For one, it’s an affordability issue.

Used over new

• Affordability and safety. Those are the main reasons why buyers are opting for used-cars, says Eric Cheng, co-founder and CEO of 500-backed Carsome.
• Since it reopened for business in May, the car-trading platform has seen a strong surge in recovery sales. And Eric believes the bounce-back is attributed to the effects of the coronavirus pandemic.

• “More people (now) prefer not to take public transport or even ride-sharing as safety measures, hence we are positive that such growth is sustainable,” Eric tells The Malaysian Reserve
• “As affordability will be the main consideration, we believe that consumers will opt for used cars over new cars.”

• Eric’s prediction echoes sentiments from used-car dealers in Europe and China who are optimistic that the used-car market will continue to sustain and grow once the Covid-19 dust has settled.
• Carsome operates in Malaysia, Singapore, Indonesia, and Thailand.
• Read Eric’s interview with The Malaysian Reserve here.

Your numberless MasterCard

• Unlike traditional payment cards, 500-backed Grab’s digital payment card is numberless. Instead, you’ll find striking lines in the unmistakable Grab green zig-zagging across the silver body.

• Created to be secure and convenient, the card, which facilitates spendings on the GrabPay e-wallet, can be used at any of the nearly 53 million merchants worldwide that accept Mastercard, regardless of whether users own a bank account.
• First launched in Singapore, it’s now available in the Philippines.
• Users control the card through the Grab app, where card details will be securely stored. To access the app requires face detection and fingerprint scanning.
• For more details about the card, check it out here.

Robots in the fight against coronavirus

• Robots are doing much for their human counterparts lately, playing an integral part in the fight against viral outbreaks.
• They’ve been deployed at malls and hospitals screening visitors before they enter the premises, and clean up after closing. They also do rounds in parks to remind people of social distancing measures.

• 500-backed OhmniLabs, at the forefront of it, have been utilizing robots in many ways. Most notably, for replacing quarantined students who are unable to attend their graduation ceremonies and connecting healthcare frontliners with their loved ones.
• The Guardian lists OhmniLabs as one of the top five robotics firms in the world helping to combat the coronavirus.
• Check out the list here.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

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