SoCash MAS

Before you dive into today’s work, here are the headlines you should know.

1. Amazon takes counterfeit sellers to court for first time

On Monday, Amazon filed suit against a group of sellers for infringing on athletic training equipment developed by TRX. In a second case, Amazon sued sellers who are offering fake versions of a patented moving product called Forearm Forklift. There’s no way Amazon can litigate away the problem. The company generates over $75 billion a year in commerce, and about half the volume now comes from third-party sellers.

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2. Malaysian Beauty tips startup, Favful gets $500,000 funding from Gobi Partners

It says it will use the investment to expand to other parts of Southeast Asia and ramp up its marketing. The app offers price comparisons and ratings for beauty products based on skin type, and features reviews from users to make the shopping experience less overwhelming.

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3. SoCash gets grant from Singapore’s MAS to setup offline retail cash withdrawl hubs

The grant aims to help Singapore-based financial institutions and/or technology providers work on the early stage development of their products, this Proof of Concept is approved under Financial Sector Technology & Innovation (FTSI) Scheme.

The idea behind soCash is letting the customers have cash without going to an ATM, and the merchant gets money credited into their account without going to the bank.

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