Malaysian media icon comes full circle

In The Top Up this week, we look at tycoon Tong Kooi Ong’s new banking chapter and India’s latest lending initiative. [Read from your browser]( The Top Up 💸 Welcome to The Top Up! Delivered every fortnight via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in fintech. If you’re not a subscriber, get access by [registering here]( IN FOCUS In today's newsletter, we look at: - [A Malaysian tycoon's return to the banking sector]( - India’s lending innovation --------------------------------------------------------------- Hello {NAME} What is life if not a series of second chances? This week’s Big Story got me reflecting on the second chances I’ve had in life. Perhaps the most significant was my admission to the Indian Institute of Mass Communication (IIMC), a government-run media institute. I initially didn’t make the list of selected students and had given up hope. I was filling out forms to join a public sector bank when my home landline - remember those? - suddenly rang. It was IIMC, offering me a seat after another student unexpectedly dropped out. That call was a turning point in my life, leading to an internship at a Delhi newspaper and, eventually, over a decade-long career in journalism. In this week’s Big Story, my colleague Emmanuel explores the return of Malaysian tycoon Tong Kooi Ong to the banking industry. It seemed like Tong had left the banking world behind for good after selling PhileoAllied Bank, which he founded in 1994, following the 1997 Asian financial crisis. The publisher of business weekly The Edge, Tong has now made a comeback as a minority shareholder in GX Bank, which is primarily owned by a joint venture between Grab, Singapore telecom giant Singtel, and Malaysian conglomerate Kuok Group. Notably, Tong is the father-in-law of Grab co-founder Anthony Tan. With GX Bank, Tong’s banking journey has come full circle. -- Samreen  --------------------------------------------------------------- THE BIG STORY [The Malaysian media tycoon-digibank pioneer on GX Bank’s board]( Tong Kooi Ong returns to familiar territory after letting go of PhileoAllied Bank, a proto-digital bank, in 2001.  --------------------------------------------------------------- THE HOT TAKE Is ULI India’s next lending revolution? Here’s what happened: - India’s central bank has [introduced]( the Unified Lending Interface (ULI) to simplify loan processing. - ULI is anticipated to help lenders access key information such as land records more quickly, minimizing paperwork and streamlining loan approvals. - The platform is designed to help SMEs and rural borrowers such as farmers. Here’s our take: After the success of the [Unified Payments Interface (UPI)]( which has democratized the payments system in India, ULI represents another big milestone for the country. Over [40% of all payments in India]( are now digital, with the majority made through UPI. Its user-friendly design enables even those with limited literacy to use the technology with ease. The platform has since expanded to be accepted in seven other countries, including Singapore. With ULI, the government is looking to build on the success of UPI. Currently, banks in India have strict, time-consuming, and complex credit appraisal processes, making it challenging for small businesses and individuals without a credit history to secure loans. ULI will operate on a centralized system, which will enable lenders to access borrower information in real-time, resulting in quicker and more informed lending decisions. The database will integrate information from various sources such as [Aadhaar]( and [PAN Card](. It will also use land and cattle records, bank account details, credit scores, and borrower repayment histories. This should make it easier for lenders to scan the data and offer loans to traditionally marginalized customers such as farmers and SMEs. ULI will also enable borrowers to compare loan offers from various lenders, fostering competition and potentially resulting in better interest rates and terms of repayment. The initiative has already been [piloted]( in the agriculture and dairy sectors in 12 states. This involved 16 banks, and it was carried out in collaboration with Amul, India’s biggest cooperative-based milk brand. However, ULI faces several challenges. For one, it will handle extensive personal and financial data, necessitating robust data privacy and security measures. Another concern is user-friendliness. The platform must be as simple and effective as UPI, especially since it will primarily serve small enterprises and farmers, but this has to be balanced against the more complex nature of making loans compared to facilitating payments. If ULI succeeds in India, such an initiative could be emulated by other countries where SMEs face similar challenges to credit access.  --------------------------------------------------------------- ASIA PARTNERS’ NICK NASH TO SPEAK AT TIA CONFERENCE JAKARTA Get ready for a keynote that will set the stage for the future of Southeast Asian tech Nicholas Nash, managing partner and co-founder of Asia Partners, will be delivering the opening keynote at TIA Conference Jakarta. Nick is a powerhouse in Southeast Asian tech, bringing years of experience and a sharp understanding of the region's challenges and opportunities. As a seasoned investor and entrepreneur, he has a pulse on the future of innovation in the region. In his keynote, Nick will share his insights on Southeast Asia’s tech resilience, focusing on the markets and industries that have kept the region powering through. He’ll also explore the underlying factors that enable this continued growth and development. Fourth-release tickets are now available at 40% off - don’t miss out and [grab yours now!](  --------------------------------------------------------------- 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’s Founders Meetup: Thailand on September 11]( Don’t miss out on unfiltered, one-on-one advice from seasoned investors from Beacon Venture Capital, Plug and Play Tech Center, and Vertex Ventures. Ask them anything - from securing funding to navigating challenges to building a winning team - during our all-new VC office hour. Limited 1+1 bundle deals up for grabs. [Get your tickets now!]( [Gemini Day for Startups: Indonesia on September 26]( Turn AI hype into your startup’s unfair advantage. Learn concrete steps to turn insights into real value for your business. Expect practical advice, clear next steps, and zero jargon – just real-world AI that gets results. Limited seats available - [apply for your invite today.]( [Leadership Collective: Building at Scale on September 26]( Calling all senior product developers and engineers! We’re teaming up with Figma for an exclusive, insider look at how the fusion of AI and engineering is breaking down silos and rewriting the rules of product development. [Seats are extremely limited - apply now.]( [SYNC 2024 on October 08]( Get ready to experience the future of AI at #SYNC2024, an exclusive, closed-door event convening 100 of Asia's most influential minds in the AI landscape. We're thrilled to announce that Min-Liang Tan, co-founder and CEO of Razer, will be joining our main stage speaker lineup. Besides the main stage content, expect tailored roundtables, demos from AI startups, and networking opportunities aimed at equipping you with the knowledge and resources to navigate the ever-evolving AI landscape. This exclusive event is by application only. [Find out more about SYNC 2024 today.]( --------------------------------------------------------------- That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preferences center. In the meantime, if you have any feedback or ideas, feel free to get in touch with Terence, our editor-in-chief, at terence@techinasia.com. See you soon! P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894