Gift cards are big business in Vietnam

Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.

Hello reader,

I grew up in a family that didn’t give presents for birthdays. Don’t get me wrong, these occasions were celebrated, but usually just with a nice meal at a restaurant. Gifts were a sort of alien concept to me for much of my childhood.

Maybe it’s because of that – coupled with my perfectionist attitude when getting presents for others – that I have a mild love-hate relationship with the concept of gifting.

That’s why I fully realize the potential dilemma that others might go through when thinking of getting something for me. I do have a general wishlist of items I want, but I’m not so thick-skinned as to tell people to “buy me something on this list.”

The solution? Dude, just give me cash.

Gift cards could also work, and it appears to be big business in Vietnam, if gifting and rewards platform Got It’s success is anything to go by.

Today we look at:

• Behind the profitable success of Got It
• The US$1.5 million seed round of a Malaysian food startup
• Other newsy highlights such as Vizzio’s board being fine with its CEO’s fake Ph.D. and a new US$550 million fund from a Singapore-based private equity firm

Premium summary

Gifting is good business

Image credit: Timmy Loen

There was a time I might’ve thought that gift cards were a little impersonal or insincere. And while there’s still nothing better than receiving a present that’s “exactly what I wanted, how did you know?”, gift cards (or, again, cash) just makes things easier.

I mean, are you going to say no to free Starbucks frappes? I know I’m not.

It seems many of Got It’s customers agree.

Did it also get its funding in minutes?

Join us for this closed-door roundtable and networking dinner on February 20

Quick bytes