Healthtech 'super app' konsultaMD rides high on Globe, Ayala support

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](.  ---------------------------------------------------------------  Written by Simon Huang  Journalist  Hello {NAME} I’m not a fan of going to the doctor. Having to travel to a clinic and then waiting in a room full of other sick patients isn’t exactly appealing to me, especially when I’m not feeling great. I seem to get by just fine with some medicine and rest. Perhaps KonsultaMD, the telehealth platform, might appeal to someone like me. Backed by corporate stalwarts Ayala (AC, PHS) and Globe Telecom (GLO, BHS), the Philippine-based startup operates a health “super app” that also offers medicine delivery and a marketplace of healthcare providers. As my colleague Melissa documents in this week’s featured story, KonsultaMD derives an “unfair advantage” from its relationship with Globe, one of the Philippines’ largest telcos with 55 million mobile subscribers. Indeed, KonsultaMD’s services are bundled together with Globe’s mobile plans, and about 56% of the former’s users are also Globe customers. It may seem odd that a telco is backing a telehealth platform. But remember that Globe also spawned GCash, one of the most successful fintech platforms to come out of the Philippines. Given the major gap in the provision of healthcare services in the country, any effort to increase coverage should be welcome. Yet, it may take a while for KonsultaMD to truly gain scale - the company’s CEO says it may only become a unicorn in the next five to eight years. -- Simon  ---------------------------------------------------------------  THE BIG STORY [KonsultaMD tapped an ‘unfair advantage’ to grow. It’s now a leading healthtech player]( With over 3 million registered users, the Globe and Ayala-backed healthtech firm aims to achieve profitability on a net income basis by 2028. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Meta to the moon: Shares in social media giant Meta (META, NDAQ) [jumped 14%]( in after-hours trading after it announced a tripling in net profit, a US$50 billion share buyback, and even the payment of its first-ever dividend. Its fourth quarter 2023 revenue was up by 25% year over year, exceeding analyst expectations. CEO and founder Mark Zuckerberg said advances in artificial intelligence bolstered the company’s mainstay ads business. Its investments in AI will continue, with a build up in computing infrastructure. This is likely to lead to an increase in Meta’s costs in upcoming quarters. Yet Zuckerberg said additional hires will be “relatively minimal,” as he looks to keep the company “lean.” If Meta can keep up these growth rates while keeping costs in check, it will demonstrate how AI can be a game-changer for big tech companies by enhancing their already impressive economies of scale. 2️⃣ India’s central bank sends Paytm shares crashing: Shares in One97 Communications (PAYTM, NSE) [crashed by 20%]( after the Reserve Bank of India (RBI) ordered the company’s banking affiliate, Paytm Payments Bank, to stop accepting deposits into customer accounts or wallets. One97 only owns 49% of the bank, and Paytm was quick to emphasize that the Paytm app would continue to work, as most of the services offered are in partnership with various financial institutions and not just Paytm Payments Bank. However, the company still expects a hit of up to US$60 million in its adjusted earnings. Perhaps this news should not have come as a big surprise. Two years ago, the RBI barred Paytm Payments Bank from onboarding new customers and found “persistent non-compliances” in a subsequent audit. It’s good to have a financial regulator that is willing to exert discipline on the sector when necessary. Yet this has to be balanced against allowing the fintech industry to flourish. Ashneer Grover, co-founder of fintech unicorn BharatPe, wrote that such moves will “kill the sector altogether.” Look no further than China to see the consequences overly strict regulators can have on the tech sector. 3️⃣ TokoTikTok: Indonesian ecommerce platform Tokopedia has [closed its merger deal]( with TikTok, the social media app that has been breaking new ground in the world of ecommerce with its fast-growing TikTok Shop. While TikTok has a controlling stake in the merged entity, GoTo Group (GOTO, IDX) will earn revenue from an ecommerce service fee, which would be in line with the platform’s growth. The deal, which was triggered by the Indonesian government’s decision to ban ecommerce transactions on social media platforms, might prove a win-win for both sides. TikTok needed to find a way back into Southeast Asia’s largest ecommerce market, while GoTo can now focus on its on-demand and fintech segments, while still retaining exposure to any upside from ecommerce. What remains to be seen is how any of this will benefit the small businesses that the ban was ostensibly meant to help.  2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [55%]( The share of Southeast Asia’s food delivery market commanded by Grab (Grab, NDAQ) in 2023, according to a report by Momentum Works. - [150]( The number of local organizations that will benefit from the second edition of AI Trailblazers, an initiative by Singapore government agencies and Google Cloud to support AI startups. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. 17Live does CEO switcheroo: 17Live (LVR, SGX), the livestreaming platform that was the first - and only - company to list via the SPAC route in Singapore, announced that its CEO, Alex Lien, was [stepping down]( due to a “personal family matter.” Lien will be succeeded by 17Live’s co-founder and chairman Joseph Phua, who was previously CEO from September 2016 to June 2020. Lien’s tenure at the company was brief - he only became CEO in March 2023. 17Live said that Phua would accelerate the firm’s growth, particularly by expanding its V-Liver feature, where livestreamers can create virtual characters. Given that the company’s shares have declined significantly since it started trading - owed in part to its declining revenue - Phua has his work cut out for him.  That’s it for this edition - we hope you liked it! Not your cup of tea? 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