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Winding down from work? Here are today’s top stories that you should know

1. LVMH to launch multi-brand ecommerce site for its luxury brands

Leading luxury group LVMH plans to launch a website in May that will be branded as its department store Le Bon Marché. It will offer labels from the group’s own stable as well as distributing non-LVMH brands — putting it head-to-head with online platforms such as Net-A-Porter and Matchesfashion.com.

Customers that buy both online and in-store typically spend 50% more than those who only visit shops, according to Exane BNP Paribas analysts.

While ecommerce is still a relatively small portion of sales in the global luxury goods market at 7%, it will expand to 12% by 2020, according to Boston Consulting Group.

Read the rest of the story here.

 

2. Go-Jek launches important new feature,now lets users transfer e-cash to each other

The startup has introduced a new feature which allows users to send Go-Pay credit to each other at no cost. It’s a big step in Go-Jek’s evolution into an increasingly powerful payments solution that enables users to transact with each other.

Source: Tech in Asia

Go-Jek also confirmed that users will be able to withdraw Go-Pay credit in the form of cash at several partner banks once the feature is fully implemented. The startup has not yet revealed which banks are involved.
Read the rest of the story here.

3. Dymon Asia announces first close of its debut $50M fund for fintech

Dymon Asia Ventures is focused on fintech deals and it is targeting a $50 million raise. Today, its founding partners disclosed a first close of $20 million from a range of LPs that include Thai bank Siam Commercial, which invested an undisclosed sum via its fintech arm, Digital Ventures.

While plenty of funds have sprung up to tackle Series A deals, Dymon Asia is aiming to cater to a very specific category of fintech-led companies where the partners believe their resources and understanding can move the needle.

“We want to give fintech founders the attention they need, especially the b2b guys who often don’t appeal to traditional VCs,” said Dymon Asia partner, Christiaan Kaptein.

Read the rest of the story here.

 

4. Community Chatter: The Alipay of Indonesia

Source: Sheji Ho, CMO at aCommerce

Go-Jek is moving towards its goal of becoming a leading payments platform for Indonesians.

Thailand’s Siam Commercial Bank held a fintech event last week on behalf of its digital arm, Digital Ventures. ‘Faster Future: SCB Fintech Forum‘ drew in speakers from across the globe, from Wei Hopeman, Managing Partner at Asia based Arbor Ventures to Jeffrey Paine, co-founder of Singapore based Golden Gate Ventures, an early-stage VC firm that focuses on Southeast Asia.

“Southeast Asia looks like China in 2006, like India in 2011,” said Paine. “In China and India, the competition is usually local, but in Southeast Asia, the competition comes from around the world.”

During his panel, Paine outlined eight key tech sectors that he believes we will see more of in Southeast Asia within the next 3-5 years.

1. The age of differentiated commerce, more B2B

  • It is the age of niche B2B ecommerce. Southeast Asia will see the growth of niche verticals in the B2B space, for example, the rise of the industrial sector in Singapore
  • The industry will see a surge in ecommerce enablers that help traditional companies go online
  • Ecommerce will shift slightly to differentiated commerce. This refers to a culmination of good content, strong networks and an efficiency in selling. Ecommerce has evolved to an all-round experience, not simply putting something up for sale online

 

2. The rise of a ‘one stop shop’ financial platform

  • The region can expect a rise in fintech transactions over the next 2-3 years
  • Integration of big data in credit scoring will be prominent, especially in Indonesia. Big data should be able to minimize the amount of work and extend sources needed to provide loans.
  • The ‘one stop shop’ financial platform will allow you to purchase loans, insurance and credit cards in one place. This will be a place where a few winners can come into dominate market share
  • The rise of pure mobile online banks. Vietnam is already starting to adapt following the launch of Timo Bank, the country’s first digital bank
  • Financial services for ecommerce. For example, consumer credit will matter when a shopper buys something on a marketplace. This will also be in tandem with the rise of vendor financing for marketplaces
  • On-demand insurance will also become a trend in the next 3 years i.e. Asia Insurance
  • Blockchain infrastructure will arrive in Southeast Asia

 

3. Automobile innovation to benefit B2B & B2C

  • Innovations will be in the areas of software that helps drivers find parking, rent cars, connect with automobile care

 

4. The rise of healthcare tech in Thailand and Singapore

  • The birth of centralized data hubs and analytics will be integrated with healthcare
  • Creation of software for hospitals, clinics and private practices to make their workflow more efficient. Ex. Patient records, paying bills etc.
  • The application of IoT software for hospitals and senior homes
  • The rise of telemedicine platforms online and doctor on-demand services. This would benefit rural provinces as it’s a challenge to find doctors on demand when you’re not in a big city

 

5. The strengthening of enterprise SaaS

  • AI/Machine learning based predictive analytics software for business users, especially in the area of automated customer service and sales management software
  • Will take time to develop and be applied, but it should be used by HR departments and accounting/finance divisions to automate certain processes such as number crunching and database filing

 

6. Long-haul logistics

  • Long haul trucking would be particularly useful for the popular trucking route between Malaysia-Thailand and vice versa
  • On-demand trucking platforms could add more convenience to consumers, allowing them to have parcels delivered at a more flexible schedule. This would be a challenge in Indonesia due to the different islands within the country
  • Route planning innovation will also become a trend in logistics. This would help to tackle various roadblocks such as unidentified locations, problems with delivery addresses and more.

 

7. Increasing popularity of agritech

  • Agritech has been slow to rise, but should become a key trend within the next few years as agriculture is prominent in Southeast Asia
  • The development of financial services for farmers will pick up. Thailand and Indonesia have begun to develop government centric databases and e-procurement platforms, but neither has fully taken off
  • The creation of market linkage models, ex. farm to table platforms

 

Looking ahead

Southeast Asia is waking up, especially as each country’s government is pushing tech initiatives and creating guidelines such as sandboxes for fintech and exploring taxing for ecommerce.

According to Jeffrey Paine,

As soon as the government starts to push, large corporations will begin to take notice.

This trend is apparent in Thailand, with many institutional banks such as SCB itself, or Kasikorn bank venturing into digital finance services.

Real estate companies such as Sansiri are teaming up with SCB to explore property tech, focusing on research, development and startups, aligning with the Thai government’s 4.0 initiative that aims to move the country towards a more digitized framework.

Jeffrey Paine notes that for domestic startups, going regional is not impossible. China will play a significant role in the region’s development, and Southeast Asia needs two main vices; capital and time, in order to accelerate the region’s technology growth.

For more on SCB x Digital Ventures Fintech Forum and to watch the panel, click here.

Here’s what you need to know today.

1. Thailand’s Box24 is moving beyond laundry service

Through Box24, customers simply had to deposit the laundry, make a payment, track the status of their laundry through the mobile app and pick-up when its ready.

Founder Bond Thaiyanurak saw potential in his startup, and soon looked to explore into other verticals under the Box24 brand.

For ecommerce delivery, Box24 partnered with leading retail chainsTesco and BigC to launch a service called ShopBox24. For parcel delivery, it partnered with delivery company Kerry Express to deploy MoveBox24.

Box24 will also be deploying personal storage services with Kerry this year.

Regionally, there are already a handful of ecommerce lockers available, but Box24 differentiates itself by building hardware in-house. “We have a very different business model from other players — we are selling the lockers,” said Thaiyanurak.

Read the rest of the story here.

 

2. Pypestream raises $15M series A for its customer messaging platform

 Pypestream has expanded to offer messaging capabilities in businesses’ own apps and elsewhere. This goes beyond just sending text and images — users can also make payments, schedule appointments and send files directly from the messaging window.

“Brands thought, or agencies think, that people actually want to have general conversations with businesses and brands that aren’t specific to utility or aren’t specific to a need,” founder Smullen said.
“Just as a consumer, I don’t need to have a general conversation with Nike — but if my sneakers are broken, then my conversation with Nike is very necessary.”
Read the rest of the story here.

 

3. SCB Fintech Forum reveals key industry trend in Asia

According to key panelists at SCB’s fintech forum held on 28 February, agriculture tech and healthcare will become more prominent this year. We should be seeing the integration of big data which will help drive more movement within agriculture, including new digital platforms that will fund agritech projects.

Doctor-on-demand will also be introduced on a larger scale in Asia.

Read the rest of the story here.

 

4. BCBG Max Azria files for bankruptcy

Fashion house BCBG Max Azria Group LLC has filed for bankruptcy protection , the latest casualty in the struggling U.S. retail sector, as shoppers abandon malls in favor of internet shopping.

The company is taking steps to close its freestanding stores in Canada and consolidate its operations in Europe and Japan, in addition to the 120 retail stores closed as part of the restructuring efforts.

The re-shuffling will allow the company to hone in on customer shopping patterns, selected retail locations and ecommerce, a spokesperson for BCBG said in a statement.

Read the rest of the story here.