The path that led to PayMongo’s crisis

More: Ninja Van wants to automate its parcel processing and Animoca raises more money. [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](. --------------------------------------------------------------- Hello {NAME} It’s a common saying that hindsight is 20/20. When things go wrong, it’s easy to look back and see all the warning signs and red flags. But when you’re in the thick of it, it can be hard to figure out whether what’s going on is something to worry about or just a growing pain you’ve got to push through. This certainly seems applicable to PayMongo. The Philippine fintech startup backed by Y Combinator and Stripe is currently facing some difficult issues, with its future looking uncertain. The firm seemed like it was on the up, but things have taken a turn - and according to several ex-employees, this was the culmination of several factors. - Stefanie  ---------------------------------------------------------------  THE BIG STORY [What caused PayMongo’s crisis? Insiders tell us]( PayMongo was once tipped to be a breakout fintech startup in the Philippines. But internal issues and a deteriorating culture may be derailing its goals.  --------------------------------------------------------------- TRENDING NEWS [Malaysian wealth management app secures 8-figure funding]( Versa was also close to hitting US$44.44 million in transactions, doubling its transactions since the beginning of 2022. [Malaysian game dev acquired for $1m, set for Vietnam expansion]( The acquisition will bolster Mason Games’ plans to start its first blockchain game project. [Meta, McKinsey execs back LGBTQ+ mental health startup’s $376k round]( India-based Evolve will put the fresh funds toward expanding the core team and developing its product features. [Y Combinator-backed shipping startup raises $2.2m]( Launched in 2021, Philippine-based Shipmates allows online businesses to book shipments in bulk from different couriers and compare their rates. [Ant Group-backed Bace Capital leads $2m round of VN edtech firm]( Vuihoc offers learning materials and live classes to help K-12 students in the country. [HK bento vending machine startup secures $2.8m pre-series A funding]( Wada Bento has developed a vending machine that can serve hot meal boxes in 17 seconds. --------------------------------------------------------------- TECH IN ASIA POLL New polls arrive every Tuesday! A funding slump as meant that [layoffs are piling up in Asia]( with a total of 111,000 pink slips handed out by tech startups in the region. Moreover, the liquidity crunch appears to show no signs of easing, with a Tech in Asia’s analysis indicating that funding rounds in Southeast Asia have slid by about 28% in May from just two months earlier. With that in mind, do you believe that the worst of the mounting job cuts are over as startups adapt to the diffitcult funding environment or that there are the region is still in line for mass layoffs? [Yes]( [No]( Note: Results of our previous poll can be found at the end of the newsletter  --------------------------------------------------------------- ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - *Event* As the tech scene in Southeast Asia continues to grow, Tech in Asia is committed to helping diversity scale with it. With the help of our sponsor, Microsoft, we're adding a luncheon to the Tech in Asia Conference 2022 agenda to discuss how we can achieve that. We're inviting leaders who are passionate about diversity to join this luncheon to examine: - How diversity and inclusion impacts today's workplace -Why it is important for businesses to embrace intentional diversity and inclusion - The challenges leaders face with driving and enabling greater representation in the workforce - What the Code Without Barriers initiative does for women in the tech community - How startups can make the most of what Microsoft for Startups Founders Hub is doing for startup communities This event is open to Tech in Asia Conference 2022 General Pass and Priority Pass holders - [get your tickets now](. - Event [TIA School Office Hours at Tech in Asia Conference 2022]( from September 21 to 22 Throughout the entirety of Tech in Asia Conference 2022, we're inviting founders of early-stage startups to join special Tech in Asia School Office Hours sessions to learn, ask questions, and get ideas on how to beat the odds. Register for these segments designed to target common challenges at key stages of the founder journey and meet us at the Tech in Asia booth! These in-person events are exclusively available to Tech in Asia Conference General Pass and Priority Pass holders.  - [AD] [AWS AI/ML Reactor]( from October 10 to November 11 Amazon Web Services (AWS) has teamed up with Epiphany, a Pakistan-based startup accelerator, to launch the second edition of the AI/ML Reactor startup accelerator program. The immersive virtual program aims to help ASEAN and Pakistani startup founders take their business to the next level through various programs led by top tech experts from AWS, ASEAN, and Pakistani. Further, attendees can showcase their businesses and solutions during demo days, and selected participants will get the chance to meet VCs to further discuss growth plans.  ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Head of SaaS Sales]( at AwanTunai Jakarta, Indonesia - [Implementation Specialist - HR]( at Mekari Jakarta, Indonesia - [Audit & Reporting - Accountant]( at Rukita Jakarta, Indonesia - [Senior Data Engineer - SMB]( at PT. Informasi Teknologi Indonesia Indonesia Bulk Terminal, Indonesia - [Scrum Master - Telekomunikasi Digital]( at SIGMATECH Jakarta, Indonesia - [Operation Associate (Mama's Choice)]( at The Parent Inc (theAsianparent) Jakarta, Indonesia TECH IN ASIA POLL RESULTS Previous poll question: There were plenty of positives to take from Grab’s [second quarter results]( last week. The Singapore-based tech giant reported a smaller loss, a massive rise in revenue, a healthy cash position, and a lift in the lower end of its 2022 revenue forecast. But that was not enough to [stop Grab‘s shares from plunging 12%](. With the firm’s shares now down more than 70% from its peak, do you believe there is a buying opportunity? Here is the break down: --------------------------------------------------------------- [ADVERTISE]( | [SUBSCRIBE]( 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 © 2022 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894