Start@SG: New council to promote Asean venture capital industry

New council to promote Asean venture capital industry

Two venture capital associations - one from Singapore and the other from Indonesia - signed an agreement on Tuesday in Jakarta to form the Asean Venture Council.

This is an umbrella organisation enabling member associations to promote and develop the venture capital industry across the region.

Through the council, members can collaborate on events, advocacy, research, education and deal flow.

The agreement was inked by the Singapore Venture Capital and Private Equity Association (SVCA) and the Asosiasi Modal Ventura Untuk Start-up Indonesia (Amvesindo).

SVCA committee member Ku Kay Mok said: "Indonesia is one of the hotbeds for start-ups in the Asean region as the country is expected to become the largest digital economy in the region by 2025. Thus, having Amvesindo as an anchor member, together with SVCA, will make a strong start for the council."

Cashless payment app for events launched

Sandpiper Digital Payments Asia (SDPA), a cashless payment service provider, has launched a Web app here, iGo, that enables event-goers to buy food and drinks without using cashless when they attend a show.

A user will have to top up his online wallet on the app before making purchases. After the event ends, he will be able to use the credit left in the online wallet at another venue or a future event.

This is an option that most cashless payment apps for events do not yet offer, SDPA noted. So once an event ends, customers would have to queue up to receive refunds of their remaining online credit or forgo the money.

But by linking up venues, iGo allows an event organiser to continue doing business even after the event ends. For example, with the app, people attending an event can use their credits when they go to after-party venues for food and beverage specials.

SDPA is looking for a diversity of events to be listed on iGo. This month, it will launch a mobile app for iGo on Android and iOS.

Shopmatic partners Amazon, eBay and Lazada

Shopmatic, a Singapore-based e-commerce company providing a platform for any merchant to take his business online, has joined hands with leading e-commerce marketplaces such as Amazon, eBay and Lazada.

These ties will enable Shopmatic merchants in Singapore to develop their own Web stores for a global presence and sell their products or services in these marketplaces.

Recently, Shopmatic signed deals with global online payments giant PayPal to enable its merchants to expand their sales across the globe.

It has also made strategic partnerships with local and global logistics players like Delhivery and Aramex, allowing individual entrepreneurs to manage all aspects of their business growth.

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A version of this article appeared in the print edition of The Straits Times on September 01, 2016, with the headline 'Start@SG'. Subscribe