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Video: Jack Ma wants you to do what you believe

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Jack Ma can be so inspiring, can’t he?

Jack Ma: When people criticize me, criticize us, the most important thing is that we are happy about the progress we’ve made. But if people praise me, you know, when people say “Jack, you are wonderful,” I know I’m not wonderful, right? “Oh, Alibaba’s great!” We are not great. We’re just a 17-year-old company. But when people say, “you are doing nothing,” no, we’re doing a lot of things! But you don’t have to argue. You don’t have to debate. You do what you believe.

This post Video: Jack Ma wants you to do what you believe appeared first on Tech in Asia.


12 startups in Asia that caught our eye

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asian startups weekly list
Here’s our newest round-up of the featured startups on our site this week. If you have startup tips or story suggestions, feel free to email us. Enjoy this week’s list!


1. aCommerce | Thailan (Startup Profile)

Ecommerce services provider aCommerce is working with international brands to help them distribute their products online in the region. It currently operates in Thailand, Singapore, Indonesia, and the Philippines.


2. KaHa | Singapore (Startup Profile)

KaHa designs and builds wearables such as smartwatches and fitness trackers. It provides manufacturing services such as electronics design and printed circuit board assembly, as well as app development, cloud storage, data analytics, and after-sales services. It currently has offices in Singapore, Bengaluru, Geneva, and Shenzhen.


3. ScadaFence | Israel (Startup Profile)

Based in Tel Aviv, ScadaFence is a cyber security startup that tackles this specific challenge – shielding industrial networks from cyber attacks and threats. It serves several industrial sectors and the most demand comes from the chemicals, food and beverage, automotive, and energy sectors.


Startup lists

4 – 9: 6 rising startups in Japan

10 – 12: 3 cool VR startups you can meet in South Korea this December


Related startup stories


Like RSS? There’s always our Asia startups RSS feed!

This post 12 startups in Asia that caught our eye appeared first on Tech in Asia.

Inside Flipkart’s monster-cruncher: how it gleans insights from a petabyte of data daily

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Flipkart CEO Kalyan Krishnamurthy with his team. Photo credit: Flipkart Stories

Gender is complicated for the data scientists at Flipkart, India’s leading ecommerce site. It’s not enough, for example, to know that the shopper is female. What if she’s shopping for her husband today? So, apart from the label she chose while signing up for the account, there is also a behavioral gender.

This is gender based on your behavior, whether you tend to shop like a female or a male when using your account. The behavior can also vary from session to session, so there’s a third in-session gender.

“We have to compute the label gender when we send you survey results so that we can address you properly and all. But when we have to show you what you want, we will piggyback on the behavioral gender and [adjust that] as soon as we know a little bit about this session [and] what your mood is today,” says Sandeep Kohli, Flipkart’s senior director of engineering.

All that work is just for one user. To see the scale at which Flipkart is doing this, consider the following numbers:

Data credit: Flipkart; chart by Tech in Asia

And gender is just one parameter for customer insights. All kinds of behavioral, demographic, and usage data go into making product recommendations or trying to ensure a customer doesn’t drop out without completing an intended purchase.

During the recent Big Billion Day sales, for example, pageviews in a day rose five-fold to nearly a billion, says Kohli. “You have to accommodate that [spike] without degrading the experience because people don’t have too much patience on such days. So every second of delay costs us a few hundred customers who could drop off at that point.”

Survival of the smartest

To manage that kind of data and do advanced analytics and personalization, Flipkart has built its own data center – the only Indian internet company to have done so. And that takes a lot of hardware. “We have 5 petabytes in RAM, 120 petabytes of disk storage, and [a] tremendous amount of cross-sectional bandwidth, because anything can become a bottleneck at that kind of scale,” says Kohli. “It is extremely important to know about your customers and serve them better, because at this point in the highly competitive ecommerce industry, it’s a survival game.”

If you record HD video 24/7 for 3.4 years, you would reach a petabyte.

Every action on the site involves analytics. Take for example a simple search query: how far did the user have to scroll down? If the search results are relevant, the user should be able to find the product they’re looking for without needing to scroll too far down. Now imagine getting the search right for 100 million users.

Efficiency also plays a vital part in customer experience. Where a product order comes from can help with inventory planning, delivery time, and so on. Then there are insights that are important for running the business, such as figuring out if product ratings are genuine or whether somebody is gaming the system for sales offers.

Flipkart gets 10 terabytes of user data each day from browsing, searching, buying or not buying, as well as behavior and location. This jumps to 50 terabytes on Big Billion Day sales days. There’s also order data, shipping data, and other forms of data captured by different systems. All this is mixed together and correlated for meaningful insights. “We actually process more than a petabyte of data every day in order to make sense of what is happening at our scale,” says Kohli.

A petabyte, by the way, is one thousand terabytes. And a terabyte is a million megabytes. If you record HD video 24/7 for 3.4 years, you would reach a petabyte.

Flipsters – as Flipkart calls its team – on a break just before the countdown to the Big Billion sale on September 20, 2017. Photo credit: Flipkart Stories

Following the breadcrumbs

Flipkart has over 60 machine learning models running on any given day to generate insights for its sales and business teams. These insights are served on over 6,000 real-time terminals that help business leaders make decisions.

How a sale is going, which deals are working or not working, at which point users are dropping off, what the real-time funnel is – the next time you go shopping online, think of all the footprints you’re leaving for data scientists to figure you out.

According to Kohli, the popular perception of a data scientist’s job is that it’s jazzy and romantic. “I think it’s not,” he says. “Most times, the data scientists in an organization are an angry lot, because either they’re not able to find the right data or the data that has been thrown [at] them is not of great quality, and they’re unable to achieve what they want.” Kohli is an Indian Institute of Science post-grad who worked earlier at IBM.

Typically, 80 percent of a data scientist’s job goes to cleaning up the data and other mundane stuff rather than modelling or analytics, adds Kohli. So his focus is on making the data scientist’s job more efficient. The aim is to ensure that the quality of data going into decision-making is up to the mark.

“When we decided to build our own data platform to serve our AI and ML and analytics needs, the first thing we decided was that it will be a typed data system; it will not be some kind of a big data system where you can dump in any data. That is like having a big hard disk with no file system and throwing everything in the root directory,” explains Kohli.

Ganapathy Poojary, who delivered 342 orders for Flipkart in a single day. Photo credit: Flipkart Stories

Doing it at scale

Another aspect is the sheer scale. Kohli likes to separate the data science part of what his team does from the engineering requirements. “Scaling is a pure engineering job and we do not want data scientists to be spending their time trying to figure out load balancers, fault tolerance, and other things. So we built a machine learning platform to actually let data scientists automatically deploy the model. The platform takes care of scaling these models.”

This underlying layer is what enables Flipkart to ingest a petabyte of data and digest it. It’s designed to ensure that the right data is captured and the analytics on it works at scale, even when 13 million users land on the Flipkart site daily. Apart from its own private cloud, Flipkart has also teamed up with Microsoft for its AI-powered Azure public cloud.

“Combining Microsoft’s cloud platform and AI capabilities with Flipkart’s existing services and data assets will enable Flipkart to deliver new customer experiences,” Microsoft CEO Satya Nadella said earlier this year when the deal was announced.

If everything is well in the system, what the user gets are relevant search results, product recommendations, and even ads. Checkouts are easier, inventory is managed better, delivery is more efficient, and marketing is more targeted. It all comes from how the data is handled.

As online shoppers in India become more experienced, their expectations also grow. They have less patience with not finding what they need, being stuck, or not getting delivery when and where they want. And they’re spoilt for choice between Flipkart, Amazon, and Alibaba-backed Paytm.

See: No robots, please, we’re Indian – the lowdown on Amazon’s localization strategy

Flipkart raised US$4 billion this year from SoftBank, Tencent, and Microsoft. Amazon is on track to surpass the US$5 billion Jeff Bezos pledged to its Indian unit last year. Discount wars are back after a lull in 2016. But if customer experience is the ultimate decider, it may boil down to those petabytes in the war of data going forward into 2018.

This post Inside Flipkart’s monster-cruncher: how it gleans insights from a petabyte of data daily appeared first on Tech in Asia.

Video: New VR arcade game is an 8-way firefight

Overcoming impostor syndrome

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Building a career is a long game. New roles and responsibilities will become present. When opportunity calls, moments of self-doubt may come to mind.

If you’re unable to take stock of your achievements, you may find yourself in the clutch of impostor syndrome. Here, you may stop and dismiss yourself as a fortunate fraud. You chalk up previous successes as mere coincidences. A seeping anxiety leads you to dwell on previous mistakes.

Wherever your skill level is, this chain of paralyzing doubts won’t help you grow. So how do you face them? This comic illustrated by Matahari Indonesia shows you how to make progress.

This post Overcoming impostor syndrome appeared first on Tech in Asia.

Asia tech news roundup – Nov 27

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India’s Sachin Tendulkar defends the wicket during a cricket match against Australia in 2010. Photo credit: Pulkit Sinha.

Funding for a Sachin Tendulkar-backed startup, questions over Ofo’s latest capital raise, and a seemingly big win for Elon Musk and Tesla. Here are some of the top Asia-Pacific stories from today and over the weekend.

Media and entertainment

Smaaash raises over US$10 million (India). Sixth Sense Ventures is leading the round with a US$3.86 million investment, with another US$6.65 million coming from several high-net-worth individuals. The virtual reality gaming and entertainment startup counts cricket megastar Sachin Tendulkar as one of its existing backers. (The Economic Times)

Transportation

Truck-sharing apps to merge (China). Huochebang and Yunmanman – two startups offering “Uber-for-trucks” platforms so companies can tap unused haulage space – have agreed to a merger deal that would value the combined business at around US$2 billion. (Bloomberg)

Question mark over Ofo’s US$700 million series E fundraise (China). Reports have suggested friction between the bike-sharing firm and Didi Chuxing, a lead investor in its series E funding round, over the supposed wasteful use of funds by Ofo’s senior management. Ofo has denied the claims. (Technode)

Ofo

Ofo bikes. Photo credit: Ofo.

Fintech

UnionPay QR code payments to arrive in malls next year (Singapore). Shoppers will be able to use the Chinese payments firm’s QR code system in all six Singaporean shopping centers run by AsiaMalls. UnionPay CEO Cai Jianbo said the deal between his company and AsiaMalls would establish acceptance of UnionPay QR code payments on a sizeable scale in the city-state. (The Straits Times)

No plans to appoint official cryptocurrency exchange, says central bank (Malaysia). Bank Negara Malaysia has denied it will appoint an operator as the country’s sole official cryptocurrency exchange after reports emerged suggesting that Singapore-based Luno had been picked for the job. The central bank said last week it will begin regulating cryptocurrency trading under anti-money laundering and anti-terrorism laws. (e27)

Rooftop club to trial cryptocurrency payments (Singapore). Skyline, a lounge bar on the top floor of downtown Singapore’s Land Tower, will accept payments in Ether for food and drinks for two days. The trial coincides with the BlockShow Asia blockchain conference, which will be held in the city later this week. (Skyline)

Energy

Copyright: <a href='https://www.123rf.com/profile_tummataivas'>tummataivas / 123RF Stock Photo</a>

Tesla electric vehicle charging points. Photo credit: tummataivas / 123RF.

Elon Musk wins a big bet (Australia). The tech billionaire’s firm Tesla has completed construction of the world’s largest lithium-ion battery to provide power for South Australia. Musk had promised the state’s government that Tesla would have the battery ready and working within 100 days, or he would give it to the state for free. (Reuters)

Consumer tech

Starhub teams up with Nokia (Singapore). The telco and the Finnish company have agreed to collaborate on internet of things research and development around vehicles, buildings, and home living. In particular, Nokia will assist StarHub in relation to “smart” car parking, environmental sensors, and video analytics. (The Straits Times)

Startup business

New tax regime in the works (India). The Indian government is reportedly considering a shakeup of its tax policy for startups in an effort to attract and retain entrepreneurial enterprises. The reforms are thought to include a range of cuts, exemptions, and incentives for startups and investors. (Inc42)

This post Asia tech news roundup – Nov 27 appeared first on Tech in Asia.

Rocket Internet’s car classifieds site has been struggling in Vietnam

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Copyright: <a href='https://www.123rf.com/profile_xuanhuongho'>xuanhuongho / 123RF Stock Photo</a>

Traffic in Ho Chi Minh City. Fram is betting on significant demand for new and used cars and motorbikes with its acquisition of Carmudi.vn. Photo credit: xuanhuongho / 123RF.

The Vietnam branch of Carmudi, a Rocket Internet-backed group of car classifieds sites, has been acquired in a cash-only deal worth US$50,000.

According to buyer Fram – a Swedish-Vietnamese IT service provider and venture builder which listed on Stockholm’s Nasdaq First North exchange last month – Carmudi.vn had a turnover of close to US$190,000 between January and September this year, but made a loss of more than US$506,000. In 2016, it made US$169,000 with a loss of US$518,000. The site had around 1.1 million organic page views in September 2017.

Fram has obtained a 95 percent stake in Carmudi Vietnam as a result of the purchase. The deal gives Fram rights to use the Carmudi brand indefinitely in Vietnam, including ownership of the “carmudi.vn” domain, and a license to conduct marketplace-based ecommerce in the country. 

Fram confirmed to Tech in Asia that it intends to use the license to build additional ecommerce businesses in the country.

Germany-based incubator Rocket established Carmudi in 2013 as an online marketplace for new and used vehicles in some of the world’s fastest-developing markets.

Buyers and sellers can post and search classifieds on the portal, with revenue mainly coming from advertising fees and the sale of ad space.

Local versions of Carmudi have been launched in countries including Bangladesh, Indonesia, Myanmar, Pakistan, and the Philippines, and outside the Asia-Pacific in places like Mexico and Saudi Arabia. In some cases, Rocket rebranded existing classifieds sites under the Carmudi name. Carmudi.vn launched in 2014.

Carmudi raised US$10 million funding in April 2014, and a further US$25 million the following February.

At the time of that second fundraise, Carmudi said that it had a growth rate of over 50 percent across all of its 20 markets, seven of which were in Asia.

“We are on track in all our markets,” co-founder and global managing director Stefan Haubold said at the time. “In general, we are gaining ground in those markets where people have the financial means to buy and sell cars and motorcycles, and there is ample infrastructure in place. Political and economic stability plays a great role as well.”

Fram chairman and co-founder Christopher Beselin – who previously served as Lazada’s CEO in Vietnam – confirmed to Tech in Asia that his company plans to do a “complete restart and revamp” of Carmudi.vn. All existing employees have either left or have joined Carmudi’s international operation. Running costs have been stopped, though the site is still operational.

Our plans indicate that we should be able to operate the business at around a quarter of previous running costs, without much, or any, negative impact on the revenues,” said Beselin. “Overall we like the industry as car retail is one of the fastest growing consumer categories in Vietnam – around 35 to 55 percent per annum over the last three years – and 2018 is set to be a “golden auto year” for Vietnam as the import tariffs from ASEAN goes from 30 percent to 0 percent as of January 1 2018.”

In Vietnam. Carmudi faces competition from a range of online portals including AnycarMua Ban Otomuaxe24.com, and Caramo, which raised seed funding in March.

Frontier Digital Ventures – a Catcha Group-backed company that invests in and operates online classifieds sites across emerging markets – has also made inroads into new and used vehicle sales in the region. In June it invested US$2.3 million into Philippine auto marketplace Autodeal.

Converted from Swedish krona and Vietnamese dong. Rate: US$1 = SEK 8.28 = VND 22,639.32.

This post Rocket Internet’s car classifieds site has been struggling in Vietnam appeared first on Tech in Asia.

Fenox and Mitsubishi join $2.7m investment in Japanese chat app AOS Mobile

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Copyright: <a href='https://www.123rf.com/profile_sheeler'>sheeler / 123RF Stock Photo</a>

Photo credit: sheeler / 123RF.

Tokyo-based AOS Mobile has raised close to US$2.7 million in a funding round led by Fenox Venture Capital. Mitsubishi UFJ Capital, Accord Ventures, Voyage Ventures, Ibis Capital Partners, and Evolable Asia also invested.

AOS uses artificial intelligence (AI) to help enterprises communicate through mobile with their customers. Some of the larger brands that use AOS solutions include airline ANA, taxi firm Nihon Kotsu, telco Freetel, ecommerce site Zozotown, pawn shop app Cash.jp, which was recently acquired by ecommerce player DMM.com.

Its products include AOSSMS, which enables businesses to send SMS text messages simultaneously and securely to multiple recipients, who are then able to respond via SMS. This platform has been used for purposes such as advertising or conducting customer surveys.

Another AOS product is InCircle, a high-security messenger that can be used as an office chat app.

The company also creates chatbots that can handle customer service interactions, freeing up human personnel and other resources that can be reassigned to more complex tasks.

These products have their roots in evidence restoration technology developed by AOS Mobile’s former parent company, AOS Technologies, from which it was spun out in March 2015.

Second life

AOS Technologies – which holds a 39 percent stake in AOS Mobile following the Fenox-led round – engineered a variety of tech solutions for use in legal services and law enforcement, including forensics and e-discovery tools.

These essentially involve identifying and extracting information that is hidden or difficult to access. The expertise AOS gained in this area gave it deep insights into digital security, and AOS Mobile was established to commercialize these technologies for customer services purposes.

“We had been analyzing and investigating SMS, consumer-based chat, email, and other forms of data on behalf of police departments and prosecutors’ offices when lawsuits happen,” AOS Mobile CEO Noriko Harada tells Tech in Asia. “So we knew the weak point of consumer-based chat and we knew that information can leak if an enterprise uses these tools.”

AOS is not the only Asian startup offering an office chat app or AI-driven customer service chatbots. For the latter category, Indonesia’s Kata.ai, and Singaporean outfits Active.ai and Pixibo have raised funding in recent months.

See: Ex-Googler’s startup gets funding to solve ‘online fashion’s oldest problem’

However, Harada suggests that AOS Mobile’s integration of SMS messaging with office chat and chatbot technology is what sets it apart. “There are many competitors in business chat market,” she says. “Also, there are many in SMS aggregator platforms. But there are no direct competitors who have both, which makes our position unique in the market.”

Copyright: <a href='https://www.123rf.com/profile_anyaberkut'>anyaberkut / 123RF Stock Photo</a>

Photo credit: anyaberkut / 123RF.

Challenging the status quo

Former SAP consultant Harada, who joined AOS Technologies in 2002 and spent several years in the US building the company’s business there, is one of those extremely rare things in Japan – a female CEO. According to nonprofit Catalyst, only 7 percent of senior executive positions in Japan are occupied by women, and nearly three-quarters of Japanese businesses don’t have any women in senior management.

But Harada thinks that tech startups have a major role to play in bucking the trend, and AOS Mobile isn’t the only one to do so. Satellite-sharing platform Infostellar is another female-fronted Japanese startup to have secured funding recently, raising US$7.3 million in its September series A round. Its co-founder and CEO is Naomi Kurahara, a graduate of France’s International Space University.

I didn’t feel any gender issues until I got married and had a child.

Harada says that startups’ typically open-minded approach to things like flexible schedules, remote working, and using technology gives mothers like her a chance to challenge the traditional barriers they face in corporate Japan.

“I didn’t feel any gender issues until I got married and had a child. I took maternity leave for four months, but I worked remotely by Skype and email,” she says, adding that this was when she really began to see the value in office chat apps.

Harada says she wanted to return to work earlier, but her inability to find babysitters or daycare centers hampered her plans. She says she visited almost 100 daycare centers, including private ones and government-run institutions, all of which had extremely long waiting lists.

“In Japan, there are not enough daycare centers, so many women have to give up their career after having children. This really is an issue. I was luckily selected by a public daycare center which is located close to my office.”

版権: sarawinter / 123RF 写真素材

Downtown Tokyo. Photo credit: sarawinter / 123RF 写真素材.

But the problems didn’t end there. According to Harada, public daycare centers can’t take care of children who have a temperature above 37.5⁰C, which indicates they have a fever – a fairly common occurrence among children of that age. Harada had to dash between her home, the office, and the daycare center in the middle of the working day whenever her child had a high temperature. But AOS Mobile’s flexible working practices allowed her to manage the situation.

“All these kinds of things prevent working mothers from getting executive positions in Japan,” she says. “But our company lets employees select working at home remotely and on flexi-time. I believe tech companies should take the lead to offer various work styles which can really help working women, especially those who have children.”

We cannot determine how talented someone is by their gender.

Harada says that Japanese companies should evaluate employees by their performance, regardless of how much time they spend in the office.

“Still, many companies evaluate employees by amount of work, by long hours, and not by results. We really need to forget about gender. We cannot determine how talented someone is by their gender.”

Ultimately, it is Japanese industry that loses out, she argues.

“Many talented female employees, especially those having children, give up their career. So if you consider supporting them with daycare, for example, they will really appreciate that and contribute to the business. Companies should also let male employees help their families. Many people still think it is a female’s work to take care of children and do housework.”

AOS Mobile said in a statement that it will use the funds it has raised to enhance its chatbot’s AI and further develop data tools so clients can analyze interactions between their customers and the chatbot. 

The company will also invest in new management and sales hires, with an eye towards entering other Asian markets and an IPO farther down the line. Aside from its native Japan, it also operates in South Korea, Thailand, and the US. Harada says that India is a key expansion target for AOS Mobile in the months to come.

Converted from Japanese yen. Rate: US$1 = JP¥111.

This post Fenox and Mitsubishi join $2.7m investment in Japanese chat app AOS Mobile appeared first on Tech in Asia.


Report: Why proptech will accelerate in Asia

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Image credit: Pixabay.

Proptech – the use of technology to solve challenges in the real estate sector – is on the rise, and startups focusing on these technologies are entering a space dominated by large incumbents.

According to proprietary data from global real estate services firm JLL and Tech in Asia‘s research, growing smartphone penetration in Asia, rapid urbanization, and government support are set to thoroughly shake up the region’s real estate industry.

In fact, proptech startups in Asia have received around 60 percent of the over US$7.8 billion invested in proptech worldwide since 2013.

Here are five reasons why this fledgling sector will accelerate in Asia:

1. The rise of new verticals in proptech, such as VR and blockchain

The swift expansion of proptech startups means they will also compete for listings and views. To increase the attractiveness of their platforms, companies will begin to offer value-added services by using new technologies such as virtual property viewing. Imagine walking into a showroom and viewing 10 properties in one go – but without the footwork. This not only saves clients time but also opens up more possibilities for landlords and sellers.

Another buzzword is blockchain, which is often used interchangeably with cryptocurrencies. But in fact, it holds much more potential beyond bitcoin payments and remittance. Together with bitcoin, ethereum can perform “smart contracts” – contracts that help you exchange money, property, shares, or anything of value in a transparent way while minimizing human involvement in agreement verification. This will significantly alter the ways of doing business in real estate.

Image credit: Pixabay.

2. Digitization of existing proptech verticals

At present, the majority of proptech startups in Asia Pacific operate in the vertical of brokerage and leasing. They serve as the channel or marketplace for brokers, property owners, and purchasers, primarily focusing on residential property. The most common ones are list and search startups, such as Singapore’s PropertyGuru, which are effectively online classifieds platforms that combine search engines with brokers’ listings.

As these marketplaces become more mature, they will expand into processes that support brokerage and rentals. These include sales, marketing, and customer relationship management (CRM) tools for brokers and coworking operators.

3. Growth of smart cities

Initiatives for “smart cities” are being implemented all over the world, and Asia-Pacific countries are at the forefront of this trend. As they seek solutions to key issues arising from rapid urbanization, these cities are embracing change and turning to non-traditional options. A total of US$63.4 billion has been earmarked for investment in smart city technology in Asia Pacific.

The evolution of smart cities would prompt the need for smart-property development and management. The data-driven nature of smart cities means that extensive data collection and analysis are necessary to fully realize the benefits of an interconnected ecosystem.

Proptech startups specializing in areas such as IoT and big data can help real estate players – as well as government agencies – transform their operating models and make more informed decisions.

Image credit: Pixabay.

4. Increased number of startups and corporates interested in proptech

In recent years, an increasing number of funds fully dedicated to proptech have been introduced. Real estate incumbents have recognized the value and potential of proptech and are helping to accelerate its growth via corporate venture capital.

One example is Australia’s Esho Ventures, a US$850 million fund that focuses on the landlord-tenant relationship, construction technology, and the impact of millennial lifestyles on the real estate market.

Established incumbents are also getting more involved in the startup community as they realize its usefulness in keeping up with proptech developments. In May 2016, Singapore’s leading property developer Capitaland announced that it is setting up a US$11 million startup fund. Hood Disrupt, the region’s first proptech hackathon, was held in August 2017, with 60 participants making up 17 teams, including students, brokers, entrepreneurs, IT professionals, and lecturers from countries as far as Poland.

5. What millennials want, they get

The age of the digital native is here, and a whopping 60 percent of the global millennial population resides in Asia.

With rapid urbanization happening across the region, these tech-savvy youths are gaining more purchasing power as they come of age. Shaped by their childhood experience with technology, millennials are used to getting information when and how they want it.

While proptech is more established in Europe and North America, the Asia-Pacific region holds much promise for innovation and adoption. Even though consumer preference for offline channels and tools initially served as an impediment to proptech, we can expect the millennials’ natural affinity with all things digital to be one of the strongest drivers of change in this sector.

To find out more about how proptech startups are bringing real estate in Asia beyond the brick and mortar, download this report brought to you by JLL and Tech in Asia.

Converted from Singaporean dollars. Rate: S$1 = US$0.74.

This post Report: Why proptech will accelerate in Asia appeared first on Tech in Asia.

Singapore’s latest crypto-exchange scoops $1m seed funding from Fatfish

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Photo credit: krunja / 123RF

A new cryptocurrency exchange set to be launched in Singapore has raised US$1 million in seed capital from Australia’s Fatfish Internet Group.

Kryptos-X was founded by Tony Mackay, the Australian entrepreneur behind Chi-X Global, a network of alternative stock trading platforms.

Mackay and his team have chosen to situate the startup in Singapore as they consider it “a well-regulated environment” with scope for additional players to enter the market, according to a press release.

Coinhako and FYB-SG are among the Singapore-based companies currently operating cryptocurrency exchanges in the country, while a number of others – such as Luno and Quoine – also have a local presence. Several foreign players, including Coinbase, are also accessible to Singaporeans.

The electronic marketplace… will not need to be regulated in accordance with the policy of MAS.

Kryptos-X said in the statement that it is “being established as an electronic marketplace for high-volume and high-frequency trading of bitcoin and other major virtual currencies.” It will “initially offer services in Singapore in accordance with the Singaporean regulatory framework for digital token offerings,” though it expects to expand to other jurisdictions in the future.

The Monetary Authority of Singapore (MAS) recently published a paper offering “general guidance” on the regulation of digital token sales – otherwise known as initial coin offerings (ICOs) – where businesses sell their own cryptocurrencies to raise funds.

In its paper, MAS stressed that digital tokens it determines to possess characteristics of capital market products – such as equity shares, debt instruments, or units in collective investment schemes – will fall under the purview of Singapore’s Securities and Futures Act (SFA).

See: Singapore to regulate ICOs that resemble equity and debt offerings

Kryptos-X claimed in its statement that it will “deal exclusively with blockchain technology-based digital tokens and cryptocurrencies that do not carry features of securities nor collective investment schemes… The electronic marketplace accordingly will not need to be regulated in accordance with the policy of [MAS].”

However, it also said that it may engage in the offering of tokens that resemble security interests in the future. Another Fatfish portfolio company, SmartFunding, holds a capital market services license which may allow it to trade such tokens under Singapore law should the the two enter into a partnership.

Kryptos-X is expected to launch within the next three months. Of the US$1 million from Fatfish, 40 percent will go towards hiring team members, with another 40 percent devoted to building software. The remaining 20 percent will cover incidental set-up costs.

The investment deal will see Kryptos-X and Fatfish form a joint venture, of which Fatfish will own a stake equivalent to 27 percent of total voting shares.

Converted from Australian dollar. Rate: US$1 = AU$1.32.

This post Singapore’s latest crypto-exchange scoops $1m seed funding from Fatfish appeared first on Tech in Asia.

Video: Try a tasty ‘virtual cocktail’

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The gadget, called Vocktail, was created by a team at the National University of Singapore.

Transcript:

This thing turns water into wine. Well, a cocktail. Vocktail alters and augments flavours via an app. Created by a team at the National University of Singapore, it uses a combination of LED lights, electrodes, and air pumps. Vocktail changes the color, taste, and smell of water, and makes you think you’re sipping a cocktail. They’re calling this a “virtual cocktail.”

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5 rising startups in Japan

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New week, new roundup! Catch the latest in crowdsourcing, amateur sports management, fintech, and more.

MachiMachi

Social media community platform MachiMachi publishes crowdsourced reviews and information about local businesses and happenings from people living within the same area. Users simply have to input a phone number to register and confirm their address in about a minute. Users increased threefold in half a year, and the platform now has 6,300 registered users.

Previously known as Proper Inc., MachiMachi collaborates with local governments in Tokyo like Shibuya, Toshima, and Bunkyo. The company recently announced that it’s collaborating with Mito City in the Ibaraki Prefecture.

Last week, MachiMachi raised around US$1.5 million from ANRI, BEENEXT, among others. With these funds, the company is looking to increase its marketing, expand into new areas, and continue establishing ties with local municipalities.

Link Sports

Link Sports has developed TeamHub, an amateur sports management application that allows teams to organize their calendars, create scorecards, and contact members, among others. According to TechCrunch Japan , the app currently has 2,000 unique registered teams. Users can pick from monthly plans worth $US9, $US18, and $US27.

On November 22, Link Sports announced it has raised US$900,000 from iSGS Investment Works Inc., KLab Venture Partners, and Mainichi Newspapers Co. Ltd. The startup is looking to leverage the money to grow TeamHub and to expand its scope to include rugby, basketball, and volleyball.

Link Sports also offers other services like AZrena, a sports media news site.

Crowd Realty

Tokyo-based Crowd Realty gathers money to finance initiatives likeKyomachia No. 1 Fund, a project to renovate traditional-style Kyoto homes into vacation rentals.  Though it may sound similar to Tomaruba, Crowd Realty works on a wider range of projects, such as an initiative to create a shared space for nursery and kindergarten schools in Tokyo’s Shibuya ward.  To date, Crown Realty’s works have ranged from about US$17,000 to US$1.5 million and include locations outside Japan, such as Estonia

The real estate crowdfunding company recently got around US$3.1 million from SBI FinTech Fund and three affiliated companies of Mitsubishi UFJ Financial Group (MUFG): The Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Capital and Kabu.com Securities.

Xenodata Lab

Xenodata Lab is developing an AI finance data analytics tool that leverages natural language processing (NLP). Xenodata Lab’s main service, xenoFlash, analyzes Japanese stocks and then delivers financial results highlights in about a minute. By using XBRL (eXtensible Business Reporting Language) analysis plus PDF graph and table analysis, xenoFlash’s platform converts accumulated data into tabulated data. From there, xenoFlash takes the synthesized data and applies its AI algorithm to formulate insights and present useful financial information. Okasan Securities, Tokai Tokyo Financial Holdings, and Kabu.com Securities are among its clients. While the company has already secured a number of clients, they are in a crowded space, with companies globally launching similar NLP based algorithm platforms.

As announced on November 22, Xenodata raised its series A round of US$2.24 million from several of Japan’s banking giants and financial services firms, inlcuding Bank of Tokyo-Mitsubishi UFJ (BTMU), Teikoku Databank, DBJ Capital, Mizuho Capital, and SMBC Venture Capital.

Plus Medi

Plus Medi is an early-stage Japanese startup that’s developing MyHospital, a medical care and management app. The app aims to help users by reducing the time they spend at the hospital or doctor’s office as well as streamline processes. MyHospital will also include features like bills payment, medication management, and online paperwork. Plus Medi is taking on a big challenge to digitize medical processes and records, but companies like Freee show that disruptive technologies are capable of replacing legacy tools and can become highly valuable.

For its seed round, the startup received an undisclosed amount of funding from SMBC VC, aSTART, Vector Inc., and Nippontect Systems. Plus Medi is looking to use the money to create MyHospital. 

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Blibli makes another online travel agent play with Indonesia Flight acquisition

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tiket-acquisition

Blibli announcing the acquisition of Tiket in Jakarta earlier this year. Photo credit: Blibli

Ecommerce site Blibli has acquired online travel agent Indonesia Flight to support Tiket, the travel and ticket booking platform it took over in June.

“Indonesia Flight will run as usual,” co-founder and CEO Marcella Einsteins told Tech in Asia. “But now we are working with Tiket, and we will merge our teams for resource efficiency.”

No other details of the deal were disclosed.

Indonesia Flight was one of the first startups in the country to sell tickets through a mobile app. It made US$37 million by gross merchandise volume last year.

The association between Indonesia Flight and Tiket goes back to before the latter’s acquisition by Blibli.

Indonesia Flight was launched in 2012 by venture builder Ticket Solutions, with an app built using a Tiket API.

It sold travel packages from Tiket, and both startups shared at least one angel investor. According to Einsteins, that investor sold his Indonesia Flight shares back to her and co-founder Yoppy Nelwanto when Blibli bought Tiket.

Nevertheless, at the time of the deal, Einsteins denied that there were talks about Blibli taking over Indonesia Flight.

“In the discussion about the Blibli-Tiket acquisition, there [was] no discussion that Blibli will also acquire us,” she told Tech in Asia at the time. “[We, the founders] decided to take over our shares and become an independent startup.”

Since Tiket’s takeover, Indonesia Flight has tried to reduce its dependency on third parties by dealing directly with airlines and hotel owners. Einsteins and Nelwanto had also set out to sign up new investors, but the acquisition by Blibli means that’s no longer necessary.

Online airplane and hotel bookings have become an ultra-competitive space in the archipelago. Traveloka – which raised US$500 million this year from investors including Sequoia Capital, Expedia, and JD – dominates the segment.

Converted from Indonesian rupiah. Rate: US$1 = IDR 13,511.22

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Asia tech news roundup – Nov 28

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Copyright: fazon / 123RF Stock Photo

Singapore skyline. Photo credit: fazon / 123RF

There was plenty of news from the worlds of ecommerce, fintech, and transportation today.

Ecommerce

Blibli buys Indonesia Flight (Indonesia). The ecommerce platform has acquired the travel booking site, just months after it bought out online travel agent Tiket. (Tech in Asia)

Central Group and Start Today Ventures join Pomelo’s series B (Thailand). The online fashion marketplace has already secured US$19 million in funding from JD, Provident Capital Partners, and Lombard Private Equity, making it Thailand’s largest knwon series B round. Retail and real estate powerhouse Central Group recently entered into an ecommerce-focused joint venture with JD, while Start Today owns Japanese fashion marketplace site Zozotown. (Pomelo Fashion)

Rocket Internet company sells off car classifieds site (Vietnam). Stockholm-listed IT firm and venture builder will acquire loss-making Carmudi Vietnam for US$50,000. Fram claimed it will be able to run the business at a quarter of the cost as compared to previous owners Carmudi. (Tech in Asia)

Fintech

Photo credit: maxuser / 123RF

Cryptocurrency exchange gets US$1m seed funding (Singapore). Kryptos-X will use the capital to hire team members, build software, and cover the costs of its launch, which is expected to take place within the next three months. It will become the latest cryptocurrency exchange to be based in the city-state. (Tech in Asia)

Apollo Capital launches US$22.8 million cryptocurrency hedge fund (Australia). The fund, founded by veterans of Melbourne-based VC firm Dominet Venture Partners, claims to be the Lucky Country’s first focused on virtual currencies, ICOs, and other blockchain-based assets. It will be open exclusively to wholesale clients, with a minimum buy-in of US$38,000. (Apollo Capital)

InstaReM launches in Malaysia (Singapore/Malaysia). The Singaporean cross-border payments firm will now be able to help Malaysian residents transfer money to more than 60 countries. It plans to enter the Indian market next month. (InstaReM)

Lattice80

The now-vacated Lattice80 fintech hub at 80 Robinson Road in Singapore. Photo credit: Lattice80.

Lattice80 partners with IOTA Foundation (Singapore). The Marvelstone-backed fintech incubator has agreed to set up an innovation lab with Germany’s IOTA Foundation, which focuses on the development and standardization of blockchain and related technologies. (Marvelstone Group)

TenX tokens begin trading on Huobi Pro (Singapore). The payments startup’s PAY tokens – which it distributed in a crowd sale earlier this year, raising US$80 million – will be available to buy and sell on cryptocurrency exchange Huobi Pro from today. (TenX)

Artificial intelligence

Fenox leads US$2.7 million investment in chat app (Japan). Mitsubishi UFJ Capital, Accord Ventures, and Ibis Capital Partners also invested in AOS Mobile, which develops a range of mobile communications platforms for enterprises including an office chat app, SMS mass messaging, and chatbots. (Tech in Asia)

Xiaomi and Baidu partner on AI and IoT (China). The two companies will collaborate on research development relating to artificial intelligence, big data, and the internet of things, with a focus on smart manufacturing techniques. The alliance was announced at Xiaomi’s first IoT Developer Conference in Beijing. (China Money Network)

Transportation

SoftBank asks for Uber discount (Japan). The tech giant much-discussed interest in Uber has taken a new term, with reports suggesting that it now wants to buy a stake at a 30 percent discount that would price the controversy-courting ride-hailing firm at US$48 billion – considerably lower than the US$69 billion valuation it attained after its most recent funding round.  (Bloomberg)

Go-Jek office in Jakarta. Photo credit: Go-Jek.

Go-Jek invests in Pathao (Bangladesh/Indonesia). The ride-hailing company is reported to have acquired a minority stake in the Bangladeshi motorbike-hailing app after participating in its US$2 million series A funding round. (DealStreetAsia)

More pain for former LeEco founder (China). Electric vehicle startup Faraday Future is reportedly struggling to close its US$500 million series A round. If it fails to meet its fundraising target, the company – headed up by Jia Yueting, who quit as chairman of troubled LeEco in July – will have to immediately repay debt financing of US$400 million, plus 12 percent interest and around US$100 million in unpaid bills. (Bloomberg)

Real estate and property tech

Matrix Partners and Accel invest in Stanza Living (India). The two VC firms led the funding round, which will give the student co-living startup the capital it needs to expand to new locations, hire new team members, and enhance its technology offering. (Matrix Partners)

See: Previous Asia tech news roundups

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How Slack hires engineers

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The Inside series is a column where the Tech in Asia Jobs team gives an insider’s glimpse into interesting companies and professions. Looking for a job? Search thousands of jobs for free on Tech in Asia Jobs.

A Slack employee working in a meeting room in Slack’s Melbourne office. Photo credit: Slack

A term for lazing around is now also the name of the world’s fastest-growing workplace messaging app.

Slack is barely five years old, but already boasts of 9 million weekly active users and over 50,000 paid teams, including 43 percent of the Fortune 500 companies. The company is valued at US$5 billion.

Slack’s engineering team takes up over a third of the 1,000-strong headcount. Co-founder and CTO Cal Henderson tells Tech in Asia how the company hires and retains talent in Silicon Valley, one of the most engineer-hungry places in the world.

Cal Henderson, co-founder and CTO of Slack. Photo credit: Slack

Hiring process for engineers

Slack is overhauling its hiring process for engineers, but it generally looks like this:

  1. Resume screening
  2. A phone call with a hiring manager or technical recruiter
  3. A take-home technical exercise that will be graded
  4. A series of onsite interviews
  5. An offer within the day or the next day

The length of the whole process varies, depending on the candidate’s availability and the time they take to complete the take-home exercise. In the shortest case, the gap between applying and getting an offer could last a week.

Assessing candidates

Take-home tests

Slack’s founding team has been against whiteboard coding exercises from the beginning.

“There’s been a lot of research showing that they are super exclusionary,” says Henderson, “It gets rid of a whole bunch of people who would be great at the job but bad at doing algorithms on a whiteboard, which is completely unrelated to how anybody actually works.”

At the same time, however, a candidate’s technical ability also has to be assessed. Slack’s solution to this is their take-home technical exercise, which candidates can do at their own time and pace.

To increase diversity in the engineering team, Henderson recognizes the need to create an environment where people of all working styles are given a fair assessment.

“I’m quite proud of the diversity of our engineering team today, but there’s still a long way to go,” he says. “In order to remove bias from the hiring process, we’re now looking at offering different options to people for their technical assessment. Whether they want to do a take-home exercise, come onsite and do whiteboard programming, or come onsite to do a pair programming exercise, we’re figuring out what the best assessment is for someone’s level of technical skill.”

Doing interviews

For Slack’s engineering team, however, technical competence is not enough – they’re also looking for candidates who have a lot of user empathy.

“At the end of the day, we’re not building software for software’s sake,” says Henderson. “We’re building tools to help people accomplish a task. We have to be thinking about our users through that process, like understanding people’s frustrations or things they will find difficult.”

On how to gauge user empathy during an interview, Henderson says the basic way would simply be to ask them about it. “If they are curious and driven to learn more about the users, their enthusiasm will show,” says Henderson. “Then there will be people who will be like, ‘Oh, I don’t really care.’ People say the darnest things during interviews and filter themselves out like that!”

The team also doesn’t tolerate “excellent jerks” — people who are really good at their jobs but are very difficult to work with.

“This tends to be quite easy to spot in the hiring process,” he shares, “These are people who have switched jobs a ton, and hate every company they’ve worked at. That’s a big red flag. We’re looking for people who will work at Slack for several years and will build a team around themselves.”

“The best engineers are not just excellent at their craft, but they’re also excellent at lifting up the craft of everyone around them,” says Henderson. “The desire to get better at your craft, and make your team better is infectious. The idea that A players hire other A players and B players hire C players is definitely true.”

He stresses the importance of a company’s first few hires and the people chosen for senior management positions. These are the ones who will be critical in building and maintaining the culture of the organization.

As such, Henderson himself interviewed the first 200 people in the engineering team, going through over a thousand interviews in Slack’s first few years, to build a strong team and culture early on.

Slack at the Grace Hopper Celebration of Women in Computing Conference. Photo credit: Slack

Firing fast

Another key to building a strong team is being quick to fire people who aren’t working out.

“It’s very rare that you let someone go and be like, ‘Well I wished we could have been a bit slower about that.’ It’s nearly always, ‘Gosh I wish I’d done that months ago!’ You get that relief and weight lifted when somebody who wasn’t working out in the team leaves the company,” he says.

Henderson believes that firing quickly is a lot more important in a small startup.

“If you’re 10 people and there’s one bad person on the team, that’s a real dragging force on the whole company,” he explains.

Hiring challenges

The biggest challenge Slack faces in hiring engineers is the huge competition for engineering talent in Silicon Valley.

“It’s very rare that we’re the only person offering somebody a job,” he says. “If they’re a great candidate, they can work absolutely anywhere. Some companies pay a ridiculous amount of money, others have the prestige. We’ve had candidates who go, ‘I’d really like to join Slack, but my parents have heard of Google, so I’m going to join Google instead.'”

But it wasn’t always this way.

“Right at the beginning, we had people who were very risk accepting,” he says. “They understand that they could work for another company, but see the potential in Slack. Then we got into an awkward phase where we’re no longer a super young startup, but not super well-known either — that was pretty difficult. Now we’re in a phase where nearly everyone who’s coming to interview at Slack has at least heard of us before. But that also means we’re competing with companies who have been around forever and are made of money.”

On the bright side, those who join Slack are now people who see the value of the product, believe in the product mission, and are aligned with that mission from the get-go.

Henderson believes that what differentiates Slack from more established companies is that Slack is still small enough for engineers to make a big impact.

On top of that, Slack also has a clear mission because of its simplicity as a single product that’s focused on a particular use case, which happens to be one that people can relate well with.

“It’s not at all speculative, and all of the work is focused on driving this product forward. That’s the advantage we have,” he says. “But that’s a disadvantage at the same time. If Google X is trying to recruit people to work on say, space computers, that’s the kind of appeal that’s hard for us to compete with. You’ll be working on software for businesses, which is pretty exciting at Slack, but not putting balloons that surf the internet in space or whatever they’re doing this week. You just can’t compete with that.”

The breakout space at Slack’s San Francisco office. The team uses the space for trainings and show and tell sessions. Photo credit: Slack

Retaining engineers

As Slack grows from a startup to a larger organization, Henderson admits that it’s a challenge to keep employees who signed up for a 20-person company but now find themselves working in a 1,000-person one.

“The way we now work is very different,” he says. “It’s a very different kind of person we’re hiring now compared to who we were hiring four years ago.”

To retain their employees, Slack invests in mapping out a good career growth path for every engineer, whether it’s going into management or growing into a role as a senior contributor.

“Everyone wants to switch to management. It’s such a terrible job – being an engineer is way more fun,” Henderson adds with a laugh.

“In fact, we’ve seen quite a few people switch to the management track, hated it, and have switched back to being an individual contributor,” he says. “It’s making sure that being an individual contributor is a path that we not only allow, but also promote at Slack. Junior engineers should see that becoming a manager is not the only way to continue your career here, and we could point to a few key individual contributors and say, ‘That’s a viable path for you, too.'”

Slack also has a buddy program for new hires: each new hire is paired up with a “team buddy” (a senior member of the team), as well as an “onboarding buddy” (someone else from another team in engineering). The team buddy will get them up to speed within the team, and the onboarding buddy will help them on their engineering journey at Slack.

“I think part of becoming more senior is the ability to mentor younger engineers, or a younger manager,” shares Henderson. “That’s a very valuable part of growth for both the mentor and the mentee.”

A lot of the senior members within the team have outside mentorship, and in turn, mentor people from other companies. “As you get more senior, it’s good to have an outside perspective from other companies to get a sense on where you’re going,” he says.

Advice for potential candidates

“Apply to us!” invites Henderson. “The best way to get noticed is to have a real enthusiasm for improving the product and helping make users’ lives better.”

“Be enthusiastic, be empathetic. But please, please do not show up, break into the Slack office, and leave a shrine on someone’s desk. Know the difference between being enthusiastic and going too far,” he quips.

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Uber partners with Goldman Sachs-backed startup for cashless payments in Vietnam

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Momo payment app Vietnam

Photo credit: Momo.

Uber has partnered with Vietnam-based payments startup Momo to enable cashless transactions on the Uber app. Starting today, the ride-hailer says 30 percent of Android users of its app in Vietnam can pay for their rides using Momo’s digital wallet.

The option will be available to all its Android users by January 1, 2018. Owners of iOS devices will get it “not long after,” according to an Uber spokesperson.

This is the first such deal for Uber in Southeast Asia. In India, the company tied up with prominent payments provider Paytm in 2014.

This is the first such deal for Uber in Southeast Asia.

Momo offers an e-wallet and an online payments service in Vietnam. Users can transfer funds, pay bills, buy airline tickets, and more. Collaborating offline outlets help customers charge their wallets, do remittances, and perform other transactions.

The Vietnamese startup has attracted investment from Goldman Sachs and Standard Chartered. The latter partnered with Momo to enable online payments for its corporate clients in the country.

Momo claims to have over five million users on its app, up from over the two-and-a-half million it reported in early 2016, when Goldman Sachs and Standard Chartered poured US$28 million in the firm.

“The partnership with Uber will open a seamless and cashless transport experience for the many Vietnamese without credit cards,” said Momo COO Nguyen Manh Tuong in a statement.

Uber does not have its own digital wallet option, unlike its Southeast Asian competitors Grab and Go-Jek, which use the feature to offer more diverse services like package and food delivery as well as cashless payment options in various retailers.

In Vietnam, Uber offers ride-hailing for cars and motorbikes in Hanoi, Ho Chi Minh City, Danang, and Nha Trang.

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Uber posts record losses

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Uber is on course to post record losses in 2017, according to data direct from the company.

From January to September, Uber lost US$2.9 billion – that’s compared to US$2.8 billion for the whole of 2016.

However, it’s also seeing a new high in the gross value of its bookings from rides – US$25.9 billion, reports Bloomberg, citing data Uber showed to shareholders as part of Softbank’s bid to buy a stake in the firm. Uber’s revenue figure for the third quarter is unknown, though it clocked up US$5.2 billion through to June.

Across Asia, Uber’s rivals are providing especially tough competition as India’s Ola, Southeast Asia’s Grab, and the Middle East’s Careem continue to expand, fueled by fresh funding.

Earlier today, Uber added the option of phone payments in Vietnam.

Updated minutes after publishing: Clarified that bookings is the gross monetary value, not the total count.

See more on the ride-hailing war:

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Crypto-card provider Change raises $17.5m in ICO

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Copyright: <a href='https://www.123rf.com/profile_risto0'>risto0 / 123RF Stock Photo</a>

Christmas market in Tallinn, Estonia, where Change is partnering with the government on its e-residency scheme. Photo credit: risto0 / 123RF.

Singapore-based Change has raised the equivalent of US$17.5 million from its initial coin offering (ICO), it announced today.

The startup said it will use the funding for product development. It is creating a banking platform for cryptocurrencies, incorporating a debit card, digital wallet, and payments app.

The first of these – the Change Card – is scheduled to launch next month. It will enable its holders to spend cryptocurrency in “millions” of online and offline locations worldwide, the startup said in a statement.

Change is also building a marketplace that aggregates different financial services from a range of third-party fintech companies. These service providers can use an open API to integrate with Change’s marketplace.

The startup’s goal is to become a “one-stop shop” for cryptocurrency users around the world, simplifying how they store, manage, and do transactions with their cryptocurrency holdings within a single app. 

For example, someone who has made substantial profits over a period of time by buying cryptocurrencies will be able to use the Change marketplace to diversify their investment. They might allocate some of those profits to micro-loans offered by a startup in Indonesia, or to a mutual fund suggested by a robo-advisor in Singapore.

Change has also partnered with the government of Estonia on its e-residency program, which gives entrepreneurs the opportunity to establish and run a European Union-based company online from anywhere in the world. Its services will be made available to anyone who acquires Estonian e-residency.

Spare change

According to the company’s ICO whitepaper, the Change Token (which will be listed as “CAG” on exchanges) has been “carefully engineered to be the flagship currency in all of Change’s ecosystem, facilitating fund transfers between different investment opportunities and financial services.”

Users who make investments through the Change marketplace will get a proportion of returns in the form of CAG. They will also be able to use the token to make purchases with the Change Card. Card purchases made using CAG will be rewarded with a 0.1 percent rebate in CAG, or a 0.05 percent rebate for purchases made in other currencies.

CAG is currently listed on the KuCoin exchange.

Change is one of several fintech startups in Southeast Asia that aims to make cryptocurrencies easier to spend and interchange with fiat currency in everyday life. Fellow Singapore outfit TenX – which has also released a cryptocurrency debit card and ewallet – raised US$80 million in its token sale last June. During the same month, Hong Kong’s Monaco raised US$26.7 million in an ICO for its Visa-backed cryptocurrency card.

Change previously secured US$200,000 in funding from angel investors in early 2016.

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Rotimatic maker turns over $20m in its first year

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Photo credit: Zimplistic

Zimplistic, the company behind smart flatbread maker Rotimatic, today announced it made US$20 million in revenue during its first 12 months of sales.

The Singapore-based startup has also launched its product in four new markets – Australia, Canada, New Zealand, and the UK – and is seeking investors for its series C fundraise, with the aim of expanding to India and the Middle East next year.

It is rare to see Singapore startups like Zimplistic build a hardware product, let alone achieve a sizable revenue figure and reach the series C stage. It previously raised a total of US$20 million across its series A and B rounds from investors including NSI Ventures and Robert Bosch Venture Capital, the VC arm of German electronics giant Bosch.

See: Zimplistic gets $11.5M to globalize Indian flatbread with a robotic roti-maker

Husband-and-wife founding team Rishi Israni and Pranoti Nagarkar built Rotimatic to solve a seemingly simple problem. Flatbreads are eaten with almost every meal by many families in India and diasporic communities. They come in various forms – from the simple and ubiquitous roti and chapati, to the multi-layered paratha. The nutritional value of these flatbreads, which are typically made with wholewheat flour, often makes them a healthier choice than plain white rice, or leavened breads made with refined flour.

The problem is that the process of making them by hand is time-consuming and labor intensive, requiring a certain level of skill. Dough needs to be made in advance, proofed, then kneaded, divided, and rolled-out. The constraints of the domestic kitchen usually mean that only one flatbread can be cooked at a time.

As a result, many people get drawn to easier-to-prepare but less healthy options, such as ready-made, frozen roti, which likely contain a range of obscure preservatives. Or they order in butter-drenched naan from their local restaurant.

With Rotimatic, users simply pour the right ingredients into the machine, select the thickness and doneness they desire, and press the start button. The device is able to churn out one ready-to-eat flatbread per minute.

Photo credit: Zimplistic

In the eight years that have passed since Nagarkar first came up with the concept, Zimplistic has grown into a company of more than 120 employees. It holds 37 patents on the technology that makes Rotimatic tick.

It has also focused on product development around its core offering. A mobile app is in the works which will allow users to switch on and control their Rotimatic while away from home, meaning they can have freshly cooked roti ready upon returning from work.

The company is also working on firmware updates for the machine so that it can tackle other types of flatbreads, such as Mexican tortilla and pizza bases, as well as gluten-free options. 

Zimplistic said in its statement that Rotimatic has more than 20,000 users worldwide who have made over ​8 million ​roti using the machine to date.

Tech in Asia has contacted Zimplistic for additional information on its earnings and planned funding round.

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Asia tech news roundup – Nov 29

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Photo credit: Zimplistic

Here are some of today’s top tech stories from around the region.

Consumer tech

The startup behind Rotimatic reports US$20 million in annual revenue (Singapore). Zimplistic is also seeking series C investment so that it can take its smart flatbread-making machine to India and the Middle East. (Tech in Asia)

Fintech

Change raises US$17.5 million in token sale (Singapore). The fintech firm will invest the funds in product development. It plans to launch a cryptocurrency debit card and mobile wallet next month. (Tech in Asia)

BitFlyer to launch in the US (Japan). The Japanese cryptocurrency exchange has gained regulatory approval to operate in 41 states of the Union. It is also one of the 11 exchanges given the green light by regulators in Japan earlier this year. (TechCrunch)

Artificial intelligence

SenseTime reportedly gets US$227 million from Alibaba (China). The facial and image recognition startup would be valued at US$3 billion post-money as a result of the investment. (China Money Network)

Transportation

uber

Photo credit: Mark Warner.

Uber partners with local payments app (Vietnam). The ride-hailing company will work with Goldman Sachs-backed Momo to enable cashless payments for its users in the country. Regional rivals Grab and Go-Jek offer cashless payments through their own apps. (Tech in Asia)

Meanwhile, the company reported record losses (Asia-Pacific). Uber posted a loss of US$2.9 billion between January and September this year, compared to US$2.8 billion for the whole of 2016. It is yet to reveal revenue for the same period, though the total value of bookings reached a record US$25.9 billion. (Tech in Asia)

Softbank may be after a big stake in Swiggy (India). Masayoshi Son’s firm is reportedly considering an investment of up to US$250 million in the food delivery startup, which is backed by South Africa’s Naspers and has also roused the interest of potential investors Flipkart and Tencent. (Inc42)

Media and entertainment

Passion Gaming secures US$3.25 million funding (India). UK firm Stride Gaming has invested in the online gaming company, which will use the funds to enhance its customer service, marketing, and tech teams. (Inc42)

Investors, incubators, and accelerators

SGInnovate declares deep tech targets (Singapore). The commercialization body aims to invest in at least 20 deep tech startups next year at pre-seed, seed, and series A stages. It is also renovating its BASH co-working space in Singapore’s One North tech park to better serve the needs of artificial intelligence and blockchain startups. (SGInnovate)

See: Previous Asia tech news roundups

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