soCash
Fintech start-up soCash is gearing up to grow its Asian distribution network after raising US$6 million (S$8.2 million) in Series B funding, the firm announced yesterday.
The funding round was led by Japan's Glory, and participated by global venture capital fund network Vertex Ventures as well as Standard Chartered Bank's innovation, investment and ventures arm, SC Ventures. soCash's mobile app turns shops into ATM alternatives, allowing users to withdraw cash or make loan applications at the checkout.
With its new funds, the Singapore-headquartered start-up will expand its distribution network in Indonesia, Malaysia and Hong Kong. It has obtained the relevant regulatory clearances in the three markets.
The start-up said it is "aggressively" building its team in the three markets, to cater to demand from virtual bank players looking for a smarter distribution alternative to physical branches and ATMs. It is looking to quickly scale up in South-east Asia and will seek to form partnerships to do so.
"With the emergence of virtual banks and open banking, our network is well equipped to offer sales and distribution with flexibility and massive scale," said Mr Hari Sivan, co-founder and chief executive of soCash.
Swiber
Debt-laden offshore and marine group Swiber Holdings has incorporated an associated company in Mexico, Somex International, whose main business will be vessel chartering, its judicial manager Bob Yap said in a regulatory update yesterday.
Somex has an initial issued share capital of 200,000 Mexican pesos (S$14,300), comprising 200,000 shares, of which Swiber owns a 49 per cent stake or 98,000 shares. The remaining 51 per cent is held by a Mexican individual. The incorporation of the company was funded through internal resources, the statement added.
In May, the offshore and marine group and its subsidiary, Swiber Offshore Construction, received key approval from creditors for a proposed restructuring that involves an equity investment from New York-listed Seaspan Corp. The proposal still requires approval from shareholders and regulators, but Mr Yap, who is KPMG's head of advisory and restructuring in Singapore, said at the time that the creditors' green light was a "positive step towards achieving a successful restructuring".
Trading in Swiber shares has been suspended since 2016.
