Tag: savy

  • SoftBank JV to invest $125m in Project Loon

    SoftBank JV to invest $125m in Project Loon

    Japan’s SoftBank has announced that its joint venture HAPSMobile will invest $125 million in Google’s Project Loon to advance the use of high-altitude vehicles to carry mobile base stations.

    HAPSMobile, the joint venture between SoftBank and US-based unmanned aerial vehicle systems company AeroVironment, was established in 2017 to conduct network equipment research and development for the high-altitude platform station (HAPS) business.

    Under the agreement with Google, Loon has been given the right to invest the same sum in HAPSMobile at a later date.

    The two companies have also agreed to actively explore commercial collaborations to accelerate the development of high altitude network connectivity solutions, such as the network of stratospheric balloons that Loon is trialling to deliver internet access to unserved areas of the world.

    Potential areas of collaboration being negotiated include enabling flight vehicles from each party to connect and share the same network connectivity in the air, as well as the establishment of a wholesale business that would allow HAPSMobile to utilize Loon’s vehicle and technology, and allow Loon to utilize HAPSMobile’s in-development unmanned aircraft.

    Other possibilities include a jointly developed communications payload that is adaptable to multiple flight vehicles, a common gateway or ground station that could be deployed globally and used by both companies to provide connectivity over their platforms, and adapting Loon’s fleet management system and temporospatial SDN for use by HAPSMobile.

    “Building a telecommunications network in the stratosphere, which has not been utilized by humankind so far, is uncharted territory and a major challenge for SoftBank,” SoftBank CTO Junichi Miyakawa said.

    “Working with Alphabet’s subsidiary Loon, I’m confident we can accelerate the path toward the realization of utilizing the stratosphere for global networks by pooling our technologies, insights and experience. Even in this current era of coming 5G services, we cannot ignore the reality that roughly half of the world’s population is without Internet access. Through HAPS, we aim to eliminate the digital divide and provide people around the world with the innovative network services that they need.”

    “We see joining forces as an opportunity to develop an entire industry, one which holds the promise to bring connectivity to parts of the world no one thought possible,” Loon CEO Alastair Westgarth added.

    “This is the beginning of a long-term relationship based on a shared vision for expanding connectivity to those who need it. We look forward to what the future holds.”

  • Singapore Fintech Firm Heading into Indonesia

    Singapore Fintech Firm Heading into Indonesia

    Following a successful Series B funding round, SME lending platform Validus Capital is launching in Indonesia. SME lending platform Validus Capital has launched in Indonesia, its first Southeast Asian market outside its home country of Singapore, the firm announced in a media release on Thursday.

    Launched in partnership with Indonesia’s Triputra Group under the name Batumbu, the financing platform connects domestic SMEs from sectors as diverse as food and beverage (F&B), services, engineering, to construction industries with accredited, institutional and high net worth investors.

    Leading the local management team is Sonny Christian Joseph, who has over 23 years in SME banking in Indonesia and was previously head of SME banking at Indonesian business bank BTPN.

    P2P lending platforms have gained popularity and have grown rapidly in Indonesia. In 2018, P2P lending platforms disbursed a total of US$1.4 billion (S$1.9 billion) in loans, representing a 681.25 per cent year-on-year growth, according to data from Indonesian financial services authority Otoritas Jasa Keuangan.

    «Our expansion into Indonesia serves as a significant milestone for us. Sharing our insights and applying key learnings from Singapore allows us to take a proven and sustainable business model and apply this to a larger market – a market where I have personally spent a few years helping SMEs to grow,» Ajit Raikar, Validus CEO and co-founder, said.

    Unlike traditional financing options and P2P lenders, Butumbu uses proprietary technology and credit scoring systems adapted and tailored to cater to the needs of SMEs in Indonesia. The firm said that  it will develop strategic partnerships with large corporations to ensure an extremely robust and scalable financing ecosystem.

    In February 2019 Validus recently raised US$15.2 million (S$20.5 million) in an oversubscribed Series B funding round led by Dutch public-private development bank FMO.

    Validus was founded in 2015 and is backed by the likes of Netherlands development bank FMO and Temasek Holdings’ Vertex Ventures. According to the company, it is Singapore’s largest peer-to-business lending platform, facilitating over US$147 million (S$200 million) in business financing to local SMEs in less than 18 months.