Malaysian VC firm Vynn Capital invests in Hong Kong-based trade finance Velotrade
Plans with the capital: With the new financing and partnership with Vynn Capital, Velotrade plans to scale its technological infrastructure and expand into new geographies in Southeast Asia.
What is Velotrade: It operates a digital platform that matches corporates in need of working capital with institutional investors willing to advance funds. Launched in 2017, it has since granted short-term financing of outstanding invoices to thousands of corporates, including Fortune 500 companies and SMEs.
Through the partnership with Vynn Capital, Velotrade will further scale its operations and expand into Malaysia and other markets of Southeast Asia. In addition to financing, Vynn Capital will actively contribute company-building expertise and provide access to an extensive network of resources in Southeast Asia to Velotrade.
Singapore launches global challenge to encourage AI adoption in fintech
The story: The Monetary Authority of Singapore (MAS) has launched the Global Veritas Challenge to promote the adoption of artificial intelligence (AI) solutions in the financial sector.
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More about the challenge: It aims to accelerate the development of AI and data analytics solutions that adhere to the Veritas framework’s fairness, ethics, accountability, and transparency (FEAT) principles. The FEAT principles were developed in 2018 by MAS and the financial industry to strengthen internal governance around the use of AI and data management and use.
The challenge, supported by a leading global professional services company, invites fintech companies, solution providers, and financial institutions from around the world to submit solutions for problem statements aimed at validating the fairness of AI solutions. Banks identified these statements in product marketing, risk, compliance, and fraud monitoring, loan origination and know-your-customer, and credit scoring and profiling.
Babydash raises US$300K bridge via ECF, positioned for regional expansion
The story: Malaysia’s digital baby store Babydash has raised US$300,000 (RM1.27 million) via equity crowdfunding (ECF) platform pitchIN. This raise also saw the participation of the Malaysian Government via the Malaysia Co-Investment Fund (MYCIF) further strengthening government support for the digitalisation of the economy.
Plans: To drive up revenue per transaction while expanding its footprint in ASEAN leading towards the goal of doubling the size of the company in the next 12-18 months.
About Babydash: Founded 10 years ago, Babydash has evolved into a one-stop online shopping destination that provides the largest range of genuine, curated, high-quality mum and baby products at the best prices. With customers increasingly relying on e-commerce solutions during this pandemic, Babydash has provided parents with an invaluable helping hand to meet their needs.
Over the last few months, Babydash has been investing in new technology which enhances customer experience as well as its data analytics capabilities, delivering on its primary goal of serving customers better. Investment proceeds from this campaign will drive Babydash into the next phase, boosting their lead and market presence in Malaysia and growing the Singapore market as they expand their roots across the region.
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Image Credit: Babydash
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