Singtel’s decade of missteps reveals a deeper problem

More: Taobao Taiwan is ordered to shut down, Japan’s Astroscale banks more funds, and Softbank CEO pushes Grab to consider Gojek merger deal [Read from your browser]( Daily Newsletter Hello {NAME} If the world is your oyster, how much room would you give yourself for experimentation? In the past decade, telco giant Singtel had ventured into uncharted territory - only to lose out to bigger players in later years. Its mobile wallet Dash is one example: Despite launching two years ahead of GrabPay, it has failed to capture a larger share of the market in Singapore. Meanwhile, Singtel’s now-defunct video-streaming platform Hooq fizzled out faster than Netflix could say “stream.” Clearly, acting on foresight doesn’t always translate to success. Today we look at: - Singtel’s [multiple misfirings]( in recent years - The platform that wants to simplify equity management for Singapore startups - Other newsy highlights such as Taobao Taiwan’s troubles and Tata Group’s race to join India’s retail payments network  ---------------------------------------------------------------  PREMIUM SUMMARY  Why Singtel continues to flounder despite casting its nets wide Singtel is no stranger to innovation, but its efforts have wound up making more misses than hits. Last month, we took an in-depth look at [the telco giant’s successes and failures in reinventing itself]( today, we hone in on the factors that contributed to [its many failed bets](. - Going big and bold: In the past decade, one of Singtel’s big and bold moves included acquiring both small and large companies internationally and locally. It even launched its own corporate innovation unit Innov8. Unfortunately, Singtel’s upper hand in decision-making meant that “innovation, oddly, was [a] top-down [process],” a former Hooq employee notes. In March, the telecom company liquidated its video-streaming platform Hooq after suffering losses of US$62.5 million in its 2019 fiscal year. - No room for trial and error: While startups have the luxury of improving on an unrefined product after its launch, Singtel could not afford to do the same. Like any large corporation, the company has stringent approval processes in place to avoid costly mistakes - which, considering everything that has happened, is quite ironic. - Talent retention troubles: Singtel had no shortage of talent within the company, according to a former division head: Past employees include Aaron Tan, CEO of car marketplace Carro, and Anthony Chow, founder of at-home automation startup Igloohome. But even with the right people in the team, it’s clear that Singtel’s corporate DNA doesn’t fit the formula for digital disruption. Read more: [Why many of Singtel’s digital bets failed after a decade of trying]( Read part one: [A history of Singtel’s successes and failures in reinventing itself](  ---------------------------------------------------------------  STARTUP SPOTLIGHT This platform wants to simplify equity management for Singapore startups What happens when a startup gets funded? The sudden influx of moolah can seem overwhelming. Enter [MyStartupEquity]( a cap table and employee stock ownership plan (ESOP) management product platform that helps founders, employees, investors, and VCs manage their equity. - Doing the legwork for startups: One of the brains behind the platform is Sanjay Jha, co-founder and chief product officer of India-based online funding platform LetsVenture. In helping startups in their fundraising efforts, Jha has seen how many of them struggled with managing the influx of funds. Last October, he launched MyStartupEquity alongside two partners. - Simplifying the complex: To address problems such as information asymmetry and crossed signals within a startup, MyStartupEquity’s functions include a digital cap table with features for funding round and exit modeling, and a secure document vault. - Spreading its wings: What’s next? MyStartupEquity is on track to launch in Singapore, one of Southeast Asia’s busiest startup hubs. The company has already met regulatory requirements for managing cap tables and equity funds for startups in the city-state. Read more: [LetsVenture eyes startup hub Singapore for its ESOP management product](  ---------------------------------------------------------------  QUICK BITES  1️⃣ Taobao Taiwan to shut by the end of 2020 The ecommerce site, which is operated by the UK-registered Claddagh Venture Investment, [will cease operations]( on Dec. 31. The Taiwanese government previously gave Taobao Taiwan six months to re-register as a Chinese-backed firm amid allegations that it is backed by China’s Alibaba Group. However, Claddagh maintains this is not the case.  2️⃣ Japan’s Astroscale banks additional $51m Clearing space junk is serious business. Thanks to a series E round led by VC firm AStart Co. Ltd., Astroscale Holdings’ total capital raised now stands at US$191 million. The orbital debris removal company claims to be the [top-funded on-orbit service and logistics company]( globally, with a presence in the US, UK, Israel, and Singapore.  3️⃣ Softbank’s Son pushes Grab to consider Gojek merger deal Following the ride-hailing giants’ merger talks in September, SoftBank Group’s Masayoshi Son is once more [pressuring Grab to work toward a deal]( with Gojek. However, a sticking point remains on whether the two entities would fully merge or if Grab would simply acquire Gojek’s Indonesian operations.  4️⃣ Tata Group joins race to set up retail payments entity India’s Tata Group is in early talks to establish a pan-India retail payments network. The multinational conglomerate joins Reliance Jio and the State Bank of India in [the fight to challenge the National Payments Corporation of India (NPCI)]( which has full monopoly over the mass market payments space. This follows Tata Group’s [plans to launch a super app]( in a possible joint venture with Walmart worth up to US$25 billion.  5️⃣ US officials want China’s Ant Group added to a trade blacklist The US State Department has submitted a proposal for the Trump administration to [consider blacklisting the Ant Group](. While it’s unclear when it will be reviewed, the proposal comes as the US looks to deter investors from partaking in Ant’s planned dual IPO listing in Shanghai and Hong Kong, -which could rake in some US$35 billion for the Alibaba-backed group.  6️⃣ Indonesia looks to establish EV battery industry In order to facilitate the formation of Indonesia’s own EV battery industry, a new venture called Indonesia Battery Holding will soon be established, backed by a group of [Indonesian state-owned companies](. It will cover battery production, the production of chemicals and minerals used in battery production, and recycling. Plans are also underway to work with Chinese and Korean firms on projects valued at US$12 billion.  ---------------------------------------------------------------  STARTUP FEATURE Hey, Ray Gi, thanks for your submission. Your app is our featured startup of the week! - Elevator pitch: [Dateideas]( is a mobile app that provides an array of date ideas for couples, categorized according to price, category, and activities. It aims to save couples from the hassle of brainstorming for fresh ideas that would suit their interests. They simply have to check the app to discover and purchase passes for activities from an innovative list of curated date night ideas. - Story: After witnessing plenty of couples go through love troubles and eventually break up, Dateideas founder Raimie Tang decided to help people keep the spark between them alive by presenting them with fun date ideas that they could enjoy and bond over with each other. - How many years in operation: Three years - Number of users: 50,000 subscribers on Telegram, making it the largest couples community in Singapore. - What's the monthly revenue? S$8000 - Opportunities: There are not many mobile apps targeted at couples in Singapore yet, providing Dateideas a relatively untapped market. Apart from providing interesting date ideas, the startup aims to expand its suite of features to include compatibility quizzes, interactive games, and micro-learning tools for couples to improve communication with each other. Eventually, Dateideas wants to build an app that would not only serve date ideas but also help enhance couples’ short-term dating while at the same time improving the long-term strength and success of their relationships. - Challenges: The app has met much criticism from investors, merchants, and users alike, with the perception that Dateideas is nothing more than a mere Telegram channel community. Want the spotlight on your startup too? Give your own company a [shout-out here](.  ---------------------------------------------------------------  EVENTS HAPPENING - Tech in Asia Virtual Conference from October 19 to 22. Our biggest annual event has everything you need to prepare for Southeast Asia’s golden age: Expert panel discussions with founders, decision-makers, and investors, startup-investor speed dating, and networking sessions to connect with those who matter. [RSVP here]( or if you’re already a Core or Live subscriber, you can [join the event]( for free. - Meet the Fintech Firms Shaping the Future of Finance on Wednesday, October 28 The future of finance seems to be in the hands of the fintech innovators, though this lead wasn’t exactly handed to them. Hear from the chief technology officers defining this future as we explore fintech trends over the next 12 to 18 months and the infrastructure required to make them a reality. [RSVP now.]( - CTO Forum - Smart Growth: Best Practices for Rapid-Scaling on Thursday, October 29 Engineering leaders, you’re in luck! We’ve brought in engineering leaders from Sequoia Capital India, TradeGecko, and Amazon Web Services to share their best practices in scaling their engineering teams. You can [sign up to attend here](  ---------------------------------------------------------------  WHO'S HIRING - [Business Intelligence Lead]( at Homage (Singapore, Singapore) - [Software Engineer - Wordpress Engineer]( at 99.co (Jakarta, Indonesia) - [Fundraising Assistant]( at Kitabisa.com (Jakarta, Indonesia)  --------------------------------------------------------------- Don’t leave your co-workers behind! Share this with them so that they can keep up with what’s going on in the region’s tech scene. Feel free to [drop us feedback]( if our newsletter today got you feeling smarter (or if it didn’t). Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. Today’s edition is written by Rebecca Liew, with contributions from Melissa Goh and Miguel Cordon. 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