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Category: Startups

Retail News Asia is committed to providing both local and global retailers with the latest Startup news throughout the Asian market. This on a daily base.

  • Deliveroo’s Six Month Partnership with Feeding Hong Kong Raises HK$650,000, delivering 130,000 Meals to Hong Kong’s Food Insecure

    Deliveroo’s Six Month Partnership with Feeding Hong Kong Raises HK$650,000, delivering 130,000 Meals to Hong Kong’s Food Insecure

    Deliveroo today announces that, together with Feeding HK, over HK$650,000 has been raised by Deliveroo customers through the delivery app’s donation feature. A first of its kind in Hong Kong, the Deliveroo in-app donation and tipping feature allowed customers to round up their totals or make an additional contribution. Since the campaign’s kick-off earlier this June, the funds raised have resulted in over 130,000 meals being delivered to Hong Kongers experiencing food insecurity.

    With unemployment at a record 16 year high of 6.4 percent, in 2021 Deliveroo is extending the partnership with Feeding HK to reach low-income-families who have been badly impacted by COVID-19 via their network of frontline charities across Hong Kong, including Action Care in Shau Kei Wan, J Life Foundation in Sham Shui Po, and People Service Centre in Tuen Mun and across four locations in Kowloon.

    Alongside the in-app donations, Deliveroo will partner with Feeding Hong Kong to officially launch its Chinese New Year Food Drive at two of its Editions locations in Quarry Bay and Sai Ying Pun. Hong Kongers can join the Food Drive by dropping off donations of staple foods such as cooking oil, rice and noodles and canned goods which will then be given to disadvantaged families throughout the celebratory period leading up to the Year of the Ox.

    Brian Lo, General Manager of Deliveroo Hong Kong, said, “We have always had high expectations for our partnership with Feeding HK. With families struggling, we want to do our best to make sure people across the city don’t go home to an empty dining table. Today, myself and everyone at Deliveroo are extremely proud to report that the initiative has achieved so much in just a short six months, resulting in over 130,000 meals delivered to beneficiaries all across Hong Kong.”

    “I’d like to personally thank all of the Deliveroo customers who donated – HK$650,000 is certainly not a small amount – and used the tip feature throughout our campaign. Your donations have made an enormous impact on the lives of thousands of people. We’re excited to continue to work alongside Feeding HK into the holiday season and new year, to help empower more across the city to extend the power of giving at our Editions locations.”

    Gabrielle Kirstein, Chief Executive Officer of Feeding Hong Kong, said “We’re immensely grateful for the past six months’ support from Deliveroo and are excited to continue to develop our partnership with them. Thanks to the assistance and generosity from Deliveroo and its customers, over 130,000 meals have been delivered to those in Hong Kong at risk of hunger. As the city continues to experience rising unemployment rates, loss of income, and higher food prices throughout the city during the pandemic, campaigns and drives such as this are all the more important.”

    “Our reach to more community members and the additional support we’ve received this year has been so touching. From the bottom of our hearts, we’d like to thank Deliveroo and all those who have donated. We are passionate to keep the momentum going and help to feed more at-risk individuals alongside Deliveroo over the Chinese New Year period.”

    The partnership with Feeding HK comes as Deliveroo pledged last year to make imperative sustainable development goals, following the United Nations Sustainable Development Agenda’s goal of ‘Zero Hunger.’ The CSR effort is among one of the many unique initiatives launched last year to support the community, following a collaboration with The Nesbitt Centre to bring cakes and biscuits to more than 150 frontline hospital staff and a partnership with The Hong Kong Jockey Club’s Charity Trust for its COVID-19 Food Assistance Programme to provide meals for hundreds of thousands of beneficiaries.

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  • Gojek Makes Financial Push in Indonesia

    Gojek Makes Financial Push in Indonesia

    The Indonesia-headquartered super-app is increasing its stake in Bank Jago as part of its bid to accelerate financial inclusion in Asia.

    Gojek’s payments and financial services arm GoPay will own 22.2 percent of Indonesia’s Bank Jago, up from 4.1 percent, as part of a deal worth $159 million. Controlling shareholders Metamorfosis Ekosistem Indonesia and Wealth Track Technology will continue to own a combined 51 percent of the bank.

    The deal is a key part of our strategy and will underpin the growth and sustainability of our business in the long term,» Andre Soelistyo, Gojek Co-CEO, said in an announcement on Tuesday.

    The partnership will allow Gojek users to access digital banking services through its platform, as well as to instantly open a bank account with Jago and manage their finances via the super-app.

    Bank Jago is a technology-based bank that delivers digital banking services for the SME, consumer and mass-market segments in Indonesia, home to the fourth-largest unbanked population globally.

    Some 52 percent of adults (95 million people) do not own a bank account and a further 47 million adults are underbanked or have insufficient access to credit, investment and insurance, Gojek noted.

    As a bank designed with an open API, we will go on to work with multiple digital ecosystems to reach a wider audience and drive our aspiration to enhance the finances of millions of people through digital financial solutions, Kharim Siregar, Bank Jago’s president director, said.

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  • Indian tech firm to hire over 3,000 people in Vietnam

    Indian tech firm to hire over 3,000 people in Vietnam

    India’s HCL Technologies, set to enter Vietnam next month, plans to hire more than 3,000 people for its operations in the country. HCL Vietnam will deploy advanced technology solutions for multinational businesses in a number of line departments in sectors like banking, financial service, healthcare, infrastructure, engineering and network security, the company said.

    “Starting with an office in Hanoi, HCL plans to expand and find more talent in other localities. We will cooperate with partners in Vietnam like universities to provide structured programs that will enhance students’ skills, so they can support HCL’s global clients from Vietnam,” said Sanjay Gupta, vice chairman of HCL Technologies.

    Gupta said HCL plans to build its organizational base with more than 3,000 university graduates and experienced experts in Vietnam. The main goal of HCL Vietnam’s business and development strategy is to provide training platforms that give new graduates the opportunity to work in the high-tech sector and improve their skills by working with multinational companies.

    The start of HCL’s activity chain will be an online job fair held December 19 for fresh university graduates and experienced professionals.

    Pham Sanh Chau, Vietnam’s ambassador to India, said HCL’s presence will help Vietnamese talents have the opportunity to work with international clients. He said the operation of HCL in Vietnam was also a good sign for promoting Indian investment in Vietnam. He hoped that Vietnam will become famous as a familiar destination for many global IT companies.

    In an earlier meeting with HCL, Deputy Minister of Information and Communications Phan Tam had said that Vietnam always welcomes digital enterprises like HCL to invest in the country to support digital transformation not only for global businesses but also for domestic firms. He said he believed that HCL would contribute to creating many job opportunities in the digital field as well as opportunities for Vietnamese workers to participate in the global supply chain by training and improving their skills in the digital age.

    Tam said the ministry was ready to support HCL in connecting with universities and colleges to train high-quality human resources and meet the recruitment requirements of companies in Vietnam. He assured that the ministry would consistently create the best conditions for HCL to develop in Vietnam.

    HCL is one of the three largest IT enterprises in India with revenues of around $9.7 billion per year. Currently, it has more than 153,000 employees working in 50 countries.

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  • Gojek Vietnam raises fares after tax regime change

    Gojek Vietnam raises fares after tax regime change

    Ride-hailing company Gojek has raised fares by 8.3-10 percent following the recent revamp of the value-added tax regime, which requires it to pay more.

    The hike applies to all three services it offers in Vietnam, motorbike taxi, food delivery and goods delivery, and takes effect on Saturday, the Indonesian company said in a statement.

    In Hanoi, a two-kilometer GoRide trip now costs 8.3 percent more at VND13,000, while in HCMC, it costs 10 percent more at VND11,000.

    From December 5 the government mandated that ride-hailing companies should pay the VAT of 10 percent on the full fare passengers pay instead of just their share of it.

    Gojek also increased the commission it gets from drivers from 20 percent to 27.2 percent like its competitor Grab did recently.

    But it assured that the increase would not affect drivers’ incomes.

    A trip that cost a passenger VND51,000 before would now cost VND56,000, but the driver’s income would remain unchanged at VND40,000, it said.

    Grab last week raised its fares by 5-6 percent and increased its commission by over 7 percentage points, causing hundreds of drivers in Hanoi and Ho Chi Minh City to strike.

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  • Kevin Wong Appointed Commercial Director of Deliveroo Hong Kong

    Kevin Wong Appointed Commercial Director of Deliveroo Hong Kong

    Hong Kong on-demand platform and food delivery giant Deliveroo has announced the appointment of Kevin Wong Chi Wang as Commercial Director. He will lead the Deliveroo restaurants team, which comprises over 60 account managers, business development professionals, and restaurant operations executives to build the best food delivery partnership experience for restaurants to help them grow their businesses through delivery and establish innovative new ways to drive sales In that context, Kevin will be the face of Deliveroo in the F&B industry to manage a restaurant portfolio of over 8,000 partners and grow Deliveroo’s list of partners in the market.

    Prior to joining Deliveroo, Kevin spent over two decades at The Dairy Farm Group, most recently as the Regional Category Director (Food) in North Asia and as Sales and Merchandising Director for the supermarket leader Wellcome. Immediately prior to joining Deliveroo, Kevin served as General Manager at Asia Wine Service & Education Centre (AWSEC). As the newest member to the Deliveroo Commercial Team, Kevin will utilise his deep understanding of the Hong Kong and Asian food retail markets and current consumer trends, to help the company further its hyper-growth mode. His appointment comes as Deliveroo seeks to boost its commercial team to drive growth ambitions across the city, supporting restaurant and grocery partners, as the company fosters existing relationships and establishes new ones with local favourites, established chains, and homegrown heroes.

    Brian Lo, General Manager of Deliveroo Hong Kong, said: “Kevin is truly a seasoned professional in Hong Kong’s local retail market, and his track record in understanding customers, in-depth industry knowledge, unparalleled merchandising expertise and decades of leadership experience is sure to bring an innovative and thoughtful perspective to the commercial role and the Deliveroo leadership team. He joins Deliveroo at an important time for Deliveroo, as we look to cement the company’s leadership in the on-demand space and amplify recent successes. These include helping steer our ambitious expansion of Deliveroo delivery services, and restaurant partnerships across Kowloon and the New Territories regions, as well as our entry into on-demand grocery delivery. We’re delighted to have Kevin join us here at Deliveroo, and are excited to see what new opportunities and growth he has in store for the business in the coming year.”

    Kevin Wong, newly appointed Commercial Director of Deliveroo Hong Kong, said: “It’s been quite the thrill to see the growth of the food delivery space and the success of Deliveroo in a span of 5 years.Deliveroo is well on its way to becoming the definitive food company here, and I am honoured to be a part of the creative synergy that makes the company uniquely inventive in the on-demand delivery space, especially as we continue to strengthen our relationships with our restaurant partners and help to drive growth here in Hong Kong, while exploring new avenues of growth such as on-demand convenience. I have no doubts that 2021 will be a prosperous year, and look forward to working alongside my passionate team to support more F&B businesses and beyond in Hong Kong to join the thriving Deliveroo network.”

    The expanding Deliveroo team in Hong Kong will support the company’s future ambitions. Following its launch in Hong Kong in 2015, Deliveroo has grown at a record rate and with its accelerated growth and success. Deliveroo is now working with over 8,000 restaurant partners on its platform and has over 7,000 riders. It will continue to invest and expand Editions, which currently has four sites in Hong Kong, supporting 25 kitchens to provide a variety of delicious dishes to consumers. It has attracted significant investment into the HK’s on-demand grocery offerings, partnering with 7-Eleven, Don Don Donki and Marks & Spencer. This year alone, Deliveroo has added more than 3,000 restaurants to its platform, and has opened two new Editions sites within the city, with plans to open more Editions kitchens in Kowloon and New Territories in 2021.

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  • Venture funds commit $815 mln to Vietnamese startups

    Venture funds commit $815 mln to Vietnamese startups

    Vietnamese startups earned pledges of $815 million over the next five years from 33 foreign and domestic venture funds.

    The pledges, announced at the recent Vietnam Venture Summit, came from several foreign funds who’ve been active in Vietnam in recent years, like CyberAgent Capital, AlphaJWC, Monk’s Hill Ventures, as well as several domestic funds like VinaCapital Ventures, Do Ventures, and Viet Capital Ventures.

    At the same event last year, 18 funds had committed $415 million to Vietnamese startups for three years, and $220 million of this was disbursed in the first half of this year.

    Investment in Vietnamese tech startups in the first six months fell 22 percent year-on-year to $222 million due to the Covid-19 pandemic, according to a report by Ho Chi Minh City-based venture capital firm Do Ventures.

    Among six major economies in Southeast Asia, Vietnam accounted for 16 percent of the latest investment pledges, ranking third behind Singapore (37 percent) and Indonesia (30 percent), it added.

    A recent report by U.S.-based consulting firm McKinsey & Company says 12 large digital ecosystems (companies providing services across sectors) will be established across retail and services in Vietnam by 2025, creating a revenue pool of about $100 billion.

  • Uber Sells Its Controversial Self Driving Unit To Aurora For $4 Billion

    Uber Sells Its Controversial Self Driving Unit To Aurora For $4 Billion

    Uber’s self-driving car unit which incorporated Otto, the self-driving trucking start-up founded by Waymo’s co-founder Anthony Levandowski was at the heart of its feud with Alphabet. It was also a long term project for Uber founder Travis Kalanick. Uber now, has sold its Advanced Technology Group to self-driving start-up Aurora for $4 billion.

    Uber’s deal with Aurora values the start-up at $10 billion but it also comes with a few riders. Uber makes an investment of $400 million into the start-up, it gets a 26 percent stake in the company and its CEO Dara Khosrowshahi gets a seat on its board. This deal entails Aurora taking over Uber’s self-driving project in its entirety and continuing that work, presumably with Uber being one of the prime customers for the technology.

    This is neat inflation of the valuation of Aurora which was previously valued at $7.25 billion over 20 months ago with counting the likes of SoftBank, Denso and Toyota as its investors. It is also backed by Amazon, Hyundai and venture capital biggies like Sequoia and Greylock. Suffice to say, it has a hefty tailwind behind it.

    Aurora notably is also a self-driving start-up which was founded by Chris Urmson who was also the leader of Google’s self-driving car project which turned into Waymo. He was, ironically, Levandowski’s boss. He exited Google in an amicable way, unlike Levandowski who left disgruntled as Urmson was made the head of the project.

    Aurora was founded in 2017 after he left Google along with Sterling Anderson, the former director of Tesla’s Autopilot technology and Drew Bagnell who led Uber’s autonomy and perception tech before the arrival of Levandowski.

    “With the addition of ATG, Aurora will have an incredibly strong team and technology, a clear path to several markets, and the resources to deliver,” Chris Urmson, co-founder and CEO of Aurora, said in a statement. “Simply put, Aurora will be the company best positioned to deliver the self-driving products necessary to make transportation and logistics safer, more accessible, and less expensive.

    “Few technologies hold as much promise to improve people’s lives with safe, accessible, and environmentally friendly transportation as self-driving vehicles,” said Khosrowshahi in a statement. “For the last five years, our phenomenal team at ATG has been at the forefront of this effort-and in joining forces with Aurora, they are now in pole position to deliver on that promise even faster.”

    This marks an end to the contentious and safety riddled self-driving project that Uber pursued since 2015. Levandowski and the Otto acquisition trigged arbitration requests from Google for Levandowski and Lior Ron which were denied. By 2017, Waymo had filed a case against Uber for trade secret theft and patent infringement, but this case was settled by 2018 when Khosrowshahi was in-charge.

    Despite the lawsuit, Uber pursued the technology. It even wanted to pursue it after the settlement but when one of its test cars with a driver behind it struck and killed a pedestrian, it caused Uber to stop all testing. By 2019, the unit was spun off after getting $1 billion in funding from Toyota, Denso and the Vision Fund by SoftBank.

    Despite this, the Uber ATG group was losing money. In November, the ATG group and other technologies unit which includes Uber Elevate lost $303 million in nine months with the quarter ending September 30, 2020. In its S1 document, it further revealed that $457 million of R&D expense was incurred by the ATG and other technologies group. This was happening at a time where Uber’s core ride-hailing business was ravaged by the pandemic.

    While all this has happened, Anthony Levandowski, whose start-up was a strategic acquisition for Uber’s self-driving overtures for Uber founder and former CEO Travis Kalanick finds himself in jail for 18 months after pleading guilty for theft of trade secrets. In a way, the saga comes a full circle.

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  • Deliveroo deepens investment into on-demand grocery segment with exclusive DON DON DONKI partnership

    Deliveroo deepens investment into on-demand grocery segment with exclusive DON DON DONKI partnership

    Deliveroo today announces its partnership with DON DON DONKI, marking the first-ever collaboration with on-demand delivery app in Hong Kong for the Japanese megastore. The exclusive partnership with Deliveroo will enable customers to access a variety of tasty snacks, ready-to-eat meals and daily essentials from DON DON DONKI, making virtual shopping simple and convenient as many people opt to stay home amidst rising COVID-19 case numbers.

    The new partnership represents Deliveroo’s deepening penetration into the on-demand grocery segment. In October, Deliveroo launched its on-demand grocery offer, giving Hong Kong food lovers across the city easier access to supermarket and convenience store retailers such as Marks & Spencer and 7-Eleven.

    Introducing DON DON DONKI on Deliveroo will connect Hong Kongers to a wide variety of exciting and essential items from Japan, starting today. DON DON DONKI to-door delivery will be available across multiple neighbourhoods in Hong Kong Island, Kowloon and the New Territories reaching approximately over 1.5mn customers; or customers can choose pick-up to shop online and skip the queue.

    Via Deliveroo, customers can access some of their favourite DON DON DONKI household essentials, ready-made meals, supermarket staples and fresh produce.  With almost 300 items available to order on Deliveroo, customers can order a wide range of items including Japanese pears, grape shine muscat, wagyu beef, fresh sashimi and sushi, assorted cheese products, snacks and sweets, beverages such as sake and canned chūhai, as well as store beauty supplies, snacks for pets and home essentials.

    The boost to Deliveroo’s on-demand grocery offerings comes as consumers in Asia are eagerly embracing online shopping methods related to F&B. With the online grocery market in Asia expected to reach over US$295 billion by 2023, Deliveroo is making sure its offer to consumers meets changing demands, which is particularly important as consumer habits continue to evolve alongside COVID-19 restrictions.  With a fleet of over 7,000 riders in Hong Kong, Deliveroo is committed to delivering meals and essential grocery items in as little as 30 minutes, ensuring people have the food and other goods they need and want.

    Brian Lo, General Manager, of Deliveroo Hong Kong said, “Deliveroo is committed to more investment in on-demand convenience, following the announcement of partnerships with 7-Eleven and Marks & Spencer earlier this year. Now, we are  incredibly excited to partner with DON DON DONKI exclusively to offer convenient delivery and pick-up access to the megastore’s amazing range of products. We are dedicated to staying on top of consumer trends and catering to what our customers want, so DON DON DONKI is an extremely relevant brand and partner to bring on board as we deepen our on-demand grocery sector penetration. The potential of eCommerce grocery services is significant, particularly in light of COVID-19, and we will continue to work with more large brands to help Hong Kongers conveniently access the products they want and need.”

    Fast and convenient DON DON DONKI shopping

    Skip the line and order online! As Deliveroo and DON DON DONKI kick off their partnership, starting from today, five DON DON DONKI stores located in key areas within Hong Kong will be ready for delivery. Customers can also choose going to any of the five stores to pick up to save time and skip the queue. In recognition of the partnership, Deliveroo is offering delicious deals to new and old Deliveroo customers. New customers can receive two $50 vouchers (T&C apply) when they sign up for Deliveroo, while long-standing customers can enjoy 15 percent off their first DONKI-on-Deliveroo purchase.  Additionally, customers can enjoy a special price for Deliveroo-exclusive Hotpot Combo in a limited co-branded thermal bag from 18 December (available on a first-come-first-served basis while stocks last).

    DON DON DONKI is a beloved Japanese discount chain that first opened its doors in Hong Kong earlier last year. Operating 24/7 in most locations, the megastore offers an abundance of Japanese snacks, beauty items, lifestyle goods, cooked food – including special bento offerings – dry goods, fresh produce, and much more. DON DON DONKI can be accessed via the Deliveroo app to order instant soups, exclusive Japanese sodas, rice bowls and much more, bringing Japan to customers’ doorsteps in Hong Kong.

  • Grab and GoJek get closer to merger deal

    Grab and GoJek get closer to merger deal

    Grab Holdings. and Gojek have made substantial progress in working out a deal to combine their businesses in what would be the biggest internet merger in Southeast Asia, according to people with knowledge of the talks.

    The region’s two most valuable startups have narrowed their differences of opinion, though some parts of the agreement still need to be negotiated, said the people, asking not to be named because the talks are private. The final details are being worked out among the most senior leaders of each company with the participation of SoftBank Group Corp.’s Masayoshi Son, a major Grab investor, one of the people said.

    Under one structure with substantial support, Grab co-founder Anthony Tan would become the chief executive officer of the combined entity, while Gojek executives would run the new combined business in Indonesia under the Gojek brand, the people said. The two brands may be run separately for an extended period of time, one of the people said. The combination is ultimately aimed at becoming a publicly listed company.

    Representatives of Grab, Gojek and SoftBank declined to comment. The talks are still fluid and may not result in a transaction, the people said. The deal would need regulatory approval and governments may have antitrust concerns about the unification of the region’s two leading ride-hailing companies.

    Grab and Gojek have been locked in a fierce, expensive battle for dominance in that business along with food delivery and mobile payments over the last several years. Investors have been pushing for them to combine forces across Southeast Asia in order to reduce cash burn and create one of the most powerful internet companies in the region. Grab, which is present in eight countries, was last valued at more than $14 billion, while Gojek, valued at $10 billion, has a presence in Indonesia, Singapore, the Philippines, Thailand and Vietnam.

    SoftBank has been pushing for a deal since Son visited Indonesia in January, but he’s grown increasingly frustrated with the lack of progress. The old rivalry and personality clashes between the two companies’ leaders have led to deadlocked negotiations in the past, according to one of the people familiar with the talks.

    Sea Ltd.’s rise as a formidable force in e-commerce and digital payments has injected fresh impetus to the Grab-Gojek conversation, the people said. The Singapore-based company’s e-wallet, ShopeePay, has been gaining market share at a rapid clip, aided by the growing popularity of Sea’s e-commerce platform Shopee. That, in turn, is challenging market leaders GoPay and Grab-backed Ovo in Indonesia.

    Sea’s surprise journey from a scrappy startup to Southeast Asia’s most valuable company in the past 10 years has been the “biggest inspiration” for local internet companies lately, Rohit Sipahimalani, chief investment strategist at Temasek Holdings Pte, said in an interview at the launch of the e-Conomy report in November. Sea went public in 2017 after raising more than $720 million from investors and now has a market value approaching $88 billion.

    “People are now seeing that the public markets are a viable alternative for internet companies in Southeast Asia,” said Sipahimalani, whose firm is an investor in Gojek. “But they also recognize that they need to get to a certain scale, which is why the IPO route is becoming more attractive. I think that’s leading to some dialogue around combinations and consolidations in the region.”

    He declined to comment on the Grab-Gojek deal, adding that Singapore’s state-owned investment firm isn’t taking part in the negotiations.

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  • Startups need partnerships to participate in bigger ecosystems

    Startups need partnerships to participate in bigger ecosystems

    Vietnamese startups need to expand their partnership network with domestic and regional firms for functioning deeper in big firms’ ecosystems, industry insiders say.

    Nguyen Anh Duc, CEO of retail chain Saigon Co.op, said among its 2,500 partners and suppliers in ASEAN, nearly 60 percent are young entrepreneurs in Vietnam who contribute about 28 percent of Saigon Co.op’s annual revenues.

    However, the contribution of young entrepreneurs to the company has been falling in recent years, he said Monday at the ASEAN Young Entrepreneur Carnival held in Hanoi.

    Saigon Co.op is constantly looking to improve it ecosystem and expand its market size, and for this, it needs more contributions from young entrepreneurs, Duc said.

    “There are gaps in the business environment among ASEAN countries, and young entrepreneurs need to fill those,” he said, adding that this process will lead to the creation of more unicorns in Vietnam and other ASEAN countries.

    Other forum participants said Vietnamese startups need to implement their ideas faster in the modern market to improve their ecosystems.

    Nguyen Dang Quynh Anh, chief operating officer of media giant Yeah1 Group, said a key factor in improving a company’s ecosystem is digital transformation, which requires young entrepreneurs to make quick decisions to make their services and products match the demand of modern customers.

    The pandemic will create new shopping habits among consumers who now are more familiar with sitting at home and ordering products to be delivered to their doorstep, and startups need to take advantage of this new trend to expand their market, she added.

    Although one of the biggest challenges startups face in expanding their network is mobilizing funds, experts say that there are many funding sources available now for young entrepreneurs with potential.

    Nguyen Phi Van, chairwoman of startup support organization Vietnam Angel Network, said that a group of angel investors in ASEAN this year has established a financial company to support startups with the biggest potentials in the region. So, if a Vietnamese and a Malaysian investor decide to fund a startup, it will be able sell its products to both markets.

    “Vietnam is currently one of the markets receiving great attention from investors in ASEAN thanks to its growth potential,” Van said.

    Investment in Vietnamese tech startups in the first six months fell 22 percent year-on-year to $222 millionfrom 40 dealsdue to the Covid-19 pandemic, according to a report by Ho Chi Minh City-based venture capital firm Do Ventures.

    Among six major economies in Southeast Asia, Vietnam accounted for 16 percent of the total investment, ranking third behind Singapore (37 percent) and Indonesia (30 percent), it added.

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  • Grab’s reign over Vietnam ride-hailing market continues

    Grab’s reign over Vietnam ride-hailing market continues

    Grab remains the dominant player in the Vietnamese ride-hailing market with close to a 75 percent share, and is widening the gap with competitors. Global market advisory firm ABI Research said Grab completed 62.5 million rides in the first six months of 2020, or 74.6 percent of the market, an increase from last year’s 73 percent.

    The market share of FastGo, a Vietnamese competitor, dropped to 0.7 percent from 1 percent.

    But, the Covid-19 pandemic came as a huge blow to the market as Grab’s figures showed. Its 62.5 million rides were a mere 20 percent of the 313 million it completed in the first half of last year.

    The overall market shrunk to 19.5 percent of last year’s 429.5 million rides.

    Two new Vietnamese apps, HCMC-based Viservice’s viApp, and GV Asia’s GV Taxi, made their debuts during the year. But analysts are skeptical about their prospects.

    With the ride-hailing field being extremely competitive, even strong players like Grab, Be and Gojek have turned to the food delivery market for profits.

    Vietnam was the fourth largest ride-hailing market in Southeast Asia last year behind Indonesia, Singapore and Thailand, according to a report by Google, Singaporean sovereign fund Temasek and U.S. management consultancy Bain.

    ABI Research estimated the market at US$1.1 billion last year and said it could rise to $4 billion by 2025.

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  • Revolut Singapore Compliance Chief Joins Swiss Private Bank

    Revolut Singapore Compliance Chief Joins Swiss Private Bank

    He leaves the fintech a little over a year after he joined from Credit Suisse.

    Rayson Tan, who joined Revolut Singapore in September 2019, has left the company. Tan joined the fintech as chief compliance officer, and was later appointed chief risk officer and head of legal in April 2020.

    Since his departure, Tan has taken on a new role at Geneva-based private bank Pictet as chief risk officer, Asia. A spokesperson for Pictet confirmed the appointment as of 4 November 2020.

    Based in Singapore, Tan is responsible for overseeing the firm’s risk management framework across Asia, covering all key risks (including strategic, operational, regulatory, financial, reputational, etc.), as well as management of its Risk and Compliance teams.

    Tan was one of Revolut’s most senior hires. He spent 18 years in banking, and was a managing director in the Compliance & Regulatory Affairs department of Credit Suisse.

    He was previously with Deutsche Bank and UBS Investment Bank in various country, regional and global compliance roles.

  • Taxi associations complain to NA about Grab

    Taxi associations complain to NA about Grab

    Taxi associations in the country’s three biggest cities have taken their grievances against Grab to the National Assembly. According to the associations representing operators in Hanoi, Da Nang and Ho Chi Minh City, Grab’s current operating model allows it control over fares. It is only registered as a technology company in Vietnam, they said.

    Based on a decree on the transportation business, ride-hailing firm Grab should be designated as an auto transport business and only allowed to operate once licensed by the Department of Transport, they said.

    So it is now operating illegally since it does not have a license and is violating the decree, they added.

    They also pointed to Grab’s inadequate display of electronic contract information, lack of logo on its app interface and other shortcomings.

    While it operates in a similar manner to traditional taxis, it does not have to declare its fares, and could inflate them by 200-300 percent at certain times in the day, whereas they have to declare whenever their new fares whenever they adjust them following changes in fuel prices, they complained.

    Grab drivers only pay 3 percent value-added tax and 1.5 percent income tax as against 10 percent VAT and 20 percent income tax paid by other transport businesses, they said.

    They wanted the National Assembly chairman to inspect Grab’s entire operations to detect violations and inadequacies to ensure objectivity, fairness and transparency in the transport industry.

    This is not the first time that taxi associations are complaining to authorities about ride-hailing services.

    Grab said the decree has helped ride-hailing businesses like Grab offer better services to Vietnamese customers and optimize social resources. “Grab has been licensed in accordance with its registered form of service.”

    It always works closely with the Ministry of Transport and the Department of Transport in cities and provinces to ensure strict compliance with the decree’s provisions, it claimed.

  • Deliveroo Hong Kong launches new on-demand grocery delivery service, enabling Hong Kongers to access thousands of grocery products right to their doors

    Deliveroo Hong Kong launches new on-demand grocery delivery service, enabling Hong Kongers to access thousands of grocery products right to their doors

    Deliveroo Hong Kong today announces its partnership with 7-Eleven and Marks & Spencer to launch its first-ever on-demand grocery delivery service, allowing customers to access a variety of ready-to-eat meals and grocery products, which is especially important amidst the ongoing COVID-19 pandemic. Through Deliveroo’s partnership with the popular convenience chain and the British retailer, over 1,000 grocery products will be on offer, highlighting Deliveroo’s commitment to delivering great food to customers across the city.

    The new on-demand grocery delivery service will provide consumers with easier access to convenience store favourites such as on-the-go breakfast and lunch items, street-eat snacks like siu mai and dumplings, medicines, tissues, gum and mints, and a plethora of quick bites and beverages. Household essentials and fresh produce will also be on offer including fruit and vegetables, meat and seafood, eggs, milk and dairy, snacks and sweets, alcoholic and non-alcoholic beverages, as well as store cupboard essentials. With a fleet of over 7,000 riders in Hong Kong, Deliveroo is committed to delivering essential grocery items to people in as little as 30 minutes, ensuring that great food is never far away.

    Brian Lo, General Manager, of Deliveroo Hong Kong said, “Hong Kongers have grown accustomed to the convenience of ordering in and receiving takeout right to their doors given the volatility of the epidemic. At Deliveroo, we listen to our customers and pride ourselves on keeping up with consumer trends. The global pandemic has accelerated the importance of delivery services, and the need for at-home delivery services beyond takeaway food. We want to help Hong Kongers receive a variety of goods right to their doors and accommodate the shift in consumers’ needs;  that’s why we’re delighted to partner with 7-Eleven and Marks & Spencer to offer more great and delicious food to Hong Kongers all across the city.

    He added, “We are investing in building this proposition and we expect customer interactions on our platform to grow significantly with this new on-demand grocery offering. We look forward to adding more grocery partners in the coming months to offer consumers a wide range of items to make shopping from home more convenient and easy.”

    Accessing  7-Eleven tasty food anytime, anywhere

    Having your favourite snacks delivered to your door has never been easier. In the first phase of Deliveroo and 7-Eleven’s partnership, starting from October,  40 7-Eleven stores covering key areas within the city will be available for delivery in all of Deliveroo’s zones, offering approximately half of the store’s popular items. This is the first stage of a multi-phase partnership with further expansion expected.

    7-Eleven is the largest convenience store brand in Hong Kong, with Hong Kongers visiting the beloved shop frequently to buy their meals, snacks and pick up healthcare essentials whenever they have a sore stomach or head. With the help of Deliveroo, 7-Eleven will deliver ready-to-eat hot meals, snack items including cakes, crisps, coffee and milk tea, beer and spirits, and popular street-side snacks such as fish balls, udon noodles, rice dumplings and more. Some household items such as Panadol, Band-Aids, Kleenex and Dettol wipes will also be on offer.

    Alex Liu, Managing Director, 7-Eleven Hong Kong & Macau, said, “This is certainly an exciting initiative for us as it is our first time partnering with a food delivery platform. 7-Elevenis dedicated to offering a range of tasty ready-to-eat products under our own brand 7-SELECT and HOTSHOT. With over 970 stores across Hong Kong, customers can access delicious meals in a convenient way. We also continue bringing new and exclusive products to give excitement for our customers. Partnering with Deliveroo helps us to reach out to new customers and expand our customer base. With this partnership, we are extending convenience to another level, customers can enjoy our products anytime, anywhere.”

    In recognition of the grocery launch, 7-Eleven is offering delicious deals and savings of three HK$20 vouchers when new Deliveroo customers order HK$100 worth of items. Voucher codes can be found in the selected 7-Eleven stores.

    Providing Deliveroo customers more food options through Marks & Spencer partnership 

    From today customers can order an assortment of top-quality M&S food & drink products on-demand via Deliveroo, including top-selling wines, cheese and deli items, baked goods, fresh fruits and vegetables, ready meals, pet supplies, personal and household items as well as store cupboard essentials. Over 800 M&S grocery items are available via the Deliveroo app, meaning customers can find something for every mealtime.

    Customers can order a multitude of grocery items from 11 Marks & Spencer stores in different neighborhoods, such as Central, Kowloon Bay, Wan Chai and Tsim Sha Tsui.

    With over 30 years’ heritage in Hong Kong, M&S customers are known to be passionate about their food, which is why M&S have partnered with Deliveroo to help get customers the products they love as well as supporting those who currently aren’t able to visit stores easily. From M&S’ fresh Select Farms meat, dairy and produce to sweet treats and easy dinner ingredients, customers on Deliveroo can now browse and order their M&S favourites with just the click of a button – and all delivered to the doorstep by Deliveroo in as little as 30 minutes.

    In celebration of the launch, new Deliveroo customers can receive a welcome gift of two HK$50 coupons when they purchase HK$400 worth of groceries from Marks & Spencer on Deliveroo from 19 October till 19 November. Voucher codes can be found in selected M&S stores and on Deliveroo social channels. Additionally, one bottle of Prosecco will be up for grabs for new M&S customers via Deliveroo who spend HK$600 or more, while supplies last. Customers will need to add the free Prosecco item to their basket at Checkout.

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  • Japan’s first gourmet restaurant delivery app lifts off

    Japan’s first gourmet restaurant delivery app lifts off

    Starting today, Tokyo foodies will no longer have to compromise when they order food for delivery. Japan’s first gourmet restaurant delivery app, Food-e, launches today in central Tokyo. With a curated collection of Tokyo’s best restaurants, exclusively available on Food-e, such as Nobu Tokyo, Elio Locanda, Oak Door, Shunbou and Chinaroom, consumers and companies can order great food, professionally delivered to their homes, offices or other locations of their choice.

    Users can access the app at www.food-e.jp from a browser on their smartphones, tablets or PCs and make their selections from menus of mouth-watering professional photos. The food will be delivered in high-quality packaging, with hot and cold items separated to control temperature. Food-e’s drivers are uniformed and insured, full-time professionals, expert in Tokyo’s roads, who will delicately handle the food to your door. Food-e is also the first delivery app offering bilingual customer service to both restaurants and users.

    For restaurants owners, Food-e has changed the traditional business model of delivery apps by charging users a fair fee for delivery and significantly lowering the commissions paid by restaurants. This allows restaurants to make a fair profit on delivery orders while gaining new customers for in-store dining.

    For users, Food-e offers a choice of great restaurants, most of which have never been available for delivery before, at prices generally the same as in-store dining. All of Food-e’s restaurants are not available on any other delivery app.

    Initially, Food-e’s delivery area is a 5km radius from Nishi Azabu, which includes parts of Minato, Chuo, Chiyoda, Shibuya, Meguro and Shinjuku wards. In the near future, Food-e will expand to other parts of Tokyo and eventually to other major cities in Japan.

    Following the official launch today, Food-e will regularly add new restaurants, offering users high quality and an increasing variety of cuisines.

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