Cashless payments with cards to pay for everything from your groceries to movie tickets and even your taxi fare – is now a way of life. Jonathan Peeris looks at how you can go one better – with mobile payments through your handphone.
Southeast Asia’s leading payments company 2C2P has teamed up with SafeCharge International Group Ltd (LON:SCH), a leader in advanced payment technologies. Through this strategic partnership, Southeast Asian brands and retailers will be able to break into the combined US$985 billion a year European and North American B2C e-commerce markets.
Listed Australian digital media firm, Migme has flagged its foray into Indonesia buying two firms in the fast-growing Asian market as it looks to further expand its social entertainment business beyond Australia.
2C2P Group CEO and Founder, Mr Aung Kyaw Moe, said, “With more and more people using UnionPay globally, this partnership marks a significant step forward for 2C2P, cementing our status as a leading payment services provider in Southeast Asia. 2C2P has opened up the world’s largest card brand to our Southeast Asian merchants. In so doing, we have also offered UnionPay cardholders access to the region’s leading travel, transport, tourism and retail brands. Together, we are driving the adoption of cashless and online payments, providing customers with more payment options.”
migme Limited (ASX:MIG) CEO & Co-Founder Steven Goh on the essence of a social network, monetisation in emerging markets, and his plans for the future.
Aung Kyaw Moe, Founder and CEO of Southeast Asian payments company 2C2P, comments, “There is a narrative of an on-going and accelerating battle between Silicon Valley versus Wall Street. The trend is clear – financial technology companies are putting traditional banks under pressure. Banks and financial institutions won’t die out – they will adapt and evolve.”
Thailand-based fashion marketplace company WearYouWant announced today that it has received an undisclosed amount in a Series B round led by publicly listed Japanese e-commerce firm Start Today Co. Ltd.
According to an official statement, other investors that participated in this round include Kimura Shinji, Founder and former CEO, Gunosy Inc, OPT SEA and Digital Media Partners.
In August 2014, WearYouWant secured a Series A investment round of US$1.5 million led by Digital Media Partners.
A rose by any other name, according to Shakespeare, would smell as sweet. And whether the ten-member cluster of nations surrounded by economic powerhouses Australia, China and India goes by the Association of Southeast Asian Nations (ASEAN), or simply as Southeast Asia (SEA), the region’s star is set to shine.
Comprising ten member nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam), ASEAN looks to become an economic powerhouse in its own right. It is home to around 625 million people, 744 million mobile devices, nearly 200 million Internet users and a GDP of over US$2.6 trillion. It will also boast a 400 million-strong middle class by 2020 (Nielsen).
Amid the backdrop of political rhetoric transforming into economic reality, McKinsey attributes ASEAN’s rise to three powerful socio-economic trends – rapid economic growth, urbanization and technology adoption (notably Internet penetration and mobile technologies). Moreover, with the wheels in motion for a unified ASEAN Economic Community – set to come into force as early as end-2015 – the region has embarked on perhaps its most exciting phase of integration and cross border trade in the association’s 48 year history. Together these factors are transforming the region, its people and its economies, with e-commerce and m-commerce leading the way.
The tremendous opportunity facing the VC community in Southeast Asia — above and beyond empowering the digital ecosystem that has the potential to catch up with India, Russia and Brazil at the very least — is rethinking the venture capital model (economics, deal flow generation, portfolio management practices, exit expectations, etc.) to adopt it to the world outside of mature markets and major emerging economies i.e., the world heavily fragmented legally and linguistically; the world of unstable internet connection and very low cost devices; and the world of highly inefficient economies and little to no institutional support of entrepreneurship.
Singapore-based payment gateway Coda Payments has announced a partnership with BitX to enable Bitcoin transactions between merchants and customers in Southeast Asia — Indonesia, Malaysia, the Philippines, Thailand, Vietnam and Singapore.
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