Shopmatic, an ecommerce enabler for small businesses, announced pre-series A funding of US$5.7 million led by Singapore-based VC firm ACP and Spring, which is an agency of Singapore’s ministry of trade and industry.

 

1. Singapore’s Shopmatic raises $5.7m to expand to Indonesia, the Philippines

Shopmatic is an ecommerce enabler for small businesses as well as individual entrepreneurs. Apart from building and managing their own stores, sellers can use it to get on to multiple ecommerce marketplaces, put ‘buy’ buttons on their social media pages, and so on.

Today Shopmatic announced pre-series A funding of US$5.7 million led by Singapore-based VC firm ACP and Spring, which is an agency of Singapore’s ministry of trade and industry.

Shopmatic is an ecommerce enabler for small businesses as well as individual entrepreneurs
Shopmatic is an ecommerce enabler for small businesses as well as individual entrepreneurs

Shopmatic will, similarly, partner with local payment gateways in Indonesia and other markets. It has also focused on the needs of mobile-first markets like India and Indonesia.

Read the rest of the story here.

2. Google and Indonesia reach agreement in tax dispute

Indonesia’s government reached a settlement with Alphabet Inc.’s Google over a long-running tax dispute, Finance Minister Sri Mulyani Indrawati said.

Indonesia has been more strictly enforcing tax payments since Minister Sri Mulyani took office last year. Other technology giants like Facebook and Twitter with large user bases in Indonesia could be targeted next.

Part of the problem is the complexity of Google’s corporate structure, which makes it difficult to determine where revenues are generated. The firm is facing similar issues elsewhere. It settled for $185 million in its tax dispute with the UK last year.

Original content by ecommerceIQ

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Singapore’s UOB completes acquisition of Citigroup’s retail banking in Malaysia and Thailand

Once completed, the acquisition is expected to double UOB’s existing retail customer base in the four markets to 5.3 million customers and add 5,000 people to its team strength.

Thailand’s Report of Cybercrime Crackdown in 2022

166 suspects from eight foreign call center gangs were arrested, while 58,463 bank accounts and 118,530 phone lines were discovered to be used for illegal operations and were frozen by authorities