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 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.
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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.
Alibaba confirms $13bn listing in Hong Kong
Alibaba will offer 500 million shares at a maximum of HK$188 apiece, the company said. The number eight is considered auspicious in China.
Chinese technology giant Alibaba on Friday confirmed plans to list in Hong Kong in what it called a $13 billion vote of confidence in the turbulent city’s markets and a step forward in its plans to go global.(more…)
E-commerce in ASEAN: Digital technology and players
The 50 most-funded e-commerce start-ups in ASEAN have raised $12.6 billion as of July 2019, with most of the funding raised in the last two years
E-commerce has been the most dynamic segment of the Internet economy in ASEAN over the past three years. The value of e-commerce rose four-fold, from $5.5 billion in 2015 to more than $23 billion in 2018.(more…)
Southeast Asia’s internet economy hits $100 billion
The two pacesetters in the region are Indonesia and Vietnam, which lead the pack with growth rates in excess of 40% a year.
The internet economies in Malaysia, Thailand, Singapore and the Philippines are growing by between 20% and 30% annually, with no signs of slowing down, according to Google and Temasek multi-year research program.(more…)
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