Tag: startup

  • Indonesia’s Queenrides Uses Road Safety to Drive Women’s Empowerment

    Indonesia’s Queenrides Uses Road Safety to Drive Women’s Empowerment

    Iim Fahima Jachja cannot operate a vehicle and relies on a driver to get around Jakarta, but that did not stop her from putting road safety at the heart of her women’s empowerment startup.

    Since launching in late 2016, Queenrides has attracted 200,000 members to join its website.

    Aside from reading articles about lifestyle and financial management, members can also gather in person for workshops covering topics like sexual health and family planning.

    But road safety has been a focus from the beginning said Iim, a mother of two.

    “When you are safe on the road, you can be the best you want to be,” she told the Thomson Reuters Foundation by phone from Jakarta.

    Road deaths are high in Indonesia, according to the Ministry of Transportation, which counted 162,000 fatalities last year, compared with 136,000 in 2015.

    In a country undergoing rapid urbanization as incomes increase, more people are buying vehicles, putting stress on the road network.

    Many drivers avoid taking tests by paying corrupt officials for driving licenses, Iim said.

    She added that the road risks are rising for women in particular, because changing social attitudes mean that more of them are working and commuting.

    At the same time, relatively few women have taken driving lessons and tests to acquire licenses, she said.

    Only about 20 percent of 7,500 Queenrides members surveyed said they had taken a driving test.

    “This is a major issue – this is a crisis – but people haven’t noticed the situation,” Iim said about the number of road deaths in Indonesia.

    Low-income countries have fatality rates more than double those in high-income countries, according to the World Health Organization (WHO).

    There were 104 million registered vehicles in Indonesia, according to the WHO’s latest report on road safety published in 2015.

    Driving Safely

    As well as enabling its members to exchange views and learn more about road safety online, Queenrides arranges workshops with input from the transportation ministry and the traffic police.Participants have gone on to take driving lessons and tests, Iim said.

    That trend could make Indonesia’s roads safer, said Liviu Vedrasco, a road safety expert at the WHO in Bangkok.

    “There are some studies that suggest women are more careful and follow the rules better than men,” he noted.

    One of the Sustainable Development Goals set by the United Nations in 2015 is to halve the global number of deaths and injuries from road traffic crashes by 2020, Vedrasco said.

    As the number of female drivers increases, Indonesia’s transportation ministry has stepped up efforts to reduce crashes involving women by working with outside partners, said Budi Setiyadi, director of land transportation at the ministry.

    “Queenrides is needed for women riders in Indonesia to be given a good education in driving safely because women have a primary role,” Budi said in an email. “They can educate their children, their families, and the surrounding environment.”

    Growing

    As more Indonesian women join the workforce and take to the roads, Queensrides can also help them assert control in other areas of their lives, Iim said.

    For example, about 30 members gathered last month in a child-friendly cafe in Jakarta to discuss family planning and strategies for educating their teenaged children about sex.

    United States-based Johns Hopkins University sent experts to the workshop part of a program targeting “married women of reproductive age,” according to Dinar Pandan Sari of the university’s Center for Communication Programs in Jakarta.

    “The fact that in just two years, Queenrides has been able to grow from an idea to 200,000 women joining their movement is remarkable,” Sari added.

    Queenrides teams up with other organizations to provide information on issues such as women’s rights, while members can also receive financial planning advice from institutions, including Bank Mandiri.

    As Queensrides’ membership grows, revenue from advertising on the website should increase as well, allowing the startup to expand its program, Iim said.

    She said she aims to attract 5 million members over the next three years, making Queenrides the biggest women’s empowerment platform in Southeast Asia.

    “If you can conquer Indonesia, it is easy to conquer any other area in the world,” Iim said. “Conquering Indonesia is like conquering five countries at the same time.”

  • Qnect rebrands to Get and raises $2.5m

    Qnect rebrands to Get and raises $2.5m

    Singapore-based campus social marketplace Get has closed a US$2.5 million funding round led by Vertex Ventures, the VC arm of Singapore sovereign wealth fund Temasek. Existing angel investor Click Ventures also joined in. Get will use the funds to further develop its product, build teams in the city-state, Hong Kong, and Australia, as well as expand to other markets. Launched in 2017, the app facilitates payments for stuff like merchandise, memberships, and events by university clubs and societies. More than 400 organizations with 220,000 members use Get across its three markets.

    The app has undergone a rebranding exercise – it was previously known as Qnect. The name change brings the startup “closer to its mission of helping students get their hands on the things they want,” says 23-year-old co-founder and CEO Daniel Liang.

    “Often, the things they want are heavily inspired and dictated by the actions of their peers, which is why the social aspect underpinning this platform is so important,” he adds.

    Vertex Ventures’ managing partner Joo Hock Chua believes Get’s social element is the missing gap in the online marketplace space.

    He says: “The younger [consumers] are inherently social, and Get is one of the few services that leverage this insight as the basis for a payments platform. This generation wants to buy what their friends are buying, and being able to provide that level of transparency on a scalable digital platform is incredibly powerful.”

  • Seed Money for Healthcare Startups in Southeast Asia

    Seed Money for Healthcare Startups in Southeast Asia

    HealthXCapital launched Emerging Asia’s first healthcare-focused early stage VC fund, according to a media release sent on Thursday.

    Backed by Apollo Hospitals, Jungle Ventures, Eight Roads Ventures (the proprietary investment arm of Fidelity International), and other private investors, early stage venture firm HealthXCapital aims to fuel healthcare innovation in Asia’s emerging economies.

    Healthcare Has Not Kept Pace

    The region has experienced one of the world’s fastest growths stories but healthcare has not kept pace. We believe that HealthXCapital can foster healthcare innovation in Asia in order to improve patient outcomes, access and affordability in our core demographies, said Suneeta Reddy, Managing Director of the Apollo Hospitals Group.

    HealthXCapital has launched a $25 million fund to provide smart, connected capital to healthcare startups focused on emerging markets in South Asia and Southeast Asia.

    Perennial Challenges

    The firm invests and works intensively with healthcare startups to augment their commercialisation and bring accessible socio-economic benefits to Asia’s healthcare ecosystem.

    Asia faces perennial challenges such as underdeveloped infrastructure, affordability of treatments, lack of proactive healthcare and opaque data management. While healthcare expenditure is growing fast, it still continues to lag. Large gaps remain in the Asian healthcare systems, Reddy added.

    Ripe For Disruption

    These gaps are also driving strong demand for technology in the $517 billion opportunity in 2018 as projected in a recent report published by Frost & Sullivan.

    Our aim at HealthXCapital is to help modernise a sector which has long been ripe for disruption. We want to grow the best domestic and global healthcare technologies by helping them rapidly scale across emerging Asian markets, said Seemant Jauhari, Partner at HealthXCapital.

  • An overview of the Vietnam’s startup scene

    An overview of the Vietnam’s startup scene

    When you think of the startup scene in Southeast Asia, places like Singapore and Indonesia may come to mind, but Vietnam is another tech ecosystem on the rise. With a domestic market of over 95 million people and an economy that has grown 6% on average in the past 10 years, the population is becoming increasingly wealthy. In addition, the talent pool in Vietnam is young and increasingly educated with a growth mentality. Costs of operating are relatively low and there is a high rate of internet penetration—approximately 50 million users in 2017.

    It will come as no surprise then that Vietnam’s startups grew 14% in the first quarter of 2017 alone, with 39,580 startups entering the market. A Topica Founder Institute report stated that startup investments in Vietnam were $291 million USD in 2017, a 42% increase from 2016. However, there are still significant hurdles to foreign investment, such as the need for a stronger legal framework to protect venture capitalists and a more streamlined licensing and tax structure. Moreover, although Vietnam has significant technological expertise as an outsourcing hub, the startup scene could benefit from greater business acumen.

    In response, Viet Kieu, or Vietnamese people who have studied or worked overseas, have taken on leadership roles, accounting for more than half of the founders out of the 26 firms that 500 Startups Vietnam has funded. Their experience with multinational corporations, understanding of cultural differences, and English proficiency have been instrumental to the success of the Vietnamese startup scene. Still, the country itself is finding ways to support its startups.

    The Government and Accelerators Are Fueling Growth

    The Vietnamese government is aggressively promoting small enterprises. In 2017, deputy prime minister Vuong Dinh Hue announced the goal of doubling the number of businesses in Vietnam from half a million to one million by 2020. Vietnam Silicon Valley is a government-sponsored initiative to provide legal and financial support to 2,600 startups over the next 10 years. Lastly, the government has relaxed visa programmes for Viet Kieu, allowed them to regain citizenship under specific conditions, and exempted them from certain foreign investment requirements.

    Tech accelerators are also pushing the growth in startups. Topica Founder Institute is a 14-week programme with an impressive track record of 60 graduate startups, $20 million USD in funds raised, and $100 million USD in valuation since 2011. VIISA, the Vietnam Innovative Startup Accelerator, is an accelerator programme and seed stage fund of $6 million USD. Launched in 2013, Vietnam Silicon Valley is a government-sponsored bootcamp that includes a $20,000 USD investment and access to 60 mentors and 52 startup alumni. Lastly, TechFest is an annual event showcase of over 200 startups, hosted by the Ministry of Science and Technology and broadcast over live television.

    With major resources behind them and a positive climate for tech businesses, here are four Vietnamese startups showing immense promise.

    Logivan

    Based out of Hanoi, Logivan is a web-based platform that connects businesses with a fleet of over 5,000 trucks, which are constantly tracked and optimised. The logistics industry makes up approximately one quarter of Vietnam’s GDP, and in 2016 logistics firms earned approximately $8.5 billion USD in revenue, owing in part to the country’s underdeveloped transport infrastructure which causes prices to rise. Logivan plans to disrupt and digitise this industry, centralise and automate logistics, increase capacity, and improve supply chain efficiency.

    In November 2017, the up-and-comer won “Best Startup” at RISE Pitch Battle, the largest technology conference in Asia, and earned a sponsorship from Uber Chief Technology Officer, Thuan Pham. In August 2018, Ethos Partners, Insignia Ventures Partners, and VinaCapital Ventures funded a $1.75 million USD Series A round to expand Logivan’s logistics services in four major economic hubs across Vietnam. The startup previously received a $600,000 investment in March 2018 from Insignia, which the company matched during its time at the Topica Founder Institute accelerator programme.

    The company was founded by Linh Pham, a former Goldman Sachs technology analyst and Cambridge University graduate who previously founded Snappetite, a time-dependent platform for deals. Pham’s vision is to reduce prices, offer transparency, and provide real-time tracking for shippers and cargo owners.

    Foody

    Founded in 2012 in Ho Chi Minh City, Foody is a gourmet media company and user-submitted review platform for any location food-related, including restaurants, bars, cafes, bars, bakeries, and resorts. The company boasts hundreds of thousands of locations, images, and comments.

    One of Vietnam’s most successful startups, Foody has received numerous rounds of funding by an array of investors. Seed and Series A funding was provided by Japanese VC firm, Cyberagent Ventures, and Pix Vine Capital. In 2017, Singapore-based consumer internet group, Sea Limited, acquired an 82% controlling interest in the company for approximately $64 million USD, the largest investment of the year. Sea, one of Southeast Asia’s first unicorns, is valued at about $3.75 billion USD and previously funded a Series B round in 2015, which was followed by a Series C investment by Tiger Global Management less than a month later.

    Like many other startup leaders in Vietnam, Foody’s founder and CEO, Dang Hoang Minh, spent time abroad. Born in Vietnam, he went to Australia for university and studied Software Engineering and Information Systems before returning to his home country. Foody has expansion plans in Indonesia and Thailand.

    Ami

    Based in Ho Chi Minh City, Ami is capitalising on Vietnam’s booming real estate market by developing a suite of software and hardware products that will help owners and property managers connect with residents and digitise their information. Based upon blockchain, internet of things, and artificial intelligence technologies, the company’s products include:

    • Ami A Biz, a supply chain logistics to verify authenticity in goods and ownership
    • Ami Citizen, a digital record of individuals used by landlords and businesses
    • Ami University, a data management tool for universities to track students and professors
    • Ami Building, a condominium management platform
    • Ami Electricity, a web-based metre tool
    • Ami Fingerprint, an online storage space for fingerprints

    In the past couple of years, the startup has had an incredible growth trajectory. It won the top prize at the 2017 TechFest competition, and subsequently received $9 million in funding from the Vietnamese real estate corporation, Binh Minh Group. Between October 2017 and April 2018, the number of tenants in its property management product tripled. With approximately 1,500 rooms in its marketplace, the company’s target for 2019 is 100,000 rooms across the entire country. Looking forward, Ami plans to create a digital community between Vietnam’s citizens and their residences, schools, and businesses.

    Tiki

    Established in March 2010 as an online book dealer, Tiki is a business-to-consumer e-commerce company and the fastest-growing retail company in Vietnam. With more than 300,000 products in 12 categories, the company posted 2016 revenue of approximately $2.7 million USD and a loss of about $7.8 million USD after high operational expenditures needed to entrench itself in the consumer marketplace.

    Despite its losses, Tiki has been an attractive investment, especially as the e-commerce sector grew by more than 25 percent in 2017. The startup received initial funding in 2013 from Seedcom, CyberAgent Venture, and Sumitomo Corporation. In 2016, the startup was valued at $45 million and subsequently received $17 million USD for a 38% stake by VNG Corporation, which specialises in digital content, online entertainment, social networking, and e-commerce. Most recently, Chinese megaretailer JD.com Inc. and South Korea’s STIC Investment funded a Series C round of $54 million USD to help consolidate Tiki’s market presence.

    As one of the top four general e-commerce retailers in Vietnam, Tiki is well-positioned to leverage the influx of foreign investments that are flooding the sector.

  • Indonesian coffee startup Fore Coffee has bagged seed funding

    Indonesian coffee startup Fore Coffee has bagged seed funding

    Fore Coffee’s seed funding will be East Ventures’ third insider-incubated project after EV Hive and Warung Pintar.

    Early-stage venture fund East Ventures has announced today its third incubation, which is Fore Coffee, an on-demand high-quality coffee startup from Indonesia. East Ventures invested seed funding to the company, which aims to make specialty coffee easily available for customers.

    The company is now on its way to opening its second flagship store at Plaza Indonesia in October and is looking to open more branches in both malls and offices. The first outlet is at the second floor of Otten Coffee outlet in the heart of Jakarta.

    “We are leveraging from the network and expertise from our predecessor Otten, and we are equipped with machine and technology to deliver the finest quality coffee to our customer. Our goal is to have the day where everyone has access to affordable specialty coffee close to them every day,” said Robin Boe, CEO of Fore Coffee.

    Wilson Cuaca, Managing Partner of East Ventures, who also becomes the chairman of the startup, added that the country’s vastly growing tech ecosystem has changed the way consumers get their food. Cuaca gave an example of Luckin Coffee in China, which manages to serve a new demand for food consumption with a new bottoms-up startup design

    Fore Coffee started serving its first cup on August 8, 2018, and as of today, is serving 1,000 cups a week.

  • Indonesia still a draw for startups despite rupiah

    Indonesia still a draw for startups despite rupiah

    The recent free-fall of the rupiah could have led to jitters among investors and Singapore companies exposed to Indonesia, but analysts say the country remains attractive for businesses – in particular, startups – to venture into on the back of strong fundamentals.

    More Singapore startups are also actively looking at opportunities in Indonesia, with about 30 of them currently seeking help from Enterprise Singapore to enter the market – a number that the government agency said has been ramped up in the last 18 months.

    “Coming into Indonesia is both risk and opportunity. It is a large market with demographics in its favour, but the risk is mainly on the financial depth of the market – currency is just one of them,” said UOB’s Indonesia economist Enrico Tanuwidjaja.

    Despite the risks involved, he noted a “sustained momentum” in interest from global investors and startups to enter the Indonesia market in the past few years through joint ventures with domestic partners.

    This is because key ingredients to spur innovation in Indonesia have remained intact, with a market seen to be large enough to allow more players in the innovation space, said Khairul Anwar, regional group director (Jakarta), Enterprise Singapore.

    These include a young and growing population of 260 million with half below of them below 25 years old, growing demand to get products and services across the sprawling archipelago, as well as cash-flushed firms looking to deploy their capital into startups.

    With four unicorns – Go-Jek, Tokopedia, Traveloka and Bukalapak – in its bag, Indonesia today boasts a “lively” startup scene that has rekindled a spirit of entrepreneurship and drawn interest from both major domestic and international players, said Mr Anwar. A unicorn is a startup with a valuation of US$1 billion.

    Investments have skyrocketed from US$50 million five years ago to US$3 billion in the first half of 2017.

    For Singapore startups to seize opportunities in Indonesia, Mr Anwar identified five in-demand areas: e-commerce services, logistics and fulfilment, fintech, e-health services, and deep tech.

    With the rise of e-commerce brings the need for related services that attract more SMEs and consumers to buy and sell online, such as fraud detection, e-commerce on-boarding and digital marketing.

    But the e-commerce market remains “highly fragmented and under- developed”, he said. The lack of locally-developed solutions presents an opportunity for Singapore solutions to be integrated with existing Indonesian service providers and platforms.

    The growth of e-commerce has also created new issues in terms of logistics and fulfilment due to Indonesia’s geography and low infrastructure provision.

    “Last-mile fulfilment is a crowded field with low profitability. It is better to work with existing distribution networks and provide the platform, algorithms, services and financing, rather than to own the trucks directly,” advised Mr Anwar.

    “We should work on our strengths in cross-border logistics and Singapore’s strength as a sourcing, distribution and logistics hub to serve Indonesia cost effectively.”

    Fintech in the form of e-payments is another area that local startups can look at as people need to pay for e-commerce and there is still no clear winner in the market, he added, urging Singapore businesses to explore being a gateway or integrator instead of creating a new form of e-payment, due to the difficulty of obtaining required licenses for foreign entities.

    But despite the abundance of opportunity, Indonesia remains a tough nut to crack, noted analysts.

    As an emerging market, the country comes with risks as seen in the latest currency crisis, where the rupiah fell to its lowest level since the Asian Financial Crisis in 1998.

    UOB’s Mr Tanuwidjaja said that the currency challenge can be mitigated through financial products such as hedging and options to take into account future movements.

    Joongshik Wang, EY Asean Digital Strategy – M&A Leader, also noted that a depreciating rupiah might not always work against startups looking to invest in Indonesia.

    “With the falling rupiah, market entry cost will be lower for startups to consider an aggressive approach to entering the market,” he said.

    “But they should be mindful that exiting may become more expensive, as valuation is dependent on the assets’ stability and visibility in the country.”

    Singapore startups currently in Indonesia say they are keeping a close watch on the situation, but most are not overly concerned as risks are part and parcel of venturing into emerging markets.

    Darius Cheung, CEO of 99.Co, said some steps that the business has taken to manage the currency crisis was to keep cash mainly in Singdollar or US dollar, and to change only when needed. He suggested that startups lock as much of their expense contracts in rupiah, while locking in as much revenue in either US dollar or Singdollar as possible.

    Indonesia accounts for half of 99.co’s business, and it is growing 20-25 per cent each quarter.

    Mr Cheung said the political uncertainty surrounding the Indonesian elections due next year is also something to look at. “It is hard to predict what can happen. We generally have to be ‘switched on’ and strategise around it,” he said. “For example, we are currently focused more on the ‘own-stay’ segment of properties because many investors are holding off buying luxury property until elections are over.”

    Carlson Lau, CEO and co-founder of co-working space operator Cocowork (formerly EV Hive), acknowledged that macroeconomic risks “exist in any country” and are often beyond the control of businessmen.

    Cocowork is Indonesia’s largest co-working space operator, with 21 co-working spaces and 30,000 square metres of space.

    Mr Lau’s advice for startups looking to successfully venture into Indonesia regardless of headwinds is to forge strong local partnerships to scale and customise products to fit the market.

    “What can be controlled is having a great product, a strong distribution network, good local partners and a committed team driving the business – and any business could ride out economic cycles,” he said.

    Enterprise Singapore’s Mr Anwar emphasised that if startups “tread wisely”, the upside of investing in Indonesia can be very high. With more unicorns expected to spring from Indonesia in the next few years, local startups need to catch this wave.

    “Singapore companies cannot be absent from this market if they are serious about the startup and tech sector, and be serious about growing big,” he added.

  • More than 80 pct of IT workforce has start-up dreams

    More than 80 pct of IT workforce has start-up dreams

    A survey of 1,100 IT workers by VietnamWorks has found that 82 percent want to start their own companies in future.

    However, 58 percent said they have never been involved with a startup. Forty one percent had been involved with startups at least once.

    They listed artificial intelligence (AI), automated products and blockchain as the top 3 fields they wished to enter.

    More than half said they are willing to move overseas if presented with good offers to work for a start-up in blockchain or AI.

    A quarter of the respondents said their companies plan to expand into AI or blockchain in the next three years.

    Gaku Echizenya, CEO of Navigos Group, which owns executive search company VietnamWorks, said to lessen the danger of a tech brain drain, companies should focus on talent retention, creating good conditions for innovating products and opportunities to come in contact with new technologies.

    Now only a small number of enterprises use innovative technologies like AI (19 percent) and blockchain (9 percent), the survey found.

    World Economic Forum President Borge Brende has said Vietnam has to proactively pursue technologies related to AI and the Internet of Things as it prepares for the fourth industrial revolution or Industry 4.0 as it is dubbed.

    Eighty six percent of the respondents were optimistic about the impacts AI and blockchain would have on human life.

    They predicted AI would greatly benefit Vietnam in the next 5-10 years as it can provide people with better solutions after analyzing large data (39 percent); fully automate industry (24 percent) and create smart robots to perform dangerous tasks.

    The poll also found that more tech workers want to become specialists with focused skills and knowledge rather than be supervisors with soft and leadership skills.

    However, language proficiency was still the biggest limitation for many, with only 27 percent saying they are fluent in speaking, reading and writing English. Eighty four percent of workers in this industry have a bachelor’s or master’s degree or a doctorate.

    Earlier this month Vingroup announced the setting up of a research fund worth VND1 trillion ($44 million) for its Institute of Big Data to focus on fields like machine learning and AI.

  • Vietnam part of attractive Southeast Asian start-up scene

    Vietnam part of attractive Southeast Asian start-up scene

    The trend of investing in Southeast Asia start-ups gained momentum in 2016-17, including in Vietnam, though the country has yet to get its “unicorn,” or a privately held start-up with a valuation of $1 billion or more.

    “I think one of the reasons start-ups in Southeast Asia get such attention from foreign investors is the ‘unicorn’ companies, which attract talent from other countries to the region,” KK Fund’s general partner, Kuan Hsu, said.

    “In contrast to Vietnam and Malaysia, which are yet to have any unicorns, Indonesia already has four companies in this category.”

    Vietnamese start-ups received $61.5 million worth of investments last year. But Topica Founder Institute (TFI) said it is much higher than that, with $300 million invested in 92 different deals, and potentially even higher.

    Hsu said that Vietnam and Indonesia are favored destinations for anyone looking to start companies because they have big populations on top of large numbers of young people, and thus have huge consumption potential.

    Nikhil Kapur, head of South Asia, GREE Ventures, agreed with that view, saying Vietnam shows many promising signs of becoming a start-up nation though it is still at an early stage.

    “We will evaluate annually to determine Vietnam’s potential growth for start-ups. But at the moment, we need more time to carefully study the market because Vietnam is different from other countries in the region. Some businesses are on the right path to becoming a successful company.”

    Research shows there is a new start-up for every 57,982 people in Vietnam. According to the website Worldometers, the country had roughly 1,664 start-ups.

    But Hsu said the nationality of founders does not matter when counting the number of start-ups in a country, only where the businesses are registered.

    For instance, Loi Luu, a Vietnamese entrepreneur and the CEO of Kyber Network, registered the business’ headquarters in Singapore. As a result, this successful company, listed among the 50 most successful start-ups in Southeast Asia in terms of attracting investments, is considered Singaporean.

    Now e-commerce is the most popular sector with foreign investors.

    The Vietnam E-commerce Association said the country’s e-commerce market grew by 25 percent last year and this rate is expected to continue through 2020.

    Last year the sector saw 21 deals worth $83 million, the highest of all sectors.

    It was followed by culinary technology, financial technology, communications, transportation, and online travel.

    The start-up to attract the highest funding was Foody, which received $198 million from Sea Group for an 82 percent stake.

    Sea Group also bought two unnamed companies in logistics and financial technology for $64 million and $50 million.

    Rounding off the top six were Tiki ($54 million from JD.com Inc), an unnamed company ($20 million from TNB Ventures) and Vntrip ($10 million from Hendale Capital).

  • JakEVO app to simplify Jakarta business permit issuance

    JakEVO app to simplify Jakarta business permit issuance

    The Jakarta administration launched at City Hall on Monday a new smartphone app named JakEVO to simplify the procedures for obtaining business permits (SIUP) and registration certificates (TDP).

    Jakarta One-Stop Integrated Service Agency (PTSP) head Edy Junaedi said with the app, both of the permits can be obtained in less than an hour, without requiring applicants to visit the PTSP office or service points to get their SIUP and TDP.

    “The applicants only need to upload required documents, tag their location and approve of the terms and conditions within the app. In around 30 minutes, they will receive the permits in an email,” Edy said.

    JakEVo can be downloaded for free from the Google Play Store and the App Store.

    The city administration expressed hope that the initiative could help the country achieve a rank of 40 on the Ease of Doing Business index compiled by the World Bank. The country is currently ranked at 72, a jump of 19 places from its previous rank of 91.

    In the World Bank publication “Doing Business 2017: Equal Opportunity for All”, Indonesia jumped 15 places to 91 from 106.

  • Vietnamese startups pour $129 million into financial tech scene

    Vietnamese startups pour $129 million into financial tech scene

    Widespread smartphone usage, increased consumer spending and a low unemployment rate have spurred investment. Vietnamese startups have invested $129 million into financial technologies, with investors saying the country has high potential for tech development, a conference in Hanoi heard last week.

    Vietnam is one of the best markets for financial technologies given its widespread smartphone usage, increased consumer spending and low unemployment rate, Varun Mittal, Ernst & Young’s ASEAN FinTech head, said at the conference.

    FinTech (financial technologies) are technological innovations created to support or enable banking and financial services such as AI-powered trading.

    “Foreign investors are interested in and even willing to buy FinTech from Vietnam due to the country’s markets being attractive for FinTech development,” Mittal said.

    The company said there are almost 80 FinTech firms currently operating in Vietnam, with about 47 percent specializing in payment services. This is partly due to the fact that most Vietnamese people still conduct transactions in cash.

    Mittal also said that several banks want to collaborate with FinTech firms to develop digital banking software instead of developing the software themselves, citing lower costs.

    Korea-based financial group Keb Hana’s chairman Kim Jung Tai said that the group is working with a Vietnamese bank on the development of FinTech during a meeting with Vietnam’s Deputy PM Vuong Dinh Hue in Hanoi back in January.

    However, obstacles still remain. Vietnam’s financial services country leader for Ernst & Young, Nguyen Thuy Duong, said the Southeast Asian nation does not yet have an official policy regarding cooperation between banks and FinTech firms. The fact that many FinTech companies are just fledgling startups with limited capital, workforces and experience doesn’t help either.

    Duong added that the State Bank of Vietnam is working on developing a legal framework to experiment with FinTech before applying it on a larger scale.

  • UnPackt Singapore offers package-free groceries

    UnPackt Singapore offers package-free groceries

    Singapore is about to have its first zero-waste grocery store, UnPackt. It will sell its goods without any packaging, encouraging customers to take along their own containers.

    In self-serve gravity bins to reduce food waste, dried food and cleaning supplies will go on sale first, with plans to introduce fresh fruit and vegetables when sales volumes pick up. Goods will be priced lower than regularly as they are free of packaging.

    The store will also run a recycling scheme offering donated containers for customers who visit the store without their own. Reusable containers can also be bought.

    Co-founded by former business executives Florence Tay and Jeff Lam, UnPackt is a social enterprise that aims to spread the zero-waste message and make packaging-free shopping more accessible in Singapore. The store will hire staff from two disadvantaged groups, seniors and single parents.

    Tay had the idea for the store while exploring how to cut back on plastic waste. She was particularly looking at how to buy food in small quantities to reduce food waste. A survey she ran this month gave her confidence that Singaporean shoppers will support a zero-waste store.

    On Jalan Kuras, in the commuter district of Ang Mo Kio, Unpackt will open early next month. An online version will be introduced later.

    Singaporeans consume at a rate that would need four Earths to support them, using an average of 13 plastic bags a day per person, reports Eco-Business. Last year the island produced more than 800 million kilograms of plastic waste, with only 6 per cent being recycled.

  • Food2U scores a long term investment

    Food2U scores a long term investment

    Myanmar food-delivery platform Food2U has raised a six-digit investment from Premium Distribution, which handles retail, food services and non-food products.

    It imports and distributes products from such food brands as Cadbury, Ferrero, Fontana and Nestle, as well as items from Lock & Lock and Luminarc.

    The valuation of the startup, founded in early 2015, is said to be more than US$2 million. The company is led by founder/MD Kyaw Myo Thet, whose background is software engineering. In May last year, Food2U raised a six-digit amount from three individual investors including iMyanmarHouse.com founder Nay Min Thu.

    Food2U, which handled about 5000 deliveries a month last year, has expanded its services beyond Yangon to Mandalay and Taunggyi. It has also forged a partnership with Pizza Hut in Myanmar, a JV involving Pizza Hut Myanmar, City Mart Holding and Jardine Restaurant Group.

  • Alcheme Skincare ready continue with increased funding

    Alcheme Skincare ready continue with increased funding

    Start-up Alcheme Skincare has closed its seed-funding round and says it is set to launch its disruptive model next month.

    It will use facial-recognition technology to provide “personalised” skincare products, say co-founders Tuyen Lamy and Constance Mandefield.

    Without disclosing the amount raised, CEO Lamy says said the funds will be used for product development, marketing, market expansion in Southeast Asia, and the establishment of an R&D and production laboratory.

    Both Lamy and Mandefield have a decade’s worth of experience in the skincare industry. They were inspired to develop their own line of products during their tenure at a global beauty brand.

    Using facial-recognition technology will provide an objective and scientific assessment of skin, say the co-founders. Data will be interpreted by proprietary algorithms in tandem with cloud-based technologies and open-sourced platforms.

    “The results are then interpreted and paired with active ingredients that not only address a customer’s specific requirements but also help provide an improved and enhanced complexion,” says Alcheme.

    Its point of difference stems from its direct-to-consumer business model, with its skincare products being customised, made-to-order and delivered to each customer.

    “Achieving perfect skin is not about making the most expensive or the most complicated choice, but about making the right choice,” says Lamy.

    Mandefield, Alcheme’s COO, says that insights from investment firm DSG Consumer Partners, which led the seed-funding round, “will help us strengthen our offerings and drive our expansion plans.”

    Based in Singapore, DSG Consumer Partners has a focus on consumer businesses in Southeast Asia and India.

  • Blackstone and Sky Internasional Be Named as Masterminds of a Big Marketing Scam in Indonesia

    Blackstone Indonesia and Sky Internasional a self-claimed digital strategic marketing agency in Indonesia with premium services in interactive communications, digital strategy, brand identity, social media and online advertising are to be considered as digital fraud masterminds and to be the leaders of an organization with only one goal, to cheat clients solely to enrich themselves with personal benefits and to fund their luxury lifestyles. 

    Retail News received a lot of complaints from several Blackstone Indonesia customers, basically complaining about the same kind of practices. Retail News took the lead in this investigation and took a deeper dive into this matter. After seeing all proof we are committed to send out a warning to all startups and companies in Indonesia. Our advise is not to engage in any partnership with the two mentioned companies. It’s very likely you will lose money, time and efforts in the spiderweb these companies have build out.

    The “modus-operandi” is usually the same ; they issue invoices without tax and ask clients to wire money to a variety of bank accounts. All invoices appear to start with #1 for each clients and one of the bank accounts always coming back is from Aldino Ozky, Bank Central Asia with bank (BCA), Account No. 920000223. They use this bank account to wire company money to and to avoid paying taxes, neither issuing any tax receipts.

    After a company wires the first retainer, Blackstone shows you their digital dashboard which has all sorts of numbers on page views and impressions and gorgeous graphs. It looks like you’ll have access to loads of information about your marketing. Which in theory is a good idea… The only problem with every one of these fancy dashboards we’ve seen is they provide all sorts of information which is of no use to the business of client and they sell 0. While they charge you for a variety of things, simply to run out your budgets.

    Aldi Sky Wungkana, self-esteemed CEO of both companies has an explanation for everything, but not for all above topics we’re writing up ; also not even why the money of the company is wired without tax straight into an employees bank account. Big talker, 0 results.

    Felix Valentino is also a member of their league, he never picks up the phone when you try to call him ; uses fake whatsapp profiles and he’s to be considered as the the email writer to inform customers that their money is litterally gone. Done and dusted, simply call him the “excuse guy”.

    A random overview of what else they are practicing:

    # PPC fraud with high bounce rates and non-targeted traffic.

    # sending bot traffic to your website and charging high CPCs for this ;

    # buying FB engagement on non-legal websites and sending it over to your social media channels basically ruining everything you have build up ;

    # 0 to none connection with big newspapers, but charging the same rates to publish content on shitty websites claiming they offer premium PR services

    In regards to the proof of all statements made above, readers, the police and/or any other governemental institution can contact Retail News to received all proof. We have bundled all complaints from startups and customers. None of the phone numbers we called were available for any comments. Whatsapp groups dissolved and no response on email.

    A police case is about to be filed as well as a court case to stop these gentlemen from doing what they are doing. Companies are warned! The tax authorities received complaints as well and confirmed they have started an investigation.

  • Nike buys custom fit start-up from Israel

    Nike buys custom fit start-up from Israel

    The Israeli based computer vision firm was bought for an undisclosed sum and is Nike’s second acquisition in recent months following its purchase of consumer data business Zodiac in March.

    Invertex found David Bleicher has previously the technology as a “mass customisation” tool that enables customers to fit products to customers online through mobile applications that scan shoppers bodies.

    The business has also launched a smart mat product that uses maching learning to scan feet in-store and achieve what the business calls “unprecedented” levels of sizing reccomendations.

    Nike said the deal would deepen its digital capabilities at a time when it is rushing to capitalise on growing demand for online experiences.

    “The acquisition of Invertex will deepen our bench of digital talent and further our capabilities in computer vision and artificial intelligence as we create the most compelling Nike consumer experience at every touch point,” said Nike Chief Digital Officer, Adam Sussman.

    Nike said Bleicher and his team will focus on “ground breaking innovations” under the Nike umbrella.

    “Nike’s connection to and understanding of their consumer is unsurpassed and we look forward to joining their team to help drive the Consumer Direct Offense,” Bleicher said of the deal.