Telio’s penny-pinching path to profit

More: Global tech giants criticize Malaysia’s plans to introduce licensing scheme. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [Telio’s cost-cutting path to fresh funds and profit]( - Temasek-linked SeaTown Holdings, which closed a fund worth US$1.3 billion - The financial health of PDD Holdings, parent firm of Pinduoduo and Temu, in 7 charts - Other newsy highlights such as why global tech giants lambasted Malaysia’s licensing plans --------------------------------------------------------------- Hello {NAME} At Tech in Asia’s Saigon Summit last May, Niraan De Silva, CEO of fintech company VNLife, noted how much of Vietnam’s economy still runs on paper, so there’s an opportunity for firms looking to digitalize it. That observation is most apparent at the corner store closest to my house in Hanoi. Every time I visit, the lady working the till diligently lists down whatever I’ve purchased on a piece of paper. It looks like a tedious process, especially when you consider how there’s software available that eliminates the need for manual data entry and provides other benefits. Startups like Telio are trying to take these mom and pop shops into the 21st century but it’s no easy task, as an interview with a store owner at the end of today’s featured piece illustrates. While it’s tough sledding, Telio reckons it can achieve profitability by mid-2026 with the help of some cost-cutting. -- Peter  ---------------------------------------------------------------  THE BIG STORY [Telio’s cost-cutting gambit for new funding]( The Vietnamese B2B ecommerce firm slashed monthly losses by 80% via diversifying products and trimming its sales force. --------------------------------------------------------------- TRENDING NEWS [Telegram messaging app CEO Durov arrested in France]( Global tech giants including Google, Meta, and X have criticized Malaysia's proposed licensing regime for social media and private messaging platforms, saying it could harm the country’s digital economy. Under the framework, platforms with 8 million+ users need to apply for an operating license every year. [Temasek's SeaTown closes second private credit fund at over US$1.3 billion]( SeaTown Holdings International has announced the close of its second private credit fund at more than US$1.3 billion. Aside from existing investors, new limited partners including insurance companies, endowments, and family offices have joined the fund. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [PDD Holdings’ financial health in 7 charts]( PDD Holdings, the Chinese powerhouse behind ecommerce players Pinduoduo and Temu, grew its Q2 revenue by 86% year on year. --------------------------------------------------------------- PRODUCT DEVELOPMENT, REDEFINED  The future of design? It’s coded, collaborative, and happening right now What if you could walk into a room filled with Thailand’s top tech investors and founders, all eager to connect and collaborate on game-changing ideas? You could dissect groundbreaking ideas, work a room buzzing with opportunities, gain new perspectives from diverse minds, and solidify connections forged over shared passions. Join Founders Meetup on September 11 at NAA Restaurant at Maison Hotel in Thailand to do just that. Surround yourself with the people shaping the future of tech in Southeast Asia. [Don't just hear about it later – be there!]( ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this]( page](. Our team will get back to you by the next business day. - RedOwl - [RedOwl one of 8 Global Startups selected by Mastercard to join the Start Path Small Business Program]( RedOwl, a Melbourne-based AI start-up, is pioneering the world’s first AI-embedded ‘smart’ corporate card to transform business spend management. - MC Markets - [Discover the Future of Trading with MC Markets]( A reliable trading partner, MC Markets presents the world’s leading one-stop online platform to traders of all experience levels. - Sivali Cloud Technology - [Spurring Cloud Computing in Indonesia, Canonical, Ubuntu Developer, Partners with Sivali Cloud Technology]( Sivali Cloud Technology partners with Canonical to boost cloud computing in Indonesia, enhancing access to AI, data sovereignty, and secure solutions. - Mogul.sg - [ASEAN: Unlocking the Future of Education with Advanced Technology]( Explore diverse cultures, academic excellence, and career prospects. Insights by Thanit Apipatana. - eMobi - [eMoBi Raise Â¥300M in Funding to Accelerate Growth of Resort EV Mobility Business]( Investment from Independent VC IT Farm, JR East Start-up, Darwin Ventures, and NIO Co-Founder Jack Cheng to Japanese EV startup eMoBi. ---------------------------------------------------------------  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 Jakarta on October 23 - 24]( At Tech in Asia, we're always on the cutting edge of innovation. From fintech and AI to cleantech and beyond, Southeast Asia's tech scene is booming. This October, #TIAConferenceJKT will bring together the brightest minds and hottest trends shaping the region's future. [Get your tickets at 45% off now!]( [Tech in Asia’s Founders Meetup: Thailand on September 11]( Is Bangkok's tech scene ripe for disruption? Get the inside scoop from A2D Ventures’ Ankit Upadhyay, WV’s Wing Vasiksiri, and The Radical Fund’s Paul Ark on unlocking growth potential, mastering investment strategies, and connecting with the right people. [Get your early bird pass now.]( Hurry, promo ends August 26! [DevOps Decoded: Industry Insights & Networking on September 12]( It’s no secret that DevOps is evolving at a breakneck pace, but do you have what it takes to adapt and thrive? Uncover the hottest trends and tech advancements in DevOps as we dissect success stories and arm you with the knowledge to future-proof your DevOps strategy. [Seats are strictly limited -Â]( now.]( [SYNC 2024 on October 08]( SYNC 2024 is taking on a new dimension. This year, we're diving deep into the world of artificial intelligence - the force that's reshaping industries, driving innovation, and redefining the future of business. AI is already here, but it's only just beginning to reveal its true potential. 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