Southeast Asia E-commerce Business Intelligence
February 05, 2018
January 31, 2018
ASEAN E-COMMERCE FORECASTED TO GROW 32% TO ALMOST US$90B BY 2025
Credit Suisse reported a forecast of 32% CAGR increase in ASEAN e-commerce spending, rising to almost US$90b by 2025. Growing e-tailing markets may be stimulated by the entry of Chinese tech giants, amongst other foreign players.
Indonesia showed the greatest potential over the next five to 10 years because of its increasing middle class and young consumer market, with up to US$46b e-commerce spending by 2025. However, this may trigger disruptions in ASEAN economy, causing lower inflation, digital division, and financial disruptions. [Read more]
January 29, 2018
MOOLAHGO SOFT-LAUNCHES FINTECH MARKETPLACE IN SOUTH EAST ASIA
MoolahGo announced the launch of their services in what is believed to be the first financial service e-Marketplace in South East Asia whereby users themselves become suppliers and buyers of financial services, with MoolahGo playing the role of the intermediary to facilitate transaction executions.
MoolahGo is licensed and regulated by the Monetary of Authority of Singapore (“MAS”). Their website, www.moolahgo.com, soft-launched in Singapore on 23rd January 2018 after more than a year of planning, research and development. The initial launch includes two financial products which are Currency-exchange and Cross-border Payments. A Third product, eMulti-currency Payments will soon follow. [Read more]
February 02, 2018
GRAB, SAMSUNG COLLABORATE TO EASE SOUTH-EAST ASIA TRANSPORTATION
Grab, an e-hailing transportation and mobile payment platform in South-east Asia, and Samsung Electronics are collaborating via a multi-year memorandum of understanding to drive digital inclusion in the region. Grab and Samsung will work together on a wide range of initiatives to bring the benefits of technology towards enhancing customer experience and improving income opportunities for both Samsung and Grab consumers across the region.
As part of the wide-ranging strategic collaboration, Grab and Samsung will develop customised solutions for the ride-hailing industry, including micro-financing schemes for Grab’s over 2.3 million driver-partners, improved customer booking and in-car experiences, and new mobility solutions. The two companies will also work together to expand into South-east Asia’s fragmented mobile payment ecosystem and provide a mobile payment solution for consumers. [Read more]
February 03, 2018
THAILAND, LAOS INK DIGITAL AGREEMENT
Thailand and Laos signed a memorandum of understanding (MoU) for a three-year collaboration on mail delivery, telecom and digital technology. Digital Economy and Society Minister Pichet Durongkaveroj said the collaboration is based on the principle of equality and reciprocity to develop long-term and sustainable cooperation.
The areas of collaboration cover a variety of categories, including ICT and digital technology, policies and regulatory practices, digital government, cybersecurity, digital policy promotion, and innovations such as big data, the Internet of Things and cloud computing.
There will also be cooperation on digital literacy, digital inclusion and e-commerce; research and development; and knowledge and experience sharing. Mr Pichet said the two countries are willing to set up enterprises to explore and cooperate in the fields of mail delivery, telecommunications, ICT and digital technology. [Read more]
February 03, 2018
STATE AGENCIES TO ADOPT CASHLESS SYSTEMS
All state agencies of Thailand will be required to make and receive payments through the electronic system from March 27, a crucial step in transforming Thailand into a less cash-reliant economy.
State enterprises will also adopt electronic payment and receiving systems over the next six months, according to Finance Minister Apisak Tantivorawong after a meeting with the steering committee on the national e-payment system. The requirements will prompt more people to send, pay and receive money through the digital channel.
The steering committee agreed to the requests for payment systems, which will make payment once products or services are delivered to buyers, for e-commerce business. The committee also agreed to develop a payment app for smartphones so that holders of welfare smart cards in remote areas where there are no electronic data capture terminals can buy goods at Thong Fah Pracha Rat shops. [Read more]
February 01, 2018
MALAYSIANS URGED TO USE CAUTION WHEN SCANNING QR CODES
As QR code readers are becoming popular in Malaysia through the likes of WeChatPay and Alipay eWallets, Quann Malaysia is warning that scammers have quickly caught up.
The company says that scammers have now started using fake quick response (QR) codes to steal both data and money from people. QR codes are used across the web and in restaurants, advertisements, retail outlets and other locations to provide information about a business.
They are also being used in Malaysia’s online payment ecosystem for retail consumers, however Quann Malaysia general manager Ivan Wen says that attackers are quickly using QR codes for their own purposes. [Read more]
January 29, 2018
GOOGLE CONFIRMS INVESTMENT IN INDONESIAN RIDE-HAILING FIRM GO-JEK
Google has made its first ride-hailing investment in Asia by pumping money into Go-Jek, as the Indonesian start-up and deep-pocketed rivals rapidly expand their app-based services and digital payments in Southeast Asia.
“The funding deepens Google's commitment to Indonesia's internet economy," Caesar Sengupta, vice president at Google said in a company blog. Although Google’s blog did not specify how much it is investing, Reuters estimated Google was investing about $100 million. [Read more]
February 01, 2018
SINGAPORE-BASED SPHEREPAY TO LAUNCH ITS OWN CRYPTOCURRENCY CALLED ‘SAY’
South East Asian mobile payment platform SpherePay has disclosed it is set to launch its own cryptocurrency called “SAY” in the coming few months. The Singapore-based company will introduce what it calls the world's first shared economy blockchain platform in working partnership with Odyssey (OCN).
SpherePay said it will officially open the encrypted currency wallet and QR code payment function in March 2018, making it the only mobile payment platform in the world that enables the virtual currencies to be transacted in real life. This means that users will be able to spend their cryptocurrencies to purchase everyday items via the SpherePay app. The app e-wallet will support various cryptocurrencies such as Bitcoin, ETH, SAY, OCN and others. [Read more]