Top Stories of The Week

Hello there

Have you ever gone for an interview or took a test and left the room feeling like you did a pretty good job, only to find out that you’d flunked it?

I imagine that’s how many crypto hopefuls in Singapore must feel.

Over 170 firms pursued a digital payments token license in the city-state when the Monetary Authority of Singapore started accepting applications in early 2020. But since then, an overwhelming number of these applicants have been either rejected or asked to withdraw.

While rejection is part of doing business, many contenders say they don’t know why they failed even after a rigorous process that stretched to over a year and involved multiple conversations with the regulator. Many can only guess at the reasons.

Here’s what I think: In the high-stakes game of crypto, there’s little incentive for any country or jurisdiction to be a pioneer. A second or third mover, sure. But to be the first? There’s too much on the line, given crypto’s high volatility and reputation as a speculative asset as well as money laundering risks.

It’s no wonder why regulators all over the world are being extra cautious. Obtaining a stamp of legitimacy is a huge deal for any crypto operator and could usher in a flood of newcomers and users onto a platform.

Till then, it seems that firms will hop from market to market in their search for regulatory approval. And at the moment, Dubai seems pretty high on their list.

-- Melissa Goh, journalist at Tech in Asia

TOP STORIES THIS WEEK

1. Is Dubai stealing Singapore’s thunder in crypto?
Binance led the charge when it withdrew its application in the city-state in favor of Dubai. It appears that many are following suit.

2. What could go wrong for Shopee?
Shopee dominates ecommerce in Southeast Asia, but it can’t afford to rest easy as the competition gets fierce and its rapid expansion carries risks.

3. In Indonesia, e-fulfillment rises as an ecommerce niche
While ecommerce marketplaces in Indonesia already offer e-fulfillment as an in-house service, a rising crop of third-party players look to stir the pot.

4. Carousell triples revenue to $40.6m in 2020
The Singapore-headquartered classifieds giant could list in the US through a SPAC merger as soon as this quarter.

5. Capital A, MyTukar lost key execs to Carsome in 2021
The exodus involves junior and senior execs from across AirAsia’s marketing and tech divisions as well as MyTukar’s business development unit.

6. Another P2P lender goes south: millions on the line for Capital Match’s investors
Investors charge that years of poor oversight and irresponsible lending have compounded into a costly mistake for Capital Match.

7. Exclusive: Modalku, Carro invest in Indonesia’s Bank Index, sources say
Modalku joins a growing list of Indonesian startups that recently made moves in digital banking.

8. Investors in UangTeman struggle to claw back their money
Eleven people put in over US$600,000 in UangTeman to be disbursed as loans. As the Indonesian lender winds down, will they get their money back?

9. Dutch startup plans to keep Southeast Asia afloat – literally
FlexBase, which specializes in creating floating buildings and homes, will invest US$1 million to set up its base in Singapore.

10. Exclusive: 1982 Ventures announces investments in 5 Indonesian startups
Led by Tryb Group alumni, 1982 Ventures is also closing its first seed-stage fund after raising US$15 million in the round, which it expects will be oversubscribed.

EVENTS HAPPENING

• International Women's Day Luncheon 2022 on March 8th
  Each year, Tech in Asia celebrates #IWD to promote equal representation and opportunities for women in the tech industry. On 8 March, we are inviting startup leaders to join an interactive and engaging 3- course luncheon in Singapore, to uncover actionable ways they can #breakthebias.
  This is a small-group event, with Dione Song (CEO, Love, Bonito), Juliet Zhu (CFO, Carsome) as well as Tech in Asia’s COO Maria Li will be joining to share their experiences and stories. We will facilitate candid conversations on career, life and leadership, to help attendees make meaningful connections.
  Limited seats available. RSVP now!
• AWS SaaS Forum on March 8th
  Join the AWS SaaS Forum on March 8 to uncover opportunities and insights on SaaS trends, outlook for 2022 and how to build your business playbook. Attendance is complimentary.

WHO'S HIRING

Senior Data Scientist (Singapore Based) at Pluang (EmasDigi) Singapore, Singapore

VP Engineering at AiChat Jakarta, Indonesia IDR 25,000,000 – 42,000,000

Data Scientist at NuWorq Jakarta, Indonesia IDR 7,000,000 – 12,000,000

Senior UX Researcher at RateS Jakarta, Indonesia IDR 10,000,000 – 15,000,000

Social Media Lead at Bobobox Indonesia Bandung, Java, Indonesia

Senior Software Tester at Badr Interactive Depok, Indonesia