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  • India, Portugal launch international startup hub

    India, Portugal launch international startup hub

    India and Portugal have entered a collaboration to strengthen the connection between the startup ecosystems of the two countries.

    The recently-launched India-Portugal International Startup Hub is an initiative towards that end. “Startup sphere is an interesting space for cooperation. It is a great means to generate value and wealth for society,” India’s Prime Minister Narendra Modi has commented.

    The India-Portugal International Startup Hub (IPISH) is a platform for all stakeholders of the startup ecosystem in India, including startups, investors, mentors, incubators, accelerators, aspiring entrepreneurs, service providers and government bodies.

    The hub provides an opportunity to connect with other members of the ecosystem and also offers access to important resources such as its learning and development program, information about relevant government schemes, a forum to brainstorm and discuss, news and blogs among others.

    The platform has been initiated by StartUp India and supported by the Indian Commerce and Industry Ministry and StartUp Portugal to create a mutually supportive entrepreneurial partnership.

    IPISH hosts a range of tools and will provide information on the startup hotspots of Bangalore, Delhi and Lisbon; and on associated subjects, such as policy, taxation, and visa options. It will develop a Go-To-Market Guide to support startups.

    IPISH is expected to help in mutual capacity building, and enable connections between start-ups, investors, and incubators from relevant sectors. It is also expected to establish a network of honorary ambassadors based in India and Portugal to guide start-ups from both countries.

    There are strong synergies between India and Portugal in the start-up sector. Portugal has one of the highest rates of business creation in Europe and has emerged as one of the most vibrant European ecosystems for entrepreneurship.

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  • Industry 4.0 paving the way for Vietnam’s startups

    Industry 4.0 paving the way for Vietnam’s startups

    FPT Corporation Chairman Truong Gia Binh and Asanzo Vietnam CEO Pham Van Tam share their outlook on the Industry 4.0 trend. Industry 4.0, short for emerging technologies like cloud, artificial intelligence and machine learning, is considered the fourth industrial revolution, and is rapidly changing the world.

    Vietnam had missed three industrial revolutions before so it’s high time for the country to catch up with this global trend, said Truong Gia Binh, Chairman of technology giant FPT Corporation. “Don’t grow old before you get rich.”

    Industry 4.0 will pave the way for businesses in Vietnam, including the startup community, given the country’s young demographic and high internet penetration rate, Binh commented. The revolution will also create more jobs.

    Unlike the last three industrial revolutions, Industry 4.0 focuses on automation and data exchange in manufacturing technologies. Small startups with limited capital can still be very competitive, he added.

    “Opportunities and risks go hand in hand, but with government support for the startup community, they should begin to change their minds and the way they run their businesses, depending on their needs and financial capabilities,” Tam said.However, launching a new enterprise also means taking a risk, Pham Van Tam, CEO of Asanzo Vietnam, warned.

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  • Introducing BistroChat, Hong Kong-based restaurant booking app

    Introducing BistroChat, Hong Kong-based restaurant booking app

    An innovative restaurant booking app by chat recently penetrated the Hong Kong market. Alexandre Sonier, co-founder of the application BistroChat, defines it as being similar to “having WhatsApp, but with restaurant contacts instead”. Its features let its users chat directly with the staff to make restaurant bookings easy, hence making it unique in Asia Pacific.

    Today, BistroChat mainly seduces expatriates living in Hong Kong, and especially women. People aged from 25 to 40 years old with high standards of living generally use this app. According to Alexandre, settling in Hong Kong was a choice. In his vision of the industry, trends are different from a market to another. He justifies his point by saying that it is difficult to launch a new application in China, as everything is concentrated on QQ and WeChat platforms. In the same way, “the US is saturated, as the app offer is too wide”. This is in opposition with Asia Pacific, and especially Hong Kong, as BistroChat co-founder says “people buy more and more smartphones, while constantly looking for new apps. We think this it is the right time to launch a new app in this region”.

    This application is the work of three men who used to work in different startups across the world for a few years. As app developers, they managed to cover all the skills needed to launch their project, making it possible to build it in-house. Raised investments led to the creation of an MVP, allowing the company to grow within the industry.

    The particularity of BistroChat is that it is hassle-free. Today, two options are possible when it comes to booking a table in a restaurant: calling; or online reservation, which can take more time because of a longer process. By entering the market, BistroChat offers an instant connection between restaurants and its customers. Making a reservation via this app is done through chat, hence directly relating the client to the staff.

    Furthermore, competitors send an email to the restaurant in order to notify them of a new booking. Alexandre notes that this cannot work with last minute bookings, hence justifying that chat is more convenient. According to him, instant confirmation can be made, and name and phone number spellings are no problems anymore. Those features make the app more appropriate for special requests.

    It is thus with the objective of standing out from the broad app offer on the market that BistroChat maintains its efforts and innovation processes. As its co-founder states: “we don’t see an app as a one-time development but as a continuous process of improvement”. This leaves plans for building new features such as the AI, which would suggest and recommend to users new and trending restaurants, based on their preferences.

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  • Vietnamese-French entrepreneur interested in local tourism startups

    Vietnamese-French entrepreneur interested in local tourism startups

    Vietnamese-French businessman Pascal Pham said he plans to invest in tourism startups in Vietnam. Club director of leading French communications group Skyboard, Pham said the first element that alerted him to Vietnam was the extraordinary Vietnamese diaspora in Silicon Valley and Europe.

    “We live in a global world, in France for example, a Vietnamese was the co-founder of Sparrow which was bought by Google for $25 million. We need to be connected to be successful, from Europe to the U.S., from the U.S. to Southeast Asia.”

    The second element was the excellent training computer scientists receive here in Vietnam, making it “a strong international culture and an interesting territory to audit.”

    The local culture in Vietnam is unchanged but opportunities are growing while risks remain unchanged. Young people are better trained, the economy is part of a growing region, and the appetite for success is confirmed by major groups such as tech giant FPT motivating interest in Vietnam, Pham told.

    “I want to invest in innovative tourism because it is the DNA of our start-up incubator in Paris,” said Pham.

    He is also interested in the Vietnam Innovative Startup Accelerator (VIISA), a mechanism that gave him the opportunity to discover the first steps of the innovation ecosystem and create an incubator in Europe a few years ago.

    Asked for advice about raising funds for Vietnamese startups, the lecturer from the Sorbonne University said they need a balanced team of expert marketers, good engineers and an international vision from the beginning.

    In order to go globally, Vietnamese startups should prepare a tested and effective economic model that does not follow existing models, and make good use of their resources and technology.

    A co-founder of the Paris-based T3 Business Forum, which represents tourism, transport and technology startups, Pham said Vietnamese startups can benefit indirectly from a new inflow of capital under new French President Emmanuel Macron’s plan to create a huge sovereign fund for startups with Germany.

    Southeast Asia has to convert its appeal into success stories in new technologies, and FPT has been leading the way.

    “With a strong common goal, Vietnam can become a powerful leader in this exciting quest. Networks are the most underestimated asset. I’m here to bring my network,” he said.

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  • Unilever Foundry launches co-working space in Singapore

    Unilever Foundry launches co-working space in Singapore

    Unilever Foundry, a Unilever-lead initiative for start-ups and innovators, has opened a collaborative working space at the firm’s regional office in Singapore – the first of its kind for Unilever.

    Dubbed Level3, the new collaborative space was launched by the Unilever Foundry to provide startups with the opportunity to interact and partner with Unilever and other ecosystem partners to solve business challenges. This ranges from marketing to finance, logistics, supply chain and customer development.

    “Level3 offers our business a direct connection with disruptive technologies and changemakers to shape the way we work — ultimately impacting people’s lives,” said Pier Luigi Sigismondi, president, South East Asia and Australasia. “Level3 is the springboard for startups to scale and build successful businesses.”

    Opening February 14, within the Unilever regional headquarters in Singapore, the 22,000 square foot workspace aims to connect startups to Unilever brands, and give them access to existing Unilever Foundry programs.

    Fifteen international and local startups are taking part, including Adludio, ConnectedLife, Datacraftt, EcoHub, GetCraft, Next Billion, Olapic, Snapcart, TaskSpotting and Try and Review.

    It comes at a time when industry experts are attempting to foster relations in Singapore between big multinationals and innovators.

    “The set-up of Level3 in Singapore — a global first for Unilever — is a strong testament to the growing vibrancy of Singapore’s startup ecosystem,” said Dr Beh Swan Gin, Chairman, Singapore Economic Development Board. “Level3 represents an emerging corporate innovation model that is aligned with EDB’s efforts to encourage collaborations between multinational companies and other enterprises such as startups.”

    Unilever tapped Padang & Co to design the building and manage all programs within the space. The innovation experts will host learning and networking opportunities, such as fireside chats, sharing sessions, mentoring programs and access to training and resources offered by technology partners.

    “We envision Level3 as a vibrant workspace offering global opportunities for entrepreneurs. We are passionate about connecting members of the startup ecosystem to spark collaboration and ignite innovation,” said Derrick Chiang, CEO, Padang & Co.

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  • Plug and Play Accelerator Program has officially started in Indonesia

    Plug and Play Accelerator Program has officially started in Indonesia

    In collaboration with Gan Kapital, a strategic investment advisory in Indonesia, Plug and Play is finally going to announce the 11 selected startups for its first batch of accelerator program in Indonesia. The announcement will be held at a coworking space where these startups will reside and learn during the 3-month program in Kuningan, South Jakarta. Based in Silicon Valley, Plug and Play Indonesia is part of the largest startup accelerator program in the world.

    Plug and Play Indonesia accepted more than 400 startups applied between the month of February and March. These applications came from Jakarta, Bandung, Yogyakarta, Bali, Malaysia, Singapore, Hong Kong, India, Brazil, and even Germany. Indeed, Plug and Play Indonesia accelerator program also welcomes foreign startups trying to enter Indonesia’s market. Plug and Play Indonesia proudly introduces the startups selected to be part of its first batch of accelerator program, that is Dana Didik, KYCK, Otospector, Bustiket, Karta Indonesia Global, Sayurbox, Brankas, Astrnt, Bandboo, Wonderlabs, dan Toucan.

    “Selecting these startups wasn’t an easy task because we met with so many high quality startups. We are positive that our months of rigorous selection process has led us the 11 best startups,” said Nayoko Wicaksono as the Accelerator Director of Plug and Play Indonesia. After carefully reviewing the online application and documents, 50 startups were invited for an initial pitch session on March 29 and 30.

    During this initial pitch, startups were asked to explain business model, traction, financial plan, as well as the team profile. The next step was another round of pitching in front of a panel judges from Plug and Play Indonesia, Play and Play Asia Pacific, Plug and Play Silicon Valley, as well as representatives from corporate members, such as Astra International and Bank Negara Indonesia. “Our Corporate Partners also have the right to vote for the startups who will be joining our accelerator program. This is one of the way to ensure that our startups will get the benefit of working with corporates,” said Wesley Harjono, President Director of Plug and Play Indonesia who was also a part of the final judging panel.

    Collaboration with corporate and seed funding are just some of the benefits received by the 11 selected startups. During the 3-month accelerator program, these startups will also be mentored closely by pool of experts united in Plug and Play Indonesia ecosystem. These startups will also have access to workshops of different topics that will be delivered by more than 60 experts from different areas. Among Plug and

    Play Indonesia pool of esteemed mentors are Kevin Darmawan from Coffee Venture, Sebastian Sieber from Lazada, Sukan Makmuri from KUDO, Anton Soeharyo from Touchten, Natali Ardianto from Tiket.com, Nikita Semenov from Zen Room, Norman Sasono from Bizzy, Mark. F Winkel from Prisma Public Relations, Rama Mamuaya from Daily Social, Wempy Dyocta Koto from Wardour and Oxford, and many more. The list doesn’t stop there, the selected startups will also have free access to a coworking space strategically located in elite are of Kuningan, South Jakarta. “With this holistic support from Plug and Play Indonesia, our startups can focus on developing their product to the market,” said Nayoko

    Wicaksono, Accelerator Director at Plug and Play Indonesia. At the end of the 3-month accelerator program, Plug and Play Indonesia will be holding a Demo Day. This Demo Day is meant to bridge Plug and Play startups with local and international customers and investors.

    The Demo Day is currently scheduled to be in August 2017.

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  • Co-working spaces taking off in Vietnam

    Co-working spaces taking off in Vietnam

    Co-working spaces remain in the initial stages of development in Vietnam and are concentrated primarily in major cities like Hanoi and Ho Chi Minh City.  Hanoi now has around 14 co-working projects providing more than 7,000 sq m while HCMC has around ten projects with nearly 7,500 sq m for lease, according to the latest report from Cushman & Wakefield (C&W), a leading global real estate services firm.

    The most common sizes are from 300 sq m to 800 sq m and they tend to be located in the CBD or CBD-fringe districts or in new urban areas like the west of Hanoi or in Ho Chi Minh City’s District 2.

    “Globally, we are seeing demand growing at 10-15 per cent each year,” said Mr. Alex Crane, General Manager of C&W Vietnam.

    “APAC, and Vietnam in particular, is still in the early stages of co-working spaces becoming familiar and adopted.”

    Development of co-working spaces in Vietnam has been evidenced by the opening of more and more locations and especially the expansion of investors such as UP and Toong in Hanoi and Dreamplex in Ho Chi Minh City.

    UP now has two locations with nearly 1,400 sq m, Toong has three locations in Hanoi and one in Ho Chi Minh City with a total area of roughly 3,800 sq m, and Dreamplex has two locations in Ho Chi Minh City with over 3,700 sq m.

    According to Mr. Crane, there will be a further integration of co-working spaces into corporate real estate as CEOs are constantly looking to reduce real estate costs and co-working spaces offer a flexible, cost effective solution.

    “The rise of co-working spaces coincides with the number of millennials in the workforce and the working habits of Generations Y and Z will continue to impact how developers and multinational occupiers plan and use their commercial space,” he said.

    Co-working spaces are attractive to individuals, freelancers, startups and small companies mainly in the fields of technology and communications, who need flexibility as well as networking opportunities.

  • President makes three pleas to creative industry entrepreneurs

    President makes three pleas to creative industry entrepreneurs

    Indonesian President Joko Widodo (Jokowi) has made three pleas to the industry entrepreneurs while inaugurating the Inacraft Exhibition 2017.

    “I have made three pleas to craft and creative industry entrepreneurs in Indonesia to keep their products on spec or meet the buyers specifications, keep the budget or price at a reasonable rate, and timely delivery of the products,” he stated at the Jakarta Convention Center on Wednesday.

    Inacraft exhibition, which will be held from April 26 to April 30, will exhibit products from 1,392 local and foreign participants. This year, Inacraft has taken Yogyakarta as the icon, under the concept “Magnificent of Yogyakarta” and the theme “From Smart Village to Global Market.”

    The second plea from the president was regarding the packaging of the products.

    “Do not forget the packaging. Make the best you can and make it interesting. This is important because most of time, the packaging is what attracts the buyers,” he added.

    His third plea was to deliver the goods on time.

    “The delivery to the consumers could be made easier with various logistics infrastructures that we already have,” he stated.

    Jokowi also pushed the entrepreneurs to make use of the governments people credits program (KUR).

    “I understand the entrepreneurs problems regarding capital. Therefore, I remind the people of the KUR program, which has an interest rate of nine percent only. Hence, the products should be made better to make the investment bigger. I think our credit programs have a competitive interest rate too,” he reiterated.

    Indonesian Exporter and Handicraft Producers (ASEPHI) data, the committee of the exhibition, remarked that the Inacraft 2017 attendees included 65.95 percent of independent individuals, 24.5 percent from the Tourism Department, 8.7 percent from BUMN, and the rest 6.07 percent from other countries such as Myanmar, Japan, Pakistan, Poland, and India.

    This year, Inacraft has set a target of retail business increase of 10 percent, which reaches Rp142 billion, commercial contract of US$12 million, and around 200 thousand buyers from various countries.

    Some of the products exhibited include batik, fashion apparels, accessories, jewelries, and other crafts.

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  • Game marketplace “itemku” has raised USD 1.2 Million

    Game marketplace “itemku” has raised USD 1.2 Million

    Five Jack (fivejack.com), a company that operates an e-commerce game platform called itemku (itemku.com) for gamers in Indonesia, recently raised an additional investment of USD 1.2 million.

    On April 10th 2017, Five Jack announced to have raised investments from 500 Startups and Korean venture capitals, an addition to investments made by BonAngels in 2014 and 500 Startups in 2015. This adds to an accumulated total investment of nearly USD 1.7 million.

    Denis Kim, CEO of Five Jack, commented that itemku’s rapid growth averaging 30% a month is what attracts new and existing investors to back the company. “Our team has extensive experience in the local game market in Indonesia and Southeast Asia, an industry that has high growth potential in the near future.”

    With a population of 250 million, Indonesia is an emerging market where the e-commerce-based tech industry has been growing rapidly in the past few years.

    Five Jack was founded in South Korea and Indonesia in 2013 and currently operates game e-commerce platform, itemku, in Indonesia.

    In March, Five Jack launched a trial version of gokil (gokil.me), a service developed to identify the potential development of game community in Indonesia. The service is building on the existing customer base of hardcore gamers that itemku has secured.

    In the second half of 2017, Five Jack plans to expand its presence in Southeast Asia while keep growing their business in Indonesia.

    “Indonesia, where Five Jack is currently focusing its business efforts on, is a market with great potential. Success in Indonesia directly depends on the company’s ability to localize its business and tailor their service to adapt to the local market. I expect Five Jack to grow and become one of the top game communities, not only in Indonesia, but also in Southeast Asia in general,” said Kim-Jong-kap, Chief Executive Director of K-ICT Born2Global Centre, a startup incubator in South Korea.

    More information about Five Jack, including recruitment information, can be found on the company’s website (fivejack.com).

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  • China’s Changan forms electric car JV with local startup Nio

    China’s Changan forms electric car JV with local startup Nio

    China’s fourth-largest automaker Chongqing Changan Automobile Co Ltd and Nio, an electric car startup formerly known as NextEV, will form a joint venture to cooperate on researching and selling electric cars, Nio said on Sunday.

    China is aggressively promoting electric cars to combat urban smog and push the industry to the forefront of automotive technology, loosening rules in recent years to allow startups like Nio to flood the industry and challenge established Chinese automakers.

    The Changan-Nio JV will focus on research, sales and service for green cars, although under a broader partnership the two sides will also share resources related to smart vehicle technology, manufacturing and other areas, according to a statement from Nio.

    Financial terms of the partnership were not disclosed.

    A Changan spokesman said the company had no further information to release regarding the partnership.

    Chinese tech giant Tencent Holdings Ltd was an early backer of Nio, and rival internet company Baidu Inc last month said it was leading a new round of investment into the startup.

    Nio has also partnered with Anhui Jianghuai Automobile Group Corp Ltd to produce electric vehicles on a contract basis.

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  • TV programme “Startup Nation” to air shortly in Vietnam

    TV programme “Startup Nation” to air shortly in Vietnam

    Vietnam Television (VTV) and HCM Communist Youth Union on Monday announced a new TV programme titled “Startup Nation,” which is expected to promote startups inVietnam.

    The announcement was witnessed by Deputy Prime Minister Vương Đình Huệ, Minister of Science and Technology Chu Ngọc Anh, Minister of Agriculture and Rural Development Nguyễn Xuân Cường, leaders of the youth union and major companies in Vietnam.

    The talk show format will air on VTV1 every Friday evening from April 14 and rebroadcast Saturday afternoon.

    Another programme titled “Startup Coffee” will air from April 10 every morning as part of the programme “Good Morning” on VTV1.

    VTV Director General Trần Bình Minh said the programme producers wanted to deliver a message on startups, which is “Renovation is continuous and enduring. It’s not just a movement but a path for the nation to follow.”

    He said successful businessmen would be invited to “Startup Nation” to share experiences and comment on startup models or business trends in Vietnam and across the world. They could then suggest or invest in promising startup ideas.

    The TV programme is part of the Government’s mission to makeVietnam a nation of startups.

    First Secretary of HCM Communist Youth Union Lê Quốc Phong said the youth would applaud the new programme, which offers them an opportunity to present their startup dreams, and make those dreams a reality.

    Phong said the youth expected relevant agencies to hear their ideas and suggestions thanks to the TV programme and subsequently timely adjust policies to support them.

    In the first quarter of this year, 26,478 new enterprises were established in Vietnam, a record number in the last six years.

    Last year,Vietnam recorded the establishment of 110,100 new enterprises, the highest number compared with the previous years. Last year is the first time the country had more than 100,000 new enterprises in one year, which is said to be the result of the Government’s strong promotion of startups.

    Vietnam is expected to have one million enterprises by 2020.

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  • Indonesia’s startups continue to attract investors

    Indonesia’s startups continue to attract investors

    After dominating the investment market for the past few years, startups continue to attract investors this year.

    Investors see a startup as a company which fulfills three categories required in businesses, said Morgan Stanley president director Oki Ramadhana.

    “There are three things, which are usually used as benchmarks in potential businesses that will give profit to investors. Those are scalable, profitable and tractable records,” he added.

    Tokopedia and Gojek are two examples of successful startup businesses in Indonesia, said Northstar co-founder and managing partner Patrick Walujo during a seminar at the University of Indonesia (UI) over the weekend.

    “Tokopedia only started with the capital worth 200 million rupiah (US$15,000) from its founder and former boss. But now, the company has gained US$1 billion,” he said.

    However, Patrick stressed that it is not only a matter of big money for startup companies but also sustainability.

    “It’s not only about being rich, but how to make the company grow over time. Therefore, startup owners need to find an investor partner that will help them to step up to the next level,” he added.

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  • Thai start-up sector tipped to double in value as support grows

    Thai start-up sector tipped to double in value as support grows

    The size of the Thai start-up sector is expected to double this year, with especially high growth potential seen in the areas of fintech (financial technology) and tech for the healthcare, logistics and retail industries.

    Meanwhile, US tech giant Cisco is investing more than US$100 million (Bt3.5 billion) to support start-ups in Asia-Pacific.

    The Thailand Tech Start-up Association (TTSA) has predicted that the overall value of the start-up market in the Kingdom will double to more than Bt20 billion, with over 600 start-ups by the year’s end.

    The main factors driving this growth are people’s increasing access to information technology, government support for innovation and start-ups, and a rise in venture capital and private-sector support.

    Oranuch Lerdsuwankij, chief executive officer of start-up website Techsauce, said the sector would expand strongly this year due to collaboration and support from the private sector and government bodies such as the Bank of Thailand (BOT).

    The central bank has issued a consultation paper on “FinTech Regulatory Sandbox Guidelines”, with the purpose of the regulatory sandbox being to allow business operators to test their financial products or services in a live but limited environment, without being fully subject to all the requirements that are normally applicable.

    Through the sandbox, the BOT aims to facilitate new financial innovation while still ensuring consumer protection and financial-system stability.

    The central bank’s regulatory sandbox can offer its fintech products or services to consumers within the limited scope as approved by the BOT under somewhat lenient rules, as specified by the bank on a case-by-case basis.

    Start-up contests and events will also play an important role in driving the growth of start-ups as a whole, Oranuch said.

    Moreover, the banking industry this year will provide much more direct investment or create limited partnerships in fintech start-ups, she said, adding that the arrival of Alibaba in Thailand is another important factor that will benefit small local fintech developers.

    Corporate businesses such as banks and other financial institutions will increasingly develop accelerate programmes to support start-ups, and work with fintech start-ups to seek ways to provide better financial services to support their customers’ lifestyles and behaviour, the CEO said.

    The TTSA will also ask the government to support start-ups in terms of a capital-gains tax exemption to drive the growing sector as a whole.

    Vatsun Thirapatarapong, managing director of Cisco Systems (Thailand), said Cisco was investing over $100 million in Asia-Pacific start-ups with good potential via a venture-capital operation named Monk’s Hill Ventures (MHV).

    Besides investing in countries such as China, Singapore and Malaysia, MHV has invested in two Thai start-ups, one in the field of logistics and the other in gaming.

    The company will utilise a start-up’s solution and product, as well as bundled start-up services, application and platform, with Cisco’s own products to expand the business both locally and on the international market, the MD explained, adding that Cisco had started to invest in Thai start-up businesses a couple of years ago.

    Acting as an enabler

    “We want to see start-ups that utilise information technology to support disruptive business, such as in the logistics area by developing an application to support logistics optimisation. We are an enabler to support start-ups in terms of training and consulting, and as a marketing arm,” Vatsun said.

    Wiwat Wongwarawipat, president of InStep group – a product development services firm – said there was high growth opportunity for start-ups in Thailand catering to the financial, healthcare and retail industries, since user behaviour was rapidly changing in terms of people accessing new technology to support and improve their quality of life.

    Wiwat has personally invested in four Thai start-ups in the fintech and health tech areas.

    Moreover, his company is planning to set up a venture-capital operation to support local start-ups in in high-potential areas, including fintech, health tech and innovative tech for the logistics and retail industries.

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  • How Thai e-wallet startup T2P is going to help Myanmar go cashless

    How Thai e-wallet startup T2P is going to help Myanmar go cashless

    It’s a little hard to believe, but, four years ago, sim cards in Myanmar used to cost around US$500. If that price is considered exorbitant for even a first world nation, think about how out-of-reach it would be for the working class Burmese, whose minimum wage is only US$87.

    But that all changed thanks to the entrance of two foreign telecoms in 2013, Qatar’s Telenor and Norway’s Ooredoo, which saw sim card prices slashed to about US$1.50. Since then, the mobile penetration in Myanmar has skyrocketed to 90 per cent, up from 7 per cent in 2012, according to government figures. And of that, more than 80 per cent use smartphones; as a result, Burmese are hooking up to the internet more than ever.

    Now, Thailand-based fintech company T2P wants to help Burmese catch up to a tech product already prevalent in many other markets — mobile payments.

    Earlier this week, T2P signed a joint venture deal with City Mart Holdings Co.,Ltd, a leading Myanmar retail chain with over 200 outlets across the nation, which includes fast food restaurants, bookstores and supermarkets.

    The signing was held during a Myanmar-Thailand Business Cooperation event presided over by Myanmar State Counseller Aung San Suu Kyi and Deputy Prime Minister of Thailand Dr. Somkid Jatusripitak.

    The joint venture will see T2P integrate its suite of fintech offerings including its payment platform, loyalty and e-gift platforms, as well as e-wallets to cater to Myanmar’s burgeoning smartphone user demographics.

    According to an official press release, T2P’s overarching goal is to democratise financial services to the country’s large unbanked population.

    “At a company level, we are not only bringing our technology platform to help accelerate technology deployment for our partner, but also indirectly drawing attentions from our investors and other potential investors to take a deeper look at opportunities in Myanmar. When more of this happen[s], I’m sure there will be more parties to help accelerate the growth of startup ecosystem in Myanmar,” said T2P’s CEO Taweechai Pureetip, in an interview.

    He added that through regional events such as Mekong Investment Forum, Thai entrepreneurs are raising awareness about the great potential of tech innovations, as well as enabling other entrepreneurs by sharing their experiences and lessons.

    But like any emerging economy, Myanmar’s tech ecosystem still have many obstacles to overcome. Basic infrastructure is still dysfunctional in certain parts, especially rural areas. And although foreign investments are on the rise in Myanmar, the law regarding such investments in the country’s newly-minted stock exchange is still restrictive.

    Pureetip is aware of such challenges, having faced similar problems in his home market.

    “Since the beginning of our company, we aimed to help improve financial access to those unbanked in Thailand.  We have to take into accounts technology literacy of our customers, access to services, and connectivity issues that may arise in some areas.  These are similar issues but may be more common in Myanmar,” said Pureetip.

    “Aside from technology, both Burmese and Thais are cash base society. Changing cash into electronic money will be our big challenge for us but we also see great opportunities there. We will be working closely with CityMart in adapting our service offerings to encourage them to use more electronic money,” he added.

    Founded in late 2011 by MIT Alumni Pureetip, Natwut Amornvivat and Charatpong Chotigavanich, Panop Kasemsarn, T2P has been providing white label cash and reward card solutions to national retailers in Thailand since 2013. It currently process over 1.5 million card holders,

    In 2016, it raised its first outside financing round in 2016 from 500 Startups, 500 Tuk Tuk and a strategic partner Benchachinda Holding.

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  • iFashion Group acquires lifestyle marketplace Megafash

    iFashion Group acquires lifestyle marketplace Megafash

    Singapore-based lifestyle venture platform, iFashion Group, announced today it has acquired Singaporean independent designer brands marketplace Megafash for S$3.5 million (US$2.23 million), in a cash and shares deal.

    iFashion group also appointed Jeremy Khoo, the CEO and founder of Dressabelle – an O2O fashion marketplace that it acquired last year for S$7.5 million (US$5.5 million) – as its new CEO.

    This new development will strengthen iFashion Group’s position as a major lifestyle portal in Southeast Asia. Megafash has both a strong online and offline presence, with its 7 stores occupying over 15,000 sq ft. It works with over 2,000 indie brands globally to sell over 300,000 unique products on its marketplace. In 2016, Megafash’s annualised revenue was reported to be S$8 million (US$5.7 million).

    “It’s an exciting time for us at Megafash. The brand has grown significantly, from 3 stores in 2015 to 7 stores currently. In times of economic downtown, we are pleased to say that our revenue grew five times from 2015. Megafash continues to grow as Singapore’s leading lifestyle marketplace. In fact, in December we received as many as 2,000 orders a day,” said Megafash’s CEO and Co-Founder, Jiawen Ngeow, in an official press release.

    The acquisition of Megafash will also accelerate iFashion Group’s plans to go public. A press release said that the company is mulling an IPO at the end of April or May.

    Last year. besides Dressabelle, iFashion Group made two other acquisitions: online retail real estate booking platform INVADE, and Malaysian fashion brand NOSE.