Cash rules everything around SMEs

More: TikTok’s investment plans for Southeast Asia and Love Bonito’s latest financials [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: - [The digital banks helping to close the SME lending gap]( - The Singapore- and Vietnam-based startup that raised US$4.5 million to make Web3 transfers easier - Other newsy highlights such as TikTok’s multibillion-dollar plans for Southeast Asia and Love Bonito’s growing numbers. --------------------------------------------------------------- Hello {NAME} The Denver Nuggets are the 2023 NBA Champions! As someone with no horse in the playoff race (my Dallas Mavericks had a terrible joke of a year and didn’t even make it to the postseason), Denver was one of my picks to win, so I’m pretty happy at what came to pass. It’s the organization’s first title too, which was part of why I wanted them to win. In the days to come, I’m sure a lot of ink will be spilled on how this team was built around two homegrown stars - Nikola Jokic and Jamal Murray. But while the Nuggets might not have splashed out on massive free agent contracts, putting together a team like this is no cheap feat. Jokic himself, for example, is finishing a contract that pays him over US$33 million this year, and he’s signed an extension that will earn him US$264 million over the next five years. That’s just one guy, by the way. A basketball team has 15 players. Anyway, the point I’m making is that even purely emotion- and story-driven interests like sports rely on money to make them happen. Singapore’s SMEs might not need such obscene amounts of money, but apparently, access to loans is still an issue. Many business owners in the country rely on funds from their friends and family to keep their companies going. It’s a problem that new digital banks are looking to solve. Read on to find out more. -- Winston  ---------------------------------------------------------------  THE BIG STORY [From China with love: Digital banks ANEXT and GLDB aim to fill SME lending void in SG]( The city-state’s wholesale digital banks add spice to the lending market by offering lower interest rates and more. --------------------------------------------------------------- TRENDING NEWS [Poko raises $4.5m to reduce Web3 payments friction]( The Singapore- and Vietnam-based startup was born from Shoppa, which pivoted away from its social commerce model. [TikTok CEO plans multibillion-dollar SEA investment]( TikTok announced that it would invest US$12.2 million over the next three years to support 120,000 small businesses in the region. [Love Bonito sees 41% revenue growth in 2021 (update)]( The Singapore-based company also had a net loss of US$8.2 million in 2021, growing from US$4 million in losses in the previous year. [Affable teams up with Google Cloud for AI-powered influencer marketing tool]( The Singapore-based firm helps over 5,000 marketers find suitable influencers, build collaborations, manage campaigns, and track reports. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [India’s top-funded tech companies in the last decade]( Which Indian tech players are on the rise? Our automated tracker spotlights their investment hauls in the last 10 years. ---------------------------------------------------------------  TECH IN ASIA'S FOUNDERS MEETUP: VIETNAM  Join us and share the hardest challenges you’ve faced as a founder If you’re an entrepreneur based in Vietnam, you’re invited to Tech in Asia’s Regional Founders Meetup, which will be held on June 28 at The Sentry in Ho Chi Minh City (2/F Sonatus Building, 15 Le Thanh Ton, District 1) from 5:30 p.m. to 7:30 p.m. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Starting up doesn’t have to be a lonely journey. [Register]( for this exclusive event here today. Tickets are priced at US$12.50 per person, inclusive of light bites and one drink. Slots are limited and are available on a first come, first served basis. Thanks to our official event partners - AWS, CleverTap, Cooley, D.Camp, Sinarmas Land, Singapore Global Network (SGN), and Quest Ventures - and our community partners - WeWork and Gobi Partners - for making this meetup possible. ---------------------------------------------------------------  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 form](. Our team will get back to you by the next business day. - MyStorage - [MyStorage disrupts the storage industry in Vietnam with a high-tech approach]( On top of offering 5-star storage & moving solutions, MyStorage has focused on delivering seamless online features that take the storage experience in Vietnam to a whole new level. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Founders Meetup: Vietnam on June 28]( Our networking event, Founders Meetup: Vietnam, is happening in Ho Chi Minh City on June 28 at The Sentry, 2/F Sonatus Building. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Register today! ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Solution Architect (Infrastructure) (Anabatic Digital)]( at Dealls Jakarta, Indonesia - [Employee Relation Officer]( at Indocyber Global Teknologi Jakarta, Indonesia - [Associate Data Intelligence]( at SIRCLO Tangerang, Indonesia - [Researcher Intern]( at Moladin Digital Indonesia Jakarta, Indonesia - [HR Admin (3 Months Contract)]( at Arupa Cloud Nusantara Jakarta, Indonesia - [Sr. Datacenter Analyst]( at PT Kawan Lama Sejahtera Jakarta, Indonesia [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. Tech in Asia thanks our partners for supporting our newsletters. 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