Exploring the FinTech revolution in the Philippines
Addressing financial inequality in the Philippines means making certain that everyone has equitable access to financial services. To date, some 66 percent of Filipinos remain unbanked, catapulting the Philippines to fourth place among the world’s most unbanked countries. However, we also have the advantage of high Internet and smartphone penetration at over 70 percent each, as well as a…
Singapore’s Fairmart raises $1.5M seed round co-led by Quest Ventures and Entrepreneur First
Fairmart, a Singapore-based startup that drives sales for retailer stores by making their products searchable online, announced Wednesday the closing of an oversubscribed S$2 million ($1.5 million) seed round co-led by Quest Ventures and Entrepreneur First, with participation from SOSV, Vectr Ventures and Hustle Fund.
“Fairmart is solving the perennial problems that prevent local retailers…
Indonesia’s GoTo sells majority stake in Philippines e-wallet Coins.ph – report
Indonesia's tech firm GoTo Group it had sold its majority stake in Filipino e-wallet Coins.ph, Reuters reported on Monday.
The deal could also signal the end of its effort to capture the Philippines market, according to the report.
Ride-hailing and payments firm Gojek, which merged with e-commerce firm Tokopedia to form GoTo last year, had acquired the stake in 2019 as it planned a full…
Indonesia’s GoTo allocates over $20M to driver-partners under share program
Ahead of its initial public offering (IPO), PT GoTo Gojek Tokopedia Tbk (GoTo Group), the largest digital ecosystem in Indonesia, announced Monday it will allocate over $20 million to its driver-partners.
In Indonesia, the driver-partners will receive a share grant under the Gotong Royong share program, GoTo Group said in a statement.
"It has always been our dream to be able to share the…
Australia’s FinTech unicorn Airwallex launches payment services in Malaysia
Australia-based FinTech platform Airwallex announced Thursday the launch of its cross-border payment services in Malaysia, following its grant of a money services business license by Malaysian regulator Bank Negara Malaysia in August last year.
Initially, qualified Malaysian businesses will be given access to Airwallex's fast, transparent and cost-effective foreign exchange conversions and…
Indonesia’s GoTo to raise $1.1B in IPO
Indonesia's largest tech firm GoTo Group said Thursday it will raise $1.1 billion in its initial public offering (IPO), which would make this the third largest IPO in Asia and fifth largest in the world this year.
The IPO price has been set in the top half of the range at IDR338 ($0.024) per share, representing a projected market capitalization of approximately $28 billion, GoTo Group said in…
India’s Pine Labs raises $50M from United Kingdom’s Vitruvian Partners
Indian merchant commerce platform Pine Labs announced Wednesday a new investment of $50 million from Vitruvian Partners, a London-headquartered international investment firm.
“At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises. We aim to further strengthen our recent foray…
Malaysia to enact laws to better regulate ‘Buy Now Pay Later’ schemes
Malaysia's central bank is working with the Finance Ministry and Securities Commission Malaysia to enact laws to better regulate 'Buy Now Pay Later' (BNPL) schemes.
Bank Negara Malaysia and the two parties are working together to enact the Consumer Credit Act (CCA) in 2022.
"The CCA will strengthen regulatory arrangements for all consumer credit activities, including BNPL schemes offered…
Sea Ltd’s Shopee to close down India operations – report
Shopee, the e-commerce arm of Singapore-headquartered Sea Ltd, said it is shutting down its operations in India "in view of global market uncertainties", Reuters reported on Monday.
The New York-listed tech firm launched in India in October 2021, part of an international push that saw it expand into Europe. Sea has been embarking on an aggressive international expansion last year in a bid to…
FinTech continues to be a hot sector in Southeast Asia after a booming 2021
Editor’s note: AC Ventures, Gobi Partners & HomeCrowd are participants of Life’s A Pitch! (FinTech) on March 24. The next Life's A Pitch! (renewable energy) will be held on Apr 28, interested startups can register here.
FinTech will continue to be one of the hottest sectors in Southeast Asia after record amounts were pumped into the region’s FinTech firms last year, according to…