Inside StashAway's efforts to cut its losses by half

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](.  ---------------------------------------------------------------  Written by Samreen Ahmad  Journalist  Hello {NAME} Some investors take on higher risks for bigger rewards, and others - like me - do the opposite. However, as recently as a few years ago, I didn't see myself investing in the stock market at all. I didn't understand how it worked, and I didn't have the time or energy to learn about it either. It was only after the introduction of financial services apps like Groww and Zerodha in India that I began experimenting. In Singapore, there are similar apps that aim to make money management easier. One such platform is StashAway. In the Big Story this week, my colleague Simon delves into the financials of StashAway, uncovering how the company managed to halve its losses in 2023. Reducing expenses by 30% during the year certainly helped. However, this came at the expense of its top line, with year-on-year growth slowing from 15.6% to 10.1%. Clearly, big returns require big risks. -- Samreen  ---------------------------------------------------------------  THE BIG STORY [StashAway cut losses by half to $10.9m, grew top line by 10% in 2023]( The robo-advisor platform achieved adjusted earnings profitability in its largest market - Singapore - as of May this year. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Moonlighting in the bleak job market: Xianyu, Alibaba’s (BABA, NYSE) marketplace for second-hand goods, has unveiled a [new feature]( that lets users offer their services, such as dance training and fitness coaching, on the platform. The feature allows people to quickly create resumes using templates and by uploading photos or videos. Customers can then book services and make payments just like shopping on an ecommerce platform. Some say that such initiatives can help address high youth unemployment in China’s challenging job market. Ecommerce platforms in other parts of the world may follow suit. In India, gig platforms like Urban Company exist, but they don't offer coaching services for activities like dancing, singing, or working out. Adding these could provide an additional revenue stream for both everyday users and these platforms. 2️⃣ IPO-bound Shein to make a comeback in India: Reliance Retail Ventures, the retail arm of Reliance Industries, is set to [launch]( Shein in India soon, four years after the Chinese fast-fashion label was banned during the country's 2020 crackdown on Chinese apps. This will put Shein in direct competition with platforms such as Zudio and Myntra. It will be interesting to see if Reliance can capture a larger share of the fashion ecommerce market with this strategy. 3️⃣ The spyware worm in Apple (AAPL, NDAQ): Apple users in nearly [98 countries]( worldwide are facing a threat from mercenary spyware attacks, prompting the company to urge users to take the situation “seriously.” This is reminiscent of the October incident in India when Apple [reportedlyÂ]( several opposition leaders about a potential security threat to their iPhones. While Apple [claims]( it has the “experience of creating the world’s most advanced mobile operating system,” such incidences point to gaps that remain.  2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [US$12 billion]( The revenue Nvidia (NVDA, NDAQ) is likely to generate by shipping over one million new H20 accelerator chips to the Chinese market this year. - [US$7.5 billion]( The operating profit that Samsung (005930, KRX) reported for the June quarter, which was up 1,452% year on year, on the back of a recovery in memory chips. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Small towns to power India’s IPO boom?: The Indian market is experiencing an IPO surge. Around [117 companies]( have already hit the market during the first half of 2024, and the frenzy is likely to continue. If experts are to be believed, the [next IPO push]( will come from companies based in smaller towns. In 2023, nearly [90% of startups]( in India emerged from small towns, but these businesses only accounted for 22% of VC investments. The imbalance highlights a lack of awareness of startups in regions outside the major cities. As people become more cognizant of these firms - driven by state governments launching initiatives to support local startups - there is potential for them to evolve into billion-dollar companies capable of market listings. And this isn’t a far-fetched scenario: The regions where these startups are located contribute to approximately 37% of the country's gross domestic product. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](.  [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25Â]( Join over 1,000 attendees from across the region for two days of insightful discussions and unparalleled networking opportunities. Hear from top industry speakers like Nadira Yusoff, CEO of Kiddocare, Sheyantha Abeykoon, Group CEO of Boost and Kel Jin Chua, Director of Shopee Singapore at the stage sessions of #TIAConferenceKL. Extended release tickets are selling fast. [Secure your tickets today.Â]( [Tech in Asia’s Founders Meetup in Malaysia on July 25]( This time, it's about scaling your startup and conquering the Southeast Asian tech scene. We're bringing together the region's most influential investors and startup leaders for an evening of game-changing conversations, exclusive connections, and actionable insights. Come see it for yourself - [get tickets now!]( [KL Conference Exclusive: Elevate Customer Engagement with Twilio on July 24]( Turn passive customers into brand advocates at this exclusive luncheon alongside fellow media, software, and telco leaders. You’ll walk away equipped to create personalized customer journeys, engineer sustainable engagement strategies, and diversify revenue streams. ​​This is an invite-only event. [Apply for an invite here!]( [KL Conference Exclusive: Networking Night on July 24]( Seize the opportunity to connect with the brightest minds and most influential players in Asia's tech ecosystem, all while enjoying panoramic city views and delicious treats. This exclusive event is only open to #TIAConferenceKL Pro Pass holders. [RSVP now to secure your spot!]( [KL Conference Exclusive: After Party on July 25]( After two days of high-impact learning, join us at the official closing party to unwind, socialize, and celebrate the thriving startup scene in Malaysia. There’s no better way to do so than by immersing yourself in its vibrant energy firsthand. This exclusive event is only open to #TIAConferenceKL Pro Pass holders. [RSVP now to secure your spot!Â]( [Tech in Asia Conference Jakarta on 23-24 Oct]( Where is the next Silicon Valley? It might just be Jakarta! Indonesia's young tech talent is booming, and Tech in Asia Conference Jakarta puts you right in the center of the action. Join us at #TIAConferenceJKT to connect with 4000+ region's brightest minds, 150+ hottest startups, and hear straight from 80+ experts. Early-bird tickets are now available! [Snatch the 50% discount while it lasts!]( That’s it for this edition - we hope you liked it! Not your cup of tea? 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