A tool in tech

• 500-backed recruitment platform Glints released a Southeast Asia Tech Talent Compensation Report, from an analysis of over 1,000 data points, survey of 175 employees, and interviews with more than 20 founders in Singapore, Indonesia, and Vietnam.

• 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.

• 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

• 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.

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