Singapore – The Board of Directors of tryb Group announced the appointment of Girija Pande as an Independent Director of the firm.
Mr. Pande spent over a decade with TCS as Head of Asia Pacific, his last role being Chairman of TCS, Asia-Pacific. He established TCS’s Asia-Pacific headquarters in Singapore in 2001 and pioneered its business growth in Asia. He has spent over three decades in the Asia Pacific region working in senior capacities at Tata Consultancy Services (TCS) Ltd and ANZ Banking Group.
“Girija is an accomplished leader in technology and financial services and an experienced board member” said Nels Friets, Co-Founder and Vice Chairman of tryb Group. “We and our portfolio companies will benefit from his insights and strong network across Asia Pacific supporting the growth of tryb’s infrastructure technologies,” he continued.
Singapore (DealStreetAsia) – SGX-listed Artivision Technologies has agreed to buy local fintech firm MC Payment for a minimum of S$80 million ($59 million), the companies announced, in what will be amongst the largest exits amongst startups in this space in the city-state.
Following the announcement, the Artivision stock surged on the SGX on Wednesday. At the time of writing, it was trading at 1.9 Singapore cents, up 11.76 per cent.
MC Payment, which had earlier this year taken a controlling stake in Genesis Payment Solutions (Genesis) that is licensed by Alipay to acquire merchants on its behalf, is a leading provider of omni-channel and omni-payment solutions in the Asia Pacific region, with presence in Singapore, Malaysia, Hong Kong, Thailand, Indonesia, Australia and Cambodia. Its strategic partners in the region include Cambodia’s Soma Group, Sri Lanka’s Frostaire and Indonesia’s Sinar Mas Group.
tryb Group has made key appointments to deepen the firm’s operating efficiencies and technology capabilities. Lien Choong Luen and Jason Strimpel were brought on board as Chief Operating Officer and Head of Platforms, respectively, to further strengthen tryb’s position as a leading operating partner for enterprise and B2B financial technology companies.
“Lien and Jason joining the growing tryb widens the expertise of the team and enhances our capabilities to continue building our financial technology ecosystem for ASEAN.” stated Markus Gnirck, Co-Founder and Chief Executive Officer of tryb. tryb is a financial infrastructure company that buys, builds and operates growth stage and middle market financial technology companies.
On 27 July, 2017, tryb lost a founding member, a leader, and most importantly – a dear friend. Magnus battled cancer for several years, fighting the disease to the very end before passing away in St. Louis, Missouri.
A leader, Magnus built and led industry-defining businesses. He was the CEO of Singapore Exchange from 2009 to 2015, elevating it to become one of the world’s largest and leading exchanges. Prior to SGX, he was President of Nasdaq, playing an instrumental role in the eventual merger of OMX and Nasdaq in 2007. Under his leadership, OMX became the world’s largest provider of technology solutions for exchanges and clearing organizations.
A visionary, Magnus held over three decades of experience, reshaping the finance industry during that period. Magnus was Honorary Chairman of the Securities Investors Association (Singapore). He was also a member of the Sim Kee Boon Institute for Financial Economics at Singapore Management University, and Senior Advisor to Bain & Co. in relation to financial markets, exchanges and financial technology.
We, at tryb, will miss Magnus’ leadership, experience and camaraderie that he brought. We will stay true to Magnus’ values and spirit, building on existing momentum to achieve his shared vision.
Our thoughts and prayers are with his family and friends.
Big data analytics is not a new phenomenon. However, many financial services companies are still in the early phases of adoption and face challenges securing talent and expertise in this area.
tryb hosted an exclusive breakfast session with the tryb community on big data analytics in financial services. The event included a panel of experts discussing use cases, implementation challenges and cutting-edge techniques. The panel was moderated by Veiverne Yuen, Managing Director (tryb) and included the following panelists:
- Michelle Katics, Co-Founder & CEO (Portfolio Quest)
- Jason Strimpel, CIO (COFCO International)
- Liu Feng Yuan, Director – Data Science Division (GovTech Singapore)
The panel discussed practical insights on privacy and potential use cases with respect to trading, anti-money laundering (AML), fraud detection and large public infrastructure problems. They debated the usefulness of “real-time” data and predictive models in the face of growing anomalies.
Chinsay AB, the leading cloud based platform for end-to-end administration of global commodity and freight contracts, has secured strategic investment of US$4 million from tryb Capital, a Singapore-based growth stage technology investor. The investment will be used to fund the continued development of Chinsay’s next- generation product and expansion into Asian markets.
Chinsay’s platform offers a comprehensive suite of front-end tools and the opportunity to apply back-end APIs to enable clear productivity benefits to not only global traders, shipping companies and brokers but also ports, marketplaces and financial institutions involved in trade and trade finance. Chinsay sees a strong acceleration in growth in Asia alongside its major clients, which include the likes of ADM, Cargill, K Line, Noble Group, NYK, Rio Tinto, South32 and Unipec.
Magnus Böcker, Chairman and Co-Founder of tryb Capital stated, “Singapore’s position as a key shipping and trading hub made it more attractive for tryb Capital to invest into Chinsay. This is a great example of how innovative technologies from anywhere, in this case Sweden, can leverage Singapore as a growth platform into Asia.”
Dag Sundén-Cullberg, Founder and Chief Executive Officer of Chinsay commented: “Chinsay’s board and team see this as a great opportunity for the company to take in additional capital for the current expansion phase while staying fully independent and at the same time getting a strategically important shareholder with an active agenda in the technology industry. The tryb team’s experience and network within technology will benefit Chinsay greatly as we continue influencing and driving usage of new technology in the freight and commodities markets.”
Singapore-based MC Payment announced today it has acquired a controlling stake in Genesis Payment Solutions.
Genesis is a Singaporean payments company that is licensed by Alipay to acquire merchants for the Chinese online payments provider. It also helps businesses adopt payment methods by Global Payment Asia Pacific, Wirecard Singapore, and American Express.
The terms of the deal are undisclosed. MC Payment chief investment officer David Wang tells Tech in Asia the acquisition was made with a combination of cash and MC Payment shares.
Through the deal, MC Payment gains access to Genesis’ clients, mostly small- and medium-sized enterprises, as well as the firm’s merchant-acquiring license with Alipay.
“Chinese outbound tourists to the Asia-Pacific region have been growing at 26 percent the past seven years, with yearly expenditure at US$45 billion,” David says. “This is a great partnership for MC Payment to grow our payment solution products and aggressively target new merchants.”
It seems that the only certainty about what a Trump presidency is going to mean is uncertainty. Trump’s predilection to “tweet first, think later”, his populist and protectionist campaign message, his frequent ‘policy’ reversals, and a wide spectrum of cabinet nominees all add up to confusion and therefore uncertainty in markets as well as in government halls around the world.
There is a growing consensus that interest rates are headed up (there is so little downside that the odds favour this anyway), that risk premia will expand (due to volatility as well as economic and geopolitical risks), and that the greenback will remain strong. History would indicate that this combination generally leads to lower private sector investment and lower valuations around the world. Add to this the challenges that are appearing in regards US trade policy (the TPP has virtually no hope of surviving in its current state, tariffs may be introduced, and increased pressure will be brought on companies looking to move operations offshore) and global companies may well be looking at higher costs and reduced (or even negative) revenue growth. Naturally, ASEAN economics, currencies, and companies will not be spared this global volatility and uncertainty.