Here’s what you should know today.
1. SoCash raises angel funding of $600K
SoCash, the startup that allows you to withdraw cash from any merchant just like an ATM, announced today it has raised a new round of angel funding worth $600,000. The funding comes from unnamed “veteran bankers and technologists.”
The startup uses your bank’s mobile app to let you transfer an amount to the merchant’s bank account. Then you can pick up the amount in cash from the merchant. As for merchants, SoCash provides them with extra traffic in their stores and a new revenue source.
The funding will be used to grow SoCash’s sales team so it can get more banks in Southeast Asia on board.
In total, the startup has secured $925,000 in angel funding and is looking to raise its first institutional round.
Read the rest of the story here.
2. Ho Chi Minh City may tax online sales in April
Ho Chi Minh City’s tax department has said it will work with related departments to impose sales taxes on businesses running on Facebook and other online shopping sites.
Last month, the trade department proposed the city work with Facebook on measures to collect tax from businesses running on the site. The General Department of Taxation is now working on measures to tax the businesses operating on social media channels.
But it may be challenging because many online retailers use anonymous accounts for transactions, and the majority of transactions are cash based.
3. Amazon to shut down Diapers.com and other Quidsi sites
Amazon.com . is closing Diapers.com, Soap.com and other sites it purchased for about $545 million in 2011. The online retailer said it’s shutting Quidsi, the unit that ran the websites, because it couldn’t make a profit.
the company’s renewed grocery push is an ideal time to consolidate brands
4. Community Chatter: FMCG growth in Southeast Asia
The two countries’ rapid FMCG growth could provide more opportunities in both online and offline retail. As spending power increases, shoppers can also begin to afford more luxury upgrades of everyday items.
Read eIQ’s insights on everyday premium products, here.