Startups – Page 4 – Sure A Not

13 businesses selected for Tegas Fundraising Accelerator batch 3

On: October 1, 2024

The throttle helps startups develop pitches, bring capital
aims to place native startups at the top 20 in the global business ecosystem by 2030.

Participants engaged attentively during a session on the first day of the TEGAS Fundraising Accelerator.

Through its TEGAS Digital Village ( TDV), Tabung Ekonomi Gagasan Anak Sarawak ( TEGAS ) has made the selection of 13 businesses for the third cohort of the TEGAS Fundraising Accelerator ( TFA ) program. The TFA is designed to promote the growth of local businesses and social organizations, aligning with Sarawak’s Post-COVID-19 Development Strategy and the Sarawak Digital Economy Blueprint 2030.

In a statement, the agency confirmed that the selected organizations for the program include NR&amp, Sons Holdings, Best Academy, Evolving Brilliance Technologies, Ensera, Harapan Anak Urang Sarawak, Fit Two Shape, OINC, Spearcompute, Miaw Destiny Solution Management, Noms Fochun Founders, Ark Hill, Zinsolar Engineering, and HY Energy Services.

TEGAS is responsible for the four-day TDV Kuching program, which is co-hosted by PitchPlatforms Sdn Bhd ( pitchIN ) and MyStartup. While MyStartup, a national initiative created by the Ministry of Science, Technology, and Innovation ( MOSTI ) and Cradle Fund Sdn Bhd, aims to boost the competitiveness of local startups with the goal of achieving a top 20 position in the Global Startup Ecosystem by 2030, PitchIN is Malaysia’s Digital Fundraising and Investment Hub.

13 businesses selected for Tegas Fundraising Accelerator batch 3 The TEGAS Fundraising Accelerator was created to assist business owners with little or no experience in obtaining additional funding. Through this ongoing initiative to nurture startup growth in Sarawak, founders will be equipped with essential techniques and insights needed to successfully raise capital”, said Len Talif Salleh ( pic ), Deputy Minister of Urban Planning, Land Administration, and Environment, who is also Chairman of TEGAS.

” This program offers an in-depth investigation into the subtleties of funding, ensuring businesses are better prepared for buyer engagement”, he added.

Xelia Tong, Chief Operating Officer of pitchIN, is one of the instructors for the project, alongside other significant early-stage owners, funding organizations, and venture capitalists. These experts may offer valuable insights into the fundraising process and give participants a thorough understanding of buyer expectations and tactics to secure financing.

The accelerator aims to help startups improve their pitches, navigate challenging investment environments, and maximize their potential to get additional funding.

” Since partnering with TEGAS in 2019, we’ve seen remarkable growth in the local habitat, especially in nurturing Sarawak companies. We’re confident that this program will help local entrepreneurs expand their fundraising capabilities and help them grow and contribute to the state’s expanding firm landscape as we approach the second year of operation of the Sarawak fundraising accelerator,” said Tong.

Nexlaw.AI, Thomas Philip partner to launch legal AI trial copilot system in Malaysia

By: Mary Blight

On: September 30, 2024

In: Technology

Thomas Philip did liquidity Nexlaw’s tools throughout various stages of litigation
Deployment of solutions may permit firm to&nbsp, simplify, enhance&nbsp, test prep processes

Nextlaw. AI, the company of constitutional AI systems, and Thomas Philip Advocates &amp, Solicitors, a debate quality law firm, have announced a partnership to build a pioneering trial preparation solution for disputes and litigation. The events stated in a statement that this collaboration makes use of cutting-edge AWS Cloud system and NVIDIA GPU systems to revolutionize trial preparation, giving law firms a major competitive advantage in courtrooms.

Through this agreement, Thomas Philip Advocates &amp, Solicitors may employ Nextlaw’s Legal AI tools, especially the Constitutional AI Trial Copilot, to strengthen its constitutional teams at different stages of dispute, including case strategy, document review, witness preparation, and courtroom presentation. This integration strengthens the agency’s position as a pioneer in legal-tech innovation and highlights the potential of AI to deliver better legal services and top-notch client outcomes.

” We are thrilled to mate with Thomas Philip, a strong synonymous with quality in the legal industry”, said Francis Lui, founder and CEO of Nextlaw. By incorporating our privacy-first developed AI technologies into their dispute process, we hope to provide their authorized groups with unmatched insights and capabilities, leading to the achievement of outstanding results for their clients and shaping the future of legal services.

Mathew Thomas Philip, managing partner of Thomas Philip, added,” This association with Nextlaw scars a major step for our company and the Malay legal environment. By harnessing the power of AI, AWS Cloud, and NVIDIA GPU technology, we are committed to enhancing our legal services, providing even greater value to our clients, and driving innovation in the legal industry”.

The deployment of the Nextlaw. Thomas Philip Advocates & Solicitors will benefit from the AI Trial Preparation Solution to transform the way its trial preparation process works, gain a significant edge in the courtroom, and deliver notable results for its clients.

The Deep Tech goldmine: Challenges and opportunities in Malaysia’s growing ecosystem

By: Mary Blight

On: September 30, 2024

In: Technology

Strength of the transistor habitat provides a good foundation for the development of new capabilities
It is crucial to encourage designers to rise as owners in order to foster innovation.

Ir. Dr Bernard Lim, vice chairman of MBAN Penang believes that Malaysia’s existing semiconductor ecosystem offers a strategic advantage for deep tech startups, particularly those focused on hardware.

As technology evolves, Malaysia is positioning itself at the vanguard of profound software, a business promising long-term growth and innovation. But, startups and investors alike continue to face a significant problem as they try to commercialize deep systems. Ir. speaking at the monthly MBAN Forum next year. Dr Bernard Lim, vice president of MBAN Penang, highlighted the potential of serious technology, while also managing expectations for buyers.

Malaysian Business Angels Network is abbreviated as MBAN.

Understanding strong technical

Deep software, or heavy technology, is different from standard technology startups models where innovation revolves around business models and consumer-facing applications. Strong technology on the other hand, focuses on medical advances and engineering-driven options. Startups in this space work on disruptive technologies such as artificial intelligence ( AI), blockchain, biotechnology, and advanced computing, which require long research and development ( R&amp, D) cycles before delivering commercial returns.

” The gestation period is longer”, Lim emphasised. It’s not just about coming up with an idea and putting it into action. In heavy software, you need major R&amp, D, testing, prototyping, and constant elegance before even thinking about marketplace entry”.

Long birth period, large investment challenges

Deep tech’s lengthy gestational cycle and difficulty provide unique challenges. Companies in this industry usually need a few years to introduce their products. Unlike technology companies, which can run fast, deep technology solutions involve equipment development, extensive research, and stringent regulatory compliance, particularly in sectors such as healthcare and biotechnology.

Buyers, especially those expecting quick results, need to change their perspective when dealing with deep-tech companies. As Lim noted,” Do n’t expect a three-year return. You may wait five to eight times, and in health industries, it might take even more”.

This prolonged timeline, coupled with higher cash requirements, creates major barriers to entry. Investors must be persistent and have a thorough understanding of the complex industrial processes involved.

Malaysia’s place in the semiconductor business

Malaysia’s solid foundation in the silicon industry is one promising place. Since entering the world semiconductor industry in 1972, the state has grown to become the sixth-largest producer of electronics. Lim said that by 2030, the global semiconductor market could reach US$ 1 trillion globally ( RM4.21 trillion ).

Despite a momentary decline in the market following Covid-19, demand for electronic parts is expected to recover, driven by advances in high-performance technology, artificial intelligence, and consumer technology. Malaysia’s existing semiconductor ecosystem offers a strategic advantage for deep tech startups, particularly those focused on hardware.

Penang: The Silicon Valley of the East?

Penang is emerging as Malaysia’s hub for deep tech innovation. The state has for decades been at the forefront of Malaysia’s semiconductor sector, often referred to as the” Silicon Valley of the East.” With a rich pool of engineering talent and an established manufacturing infrastructure, Penang is well-positioned to lead the country’s deep tech charge said Lim.

However, challenges remain. As Lim noted, many engineers in Penang have traditionally worked in factories, focusing on production rather than entrepreneurship. ” Many engineers in Penang have spent years in factories, focusing on production, but what we need now is for them to take the leap into entrepreneurship, to lead their own startups and drive innovation in the ecosystem”. &nbsp, Encouraging these engineers to take this leap is crucial for the ecosystem’s growth, he asserts.

Collaboration and the development of the ecosystem

Another encouraging development is that Malaysia’s deep tech ecosystem is no longer limited to Penang. Selangor and Sarawak, along with projects like the Selangor IC Design Park and Sarawak’s growing interest in integrated circuit design, are also making progress. These initiatives aim to expand the nation’s capabilities in semiconductor and deep tech, encouraging cooperation among states.

Although the road to deep tech success may be difficult, Malaysia is well-positioned to capitalize on the upcoming wave of technological advancements with its expanding expertise in semiconductors and a push for innovation across multiple states. We hope to eventually imitate Silicon Valley and expand as quickly as possible. That’s our wish. And longer term, we aim to expand the deep tech ecosystem throughout Malaysia”, said Lim.

Joseph Schooling starts new career in venture capital after retiring from swimming

By: Marcus Ching

On: September 30, 2024

In: South-East Asia

SINGAPORE: Following his pension from swimming in April, Singapore’s first Olympic gold medallist Joseph Schooling has started a new job in venture capital. &nbsp,

Vertex Ventures Southeast Asia and India announced on Monday ( Sep 30 ) that Schooling has joined the company as an associate in its investment team in a LinkedIn post. &nbsp,

As he moves forward with this new endeavor, he will collaborate with our experienced purchase practitioners to gain more knowledge and insights into evaluating and investing in high-growth startups, the post read.

One of the six main funds in Vertex’s worldwide system of venture capital funds is Vertex Holdings, a wholly-owned company of Singapore’s Temasek Holdings, with the outlet investor being Vertex Holdings, a wholly-owned conglomerate of Vertex Holdings. The bank ‘s&nbsp, opportunities focuses on healthcare, banking, conservation among other things. &nbsp,

Schooling, who is also a part of the Texas Longhorns floating group, studied economic at the University of Texas from 2014 to 2018.

Schooling won gold in the 100-meter moth at the 2016 Rio Olympics, beating his former teammate Michael Phelps, in history.

He holds eight unique information, six for specific activities, and two for circuits.

In 2018, he launched his personal snorkeling school for children called Swim Schooling, which offers a 10-week project for kids.

Schooling announced his retirement from competitive swimming in April to concentrate on his swim class and other business endeavors. He stated in a report published by The Straits Times on April 2 that he would work with two lovers in the fields of “health and healthcare, technology and sustainability” and” the venture capital industry.”

CNA has reached out to Schooling for opinions. &nbsp,

Entrepreneurs Summit V: Largest gathering of top Entrepreneurs, corporates, government & investors

By: Mary Blight

On: September 30, 2024

In: Technology

Over 1, 700 registrants expected at the conference
declared lineup of presentation speakers for the occasion

Entrepreneurs Summit V: Largest gathering of top Entrepreneurs, corporates, government & investors

The much-anticipated Entrepreneurs Summit V is set to take place on 24 October 2024 at the Asia School of Business, bringing along a mix of businesses, federal authorities, investors, and business leaders. Visitors may have the opportunity to learn from keynote speeches by famous speakers, a chance to meet and interact with top leaders from different industries, and a chance to network with and network with attendees.

With over 1, 700 registrants expected, the mountain promises to be a meeting of innovators from different fields, including businesses, corporates, state, and buyers. Individuals will have the unique chance to make important connections that may influence the business and company ecosystem’s future.

The portfolio of Entrepreneurs Summit V keynote speakers includes:

Vivy Yusof – Co-Founder, The bird Group
Big Bad Wolf and BookXcess Managing Director Andrew Yap
Thinesh Kumar Asogan – CEO of LaPasar
Dr Ingky – Founder of Ventamin
Thomas Yip – Founder of Radica Software
Vykintas Mineikis, Zalora Regional Senior Operations Director
Ben Lim– CEO/Founder of NEXEA Group

Vivy Yusof, Co-Founder of The goose Group, said:” This occurrence is an amazing opportunity to network with some of the brightest brains and officials shaping our business. The enthusiasm and creativity present here are really exciting, generating meaningful discussions and partnerships that have the potential to transform the world.

Enterprise Summit V represents a significant opportunity for the business ecosystem to work and innovate. I look forward to engaging with other businesses, exploring new opportunities, and fostering powerful alliances that drive significant change”, said Andrew Yap, Managing Director of Big Bad Wolf and BookXcess.

Attendees will have unique access to thought-provoking talks, panel discussions, and interactive sessions designed to promote cooperation and development within the enterprising habitat. With main partners such as Digital News Asia, the Asia School of Business ( ASB), and Unifi, alongside Cradle, the Malaysia Digital Economy Corporation ( MDEC ), and the Malaysian Technology Development Corporation ( MTDC ), the event is set to bring together corporate leaders, venture capitalists, government officials, and industry experts. This collecting will provide the innovative community with a crucial forum for productive exchanges and partnerships, fostering innovation and development.

Mohamad Yusman Ammeran, Vice President of Unifi Business, stated,” Unifi Business is proud to be a part of Entrepreneurs Summit V, where we can instantly link and join with companies to enable their business modifications.”

Entrepreneurs Summit V is the must-attend function of the year for people looking to expand their innovative journey, offering an opportunity to system, study, and grow. Protect your ticket right away to speak with powerful leaders immediately, research potential partnerships, and gain valuable insights that will help your startup grow in a powerful and welcoming environment. Do n’t miss your chance to be part of this transformative experience!

For more details, visit www. entrepreneurs-summit. org&nbsp,

Aptos Foundation partners The Ignition AI Accelerator to drive advancement of AI startups in APAC

By: Mary Blight

On: September 24, 2024

In: Technology

Fixed to encourage APAC entrepreneurs to expand their horizons in artificial intelligence globally.
Aptos Foundation to provide solutions, support for AI companies in the throttle

Aptos Foundation partners The Ignition AI Accelerator to drive advancement of AI startups in APAC

Aptos Foundation has partnered with The Ignition AI Accelerator to promote the growth and development of AI startups in Asia, according to a joint initiative between NVIDIA, Tribe, and Digital Industry Singapore ( DISG). This expands the function of the Aptos Foundation to bring together its experience and Aptos-related technology to create artificial intelligence solutions that are anticipated to transform businesses and economies.

The Fire AI Accelerator is positioned to lead APAC’s second generation of high-potential AI innovators and founders who are pushing the boundaries of AI growth globally with the assistance of the Aptos Foundation’s funding and industry experience. Singapore is the most advanced nation in the world for AI, according to new IMF study, which reflects decades of aggressive investment in the country’s AI system and talent.

In the accelerator, the Aptos Foundation will offer resources and support to AI startups, opening doors to new technologies and allowing them to get international markets. It&nbsp, may utilize Microsoft’s OpenAI Service, which it hopes will remove barriers to implementation and create a clear way for the practical application of frontier technology. The business has important working ties with Overlai and Adot, two of AI’s top executives.

Ng Yi Ming, director, The Fire AI Accelerator, emphasised,” Onboarding Aptos Foundation as a professional companion marks a crucial milestone in Ignition AI Accelerator’s mission to power AI startups and generate synergies with world leaders in emerging technologies. We want to give AI businesses the tools they need to create applications that will determine the upcoming wave of technological advancements by utilizing resources and expertise. Collectively, we are committed to driving the development of the AI industry and nurturing a new era of AI companies”.

While the Aptos Foundation’s goal is to promote bitcoin accessibility and decentralization, the development of AI technologies is anticipated to put a new dimension to the world ecosystem, bringing emerging technologies to the masses.

We look forward to leading the charge in this revolutionary method of fostering innovation and entrepreneurship because AI has unmatched development potential. With this relationship, we aim to meet the international colleagues at The Fire AI Accelerator in catalysing the development of AI programs, ideas, products and services”, said Bashar Lazaar, mind of Grants &amp, Ecosystem of Aptos Foundation. Together, we will empower a new wave of AI tech founders and pioneers who will create the future in APAC with potential worldwide.

The Ignition AI Accelerator, launched in May 2024, is a global initiative based in Singapore that supports AI startups with business and technical acceleration, offering deep AI development expertise, cloud credits, and funding opportunities. Since its inception, it has collaborated with leading industry players to provide diverse emerging businesses with the necessary knowledge and expertise to grow their AI-focused businesses globally.

MDV strengthens fintech partnership with Capbay through US1.2 mil facility to boost SME growth

By: Mary Blight

On: September 20, 2024

In: Technology

Attempts to increase supply chain banking solutions, provide financial products to M’sian SMEs&nbsp,
CapBay facilitated over US$ 813M in funding, with US$ 239M in Shariah-compliant cash

Left to Right: CapBay directors Darrel Ang, Dion Tan, Mohd Mokhtar Mohd Shariff (Chairman), Ang Xing Xian (CEO), Jasmine Lau, and Edwin Tan celebrate RM1 billion financing journey

Malaysia Debt Ventures Berhad ( MDV), a leading fintech company specializing in Peer-to-Peer ( P2P ) financing and supply chain finance, announced the continuation and expansion of its strategic partnership. MDV is extending a new US$ 1.2 million ( RM5 million ) facility to CapBay to further support tech-driven SMEs and improve access to alternative financing solutions.

MDV second partnered with CapBay in 2021 by providing a pilot account for purchase through CapBay’s P2P system. This fund, aligned with the Ministry of Science, Technology, and Innovation’s ( MOSTI ) 10-10 Malaysian Science, Technology, Innovation, and Economy ( MySTIE ) framework, aimed to support the industry’s recovery from the pandemic. The captain account has since grown six-fold, demonstrating MDV’s trust in CapBay’s revolutionary approach to Business funding and its powerful performance.

CapBay, globally recognised for its leadership in fintech, has facilitated over US$ 813 million ( RM3.4 billion ) in financing, including US$ 239 million ( RM1 billion ) in Shariah-compliant funding, benefiting 1, 800 SMEs across 20 industries. Featured in CNBC and Statista’s Global Fintech Companies list ( 2023 and 2024 ) and ranked 30th on the FT High-Growth Companies Asia-Pacific 2024 list, CapBay has achieved an 18x expansion and a 166 % compound annual growth rate ( CAGR ) from 2019 to 2022.

]RM1 = US$ 0.29 ]

Through its Multi-Bank Supply Chain Finance system, CapBay has transformed SME funding in Malaysia since its founding in 2017. It uses AI-powered credit rating, advanced information study, and machine learning to evaluate SMEs that are frequently overlooked by traditional lenders. With this strategy, CapBay is able to offer targeted financing while still maintaining a default rate of less than 0.3 %. CapBay’s P2P platform, which is licensed by the Securities Commission Malaysia, gives investors access to private credit deals with average net returns of up to 8.3 % annually while strategically diversifying funds across multiple financing notes to reduce risks and maximize returns.

The new RM5 million facility highlights MDV’s confidence in CapBay’s ability to provide effective financing solutions for startups and SMEs, particularly those battling traditional funding. With this partnership, CapBay intends to expand its supply chain financing offerings and offer creative financial solutions to Malaysian SMEs. These funds will enable the business to keep providing alternative financing options to Malaysian SMEs, many of whom are battling traditional banks to obtain loans. This aligns with MDV’s long-term goal of leveraging digital fundraising platforms to diversify financing options for technology-based companies.

” Our partnership with CapBay underscores MDV’s commitment to driving innovation in Malaysia’s rapidly evolving FinTech landscape”, said Rizal Fauzi, CEO of MDV. ” As SMEs face challenges accessing traditional financing, especially in the tech sector, we are facilitating critical funding that empowers these businesses to scale, innovate, and contribute to Malaysia’s economic resilience and growth. This partnership is a sign of our belief that underserved businesses can benefit from the potential of digital finance.

Mohd Mokhtar Mohd Shariff, chairman of CapBay, also expressed gratitude for MDV’s continued support. ” We deeply value MDV’s continued support and confidence in CapBay’s vision. The significant advancements we are making in the transformation of SME financing are reflected in our ongoing partnership with MDV. This collaboration provides meaningful opportunities for growth for us to promote innovation that targets underserved businesses. We are working together to promote long-term economic resilience and competitiveness in Malaysia by supporting SMEs ‘ success and also by creating a more inclusive financial ecosystem.

The collaboration between MDV and CapBay demonstrates a mutual commitment to fostering innovation in the financial industry. Through CapBay’s platform, MDV is helping technology-based SMEs access alternative financing solutions, overcoming traditional funding barriers and achieving sustainable growth.

Fintech, in our opinion, is revolutionizing the future of finance by providing novel ways to expand access to capital and help businesses succeed in a fast-paced digital world. We are confident in our ability to help underserved SMEs overcome traditional financing obstacles and accelerate their growth as MDV continues to champion forward-thinking partners like CapBay, said Rizal.

Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teams

By: Mary Blight

On: September 20, 2024

In: Technology

Appointed Summer Yu as global brain of Conformity
Tommaso Scarpa has been appointed Singapore’s Nose of Compliance.

Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teams

Aspire, a leading all-in-one fintech firm, has announced the development of its compliance, threat, and IT security groups, which have grown tenfold in the last 24 weeks. The company stated in a statement that this action supports its optimistic global development strategies while upholding the highest safety standards for its partners and clients.

It further stated that it is making significant investments in its worldwide compliance team, which has grown by a whopping 2 % in the last year. This development expands its breadth of knowledge to help consumers navigate global markets confidently. Aspire’s expansion into its global footprint, which was marked by the purchase of an MSO permit in Hong Kong, a significant step in the company’s expansion plans, is critical to compliance.

Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teams With two fresh strategic management meetings, the organization is also bolstering its compliance group. Summer Yu ( pic ) has been appointed global head of Compliance, and Tommaso Scarpa ( pic ) as head of Compliance ( Singapore ). Yu brings over 20 years of experience. Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teams experience in international regulation at PayPal, Bytedance, and HSBC, while Tommaso’s prior experience includes serving as Group Head of Financial Crime at Currencycloud ( a Visa solution ). Both will play crucial roles in enhancing Aspire’s ability to adhere to compliance standards and improve its economic violence prevention framework.

Aspire has specialized groups that collaborate strongly with the Risk, IT Compliance, and Legal agencies to maintain a robust IT security framework in APAC, where a reportedly 20 % increase in economic crimes in the region has been reported over the past year.

The business has established an information security management program that is compliant with the most recent Standard requirements and is PCI-certified. Additionally, it has established a risk management strategy that includes regular reviews of IT and security risk exposures, to make sure that its operations are in line with its commitment to protecting information for its 20 000 world clients.

” A powerful compliance lifestyle sets the base of Aspire’s growth”, said Andrea Baronchelli, CEO of Aspire. ” As we gear up for important rise, we are building a group of the best business professionals. By investing heavily in our adherence, danger, and IT security teams, we maintain that Aspire not only meets but exceeds international regulatory standards, paving the way for a strong and sustainable potential”.

Aspire is a trusted spouse to Asia’s fastest-growing SMEs and companies. The business opened its first Financial Technology Excellence Hub in Singapore and was named one of CB Insights ‘ top 100 global fintech companies after obtaining a US$ 100 million ( RM425 million ) Series C funding round and achieving profitability in 2023.

inDrive aims to strengthen growth in Malaysia with benefits to attract more drivers

By: Mary Blight

On: September 18, 2024

In: Technology

Introduce everyday insurance, grow driver support facilities to Penang, JB
Malay ride hailing is projected to reach US$ 570 million by 2029.

The number of users in Malaysia's ride-hailing market is expected to grow, reaching 11.47 million by 2029, with user penetration increasing from 28.1% in 2024 to 31.5% by 2029.
At a media event in Kuala Lumpur last week, Natalia Makarenko ( pic ) as marketing director APAC of inDrive, said,” We are committed to providing innovative, community-focused mobility solutions that resonate with local needs.

A global mobility and urban services platform named inDrive ( short of Independent Drivers ), which was founded in Yakutsk, one of the oldest and coldest cities in Siberia, Russia, in 2013 and expanded to include Malaysia, one of the hotter and more humid regions of Southeast Asia.

Since entering Malaysia in 2021, inDrive has expanded its footprint from the Klang Valley ( Kuala Lumpur and Selangor ) to Penang, Johor Bahru, and to East Malaysia in Kuching, Miri, Sibu, Bintulu, and Kota Kinabalu. It is currently looking into starting businesses in Melaka in the upcoming season.

Explaining its confidence in Malaysia, the company shared data from market data outfit Statista that showed the Malaysian market is set to grow at a CAGR of 3.5 % from 2024 to 2029, reaching a projected market value of US$ 570 million ( RM2.48 billion ) by 2029. The number of users in the ride-hailing market is expected to grow, reaching 11.47 million by 2029, with user penetration increasing from 28.1 % in 2024 to 31.5 % by 2029.

In the first half of 2024, it’s confidence increased by 20 % more rides and 21 % more active users. &nbsp,

InDrive stated in July that it had reached 10, 000 drivers in total by the end of June in Malaysia and was boldly aiming to increase this to 20, 000 by the end of 2024. By the end of this year, it anticipates an increase in the number of active drivers of 23 %. Effective drivers are defined as those who have completed at least one walk in the previous 30 days according to InDrive.

allowing the driver and customer to communicate fare in a fight with Grab and Gojek

Meanwhile the Southeast Asian ride-hailing market is expected to reach US$ 8.87 billion ( RM38.51 billion ) in revenue by 2024, growing at a CAGR of 5.39 % between 2024-2029. With such promising development leads, inDrive is positioning itself as a major player in the area, which poses a threat to business leader Grab and Gojek in Indonesia.

One of the characteristics of inDrive that it considers to allow it to compete with Grab and Gojek is that it enables drivers and passengers to instantly bargain fares.

Although both the vehicle and the customer have the option to bargain prices that are higher or lower than the app’s recommended price, there are limitations in place to ensure fairness for both parties. What proportion of trips are based on this strategy is unknown.

However, Govin Kumaar Panirsheeluam ( pic ), inDrive’s business development lead in Malaysia, declined to share what the limits are citing confidentiality. &nbsp,

Beyond ride-hailing, inDrive offers a range of utility solutions, including city and interstate travel, messenger, and “inDrive Services”, a system for users to supply for specialists from household assistance to pet services, catering to the varied needs of the Indonesian market.

Malaysia match strategy

InDrive is organizing a number of strategic initiatives in Malaysia to support expansion and expand its services. One involves obtaining drivers ‘ regular insurance policy, seeing how many individuals find it unnecessary to obtain monthly or yearly coverage based on their driving habits.

Govin said,” We are in debate to have regular e-hailing plan as a solution which will help individuals to get their license-to-drive with us, faster”.

This supports a profit that they already have. ” We now have established partnerships in area for car hire and insurance as well, where individuals can get them at a discounted level,” he said.

Govin anticipates that such incentives will lead to a rise in drivers because the Klang Valley’s ride-hailing industry has a known lack of drivers, which has increased customer wait times, which has led to poor motorist behavior, including canceling bookings.

Additionally, it intends to expand driver support centers to important cities like Penang and Johor Bahru, as well as look into the potential launch of an electric vehicle ( EV ) fleet to promote sustainable and creative mobility solutions, which will be implemented in all of the cities where inDrive is active.

These initiatives help the company realize its overall plan to leverage on Southeast Asia’s progress and provide its customers with value-driven solutions.

Future programs focus on improving the general driver practice, including the introduction of superior benefits such as insurance protection, loyalty programs, and training aid. &nbsp,

In a bid to undermine its industry that has been dominated by Grab, inDrive announced recently that it will offer 100 % of its 8, 000 individuals in the Philippines. Before receiving the formal approval in December 2023, InDrive was unregistered in Manila in January 2023.

Natalia declined to respond when asked if Indonesia or Malaysia might have similar ideas. Instead, she stated that” we aim to keep the payment we apply to the driver side of the market as low as possible and not exceed 10 %.”

She also declined to disclose how much of the US$ 300 million in cash it received from General Catalyst next month is being used to expand into new markets.

inVision aims to benefit&nbsp, 1 billion life by 2030

With the intention of favorably impacting the existence of over 1 billion people by 2030, inDrive continues to make a good impact on local communities through its generous shoulder, inVision. &nbsp,

Activities like BeginIT, which educates and discovers children from homes, boarding schools, and remote institutions about the future of systems, Aurora Tech Award, which supports female tech startup members, and Underdog Tech Award, an worldwide award for the best tech companies outside big tech hubs and areas. These activities are available to submissions and entries from Malaysia, and they are open to submissions and entries from all over the world.

Through responsible practices and positive initiatives, Natalia said,” Our objective is to not only offer a better ride-hailing experience but also be a valuable part of the communities we serve.”

Petronas wraps up digital acceleration programme for 2024 with inaugural cohort in Penang

By: Mary Blight

On: September 17, 2024

In: Technology

12-day program strengthens students ‘ electronic literacy, increase job prospects
More copies to travel via collaboration with higher learning institutions, business

Excited participants with their facilitators at the conclusions of the bootcamp in Penang.

PETRONAS announced ^the successful completion of its 10-year BeDigital Program line, which likewise marked ^the program’s entry into ^the Peninsula Malaysia Nor^thern Region.

Since its inception in 2022, the course has online empowered 860 individuals with 276 effective work matches after the implementation of 10 cohorts, supported by a total of 27 regional universities and over 90 hiring partners.

Held at Universiti Teknologi MARA’s ( UiTM) branch at Permatang Pauh, Penang, the cohort saw the participation of 98 final-year students from five universities namely UiTM Penang, Universiti Sains Malaysia, Universiti Utara Malaysia, Universiti Malaysia Perlis and Universiti Teknologi Petronas. This is BeDigital’s second place for 2024, following its workshops in the East Coast, the Southern Region as well as Sabah and Sarawak.

The final meeting was graced by Penang Governor, Ahmad Fuzi Abdul Razak, along with Petronas Senior Vice President of Malaysia Petroleum Management, Ir. Bacho Pilong.

Conducted mainly by Petronas talents in collaboration with tech partners, the 12-day programme aims to strengthen students ‘ electronic literacy, increase job prospects, increase marketability, and explore electronic entrepreneurship in support of the nation’s online aspirations.

The units are regularly updated to reflect market demands and cover in-demand digital skills like artificial intelligence and cyber security as well as powerful presentation abilities gained through a” fish tank pitch.”

Petronas Vice President of Group Project Delivery, Project Delivery and Technology, Ir. It is an enormous honor to introduce the BeDigital Course to the Northern Region for the first time, according to Shah Rizal Dahlan. This achievement demonstrates our commitment to expanding opportunities for growth and education for communities across the country.

Petronas, according to him, is anticipating more editions as a result of its ongoing collaboration with higher education institutions, key players in the sector, and hiring lovers who share its vision for the country’s online future.

Petronas BeDigital Bootcamp was first introduced in Kota Kinabalu, Sabah in March and August 2022, with 18 and 50 pupils both.

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