Grab’s Superbank push sidelines Ovo

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} As a consumer, I benefit from the price wars waged by platforms. This results in huge discounts, and such promos entice me to shop even when I didn't plan to buy anything. This was the case when Superbank was launched in the Grab Indonesia app - it offered a 75% discount for payments made using the digital bank. I'm not trying to hype up Superbank - that was the actual discount. I imagine many other consumers were attracted by this as well: Superbank has grown rapidly, reaching 1 million users just two months after it was rolled out. Additionally, 62% of them have linked their accounts to the Grab app. This makes me wonder about the future of Grab Indonesia’s e-wallet arm, Ovo. With Superbank offering such aggressive discounts, will users continue to stick with Ovo? People might prefer to use just one finance platform rather than juggling multiple apps, leading them to choose either Superbank or Ovo. However, considering the roles these platforms play, more people might opt to keep both. For instance, they could use Superbank for saving and storing money while using Ovo for payments. The question now is whether Grab will continue offering hefty discounts for payments via Superbank. If they do, it’s possible that Ovo might gradually fade away. That said, it seems unlikely that Grab would abandon Ovo altogether, given its wide ecosystem and strong position in Indonesia’s e-wallet market. -- [Jofie Yordan]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Ovo’s future at stake as Grab pushes Superbank in Indonesia]( Ovo’s transaction volume on the Grab app is at risk of decreasing after the integration of Superbank’s services. 2. [Inside a Singapore beauty brand’s $100m glow up]( Coco & Eve's acquisition by Gauge Capital is one of the largest beauty industry deals to emerge from Singapore. 3. [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. 4. [Singapore startups seek Malaysia’s greener pastures]( Entrepreneurs are looking across the causeway for lower living costs without sacrificing on quality. 5. [Malaysian insurance is set for a shake-up]( Some 90% of Malaysians are underinsured. A new digital insurance framework could change that. 6. [Oatside sows 3x revenue growth as expansion bears fruit]( The Singapore-based firm's oat milk products are available in 18 countries, including Indonesia, Japan, and China. 7. [Carro’s next pit stop? Recruitment services]( OKAI, used-car marketplace Carro’s bid to turn a cost center into a revenue stream, is now raising its own venture funding. 8. [VC is on the ropes in SEA. Here’s how it can bounce back]( Venture studios offer an alternative while traditional firms could adapt by getting more creative. 9. [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. 10. [Asia layoff tracker: Singapore’s Qoo10 cuts 80% of staff]( Tech firms are dismissing staff to stay afloat as headwinds hit Asia. 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