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PR Newswire

Boost, a regional FinTech firm, becomes first fully digital financier to secure investment grade A1 rating in Southeast Asia

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  • Boost looking to tap on burgeoning digital banking ecosystem within the Southeast Asian region
  • A1 rating for its Malaysian securitised receivables cements firm’s commitment towards the underserved segment securitizes financing portfolio; rating reflects the quality of portfolio underpinned by algorithmic scoring

SINGAPORE, March 22, 2022 — Boost, the leading regional financial technology (FinTech) provider, today announced that its maiden tranche of Senior Class A Medium Term Notes (MTN) has been rated A1 by Malaysia-based, RAM Rating Services Berhad (RAM Ratings) *, the leading and largest credit rating agency in Southeast Asia.

This establishes Boost as the first fully digital regional financier to receive an investment grade A1 rating for its securitised Malaysian receivables. The FinTech giant, which provides services spanning payment services, alternative lending, digital insurance, content services and merchant solutions, is the fintech arm of Bursa Malaysia-listed Axiata Group Berhad. Boost currently operates primarily in Malaysia and Indonesia.

The A1 rating was awarded on the back of a commendable non-performing financing (NPL) rate of less than 3 per cent from funds disbursed to finance Small and Medium-sized Enterprises (SME) customers’ working capital, supply chain and invoice financing to help them grow their businesses.

Commenting on the A1 rating, Sheyantha Abeykoon, Chief Executive Officer of Boost, said, "We are glad to once again, set the standard for an industry which is at a very nascent stage, but has immense potential. The A1 rating of the securitised tranche is a testament of the quality of our financing portfolio and the robustness of our alternative lending platform. Our digital-first solutions are simple and conveniently available to customers, incorporating a comprehensive e-Know Your Customer (eKYC) with a 3-minute digital application journey supported by AI and machine learning tools,"

"We anticipate this rating will help diversify our capital base, enabling us to further support more SMEs. We are wholly focused on our aspiration of championing financial inclusivity, and we are excited at the prospects of serving more SMEs as we move towards becoming a full spectrum regional fintech player," added Abeykoon.

With the ongoing digital acceleration, there lies a greater opportunity to make finance more accessible. The rating exercise further underscores Boost’s capabilities and competencies in accelerating financial inclusion through Boost Credit (formerly Aspirasi) in using robust alternative data scoring frameworks to underwrite credit. Since its inception in 2017, Boost has been striving to leverage on opportunities to further widen its reach and positively impact underserved and unserved segments.

Gurpreet Khera, Chief Business Officer of Boost Credit commented, "The A1 rating is a significant milestone in our journey of building a truly Digital Bank, and a natural progression to provide comprehensive digital financial services for the region. The rating also reflects our commitment to continuously improve our product offerings as we envision a financially inclusive ecosystem in Southeast Asia."

The securitised receivables rating provides reassurance to potential investors about Boost’s operational capability to support such exercise. It also signals to stakeholders that its products have been vetted and meet the requirements for the securitisation exercise under an A1 rating.  The rating is applicable to the Senior Class A Medium Term Notes with a tenure of 30 months, and will be issued by a Special Purpose Vehicle (SPV), Salvare Assets Berhad and reviewed on an annual basis. Boost intends to issue more MTN tranches as it grows its financing portfolio to meet the needs of SMEs.

According to a report by Fitch Ratings, titled "South-East Asia’s Fintech Landscape: Rising Digital Adoption, Large Underserved Market to Fuel Sector Growth", SEA has a population of over 580 million at end-2020, of which more than half were unbanked.

In three short years of operation, Boost Credit has disbursed more than SGD390 million (RM1.2 billion) to SMEs in both Malaysia and Indonesia. Applicants enjoy a 3-minute digital application journey with a quick approval process to meet their financial needs to grow their business.

In July 2021, Boost announced a formal partnership with RHB Bank, Malaysia’s fourth largest, fully integrated financial services group to form a consortium and bid for a digital bank license. The consortium was one of 29 formal applicants received by Malaysia’s central bank, Bank Negara Malaysia (BNM), under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, following a 6-month application period which ended on 30 June 2021. It is anticipated that up to five successful applicants will be granted a license by the first quarter of 2022.

Last year, the Monetary Authority of Singapore (MAS) approved the country’s first digital banking licenses. Four licenses were issued with two each for digital full bank license (DFB) and digital wholesale bank license (DWB). In Indonesia, there are already seven digital banks and another seven are pending licences from the Financial Services Authority (OJK).

*Note for media: Established in 1990 by the central bank of Malaysia and now regulated by the Securities Commission Malaysia as part of the "institutional infrastructure" to support the development of Malaysia’s bond market, RAM has rated more than USD450 billion of bonds issued by over 750 entities.

About Boost

Boost is the fintech arm of Axiata that unifies financial services spanning payments, micro-financing, micro-insurance, cross border content services and merchant solutions. We combine deep fintech, in-house data and AI to meet growing and diverse needs of our customers and merchants across the region, with the aim of becoming a full spectrum fintech player in Southeast Asia. Our businesses are streamlined into four core brands:

Boost Life

The eWallet consumer platform that focuses on consumer lifestyle offerings such as online and offline retail payments, bill settlement, insurance and transportation & transit use cases with new features constantly introduced.

Boost Biz

The merchant business that offers a payment platform for enterprises of all sizes, business tools and digitalisation solutions.

Boost Credit      

Formerly Aspirasi, it houses the micro-financing & micro-insurance business and is a pioneering Digital Alternative financier in Malaysia and Indonesia.

Boost Connect

Formerly Apigate, Boost Connect is a global digital monetization and customer growth payment platform ecosystem provider with innovative products and services.

Users can download Boost from the Google Play Store, App Store or HUAWEI AppGallery.

For more information, check out the website at www.myboost.com.my, newsroom, or follow Boost on Facebook (facebook.com/myboostapp) and Instagram (instagram.com/myboostapp).

PR Newswire

Funding Societies Announces US$16M ESOP Buyback for Former and Existing Employees

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The announcement follows the Company’s recent US$294m Series C+ equity and debt funding round and will be its fourth ESOP Buyback

SINGAPORE, 16 March, 2022 — Funding Societies (also known as Modalku in Indonesia), Southeast Asia’s largest SME digital financing platform, announces its Employee Stock Option Plan (ESOP) buyback for existing and former employees worth US$16 million. The ESOP buyback marks the fourth time this activity has been conducted by the FinTech platform. Prior, employees and company alumni have cashed out US$3.5 million worth of ESOP shares.

Kelvin Teo, Co-founder & Group CEO, Funding Societies | Modalku
Kelvin Teo, Co-founder & Group CEO, Funding Societies | Modalku

Funding Societies’ ESOP policy was designed for inclusivity and equality. Under the buyback scheme, all eligible former and current employees would have a right to sell their shares at no discount to the Series C+ preference share price to incoming investors, as compared to the customary 20% discount in industry. Employees may also choose to keep their ESOP or convert their vested ESOP into shares, effectively becoming company shareholders.

Many Funding Societies employees are eligible for the ESOP policy, including new hires. The company offers 50% of total annual salary in ESOP allotment for eligible new hires, leading the market and setting industry standards. Funding Societies also places strong emphasis on long-serving employees in its ESOP scheme. Eligible loyal employees are entitled to ESOP on every 2-year anniversary of joining the company. More than 120 current and former employees since Funding Societies’s inception received cash rewards from this share buyback.

Kelvin Teo, Co-founder and Group CEO of Funding Societies | Modalku, said, "Cliche as it may be, people are the center of Funding Societies | Modalku. We’re grateful for their faith and dedication to realise the vision of empowering Southeast Asian MSMEs, including that of our current team members, and especially from many founding team members in each country who are still with us, along with talent who have left us after an amazing stint, and people who have returned to us. We decided to buyback at no discount rather than the usual 20% discount, equating to a few millions more in cash payout, as a tangible way to thank our team. And I’m heartened when some team members shared about their first home with me from their ESOP gains."

He added: "Even before our Series C+ round, I am also pleased to report that 2021 saw the lowest employee attrition rate and the highest employee happiness scores since Funding Societies was founded. Despite the impact of Covid-19, we have taken deliberate steps to appreciate our team across various initiatives including internal communications, learning & development and ESOP, among others. Next, we want to do more to create a suitable working environment for parents. Specifically, we are taking steps to accommodate mothers by offering better family benefits and have launched part-time positions with more flexible working hours."

The announcement came just a month after the company’s C+ US$144 million equity funding round led by SoftBank Vision Fund 2 and other investors, including VNG Corporation, Rapyd Ventures, Asia-based global investor EDBI, Indies Capital, K3 Ventures, and Ascend Vietnam Ventures. The round also includes US$150 million in debt lines from institutional lenders across Europe, the United States, and Asia. Most of the raised funds will be utilised to propel company services for micro, small and medium enterprises (MSMEs) across Southeast Asia. A total of US$294 million was raised.

Funding Societies was founded in 2015 by Kelvin Teo and Reynold Wijaya out of Harvard Business School to empower MSMEs in Southeast Asia. The FinTech company solves MSMEs’ key pain points for growth, starting with the region’s US$300 billion financing gap. Funding Societies offers micro loans from US$500 up to US$1.5 million, which can be disbursed in as fast as 24 hours, answering in a timely manner to MSMEs who face the pertinent challenge of accessing business funds.

About Funding Societies

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia, Thailand, Malaysia, and operates in Vietnam. It is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), which is funded by individual and institutional investors. In 7 years, it has helped finance over 5 million business loans with almost US$3 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, it was honorably mentioned as Responsible Digital Innovator of the Year by World Bank IFC SME Finance Forum and won the MAS ASEAN Fintech award for the second time.

https://fundingsocieties.com/

PR Newswire

OOm Appointed As A Pre-Approved Vendor For E-commerce Development PSG

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SINGAPORE, March 1, 2022 — OOm is now a pre-approved Productivity Solutions Grant (PSG) vendor to develop e-commerce websites. The PSG E-commerce development grant has been established as part of Singapore’s economic transformation plan to position the country as a leader in technology, innovation and entrepreneurship by offering up to 80% funding support for eligible small and medium-sized enterprises (SMEs) in Singapore. The support will help them further develop and expand their E-commerce website design and development journey with various E-commerce solutions offered by a pre-approved vendor for the PSG E-commerce web development grant.

OOm is a digital marketing agency that is now appointed as a pre-approved vendor for the E-commerce Development Productivity Solutions Grant (PSG).
OOm is a digital marketing agency that is now appointed as a pre-approved vendor for the E-commerce Development Productivity Solutions Grant (PSG).

To be eligible for the PSG grant for E-commerce, SMEs must meet the following requirements:

  • Own a registered and operating business in Singapore.
  • Purchase/lease/subscription of the IT solutions or equipment will be used in Singapore.
  • Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover of not more than S$100 million, OR employee size of not more than 200 workers (for selected solutions only).

Prior to applying for this PSG grant for E-commerce, SMEs should also not have have:

  • Made payments to a supplier, vendor, or third party in connection with the purchase/lease of an IT system, equipment, or consulting service.
  • Signed any contract with a supplier, vendor, or third party for the purchase/lease of an IT solution, equipment, or consultation service has been signed.

Why Work With OOm As A Pre-Approved Vendor For E-commerce PSG?

For over 15 years, OOm has invested in a team of professionals with a wide range of skills and experience that can help companies reach their business goals digitally and that includes solutions such as E-commerce website design and development, search engine optimisation (SEO), search engine marketing (SEM), social media marketing (SMM), content marketing and many more. With the appointment of OOm as a pre-approved vendor for the PSG E-commerce grant, it is highly beneficial for SMEs to tap on the digital marketing agency’s PSG E-commerce website grant package.

"Digital marketing goes beyond SEO. It is also about understanding how to leverage e-commerce and build a strong and viable online presence. We believe this is where we can step in to help SMEs shine and proliferate," COO and Co-Founder of OOm, Wyvan Xu, also reflected on the digital marketing agency’s success.

Every pre-approved vendor for the PSG E-commerce grant, including OOm, has gone through a stringent assessment and selection process. Working with a pre-approved vendor for the PSG grant for website development comes with exclusive benefits, which includes the following:

  • Receive up to 80% support for E-commerce web development services

Once eligible SMEs have applied for the PSG E-commerce grant and received the approval, they can receive up to 80% funding support for E-commerce website design and development services.

  • Reach out to a global audience 24/7

A pre-approved vendor for PSG E-commerce grant can help SMEs with an approved PSG E-commerce web grant to set up an E-commerce website that people can access at any time and anywhere.

  • Improve operational processes

With key features offered by OOm’s PSG E-commerce web development grant package, operational processes can be automated and streamlined for a seamless online shopping experience for customers and smoother backend management for the SMEs. These key features include inventory management, secured e-payment, and customer loyalty management to name a few.

  • Increase profits by reducing operational expenses

An E-commerce store does not incur the operational expenses that a physical store requires, such as rent, electricity and utility overheads. This cost saving can lead to higher profits.

As an approved PSG vendor for both E-Commerce Web Development and Digital Marketing Solutions, OOm can tailor highly effective digital marketing strategies to accelerate SMEs’ sales after setting up their e-commerce store.
As an approved PSG vendor for both E-Commerce Web Development and Digital Marketing Solutions, OOm can tailor highly effective digital marketing strategies to accelerate SMEs’ sales after setting up their e-commerce store.

Building an E-commerce website is just a start, it should be paired with digital marketing strategies to expand the website’s reach in the long run. As an approved PSG vendor for both E-Commerce Web Development and Digital Marketing Solutions, OOm can tailor highly effective digital marketing strategies to accelerate SMEs’ sales after setting up their e-commerce store.

"This PSG E-commerce grant will be especially helpful to SMEs in a landscape disrupted by the pandemic. As a full-suite digital marketing agency, our expertise extends beyond just setting up an e-commerce website, we also provide services to market the e-commerce website to help businesses thrive in the digital world," said CEO and Co-Founder of OOm, Ian Cheow. As an agency that is approved as a PSG vendor for both E-Commerce and Digital Marketing solutions, SMEs can kill two birds with one stone by engaging in OOm’s PSG packages for both services.

About OOm

OOm has been one of the leading experts in digital marketing services and E-commerce solutions in Singapore since 2006. It is an award-winning agency and is recognised as a partner of digital giants with the following accolades – 2022 Premier Google Partner and Meta Business Partner.

With this latest recognition, they can provide E-commerce services to SMEs with the approved PSG E-commerce grant and help them establish their online presence and reach.

SME owners interested in learning more about E-commerce PSG may visit the E-commerce Development PSG page on their website or reach out to OOm with the following contact details.

PR Newswire

WeTrade Group: Omni-channel and multi-end connectivity, empowering enterprises’ traffic demands

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BEIJING, Feb. 25, 2022 — WeTrade Group Inc. ("WeTrade" or the "Company") (US: WETG), a leading technical service provider of SaaS and Cloud Intelligent System for micro businesses, today held the annual strategic development conference in Beijing JDB Technology Park. The conference provided a specific analysis of the industrial supply and demand situation, and analysed the opportunities and challenges facing the development of WeTrade Group in terms of policy, economic and technological environments.

By 2022, digitalisation in China has evolved over the past 10 years, from a vague beginning to a gradual clarification. Today, digitalisation is no longer a "metaphysics" for companies, but a clear path to growth. In 2022, WeTrade Group will continue to further increase its omnichannel and multi-terminal strategy, extending on the basis of WeChat application to help customers acquire and retain customers in multiple channels and solve their traffic dilemma. At present, WeTrade Group has signed service provider agreements with Alipay and Baidu, and cooperation with platform service providers such as Douyin and Red is under negotiation. In addition, after attracting and acquiring customers at multiple ends, WeTrade Group will also help merchants achieve customer retention, incremental repurchase and bring in more new users through social fission to form replicable and sustainable growth through enriched marketing solutions and private domain traffic operation models.

In 2021, WeTrade Group has already reached cooperation with tourism enterprise clients such as Zhongyan Shangyue, Beijing Youth Commercial Mall, China Kanghui and Lvyue. With the gradual stabilization of the pandemic prevention and control, the tourism industry is also looking for opportunities, and WeTrade Group will, based on its own advantages, empower the development of the tourism industry and help it recover rapidly through the integration of omni-channel and multi-terminal traffic. In addition to the tourism industry, in 2022, the company will further expand its development in the beauty industry. Since the beginning of the year, WeTrade has laid out 3,000 beauty shops in China, including Mudaochan Life and Health Center, and helped offline physical shops and brands to build a close connection between members and shops through online and offline integration, further enhancing the operational efficiency.

Mentioning the company development, the Founder of WeTrade Group, Mr. Zheng Dai thought the development of the digital economy and the promotion of digital transformation of industries and enterprises is a matter of economic structural transformation and upgrading, and has risen to the national level. From national to local governments, a number of policies related to the digital economy have been introduced intensively, and policy dividends continue to be released. This also provides opportunities for the development of WeTrade Group. The company will further polish its products and refine its operations on the basis of multi-end connectivity, providing customers with complete products and services, helping them to reduce costs and increase efficiency, and truly solving customers’ pain points.

About WeTrade Group Inc.

WeTrade Group Inc. is a world’s leading technical service provider of SAAS and Cloud Intelligent System for micro-businesses, and is a pioneering internationalized system in the global micro-business cloud intelligence field and the leader, innovator and promoter of the world’s cloud intelligent system for micro-businesses. WeTrade Group independently developed the cloud intelligent system for micro-businesses (Abbreviation: YCloud). YCloud can strengthen users’ marketing relationship and CPS commission profit management through leading technology and big data analysis. It also can help increase the payment scenarios to increase customers’ revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system. Up to now, YCloud’s business has successfully landed in mainland China and Hong Kong, covering the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, aesthetic medical industry and traditional retail industry. For more information, please visit https://ir.wetg.group.

 

PR Newswire

ThinkZone Ventures announces ThinkZone Fund II with $60 million in fund size and the largest local resources in Vietnam

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ThinkZone Fund II, founded by ThinkZone Ventures, is the largest local venture capital fund founded by Vietnamese entrepreneurs and conglomerate owners, including IPA Investments Corporation, Phu Thai Holdings, Stavian Group and other investors.

HANOI, Vietnam, Feb. 22, 2022 — ThinkZone Ventures announces ThinkZone Fund II with $60 million in fund size, the largest local venture capital fund in Vietnam thus far, to support the growth of Vietnamese startups.

In recent years, the Vietnam startup ecosystem has been more dynamic than ever, attracting a huge amount of investments in tech startups. In 2021, Vietnam recorded a total venture capital investment of up to 2.48 billion USD (according to a report by DealstreetAsia), nearly 24 times higher than 2016’s figure ($105 million). This number is expected to keep increasing in the coming years, as Bain & Company’s 2021 report predicts that Vietnam will be the country to have the highest growth of the Internet economy in Southeast Asia by 2030 (11 times higher than the current market size). This potential opens up great opportunities that attract domestic and foreign investors in Vietnamese startups, with a total of 108 investors in 2020 (3 times higher than 2016).

However, most of these venture capital funds come from abroad, with limited local resources to support Vietnamese startups. This also results in more complicated investment processes such as setting up a legal entity in Singapore, as well as legal processes for an investment license in other countries. Moreover, besides financial capital, startups also need lots of other support such as knowledge, experience, distribution channels, customer access and legal. These are the very advantages of local investors from Vietnam.

Stemming from those facts, ThinkZone II Fund was founded by ThinkZone Ventures and other notable Vietnamese conglomerate owners specialised in various verticals such as finance, retail, manufacturing, agriculture and F&B. With resources from the ecosystem of these conglomerates, ThinkZone II Fund can provide a huge amount of support to accelerate the growth of startups, and further to create sustainable development for the economy.

About ThinkZone Fund II

With a total committed fund size of up to $60 million, ThinkZone Fund II is the largest venture capital fund in tech startups founded by Vietnamese entrepreneurs and notable conglomerate owners. ThinkZone Ventures will invest in tech startups in various verticals from Pre-Seed to Series A (up to 3 million USD per startup). With huge financial resources, ThinkZone Fund II is ready to accompany founders who have great vision, passion and ambition to create products that create positive impacts for the society.

Besides financial resources, the biggest advantage of ThinkZone Fund II compared to other VC funds is the huge support from large Vietnamese conglomerates in many fields such as IPA Investments, Phu Thai Holdings, Stavian Group. In which:

– IPA Investments is a leading corporation in investment in many verticals such as finance, securities, banking, real estates and energy. Among the companies that have received investment from IPA, the most prominent is VNDirect. IPA Invesments is a founding shareholder of VNDIRECT Securities JSC, the Vietnam’s top 2 securities companies that provides a wide range of services from securities brokerage to investment banking.

– Phu Thai Holdings Group JSC is a leading multi-industry investment group in Vietnam with the outstanding strengths in the field of distribution and retailing of various products from luxury cars, fashion, industrial machinery and engines, veterinary drugs, pharmaceuticals to FMCGs…

With the advantage of having more than 30 member companies, wide logistics & distribution network, nationwide customer base, as well as close and reliable partnerships with major corporations in the world, Phu Thai Holdings Group has huge resources to support startups in developing domestic business and expanding to the international market.

– Stavian Group is a multinational multi-industry corporation and a leading distributor of primary plastic resins in Asia – Pacific region and the world. The Group is also known as one of the leading manufacturers of eco-friendly biodegradable packaging in Vietnam. Established in 2009, Stavian Group currently has branches and business networks in more than 80 countries around the world. Among the member companies of the Group, Stavian Chemical JSC is ranked at No. 6 in the TOP 100 Largest Chemical Distributors in the Asia – Pacific region and No. 22 in the TOP 100 Largest Chemical Distributors Worldwide (according to the ICIS Ranking in 2020).

Startups that receive investment from ThinkZone Ventures will have great potential to be supported and partner with these corporations, to take advantage of the huge resources in finance, production, distribution, retail, …

"Over 10 years as a startup founder and a startup supporter, I have learned a lot from my own failures and successes. Therefore, I and ThinkZone always want to contribute and create a launching pad for founders who have the passion and vision to create positive values for society. With Fund II, ThinkZone has more resources than ever to make that happen," said Mr. Bui Thanh Do, General Partner & CEO of ThinkZone Ventures.

Talking about ThinkZone Fund II, Ms. Pham Minh Huong, Co-founder of IPA Investments and Chairwoman of VNDIRECT, said, "I share the same investment principles as ThinkZone, which is that investment should focus on creating real values instead of pure goal to profit. Fund I has proven that ThinkZone has selected and developed companies with great potential, and with Fund II’s large resources, there are sure to be many more successful companies. This is also the first amount of capital that IPA allocates for startup investment, and ThinkZone is the very place that we trust to invest."

ThinkZone Accelerator Batch 5 is designed to be the largest resourced accelerator program in Vietnam

In parallel with the announcement of ThinkZone Fund II, ThinkZone also announces the launch of ThinkZone Accelerator Batch 5 to support early-stage tech startups that are in the process of product-market validation. This is the key activity that ThinkZone focuses on to create a source of potential startups, validate new business models, from which ThinkZone Fund II will be ready to invest in these startups in their next rounds. Support resources for startups from ThinkZone Accelerator include an investment of $50,000 – $100,000 per startup, along with a large network of support packages from ThinkZone’s partner network.

When joining ThinkZone Accelerator, startups will have access to a variety of support packages in sales & marketing, recruitment, technology, etc. with a total value of more than $150,000/startup. These are all support packages from major partners in the startup ecosystem such as Amazon Web Services, Deloitte, Goldsun Media, FPT Play, Vietnambiz, MISA and HubSpot.

In addition, these startups will also be supported by experts from many fields in ThinkZone’s mentor network, as well as connected with large corporate partners such as VNDirect, Phuthai Holding, Stavian Group, Viettel, Be Group, G-Group and Unilever to accelerate their growth process.

About ThinkZone Ventures

Founded in 2019, ThinkZone Ventures is a venture capital fund focusing on tech startups in the Pre-seed to Series A stage. ThinkZone invests in various verticals such as fintech, edtech, healthcare, transportation, digital transformation,… and was ranked by TechinAsia as the most active investor in Vietnam’s startups.

After 3 years of establishment, ThinkZone has invested in 11 tech startups with a total valuation of more than 110 million USD. Some prominent ThinkZone’s portfolio startups include GIMO – A flexible salary-advanced platform that has joined Y Combinator W2022, EMDDI – Vietnam’s largest taxi dispatching platform with 30,000 vehicles in more than 50 provinces, eJOY – An edtech startup providing a multi-platform English learning solution with 1 million users globally, and Educa – An edtech startup with highest growth rate in Southeast Asia with more than 5 million users,…

PR Newswire

Behavioural research by Xero uncovers barriers to small business technology adoption

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Anxiety over short-term risks of change, overconfidence in the safety of the status quo, and choice paralysis are the most common behavioural barriers to small businesses taking up new business technologies

WELLINGTON, New Zealand, Nov. 16, 2021 — Simple changes in habits and process could prove more effective than costly educational campaigns in helping small businesses take advantage of digital technology’s benefits, according to behavioural science research conducted by Xero, the global small business platform.

The One step study surveyed more than 4,200 small business owners in six countries (Australia, New Zealand, the UK, the United States, Canada, and Singapore). Carried out in partnership with behavioural science consultancy, Decision Design, the report found that small businesses which readily adopt new technology enjoy on average 120 percent higher revenue. They also reported 106 percent higher productivity than those which repeatedly fail to do so and were 27 percent more likely to wake up excited about their work.

Yet despite technology adoption’s substantial and well-documented benefits, and even after the pandemic drove firms to deploy digital solutions en masse, only one in five small businesses consider themselves as technology adopters – compared to nearly one in three who admit they continually delay investing in new technology.

The research revealed that this ‘adoption gap’ stems from several behavioural barriers – mindsets and perceptions about technology and change – that frequently recurred amongst small businesses all over the world. Small business owners tended to believe that;

  1. their current solutions were good enough even if new technology might help them do better;
  2. they focus on risks and short-term losses when considering change; and
  3. they find themselves freezing up when forced to compare, understand, and choose between numerous technology options

"Our research suggests that for small businesses, the greatest hurdles to harnessing technology’s benefits aren’t a lack of information or choice, but deeper anxiety and concern about how complex and costly the change process might be," said Rachael Powell, Chief Customer Officer, Xero. "Small businesses may know the benefits, but they’re not adopting technology because the idea of doing so feels deeply uncomfortable and even threatening."

The study also found that sole traders – who made up eight in ten respondents – were more likely to struggle with these behavioural barriers to technology adoption than small businesses with larger teams. Compared to businesses with 20-49 people, sole traders were:

  • 29 percent less likely to agree they needed to change their technology in order to grow;
  • 39 percent more likely to feel confused when comparing technology options; and
  • 27 percent less confident in taking a ‘leap of faith’ with new technology due to feelings of uncertainty.

"Sole traders make up the majority of small businesses but also feel pressures and challenges more keenly than firms with more people to share the load," said Powell. "What we’ve found is that giving sole traders too many options, or failing to communicate in a way that’s directly relevant to them, can hinder rather than help them in adopting new technology. The resulting inertia comes at significant cost to their growth and, given their economic significance, to our society as a whole," Powell added.

Based on its results, One step offers several recommendations for how policymakers, advisors, and technology vendors can help small businesses by presenting technology adoption in a more straightforward, less daunting way. These include:

  • Encouraging smaller incremental changes to technology, rather than high-cost, high-risk investments;
  • Celebrating small businesses who’ve benefited from technology adoption as examples that normalise digital change;
  • Quantifying the true gap between current operations and those enhanced by technology; while also
  • Measuring technology’s benefits in a way that’s more relatable to small businesses’ experiences; and
  • Narrowing and simplifying technology choices to minimise decision paralysis.

The report also includes simple handles that small businesses can grasp to help overcome their behavioural barriers including decision matrices, ‘pre-mortem’ evaluations, cost-benefit analyses, and setting aside time for peer learnings. Each activity helps to clarify the true risks and rewards of technology adoption, allowing small business leaders to overcome confusion and uncertainty to make more rational decisions about the different options they may face.

"When we go beyond the surface-level reasons and understand what motivates our decisions, we can then make the right changes to our mindsets and habits for meaningful results," said Powell. "The research we’ve done suggests that we all – policymakers, vendors, and small business leaders – need to rethink how we approach technology adoption in the small business community. It’s also a cause for hope that with a few small, simple adjustments to our practices, we can help our small businesses achieve the full potential that digital technology offers them."

About Xero
Xero is a cloud-based accounting software platform for small businesses with over 3 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device. Xero offers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised by IDC MarketScape as a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment.

Methodology
Xero partnered with behavioural science firm Decision Design to complete an anonymous and unbranded, nationally representative market study among n=4,211 small businesses across Australia (n=1,212), New Zealand (n=170), the United Kingdom (n=1,162), the United States (n=1,165), Canada (n=341) and Singapore (n=161).  This behavioural science-led study measured perceptions, beliefs, behaviours and behavioural barriers related to technology and technology adoption.  Data collection by Decision Design was conducted between 12 – 26 July 2021 and study respondents are all small business decision makers for businesses with less than 50 employees (less than 100 employees in the United States).

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PR Newswire

Verticurl and Startup-O Announce Strategic Partnership

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Partnership creates opportunity to access professional business development capabilities at scale

SINGAPORE, July 19, 2021 — Verticurl (A WPP Company) and Startup-O are pleased to announce they have entered into a strategic partnership combining Verticurl’s leading Marketing Technology Services capabilities with Startup-O’s global online platform for discovering, investing and scaling post-revenue startup technology ventures.

With B2B technology startups proliferating, early stage founders face a constant challenge to stand out from the crowd, grow their revenues and achieve the goals of their venture capital investors. In most cases, progress against these goals is self-driven or with the support of personal networks that are limited by the reach of the teams and individual investors. The Verticurl and Startup-O partnership creates the opportunity for founders to access professional business development capabilities at scale, with experienced resources that are normally the preserve of large corporations, and with a commercial model that recognises the constraints of early-stage companies.

"Verticurl was founded specifically because we knew technology was going to disrupt the marketing industry and we wanted to be at the front of it. Similarly, through our ongoing engagement with leading Corporates around the world, we see first hand the impact that new technologies are having on all Industries. As a marketing services innovator, it’s natural that we play a part in building the next generation of disruptors, but we needed an effective means to discover and engage with them, and that is what the partnership with Startup-O provides" said Ab Gaur, CEO of Verticurl. "Having seen the portfolio of companies that Startup-O has selected from its global platform of over 2000+ startups, and how it already engages with proven entrepreneurs and industry veterans, we are excited by the synergies this partnership will generate."

"Whether you are an early stage founder, or an established local player looking to expand across borders, building momentum is hard. We initially created Startup-O Edge to give deserving founders the ‘edge’ in their business development through our network of 100+ experts that have access to decision makers at 250+ Corporates. While access to these decision makers has delivered an immediate step change in business development capabilities for startups, our partnership with Verticurl creates a new set of capabilities that Startup-O Edge provides to founders" said Anuj Jain, CEO and Co-Founder of Startup-O.  "Startup-O was founded to provide founders with merit based access to the resources they need to succeed. Delivering access to a renowned marketing technology services agency, is another major milestone in delivering our vision."

To learn more, visit http://www.verticurl.com and https://www.startup-o.com.

About Verticurl
Verticurl provides marketing technology services to help multinational brands implement, optimize and operate digital platforms at scale.  Acquired by WPP’s Ogilvy in 2013, the company operates in over 20 countries and staffs more than 1,200 marketing technology professionals worldwide.

About Startup-O
Startup-O is a global startup platform for assessments, investments, and cross-border business scaling.  The platform discovers deserving founders and helps them build world-class companies with venture capital and global networks.

Contact: Alicia Houston
Phone:  13308838246
Email:   alicia.houston@verticurl.com

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PR Newswire

HICOOL 2021 Global Entrepreneurship Competition (Preliminary Round) is Launched in Full Swing on July 10th

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BEIJING, July 11, 2021 — On July 10th, HICOOL 2021 Global Entrepreneurship Competition (Qualifying Round) is launched in full swing. A total of 1,237 startups shortlisted for the preliminary round compete off-line in Beijing and online in a global context in six major industries: New Generation Information Technology, Cultural Creativity, Medicine and Health, High-end Equipment, Artificial Intelligence/Fintech as well as New Energy/New Materials/Energy Saving and Environmental Protection.

As the most popular international entrepreneurship event this year, HICOOL 2021 Global Entrepreneurship Competition, with the theme of "Connect Startups Worldwide, Innovate Beijing Together", is hosted by Beijing Overseas Talents Association (BOTA). A total of 4,018 startups were received from 84 countries and regions around the world during the enrollment period. Upon online preliminary evaluation, a total of 1,237 startups have been successfully shortlisted for the preliminary round.

The Preliminary Round Kicks off with the "7+3" Roadshow

The preliminary round of the HICOOL 2021 Global Entrepreneurship Competition is organized in the mode of a "7+3" roadshow. The candidates fully demonstrate the characteristics of their respective entrepreneurial projects through a 7-minute brilliant presentation and elaboration. The judging mentors take 3 minutes to raise questions and comment on the candidates in terms of project background, operation status, development prospect, technical advantages, etc. The candidates are given the space and stage to showcase themselves through the comprehensive assessment and screening of startups so as to identify high-quality entrepreneurial projects.

Based on the official data from the Competition, among the over 1,000 startups qualified for the preliminary round, 281 are new generation information technology startups, 220 are medical and health startups, 200 are artificial intelligence/fintech startups, 204 are new energy/new materials/energy conservation and environmental protection startups, 238 are cultural creativity startups, and 94 are high-end equipment startups.

In terms of regional distribution, there are 715 overseas startups qualified for the preliminary round, accounting for 57.8%, while there are 522 domestic startups, accounting for 42.2%. Among them, 975 startups are from Asia Pacific, 133 startups are from Europe, 105 startups are from America, 14 startups are from Oceania and 10 startups are from Africa.

In terms of startup stages, 829 startups qualified for the preliminary round are in the maker stage, accounting for 67.02%; 408 startups in the growth stage, accounting for 32.98%. Among them, there are 577 overseas maker stage startups and 138 overseas growth stage startups; 252 domestic maker stage startups and 270 domestic growth stage startups.

The Competition provides overall process resource supports. To provide more entrepreneurial resources for the competing projects, the HICOOL All-in-One Solution Startup Ecosystem is made available to all competing projects free of charge throughout the competition period, including policy research, demand matching, business counseling, talent salon, venture capital matchmaking, government and corporate seminars, etc., providing comprehensive resource support for the candidates.

Gather Talents by Competition to Create Innovation and Entrepreneurship Ecosystem

The "HICOOL Global Entrepreneur Summit and Entrepreneurship Competition" is a comprehensive international talent event focusing on entrepreneurship competitions at home and abroad. According to the information released by the Organizing Committee of the Competition, the preliminary round of HICOOL 2021 Global Entrepreneurship Competition covers over 20 offline and online events in Shunyi District, with a total coverage of more than 1,000 startups. To attract global entrepreneurial talents to Beijing for development, grasp the major opportunities of construction of the "Two Districts", promote the construction of international talent communities, create an innovation and entrepreneurship ecosystem, and assist in the construction of Beijing International Science and Technology Innovation Center, HICOOL and the Shunyi District Government are jointly exploring a series of implementation policy support, including enterprise rent subsidies, SME plant renovation, equipment renewal subsidies, science and technology research and development and results transformation incentives, national high-tech enterprise incentives and other multi-dimensional, multi-disciplinary and multi-level policies and privileges.

The Competition focuses on the industrial layout of the 14th Five-Year Plan of Beijing, highlights the global innovation and entrepreneurship trends and links the top elements of global science and technology innovation, serves the innovation and entrepreneurship at home and abroad, empowers the emerging power of Beijing and makes contribution to the future of science and technology.

For more information, please visit HICOOL.

Media Contact: fuguiping@hicool.com

PR Newswire

Kӧrber is a Leader in 2021 Magic Quadrant for Warehouse Management Systems

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Kӧrber views recognition as testament to expanded portfolio of supply chain technologies and ability to service customers around the globe

HAMBURG, Germany, July 7, 2021 — Körber is placed as a Leader in the 2021 Gartner Magic Quadrant for Warehouse Management Systems (WMS) report. To Körber, the recognition exemplifies the capabilities of its unmatched depth of technologies, spanning software to materials handling automation, to conquer supply chain complexities in some of the most demanding environments worldwide.

"At Körber, depth makes us different," said Chad Collins, CEO Software at Kӧrber Business Area Supply Chain. "For us, our third consecutive placement as a Leader in the Gartner Magic Quadrant for Warehouse Management Systems demonstrates how we assembled the complete product portfolio –  including operational and simulation software, voice and robotics – to empower our customer’s to conquer the complexity of their distribution operations. Additionally, our global footprint allows us to service the world’s largest companies."

Körber provides WMS products specifically designed for the unique needs of small businesses, global enterprise and third-party logistics providers. Kӧrber is experiencing a strong uptick in demand for the combination of its software and automation solutions. The extension of the K.Motion Warehouse Management Systems with autonomous mobile robotics (AMR) and the K.Motion Warehouse Control System (WCS) gives customers a powerful technology suite to revolutionize picking and putaway material flows and processes. Examples include:

  • Officeworks: Australian chain of office supply stores is capitalizing on more than 100 AMRs, voice and RF users, and Kӧrber’s WMS.
  • dm-drogerie markt: Germany’s leading drugstore chain was awarded the German Logistics Prize 2020 and has been relying on Körber’s warehouse management system at all of its sites for more than 20 years as part of its efficient logistics IT.
  • Boot Barn: Western clothing provider is using Kӧrber’s WMS and WCS to consolidate three disparate automation systems and scale with its 40,000 sq. foot distribution center expansion.

"Supply chain is a mission-critical function – and now essentially a house-hold term," notes Rene Hermes, CMO at Kӧrber Business Area Supply Chain. "More than ever, businesses need a partner that not only offers technology, but also works alongside them to develop a solution tailored to their unique complexities. Regardless of consumer expectations, the pandemic, the regulatory environment and everything in-between, we ensure customers’ warehousing and logistics processes to thrive."

View a complimentary copy of the Magic Quadrant for WMS to learn more about the report and Kӧrber’s recognition at https://www.koerber-supplychain.com/gartner-magic-quadrant.

* Source: Gartner, "2021 Magic Quadrant for Warehouse Management Systems," Simon Tunstall and Dwight Klappich, June 30 2021.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About the Körber Business Area Supply Chain

Supply chains are growing more complex by the day. Körber uniquely provides a broad range of proven, end-to-end supply chain solutions fitting any business size, strategy or appetite for growth. Capable of delivering software, automation, voice, robotics, and materials handling – plus the expertise to tie it all together. We are a global partner not just for today, but also as the needs of supply chains continue to evolve. Conquer supply chain complexity – with Körber. The Business Area Supply Chain is part of the global technology group Körber. Find out more on www.koerber-supplychain.com.

 

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PR Newswire

Osome Raises a $16M Series A to Expand its AI-based Accounting Platform to Global Markets

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SINGAPORE, June 18, 2021 — Osome, a super-app that digitizes accounting and compliance services for SMEs, has raised $16M in a Series A funding from a group of investors including Target Global, AltaIR Capital, Phystech Ventures, S16VC, and Peng T. Ong, an angel investor. The capital enables Osome to expand its footprint internationally, as well as to fuel product integrations. 

"Back-office operations are annoying, tedious yet mission critical for businesses, especially for SMEs. Remarkably, an average entrepreneur spends 68% of their time to deal with routine tasks vs 32% to strategize and deliver on their long term goals. Osome combines artificial intelligence software with operational excellence to automate administrative, accounting, payroll and tax-related work and help entrepreneurs focus on what they can do the best – growing their business", Victor Lysenko, co-founder and CEO of Osome, says. "We strive to build a future where small business owners can fully rely on the technology in their administrative routine".

The demand for Osome services has accelerated with COVID-19 as clients recognized the importance of automation. This has led to more than 100% YoY revenue growth and $9.5M ARR with over 6,000 happy customers in Hong Kong, Singapore, and the UK. Additionally, the company has identified a product / market fit in the fast-growing e-commerce segment and will double down on it in the next 18 months. 

Osome’s core offering is online accounting services for SMEs, especially those involved in e-commerce — аccountants take over the documents and convert them into actionable numbers, tax filings and reports, making accounting and bookkeeping service for online sellers as simple as ever.

The company also helps with business set up and provides corporate secretary services — Osome checks compliance, tracks deadlines, files documents, and answers questions in a chat at any time of the day or week. The platform categorises and stores any documents users send, so nothing is lost, and then creates and files reports on time. 

"We have supported Osome since the early days and are excited to continue our partnership in the latest round. We are especially happy about the strong growth Osome has shown in the expanding e-commerce segment. Online Sellers require unique tools and custom approaches to be serviced effectively and Osome’s mix of technology and human expertise is the perfect solution", says Mike Lobanov, GP & COO of Target Global.

Media Contact:

Safiah Alias
safiah@osome.com
+65-6589-8807