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Hi readers,
I grew up in the age of dial-up internet, living more than 30 kilometers away from the Philippine capital. To that kid, having an encyclopedia set felt like a big deal.
The set we had consisted of more than 10 books: Each volume was thicker than the Bible and looked like it came from a century-old library. My mom wanted her daughters to have good grades in school, so she thought an encyclopedia was a good purchase. But the question of whether it was indeed helpful for our studies is another story.
My mother’s decision to buy the set was also influenced by a neighbor who worked as a sales agent for an encyclopedia publishing company. Looking back to it now, I can say that such agents were – and still are – effective marketers even in the age of social commerce.
Vietnam’s MFast, a financial marketplace that relies on agents to sell its products, is proof of that. The company says it is ending the year with at least US$11 million in revenue and hopes to turn profitable by 2025. It’s now raising for its series B to replicate its business model to the Philippines.
— Elyssa Lopez, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Vietnam’s MFast targets Philippines’ unbanked with $15m raise
The fintech firm aims to bring its agent network to the Philippines, where 66% of adults are unbanked.
2. Behind MoneyHero’s aggressive plan to beat – then buy – key rival
Numerous senior leaders, including those who led the firm to list last year, have departed since the start of 2024.
3. From Reebonz to AI avatars: SG startup eyes $100bn opportunity
LCE, which bought luxury marketplace Reebonz’s assets in 2022, is offering genAI avatars for live selling and short videos.
4. Malaysia’s faulty semiconductor industry calls for a repair
Policies need reworking if the country were to move up the value chain, say industry chiefs.
5. Deliveroo gets out of cloud kitchen business in Singapore
Restaurants in its network are also pausing their expansion plans due to economic pressures, a Deliveroo spokesperson said.
6. Finding internal data is tough. Here’s how LLMs make it easier
LLMs can simplify the process of finding internal data, which plays a crucial role in organizations’ decision-making.
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