Peace of mind in a pod

• 500-backed Prenetics was featured in The Guardian for the launch of its COVID-19 test pods across IWG premises, the UK’s largest flexible workspace provider.

• The pods offer lateral flow or laboratory tests — known as PCR tests — to workers based at IWG buildings and members of the public. Users can find the nearest pod, book online, and receive their results all from their mobile phone.
• Positive findings are automatically reported to Public Health England and the test-and-trace system. Data from these test pods will integrate with the Prenetics Health Passport for access to future sporting and entertainment events.
• The startup plans to open a further eight test sites at IWG locations over the coming weeks, and its goal is to open a network of up to 100 pods across the country.
• Read the full feature in The Guardian here.

A breakthrough in borrowing

• 500-backed fintech startup First Circle launched a revolving credit line to support at least 10,000 micro, small and medium enterprises in the Philippines amid the COVID-19 pandemic.

• A revolving credit line allows the user to borrow up to their credit limit again as soon as a debt is repaid — without going through another loan approval process. According to the article, because of the documentation and collateral requirements of local banks, this service was previously only accessible to large companies and out of reach for 99.6% of businesses nationwide.
• The startup utilizes an advanced proprietary underwriting system to assess the creditworthiness of borrowers in just a few days, compared to the usual weeks or months.
• “This challenge in financial inclusion inspired and pushed the team to innovate and find ways to deliver financial inclusion to those who need it the most using technology,” said Benedict Carandang, First Circle vice president for external relations.
• Read the full article on Manila Times here.

Someone to count on

• 500-backed EMQ is one of two companies soon to be able to apply for formal licenses for an experimental money transfer service that it was permitted to set up in 2019 to cater to migrant workers in Taiwan.
• During the trial, Taiwan-based clients of EMQ can deposit money with them via its mobile app, EMQ Send, for transfer to Indonesia, the Philippines, and Vietnam, using a service at convenience stores in Taiwan.

• According to the Financial Technology Development and Innovation Center (FTDIC), the fees are lower and the transfer time is usually one day, as EMQ does not have to go through the global financial service provider SWIFT typically used by banks.
• When the amended Act Governing Electronic Payment Institutions takes effect in July, EMQ will be permitted to apply for licenses to provide outward remittance services.
• According to statistics from Taiwan’s labor ministry, there were 709,853 legal migrant workers in Taiwan, as of January 2021.
• Read the full article on Focus Taiwan 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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