (GDP) growth to 0 percent from its earlier estimate of 4.9 percent. The revision came as the second quarter 2021 GDP growth numbers were below its expectation, at 16.1 percent year-on-year (YoY) but a contraction of 2 percent quarter-on-quarter. The research unit of the Fitch Group noted that the daily COVID-19 cases in Malaysia have not come down despite the nationwide lockdown. Meanwhile, with a new prime minister, followed by a new Cabinet soon, Ng hopes there will be more improvements in regulation and policies to help build the private fund management sector and transactions of privately-held entities. “Some fiscal policies stimulating the deployment of capital in venture capital/private equity space will be welcomed,” he added. Earlier, “Although a period of political uncertainty may occur in Malaysia given the resignation of Prime Minister Muhyiddin Yassin, we expect the country’s credible and effective institutions to limit the impact on its macroeconomic policies and credit profile as demonstrated over past episodes of abrupt political change,” said Moody’s Investors Service Vice-President – Senior Analyst Christian Fang on Monday. He said the coronavirus pandemic remains the key risk in Malaysia, as the elevated number of new infections and ongoing restrictions – although less stringent compared to the second quarter of 2020 – will continue to weigh on the economic recovery this year. “As such, if fiscal deficits remain wide for some time because of further economic stimulus or weak revenue, resulting in a persistent rise in the government debt burden that fiscal authorities are unable to reverse, this has the potential to materially weaken Malaysia’s credit profile,” he added. As for the stock market, analysts expect market sentiment to remain soft until more clarity on the political situation. “We expect market sentiment to remain soft until more clarity on the political situation surfaces. During the last political crisis in Feb 2020 following the ‘Sheraton Move’, the KLCI fell -4.2 percent during the week that there was no ruling government in place,” Hong Leong Investment Bank said in a note on Tuesday. “From a market perspective, policy continuity, particularly on the vaccination rollout and economic reopening, is our key concern from this political fluidity. Our 2021 GDP forecast is 3.1 percent and year-end KLCI target at 1,580 (15.7 times price-to-earnings ratio),” analysts Jeremy Goh and Felicia Ling wrote. On Friday, the benchmark FTSE Bursa Malaysia KLCI closed 0.2 PERCENT higher at 1518.03. The KLCI was up 1.4 percent from 1496.74 on Monday. |
https://technode.global/2021/08/19/malaysias-home-finishing-product-marketplace-homa2u-bags-567k-funding/ | Malaysia home finishing product marketplace HOMA2U bags $567K funding | 72 | Malaysia-based building materials and home finishing product marketplace The total raised amounted to 2.4 million MYR ($567,000), HOMA said in a statement. Prior to that, Malaysia-based accelerator ScaleUp Malaysia with investment partner Quest Ventures Pte Ltd invested via the ScaleUp Malaysia’s Accelerator program where HOMA is one of the top 10 startups from the Cohort 2 batch. As Malaysia’s first full-fledged overstock platform for home improvement, HOMA looks towards prioritizing the sustainability factors in their day-to-day business operations to reduce the environmental impact. “Sustainability has become a trend in home renovation and design. When considering sustainability, trending items are not just about what is fashionable, it’s also about doing the most for our environment. By championing the notion of reducing, reuse, and repurpose, our strategy includes acquiring building materials and interior finishes products from unused construction materials, discarded materials, and overstock markets,” HOMA Founder Pennie Lim said. “With the fundraise intact, we are able to put efforts towards building and extending more revenue streams rather than sticking to one at the moment which is just profit from products sold,” she added. “HOMA has been thoughtful and strategic in their approach to scaling nationwide and we are confident that HOMA will grow even stronger when they go beyond the Malaysian shores too when the time comes,” said Warisan Quantum Management Managing Director Joehary Ismail. HOMA is a platform that offers building material and home finishing products at bargains. Founded in 2017, HOMA has repurposed more than 20 million ringgit worth of overstock inventories to more than 8,000 homes. The platform currently houses more than 500 professional profiles including architects, interior designers, and contractors. HOMA is also an alumnus of Cradle Fund’s Coach & Grow Program Cohort 5 Batch (CGP5). HOMA currently serves Kuala Lumpur and Johor Bahru markets. It plans to expand to 10 more new locations by 2022 and targets to reach the 100 million ringgit milestone by 2024. |
https://technode.global/2021/08/18/airasias-logistics-arm-teleport-acquires-food-delivery-platform-delivereat-for-9-8m/ | AirAsia’s logistics arm Teleport to acquire food delivery platform Delivereat for $9.8M | 72 | Malaysia’s low-cost airline AirAsia Group Bhd’s logistics arm Teleport has signed an agreement to acquire Malaysian online food delivery platform Delivereat in a deal valued at$9.8 million. The deal values Teleport at $300 million and welcomes investors, including Kuala Lumpur and Shanghai-based venture capital firm As part of the acquisition, Delivereat’s founders Leong Shir Mein and Tan Suan Sear will be joining the management team at Teleport and AirAsia Digital. Subject to final approvals, Teleport expects the transaction to close by the third quarter of 2021. “With Delivereat joining forces with Teleport, we will be able to drive further growth of fast and affordable delivery transportation options within our key markets as e-commerce continues to surge,” AirAsia Group Chief Executive Officer Tony Fernandes said. “As a long-time investor of Delivereat, Gobi Partners will also join Teleport’s cap table and we are proud to welcome them onboard. With a valuation of $300 million and the support from a growing list of strategic partners and investors, Teleport is well on its way to become the leading logistics player in the region,” he added. The acquisition of Delivereat comes as AirAsia launched food delivery services AirAsia Food in Penang, the home of Delivereat, and soon to expand to Johor Bahru, Ipoh, Kuching, and more, according to AirAsia Super App CEO Amanda Woo. “We are happy to welcome them into the AirAsia family and we look forward to working with Suan Sear and Shir Mein to grow and expand our merchants in AirAsia Food in these cities when we onboard Delivereat’s merchants to our platform in the months to come. ”The acquisition also came after AirAsia announced it will AirAsia has shifted its focus towards digital business and building its Super App as most of its fleet remains grounded amid coronavirus restrictions. Its FinTech arm BigPay has also applied for a digital banking licence in Malaysia. Founded in 2021, Delivereat has since grown to deliver more than one million orders to date, and offers food and express delivery services on an on-demand basis from more than 4,000 merchants (consisting of restaurants, wet markets, pharmacies and groceries), carried out by its fleet of up to 4,000 registered delivery partners. Delivereat covers Penang and the Klang Valley, leading the food-delivery space with the largest selection of hawkers in Penang with up to 1,000 hawkers, and is the first to allow customers to combine multiple orders within the same delivery. Delivereat announced in 2017 that it has raised a $450,000 pre-series A funding round led by Gobi MAVCAP’s ASEAN Superseed Fund. Founded in 2018, Teleport is a venture under Airasia Digital. Leveraging on AirAsia’s network, Teleport’s ambition is to deliver door-to-door in under 24 hours across Southeast Asia. Currently, Teleport is present in Malaysia, Thailand, Indonesia, the Philippines, India, Singapore and China. Teleport posted an EBITDA of 3.17 million MYR (~$748,500) in the first quarter of 2021, down from 63.18 million MYR (~$14.9 million) in Q1 2020, according to AirAsia’s financial statement. The other businesses under AirAsia Digital including AirAsia Super App, BigPay and other digital entities were still loss-making. AirAsia to acquire Gojek’s Thai operations for $50M via share swap deal |
https://technode.global/2021/08/18/airasia-partners-insurtech-startup-policystreet-to-provide-digital-car-insurance-service/ | AirAsia partners with InsurTech startup PolicyStreet to provide digital car insurance service | 72 | Malaysia’s low-cost airlineThe digital car insurance service includes insurance and road tax renewal and allows car owners to make price comparisons of various insurance providers. It also offers add-on coverage such as windscreen, flood, extra drivers, and road tax home delivery service. The development also came as AirAsia is in the midst of building its non-airline, digital businesses, and Super App as most of its planes were grounded due to the ongoing COVID-19 pandemic. Its FinTech arm “Customers can expect more FinTech offerings on the AirAsia Super App as we continue to strengthen, innovate and stay relevant in the market through AirAsia Money,” AirAsia Super App Chief Executive Officer Amanda Woo said in a statement on Tuesday. “Much like how AirAsia has allowed everyone to fly, AirAsia Money will give the common man accessibility to some of the best financial services available in the market. ”The partnership with PolicyStreet allows Airasia Money to offer digital car insurance from underwriters in Malaysia such as Tune Protect Group Bhd, AXA Affin General Insurance Bhd, among others. PolicyStreet also complements AirAsia Super App’s strategy with its digital platform powered with API, real-time technology, and integration with 10 insurers, AirAsia said. “With this integrated solution, AirAsia customers can seamlessly buy insurance policies at their fingertips. We have also partnered with insurers to bring down the cost of insurance exclusively for AirAsia customers,” PolicyStreet CEO Lee Yen Ming said. PolicyStreet“AirAsia Money expansion plan is on track as we will be launching our offerings in Indonesia in the fourth quarter of 2021 (Q4 2021), insurance and investment services in Malaysia in Q4 2021 and digital car insurance premium installment plans in Q1 2022,” Mohamad Hafidz Mohd Fadzil, Head of AirAsia Money said. AirAsia launched AirAsia Money in April, partnering with financial comparison platform RinggitPlus to provide financial products and services in its Super App. Last year, Malaysia-based PolicyStreet raised $ 1.8 million in a Series A investment, led by Singapore-based KK Fund, an existing investor of PolicyStreet. The investment round also saw participation from Singapore-based venture capital fund Spiral Ventures. Featured image credits: AirAsia’s BigPay teams up with state-linked MIDF, PE firm Ikhlas Capital for digital banking license in Malaysia |
https://technode.global/2021/08/18/axiata-rhb-consortium-digital-bank-license-malaysia/ | Does Axiata-RHB consortium have what it takes to win a digital bank license in Malaysia? [Q&A] | 72 | Editor’s note:Axiata-RHB consortium is often seen as one of the forerunners to win a digital banking license in Malaysia as tWhile the consortium is joining a crowded field vying for digital bank licenses, partnering with RHB Bank Bhd is seen as a good move, according to analysts. Axiata’s experience and expertise in operating an e-wallet also help. “Although it is not really a necessity, in our opinion, we believe that partnering with banks will give some benefit to the consortiums as banks can provide experience in regulatory, risk management and credit evaluation,” MIDF Research Vice President Imran Yusof told Experience from e-wallet providers will be useful in terms of deposit-taking, client acquisition, and understanding the market of such products, he added, although the research house cannot be entirely certain on how this will be evaluated by Bank Negara Malaysia. Malaysia central bank announced As equity partners in the consortium, Axiata has controlling interests in six mobile operators under the brand names of ‘Celcom’ in Malaysia, ‘XL’ in Indonesia, ‘Dialog’ in Sri Lanka, ‘Robi’ in Bangladesh, ‘Smart’ in Cambodia and ‘Ncell’ in Nepal, as well as minority interests in ‘Idea’ in India and ‘M1’ in Singapore. Axiata Digital, the digital services arm of the government-linked telco conglomerate, has recently rebranded its fintech arm Boost Holdings to Boost, unifying all fintech services that span payment services, alternative lending, digital insurance, content services, and merchant solutions under one roof. It owns and operates Boost e-wallet andThe Khazanah Nasional-backed telecoms firm has been busy expanding its digital service business including digital marketing business under ADA, which saw Japan’s SoftBank Corp investing $60 million into the business in May. Axiata’s Malaysia mobile operator Celcom Axiata Bhd is also in the midst of merging with Telenor’s Digi. com Bhd, the third-largest mobile services company in Malaysia. The merged entity will have a subscriber base of 19 million. RHB Banking Group, on the other hand, is a multinational regional financial services provider with a presence in 9 countries in the ASEAN region, with more than 14,000 employees. Its core businesses are structured into five business pillars, namely Group Community Banking, Group Wholesale Banking, Group Shariah Business, Group International Business, and Group Insurance. Earlier in June, Axiata Digital CEO Mohd Khairil Abdullah told DealStreetAsia in an interview that the group has been working with the country’s central bank for a few years to ensure that it meets the regulatory requirements that can eventually help it secure the license when he expressed his optimism for the consortium’s application. “… while we do not want to count our eggs before they hatch, we think we do have a solid chance,” he was quoted as saying. In an interview, Boost Chief Executive Officer Sheyantha Abeykoon told “Digital banks will be better positioned and equipped to meet the needs of the underserved and unserved markets, with their business needs. With mobile-only banking products offer simplicity, ease of access, and often lower fees, they are the next frontier of financial innovation towards financial inclusivity, primarily dominated by traditional banks,” Sheyantha said. Digital banks will complement the offerings of traditional banks to provide solutions to the segments that they do not currently serve. It is less of a market disruption than enhancing the range of financial products and financial inclusion of the underserved market by co-existing with traditional banks, he opined, when asked about how digital banks will have an impact on the banking sector in the short and long run. In the interview, he also shared how the consortium will position the digital bank should the consortium were granted a license and what are the competitive edge the consortium has against other contenders. Does the Axiata-RHB consortium have what it takes to win a digital banking license in Malaysia?Let’s hear from Sheyantha:The pandemic situation has changed how businesses operate. There is a tendency towards business digitalization with a clear digital presence to improve efficacy and competitiveness, as consumers cannot visit brick-and-mortar branches in person. The stage is set for digital financial services to thrive as small and medium enterprises (SMEs) start to value digital financing products and services:Digital banks will be better positioned and equipped to meet the needs of the underserved and unserved markets, with their business needs. With mobile-only banking products offer simplicity, ease of access, and often lower fees. They are the next frontier of financial innovation towards financial inclusivity, primarily dominated by traditional banks. Visa’s recently released Consumer Payment Attitudes study highlighted that over 74 percent of Malaysians are aware, and 66 percent are interested in using digital banking services. The study showed that Malaysians look forward to the digital banking experience for their basic banking needs, with the highest interest to use digital banking services for bill payments (78 percent), transferring money to family and friends (69 percent), payment at retail locations (62 percent) and deposits and withdrawals (61 percent). The study also showed that Malaysians are motivated to switch to a digital bank for better rewards (78 percent) and lower costs (72 percent). We are not starting from scratch. As the FinTech holding arm under Axiata Digital leading the digital bank bid, Boost Holdings has already had a track record and experience serving the underserved and unserved segments since 2017. Through partnering with an established bank and like-minded partner like RHB — no stranger to digitalization, we can tap into their inherent know-how and capabilities in governance and regulations in running a bank to enhance our digital bank venture. We believe our business model from the get-go resonates with the core aspirations of digital banking. We work closely with our like-minded partners in commercial and strategic to build a robust digital socio-economy for our target segment. As we complement our partners’ strengths and weaknesses and vice-versa, we believe we have a winning combination of innovative experience, captive relationships, responsive controls, and a credible team to present compelling value, which gives us an advantage. What differentiates us:For instance, our existing micro-financing platform offers 100 percent digital financing ranging from 1,000 MYR to 100,000 MYR (~$236 to $23,600), which covers supply chain financing and working capital financing that integrates into customers’ back-end and simplifies their business. Furthermore, our products are Commercial segment:However, the digital adoption among SMEs in Malaysia lags behind larger enterprises, according to World Bank. Consumer segment:According to global consulting firm Bain & Company, around 55 percent of Malaysia’s adult population is still underbanked and unbanked. According to a KPMG survey, 77 percent of the 1,220 respondents in Malaysia believe that digital banking is the next evolution in financial services. More than 80 percent of the respondents are already using the internet banking functions of their banking service providers. Given lockdowns and physical distancing measures, it will accelerate this growth with consumers increasingly requiring access to financial services in the new normal. There is plenty of room to grow in Malaysia in serving the underserved and unserved segment. It is still too early to talk about the digital bank strategy as we have yet to secure a license from Bank Negara. However, we have been actively serving the underserved businesses that do not have access to the full spectrum of financial services. For instance, a family-run food stall with only one or two owners may require small working capital to fund their business but do not have traditional financing access. These individuals or micro/nano businesses cannot seek support from traditional banks due to insufficient documentation, or their financial history does not fit the banks’ requirements. Therefore, we support them with micro-financing and micro-insurance offerings to sustain their businesses, helping them get the income source as they struggle to make ends meet during this challenging period. We offer end-to-end digital financial services that serve and empower micro-enterprises and SME businesses. Through emerging technologies such as machine learning, AI Big Data processing, and robotic process automation (RPA), we eliminate stacks of paperwork and long wait times, thus providing a rapid, fully digital financing experience to customers. The micro-financing application only takes 3 minutes online, especially on its user-friendly digital application on any device. Applicants can expect fast processing and turnaround time. Once approved, the financing amount will be deposited into the applicants’ registered bank account within 48 hours. Bank Negara Malaysia has said their primary consideration is applicants who can deliver the core value proposition and prioritize outcomes instead of the types of institutions. Successful applicants must demonstrate capabilities that meet all prudent criteria to contribute towards greater financial inclusivity by offering products and services to address market gaps in the underserved and unserved segments. This includes promoting suitable and affordable financial solutions by leveraging the innovative application of technology. Beyond this, we cannot speculate what the regulator emphasizes. At Boost Holdings, we are already serving the underserved and unserved segments and will continue to do so. The digital banking license will help us close the gap and stitch various parts of our business to enhance the synergies between them. Digital banks will complement the offerings of traditional banks to provide solutions to the segments that they do not currently serve. It is less of a market disruption than enhancing the range of financial products and financial inclusion of the underserved market by co-existing with traditional banks. Traditional banks’ risk appetite is more profoundly and comprehensively accessed, with their current product offerings mainly cater to the preferred customer segments only. Most MSMEs who fall into the unserved or underserved segment are more likely than others to have a deficient profile to the bank’s minimum requirement. They will need an institution that can provide them with access to customized services that match their profile and behavior, micro-savings and deposits, micro-financing, and micro-insurance are some of the basic products needed. Besides that, the digital bank will also offer a different kind of experience. Existing incumbents are limited in their ability to deep dive into data analytics using big data because of constraints that they may have with the legacy infrastructure, which digital banks would not as they would start fresh. It is still too early to ascertain profit, risk, and challenges of digital banks as we have yet to secure a license. However, having ventured into digital financial services since 2017, we continue demonstrating our competencies and capabilities to support micro-SMEs, underserved and unserved businesses, and individuals through our comprehensive digital products and offerings. Our successes are backed by our expertise, advantage, and partnerships locally and overseas to grow our ecosystem and reach our target segment. We are also pleased to see that through our digital platforms, micro-SMEs are encouraged to embrace technology and become a part of the digital economy as they continue their business aspirations during this pandemic season. Our business model and practices that we put in place have stood the test of time. We even passed the COVID-19 test, so we are fairly confident. But it does not mean we are getting complacent. We will continue to test our business model and refine what we want to do based on our technology’s advantage in data science, AI, and machine learning for the underserved and unserved segment. Featured image credits: BigPay banks on AirAsia’s ecosystem, consortium’s banking expertise to vie for digital banking license in Malaysia [Q&A] |
https://technode.global/2021/08/16/sunway-ilabs-announces-top-5-startups-for-its-2021-super-accelerator-program/ | Sunway iLabs announces top 5 startups for its 2021 Super Accelerator program | 72 | Malaysia-based conglomerate Sunway Group’s innovation arm, The accelerator program, kicked off together with Kuala Lumpur and Shanghai-based venture capital firm Gobi Partners last month, was completed with 23 startups in a pitch competition to a panel of judges. The top five startups of this third cohort come from various industries, specifically Agrifoodtech, Fintech, Proptech and Travel & Hospitality Tech. They are:“We’re excited to work closely with the selected top five startups, which show great growth potential as well as alignment with our Sunway business divisions and ESG goals. One of the key criteria we adopted in selecting the top startups included social impact and sustainability, which we continue to measure as a metric of success,” Sunway Group Chief Innovation Officer and Sunway iLabs Director Matt Van Leeuwen said. “We look forward to supporting these founders in their entrepreneurial journey to grow their company through the mentors, market access, and funding as part of our iLabs Super Accelerator Program,” he added. In the next three months of the Super Accelerator program, Sunway iLabs will help the selected top five startup founders connect with Sunway’s global network of partners, industry experts, mentors, and investors. The startups will work closely with the Sunway iLabs team to run a pilot project to validate the product with one of Sunway’s business divisions and tap into Sunway’s regional market access of SMEs, residents, students, and employees, among others, Sunway iLabs said. The startup founders will also continue to receive mentorship and guidance from industry and technical experts. At the end of the three-month Super Accelerator program, the startups will present their innovations and traction to potential investors through a final Demo Day. “Gobi is looking forward to supporting their growth for the next three months and beyond!” Gobi Founding Partner and Chairman Thomas G. Tsao said. Launched in 2017, Sunway iLabs is structured as a unique, non-profit, smart partnership between Sunway Group, Sunway Ventures, Sun SEA Capital, and Sunway University. Gobi Partners is one of the longest-standing venture capital firms with a Pan-Asian presence across North Asia, South Asia, and ASEAN with over $1.1 billion in assets under management (AUM). The firm, headquartered in Kuala Lumpur and Shanghai, supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Founded in 2002, Gobi has raised 13 funds to date, invested in over 270 startups, and has grown to 13 locations, across Bangkok, Beijing, Dubai, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Riyadh, Shanghai, and Singapore. |
https://technode.global/2021/08/13/challenges-and-opportunities-as-buy-now-pay-later-shopping-gains-traction-in-malaysia/ | Challenges and opportunities as Buy Now, Pay Later shopping gains traction in Malaysia | 72 | Kuala Lumpur-based Lau Chi Yan, 33, bought an oven online using Grab’s Pay Later services when the ride-hailing and payment firm ran a cash rebate promotion in Malaysia in June. As a new user, she received a rebate of 65 MYR ($15.34) with minimum spending of 150 MYR ($35.40), equivalent to a 43.33 percent discount on the product. This was her first time using Buy Now Pay Later (BNPL) service, she told“I think BNPL can help merchants to stimulate spending, especially when times are bad. I was given the option to pay a month later or in four monthly installments, at zero interest. It gives flexibility and allows me to pay when I get my salary next month,” said Lau, who saw Grab’s advertisement on an Instagram story. Grab is giving her 650 MYR ($153.39) “credits” per month. Lau thinks this service is especially useful as she has yet to own a credit card. Her earlier applications with two banks were rejected. Lau said she is now considering using the BNPL service provided by another company, to buy a branded Bluetooth speaker which allows her to spread the cost over three months. The BNPL model, which has started to gain traction in Malaysia, offers consumers short-term payment plans that allow them to make a purchase first and pay for it over time. BNPL firms said the service enables consumers to manage their budgets when making purchases while opening up a new segment of customers for merchants, including young millennials with fixed budgets, tech-savvy, and those who do not own credit cards. In recent months, super app Singapore-based BNPL startups The development also came as Malaysia is still in lockdowns where most shops except for food and beverages, and essential services were not allowed to operate to contain the COVID-19 pandemic. Newly infected cases have been hitting all-time-high, breaching the 20,000 cases per day threshold despite the rollout of the vaccination program. The ongoing pandemic has helped to accelerate the uptake of BNPL as commerce increasingly moves online and consumers look for alternatives to better manage their finances. The payment option enables consumers to avoid increasing credit card and other debts as many BNPL solutions offered are interest-free with no hidden costs. Zero-interest easy payment services are not new in Malaysia as many credit cards and financial institutions are already offering such services for the purchase of electrical devices, mobile devices, furniture, jewelry, among others. BNPL, however, allows consumers to split the cost for smaller-ticket items, with no interest charges and without having to own a credit card. Merchants could use the BNPL model to increase overall sales, increase average order value, and alluring shoppers to make bigger ticket purchases. The easy and convenient sign-up process and minimal credit check allow shoppers to buy first and worry about payment later, helping to lower or even remove shoppers’ buying hesitations. Merchants will pay a commission to BNPL players while those who make payments late will be subjected to a penalty fee. Malaysia-based artisan chocolatier About 15 to 20 percent of its transactions were paid through Atome since the chocolate brand launched the service. Love18C sells artisan chocolates priced from 22 MYR ($5.20) online and at its three outlets in Malaysia. “Atome’s regional footprints is a plus point for us to explore regional partnerships and scaling of businesses. In fact, we just signed up with them for our Singapore launch and soon other regional countries too,” he said. Lee said BNPL also helps the company to tap on digital-savvy and younger generation consumers. “Credit cards don’t offer very strong support for small and medium enterprises (SMEs). In contrast, we have been involved in several Atome’s marketing campaigns where they push our brand to their user base, bringing new leads back to our sales channels,” he said. “We can also understand our customer behavior (online and offline) better through Atome merchant dashboard and business data analytics. This is a tool that helps us a lot, and we don’t see it in any traditional payment channel,” he added. “The launch of Fave’s(the) BNPL service comes in very timely as many retail businesses are struggling and are looking for new ways to bring back up their sales and close the gap during the long months of the pandemic,” Fave Chief Executive Officer Joel Neoh told “Customers can now stretch their payments to over three months and afford their purchases across fashion, electronics, beauty salons, to pharmacies or grocery bills while merchants get their payments upfront in full. This could be a win-win solution for both customers and merchants,” he said. BNPL startups also see opportunities in serving consumers who do not own a credit card or lack access to credit. “Most adults in Malaysia have bank accounts and debit cards but lack access to basic forms of credit; BNPL alternatives are either inaccessible or potentially predatory to consumers. Coupled with a close to $200 billion e-commerce and retail market, this makes Malaysia one of the best markets in SEA to launch and scale a BNPL company,” Split Co-Founder and Chief Executive Officer Dylan Tan told Founded in 2018, the startup backed by US-based venture capital firm “When we first pivoted from travel to e-commerce and retail, we discovered that there was a remarkable adoption of our service and we found a strong product-market fit fairly quickly in the market. We then began seeing our users and merchants growing fast in numbers. It took us about five months from the time we launched our platform to transact our first $1 million and now we’re delivering more than $1 million a month in revenue to all our merchants,” Tan shared. “Today we have tens of thousands of active users and more than 600 merchants signed to offer Split to their customers,” he added. According to the Q4 2020 BNPL Survey, BNPL payment in Malaysia is expected to grow by 72.3 percent on an annual basis to reach $468.2 million in 2021. BNPL payment industry in Malaysia has also recorded strong growth over the last four quarters, supported by increased e-commerce penetration along with the impact of economic slowdown due to disruption caused by the COVID-19 outbreak, according to a report recently added to ResearchAndMarkets. com. The report also said the medium- to long-term growth story of the BNPL industry in Malaysia remains strong. “The BNPL payment adoption is expected to grow steadily over the forecast period, recording a compound annual growth rate (CAGR) of 24.6 percent during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from $271.8 million in 2020 to reach $2,187.7 million by 2028,” the report wrote. Atome, which launched its services in Malaysia during the fourth quarter last year with over 100 merchant partners, has now expanded to over 500 merchant partners in the past six months. “The response has been very positive since our launch. Order volume grew by 100 times and the merchant network grew 5 times from January to June this year. Retailers have experienced an average 17 percent increase in ticket order size since adding Atome as a payment checkout option,” Atome Malaysia and Singapore General Manager Trasy Lou-Walsh told The firm, which is a subsidiary of Singapore-based big data firm Advance Intelligence Group,is partnering with over 5,000 online and offline retailers in nine markets including Singapore, Indonesia, Malaysia, Hong Kong, Taiwan, Vietnam, Philippines, Thailand, and China. Singapore-based Hoolah, backed by Allectus Capital, Genting Ventures, iGlobe Partners, has already seen strong growth in its services even prior to COVID-19. “We were already seeing strong growth and momentum prior to COVID-19; this was propelled further with the rise of e-Commerce when the pandemic hit. Consumers are shopping a lot more online, and retailers are also increasingly looking at digital channels to ensure their customers could enjoy a seamless shopping experience,” Hoolah Co-founder and CEO Stuart Thornton said. With the pandemic stretching on, people are becoming more thoughtful about price and appreciate the importance of personal cash flow. With a BNPL solution like Hoolah, they get to stretch their monthly budgets by paying just one-third of their purchase upfront, he said. “Whether a small brand starting up, a well-known brand scaling or a large global brand expanding, they are all connected by a common need – to access consumers, drive conversion and basket size and incentivize repeat purchases,” Thorton explained. “Malaysia has always been a key part of our strategy – it is a market with 32 million people, low credit penetration and a government focused on responsible spending, and a requirement to digitize the economy,” he said. “The further validation was demand from our merchants who we worked within Singapore to bring Hoolah to Malaysia,” he added. Some of these startups are not only eyeing opportunities in Malaysia but across the region. Launched in Malaysia in 2019, Hoolah has seen tremendous growth in the past year, growing 600 percent in order volume during the period between May 2020 and May 2021, Hoolah’s Thorton said. “Across the region, we’ve seen a 400 percent growth in users, and total transaction volume 2300 percent year-to-date with topline sales over growing 1,100 percent. ”The startup, which is in the midst of preparing its Series B funding, plans to launch its services in Thailand and the Philippines this year while setting an eye on expansion in other Asia markets such as South Korea, Japan, Taiwan, Vietnam, and Indonesia. “Ultimately, we want to connect merchants with consumers across Asia, and enrich the consumer’s lifestyle,” Thorton said. Almost 400 million of the adult population in Southeast Asia are ‘underbanked’ or ‘unbanked’ with limited options for credit, Fave’s Neoh said. “BNPL is redefining how customers get and use credit, and we believe that it has immense potential to grow in markets where access to credit is limited and has high entry barriers,” he said. “Looking at the accelerating e-payment transactions and BNPL market size in the region, we see a huge potential in BNPL becoming a preferred way for customers to purchase goods and services,” he said, adding that Fave plans to expand its BNPL offering to some of the leading e-commerce companies in Southeast Asia in the latter half of 2021. Elsewhere, BNPL has seen strong growth in Europe, United States, Australia for some time, although it is starting to stir concerns among regulators that it could cause youngsters, who are often seen as financially naive, to overspend and be lured into debt traps. 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. Earlier this month, it was reported that Square Inc, the US payments firm of Twitter Inc co-founder Jack Dorsey, will purchase BNPL pioneer Afterpay Ltd for $29 billion. Apart from FinTech startups, Bloomberg reported last month iPhone maker Apple Inc is working on a new service known as Apple Pay Later that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the BNPL offerings popularized by PayPal Holdings Inc and Affirm Holdings Inc. The service will use Goldman Sachs Group as the lender for the loans for the installment offerings, according to the report. Visa, the credit card giant, has rolled out pilot BNPL services in the US, Canada, Russia, and Malaysia. It has set up a BNPL website for credit card issuers, according to a report last month. BNPL players are gaining investor interest as the model is getting popular among consumers and merchants, driven by the shift to online purchases amid pandemic and relatively loose regulation. BNPL is also seen as the most “happening” area within the FinTech space, regionally and globally. Some of the success stories continue to encourage investors to fund BNPL startups in Southeast Asia. Startups and investors are hoping to repeat these successes as the Southeast Asia region has yet to see regional or international BNPL giants seen in the US or Europe which are able to command multi-billion valuations. Last week, US payments firm Square Inc said it will purchase BNPL firm Afterpay Ltd for about $29 billion in Australia’s biggest-ever buyout, in a bid to create an online payment giant to tap into explosive growth in the niche payments sector. Singapore wealth fund GIC-backed BNPL firm Affirm raised $1.2 billion in its IPO on NASDAQ in January. The firm is valued at $18.19 billion, based on its share price of $68.62 on Thursday. Swedish BNPL firm Klarna, which pioneered the FinTech service, has raised $639 million at a staggering post-money valuation of $45.6 billion in June, Nearer to home in Indonesia, FinAccel, the parent of Indonesian BNPL platform Kredivo, said For Genting Ventures which invested in Hoolah, the corporate venture capital firm expects to see massive growth in the BNPL sector over the next five years. “With the global BNPL market expected to reach $33.6 billion in 2027, the prediction is that there is going to be a massive growth rate over the next five years. Although BNPL is still fairly nascent in Southeast Asia, it is projected to be the fastest growing online payment method in Asia with a 64% growth rate by 2024 – and we’re very excited to be at the forefront of that growth here,” Josie Lai, Head of Genting Ventures, told TechNode Global. Hoolah has raised an eight-figure sum in its Series A round led by Allectus Capital last year. Other investors include Singapore-based iGlobe Ventures, Genting Ventures, and Max Bittner, the former group CEO of e-commerce firm Lazada. Split raised seed funding from 500 Startups in June last year. The round was also joined by other angel investors. “We see incredible potential in how their installment payment service works not just for large retailers but also serves a massive long tail of small and medium businesses selling online, offline or via social commerce,” 500 Startups Managing Partner Khailee Ng said in the press statement then. While BNPL startups often claim the payment method increases customers’ purchasing power and provides financial flexibility, some blame the FinTech product could encourage people to spend more than they can afford and could cause the accumulation of debts, particularly among youngsters. Concerns related to debts and potential regulatory scrutiny are some of the challenges the BNPL sector in Malaysia and in the region could potentially face. In the UK, the Treasury said in February BNPL shopping services will face stricter regulation. These FinTech firms would come under the supervision of the Financial Conduct Authority (FCA), which regulates financial services firms and markets in Britain. These firms are also required to conduct affordability checks before lending to customers. In Singapore, where BNPL has also gained momentum, is said to be unnerving regulators and politicians in the city-state, “Young adults without sufficient financial awareness can have access to credit lines before they have the necessary earning capacity. This is an unhealthy trend, ” Cheryl Chan, a Member of Parliament was quoted as saying. The Monetary Authority of Singapore (MAS), the city-state’s de-facto central bank, has launched a media campaign warning the payment methods may lead to debt and consumer credit risk. Over in the UK, it was reported in June pointed out around a third of the UK adult population have used the BNPL schemes, consumer group Which? estimated. The consumer group said its findings challenge the stereotype of customers always being young adults who are looking to keep up with the latest fashion trends. But it also warned that some people are using BNPL schemes during challenging or stressful times in their life and could be at risk of harmful consequences. “Almost anyone with the money can offer BNPL service. FinTech companies or even retailers like Apple. It’s easy and there is no sophisticated technology involved,” an analyst covering tech stocks in China told “While BNPL startups can serve the underbanked segment, to some extent they are also providing credits to people who should not be given a credit card. That could pose risks. Banks have more stringent procedures to vet through credit card applications to conduct affordability checks before they issue a credit card,” he said. BNPL firms, however, said credit score systems and various initiatives are in place to promote responsible spending. “At Fave, we have developed our proprietary credit score powered by the extensive customer behavior data and integrated with third-party providers to whitelist our users for instant credit, which is interest-free for all payments made on time,” Fave’s Neoh said. When payment is overdue, Atome will immediately suspend accounts to prevent further usage. “We do not charge interest on missed payments. If a user misses a payment, we charge a fixed fee instead of snowballing interest charges. Our repayment terms are transparent, and in most cases, automatic when a user links a credit or debit card to their account,” Atome’s Lou-Walsh said. The average ticket size in Malaysia is between 200 and 400 MYR ($47.20 to $94.40), so any outstanding payment is small as compared to credit cards, she explained. “Users can also easily track their payment schedules, when and how much they have to pay on the mobile app. We send multiple reminders via SMS, email, and mobile app notifications to remind users when payment is due,” she said, adding that all these initiatives help to prevent bad debt, and weed out bad actors or fraud. Atome’s incidence of late payments is in the very low single-digit, she added. “We will also continue to improve mobile app experience including personalized shopping recommendations, ability to set shopping limits, more features to help consumers shop better and smarter,” she said. Consumers, on the other hand, do have their own responsibilities to spend responsibly and manage their finances wisely. “We do acknowledge that there is a misconception around the BNPL industry among consumers as we’ve seen some BNPL players in the markets promoting people to spend beyond their means. What’s important is that consumers do their due diligence and are educated on the proper and responsible manner of utilizing BNPL to suit or enhance their lifestyles, and not apply for various BNPL schemes to make purchases that are beyond their budget,” Hoolah’s Thorton said. “We believe that a collective effort from the BNPL players, as well as consumers, is needed to drive financial literacy on the BNPL model, and spending responsibly within their means,” he added. Malaysia’s central bank, Bank Negara Malaysia, did not respond to “It’s just the beginning for BNPL service in Malaysia. Unless it poses significant risks, regulations would come later,” a banking analyst said. Featured image credits: Fave offers ‘Buy Now, Pay Later’ service in Singapore and Malaysia |
https://technode.global/2021/08/06/airasias-bigpay-raises-up-to-100m-in-financing-from-south-koreas-sk-group/ | AirAsia’s BigPay raises up to $100M in financing from South Korea’s SK Group | 72 | Malaysian budget carrier AirAsia Group’s FinTech unit This is the first time any portfolio company within AirAsia Digital has secured financing of this size, BigPay said in a statement. The announcement comes a few weeks after BigPay has put together a consortium of strategic partners to support its application: Malaysian Industrial Development Finance Bhd (MIDF), a unit of the country’s largest asset manager Permodalan Nasional Bhd, private equity firm Ikhlas Capital and a foreign conglomerate with fintech expertise. BigPay said the funding from SK Group, one of South Korea’s largest conglomerates and tech innovators, further strengthens AirAsia’s digital endeavor as it accelerates the scope of growth for its digital businesses, including logistics and financial services. “Our ambition has always been to establish BigPay as one of the largest challenger banks in Southeast Asia. Closing this financing round gives us the ability to build out our offerings, accelerate product development and scale. We are thrilled to have SK Group with us on this journey,” said BigPay Chief Executive Officer and Co-Founder Salim Dhanani. “We’ve established ourselves in Malaysia as one of the leading providers of digital banking services, and we want to expand our product sets, along with growing the model to new markets. Thailand is next, but we’ll be launching key products before that – with fully digital personal loans, transactional lending, and an offering for micro, small and medium enterprises (MSMEs),” he said. Founded in 2017, BigPay is present in both Malaysia and Singapore. Its current offering includes a prepaid debit card which can be used to spend anywhere Visa or Mastercard is accepted, local and international money transfers, micro-insurance, bill payments, and a budgeting tool. BigPay has launched a series of products for its users focused on long-term financial health and accessibility. In an “This is the first investment into one of our portfolio digital companies and a testament to our digital growth story — we don’t anticipate it being the last. SK Group is second to none when it comes to innovation and experience, so we truly believe they can share their expertise and know-how so that this investment can mark the beginning of a new exciting digital banking era,” AirAsia Group CEO Tony Fernandes said in the statement. “SK Group will be able to make a significant contribution to BigPay in both technical and consumer service aspects given our experience and resources,” Chief Representative of SK Malaysia Jung Kyu Kim said. SK Group is the third-largest conglomerate in South Korea by asset size. It was founded in 1953 and has 125 subsidiaries in various sectors including energy, chemicals, ICT, semiconductor, and service sectors. SK Group operates globally across over 40 countries and had combined revenues of $115 billion and assets of $208 billion as of year-end 2020. BigPay banks on AirAsia’s ecosystem, consortium’s banking expertise to vie for digital banking license in Malaysia [Q&A] |
https://technode.global/2021/08/05/propertyguru-completes-acquisition-of-iproperty-malaysia-thinkofliving/ | PropertyGuru completes acquisition of iProperty Malaysia, thinkofliving | 72 | Southeast Asia PropTech firm PropertyGuru now owns all of the shares in In exchange, REA now has an approximate 18 percent equity interest in PropertyGuru. iProperty Malaysia and thinkofliving will continue to operate separately, PropertyGuru said. In the coming months, the group will work to ensure the smooth integration of the businesses while delivering the same value and services to property seekers, agents, and developers. The acquisitions will also accelerate PropertyGuru’s ambition of building the region’s property trust platform: a platform that connects Southeast Asia’s property markets into an efficient ecosystem that builds trusted relationships between agents, consumers, developers, valuers, and banks by driving greater transparency and efficiency. “We are delighted to bring two strong businesses into our Group and today welcome the iProperty Malaysia and thinkofliving teams to our community of Gurus. Together, we are better positioned to deliver even more innovation to property seekers, equipping them with the insights they need to make confident decisions,” PropertyGuru Group Chief Executive Officer and Managing Director Hari V. Krishnan said. PropertyGuru has announced on July 24 its plans to merge with NASDAQ-listed Bridgetown 2 Holdings Ltd, a special purpose acquisition company, through which PropertyGuru plans to list its business on the New York Stock Exchange. REA has committed to subscribe for $52 million of equity in the listed entity subject to completion of the business combination, which is expected to close in the fourth quarter of 2021 or first quarter of 2022, subject to regulatory and stockholder approvals, and other customary closing conditions. After taking into account the capital raising conducted concurrently with the business combination, REA will hold an approximate 15.8 percent stake in the listed entity and will have the right to nominate one director to the listed entity’s board. PropertyGuru is Southeast Asia’s number one digital property marketplace with leading positions in the region’s Singapore, Vietnam, Malaysia, and Thailand. The acquisitions, coupled with the group’s market leadership across the region’s five major markets, strongly position PropertyGuru to capture the significant opportunities in Southeast Asia, which is estimated to become the fourth-largest economy in the world by 2030. PropertyGuru. com. sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the group has grown into a high-growth technology company with a portfolio of property portals across its core markets company; mobile apps; a developer sales enablement platform, FastKey; mortgage marketplace PropertyGuru Finance; and a host of other property offerings including awards, events, and publications across Asia. PropertyGuru to go public via SPAC merger with Bridgetown 2 |
https://technode.global/2021/08/03/bigpay-banks-on-airasias-ecosystem-consortiums-banking-expertise-to-vie-for-digital-banking-license-in-malaysia/ | BigPay banks on AirAsia’s ecosystem, consortium’s banking expertise to vie for digital banking license in Malaysia [Q&A] | 73 | Editor’s note:Malaysia’s central bank Bank Negara Malaysia 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. The regulator plans to issue up to five licenses in the first quarter of 2022. Malaysia’s move 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. Central Banks and consumers also hope that digital banks could bring financial inclusion to underserved segments, helped by advanced technology. Demand for online banking services has also accelerated by the ongoing COVID-19 pandemic. Notable applicants that have officially announced their applications include Grab-Singtel venture, Axiata-RHB consortium, Paramount-Star Media Group, iFAST Corporation Ltd, AirAsia’s BigPay-MIDF-Ikhlas Capital consortium, AEON Credit Service (M) Bhd, among others. TechNode Global“BigPay was built like a digital bank from the start. We have never had a banking license, but the way we have built our technology stack and structured our operations has always been with the vision of offering a full suite of banking services,” BigPay Founder and Chief Executive Officer Salim Dhanani told “We are not starting from scratch with no customers — especially not, given the access we have with the AirAsia ecosystem. We are developing on a pre-existing mission with a deeper set of products that cater to our customers,” he said. “This is very unique in the market because we are one of the only companies following a ‘neobank’ model in the Malaysian market today. On top of that, every single member of the consortium brings deep-seated expertise in banking as well,” he added. In the interview, Salim also shared BigPay’s plans and strategy on how to serve the “underserved and unserved” segment in Malaysia. BigPay has put together a consortium of strategic partners to support its application: Malaysian Industrial Development Finance Bhd (MIDF), a unit of the country’s largest asset manager Permodalan Nasional Bhd, private equity firm Ikhlas Capital and a foreign conglomerate with FinTech expertise. Singapore-headquartered Ikhlas Capital is a private equity firm founded by MIDFEach of the consortium partners is “contributing something unique for the success of BigPay Bank,” the company said in a statement when it announced its application. In addition to the consortium partners, BigPay said it is part of the AirAsia Group and has access to a broad ecosystem that includes e-commerce merchants and consumers, insurance, and telecoms. Launched in 2017, BigPay mobile money app provides several regulated financial products, from e-money and international remittance to micro-insurance and budgeting. Available in Malaysia and Singapore, BigPay is continuing its expansion throughout ASEAN. Following In November last year, BigPay also received conditional approval to provide online lending services in Malaysia, under a community credit license from Malaysia’s Ministry of Housing and Local Government. AirAsia Group is in the midst of building its non-airline, digital businesses, and super app as most of its planes were grounded due to the ongoing COVID-19 pandemic. The group has injected $53.27 million in its financial services unit Big Pay Pte Ltd through its wholly-owned subsidiary AsiaAsia Digital, DealStreetAsia reported in June, citing a regulatory filing with Singapore’s Acra. The investment, through the allotment of shares, was made on May 14. BigPay has been built on a neobank model with the goal of democratizing financial services. We have launched multiple regulated products under multiple licenses – but a digital banking license would allow us to offer the full suite of products to the Malaysian public. Over the last 10 years, the Malaysian economy has grown together with its middle class. But the reality is that one of the big drivers of sustainable economic growth for the lower and middle class is twofold: access to financial literacy and access to cost-effective financial products. That is what really allows for wealth creation, and this is the opportunity that BigPay sees. What competitive advantage BigPay’s consortium has against other competitors? How does BigPay plan to position its digital bank or enhance its current products should it be granted a digital bank license?BigPay was built like a digital bank from the start. We have never had a banking license, but the way we have built our technology stack and structured our operations has always been with the vision of offering a full suite of banking services. Our customers and market positioning have always been such. We are not starting from scratch with no customers – especially not, given the access we have with the AirAsia ecosystem. We are developing on a pre-existing mission with a deeper set of products that cater to our customers. This is very unique in the market because we are one of the only companies following a neobank model in the Malaysian market today. On top of that, every single member of the consortium brings deep-seated expertise in banking as well. We feel that together, we can bring to the market an incredible set of products and make it a Malaysian success story. The segments are large, and unserved and underserved is an interesting dichotomy. Just because someone has a debit card does not mean that they are banked. It is really the financial products they have access to that allow consumers to grow and develop their financial health, to have a level of financial freedom, and to continue to create wealth not only for themselves and their families but for the Malaysian economy as well. BigPay is helping with this on two fronts:First, we understand that there are a lot of people across the country that do not have access to financial services which can improve their financial health. We want to be there to give them access to simple and intuitive debit accounts, affordable loans, and saving products – regardless of how much capital they have or whether they have an extensive credit history. This is where BigPay does well and will continue to do well with a digital banking license. We believe this will really contribute to the Malaysian economy. Secondly, we have built a best-in-class technology stack and we will continue to develop it. It helps us keep our costs low while making a viable business around supporting underserved and unserved consumers. This is a question for Bank Negara, although they have made it very clear through policies and interviews what their priorities are. We will see it play out over the next 12 months. In the short term, banks are not necessarily serving all these segments that digital banks are going after. But over time, banks will adapt. They are implementing new technologies and focusing on efficiency. As a result, we’ll see a more competitive market that will ultimately benefit Malaysian consumers and businesses — which is a great thing. We cannot reveal all our secrets yet, but there is a strong business plan. BigPay is not trying to build a business around short-term profit. We are in for the long term and looking at building a strong foundation — with a strong user base and with the right products. We can keep these products affordable and accessible while being a sustainable business. There are inherent risks as there would be with any bank, but we have a strong consortium with a lot of experience in the banking sector. We believe we are geared to face any challenge. AirAsia’s BigPay teams up with state-linked MIDF, PE firm Ikhlas Capital for digital banking license in Malaysia |
https://technode.global/2021/08/02/malaysias-axiata-eyes-66-stake-in-indonesias-link-net/ | Malaysia’s Axiata eyes 66% stake in Indonesia’s Link Net | 73 | Malaysian telecoms group Axiata and its 66.48 percent subsidiary, PT XL Axiata Tbk, have entered a non-binding term sheet with Asia Link Dewa Pte Ltd and PT First Media Tbk to facilitate discussions and negotiations for a potential acquisition of 1.82 billion shares or 66.03 percent stake in Link Net, the group said in a regulatory filing on Friday. Link Net is engaged in telecommunication activities by cable, internet service provider, communication system services, network access point services, other multimedia services, telephony value-added services, trading, management consultancy activities, and call center activities, according to its annual report. The group currently provides services through a broadband communication network including distribution of television programs and high-speed internet through the network in Jakarta, Bogor, Tangerang, Bekasi, Surabaya (include Malang and Gresik), Bali, Bandung, Medan, Batam, Solo, Semarang, Serang and Cilegon areas. Link Net is domiciled in Jakarta and started its commercial operations in 2000. All Link Net’s shares have been listed on the Indonesian Stock Exchange on June 2, 2014, according to the filing. Quoting people with knowledge of the matter, Bloomberg reported last month that Axiata was in advanced talks to buy a stake in Link Net. Private equity firm Within ASEAN and South Asia, Axiata has controlling stakes in several mobile and fixed operators in the region including Celcom in Malaysia, XL in Indonesia, Dialog in Sri Lanka, Robi in Bangladesh, Smart in Cambodia, and Ncell in Nepal. Axiata DigitalThe group’s infrastructure arm Featured image credits: |
https://technode.global/2021/07/28/malaysias-istore-isend-bags-investment-from-japans-logistics-giant-yamato-holdings/ | Malaysia’s iStore iSend bags investment from Japan’s logistics giant Yamato Holdings | 73 | Malaysia homegrown e-fulfillment service company The fund will be used for iStore iSend’s talent acquisition and improving its proprietary system to help the company in its plan for cross-border expansion, iStore iSend said in a statement on Monday. The investment is an extension of “We are hopeful that this strategic partnership will further strengthen our position in Southeast Asia. The investment from Kuroneko Innovation Fund will help us expand into the e-commerce market in neighboring countries such as Thailand and Vietnam,” iStore iSend Co-Founder and Chief Executive Officer Joe Khoo said. “With the incorporation of iStore iSend into Kuroneko Innovation Fund’s portfolio, Yamato Holdings will proceed with the consideration to achieve provision of new value into the rapidly expanding e-commerce market in Asia,” Yamato Holdings Senior Managing Executive Officer Shinji Makiura said. Incorporated in 2015, iStore iSend provides end-to-end services to its clients from storage and pick-and-pack to delivery arrangements when an e-commerce order is received. The company also offers value-added services, such as real-time inventory management and shipment tracking. The integration of its system with e-commerce platforms enables it to receive and fulfill orders the moment they are placed, thus ensuring both speed and efficiency for the delivery process. In addition, iStore iSend has a warehouse house management system that is used to power brands’ Stock Keeping Unit hubs. “The investment from Kuroneko Innovation Fund is further validation of the tremendous value that iStore iSend is creating for the industry. As an ecosystem builder, Gobi is excited to build more linkages between Malaysia and Japan, and we welcome more investment from Japanese funds into Malaysian startups,” Gobi Partners Co-founder and Chairman Thomas G. Tsao said. Currently, iStore iSend deals with over 30 foreign fast-moving consumer goods (FMCG) brands and 300 local brands. In addition to its presence in countries like Malaysia, Singapore, and Indonesia, the company plans to expand its services to neighboring countries like Thailand and Vietnam. The company also looks to promote omnichannel cooperation in managing offline inventory of foreign brands, provide its own integrated management product to its warehousing partners, enhance its warehouse network construction, enhance the growth of its customers and strengthen the operations of its systems according to the customers’ needs. “Following the decision to expand our e-commerce market in Asia, we have evaluated iStore iSend’s ability to gain a deep understanding of this particular business area. We were impressed by its product development capabilities that are able to vertically integrate entire value chains, from ordering to delivering, ensuring high levels of customer satisfaction,” said Global Brain Corporation Founder and CEO Yasuhiko Yurimoto. “We will be supporting iStore iSend’s further growth of overseas expansion and its logistics operation strategy. ”Yamato set up the 5 billion yen ($45 million) Kuroneko Innovation Fund with Tokyo-based venture capital firm Global Brain Corp in April 2020, to invest in promising startups with an emphasis on digital transformation in the fields of logistics and supply chains, Japanese media Kyodo news reported. Yamato is one of Japan’s largest door-to-door delivery service companies, with a market share of 42.3 percent market share, its website showed. |
https://technode.global/2021/07/28/malaysia-competition-commission-closely-monitors-food-delivery-platforms-after-public-outcry-on-exorbitant-commission-fees/ | Malaysia Competition Commission closely monitors food delivery platforms after public outcry on exorbitant commission fees | 73 | The MyCC said it is also closely monitoring and assessing the situation as to whether the conduct(s) of certain food delivery platform companies is in contravention of the Competition Act 2010 or not. “The MyCC, along with the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) have met with relevant parties including the food and beverages (F&B) and retail industry players to understand the issues raised by them. Based on the series of meetings held, we have identified several concerns and challenges in the industry, in relation to not only competition, but also consumerism. The way forward for us is to actively engage with the food delivery platform providers,” MyCC Chief Executive Officer Iskandar Ismail said. “In this regard, MyCC is seriously looking into every angle from the perspective of the Competition Act 2010, particularly on the conduct of these food delivery platform companies towards F&B industry players, riders and consumers and whether it raises any competition concern,” he added. The competition watchdog did not name any food delivery platforms but popular food delivery platforms in Malaysia include Foodpanda, a brand under Germany-headquartered multinational online food-delivery Delivery Hero, has a presence in Thailand, Pakistan, Singapore, Malaysia, Taiwan, Bangladesh, Hong Kong, the Philippines, Romania, Cambodia, Laos, Myanmar, and Japan. Singapore-headquartered Grab offers food delivery services in Malaysia through its superapp. Besides Malaysia, Grab also offers food delivery services in Singapore, Indonesia, Vietnam, among others. Budget carrier AirAsia has also launched food delivery services AirAsia Food in May last year. The group said in a statement in November 2020 that it realized that food delivery platforms were “charging exorbitant commission rates averaging between 20% and 35%”, with “very little control” given to the merchants over their own store when it comes to food deliveries. MyCC’s move also came after local media Iskandar further said that all options are being considered in approaching these issues, including invoking the enforcement powers under the Competition Act 2010 and working closely with KPDNHEP to attain comprehensive solutions to all issues raised by the relevant industry players. Section 4 and Section 10 of the Competition Act 2010 clearly prohibits enterprises from entering into any anti-competitive agreement and abusing their dominant position in the market, respectively. MyCC said action can also be taken against a group of major players which abuse their dominant positions collectively. Consumers and businesses can channel their complaint(s) related to the misconduct of the p-hailing services by lodging the complaints via MyCC website or address its complaints to Grab has yet to respond to TechNode Global’s query at press time while Foodpanda declined to comment. Featured image credit |
https://technode.global/2021/07/27/aia-malaysia-buys-minority-stake-in-ant-backed-e-wallet-operator-tng-digital/ | AIA Malaysia buys minority stake in Ant-backed e-wallet operator TNG Digital | 73 | Insurance company The amount of the deal was not disclosed. Quoting sources, local news portal theedgemarkets. com reported that AIA is investing in TNG Digital via the participation in the latest round of capital raising, which values TNG Digital at about $700 million. AIA also announced the formation of a long-term strategic partnership with TNG Digital, which is backed by China-based Ant Group and Malaysia’s second-largest banking group CIMB Group. “AIA will provide innovative and personalized digital insurance solutions to meet the protection needs of over 16 million Touch ‘n Go eWallet customers nationwide, further demonstrating the insurer’s commitment to digital innovation and the Malaysian market,” the insurance company said in a statement. Through the digital insurance technology that it will bring to the partnership, AIA will offer Touch ‘n Go eWallet customers a seamless, convenient, and frictionless experience, making it easy to buy, claim and renew policies, it added. “The need for insurance continues to heighten in the midst of the pandemic. We must constantly look to expand and give Malaysian consumers greater choices, enabling them to obtain the right coverage they need across different stages of their lives, in any way that they prefer, and at the right time,” AIA Bhd Chief Executive Officer Ben Ng said. “Insurance is a key pillar for us as we continue to expand into financial services, and we look forward to collaborating with AIA to disrupt the segment and bring better and more relevant products and services to Touch ‘n Go eWallet users,” Touch ‘n Go Group Group Chief Executive Officer Effendy Shahul Hamid said. AIA’s investment in TNG Digital comes at a time when the country is in full lockdown to contain the ongoing COVID-19 pandemic. The lockdown has helped to spur usage of contactless payments and FinTech services through e-wallets. Malaysia’s central bank is in the midst of opening up the banking industry to digital players when regulators across the Asia Pacific have shown interest in encouraging the growth of digital banks. Bank Negara may be issuing up to five digital bank licenses. Notification of successful applications will be made in the first quarter of 2022. The regulator said earlier of the month that it has receivedTnG Digital declined to respond to AIA Malaysia is part of AIA Group, the largest independent publicly listed pan-Asian life insurance group. Together, AIA Bhd, AIA PUBLIC Takaful Bhd, AIA General Bhd, and AIA Pension and Asset Management Sdn Bhd have been serving Malaysians for over 72 years. AIA Malaysia offers a wide range of innovative as well as comprehensive conventional and shariah-compliant solutions spanning Life and Health, Family Takaful, Employee Benefits, Motor, Personal Accident, Mortgage, Commercial Insurance, and Retirement schemes. AIA Group Ltd and its subsidiaries have a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan, Vietnam, Brunei, Macau and New Zealand, and a 49 percent joint venture in India. It had total assets of $326 billion as of December 31, 2020. Touch ‘n Go Group is Malaysia’s consumer-facing 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 company founded by Touch ‘n Go and Ant Group, the parent company of China’s largest digital payment platform Alipay. Established in 2017, TNG Digital is the owner and operator of Touch ‘n Go eWallet, Malaysia’s largest e-wallet company, with over 16 million registered users. |
https://technode.global/2021/07/27/indonesia-happyfresh-65m-series-d-funding-naver-gafina/ | Indonesia’s HappyFresh raises $65M in Series D funding led by Naver Financial Corp & Gafina B.V. | 73 | Indonesia-headquartered online grocery platform It was led by Existing investors such as Mirae Asset-Naver Asia Growth Fund and Z Venture Capital have also participated. The round exceeded initial targets, due to significant demand from new and existing investors, HappyFresh said in a statement on Monday. “We see a big shift in customers’ behavior; retention and frequency rates have significantly increased while the overall basket size has been consistently growing. We attribute this to a major shift in share of wallet from offline to online, which is here to stay,” HappyFresh Chief Executive Officer Guillem Segarra said. “Continuing to focus our efforts on providing a convenient and safe service, we will be enhancing our existing operating model together with our partnerships we already have with supermarket retailers across the region,” he added, when asked about what the funds will be focused on. The latest funding round came as countries HappyFresh operates in including Indonesia, Malaysia, and Thailand are still battling with a high number of COVID-19 cases. Tighter lockdown measures imposed to contain the virus have boosted online grocery shopping and delivery services. The funding round also came after HappyFresh raised $20 million in Series C funding round led by Mirae Asset-Naver Asia Growth Fund in April 2019. Line Ventures, Singha Ventures and Grab Ventures also participated the funding round then, according to earlier media reports. HappyFresh said the team has also put in place plans to improve service offerings such as more payment methods, better user experience and assortment, bringing its service to more families in each country across the region. “The strong management team and unique service offering will enable HappyFresh and its partners to successfully navigate these unprecedented times, with best-in-class customer experience and safety, building loyalty and long-term market leadership positions. ” Peter Na, Director of Southeast Asia Investments at Naver and board member of HappyFresh said. Over the past 18 months, HappyFresh said it has been experiencing unprecedented growth as families have turned to HappyFresh to get their groceries delivered during the pandemic. The company said it has also moved further towards achieving long-term profitability in a time when it’s proven challenging to sustain a business. In 2020, traffic has grown by factors of 10 to 20 times across the three countries it operates in, which has translated into growth in top-line as well as both new and repeat customers and improved economics. Southeast Asia online economy has hit an inflexion point, powered by rapid adoption and fundamental shifts in consumer behaviour. With a corresponding retail market size of $350 billion, grocery retail segment in Southeast Asia presents a sizeable and growing market opportunity for HappyFresh, the company said. E-grocery is rising rapidly across Asia in particular Southeast Asia; younger populations in urban regions with higher income and expenditure have driven early adoption, while in the past year, mass-market adoption has massively accelerated the overall penetration of digital platforms. |
https://technode.global/2021/07/26/tale-of-the-used-car-tape-putting-carsome-and-carro-head-to-head/ | Tale of the (used car) tape: Putting Carsome and Carro head-to-head | 73 | Carsome vs Carro: Who wins Southeast Asia’s used car fight?CarsomeBoth used car innovators share many similarities — from the year they were founded (2015) to their geographic reach across Southeast Asia. But with Carsome now joining Great startups start with great ideas, and both unicorns are masterminded by founding teams and key personnel with a long list of qualifications and experience in entrepreneurship, venture capital, and corporate finance and management. In the yellow corner, Carsome’s Eric Cheng and Teoh Jiun Ee have years of digital media and marketing experience. In the red corner, Aaron Tan brings his serial entrepreneurship and venture investing experience to Carro. As both unicorns have grown through the years, often facing off in the same markets, Carro and Carsome have replenished and refreshed their top management teams. Both equally value diverse backgrounds but take different approaches in doing so. Carsome hires top talent like Chief Operating Officer Benjamin Koellmann for their expertise in specific markets. In this case, Koellmann’s experience in setting up Happy Fresh and Lazada in Indonesia, speaks to Carsome’s focus on Indonesia after dominating its local Malaysian market. Carro, meanwhile, has made two investments or acquisitions — myTukar. com in Malaysia and Jualo. com in Indonesia. The Singaporean unicorn gave Chief Marketing Officer In the venture space, valuations make the headlines, and both Carro and Carsome claim to have passed the $1 billion mark. Both have drawn notable global and regional investors for multiple funding rounds, illustrating the strong investment story and growth potential of used car e-commerce marketplaces, which account for When it came to funding rounds, Carro and Carsome took different routes. Carsome’s nine rounds easily outpace Carro’s four, but Carro’s ticket sizes have grown exponentially with each round. Carro’s latest round in June came in at a whopping $360 million and accounted for almost 78 percent of total funding raised. In comparison, Carsome’s $30 million round last December is 12 times smaller and more in line with its earlier round sizes. However, Carsome is reportedly in talks to raise But how has all that powder been spent? The story is flipped when it comes to operational figures: on an annualized basis, Carsome brings in almost triple what Carro does, while on an accounting basis the gap is narrower at 1.2 times. Profitability is currently not the focus of both startups, and Carro was unable to share its latest EBIT (Earnings Before Interest and Taxes) figures with TechNode Global. Carsome, however, shared that it saw a narrow loss of just $13.5 million for its unaudited financial year ended December 2020. With so much of Southeast Asia’s used car market share left to conquer, both Carsome and Carro have revved up their marketing strategies to build networks and reach throughout the four shared markets. Carsome’s planned acquisition of iCarAsia heats up the geographic race considerably, putting it neck and neck with Carro in terms of dealer reach. However, on other metrics, post-merger Carsome will have almost double the listings and more than double cars sold yearly on Carro. While Carro has declined to share its monthly visitor traffic, Carsome post-merger expects to see 10 million visitors to all its listing sites. Marketing-wise, both startups have made headline moves such as a motorsports sponsorship for Carsome and livestream car selling for Carro. Both have leaned heavily on partnerships to expand the services they provide to their dealers, with Carsome placing additional emphasis on dealer financing and insurance. Carro has rolled out contactless services in response to the COVID-19 pandemic, while Carsome is taking a whole-of-industry approach with its skills training and car maintenance tie-ups. ^Updated data provided by Carro. * Updated data provided by Carsome. **Provided by Carsome. Note that the metrics on dealers, monthly visitors, listings are assumed completion of Carsome’s acquisition of iCar Asia, which is subject to relevant regulatory approvals. DisclaimerWe then scoured publicly available data sources, including venture capital and startup databases such as Crunchbase and VentureCap Insights, news reports and company press releases, as well as LinkedIn profile pages. Keeping in mind that both Carro and Carsome are private companies and that publicly available data might not be recently updated, TechNode Global shared our data with both Carro and Carsome and where noted, have used their updated figures. |
https://technode.global/2021/07/19/singapore-foodtech-firm-easy-eat-raises-5m-funding-eyes-sea-expansion/ | Singapore FoodTech firm Easy Eat raises $5M funding, eyes SEA expansion | 73 | Singapore-based Artificial Intelligence-powered FoodTech startup The round saw participation from Aroa Ventures — family office of Ritesh Agarwal, the founder and group CEO of OYO; Reddy Futures Family Office; Prophetic Ventures, Maninder Gulati — Global Chief Strategy Officer of OYO; Cem Garih — Managing Partner at Alarko Ventures; Fethi Sabancı Kamışlı – Founder and Managing Partner of Esas Ventures; and, a few Silicon Valley-based VCs and angels. Founded by Mohd Wassem, Rhythm Gupta, and Abdul Khalid, Easy Eat AI is headquartered in Singapore and has made Malaysia its launchpad for its product before expanding to other Southeast Asian countries. The funding round came as Malaysia is in a so-called “full lockdown” with traveling restrictions to contain the ongoing COVID-19 pandemic. Restaurants and eateries are allowed to operate but no dine-ins are allowed and they are required to follow standard operating procedures set by the government. “We are expanding fast. We would use the funding in expanding the team, bringing in senior talents and expanding our product offerings. We are targeting 10,000 merchants in Malaysia in next 12-18 months,” Easy Eat AI Founder Mohd Wassem told “For the expansion beyond Malaysia, we are targeting potential big market for us to grow and remain sustainable. We are targeting Indonesia, Singapore and Vietnam,” he said. The company is already in discussion to raise the next round and it has obtained some interests from potential investors, he added. “The current pandemic scenario has accelerated the digital transformation of the restaurant industry, with more and more restaurants and customers increasingly wanting contactless services. Easy Eat AI partner restaurants have been able to withstand the impact of Covid-19 better than other restaurants. Even during the worst of the lockdown period, our merchants were generating 50% of the usual revenue. ” Wassem said in the statement. “The most affected restaurants are those with no clear digital strategy that will continue to struggle even post covid with limited revenue-generating opportunities, escalating cost of operations and they would continue to rely on third-party platforms for deliveries paying 30-35 percent commission,” he added. Easy Eat AI said its technology solves the biggest of all problems of restaurants which is building the direct connection between the customers and restaurants. At the heart of their technology is an operating system with integrated QR-based table ordering, loyalty programs, payment solutions, social media integration, inventory, and integrated delivery services, it added. Once the restaurant adopts Easy Eat AI’s technology, the entire operations move online and just like any other technology company, restaurants are able to capture each and every data point in the value chain which leads to a better understanding of customers’ choices, higher revenue, and reduced cost. In the past year of operation, Easy Eat AI has been able to increase the revenue of restaurants by 30 percent and reduce operational cost by 15 percent. In Malaysia, Easy Eat AI is already serving hundreds of merchants such as Richiamo Coffee, Mr. Fish Fishhead Noodles, WTF Group, and Hailam Toast, among others. Taiwanese cloud kitchen startup 3 SQUARE eyes APAC expansionFeatured image credits |
https://technode.global/2021/07/16/malaysia-online-baby-store-babydash-raises-300k-bridge-round-via-equity-crowdfunding/ | Malaysia online baby store Babydash raises $300K bridge round via equity crowdfunding | 73 | Malaysia-based digital baby store This raise also saw the participation of the Malaysian Government via the Malaysia Co-Investment Fund (MYCIF), further strengthening its support for the digitalization of the economy and its confidence in Babydash, the company said. “On behalf of the Babydash Team, I would like to take this opportunity to thank all our investors for their tremendous support. We are extremely excited about the opportunity and path forward. pitchIN too has definitely been a strong pillar for our success and we would like to extend our utmost appreciation for their continuous partnership,” said Babydash Founder and Chief Executive Officer Lavinie Thiruchelvam. Babydash is now doubling down on key targeted activities to aggressively expand its customer and product base. The company aims to drive up revenue per transaction while expanding its footprint in ASEAN targeting to double the size of the company in the next 12 to 18 months. This is Babydash’s second round of fundraising via equity crowdfunding (ECF) on ECF platform Over the last few months, Babydash has been investing in new technology which enhances customer experience as well as its data analytics capabilities, delivering on its primary goal of serving customers better. Investment proceeds from this campaign will drive Babydash into the next phase, boosting their lead and market presence in Malaysia and growing the Singapore market as it expands roots across the region. Founded in 2011, Babydash is a one-stop online baby store in Malaysia that provides the largest range of genuine, curated, high-quality mum and baby products at the best prices. With its customer-first ethos, Babydash said it prioritizes fast delivery, prompt customer guidance and care. As customers increasingly rely on e-commerce solutions during this pandemic, Babydash has provided parents with an invaluable helping hand to meet their needs. Babydash Singapore launched in 2019, and the company claims to be on track to launch in a few more Asian countries soon. Babydash also commenced a new export business of containers of diapers to the Maldives and will be growing this to other countries as well. Mom-focused e-commerce platform Edamama raises $5M pre-Series A for automation, logistics & product development |
https://technode.global/2021/07/16/malaysia-pe-firm-creador-eyes-tech-sectors-after-raising-500m-for-first-close-of-5th-fund/ | Malaysia PE firm Creador eyes tech sectors after raising $500M for first close of 5th fund | 73 | Malaysia-headquartered private equity firm Creador Founder and Chief Executive Officer Brahmal Vasudevan said it is looking to invest in technology sectors. “We are starting the deployment of the fifth fund now. We are also building a digital bank in Southeast Asia,” he told Asked about which are the tech sectors Creador will look into, Vasudevan said the firm is looking to build a regional credit bureau platform and the retail industry. Creador currently holds an 80 percent stake in Malaysian credit reporting agency CTOS Digital Bhd. It is exiting 50 percent of its stake in CTOS through an initial public offering on Malaysia’s stock exchange Bursa Malaysia, DealStreetAsia reported. Creador’s move to invest in technology comes at a time when more global PE firms are looking for investment opportunities in the tech sector in Southeast Asia. There were at least 11 PE deals in the tech space in 2019-2021, data compiled by news portal In May alone, Malaysia-based PE firm Earlier in a statement, Creador announced that Creador V, its fifth flagship investment vehicle, has had a first close of $500 million. The PE firm said Creador V is the firm’s biggest first close to date and occurs four months after first inviting investors onboard in March 2021. “We have a strong pipeline of new deals as part of this new fund; the first three of which will be announced in August,” Creador said in a statement. Creador also said the fundraising was “unique in that it was done without the benefit of in-person meetings as a result of the COVID-19 pandemic”. Almost all existing Creador IV investors opted to invest in its latest vehicle, which will continue to focus on investment in Southeast Asia and India. The Asian Development Bank is among the investors of Creador IV, earlier media reports showed. “The strong support from these existing investors reflects their confidence in the performance of our previous funds,” the private equity firm said. “With this strong interest from both existing and new investors, we expect to achieve the hard cap of $680 million by the end of 2021. This fifth fund will bring the firm’s total assets under management (AUM) to more than $2 billion,” it added. Creador’s fourth fund (Creador IV) had closed after securing around $580 million in 2019, exceeding its hard cap of $550 million, according to earlier reports. The firm’s investments from Creador IV include home improvement retailer Mr DIY Philippines, India-based value-added distributor iValue InfoSolutions, Mr DIY India, India’s Kogta Financial, Malaysian e-payment system operator GHL Systems, Shriji Polymers, and Malaysia’s Loob Holding, which owns the Tealive bubble tea brand. Founded in 2011, Creador focuses on growth capital investments in South and Southeast Asia in countries including Indonesia, Malaysia, India, Vietnam, Singapore, the Philippines, and Sri Lanka. Its investments span across consumer sectors, financial services to payment systems, among others. Malaysia private equity firm Creador plans $650M fifth fund by March 2021 |
https://technode.global/2021/07/13/malaysia-proptech-firm-speedhome-eyes-unicorn-status-in-3-years/ | Malaysia PropTech firm Speedhome eyes unicorn status in 3 years | 74 | Malaysian-based property rental platform “We plan to raise Series B next year. We aim to become a PropTech unicorn in three years,” Speedhome Chief Executive Officer Wong Whei Meng told Speedhome aims to expand regionally to 10 other metropolitan cities in the next five years, namely Bangkok, Manila, Jakarta, Taipei, Ho Chi Minh, Hanoi, Melbourne, Sydney, Hong Kong, and Singapore, to emerge as Southeast Asia’s PropTech Unicorn. “We see strong growth in Malaysia despite the challenging economic environment. We are confident to see even-better growth moving forward,” he said. Speedhome recorded more than 160 percent year-on-year growth in Gross Written Premium (GWP) contribution to Allianz Malaysia in 2020 compared to 2019. On Monday, Speedhome announced it has raised $1.67 million in Series A funding, backed by insurer “This fund will help us kick start our regional expansion in Bangkok and accelerate our efforts towards making Speedhome as the region’s super app for property investors,” Wong said in a statement on Monday. Speedhome’s Series A funding came as Malaysia is still in a full movement control order (MCO) to contain the on-going COVID-19 pandemic. New positive cases reached more than 9,000 cases over the past few days despite the rollout of vaccination programme in the country since early of the year. Amidst the challenging circumstances last year, Speedhome said it managed to soften the adverse impact of the pandemic on the property industry with the introduction of its “Virtual Viewing” and “Homerunners” services that addressed the restrictions posed by the various Movement Control Order (MCO) in Malaysia. “We are very impressed with Speedhome’s strong growth and ability to become a market-leading platform. In addition, Speedhome proprietary tenant behaviour data set and AI capabilities enabled a more transparent, more accessible and equal-opportunity compared to the existing perception-biased rental mechanism,” Gobi Partners chairman Thomas G. Tsao said in the statement. “Speedhome is one of our first investments for Gobi’s SuperSeed Fund II; in fact, the company was one of the winners of our SuperSeed II Championship last year,” he said. The investment also marks another venture into the PropTech industry for Gobi Partners. In Indonesia, it currently has two PropTech investments, online short-term home rental marketplace Travelio, and premium co-working space operator GoWork. Embarking on a partnership in 2017, Speedhome and Allianz jointly developed the “zero deposit and landlord insurance”, a solution that removes any financial burden for tenants, and at the same time, provides downside protection for property investors. “Digital partnerships are very much part of our strategy at Allianz Malaysia as we look towards capitalising on new opportunities and new markets. However, more importantly, we are equally driven to support our local digital champions, start-ups like Speedhome, and currently have over 50 active digital partnerships across various sectors,” Allianz Malaysia CEO said Zakri Khir. Established in 2015, Speedhome, formerly known as Speedrent, is a zero-deposit property rental platform connecting landlords directly to quality tenants providing rental protection services. Its mobile app has exceeded 470,000 downloads on Play Store and App Store. The firm has a database of more than 59,000 property listings and 17,000 potentials in their high-quality tenant pool. Speedhome aims to simplify the rental process, making it transparent and secured for both landlords and tenants. Partnered with Allianz Malaysia, Speedhome is the first rental platform that provides insurance and rental protection of up to 42,000 ringgit, covering more than standard security deposits. The investment holding company, Allianz Malaysia Bhd, a subsidiary of German multinational financial services company Allianz SE, has two insurance subsidiaries – Allianz General Insurance Company (Malaysia) Bhd and Allianz Life Insurance Malaysia Bhd. Allianz Malaysia has 32 branches nationwide. Headquartered in Kuala Lumpur and Shanghai, Gobi Partners is a venture capital firm with a Pan-Asian presence across North Asia, South Asia, and ASEAN with over $1.1 billion in assets under management (AUM). Founded in 2002, Gobi has raised 13 funds to date, invested in over 270 startups, and has grown to 13 locations across Bangkok, Beijing, Dubai, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Riyadh, Shanghai, and Singapore. |
https://technode.global/2021/07/13/carsome-partners-catcha-to-create-seas-largest-digital-automotive-marketplace-via-200m-acquisition-of-icar-asia/ | Carsome partners Catcha to create SEA’s largest digital automotive marketplace via $200M acquisition of iCar Asia | 74 | Southeast Asian used car trading platform Carsome Group announced on Tuesday it plans to acquire listings and content automotive platform iCar Asia to create the largest automotive marketplace in Southeast Asia. Carsome said it has entered into an agreement to acquire 19.9 percent of Australian Securities Exchange-listed iCar Asia Ltd from internet investment group Catcha Group. Carsome and Catcha Group have also made a joint proposal to the independent directors of iCar Asia to acquire the balance of 80.1 percent of iCar from its shareholders. The total transaction is estimated to be worth more than $200 million, according to the statement. Carsome said it is the market leader in the online used car buying and selling platform across Malaysia, Thailand, Indonesia, and Singapore, while iCar Asia is the leading listings and content automotive platform across those same markets. Carsome and iCar Asia, combined, offer an integrated automotive ecosystem – for dealers to source, advertise and sell cars; and, for consumers to research, sell and buy cars – in a region that trades over $55 billion worth of automobiles annually, the company said in the statement. It also cements the position of Carsome, the first tech unicorn in Malaysia, as Southeast Asia’s most valuable digital automotive marketplace, Carsome added. Catcha Group will become a shareholder of the Carsome Group in exchange for the sale of its shares in iCar Asia to Carsome. Carsome Co-founder and Group Chief Executive Officer Eric Cheng will lead the Carsome Group as CEO. “This transaction is an important part of our growth strategy to build the entire automotive ecosystem in Southeast Asia and part of how we are transforming the industry through trust, transparency, and technology,” said Cheng. “This is the first step toward consolidation to form the largest digital automotive group in terms of revenue, user base, largest live listing, and the best end-to-end fulfillment capability in the region. ”The proposed acquisition of iCar Asia offers an enhanced suite of digital products and services to more dealers and consumers in all key markets. The expanded suite of solutions will offer an end-to-end, super-app experience that covers the entire car buying and selling value chain, Carsome said. Consumers will enjoy a seamless, one-stop solution as the group expands its offerings to span the whole car ownership journey – from search, transaction, finance, and insurance to after-sales services. “The Board of iCar looks forward to welcoming Carsome as a shareholder and is discussing the indicative proposal received,” iCar Asia Chairman of the Board of Directors Georg Chmiel said. “As both sides continue to engage on the indicative proposal, we also look forward to further exploring potential commercial partnerships that will benefit both parties,” added Hamish Stone, iCar Asia Chief Executive Officer and Managing Director. The proposed acquisition came after Carsome announced last week that it has Carsome is said to be weighing a plan to go public in the US through a special purpose acquisition company (SPAC) as an option. Quoting people familiar with the matter, The deal to take the company public, which would also make it Malaysia’s first unicorn, could take place as soon as the end of the year, according to the report. Carsome, which transacts around 100,000 cars annually, is also said to be conducting a pre-IPO funding round that aims to raise about $150 million. Malaysia’s Carsome announces strategic investment in Indonesia’s car auction firm PT Universal Collection |
https://technode.global/2021/07/09/pickupp-to-expand-presence-in-malaysia-after-completing-series-a-and-a-funding-co-led-by-pchome-cornerstone-ventures/ | Pickupp to expand presence in Malaysia after completing Series A and A+ funding co-led by PChome, Cornerstone Ventures | 74 | Hong Kong logistics startup The Series A+ round funding was led by Taiwan e-commerce giant PChome and Cornerstone Ventures, with participation from an existing investor, Swire Properties, and new investors including Cathay Venture Inc. , DRIVE Catalyst, the corporate venture arm of Far Eastern Group from Taiwan, and the Jardine Matheson Group and Zipx from Hong Kong. The company will accelerate new expansion in Taiwan and deepen its presence in key markets including Hong Kong, Singapore and Malaysia. “The pandemic has triggered a seismic shift in consumer behavior, it has led to droves of retailers moving their business online and scaling up their digital presence to meet the surging demand. Over the past year, we’ve seen more retailers looking for reliable, flexible and faster delivery solutions,” Pickupp Co-founder and Chief Executive Officer Crystal Pang said. “This round of funding will help us to fuel our expansion in Taiwan and other markets, as well as diversify our product portfolio and offerings based on the needs of each market,” she added. In Malaysia, the funds will enable Pickupp to strengthen its local market position as the preferred collaborative logistics partner for Malaysia’s largest logistics players as well as local businesses. Pickupp will expand coverage and optimize operational efficiencies to meet the market’s evolving needs. “In Malaysia, there has been a surge in demand for delivery services, especially through various stages of lockdowns and movement control orders. Malaysians are relying on e-commerce for daily necessities as well as retail shopping needs, as we saw during the recent ‘Hari Raya’ (festive) period through our partners such as FashionValet, and we anticipate this will continue as part of the new normal,” Pickupp Malaysia country manager Navin Kandapper said. Through this funding, Pickupp Malaysia plans to expand coverage of more territories in Malaysia, grow its workforce of delivery agents, and continue investing in technology to further improve its offerings in the market, creating earning opportunities and supporting the recovery of businesses affected by the pandemic. Founded in 2016, Pickupp said its customized last-mile delivery services and trademark technology have earned a loyal customer base from notable multinational corporations (MNCs) and logistics giants to retail and e-commerce businesses. The funding also allows Pickupp to seize and capitalize on the opportunities amid the soaring growth in e-commerce. In a new forecast by Forrester, online retail sales in Asia Pacific will grow from $1.5 trillion in 2019 to $2.5 trillion in 2024, with a compound annual growth rate of 11.3 percent. Working with strategic partners, Pickupp will explore innovative e-commerce models, particularly in Taiwan, where there is a growing demand for cross-border e-commerce. To date, Pickupp’s user base has grown by 250 percent since the outbreak of the pandemic in March 2020, with over 100,000 delivery agents onboard across all regions. In Malaysia, the business has seen a user base growth of 198 percent, with earning opportunities created for 25,000 independent delivery agents. The startup also partners with logistics giants to support its delivery processes, especially during periods of peak demand. Based in Hong Kong and operating in Singapore, Malaysia, and Taiwan, Pickupp has established strategic partnerships with global brands and merchants which have been transitioning their businesses to online-to-offline retail. |
https://technode.global/2021/07/08/airasia-considers-listing-digital-business-in-us-via-spac-to-raise-300m/ | AirAsia considers listing digital business in US via SPAC to raise $300M | 74 | Malaysia’s budget airline In an exclusive interview with AirAsia Digital includes a travel and lifestyle services platform, logistics, and FinTech businesses. The group has also announced on Wednesday that it is acquiring Indonesia ride-hailing tech giant Gojek’s operations in Thailand. The deal values the AirAsia SuperApp at around $1 billion, more than the pandemic-hit airline’s current market value of $868 million, “We have now recruited our auditors to start preparing for an American listing so that’s very much on the table,” Fernandes was quoted as saying. He also said that Rothschild is working on the listing that could happen in five months. The group is also in discussions with other suitors, including Malaysian and Indonesian private equity, he added. Last week, AirAsia announced that its FinTech arm The development also came after Southeast Asia ride-hailing giant Grab’s announced in April it will go for listing in the US in a $40 billion deal to merge with a SPAC Altimeter Growth Corp. The SPAC route has gained traction in Asia as it serves as an alternative to traditional IPOs for companies. It provides a faster path to the US capital markets, with lesser regulatory scrutiny. Bridgetown 2 Holdings, a SPAC formed by billionaires Peter Thiel and Richard Li, is considering merging with Singapore-based online property portal PropertyGuru Group, Bloomberg reported last month. Indonesia’s travel tech unicorn Traveloka has also announced its plans to list in the US this year using SPAC. Fernandes said that talks with a US company over a loan of $1 billion for the digital business are also “near conclusion. ”AirAsia has been looking to raise funds as the aviation industry is severely hit by the COVID-19 pandemic. International borders in most of the markets it operates remained closed to contain the ongoing coronavirus pandemic. The airline has a target to raise up to 2.5 billion MYR ($618.51 million) from loans and investors, according to earlier reports. Fernandes also said the group could announce updates on its financing “as soon as next week,” and that a government-guaranteed loan was also being processed. AirAsia announced in March that it has raised $82 million from TPG Capital executives, Aimia Inc, and others through a private share placement. The group raised $81.70 million over two tranches by issuing 470.21 million new shares, representing 14.07 percent of the group’s total issued shares. TPG Capital founder and chairman David Bonderman and TPG Asia Partners, including Tim Dattels, Ganen Sarbananthan and Zubin Irani, Hong Kong businessman Stanley Choi, who is also chairman at Head & Shoulders Financial Group, also participated. |
https://technode.global/2021/07/07/airasia-to-acquire-gojeks-thai-operations-for-50m-via-share-swap-deal/ | AirAsia to acquire Gojek’s Thai operations for $50M via share swap deal | 74 | Malaysian budget airlines Gojek will receive shareholding in the AirAsia Super App whose market value is around $1 billion, AirAsia said in a statement on Wednesday. The purchase considerations for the proposed acquisitions will be wholly satisfied by the issue of new shares in the AirAsia SuperApp. Gojek will own 4.76 percent in AirAsia SuperApp after the proposed acquisition, a regulatory filing showed. “The win-win deal is expected to rev up expansion of the AirAsia Super App in ASEAN, while enabling Gojek to increase investments in its Vietnam and Singapore operations,” AirAsia said in the statement. The deal provides both parties with a strong foundation to explore additional opportunities for collaboration and synergies in one of the fastest-growing regions in the world, it added. The proposed acquisition is expected to be completed by the fourth quarter of 2021, AirAsia said. The proposed acquisition is also subject to approval from the central banks of Malaysia and Thailand, Bank Negara Malaysia, and Bank of Thailand. The stock-swap deal came after AirAsia’s FinTech arm AirAsia Group is in the midst of building its non-aviation digital businesses and its super app as most of its planes were grounded due to the ongoing COVID-19 pandemic. The group is reportedly operating at 19 percent of its pre-pandemic capacity, logging just over 2,000 outbound flights planned for the week of July 19, 2021, compared with 10,800 for the same week in 2019, according to aviation news portal Simple Flight. “By taking on Gojek’s well-established Thai business, we’ll be able to turbocharge our ambitions in this space to become a leading Asean challenger super app,” AirAsia Group Chief Executive Officer Tony Fernandes said in the statement. He said the group is also setting its sights on bringing its super app offerings to all of its key markets, following the successful rollout in Thailand. Gojek CEO Kevin Aluwi said the deal will enable the firm to “pivot our focus in international markets towards Vietnam and Singapore — markets providing us with the best return on investment and strategic growth opportunities. ”AirAsia Super App provides a lifestyle platform for travel, e-commerce, financial services, farm to table, health, and EduTech products and services. Fernandes has in March told local media Tencent-backed Gojek was first established in 2010 focusing on courier and motorcycle ride-hailing services, before launching the app in January 2015 in Indonesia. Since then, Gojek has grown to become an on-demand platform in Southeast Asia, providing access to a wide range of services from transportation, to food delivery, logistics, and many others. As of March 2021, Gojek’s application and its ecosystem have been downloaded more than 190 million times by users across Southeast Asia. AirAsia’s BigPay teams up with state-linked MIDF, PE firm Ikhlas Capital for digital banking license in Malaysia |
https://technode.global/2021/07/06/malaysias-carsome-announces-strategic-investment-in-indonesias-car-auction-firm-pt-universal-collection/ | Malaysia’s Carsome announces strategic investment in Indonesia’s car auction firm PT Universal Collection | 74 | Southeast Asia’s online used car platform, The amount and other details of the transaction were not disclosed. PT UC transacted close to 30,000 vehicles in 2020. Outside of Jakarta, PT UC has branches in South Tangerang, Bandung, Yogyakarta, and Malang. It marks Carsome’s first investment in Southeast Asia in 2021, Carsome said in a statement. The strategic investment into PT UC allows Carsome to double its automotive transaction volumes in Indonesia. It sets Carsome a step closer to deliver on its vision of building a regional, end-to-end integrated online used car ecosystem for dealers and consumers, said the company in its announcement. Carsome’s dealer partners will enjoy more inventory diversity and broader options through PT UC. It also allows Carsome to expand its network coverage and access to financial and leasing providers. This will make Carsome the largest omnichannel integrated car e-commerce platform in the region, offering full-fledged services for both online and offline transactions with wider coverage. PT UC’s suppliers, meanwhile, will have access to a wider demand pool through Carsome, it added. The development came after the startup is said to be weighing a Quoting people familiar with the matter, The deal to take the company public, which would also make it Malaysia’s first unicorn, could take place as soon as the end of the year, according to the report. Carsome is also said to be conducting a pre-IPO funding round that aims to raise about $150 million. Delly Nugraha, Country Head of Carsome Indonesia, has been appointed as President Director of PT UC. “We are really excited to invest into PT UC. This investment serves as a strategic move for Carsome to open up more opportunities and networks, and to significantly expand our operations in Indonesia, a key Southeast Asia market for Carsome. Through PT UC’s access to used car supplies in the market, Carsome’s dealer partners will enjoy more inventory diversity and broader options. PT UC’s suppliers, on the other hand, will be opened to a wider demand pool, broadening their accessibility in the used car market,” he said. Based on the Carsome Consumer Survey released in early 2021, interest among Indonesian consumers to buy or sell a used car remains high. At least 64 percent of Indonesian consumers are interested in purchasing a used car between April and September 2021 period. Moreover, Indonesian consumers are optimistic that their purchasing power will strengthen on the back of more disposable incomes. The investment into PT UC comes as Carsome continues expanding into new areas within Indonesia to serve more dealers, consumers and ecosystem partners, strengthening its position as the leading used-car platform in Southeast Asia. The company continues to see dynamic growth across its Southeast Asian markets, particularly with rising demand for used cars as more consumers opt for private car ownership amid the Covid-19 pandemic. As of April 2021, the company is tracking over 9,000 used car transactions per month or over 100,000 on an annualized basis. This puts its annualized revenue at around $800 million and it is on track to achieve $1 billion revenue for the year. Founded in 2015, Carsome has expanded its presence to Indonesia, Thailand, and Singapore in recent years. |
https://technode.global/2021/07/05/29-applicants-to-bid-for-5-digital-banking-licenses-in-malaysia-with-national-cooperatives-group-joining-in/ | 29 Applicants to bid for 5 digital banking licenses in Malaysia, with national cooperatives group joining in | 74 | Malaysia central bank A diverse range of parties have submitted applications for the digital bank license, ranging from banks, industry conglomerates, technology firms, e-commerce operators, FinTech players, cooperatives, and state governments, the regulator said in a statement. The central bank did not list out the applicants. Notable applicants that have officially announced their applications include Grab-Singtel venture, Axiata-RHB consortium, Paramount-Star Media Group, iFAST Corporation Ltd, AirAsia’s BigPay-MIDF-Ikhlas Capital consortium , AEON Credit Service (M) Bhd, among others. Malaysia’s move 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. Central Banks and consumers also hope that digital banks could bring financial inclusion to underserved segments, helped by advanced technology. “Successful applicants that meet all prudential criteria will be expected to contribute towards greater financial inclusion by offering products and services to address market gaps in the underserved and unserved segments,” the central bank said. “This includes promoting suitable and affordable financial solutions by leveraging on innovative application of technology,” it added. Up to five licenses may be issued, and notification of successful applications will be made in the first quarter of 2022, Bank Negara said. Seperately, These entities have collaborated under MyAngkasa Digital Services (MDS), a subsidiary of ANGKASA, to apply for an Islamic digital banking license from Bank Negara, according to a statement. A host of strategic partners, including digital banking provider, MAMBU, cloud solution specialist Amazon’s AWS and licensed eMoney player, MRuncit Commerce (MCash eWallet), along with other ecosystem partners form part of the consortium that has also received full backing from the Ministry of Entrepreneur Development and Cooperatives (MEDAC) and the Cooperative Commission of Malaysia. During the initial foundation period, MDS Consortium is expected to focus on its captive market of 7 million people, most of which are in the unserved and underserved segments. The consortium aims to leverage on its combined brand loyalty, wide distribution channel footprints of cooperative networks, and its existing membership base to roll out its unique model of ‘sachet banking’ comprising innovative, simple daily banking products that suit its target segments such as dual savings, bite-size financing and a slew of digital financial management tools to support its customers in managing financial health and literacy awareness, MDS said. Boustead, a public listed conglomerate majority-owned by military retirement fund Lembaga Tabung Amanah Tentera (LTAT), is involved in various businesses including plantation, heavy industries, property, and pharmaceuticals among others. The conglomerate, which serves as the investment arm of LTAT, directly holds 20.81 percent and indirectly holds 0.03 percent in Affin Bank Bhd, a listed banking group in Malaysia. “The independent insurance broker” has also a solid footing in Malaysia as it has been providing comprehensive solutions since 1978 focusing on specialist insurance, reinsurance, takaful, and employee benefit solutions, MDS said. “The pandemic has accelerated the adaptation of technology and eCommerce activity and we will deliver digital banking products that can be personalized to allow our customers to take control of their financial needs. We want to make banking simple by providing our customers full digital experience with innovative products and services that adapt to their lifestyles and requirements. We also want our digital bank to hold to the principles of Shariah-ethical banking without its traditional complexities,” said MDS chairman and ANGKASA president Abdul Fattah Abdullah, who said he is positive about the prospect of securing one of the five digital banking licenses to be awarded. ANGKASA was officially registered as the national union of co-operative in 1971. Since its establishment, ANGKASA has played the role of the apex of cooperatives for the Malaysian cooperative movement. With the approval of the new Cooperative Act in 1993, ANGKASA was formally recognized by the government of Malaysia to represent the cooperative movement nationally and internationally. |
https://technode.global/2021/07/02/airasias-bigpay-teams-up-with-state-linked-midf-pe-firm-ikhlas-capital-for-digital-banking-license-in-malaysia/ | AirAsia’s BigPay teams up with state-linked MIDF, PE firm Ikhlas Capital for digital banking license in Malaysia | 74 | Malaysian budget airline BigPay has put together a consortium of strategic partners to support its application: Singapore-headquartered Ikhlas Capital is a private equity firm founded by CIMB Group former chairman and CEO Nazir Razak. Nazir is the chairman of Each of the consortium partners is “contributing something unique for the success of BigPay Bank,” BigPay said in a statement on Thursday. “In addition to the consortium partners, BigPay is part of the AirAsia Group and has access to a broad ecosystem that includes e-commerce merchants and consumers, insurance and telecoms,” it added. BigPay’s consortium will be joining a crowded field for digital bank licenses on offer. Malaysia’s central bank said it would issue up to five licenses by early 2022, and the deadline for the applications is the end of June 2021. Other notable applicants that have officially announced their application include Grab-Singtel venture, Axiata-RHB consortium, Paramount-Star Media Group, iFAST Corporation Ltd, among others. Malaysia’s move 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. Central Banks and consumers also hope that digital banks could bring financial inclusion to underserved segments, helped by advanced technology. “BigPay Bank will allow us to execute deeper on our mission to build a connected financial future for Malaysian consumers and entrepreneurs. If we’re given the license, we’ll be able to reach more Malaysians with a wider range of services — all with the goal of building a stronger Malaysia,” said BigPay Founder and Chief Executive Officer Salim Dhanani. “AirAsia Digital has a broad ecosystem of MSMEs and consumers, particularly in the Bottom 40 percent (B40) segment. BigPay, a subsidiary of AirAsia Digital, will have access to distribute financial services to this ecosystem adding overall value to everyone within it,” AirAsia Digital President Aireen Omar said. AirAsia Group is in the midst of building its non-airline, digital businesses, and superapp as most of its planes were grounded due to the ongoing COVID-19 pandemic. AirAsia Group is reportedly operating at 19 percent of its pre-pandemic capacity, logging just over 2,000 outbound flights planned for the week of July 19, 2021 compared with 10,800 for the same week in 2019, according to an aviation news portal Simple Flight. MIDF Group is a financial services provider in three core business areas, investment banking, development finance and asset management. Consortiums and companies submit Malaysia digital banking license bids as deadline looms close, including Grab-Singtel ventureFeatured image credits: |
https://technode.global/2021/07/01/consortiums-and-companies-submit-malaysia-digital-banking-license-bids-as-deadline-looms-close-including-grab-singtel-venture/ | Consortiums and companies submit Malaysia digital banking license bids as deadline looms close, including Grab-Singtel venture | 74 | Several groups said they submitted bids for digital banking licenses in Malaysia as companies, including a property developer, media company, and credit services firm, which joined forces to apply for the sought-after licenses. The race for the five digital banking licenses heats up further as more consortiums and companies announced their application, including ride-hailing giant Grab-Singtel consortium, which bagged a digital full-bank license in Singapore last year. These consortiums also include overseas investors and technology partners from Singapore, Japan, and China. Grab-Singtel venture joins race to bid for Malaysia digital bank licenseSingapore Telecommunications Ltd “The digital bank joint venture between Grab and Singtel, together with a consortium of other investors, has applied for a digital bank license in Malaysia,” Singtel said in a regulatory filing with Singapore Stock Exchange (SGX). Malaysia central bank Bank Negara Malaysia has said it would issue up to five licenses by early 2022, and the deadline for the applications is the end of June. Malaysia’s move 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. Central Banks and consumers also hope that digital banks could bring financial inclusion to underserved segments, helped by advanced technology. SGX-listed iFAST leads consortium with army co-operative, Sultan Selangor’s cousinSeparately, SGX-listed wealth management platform iFAST Corp will own a 40 percent stake in the digital bank if the application is successful. The beneficial equity ownership of the consortium will be approximately 57 percent Malaysian, it said in a statement. The Malaysian consortium partners are army credit co-operative Internationally, the iFAST Bank consortium comprises Yillion Fintech Pte Ltd which provides the core digital banking technology and capabilities for Lim Chung Chun, Chairman and CEO of iFAST Corp, said iFAST Bank can create positive change for the unserved and underserved market segments such as the Bottom 40 percent (B40) population in Malaysia. “With the synergistic capabilities within our consortium, the solutions offered for the B40 are ones that will provide immediate benefits and results – such as free life insurance, interest-free loans for daily necessities, and micro-investments and insurance. iFAST Bank will serve the B40 segment and be profitable while doing so,” said Lim. Developer Paramount teams up with Star Media Group, RCE CapitalEarlier on Wednesday, Malaysia-based property developer “We wish to confirm that we made an application as a lead applicant of a consortium to Bank Negara on June 30, 2021,” Paramount Group Chief Executive Officer (CEO) Jeffrey Chew said in a statement. The other members of the consortium comprise Chew, the former CEO of OCBC Bank (Malaysia) Bhd, said he hoped that through transformative technologies, Paramount would be able to bring innovative financial experience to Malaysians. Star Media Group is a media conglomerate 43.23 percent-owned by Malaysian Chinese Association, a political party that forms the coalition of the ruling government. Paramount recently invested in Fundaztic, a peer-to-peer (P2P) lending platform, marking its first steps into the financial technology sector. Paramount, Star Media Group, and RCE Capital are listed on the local bourse, Bursa Malaysia. AEON Credit Service and Tokyo-listed parent AEON Financial Service submit bidSeparately, Malaysia-listed “The company and AFS shall cooperate with each other by combining their expertise and resources to establish in Malaysia a joint venture company to engage in the business of a digital bank upon obtaining a licence,” AEON Credit Service said in the filing on Wednesday. AFS, a public company listed on the Tokyo Stock Exchange, is the holding company for a financial services group engaged in credit card issuance, banking, leasing, life insurance, distribution of insurance products and other financial services, with operations in Japan and several other countries in Asia. Malaysia-listed FinTech firm Pertama Digital partners Crowdo, INFOPROAnother Malaysia-listed FinTech company “The Islamic digital bank envisaged by the Pertama Digital Bhd consortium places the financially unserved/ underserved customers at its heart. The digital bank aims to sustainably provide affordable and ethical financing products, while handholding the B40 and micro, small and medium enterprises to nurture good financial management, pouring rocket fuel into post-pandemic productivity,” the company said in a bourse filing on Wednesday. Its consortium partner include Crowdo Holdings Pte Ltd, an SME-focused neobank for emerging ASEAN markets, homegrown banking solution provider INFOPRO Sdn Bhd. It said it has secured financial strength support for the digital bank by Labuan offshore bank Perfect Hexagon Commodity and Investment Bank Limited and ICT company Alsirat Sdn Bhd as investors on June 24. Other applicants include AirAsia’s BigPay, Axiata-RHB consortiumE-waller operator BigPay, the FinTech arm of budget airline group AirAsia, On Tuesday, quoting sources, Reuters reported Malaysian conglomerate Sunway Group has teamed up with Tencent-backed Chinese FinTech firm Linklogis Inc and Bangkok Bank PCL to apply for a Malaysian digital bank licence. When contacted, “With our venture into digital banking, and leveraging our existing ecosystem, we aim to provide a comprehensive, seamless and easily accessible digital banking service,” it said in a reply to Sunway aims to build a fintech ecosystem to promote financial inclusion for Malaysians as well as micro, small and medium enterprises (SMEs). It currently own and manage Sunway Money which is an online and licensed remittance house that is fully digital, uses eKYC. The group provides an invoice-factoring facility under Sunway Credit. Under Sunway Leasing, it also provides loans to its business partners to support their working capital requirements. Sunway also owns 51 percent stake in credit reporting agency, Credit Bureau Malaysia. Through its public relations department, Hong Kong-listed Linklogis told Malaysian telecoms firm Axiata Group Bhd and RHB Bank Bhd, one of the largest banking group in the country has said early last month they have teamed up to apply for for a digital banking licence. Razer has yet to respond to Featured image credits: |
https://technode.global/2021/06/28/fave-offers-buy-now-pay-later-service-in-singapore-and-malaysia/ | Fave offers ‘Buy Now, Pay Later’ service in Singapore and Malaysia | 74 | Southeast Asian loyalty and cashback platform The service is available on the Fave app for iOS users on Monday, followed by an Android release in July 2021, Fave said in a statement. Eligible users will be able to split purchases over three equal, interest-free installments. Repayments will be automatically drawn every month, with no fees charged for on-time payments. In addition, customers will earn up to 10 percent cashback with every purchase, it added. FavePay Later is available at all Fave merchants in Singapore and Malaysia on Monday, including marquee brands in popular retail verticals such Pandora, Marks & Spencer, Best Denki, Puma, GNC, among others. The launch of FavePay Later comes at a time of pent-up demand among consumers after prolonged periods of lockdowns and social restrictions, with cash-strapped consumers seeking easier access to credit and merchants seeking innovative ways to revive ailing sales, Fave said. Fave will be joining the BNPL bandwagon with Singapore-based BNPL startups such as hoolah, Atome, OctiFi and Rely which provide similar services in the city-state. In Malaysia, Southeast Asia tech giant Grab has run a rebate promotion in Malaysia last month to lure new users to sign up for the service. In the region, Grab’s rival Gojek has also offered a similar service. E-commerce platform Shopee introduced SPayLater through its app in January this year. Other companies providing BNPL options include Kredivo and Traveloka. “We are excited to continue providing technology that helps our customers shop better, especially in the lead up to the reopening of shopping post-COVID lockdowns,” said Fave Chief Executive Officer Joel Neoh. “It’s also becoming increasingly critical for merchants to work with partners that have integrated solutions such as Fave who cater for cashless payments, loyalty, and now, installment payments that ultimately take care of all the processing and risk for merchants. In addition, merchants gain access to valuable user behavior data and insights via Favebiz. com,” he added. BNPL is poised to grow rapidly in Southeast Asia. New research from Juniper Research found that, by 2026, BNPL services will account for over 24 percent of international e-commerce transactions for physical goods by value, from just 9 percent in 2021. The research also found that the global number of BNPL users will exceed 1.5 billion transactions in 2026, from 340 million in 2021. The market is set to grow from $7.3 billion in 2019 to $33.6 billion in 2027 at a compound annual growth rate (CAGR) of 21.2 percent, with the Asia Pacific leading the growth, according to key estimates from Coherent Market Insights. Fave recently opened up their API integration for online e-commerce platforms to support FavePay payments with buy now pay later and loyalty cashback features. With a growing number of partnerships with large tech firms in 2021, Fave will extend its BNPL offering to some of the largest online commerce companies in Southeast Asia within the latter half of 2021, the company said. In April 2021, Fave was acquired by Indian fintech unicorn, Pine Labs, to accelerate joint global expansion. Fave currently operates in 35 cities across Malaysia, Singapore, and Indonesia. Fave will be launching in India in 2021. |
https://technode.global/2021/06/15/malaysia-healthtech-startup-bookdoc-partners-with-childhope-philippines-foundation-for-csr-collaboration/ | Malaysia HealthTech startup BookDoc partners with Childhope Philippines Foundation for CSR collaboration | 75 | BookDocBookDoc, with a presence inThe company is backed by a diverse group of investors from entrepreneurs to seasoned healthcare and insurance professionals, bankers, regulators as well as ICT professionals. It is available online via the App Store, Google Play Store, and Huawei App Gallery. “We appreciate the opportunity provided whereby BookDoc can play a part in giving back to the society while expanding its presence to the PhilippinesDr. Herbert Quilon Carpio, Childhope Philippines Executive DirectorBookDoc was a finalist at the ORIGIN Innovation Awards in 2020. Announcing the finalists for the ORIGIN Innovation Awards 2020Featured image credits |
https://technode.global/2021/03/03/quest-ventures-and-scaleup-malaysia-team-up-to-invest-in-11-companies-for-quest2scale/ | Quest Ventures and ScaleUp Malaysia team up to invest in 11 companies for #Quest2Scale | 75 | Quest VenturesScaleUp Malaysia Managing Partner Tay Shan Li comments on the companies’ selection process: “We had some amazing companies joining us as part of this cohort and we are proud of how far each of them has progressed in the program. This was a very difficult decision but ultimately, the investment committee selected the companies that they believed had the potential to grow their business regionally with the support of our partner, Quest Ventures. ”Since the initial selection of 20 companies in ScaleUp Malaysia’s Cohort 2, the Quest Ventures team has been very much involved. The VC firm has been holding one-on-one sessions to train the different companies. Quest Ventures also took part in ScaleUp Malaysia’s selection process for the 11 companies, 65 percent of which are proudly owned by women founders. “Our work across the Asia Pacific, and now Central Asia, have shown us that resilient founders with innovative business models and go-to-market nous have what it takes to be successful during these challenging times. We are inspired by the desire and commitment of the founders we have worked with in ScaleUp Malaysia’s Cohort 2 and we are excited to continue this journey with these 11 companies in the years to come,” said Jeffrey Seah, Quest Venture Managing Partner. The selection and investment are only the beginning for the 11 companies’ #Quest2Scale. Quest Ventures and ScaleUp Malaysia will be helping these companies as they go through an intensive process to develop and execute plans. |
https://technode.global/2021/02/25/chinas-black-lake-continues-to-digitize-industrial-china-and-apac-with-77m-series-c/ | China’s Black Lake continues to digitize industrial China and APAC with $77M Series C | 75 | Chinese digital collaboration company Black Lake was founded in 2016 by its current Chief Executive Officer, Zhou Yuxiang. The startup helps factories and manufacturers to digitize their operations through its industrial software platform. It focuses on creating custom “collaborative SaaS software for manufacturing that uses data to drive production efficiency. ”In an Since launching its cloud-based SaaS platform in 2018, the company has served manufacturing companies across Mainland China, Hong Kong, Macau, Taiwan, and Southeast Asia. Black Lake provides customized solutions for its clients by utilizing an onboarding system similar to building Lego blocks. Clients can customize the software’s functions based on their needs. Black Lake leverages its platform by offering a more affordable option for its services at roughly $46,000 (CNY 300,000) annually as compared to other foreign SaaS platforms at $464,000 (CNY 3 million). BAI Capital Managing Director William Zhao Black Lake plans to use its fresh capital to invest in product development, manpower, market expansion, and to create an open platform for third-party partners. Instead of investing in developing different kinds of programs to meet its clients’ needs, the company decided to open up its platform and partner with companies such as Huawei, Alibaba, SAP, and McKinsey, which specialize in telecommunications, cloud computing, automation, and consulting. The company also plans to leverage its latest partnership with the Singaporean Temasek Holdings to further penetrate the Southeast Asian market, specifically in Vietnam and Malaysia. Open, shared data is the future of China’s industrial world: Black Lake |
https://technode.global/2021/02/03/malaysian-digital-used-car-trading-platform-carsome-eyes-nyse-listing-after-raising-series-d/ | Malaysian digital used car trading platform Carsome eyes NYSE listing after raising Series D | 75 | In an This comes shortly after Carsome Carsome is a Malaysia-based automotive e-commerce platform. It aims to change the used car trading landscape by automating processes and giving customers an overall easier time while they transact. With its end-to-end business platform, it is able to take care of everything from car inspection, ownership transfer, and financing. Carsome even determines proper rates through a pricing algorithm. The company has an inclusive approach with its operations–rather than directly compete with incumbent dealerships, its business model involves partnering with used car dealerships, enhancing their operations through technology. Since its founding in 2015, Carsome has changed the used car trading market in Southeast Asia. Its digital platform Cheng mentioned that some of the biggest hurdles of the used car market are transparency and the amount of effort and paperwork needed to fulfill a transaction. Aside from the hidden fees that appear with each transaction, the traditional customer experience for car owners looking to sell their car and used car buyers contain some pretty difficult, confusing, and even varying steps. Selling a car could take months and prices will vary from each dealership that you go to. When you buy a used car, information is hard to come by, and listing expectations are usually not met after seeing the actual unit. Carsome’s platform aims to address all of these pain points by providing an end-to-end service that reduces transactional friction and improves transparency. Juliet Zha also mentioned how the company is capitalizing on how the coronavirus pandemic has accelerated digital adoption all over the world. She explained how it took more than 10 years for digital to achieve a 3 percent market share in retail. In 2020 alone, she claims it has now gone up to 6 percent. As Watch the interview here: |
https://technode.global/2021/01/30/social-finance-platform-global-sadaqahs-flash-funding-provides-insights-into-shariah-compliant-crowdfunding/ | Social finance platform Global Sadaqah’s flash-funding provides insights into Shariah-compliant crowdfunding | 75 | Global SadaqahThe 72-hour flash-fundraising campaign surpassed the minimum target of around $49,475 (MYR200,000), attracting investors from 10 countries including strategic angel investors. A number of the angel investors include notable managers of large investment firms, namely Singapore-based Azmi Muslimin, GCC-based Khaled Fouad and Awaiz Patni. A statement shared by Islamic FinTech venture builder Ethis Ventures with “It features a variety of campaigns from its screened and verified Charity Partners. Current open campaigns include urgent aid for natural disasters in Malaysia and Indonesia and Covid-19 related relief efforts,” the statement added. Azmi Muslimin said, “Global Sadaqah is tackling head-on the challenges in the niche and sizeable Islamic social finance space. I am excited at the opportunities to grow, and more so on the impact we seek to create in this difficult time for humanity. ”Khaled Fouad added: “I felt compelled to invest in an impact-focused technology company like Global Sadaqah. We have big ambitions to make a difference and create an enduring ripple effect for good. ”Awaiz Patni, who is the CFO of a large business group, highlighted the transparency and accountability espoused by the platform. “There are so many causes and campaigns raising funds online and it can be difficult to know which are legitimate. We need to give responsibly especially when the need is so high today. Global Sadaqah checks all the boxes – leveraging technology to minimise cost and maximise reach, working with reputable organisations and offering a platform to Muslims globally to give to causes close to their heart. ”Global Sadaqah was also awarded the Best Social Impact Islamic Fintech Firm in 2018 from Muhammad Alim, co-founder and Chief Product Officer for Global Sadaqah, said: “The global charity system faces an increasing pressure to be transparent in its operations. In light of this, Global Sadaqah aims to provide high-tech solutions for corporate financial institutions, charitable organizations and other government entities involved and to be the nucleus of the Islamic social finance ecosystem. We have a successful proof of concept with leading financial institutions in Malaysia. ”Ifran Tarmizi, Global Manager of Sadaqah for Malaysia, said that the investment received will be used to expand the services offered in Malaysia, as well as increase their influence in key markets and adapt to new technologies. “It is more important now than ever to enhance the distribution, impact and especially the sustainability of large donors and corporate zakat. We seek to provide a one-stop service for Muslim-owned companies and business owners to distribute their social funds. ” |
https://technode.global/2021/01/26/istore-isend-secures-5-5m-series-b-for-e-fulfillment-expansion-co-led-by-gobi-partners-and-easyparcel/ | iStore iSend secures $5.5M Series B for e-fulfillment expansion co-led by Gobi Partners and EasyParcel | 75 | End-to-end fulfillment solutions provider “Gobi is happy to announce today that our Malaysian portfolio company, iStore iSend, has just closed their Series B round of US$5.5 M, which was co-led by our firm and local logistics player EasyParcel,” the company said in a statement to TechNode Global. Gobi Partners also relayed that the newly raised funds will be used to expand iStore iSend’s business activities. “The round will be used to expand their business to other SEA markets such as Thailand and Vietnam, as well as the acquisition of new clients in Malaysia. ”iStore iSend currently operates in four countries: China, Malaysia, Indonesia, and Singapore. The company looks forward to bringing its services to other markets in Southeast Asia including Vietnam, Thailand, and the Philippines. Also, a part of the new funding will be utilized in marketing campaigns to attract more online-to-offline (O2O) clients in existing markets. “We are looking forward to being able to offer our services to even more e-commerce players in the region,” said iStore iSend Co-Founder Joe Khoo as he explained the competitive edge of their company. Khoo maintains that iStore iSend’s strengths lie in its high inventory turnover and SKU fulfillment. Tommy Yong, iStore iSend Co-Founder, also lauded the new investment. “This investment comes at a great time, especially during this trying period, where going online is a requirement by most businesses in order to survive. iStore iSend will be able to offer e-commerce supply chain digitization to help even more businesses transition into e-commerce,” said Yong. Started in 2015, iStore iSend offers a range of services to clients involved in storage and delivery arrangements with e-commerce businesses. Additionally, it provides value-added services including shipment tracking and the real-time management of inventory. The company also has a proprietary warehouse storage management system employed in its SKU hubs. “The full-stack services that iStore iSend offers its clients as well as the full integration of its system into the most popular e-commerce sites is a real opportunity for investors that should not be overlooked,” Gobi Partners Founding Partner Thomas G. Tsao explained. He believes that iStore iSend is “in a strong position” to help e-commerce companies that are dealing with the logistical challenges brought about by the pandemic. Gobi Partners leads China VC charge into Southeast AsiaThe co-lead in the Series B for iStore iSend, EasyParcel, is also a recipient of investments from Gobi Partners, and they are pleased to be part of the funding round. “Having been on the receiving end of fundraising, it’s gratifying to come full circle and invest in a company whose business is increasingly becoming the backbone of the e-commerce industry,” said Clarence Leong, the CEO and Founder of EasyParcel. Leong praised iStore iSend’s growth and the importance of its services amid the pandemic. “This strategic investment adds value to EasyParcel’s customers as they can seamlessly unlock iStore iSend’s fulfillment solutions and e-enabler services. Investing into iStore iSend strengthens our ‘Delivery Made Easy’ tagline,” Leong added. In a Featured image credit |
https://technode.global/2021/01/26/singaporean-vc-firm-kk-fund-returns-to-lead-malaysian-startup-capbays-20m-series-a/ | Singaporean VC Firm KK Fund returns to lead Malaysian startup CapBay’s $20M Series A | 75 | Malysian supply chain finance platform KK Fund has been investing in tech startups in Southeast Asia, Hong Kong, and Taiwan since 2015. It has been expanding its portfolio in multiple businesses around Southeast Asia. This includes its first investment in CapBay, formerly known as CapitalBay, is a Kuala Lumpur-based fintech startup involved in supply chain finance and peer-to-peer (P2P) financing. Since being established in 2016, it has been helping numerous businesses across Southeast Asia by providing innovative financing solutions. The company announced that the fund will be used to expand its market reach for new potential platform investors and to further improve its technology in providing financing solutions for underserved SMEs. The company has had an impressive track record having facilitated over $197.6 million (MYR800 million) across roughly 9,000 transactions since 2017. In December 2020, the company In September 2020, CapBay secured a Featured image |
https://technode.global/2021/01/22/malaysia-private-equity-firm-creador-plans-650m-fifth-fund-by-march-2021/ | Malaysia private equity firm Creador plans $650M fifth fund by March 2021 | 75 | Malaysian private equity firm Although the firm has not yet announced the fund, Brahmal Vasudevan, Founder and Chief Executive Officer at Creador, has told In July 2019, Creador closed its fourth venture fund at $565 million, exceeding its hard cap of $550 million. The firm is targeting to exceed that amount in its current fund. Creador was founded by Vasudevan in 2011 wherein it launched with a $130 million maiden fund. Creador has a total of $1.5 billion in Assets Under Management across its four funds to date. Vasudevan, in an interview with In terms of successful exits, the firm cashed out on its investments in Indian financial services provider Cholamandalam in 2016, Somany Ceramics, GHL Systems, and City Union Bank all in 2017, as well as partial exits in Repco (2014) and Old Town White Coffee (2017). The firm has successfully exited Mr. DIY upon its IPO, the biggest of Bursa Malaysia, at $370 million. It has also reportedly partially exited its investment in Indonesia-based packed food and beverage manufacturer Cimory Group as of February 2020. Featured image |
https://technode.global/2021/01/09/malaysias-time-dotcom-acquires-controlling-stake-in-avm-cloud-in-a-major-cloud-computing-push/ | Malaysia’s TIME dotCom acquires controlling stake in AVM Cloud in a major cloud computing push | 75 | TIME dotCom BhdThe acquisition deal comes with the condition that AVM buys over its subsidiary company Integrated Global Solutions Sdn Bhd. TIME dotCom confirmed that AVM already completed the acquisition, with the company paying approximately $1.3 million to obtain 40 percent stake in Integrated Global Solutions and make it a wholly-owned subsidiary of AVM. Following the completion of both deals, AVM Cloud’s capital is set to increase as TIME dotCom gets issued new shares. The new shares are equivalent to the shares of AVM Cloud’s founding shareholders and the minority shareholders of Integrated Global Solutions, which have a total subscription price of around $1.9 million. This stake purchase in AVM Cloud Sdn marks the start of TIME dotCom’s plan to expedite the growth of its cloud computing business. AVM Cloud’s addition to the company brings a new range of product offerings that address the needs of enterprise customers throughout the Southeast Asian region. “This acquisition signals TIME’s efforts in accelerating the growth of cloud computing as the newest pillar of its business, alongside fixed line services, global network connectivity and data centres,” TIME dotCom said in a statement. Serial-entrepreneur Afzal Abdul Rahim, TIME dotCom’s Commander-in-Chief, expressed enthusiasm over the prospects of having cloud computing as part of the company’s spectrum of products and services. “TIME is excited to grow cloud computing as the next pillar of our business. We believe we’ve found the right partners in AVM, considering their comprehensive product suite and customer base. We warmly welcome them to the TIME family and look forward to establishing a regional cloud business with them across ASEAN,” Rahim said. TIME dotCom’s statement regarding the acquisition praised AVM Cloud for having an “entrepreneurially spirited business that encompasses the best that Malaysia has to offer,” noting that the company has built a strong foundation in offering cloud services that compete with and complement those being offered by other cloud service companies in the ASEAN region. AVM Cloud is a homegrown Malaysian brand established by a quintet of Malaysian entrepreneurs. It grew to be among the leading VMware solutions providers not only in Southeast Asia but also in North Asia, serving more than 250 enterprise customers. Its range of products includes multi-tenancy virtual private cloud, dedicated cloud, hybrid cloud, an on-premise OPEX model called “Cloud-in-a-Box”, desktop-as-a-service, data protection, managed cybersecurity, and various storage and network solutions. AVM Cloud Chief Executive Officer David Chan expressed elation in becoming part of the TIME dotCom family. “We are happy to have joined the TIME family as this has given AVM Cloud the opportunity to scale and grow and extend our products and services to the Group’s customer base,” Chan siad. He added that AVM Capital is looking forward to capitalizing on TIME’s clout in the region. As of January 8, 5:00 PM GMT+8, TIME dotCom’s stock price rose by 2.70 percent or 0.36 points to $3.39 (13.68 MYR). The price is at its highest over the last five days, with 246,900 shares traded and the company’s market value at $2.047 billion. Image credit: TIME dotCOM |
https://technode.global/2020/12/18/carsome-group-co-founder-and-ceo-eric-cheng-on-addressing-pain-points-in-a-decades-old-industry/ | Carsome Co-Founder and Group CEO Eric Cheng on addressing pain points in a decades-old industry | 75 | Anyone who is looking for a good deal on a used car knows the pain points. Unless you have considerable knowledge or expertise in automobiles, chances are you will have difficulty finding a good car that fits your budget. You might be getting a car that has hidden issues that could be expensive to repair or maintain in the long run, for example. For a seller, finding the right buyer can also be a challenge, particularly if you want your car to fetch a good price at the right time. And while buyers and sellers can often get good deals from personal transactions, dealer certification adds to the confidence that a car you’re buying at least passes certain standards. I recall one luxury brand selling certified used cars using their tagline as “Sometimes brand is more important than new. ” This is a play on the term “brand new,” wherein the company puts stress on the importance of the brand and the certification rather than newness of the vehicle. Certified pre-owned cars from that luxury brand come with their own warranty–mostly unheard-of in transactions involving used automobiles. It might be high time to apply the same concept to the used car market regardless of whether it’s a luxury vehicle or an inexpensive daily driver. CarsomeThe company recently In this interview, Eric Cheng, Carsome Co-Founder and Group Chief Executive Officer, shares his insights on the company’s strategy in using data, innovations, and partnerships to address the industry pain points and expansion in Southeast Asia. The used car industry is one marred with distrust, mainly due to the lack of transparency. For car owners, selling a car is a painful process. It could take a few months just to sell a used car through offline businesses, involving visits to multiple dealerships. Often, consumers would sell their cars at a disadvantaged price due to pricing discrepancies. For used car buyers, it is often difficult to obtain full information of the cars they wish to purchase. It is not unusual for them to request to view a seemingly decent used car on listing pages, to be then offered a subpar car during viewing or test drive. There is also the worry of problematic cars, or the lack of after-sales service. For used car dealers, sourcing for constant, quality inventory is a challenge, especially for those not located in big cities. For car sellers, our process is convenient and efficient. They can first book an appointment online, before heading to a Carsome inspection centre to get a free, 30-min car inspection. They then have the option to accept the on-the-spot price offer, or put their cars up onto Carsome’s bidding platform that is accessible by nationwide car dealers, giving them access to the best possible price. Upon agreement of sale, Carsome will then manage all the paperwork for sellers before paying the sellers as quickly as an hour. For car buyers, their journey with Carsome starts with browsing of car models online – on Carsome’s website, or even on e-commerce sites such as Lazada and Shopee. They can then book for test drives at a Carsome Experience Center, or opt for home test drives. After a purchase confirmation, Carsome will also manage the end-to-end paperwork, before buyers collect their new purchase, or have their cars home-delivered. All Carsome car buyers are covered under the Carsome Promise, which offers a one-year warranty, a Carsome Certified car and a 5-day money-back guarantee. All Carsome Certified cars have undergone a 175-point inspection, have not been in a major accident, and do not have structural or flood damage. As for used car dealers, they can access a constant stream of used cars that have undergone a 175-point inspection, complete with damage report via Carsome’s platform. They can also list their inventories for sale on Carsome’s website, tapping on our extensive marketing reach to sell their inventories faster, a value-added service exclusively for our partner dealers. Automotive e-commerce platform Carsome raises $30M Series D to accelerate expansion in Southeast AsiaThroughout our five years of helping consumers sell their cars, we have developed the largest supply of used cars, comprehensive car inspection and grading standards as well as sophisticated data intelligence. Our data intelligence enables us to learn about demand in a detailed and dynamic manner, gain a better understanding of our products to ensure constant improvement, and control supply chain (in terms of inventory procurement and management). Before entering any market, it is important to understand the local landscape, be it the needs, problems, behaviors, etc. of our stakeholders. We need to identify the problems or pain points, before deciding how to offer a long-term and sustainable solution. For Carsome, it is always about addressing the pain points of the used car market, which are mainly similar across most Southeast Asian countries. Subsequently, we need to work on engaging local partners and talent to form a strong foundation in each country. After gaining a regional footprint, we are now putting our focus on expanding vertically to second and third-tier cities in each country, to further strengthen our dealer network and to offer our solution-based offerings to used car sellers, buyers and dealers across cities. Back then, there was no single systemised platform within the used car market. Therefore, my business partner (Carsome co-founder and current Chief Business Development Officer) Jiun Ee Teoh and I founded Carsome in 2015 to address the industry pain points by providing a transparent and hassle-free service on our platform. From free car inspections, offering an on-the-spot sell price or listing consumers’ cars onto our bidding platform, to managing paperwork for sellers, car owners can sell their cars in 24 hours or less. This year, we launched our business-to-consumer service through the introduction of “The New Way of Buying Cars”, an online-to-offline used car-buying experience that offers customers extra assurance on top of the same transparent and convenient proposition we have been offering for the past five years. We have also grown our workforce from five to over 1,000. Last month, we celebrated our 100,000th car seller, a milestone achieved within five years of establishment. |
https://technode.global/2020/12/08/automotive-e-commerce-platform-carsome-raises-30m-series-d-to-accelerate-expansion-in-southeast-asia/ | Automotive e-commerce platform Carsome raises $30M Series D to accelerate expansion in Southeast Asia | 76 | Automotive e-commerce platform With operations across Malaysia, Indonesia, Thailand and Singapore, Carsome aims to digitize the region’s used car industry by reshaping and elevating the car buying and selling experience. Founded in 2015 in Malaysia, the company pr“We will use this capital to strengthen our existing regional leadership in consumer-to-business (C2B) used car e-commerce and accelerate our already successful new offering in the business-to-consumer (B2C) segment. We look forward to rolling out Southeast Asia’s first-ever C2B and B2C integrated e-commerce platform for used cars, a significantly superior new retail experience,” says Eric Cheng, Co-Founder and Group Chief Executive Officer of Carsome. “Over the past six months, we have doubled our monthly revenue compared to pre-pandemic levels, a dramatic acceleration due to the impact of the ongoing Covid-19 pandemic on consumer behavior across our region,” Cheng added. “Consumers across our core markets of Malaysia, Indonesia, Thailand, and Singapore are increasingly purchasing cars to keep their families safe and adapt their businesses. ”Carsome’s business model includes vehicle inspection and certification prior to placing these on the market, aimed at building consumer trust in a traditionally offline and fragmented industry. The company also provides extended warranties and money-back guarantees to purchases on the platform. “Our Series D round will further support potential merger and acquisition opportunities in acquiring ancillary capabilities and consolidating our supply chain,” says Juliet Zhu, Carsome Group Chief Financial Officer. Earlier this year, The company recorded its highest revenue quarter in history as of the third quarter of 2020, doubling its revenue from the pre-pandemic period. In November 2020, Carsome celebrated its 100,000th car sold through its platform, which the company considers an important milestone achieved within five years of founding. Image |
https://technode.global/2020/11/26/ai-startup-pulsifi-bags-us1-8m-in-angel-funding-to-boost-europe-expansion/ | AI startup Pulsifi bags US$1.8m in angel funding to boost Europe expansion | 76 | ARTIFICIAL intelligence (AI) company Pulsifi, which is based in Singapore and Malaysia, has raised US$1.8 million in angel funding to boost its expansion to new markets in Europe and accelerate product enhancement. This investment brings Pulsifi’s total funding to $4 million. New investors in this round include Aaron Chen, founder of KVC group of companies, Kairous Capital, and Rajesh Lingappa, co-founder & former CTO of RedMart, who are joined by existing investors. Pulsifi has operational bases in Malaysia and Singapore, and customers in six Southeast Asian countries including Nestlé, RB, Heineken, Baxter, Singtel, and Hartalega. Pulsifi’s People Data Platform predicts outcomes of people at work with over 90% accuracy, helping enterprises significantly improve quality and efficiency in Talent Acquisition and Talent Management. “With COVID-19, we had to adapt our plans for 2020. We are fortunate to still hit the goals we set out to achieve. During the pandemic, we expanded to serving customers in the healthcare, high-growth manufacturing and telco sectors,” said Jay Huang, Co-founder & CEO, Pulsifi. “As employers became more selective in hiring, we took the opportunity to enhance our platform to better support our customers with their existing employees as well. ”Investor Aaron Chen, founder of KVC group of companies, which has multiple businesses in diverse industries and countries, said, “As a strong believer in bringing out the potential of people, I was struck by how the Pulsifi team is also so passionate about that vision. Pulsifi benefits any company that values its people, and I am keen to support its growth among my businesses and around the world. ”“Pulsifi is a unique B2B company that built a compelling product that is relevant globally, not only in its home markets,” added Joseph Lee, partner at Kairous Capital, a cross-border venture capital firm. “We are excited to partner Pulsifi on their journey to achieve their ambitions. ”Pulsifi’s People Data Platform unifies multiple hard skills and soft traits data on each candidate or employee, and accurately predicts each person’s work styles, role fit, culture fit, and other outcomes. Pulsifi’s People Science is backed by over 50 years of organizational psychology research. With this latest round of funding, Pulsifi is committed to strengthening its product development across the talent lifecycle from hiring selection to high-potential employee management, to personalized learning and development. “Talent Acquisition and Management at scale is very hard, and I experienced this first hand. Pulsifi is solving this problem in a very unique way, and the team has built a strong technology platform to do so at scale,” said Rajesh Lingappa, Co-founder and Former CTO, RedMart. Fresh off winning first place at the“Our regional team has been working with Pulsifi to support multiple countries within Nestlé. They have been flexible to our needs and dependable as a thought partner. They have incorporated our feedback to improve their product proposition which is well appreciated. I look forward to a more fruitful partnership, as we expand further to more countries” said Anjali Menon, head of talent center of competence – Asia Oceania and Sub-Saharan Africa, Nestlé. “Predictive Analytics and AI are taking HR and business to the next level, and Pulsifi is successful in partnering enterprises with their innovation. With many of their customers headquartered in Europe, the market is a natural expansion for Pulsifi,” said Peter Vogt, Advisor to Pulsifi, Former Chief HR Officer, Nestlé and Chairman, Nestlé Deutschland. “I am excited to support Pulsifi’s growth globally. ” |
https://technode.global/2020/10/27/origin-conference-2020-announcement/ | ORIGIN Conference 2020 Virtual | Startup Asia: Celebrating the spirit of innovation and entrepreneurship | 76 | The fifth edition of ORIGIN Conference is set to go virtual on Nov. 18, 2020. It is organized by TechNode Global, a pan-Asia tech platform offering premium tech news, cross-border businesses, events, and tailor-made marketing solutions for tech industry players. The ORIGIN Conference is an international event covering the latest developments in the Asia tech and startup scene where international industry leaders and technology innovators from across the region gather to share trends, experiences, and leadership lessons. With the theme “Startup Asia: Celebrating the spirit of innovation and entrepreneurship,” this year’s ORIGIN will be held in conjunction with The inaugural ORIGIN Innovation Awards winners will be announced during the conference, recognizing outstanding startups, corporates, ecosystem enablers and movers and shakers in Asia. In the conference section, the ORIGIN Conference will see regional luminaries and forerunners from more than ten countries take to the stage, including:The virtual conference consists of a series of panel sessions, intimate fireside chats and more which further explore topics ranging from livestream commerce to digital health, from venture investment to female entrepreneurship, focusing on the recent developments and predictions on the growth trajectories. Dr. Gang Lu, founder and CEO of TechNode Global, said, “Now is not the time to slow down, and we are thankful to be able to host our flagship conference despite the challenging macro environment. It is important for the greater Asian community to adopt an attitude of collaboration rather than competition when dealing with the wider international community, which is why this conference is timely and essential in the current climate. We are bringing this online for the first time and we believe the partnership with TechFest Live allows both organizations to reach a wider group of audiences. We look forward to gathering like-minded outstanding startups, venture capitalists and industry experts to share their valuable insights and predictions. ”Ngai Yuen Low, CEO of WCIT Malaysia and TECHFEST Live, said “TECHFEST is very honored to forge forward with TechNode Global, tapping on their expertise in identifying the conversations we must have. The above and beyond, however, is in making these conversations inclusive and accessible to as many as possible. Our call is to reframe the promises of the digital age. We need to hold every innovation accountable for societal good and this can only happen when informed decisions can be easily made because everyone is involved and is able to participate. ”Use code “Trend explained: Everything you need to know about livestreaming eCommerceFostering global AI adoption with iFLYTEKDigital health gaining momentumHarvest the future: Big opportunities for plant-based foodDigitizing small merchants in IndiaReimagine insurance in the digital ageWhat’s the new formula for education in the Philippines?Building resilience in supply chain & logisticsWhere’s the new cash for startup founders?How Japanese startups are building a smart and sustainable cityThriving in the #SheEra: It’s time to shine for women entrepreneursAbout ORIGIN ConferenceORIGIN Conference by TechNode Global will be taking place on Nov. 18 at TECHFEST Live x ROAD-TO-WCIT Malaysia 2020, with the theme “Startup Asia: Celebrating the spirit of innovation and entrepreneurship”. About TechFest Live x Road-to-WCIT 2020 MalaysiaA hybrid of physical and digital technology festival, TECHFEST2020 LIVE is a three-day global technology event from Nov. 18-20, 2020, packed with immersive virtual reality experiences and interactive programs. It will feature insights from industry leaders, showcase new technology and share inspiring impact stories from across the world, while highlighting George Town, a UNESCO World Heritage Site in Penang. The event will be telecasted live in addition to online streaming across 83 countries with additional on-demand access. TECHFEST2020 LIVE will also include private B2B matching, virtual exhibitions, and targeted O2O activities. TECHFEST2020 LIVE will host three main innovation conversations: a special edition of the World Congress on Information Technology, ROAD-TO-WCIT MALAYSIA; ORIGIN Conference by Technode Global; and5G Malaysia as its main innovation conversations. ROAD-TO-WCIT MALAYSIA is a lead-up to the World Congress on Information Technology, WCIT Malaysia 2022. |
https://technode.global/2020/09/15/superseed-ii-championship-four-winners/ | Meet the 4 winners of Gobi’s SuperSeed II Championship | 76 | After several months of paring down from 64 initial startups over four stages of evaluations, Malaysia’s SuperSeed II Championship on Friday reached its crescendo with the crowning of four winning teams. The conquering quartet of early-stage startups impressed a panel of judges at a live pitch session held in conjunction with The four winners are: Lokein, Mycash, Speedhome, and Stixfresh. Who are they, exactly? Well, we caught up with the founders to find out more…LokeinLokeinIt’s aiming to solve the laborious, manual, and scam-plagued arena of buying, selling, or trading secondhand items—which often occurs over social media—by adding the kind of conveniences and safeguards for both shoppers and merchants that you expect on major shopping apps. “Social media is not quite a proper place to conduct trading business activities,” he states. Launched in April 2019, Lokein now has 1,300 merchants listing nearly 10,000 items. Around 80% of its transactions are happening in its native Malaysia, with the US, Indonesia, and Vietnam forming much of the rest. It’s aiming at growing across Southeast Asia. The CEO points to Vinted, a startup from Lithuania that last year “Before the competition was announced, Lokein was in the process of fundraising a seed round,” he explains. “When we heard that Gobi Partners, MDEC, and MAVCAP are launching their new Superseed Fund II initiatives in the concept of a pitching tournament championship, we thought this may be a great opportunity for us to gain experience. Thus we straight away applied and sent in our pitch deck to be evaluated for the competition. ”MycashMycash“I am a migrant myself. I came to Malaysia in 2007 from Bangladesh as a student,” founder Mehedi Hasan tells That’s why Hasan in 2016 left his corporate job and established Mycash with two friends. “I have invested all my savings and later raised some investment in 2017. We now have 25 employees in three offices from different backgrounds, cultures, and religions,” he explains. “Moreover, 40% of our employees are female, including my co-founder. ”Over the years it has been used by 150,000 migrants across Malaysia, Singapore, and Australia, who have completed over 3 million transactions worth more than $20 million. Its users typically wire money back to families across South Asia. Next, the startup is plotting expansion to Middle Eastern markets including Saudi Arabia, which also have significant numbers of migrant workers hailing from South Asia. Hasan was drawn to the SuperSeed II Championship by the Gobi name as well as by the Championship understanding the importance of what the VC firm calls TaqwaTech—services focused on Muslim consumers. That appealed to the co-founders of Mycash, more than 95% whose customers are Muslim. “We believe we have a common mission to serve the most neglected Muslim market,” says Hasan. SpeedhomeSpeedhome“Innovation to home rental sector is severely overdue—it’s manual, tedious process, and prone to disputes,” says creator Whei Meng. “We thought that technology could automate, simplify, and set new standards for the industry. And we achieved that. ”Despite the virus lockdowns, the startup has grown this year—427% from April to August, although absolute figures are not provided. “The pandemic has shown that our zero deposit offering resonates with the needs of the tenants, while the landlords accepts insurance protection as a way forward [beyond the] traditional deposit,” he adds. StixfreshStixfresh“We started out with extensive backgrounds and exposure in agriculture,” founder Zhafri Zainudin tells us. “Fruits, together with vegetables, account for almost one-third of all global food waste. That was one big reason why we decided to tackle fruits first. ”The startup is busy with a mix of R&D and early commercialization of its invention. Now the team is “discussing with several parties, locally and internationally, to explore the Thailand, Indonesian, and Japanese markets,” Zainudin says. It also has several pilots in progress with regional clients. In a test conducted with what Zainudin describes as “one of the largest retailers in the world” (the name is top secret for now), the stickers gave the fruits longevity that resulted in “15 to 30% higher sale-ability” compared to a control group of identical fruits over the course of seven days. To get to the final, Stixfresh had to leap over four hurdles, the first three of which were open to voting from the general public. Zainudin says the first online voting stage, when 64 teams were whittled down to 32, was the hardest for his startup. “Creating buy-in from the public is among the toughest thing to achieve, even for such a revolutionary solution as ours. To be able to garner support and acceptance from a huge audience is a big achievement for us. ”These are the prizes:The four winning startups get the following prizes and benfits:SuperSeed II Championship grand final judges: |
https://technode.global/2020/09/02/superseed-ii-championship-eight/ | SuperSeed II Championship down to just 8 startups ahead of grand finale | 76 | In partnership withAfter starting in July with 64 entrants, the SuperSeed II Championship is now down to just eight hand-picked teams. This “Elite Eight” next head into a live pitch session held in conjunction with The eight teams are:Meet the judges:SuperSeed II Championship is run by Gobi Partners in collaboration with MDEC. If you’d like to watch the highly competitive grand finale webinar, you can register |
https://technode.global/2020/08/27/used-car-startup-carsome-new-business-model/ | Used car startup Carsome tries something new | 76 | Used car startup Carsome—which operates across Indonesia, Malaysia, Singapore, and Thailand—is trying something new in a bid to stand out from rival apps: it has just opened the doors to its first shop. Called an “Experience Center,” Carsome co-founder and CEO Eric Cheng tells New business modelIt’s not just the physical location that’s new—this is the first time Carsome is selling cars directly to the general public. Prior to this, it has been purchasing cars from users in its app, inspecting the vehicles, and then helping folks sell them to auto dealerships. Cheng explains that its new Experience Center isn’t competing with dealerships since the cars it sells there are ones owned and listed by the dealers themselves. This first Kuala Lumpur location doesn’t look like a car dealership. This is from the street:Inside, it looks more like a bank than a place where you’d buy a car. Punters can browse the listed pre-owned vehicles on iPads, book a test drive, and actually purchase a car on-site:Buyers can choose to get the car delivered to their home or pick it up from the same Experience Center:Carsome facts & stats:Trust factorWhy make this change now? Cheng tells us that after five years of developing a rapport with dealers and building its own car inspection centers, the startup had “now built the infrastructure needed to deliver a significantly different retail experience for used cars. ”He adds: “We feel that the time is now ripe to take a step further in addressing the pain points in the used car marketplace—the lack of trust in buying used cars. ”As countries tentatively emerge from lockdowns and with people fearing a second wave of virus cases, Cheng believes the used car market will soar. “Where there is increased demand for personal vehicles to maintain physical distancing and limit exposure to the Covid-19 virus, and affordability being the primary consideration, we see great potential in the used car market as buyers will be dealing with lesser depreciation, more favorable hire purchase loans, and lower insurance rates, among other factors,” he explains. |
https://technode.global/2020/08/26/malaysia-startups-seed-funding-superseedii-championship-chosen-16/ | SuperSeed II Championship heats up as only 16 teams remain | 76 | In partnership with
Sixteen Malaysian startups were chosen on Tuesday to go through to the next phase of the SuperSeed II Championship, a competition held for local early-stage startups by Gobi Partners in collaboration with MDEC. After starting in July with 64 entrants, a public vote brought the count down by half. And then the 32 remaining startups had to submit a video pitch, which was evaluated by SuperSeed II’s judging panel consisting of investment professionals from Gobi’s partners: MAVCAP, MDEC, MaGIC, Sunway Group, as well as a Gobi team member. So here’s the SuperSeed II Championship sweet 16:Next, the sweet 16 will have a 30-minute Zoom call with the Championship committee which will constitute as due diligence on their business operations, operational and financial metrics, as well as their mission and vision. Eight startups—the “Elite Eight”—will then be selected for the final stage, a live pitch session held in conjunction with |
https://technode.global/2020/08/04/grab-personal-loans-wealth-management-products/ | Grab wants to lend you money and help you invest | 76 | Grab took a big step forward today in its financial services ambitions by rolling out its first ever personal lending and investment products. Today’s launch for GrabInvest brings three new offerings to Grab’s ride-hailing app:Here’s when and where the three things will be available:See: Hotly-anticipated launchGrabInvest’s rollout follows other finance-related products that Grab has launched over the years, starting with its wallet for online payments, and more recently adding insurance offerings. Grab also announced today that its first hospitalization insurance plan will launch in Indonesia “in the coming months. ”
Today’s GrabInvest rollout has been hotly anticipated since February, when Grab acquired a Singaporean fintech startup named Bento. That startup’s founder, Chandrima Das, now has the title head of wealth at Grab Financial Group. “As we build out our wealth management offerings […] we aim to better provide millions across SEA with the opportunity to invest in financial products traditionally limited to affluent individuals and institutional investors,” Das said today. GrabInvest’s debut moves Grab ahead of Gojek in the personal financial services aspect of their long-running rivalry. Gojek has so far only rolled out one such product in Indonesia, called Goinvestasi, |
https://technode.global/2020/07/27/robo-advisor-app-stashaway-more-funding/ | Robo-advisor app StashAway gets funding for expansion | 76 | Robo-advisor app StashAway, which is open to accredited investors and ordinary punters like you and me in Malaysia and Singapore, has attracted $16 million in series C funding, it announced today. Some of the cash will go to “support new market entry,” said the firm in a statement today, but without identifying any country. StashAway co-founder and CEO Michele Ferrario is the former CEO of online fashion marketplace Zalora:StashAway facts & stats:While stock markets have wobbled during the pandemic and many people have suffered job losses, StashAway investor Tushar Roy today New rivalsIt’s still early days for digital wealth management startups in Southeast Asia, but there are already a handful of rivals in the niche, such as The space is about to get more heated as Southeast Asia’s Grab and Gojek expand their digital wallets to include wealth management options. See: |
https://technode.global/2020/07/21/iqiyi-southeast-asia-ramping-up/ | China’s iQiyi ramps up Southeast Asia expansion | 76 | After its very quiet rollout in Malaysia midway through 2019, followed by Indonesia a little while later, some might have forgotten that Chinese streamer iQiyi has ambitions to take on Netflix head-to-head across Southeast Asia. Today iQiyi made clear that its regional expansion is still in motion, announcing the appointments of three country managers that will help it grow across five Southeast Asian markets. They are (left to right in photo, below):Busy battleiQiyi, which generates revenue from a mix of advertising and subscriptions, faces big streaming rivals in Southeast Asia such as Netflix, iFlix, WeTV, Viu, HBO Go, and Viki. Still in the very early stages of its expansion, iQiyi has a lot of catching up to do. Another challenge for services that rely on advertising is that brands are spending less on ads right now in a bid to preserve cash amid the Covid chaos – indeed, the Both Ratnam and Dela Cruz have been stolen away from Southeast Asia’s homegrown streamer iFlix, which was last month Even before buying out iFlix, Chinese rival Tencent has been slowly building up its own presence in Thailand, Indonesia, and Malaysia with its WeTV service. In a statement, iQiyi said the three exec hires will help the service “enhance its integration with local markets and ramp up the localization of its services for Southeast Asia audiences. ”iQiyi facts & stats:See: |
https://technode.global/2020/06/15/malaysia-fintech-curlec-funding/ | Curlec gets funding to help businesses get paid on time | 77 | Amid a rising tide of The undisclosed pre-series A round involved only that one investor, a Curlec representative tells Expanding within MalaysiaThe cash will go toward expanding the service, which allows businesses of all sizes to set up automated payments so they get paid on time by clients, across its native Malaysia. It replaces inefficient paperwork, signatures, and bank bureaucracy by building software on top of the Direct Debit payment infrastructure. “We are looking into having our ASEAN expansion tentatively later this year or early 2021,” the Curlec rep adds. Despite the virus lockdowns, co-founder, CEO, and ex-banker Zac Liew says Curlec is still growing, with its subscribers—from small business to large-scale enterprises that include Axiata—having wired over US$50 million through the service since its launch in early 2018. Indeed, the |
https://technode.global/2020/05/15/malaysia-seed-funding-superseedii-championship/ | ‘The show must go on’: Gobi launches online championship for Malaysia startups | 77 | Southeast Asia venture capital firm Gobi Partners is trying something new and somewhat unusual to ensure it can still discover fresh startups across Malaysia to invest in during the pandemic lockdowns. This week it rolled out an online championship that, not dissimilar to NBA playoffs, has a bracket system to whittle down 64 selected early-stage startups into eight finalists. Those finalists in its brand-new Gobi’s managing director for Malaysia, Jamaludin Bujang, said in a statement that the VC firm must “keep investing as the world goes through these kinds of cycles. In order for the ecosystem to survive, the show must go on. ”See: This championship is on the lookout for fledgling businesses in:Registration deadline is June 15 at 11pm Malaysia time. The first stage after that is online voting, followed by video voting, online pitching, and, lastly, in-person pitching for just the finalists. |
https://technode.global/2020/03/24/staffless-stores-struggle-southeast-asia/ | 4 years on, cashierless stores are full of empty promises | 77 | The hype around cashierless stores But, four years on, the promise that cashierless stores—where people pay for their groceries on their phones, with no checkout lanes or cash registers in sight—would shake up the global retail industry has failed to materialize. Chinese tech company BingoBox first caused a stir with its robo-stores, vowing to roll out 5,000 by the end of 2017. But that didn’t happen. Instead, the startup has encountered many obstacles and grown much more slowly, and today has 500 franchised outlets across mainland China, Taiwan, South Korea, and Malaysia. The wave of copycats startups didn’t last long, with a Reality checkThis reality check is apt for Southeast Asia, where convenience stores are not just a huge industry (there were Unmanned stores have another big problem in rivaling convenience stores in Southeast Asia – they’re out of line with consumers’ changing habits. People across the region are increasingly demanding ready-to-eat food from their neighborhood convenience stores, according to a report last year Minimart momentumUndeterred by the challenges seen in this over-hyped sector, homegrown Southeast Asian startups are still eyeing the staffless store business. Thus far, Malaysia seems to be keenest on the tech-heavy stores, with a few run by BingoBox, But for the moment, these businesses—such as Singapore’s Octobox and Pick&Go—are small, mainly at the experimental stage of rolling out a few stores in their home nation. While it’s still early days, renewed interest in cashierless stores might pick up: businesses and investors are starting to think more about “social distancing” in the aftermath of the Covid–19 pandemic. However, even after the virus causes industries to reassess how they operate, the sheer amount of technology—like face-recognition and RFID chips on every single product—needed for an autonomous store will continue to prove burdensome. For example, when Indonesian online marketplace Blibli earlier this year opened up what it touted as an Amazon Go-esque store in Jakarta, it still had cashiers and shop assistants to help customers with the self-checkout and cashless payment systems. Why did its supposedly hi-tech store need so many staffers? “Because there is currently no applicable technology solution [to prevent theft] in Indonesia,” Blibli executive Fransisca Krisantia Nugraha Keep it simpleAs staffless stores grow slowly, the reality is that tech will change the way people shop not in one herculean leap, but in small ways, step by step – like coffee startups such as China’s Luckin, Indonesia’s Fore Coffee, and Kopi Kenangan. The stores require caffeine-cravers to order and pay in an app, and then either go to the store to pick it up or get the coffee delivered. That level of automation frees up the baristas—yes, these are definitely not staffless stores—to focus on making the coffee, rather than deal with the slow and laborious process of taking orders. Fore Coffee and Kopi Kenangan have collectively raised US$68 million from major investors including East Ventures. Another model for the retail sector is to pare back the tech even further and simply to provide a service to an overlooked group of people. That’s what Warung Pintar—Indonesian for “smart kiosk”—is doing with mom-and-pop store owners. It has raised a total of US$35 million from big-name VCs including Vertex Ventures as it rolls out kiosks, run by the kind of micro-businesspeople who have traditionally run street-side stalls. Rather than reinventing the wheel in the manner of unmanned store startups, Warung Pintar’s little yellow shops look like any other kiosk across Indonesia, except that owners have access to some simple tech tools like a web-connected cash register with the option of taking cashless payments, bookkeeping software, and stock-ordering software. All of this is a timely reminder that tech often promises a revolution, but evolution tends to work much better. Edited by John Artman |
https://technode.global/2019/08/01/sea-tech-startups-cannot-simply-copy-chinese-models/ | SEA tech startups cannot simply copy Chinese models | 77 | Sitting in a trendy open-plan office in downtown Kuala Lumpur, Anson Wang oversees around 100 employees as CEO and co-founder of Jobstore, a Malaysian AI-powered recruitment platform. Coming from a rare breed of first-generation Chinese immigrant entrepreneurs into the country, it has been a long journey for Wang to get to where he is now. Born in Hangzhou in eastern China’s Zhejiang province, 39-year-old Wang struck gold when he sold off his ad agency back in his home country. Filled with aspirations of an exotic new market ripe for the picking, he uprooted to Malaysia. His experience in China’s internet industry held him in good stead and his expertise allowed him to make wiser decisions. However, it didn’t translate into instant results in a country geographically close but infinitely different. Years on and Wang’s thick-accented mandarin is indistinguishable from that of Chinese Malaysians. He bears all the hallmarks of someone who has become immersed deep into a foreign culture. This mindset is key to achieving success in a culture as diversified and a market as fragmented as South East Asia. In many ways, Wang, now a serial entrepreneur in Malaysia with Jobstore his third project, represents a case in point for Chinese businessmen and companies sitting at the crossroads between China and SEA. Push and pullThe past three decades have witnessed changing dynamics between China and SEA in terms of economic forces. China’s exponential growth has allowed it to eclipse the neighboring region. “When our relatives went to China in the 1980s, they’d always come back and say China is like twenty years behind Malaysia,” recalled Honwai Sim, COO of Malaysian IoT firm MDT Innovations and a third-generation Chinese Malaysian whose ancestors moved to SEA in the 1920s. The government’s early efforts to boost high-tech industries helped the country to become one of the world’s largest producers of electric appliances for a period in the 1990s. “But now China is way ahead of Malaysia,” he said. In recent years, Malaysia and the broader Southeast Asian market are again becoming a focal point, and Chinese investors are circling for new opportunities. The region’s GDP will grow at an average ofNearly all of China’s big tech players from heavyweights like Alibaba and Tencent, to vertical unicorns such as SenseTime, are setting up shop in the region. Chinese venture capital firms are also doubling their bets in the region. Total venture funds across SEA hitThe influx of Chinese companies into the region boils down to push-and-pull factors. A slowing domestic e-economy, saturated local market, aging population, rising workforce costs in China are a powerful set of push factors. These are only exacerbated by China’s recent turbulent relations with the US. For SEA, the younger population and rising GDP per capita are the key pull factors. Rising internet penetration, in particular, has brought the attention of Chinese internet firms. The region’s internet users are outpacing those in China in their embracing of the mobile economy. AIn addition to the huge potential, the market is also attractive to Chinese entrepreneurs and VCs because they believe the region is similar to China a few years ago. They expect easier market entry by leveraging experiences learned from China. For them, the country represents a key point of reference for SEA expansion. Caution in copying ChinaWhile Chinese voices tend to stress the similarities behind the two ecosystems, the differences between China and SEA are equally huge, if not bigger. Using the term SEA unconsciously refers to the region as a whole, neglecting its huge diversity covering 11 countries. The region’s population of more than 655 million speak different languages, practice different religions and live under the administration of different governments. “Even though we look at trends in China, it doesn’t mean things can be 100% replicated here,” Jamaludin Bujang, managing director for Gobi Venture’s Malaysian operations, told TechNode in aAndy Sitt, the co-founder of Inmagine Group, parent of Malaysian stock image site 123RF. com, breaks down the differences by countries. “Singapore is an aging developed country. Malaysia and Thailand are aging and mid-developed, while Laos and Myanmar are young and upcoming,” he said. Some key markets like Indonesia and Vietnam get a lot of attention and it can often be forgotten that the other countries differ greatly in culture, consumer purchasing power and stages of development stages, he added. “Having 11 countries working together is almost impossible, you can’t have a standardized e-wallet nor the same data-sharing platform among different countries,” Sitt maintained. MDT Innovations’ Sim echoed Sitt’s pointed out the industry differences in a separate interview. Singapore, with its focus on fintech, is quite advanced because it’s one city and easy to manage, he said, adding that Malaysia is a very small market centered on high-tech, IT, biotech. Compared with the rest of SEA, Indonesia and Thailand are bigger markets while Cambodia and Vietnam are quite far behind. The tech ecosystem in SEA is also developing at a slower pace compared with that of China. “When coming to a smaller market, you really have to adjust expectations as well, you have to adjust to slower growth,” Bujang said. Jobstore’s Wang has first-hand experience in adjusting to slower growth. His company grew from two people to a 100-strong team in less than three years. This is already a quick growth trajectory for a Malaysian startup, but nothing compared with Chinese companies, he admitted. Local workers maintain a more laid-back lifestyle and value a work-life balance, Wang said. While it’s common for Chinese tech employees to work onTo cope with this, Wang clarifies with new-hires that his company doesn’t require overtime, but needs their 100% attention during working hours. “Also, we don’t hire people that smoke to avoid distractions during working hours,” he added. Sitt expects the influx of Chinese firms in the region to press local players to catch up. Although Chinese venture capitalists are increasingly taking notice of the region, SEA does not have the funds that Chinese companies have, Sitt said. His firm has grown without securing external funding. “Malaysia hasn’t been attracting lots of investors,” Sim said. “We talk about a Series A in Malaysia as probably about 1 million ringgit ($250,000). Series A in the US is $5 million and Series A size in China s not too far from the US standard at $3 million to 5 million,” he detailed. SEA as a ‘launchpad’More and more Chinese companies are aggressively looking for global expansion in the eyes of SEA entrepreneurs. “Growth in China is slowing down, they are looking at an alternative for what they can do especially in SEA and hopefully to build a greater Asia,” Sitt said. For Sim, Chinese firms are very open to business opportunities in far-flung markets. The overall region is of strategic importance for expansive Chinese companies, thanks to cheap labor and the diversity of people and culture. SEA startups have their own criteria for finding Chinese partners. Malaysian AI and IoT company G3 Global inked a deal with SenseTime to set up an AI park earlier this year. “Some companies are here only to find a reseller or partner to distribute their products. We choose to work with SenseTime because the deal is more about having an experience of using AI in real application scenarios by which we can build an ecosystem and educate the market together,” G3 Global Executive Director Mohammad Radzi told TechNode. “China might be scary for lots of companies, but for us China is friendly,” said Sim. He maintains that Alibaba isn’t in the region to take away opportunities but to find new ones. “They may have acquired Lazada in e-commerce, but they are also open new opportunities to other e-commerce enablers,” he explained. Editor’s note: This post was originally published on |
https://technode.global/2019/06/28/origin-startup-opportunities-abound-in-southeast-asia-2/ | ORIGIN | Startup opportunities abound in Southeast Asia | 77 | Signs indicate that Southeast Asia is becoming a hotbed for growth among startups and opportunities are plentiful in the region, Kenneth Tan, Vice-president of Gobi Partners, told a packed house at TechNode’s“A lot of startups in Southeast Asia are growing positively and this is very encouraging because it shows that the whole ecosystem is progressing,” he said during a panel discussion moderated by Navin Danapal, the SEA Director of accelerator venture capital SOSV. As Southeast Asia’s digital economy is forecasted to triple in size to reach RMB 1.2 trillion ($240 billion) by 2025, according to“Firstly, there is a need to understand the reason why companies in China will consider SEA,” said Tan, adding that the situation is very much like that of China many years ago. With a young population, increasing GDP per capita and rising internet penetration rate, this region is very attractive, said Tan. However, for Chinese companies that are planning to expand their operations down south, Tan emphasized the importance of localization and a change of mentality towards running a business in this region. “SEA has ten countries, each with different policies and regulations and are at different market stages,” said Tan. He stresses that due to these differences, it is vital for foreign companies to pay ample attention to understanding the local market that they intend to expand into – i. e user behaviour and income levels across different markets. Tan also shared that companies must understand that strategies that have worked back home may not work in SEA. “At the end of the day, it is all about how much effort and energy you put into listening and understanding the consumer’s problem statement,” said Sai Kit Ng, Chief Executive of multi-stage technology and venture capital firm Captii Ventures. Emphasising the importance of understanding the needs of the market, Ng advises companies to always analyse the problem statement and be prepared to redesign their product to suit the customers. “Focus on the customers who are willing to pay you, this will provide you with a lot more opportunities to improve,” said Ng. However, Ng also encourages businesses to look beyond the ASEAN market at times because through his observations, he realised that businesses from the region do produce solutions that attract a significant amount of consumers in other countries such as the US. Ultimately, Ng encourages founders to strive to improve and to benchmark themselves against industry giants. “The speed of growth of the markets, the capital investment in this region, the pace of business and the number of startups are all growing tremendously,” said Tan. However, Ng also shared an ironic observation with our audience that local startups find it easier to sell their product to a foreign market than to their own. Hence, Ng urges firms to give more opportunities to local players for them to prove themselves. Ng shares that trends are often set in China and the US. Currently, he says, artificial intelligence is on top. “I think what is next will depend on who is able to come in and identify the key problems in the different markets and solve them,” he said. “The short answer is the industries that the unicorns are in,” said Tan. He elaborates that given the rigour needed to start a business, for them to be able to reach the unicorn or even decacorn stage, it would signal good business operations, strong potential, market opportunities in the region and ultimately exit opportunity for investors to make money. |
https://technode.global/2019/06/28/origin-the-rise-of-halal-tourism/ | ORIGIN | The Rise of Halal Tourism | 77 | In a recent survey conducted by Singapore-based halal travel platform Have Halal Will Travel (HHWT), China emerged as the third most popular holiday destination for Muslim traveler around the world, behind Japan and Korea. But not all Chinese cities are ready to accommodate the needs of Muslim travelers, said executives at two Muslim-focused travel platforms at a recent TechNode event. Travel expectations are rising among young Muslims, said Faeez Fadhlillah, CEO of Malaysia-based Muslim travel platform Tripfez, and HHWT co-founder Mikhail Melvin Goh. As the number of young, educated and mobile Muslims—and their income—grows, they have become the fastest-growing segment in the global travel industry. On stage atRising incomes and access to information about travel on social media have created a lucrative halal tourism market. Goh said that the vibrant budget airlines industry has also spurred the growth of halal travel. The mindset has shifted, said Fadhlillah: from “what is available to me?” to “what I want must be fulfilled. ”. Brands are taking notice of the increase in Muslim travelers and making efforts to better serve them. Fadhlillah said that tourists expect the comforts of home even when traveling, giving the example of Muslim travelers in Korea eating local food secure that it’s halal-certified. Muslim travelers are also increasingly searching for a sense of meaning when traveling, Faeez said. “There is a rise in solo Muslim travelers and all-girls trips, and this could mean that they feel safer traveling now,” added Goh. “Communication is key. Hotels, dining places, and tourist hotspots should work on improving its communication more efficiently to eliminate the fear and knowledge gap Muslim travelers might have about the destination,” said GohStakeholders are anchoring different positions within the value chain in the regular travel industry, said Goh. “Down to the infrastructure level, we see many problems with the supply side where there is no fixed position and it requires players to anchor these positions before the value chain can be more efficient,” he added. The Muslim travel industry is fragmented across cultures, said Fadhlillah. One major challenge, he said, is that there’s no single halal standard or definition—one is free to experiment and play around. Malaysians, Faeez said, are generally very strict with their definition of halal, and are often surprised to learn that there are other definitions outside of Malaysia. A halal-certified restaurant in Korea could serve alcohol as long as it doesn’t offer pork, he said. Goh said that as much as brands are excited to serve this group of Muslim travelers, it starts to get confusing for them as there are many different halal standards, creating operational difficulties. |
https://technode.global/2019/06/27/origin-malaysia-must-act-to-avoid-falling-behind-in-ai/ | ORIGIN | Malaysia must act to avoid falling behind in AI | 77 | Malaysia is lagging behind regional peers in AI adoption, said Mohammad Radzi, executive director of G3 Global, during aChinese AI company SenseTime is ramping up efforts to expand overseas presence with its latest deal to help build Malaysia’s“AI is burgeoning in Malaysia so we choose a partner who not only can grow local companies but at the same time spur AI innovation within Malaysia” said Radzi. This partnership aims to bring together and build an AI ecosystem in Malaysia. The AI park also plans to be an export centre, where Malaysian AI solutions can be exported to other countries,saidRadzi. “The AI park will be an area where visitors, not just industry professionals, can visit to experience AI solutions first hand,” said Radzi, describing a park where autonomous vehicles operate on the road and visitors can check into a condominium equipped with smart home system. This partnership also plans to help build the country’s AI capability through an education curriculum, he said, noting that SenseTime has designed and developed an AI syllabus that is currently taught in schools across China. Malaysia is trailing behind neighbouring countries in Southeast Asia on AI adoption. One contributing factor could be an AI knowledge gap among Malaysian enterprises, Radzi said. “More could be done to educate enterprises on the potential of AI, such as improving productivity and increasing revenue generation,” said Radzi. China is huge, and when a proof-of-concept (POC) trial takes place, it is typically carried out on a large scale. “In contrast, kicking off a POC trial in Malaysia requires levels of authority clearance, and POC trial areas are just a fraction of what it’s like in China,” said Radzi. AI works best if given large amounts of data sets, coupled with fast, iterative processing and intelligent algorithms. “China is able to advance its AI technologies at such a rapid pace due to the enormous amount of data collected through POC trials,” said Radzi. China’s AI agenda advances as China throws state support behind AI development. According to the |
https://technode.global/2019/06/26/origin-mobile-payment-solutions-are-taking-off-in-southeast-asia-2/ | ORIGIN | Mobile payment solutions are taking off in Southeast Asia | 77 | TechNode gathered four industry experts at its“Every country has at least 30 to 40 e-wallets. Competition is definitely going to be high in Southeast Asia because of the low barriers of entry,” said Jeremy Wong, head of partnership at e-commerce company Fave. Aiza Azreen Ahmad, director of strategic partnership at lifestyle e-wallet company Boost, said, “For Malaysians today, I’m sure your phones would easily have three e-wallets. ”However, Ahmad said that adoption rates of cashless payment among both merchants and consumers are worryingly low. Given the competition and adoption rate in SEA, digital payment solutions are still a work in progress. Mobile payments in the region are only just starting to take off despite the growing number of players, said Patrick Ngan, CEO & co-founder of mobile payment technology service QFPay. The region is barely scratching the surface of the regional market, he added. Ngan said that the key to surviving in the region is to establish strong partnerships with the existing dominant players. “Mobile payment eventually should not be restricted to Southeast Asia. Instead, companies should all aim to transcend their own borders to truly succeed. Mobile solutions should be borderless,” said Ngan. While it seems that QR code payment may be the future, Wong cautioned that it is not necessarily suitable for all countries in the region. Regulations have not kept up with the adoption of e-wallets in the region due to their relatively recent emergence, Wong said. “The regulations around e-wallets need to be loosened for them to see greater adoption among merchants and consumers,” said Ahmad. Ngan also emphasized the importance of securing government approvals as they play a major role in pushing the initiative and facilitating adoption. Ngan called on local players to look to the Chinese market for knowledge and insights without aiming to directly replicate their models. Although the technology behind mobile payment and e-wallets may be the same, he said, differences between the SEA and Chinese cultures and markets mean that companies cannot simply transplant their strategies. Rather, there is a need to localize the system to meet market demands. Ahmad lauded the bravery of Chinese players, citing Alipay’s recent investment in Touch and Go as an example of the risks that China companies are willing to take. China’s digital payment operators represent industry titans—and their looming presence in Southeast Asia casts a shadow over local firms. However, although our speakers recognized their presence as a threat, they did not overstate the potential competition from international players. “Competition can help us to educate the users, and we welcome that,” said Ahmad. “When Boost first started, we were struggling but with greater competition, our company began growing. ” Likewise, Ngan said that focusing on this aspect would generate unnecessary worries. “I often tell my team to forget about the competition and do what you do best. Focus on what you are asked to do and focus on developing the product. If you do a very good job in both, people will naturally use your product because it is well developed,” said Ngan. Wong encouraged SEA digital payment companies to take heart, saying that the war is not lost just because Chinese companies are pouring investments into the region. Rather, he said, the key in the region is to understand the wants and needs of local users and merchants. |
https://technode.global/2019/06/26/origin-short-videos-and-grassroot-influencers-are-riding-the-new-marketing-tide-2/ | ORIGIN | Short videos and grassroot influencers are riding the new marketing tide | 77 | Authenticity is the key to success on short video platforms, Kuaishou’s Maggie Long told the audience at TechNode’s“Short video is a growing phenomenon in China and it is slowly spreading across the world. It is definitely not just a new wave of marketing for those in China, but it is applicable for all,” said Maggie Long, director of Global Public Relations & Communications of short video platform Kuaishou Technology. Kuaishou passedLong spoke at a fireside chat on short videos, grassroots influencers, and their impact on businesses with Daryl Chung, projector director of tech media outlet e27. Long said that the growth of short video is driven by the development of China’s technology infrastructure, which allows easy access to strong 4G or wifi networks; the simplicity of short video applications; and the format’s openness to everyone from the countryside to China’s biggest cities. “Everyone’s lives can be seen and will be seen by everyone in the world. It creates a nation-wide community,” said Long. Long said that short video platforms are an undiscovered mine for businesses. Short video platforms, she said, are equipped to help businesses in identifying their target audience quickly. This would benefit marketers as it would help them to craft their campaign to have a greater and more effective reach, added Chung. Long added that short video platforms are a good way to reach consumers for both the business-to-business or business-to-consumer sectors. “The key to capturing user’s attention would be the authenticity of the video and the uniqueness of the content,” said Long. She advises businesses not to do advertisements directly ion a short video feature, suggesting that they first create educational content to accumulate a strong, stable fanbase before marketing their product. “The conversion rate tends to be higher,” said Long. Long said that her platform’s stars are ordinary people—the sort of people many in first and second-tier cities see as losers. “They used to be commoners,” said Long. Geng Shuai, who’s known for short videos of unique and interesting inventions, has gained the attention of 3 million people and earns more than RMB 10,000 (about $1,450) a month solely through live streaming, Long told TechNode. Long also said that short videos help Chinese people find safe food: people follow and reach out to content creators who film the rearing process of their animals to buy meat. Long advises would-be short video stars to stick to a common theme. This allows the platform’s algorithms to better promote and distribute the content to relevant viewers. If streamers change the theme of their content every day, Long said, it confuses the algorithm, causing it to be unable to effectively promote the videos. Long said that users of short-video platforms are looking for videos that are truly authentic. “Videos that are not so professionally produced tend to fare better, as they have an element that makes them more relatable to viewers,” said Long. Long emphasised that interaction with the followers is crucial—it helps users develop a sense of trust in the content creator. This is crucial for business owners hoping to market products. “Once trust is established, people will be more likely to buy the product from you,” said Long. Wrapping up, Chung said that this new form of marketing requires businesses to take on a new mindset. It is important for business owners and startups to realise that it is about making an impact and scaling their business along the way. Making money and new interesting products, he said, should not be the business’s only focus. |
https://technode.global/2019/06/11/origin-malaysia-payment-solutions-sea-investment-landscape-grassroot-influencers/ | ORIGIN Malaysia | Payment Solutions, SEA Investment Landscape, Grassroot Influencers | 77 | China is leading the world in mobile payment solutions, with FinTech innovations like WeChat Pay and Alipay. This is a testament to how Chinse mobile payment tech is a few years ahead of Southeast Asia. In some ways, the success of payment solutions in China highlights facets of the Chinese market which would be difficult to replicate elsewhere. Having said that, Southeast Asia’s digital payment solution is on a growth trajectory with more players entering this field. This resulted in a highly fragmented payment sector and could be frustrating for consumers. Hear fromAtIn addition, grassroot influencers and short video marketing, an emerging marketing trend widely employed by marketers and brands. As we have witnessed how rapid the Chinese social media landscape changes, what are the trends that will make an impact in 2019/2020? Hear from Kuaishou Technology, who has 200 million daily active users as we unravel the new marketing tide. Last but not least, how should Southeast Asia think of China, and how do the Chinese think of this region? Gain insights into China with TechNode’s CEO, Dr. Lu Gang as he delivers his keynote speech on an overview of the China tech ecosystem. Fret not. We are giving out free passes to TechNode’s community! Gain access to ORIGIN Malaysia Conference and other Malaysia Tech Week’s partner events happening from 19For more information, visitDirector of Strategic Partnership,Aiza is currently the Director of Strategic Development, Boost eWallet and a bona fide technophile who believes pivoting Malaysia on digital and innovation can only be achieved through collaborations and partnerships. Her recent success was in creating a cashless ecosystem in the sectors of education, government agencies, SMEs and Smart Cities that made Boost the country’s preferred eWallet. Her other achievements included the launch of a lifestyle app, TouchStyle, the first in the ultra-conservative Islamic banking industry, leading medium to large scale transformation of the largest integrated media group and also, in banks. Aiza has worked in multiple industries which included Islamic Banking, a multi-business conglomerate, integrated media, M&A and management consulting, across two countries, Malaysia and Australia, where she called home for many years. She is currently a candidate for MSc/Ph. D. on the research topic “Technologizing the Supply Chain of Affordable Homes: A Comparative Analysis Between Malaysia And Indonesia” collaborating with the World Bank National Affordable Housing Program (“NAHP”), providing technical advisory support on issues relating to the development of alternative innovative affordable housing that meets the Sustainable Development Goals. Aiza graduated from Macquarie University with Merits in Economics. In her free time, Aiza does pro bono work with mentoring start-ups and participating in causes in support of women empowerment initiatives. CEO & Co-founder,Patrick is connecting the world through mobile payment, one country at a time, with QFPay International – a leading mobile payment technology, solution, and service provider backed by premier investors including Sequoia Capital and Matrix Partner; QFPay International has a presence across 13 markets in Asia and the Middle East. With 18 years of experience in cross-border strategy & business development, corporate finance, and capital markets solutions, Patrick is the CEO & Co-Founder of QFPay International Limited. Prior to QFPay, Patrick held senior management positions at global investment banks and international retail conglomerate groups in China, Hong Kong, and the UK; he has also served as Chief Financial Officer and Executive Director of a Hong Kong Main Board-listed company. Co-Founder,Prior to that, he was the Regional Operations Director for Groupon Asia Pacific, Product Manager for JobStreet. com and Management Consultant for Accenture. He is an Eisenhower Fellow and an alumnus of Cornell University. He is also an angel investor, who has invested in numerous early-stage startups in the region. CEO,Kenneth Ho is the founder & CEO of BEAM PTE LTD, a cross-border business search engine focused on matching people to valuable connections and opportunities. A graduate from Monash University who previously exited two businesses (an education and machine learning business), Kenneth has a deep passion for technology, entrepreneurship, and investments. Vice President,Chief Executive,Sai Kit is the Chief Executive of Captii Ventures, a venture capital company that he helped set up in late 2014. Captii Ventures is now a multistage investor in technology companies in Southeast Asia with portfolio companies in Malaysia, Singapore, Indonesia, Philippines, and Vietnam. Besides heading venture investment activities, Sai Kit has also been involved in M&A, investments and corporate restructuring activities, as well as leading a digital and mobile advertising business within the Captii Group. He has also held audit, financial advisory and corporate finance roles in PwC, CIMB and other corporations across various industries including manufacturing, property development, financial advisory, food services, utility services, and investment banking. He is a Chartered Accountant of the Malaysian Institute of Accountants and Fellow Member of the Association of Chartered Certified Accountants, UK. SEA Director, MOX,Prior to SOSV, Navin was a senior manager of Microsoft ecosystems in the ASEAN region. Prior to that, he was Editor of Singapore Press Holdings tech media and held a senior role in IDG. Navin has also founded a startup during the 1997 Asian economic crisis, organized a VR hackathon in Beijing with the Chinese government and Coke, and advised a number of Asian aerospace hackathons. Director of Global PR & Communications,Maggie Long is a Senior Researcher at the E-commerce Center of the Kuaishou Research Institute and Director of Global PR & Communications at Kuaishou Technology. On a mission to alleviate poverty and inspire entrepreneurship, the Kuaishou Research Institute investigates how Kuaishou Technology can build and foster e-commerce ecosystems for individuals and small e-commerce businesses operating in China, especially in rural regions. Prior to joining Kuaishou Technology, Maggie got her start in the technology industry as a journalist at Caixin Media and previously worked at Cobo and Cheetah Mobile. Project Director,He is passionate about empowering startups to build and grow their businesses, spearheading strategic partnerships and ecosystem building initiatives with various investor/corporate/government stakeholders across APAC’s tech ecosystem. CEO & Founder,Dr. Lu Gang is the founder and CEO of TechNode, making him one of China’s most recognized influencers in the global technology sector. What started as Dr. Lu’s personal blog quickly became a highly respected international innovation platform, with six business units including TN Media (Chinese and English technology media platform), TN Inno (corporate innovation services), TN Global (Asia and global business), TN Events (branding and event services), TN Data (startup ecosystem data analysis) and TN VC (venture capital and financing services). Through these initiatives, TechNode connects China’s start-up technology ecosystem with the rest of the world. Today, TechNode is the exclusive China partner of TechCrunch. Dr. Lu earned his Ph. D. in Wireless Communications from the University of Sheffield, UK. Dr. Lu was honored with the ‘1000 Talents Plan’ of Shanghai in 2017 and received the Entrepreneurial Award of the British Council’s Study UK Alumni Awards in 2017-18. *Malaysia Tech Week is a city-wide festival of events by the industry to bring together the best of Malaysia Corporates, Ecosystem Partners, Investors, Regulators, and Tech startups along with delegations from all around the world to the tech hub of Southeast Asia- Kuala Lumpur, Malaysia. |
https://technode.global/2019/05/28/origin-malaysia-halal-tourism-malaysia-e-commerce-future-of-ai/ | ORIGIN Malaysia | Halal Tourism, Malaysia e-Commerce, Future of AI | 78 | Malaysia poised to be the gateway to ASEAN and beyond. Malaysia has witnessed regional growth sprouting up – making it a Regional Digital Hub to penetrate the Middle East & India market. Speaking of business links between the Middle East and Malaysia, one can never ignore the halal industry which is booming globally. Halal tourism is one of the fastest growing facets of the global travel industry and is projected to grow into a US$220 billion industry by 2020. What are the trends, opportunities, and challenges in this industry? Is this new tourism trend here to stay? Hear from founders ofAtArtificial Intelligence, one of the top global emerging trends and also a new frontier of Malaysia is full of untapped potential. How would a Sino-Malaysia AI collaboration help Malaysia in spurring its digital innovations? Hear from G3 Global who has recently inked a collaborative partnership on their sentiments about how AI can accelerate innovations. We will be previewing other topics in the upcoming weeks so stay tuned. Don’t have a ticket yet? Fret not. We are giving out free passes to TechNode’s community! Gain access to ORIGIN Malaysia Conference and other Malaysia Tech Week’s partner events happening from 19For more information, visitAbout the Panellists:Panelists:CEO,Faeez Fadhlillah is the CEO and Co-founder of Tripfez & Salam Standard, an innovative, state of the art travel portal dedicated to the rise of global Muslim travelers. Named as one of Forty Individuals Who Shaped Southeast Asian E-Commerce By EcommerceIQ,Faeez is also an avid speaker at many international travel conferences and seminars and previously chairs the R&D committee of the Malaysian Association of Tour & Travel Agents (MATTA). Faeez was elected as Vice President of MATTA, Malaysia’s largest travel association for the term 2015 -2017 and currently serves as the Deputy Honorary Secretary-General for the term 2017-2019 as well as the executive board of the Pacific Asia Travel Association (PATA). Co-founder,Mikhail Melvin Goh is the founder of Have Halal, Will Travel (HHWT), a media & technology company offering resources and tools to help Muslim travellers plan their perfect trip. Upon discovering Islam, Mikhail experienced the lack of services for the average Muslim traveller. The Singaporean native was motivated to provide a solution, so he teamed up with his wife and friend and founded HHWT. Today, HHWT content reaches over 8.6 million Muslims a month and they are redefining the Muslim travel market. GM,Aaliyah’s previous eCommerce experience includes being part of the inaugural startup team for Lazada Malaysia in 2012 and championing through some challenging times within the Marketplace giant’s roadmap to success until 2017. Her roles throughout the 5 years in Lazada have shifted from content, SEO, EDM, Social Media, SEO, marketing, PR, branding and offline outreach. Prior to joining Commerce. Asia, she was Director of Marketing for MyBazar – an online marketplace, heading a project in partnership with Malaysia Digital Economy Corporation (MDEC) called ‘BLEE’ which aimed to support and enable micro and small merchants going online. The project managed to acquire more than 500 micro and small merchants nationwide to sell online in the span of 4 months. Aaliyah’s main passion lies in content marketing, public relations, organizing events and helping SMEs digitalize their businessCo-founder,Sharmeen brought ShopBack to Malaysia in early 2015. As the co-founder of ShopBack Malaysia, Sharmeen is responsible for the development of ShopBack’s collaborations with public and private sectors, at the same time facilitates marketing efforts that strengthen ShopBack’s business presence. For three consecutive years, Sharmeen is an advisory member ofMYCYBERSALE’s marketing group, formulating strategies for Malaysia’s largest online sale under PIKOM. She has also led ShopBack in working with ministries like Tourism Malaysia on several promotional programmes, as well as established collaborations with credible partners from bank and telco-industries. Director of Sales,Mr. Kenneth Kuan, is currently the Director of Sales for Kiple, a wholly-owned subsidiary of Green Packet Berhad. Currently, he spearheads the sales division of kipleBiz and kiplePay, driving the businesses to achieve the Company’s goals and annual targets by developing sales strategies and putting them into action plans. Kuan has more than 15 years of experience in the telecommunications, oil and gas and financial technology sector, specializing in SME and Corporate Account Management. He started his career with British Petroleum in the oil and gas sector. Following that, he joined Shell before spreading his foray to Maxis and Celcom as the Head of SME Channel Management. Before joining Green Packet, Kuan was with iPay88 as Head of Sales, leading the team to achieve the overall sales and profitability goals of the organization. Managing Partner,Baiza is a graduate of Monash University, Australia with a degree in Business Studies double majoring in Accounting and Economics. He has 18 years’ experience in various fields within the Islamic Finance industry. He started his career as a research associate with Islamic Financial Data Services Ltd. (U. K) specializing in Islamic finance and banking data research before joining IslamiQ Ltd. where he was instrumental in developing the ScreenIslamiQ, the online service that allowed users to access information on Shariah-compliant stocks in the major global stock markets. He was also involved in the IslamiQ advisory team that completed the Shariah structuring of a US$150 million Islamic private equity fund focusing on dynamic and undervalued Asian companies. After leaving IslamiQ, he moved to Guidance Financial Group LLC, an international Islamic financial services company based in Washington D. C. where he was part of the investment team that structured a Musharakah Mutanaqisah based Islamic home financing program for consumers in the U. S market, an innovative mortgage based Islamic Fixed Income security with Freddie Mac and a Pan European Islamic Real Estate fund with ING International amongst others. During his employment with Guidance, he was also seconded to Navis Capital Partners a leading private equity fund management firm to assist in the day to day running of their Islamic private equity funds with an aggregate value of USD 300 million. At the Amanie Group, he served as Managing Director of Amanie Advisors, its global Shariah advisory arm and also as Director of Global Business with Amanie Holdings reporting directly to the Chairman. His last posting prior to founding Ficus Venture Partners was with the Maybank Group where he started as VP & Regional Head of Business Development for Maybank Asset Management Group and was promoted to be the CEO of Maybank Private Equity where he was tasked to manage a global private equity investment portfolio on behalf of the bank. Adrian Oh, co-founder of ecInsider. my (formerly known as eCommerceMILO. com), a content site that focuses on e-commerce content, providing insights, know-how, and inspiration with the goal of driving the e-commerce industry forward. He also co-founded Neowave Solutions, a technology company that focuses on building e-commerce platform (webShaper) to empower merchants to build own branded store and sell multi-channel via connecting to the region’s top eMarketplaces like Lazada, Shopee, Qoo10, Tokopedia, Bukalapak, etc. In 2019, He founded a new multichannel data platform – Zetpy. com, with the goal of enabling merchants to sell across the region’s Top Marketplaces and utilize the data to scale up their operation and business. On top of that, he is passionate about building community. He founded MECA (Malaysia E-commerce Aspiration) – an active Facebook community by the eCommerce players, for the eCommerce players, currently with 5000 over members. A computer science graduate and with deep passion in e-commerce, retail & online payments, He occasionally blogs at adrianoh. com. Executive Director,Encik Radzi was appointed as Executive Director on 22 October 2018. He obtained a Degree in Bachelor of Science in Computer Science and Mathematics from the University of Nebraska-Lincoln, USA. Armed with management, business development and marketing experience in Information, Telecommunication, and Technology, Radzi started work in 1986 at Sapura Holdings. During his stint in Sapura Holdings, he secured Government’s Smart School project with consortium partners in implementing Smart School solutions nationwide and set up ADAM 017 mobile telecommunications operator (which was bought over by Maxis) where it was a sole distributor for Nokia mobile phones. In 2005, he joined Green Packet as a Head of Special Projects and later, joined Packet One Networks as a Head of Regulatory. Before joining G3 Global, Radzi was with Theta Technologies for 3 years as a Head of Sales and Relationships, leading the team to explore new markets and product offerings. Founder,William Yap is the Founder of Artificial Intelligence Malaysia. He has over a decade of experience in Data Science and Analytics at various industry leaders. William has led high-impact Artificial Intelligence projects with other leading international Data Scientists and has helped drive Malaysia’s National Big Data Analytics initiatives. He has also guided entrepreneurs, startups and established corporations on Digitalisation and Data Innovations. *Malaysia Tech Week is a city-wide festival of events by the industry to bring together the best of Malaysia corporates, ecosystem partners, investors, regulators, and tech startups along with delegations from all around the world to the tech hub of Southeast Asia- Kuala Lumpur, Malaysia. |
https://technode.global/2019/05/07/startup-interview-atilze/ | Startup Interview: Atilze | 78 | Tell us more about yourselfI started off my career as an R&D engineer. Today, I am with Atilze Digital Sdn Bhd, a high technology Internet of Things (IoT) venture of G3 Global Berhad, leading the product development and sales team for the IoT solution called Atilze Sensor Hub. Atilze Sensor Hub supports tailoring to any specific requirements that serve as the building blocks to a Smart City, e. g. , Smart Environment, Smart Agriculture, Smart Aquaculture, Smart Disaster Management, etc. What is your idea of a smart city?The topic of Smart City is very wide; we can’t kill all birds with one stone. In fact, there are many aspects that serve as the building blocks to build a Smart City. For example, Smart City comes with Smart Environmental, Smart Parking, Smart Retail, Smart Transport and etc. Particularly in Malaysia, as part of the Smart City initiatives, Atilze has been involved in 2 main projects. The first is to monitor the air quality in Cyberjaya using LoRaWAN. It was a collaboration between Atilze and Cyberview to monitor the haze index, ensuring that the Cyberjaya community has access to clean air. On the second project, Atilze worked together with Intel & Penang state government and Majlis Perbandaran Seberang Perai (MPSP) to monitor flood levels and air quality. This prevented any flood disaster from happening over the past two years. With IoT solutions, residents can be alerted beforehand, preventing any deadly incident. What was one of your most memorable learning experience?Never Give Up and Keep Trying. These are words that I would always tell my team members. Allow me to share my recent experience where my team members nearly gave up on one of the projects that we have been working on for nearly a year. Despite all our efforts into it, we could not see any significant outcome, which made all very disappointed. However, perseverance is what it takes! As a strong believer to keep trying and pursuing, I believe that at the end of the day, the effort will reach fruition. Our hardwork paid off when we managed to successfully clinch a collaboration with a local partner and deploy Atilze Sensor Hubs and LoRa Gateways in one of the plantations in Cameron Highlands, Malaysia. “Business will not come in just a day!”. You never know what going to happen tomorrow. What do you think should be the most important characteristic for a startup and its team to possess?To have good communication. Communication remains important regardless of a good day or a bad day. Congratulations on winning Asia Hardware Battle 2018 Malaysia. What was the experience like competing against companies in Malaysia and companies from different part of ASEAN?Thanks! It was a great experience! It became so much more memorable when we won this competition as a team. My team members were Azman and Azwan. The award was totally unexpected! During the battle in Shanghai, the teams from different countries were all so strong and they presented so well. I was impressed with the interaction some teams had with the judges. They even brought their product to the judges for them to experience it. What are some learning points/advice that you would like to share with those who are considering joining international competitions?Be natural, and don’t over prepare. Everything will be smooth. What is your company’s five-year plan? Any market expansion plan in the pipeline?I must say that we have a great plan ahead! Through our parent company, G3 Global, we offer AI algorithms, products and solutions for Government, enterprises and end-consumers. In addition, we will continue to supply end-to-end IoT connected devices, IoT networks and cloud-based data-driven applications and services, expanding our core business pillars which are in Artificial Intelligence, Smart Mobility and Smart IoT solutions. Looking back, what advice would you tell your younger self?To allocate some time to learn new things. Come on! Life is not just about work, work and work. I wish to learn some musical instruments which I didn’t manage to do it now especially becoming a father of one. |
https://technode.global/2019/05/07/technode-kicks-off-its-2nd-edition-of-origin-conference-in-malaysia/ | TechNode kicks off its 2nd edition of ORIGIN Conference in Malaysia | 78 | Chinese tech companies are on an Asian roll. After a successful run last year at SWITCH 2018, TechNode is bringing ORIGIN back again! This year, ORIGIN will be expanding beyond the shores of Singapore to help more people around Southeast Asia (SEA) region to understand why and how to get involved in this new stage of China-ASEAN development. By uniting critical players from the Chinese and Southeast Asian tech community at this conference, ORIGIN provides the best opportunity to gain valuable global connections and interaction through its industry conference. On 21With invigorating panels and intensive fireside chats, ORIGIN will further accentuate the ASEAN-China synergy through uncovering insight on China’s latest trends and developments in its vibrant tech industry and the SEA’s rapid growth landscape. TechNode ultimately aims to encourage cross-sharing and mutual understanding that will be benefitting for everyone. Don’t have a ticket yet? Fret not. For more information, visitPartial Speakers Line-upSai Kit is the Chief Executive of Captii Ventures, a venture capital company that he helped set up in late 2014. Captii Ventures is now a multistage investor in technology companies in Southeast Asia with portfolio companies in Malaysia, Singapore, Indonesia, Philippines and Vietnam. Besides heading venture investment activities, Sai Kit has also been involved in M&A, investments and corporate restructuring activities, as well as leading a digital and mobile advertising business within the Captii Group. He has also held audit, financial advisory and corporate finance roles in PwC, CIMB and other corporations across various industries including manufacturing, property development, financial advisory, food services, utility services, and investment banking. He is a Chartered Accountant of the Malaysian Institute of Accountants and Fellow Member of the Association of Chartered Certified Accountants, UK. Kenneth started as an Investment Analyst at Gobi’s headquarters in Shanghai. After two years, he was promoted to Associate and relocated to Gobi’s Kuala Lumpur office, where he assisted on investments into companies such as Carsome, Crowdo, Favful, Glints, and Travelio. Sharmeen brought ShopBack to Malaysia in early 2015. As the co-founder of ShopBack Malaysia, Sharmeen is responsible for the development of ShopBack’s collaborations with public and private sectors, at the same time facilitates marketing efforts that strengthen ShopBack’s business presence. For three consecutive years, Sharmeen is an advisory member ofMYCYBERSALE’s marketing group, formulating strategies for Malaysia’s largest online sale under PIKOM. She has also led ShopBack in working with ministries like Tourism Malaysia on several promotional programmes, as well as established collaborations with credible partners from bank and telcoindustries. Chen Chow is currently the Co-founder of Fave, Southeast Asia’s leading online-to-offline (O2O) e-commerce market leader. Before starting Fave, Chen Chow led regional operations for Groupon Asia Pacific, moving up the ranks since joining as COO for Groupon Malaysia and Taiwan in 2012. Prior to Groupon, Chen Chow was a product manager at JobStreet. com and a management consultant at Accenture. Chen Chow is a graduate of the prestigious Cornell University and an Eisenhower Fellow. Outside of work, he is passionate about youth empowerment, with involvement in various non-profit organizations such as The Worldwide Malaysian Students Network, Young Corporate Malaysians, and more. *Malaysia Tech Week is a city-wide festival of events by the industry to bring together the best of Malaysia Corporates, Ecosystem Partners, Investors, Regulators, and Tech Start-ups along with delegations from all around the world to the tech hub of Southeast Asia- Kuala Lumpur, Malaysia. |
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