Atome entered Vietnam in April last year, starting with a pilot with over 20 retail partners.
Former retail lenders at the Indonesian agricultural financing startup are said to have suffered losses amounting to around US$33.4 million.
The insurtech firm launched in 2016 and had operations in Thailand.
The venture debt fund will primarily back startups operating in sectors like direct to consumer, software as a service, B2B commerce, and fintech.
Hann Liew and Lucas Ooi will remain as shareholders and board members of the Malaysian fintech company.
Singapore’s big three banks still dwarf their fintech rivals in sectors like loans and wealth management.
The Singapore-based firm plans to use the funds raised to expand its products and services, and to enter new markets such as the Middle East.
Last year, the firm behind Tonik Digital Bank raised US$131 million in a series B round led by Mizuho Bank.
After the pandemic-induced drop in Southeast Asia’s Japanese fintech funding, MUFG was among those driving its comeback.
In The Top Up this week, we look at a rebound of Japanese investments into Southeast Asia and slowing growth at wealthtech firm StashAway.
Justin Choi replaces Spenmo co-founder Mohandass Kalaichelvan, who will take an advisory role at the firm.
After a varied career in consulting, Kai Wu took a leap of faith into the world of fintech.
Investors on the peer-to-peer lending platform claim they were not duly informed of the change, which took effect on June 1, 2023.
The Singapore-headquartered company has secured similar licenses in other key markets such as Hong Kong, Thailand, and the Philippines.
Check out our top articles for the week.
ZaloPay said it is the first Vietnam-based digital wallet to have its services integrated into the Shopify platform.
The company incurred US$27.4 million in expenses in 2022, down 5.8% compared to the previous year.
This new tech can transform how banks operate, but concerns over regulation, data security, and systemic biases will act as a constraint.
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