Island Fintech (December 2022)

East Ventures to invest $500k in laid-off tech talent, New Amex Innovation Center set up in Singapore, Finaccel appoints Slack's former CFO on its Board

Dec 23, 2022

Hey Islanders,

I’ve been trying to be thoughtful about the small role Island Fintech can play in this time of fundraising doom and gloom. Could we do more to put a spotlight on the progress we are still making, despite the headwinds? ☀️

Note - If you are looking to raise early stage funding (seed to A), we may be able to help. Reach out via LinkedIn with a quick note on what you’re building, and the help you need. Also, if you’re on the lookout for a new gig, I want to help. Check out wise.jobs and drop me a note if you find something interesting.

🐠 Dips

1. Hackathon heroes: East Ventures to invest $500k in laid-off tech talent

Indonesian venture capital firm East Ventures will invest $500,000 in the winners of its hackathon aimed at laid-off tech talent.
The hackathon, which will be held in January, is open to Indonesian residents who have been laid off or furloughed due to COVID-19.
The winning team will receive a cash prize and the opportunity to work with East Ventures to develop their idea into a full-fledged startup.

🏝 IF Insight: This hackathon is a great opportunity for laid-off tech professionals in Indonesia to turn their skills and ideas into a new business venture. It's awesome to see a venture capital firm like East Ventures recognising the challenges startup folks face, and providing support to help them get back on their feet.

2. New Amex Innovation Center set up in lion city

American Express (Amex) has established an innovation center in Singapore, with a focus on fintech and big data.
The center will also host Amex's Singapore Data Science team and its Singapore Innovation Lab, which aims to "co-create and pilot" new products and services with fintech partners.
Amex aims to leverage Singapore's strong fintech ecosystem and talent pool to drive innovation in the Asia Pacific region.

🏝 IF insight: Singapore's fintech ecosystem continues to attract major players like Amex, and highlights the huge potential for collaboration and partnerships with local fintech firms in the region.

3. Amber raises $300m from Temasek and acquires Sparrow

Singapore-based cryptocurrency firm Amber has raised $300 million in Series C funding.
The funding round was led by Temasek, a Singapore-based investment firm, with participation from other investors. Amber plans to use the funding to expand its business and further develop its platform.
Amber has also acquired Sparrow, a Singaporean cryptocurrency exchange, and laid off a significant portion of its workforce

🏝 IF insight: This move shows the continued interest and investment in the cryptocurrency space, even amid challenges such as layoffs and acquisitions. It will be interesting to see how Amber utilizes the funding to grow and differentiate itself in a competitive market.

5. Binance increases stake in Tokocrypto, laying off 58% of workforce

Binance, a leading cryptocurrency exchange, has increased its stake in Indonesian unit Tokocrypto. As part of the deal, Binance will lay off 58% of Tokocrypto's workforce.
The move is part of Binance's efforts to expand its presence in the Indonesian market.

🏝 IF insight: It's not uncommon for acquisitions to result in layoffs, as companies look to streamline their operations and eliminate duplication of roles. In this case, Binance's decision to lay off a significant portion of Tokocrypto's workforce may be an indication of the company's confidence in its own capabilities and its strategy for entering the Indonesian market.

6. Finaccel boosts its board with Slack's former CFO ahead of IPO plans

Indonesian fintech company, Finaccel, has appointed Allen Shim, Slack's former CFO, to its board. This appointment comes as Finaccel is reportedly preparing for an initial public offering (IPO).
Finaccel provides online lending services in Southeast Asia and has raised over $150 million in funding.

🏝 IF Insight: It's always good to see fintechs expanding their leadership teams as they prepare for future growth, and the appointment of an experienced CFO like Allen Shim could certainly help Finaccel as it looks to go public in the future. It also highlights the attractiveness of the Southeast Asian fintech market to experienced executives.

7. ZA Bank and Wise team up for online money transfers in HK

Hong Kong-based virtual lender, ZA Bank, has announced a partnership with online money transfer platform, Wise, to offer international money transfers to its customers.
They will be able to send money from Hong Kong to 10 countries and territories in Southeast Asia, including Indonesia, the Philippines, and Vietnam.
The partnership will also enable Wise to expand its services to Hong Kong, which is one of the world's largest remittance corridors.

🏝 IF insight: Partnerships between fintechs are becoming more common, especially when one brings something special to the table. With ZA Bank, it is the class leading virtual banking experience, and with Wise, it the speed and efficiency of its cross border payments. Together, there’s a better single experience in the ZA App - which means happier Hong Kong customers!

Share Island Fintech

🐋 Dives

The ‘jockeys’ traversing Indonesia’s fintech wilderness - Putra Musika
A Fintech good news: story Wise is hiring! What if Twitter did Payments? SBF Interview & BlockFi bankruptcy - Simon Taylor
Google’s Browser Tokens Payments - Tom Noyes
The internet economy is everywhere - Stripe

🍹 Twitticisms

(P.S. Again, if anyone has SEA or Asia focused fintech Twitter accounts I should be following, tweet me. The accounts I see on my feed are overwhelmingly 🇺🇸 focused)