{"id":889,"date":"2020-08-14T00:00:00","date_gmt":"2020-08-14T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-76-grab-ceo-anthony-tans-op-ed-on-how-covid-19-has-changed-the-way-smes-do\/"},"modified":"2021-07-23T07:40:26","modified_gmt":"2021-07-23T07:40:26","slug":"durians-daily-76-grab-ceo-anthony-tans-op-ed-on-how-covid-19-has-changed-the-way-smes-do","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=889","title":{"rendered":"Daily Markup #76: Grab CEO Anthony Tan\u2019s op-ed on how Covid-19 has changed the way SMEs do\u2026"},"content":{"rendered":"<figure><img decoding=\"async\" data-width=\"493\" data-height=\"533\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/1pWhmFiME42n6QeNtQJw6IQ.png\"><\/figure>\n<p><strong>Driving forward<\/strong><\/p>\n<ul>\n<li>CEO of 500-backed <a href=\"https:\/\/www.grab.com\/my\/\" target=\"_blank\" rel=\"noopener\">Grab<\/a>, Anthony Tan, penned an op-ed on Fortune detailing how the Covid-19 pandemic has adversely affected the way SMEs operate across Southeast Asia.<\/li>\n<li>These entrepreneurs, ranging from mom-and-pop store owners to hawkers peddling groceries at wet markets, have seen their profits decreasing over the past few months.<\/li>\n<li>Covid-19 has left a lasting legacy, according to Anthony. And that is the rapid digitalization of these small and traditionally offline businesses.<\/li>\n<li>He cited a <a href=\"https:\/\/www.bain.com\/insights\/advancing-towards-asean-digital-integration\/#:~:text=Digital%20integration%20will%20be%20critical,GDP%20in%20ASEAN%20by%202025.\" target=\"_blank\" rel=\"noopener\">2018 Bain survey<\/a> revealing only 15% of SMEs in Southeast Asia use digital tools. As such, the gap promoted Anthony and the Grab team to launch multiple initiatives.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1067\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da5645b7c.jpg\"><figcaption class=\"wp-caption-text\">Credit: Fortune<\/figcaption><\/figure>\n<ul>\n<li>In March, Grab partnered with Kuala Lumpur\u2019s TTDI Market to launch Pasar, an extension of its GrabMart service which onboarded stall owners to sell products like poultry, vegetables, dried goods, and more.<\/li>\n<li>In Singapore, a three-month pilot program was introduced to bring street-food vendors online.<\/li>\n<li>Meanwhile in Indonesia, Grab helped fishermen advertise their catch on the GrabMart platform.<\/li>\n<li>These efforts are all an extension of Grab\u2019s wider plans to equip SMEs with the right tools and platforms to face the new normal.<\/li>\n<li>\u201cThe fact is that life may never be the same as what we knew pre-COVID, but in Southeast Asia, businesses and the people behind them are hardy. We will adapt to changes in our external environment just as our ancestors did before us and thrive in this new age,\u201d said Anthony.<\/li>\n<li>You can read the op-ed in full <a href=\"https:\/\/fortune.com\/2020\/08\/13\/grab-ceo-anthony-tan-small-business-digitalization-covid-19\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p><strong>An electrifying visit<\/strong><\/p>\n<ul>\n<li>500-backed electric vehicle technology startup <a href=\"https:\/\/www.xingmobility.com\/\" target=\"_blank\" rel=\"noopener\">XING Mobility<\/a> had esteemed guests visiting its HQ and R&amp;D lab in Taipei last Friday.<\/li>\n<li>They are Su Tseng-chang (Prime Minister), Kung Ming-hsin (Minister of National Development Council), Wang Mei-hua (Minister of Economic Affairs), Tsung-Tsong Wu (Minister of Science and Technology), Li Meng-yen (Secretary-General of the Executive Yuan)<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1067\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da56b179f.jpg\"><figcaption class=\"wp-caption-text\">Credit: XING\u00a0Mobility<\/figcaption><\/figure>\n<ul>\n<li>During the visit, the team at XING introduced its patented immersion-cooled battery technology called IMMERSIO. This modular and flexible battery system is capable of up to 5,000 configurations, enabling the possibility of a wide range of applications.<\/li>\n<li>To prove its attributes, XING converted a 3.5-ton truck into a testbed to verify IMMERSIO\u2019s durability and product quality. The objective is to complete 300 life cycles and observe its performance on road.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1067\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da5715623.jpg\"><figcaption class=\"wp-caption-text\">Credit: XING\u00a0Mobility<\/figcaption><\/figure>\n<ul>\n<li>The Miss R also made a stylish appearance. A pure electric dual-personality supercar designed and developed by XING Mobility, from the exterior to the battery system, the vehicle was developed as the proof-of-concept of IMMERSIO battery system, and continues to serve as a testbed for the R&amp;D team.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1067\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da57763e4.jpg\"><figcaption class=\"wp-caption-text\">Credit: XING\u00a0Mobility<\/figcaption><\/figure>\n<ul>\n<li>\u201cXING Mobility is a startup, meaning we don\u2019t have tons of R&amp;D and marketing resources, however, the important thing is that we have the cutting-edge battery technology and the best products.<\/li>\n<li>\u201cIn the past, we have gained faith and trust from investors and partners in Europe, North America, and in Asia, and now we are honored to have the support from NDC and the Taiwanese government. I believe that XING Mobility will grow stronger and better with their support, and ready to make every and any vehicle maker to go electric,\u201d said Royce YC Hong, Co-founder and CEO of XING Mobility.<\/li>\n<\/ul>\n<p><strong>Growing amidst uncertainty<\/strong><\/p>\n<ul>\n<li>Despite ongoing challenges during this uncertain time, some of Thailand\u2019s startups are flourishing. According to the <a href=\"https:\/\/www.bangkokpost.com\/business\/1966927\/startups-reap-pandemic-revenues\" target=\"_blank\" rel=\"noopener\">Bangkok Post<\/a>, this includes 500-backed Eko.<\/li>\n<li>Under the newly constructed parent company Amity, Eko recorded 50% revenue growth since February and 200% year-on-year growth through the sale of its remote working solutions to companies.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1198\" data-height=\"684\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/1wwyPiQbXtcnxLTeKBPCrOg.jpg\"><figcaption class=\"wp-caption-text\">Credit: Eko<\/figcaption><\/figure>\n<ul>\n<li>Last month, the company announced the inception of a parent company, Amity.<\/li>\n<li>At the same time, they have acquired local AI chatbot firm ConvoLab. With the acquisition, ConvoLab is now part of Amity\u2019s suite of digital solutions, which already counts Eko and app development kit Upstra.<\/li>\n<li>To date, the company has over 5 million active users from almost 100 enterprise clients across Asia, Europe, and North America. And it had most recently attained breakeven as well.<\/li>\n<li>To further capture market shares beyond Thailand and in countries like the UK and US, Eko has partnered with major Thai firms such as King Power, Minor International and True Group to process online payments, as well as Japanese giants like Toyota, helping the firm build a fintech operation.<\/li>\n<\/ul>\n<hr>\n<p><strong>Missed out the last Daily Markup? Go <\/strong><a href=\"https:\/\/dailymarkup.com\/\" target=\"_blank\" rel=\"noopener\"><strong>here<\/strong><\/a><strong> to check it out.<\/strong><\/p>\n<p><strong>You can also find us on <\/strong><a href=\"https:\/\/www.linkedin.com\/company\/500-durians\/\" target=\"_blank\" rel=\"noopener\"><strong>LinkedIn<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.facebook.com\/500durians\/\" target=\"_blank\" rel=\"noopener\"><strong>Facebook<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/twitter.com\/500Startups_SEA\" target=\"_blank\" rel=\"noopener\"><strong>Twitter<\/strong><\/a><strong>, and <\/strong><a href=\"https:\/\/www.instagram.com\/500durians\/?hl=en\" target=\"_blank\" rel=\"noopener\"><strong>Instagram<\/strong><\/a><strong>.<\/strong><\/p>\n<figure><img decoding=\"async\" data-width=\"400\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da583f813.jpg\"><\/figure>\n<p>500 Startups is a venture capital firm on a mission to discover and back the world\u2019s 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.<\/p>\n<hr>\n<p><em>This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively \u201c500 Startups\u201d) 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\u2019 markets, competitors, performance, and fundraising has been provided by those companies\u2019 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Driving forward CEO of 500-backed Grab, Anthony Tan, penned an op-ed on Fortune detailing how the Covid-19 pandemic has adversely affected the way SMEs operate across Southeast Asia. These entrepreneurs, ranging from mom-and-pop store owners to hawkers peddling groceries at wet markets, have seen their profits decreasing over the past few months. Covid-19 has left [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[461,143,388],"class_list":["post-889","post","type-post","status-publish","format-standard","hentry","category-daily","tag-eko","tag-grab","tag-xing-mobility"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #76: Grab CEO Anthony Tan\u2019s op-ed on how Covid-19 has changed the way SMEs do\u2026 - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=889\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #76: Grab CEO Anthony Tan\u2019s op-ed on how Covid-19 has changed the way SMEs do\u2026 - Markup\" \/>\n<meta property=\"og:description\" content=\"Driving forward CEO of 500-backed Grab, Anthony Tan, penned an op-ed on Fortune detailing how the Covid-19 pandemic has adversely affected the way SMEs operate across Southeast Asia. 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