Daily Markup #226: Insights on tech talent by Glints; Xfers’ XSGD now third-largest tokenized currency in the world; Bukalapak’s FMCG collaborations

A tool in tech

Credit: TechCrunch
  • According to the founder interviews, base salaries have at least doubled since 2016, with technical roles (product, data science, engineering) earning 54% more than non-technical roles (marketing, operations, sales, finance).
  • Salary differences for senior roles relative to junior roles were the highest in Vietnam for both tech and non-tech talent compared to Singapore and Indonesia, suggesting strong potential for upward salary growth within the Vietnamese tech sector.
  • Oswald Yeo, co-founder and chief executive officer of Glints, told TechCrunch that many startups were building regionally distributed engineering hubs before COVID-19 because there was not enough talent in Singapore. Now, even more founders have become open to remote teams because of the pandemic. This also lays the groundwork for regional expansion.
  • Download the full report here.

A boost in blockchain

  • More than two years have elapsed since the initial discussion between blockchain platform Zilliqa and 500-backed fintech startup Xfers. Now, the tokenized Singapore dollar (XSGD), built on the Zilliqa blockchain, is the third-largest tokenized currency after the US dollar and the euro.
Credit: CoinGeek
  • Under a Monetary Authority of Singapore (MAS) license, Xfers can mint unlimited amounts of XSGD tokens. Each XSGD token is fully backed one-for-one by the Singapore Dollar (SGD) and represents one SGD.
  • New developments around the Zilliqa blockchain are gaining traction and could positively affect ZIL price in the short term.
  • Read the full article on FXStreet here.

Support for stalls

  • 500-backed e-commerce startup Bukalapak announced a series of collaborations with multiple Indonesian FMCG companies, including Unilever, Danone, and Coca-Cola Amatil.
  • Under this agreement, all signatories commit to focusing on distribution services and stock availability for Mitra Bukalapak partners, including:
  1. Effective and faster distribution process and stock availability for 7 million Mitra Bukalapak throughout Indonesia
  2. More affordable sales prices for daily necessities to empower Mitra Bukalapak partners to get better sales results
Credit: KrAsia
  • This is a boost to Bukalapak’s efforts in accelerating the digitalization of traditional stalls. “We are optimistic that this collaboration can further improve our services to Mitra Bukalapak, which will also strengthen the service quality of Mitra Bukalapak to their customers,” said Howard Gani, CEO of Buka Mitra Indonesia.
  • Read the full announcement on Bukalapak 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.

This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.

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