Reaching underbanked Malaysians
- The Malaysian central bank finally announced the successful applicants for the much-anticipated digital banking licenses. Out of 29 bidders, 5 companies were selected, and amongst them are 500-backed companies Grab and Carsome!
- Grab teamed up with Singapore telecom firm Singtel, and Malaysian conglomerate Kuok Brothers, for the bid. The three-way venture aims to hire more than 200 staff before launching the services in the country.
- Reuben Lai, Senior Managing Director of Grab Financial Group, said, “The Malaysia digital bank consortium is honored to be given the opportunity to build a next-generation digital bank and drive access to financial services for underbanked Malaysians.”
- Carsome won the license with KAF Investment Bank, fintech firm MoneyMatch, and Jirnexu, the company behind comparison site RinggitPlus.
- Congratulations to the Grab and Carsome teams!
- Read the full story on Forbes.
Wholesome goes wholesale
- What’s next for a company that locked in US$60M in 2021 sales by going direct-to-consumers? Go wholesale.
- 500-backed Your Super’s superfood-based powder blends will soon be available in Target, CVS, Sprouts, and The Vitamin Shoppe outlets across the U.S.
- This move comes amid increasingly fierce competition and rising costs in the e-commerce space.
- “The power of [ecommerce and wholesale] together is where the magic is at,” said Co-founder Kristel de Groot. “You increase brand awareness, and online ads might help in-store purchases.”
- Read the full article on the Insider.
Kickstarting new lives
- Worried about those whose livelihoods have been severely impacted by the COVID-19 pandemic? Join the #SamaSamaSapot campaign organized by 500-backed Carousell and not-for-profit group Yellow House KL to support the underprivileged community in Malaysia by donating work attire and gadgets.
- “Many Malaysians are still struggling to recover from the effects of the pandemic on their livelihoods. This is the right time to help equip those affected in preparation for the rising opportunities that will come as our country transitions into the endemic phase,” said Carousell’s Country Head (Malaysia), Tang Siew Wai.
- The campaign runs until 20 May. Donors get to also choose to give monetary contributions via the Carousell app or volunteer their time.
- Find out more about donating here.
