Day: July 11, 2024

Did DDex CEO and SGX CEO issue contradictory statements on crypto listing?

Disclaimer: Opinions expressed below belong solely to the author.

Two cryptocurrency news stories on the same day is a pretty rare occurrence for Singapore, especially when they involve the Singapore Stock Exchange (SGX) and DBS Bank’s Digital Exchange (DDex), the digital assets trading service of DBS Bank, the largest bank in Southeast Asia by asset size.

Both CEOs issued seemingly conflicting statements about cryptocurrency trading on Singapore’s stock exchange, which must have raised eyebrows. However, I have now phased out what could be a fascinating message about listing cryptocurrencies on the Singapore Exchange.

SGX says no Crypto listing, for now

Appearing at the Reuters Next APAC leadership summit on July 9, 2024, SGX CEO Loh Boon Chye answered an audience-sourced question about “whether SGX would be open to listing any crypto”. He responded that SGX had no immediate plans to allow cryptocurrency listings, as “conditions were still not ripe for such a move.”

“I think for any new product launches, it’s important for this to have a sustainable ecosystem support,” he said. “That really means demand, that means governance, that means structure.”

“The ecosystem, I feel, at this point in time, is not ready for such products in Singapore.” 

Loh Boon Chye, CEO Singapore Stock Exchange

Added Loh, “You never say never. As time evolves and the ecosystem comes together, we are always known to be the most innovative exchange or platform in the world.”

DDex is studying stablecoin and Ethereum staking

Vulcan Post has previously written about DBS Bank’s cryptocurrency assets, and Lee Wee Kian, the CEO of the bank’s Digital Exchange (DDEx), has reported surges in the first five months of 2024.

CEO Lee Wee Kian was speaking to the Straits Times (on July 9, 2024) and reported that the value of digital tokens in the exchange had nearly tripled over the January-June period from the same period last year, with the number of active clients increasing by 36% in the same period.

This surge in activity coincided with an approximate 50% increase in the overall market capitalisation of cryptocurrencies during the same period. 

Lim added that the bank aims to expand its offering of digital assets and is now studying the listing of stablecoins and how its clients can earn rewards through Ethereum staking.

“Professional investors are increasingly viewing digital assets as a legitimate part of their alternative portfolios.”

Lim Wee Kian, CEO DBS Digital Exchange

Undertstanding the context

At this point in history, there is massive interest in the financial market for cryptocurrencies linked to stock exchanges via exchange-traded funds (ETF). Crypto ETFs have recently appeared on the Hong Kong exchange, and, thus, it is only natural that the Reuters summit’s audience was interested in the SGX CEO’s response, which was always going to be no – Singapore’s financial regulator, the Monetary Authority of Singapore (MAS) has clearly stated that it has not approved spot Bitcoin ETFs, and other digital payment tokens (DPT) for offer to retail investors, citing the high volatile and speculative nature of cryptocurrencies as unsuitable for retail investors.  

So why was the question asked? On the 0.01% chance that he had new information to share.

Mr. Loh’s answer was, in fact, similar to a statement SGX issued in response to the MAS decision. 

DDex CEO Lim Wee Kian’s statements regarding listing stablecoins seem to contradict SGX CEO Loh Boon Chye’s reply to Reuters. However, they are both on the same spreadsheet – The context of CEO Loh’s reply was regarding the spot crypto ETFs positioned for retail investors, which MAS has disallowed.

However, MAS has not issued any similar guidance for accredited investors or institutional investors, who are DDex’s main clientele. This means that digital assets such as Ethereum staking and stablecoin listing could come online with the SGX in the future if they are restricted from retail investors, and the DDex statements should be taken as the bank researching into the future implementation of these digital assets.

From trash to treasure: This M’sian biz turns discarded electronics into gold & silver bars

[Written in partnership with Telcov, but the editorial team had full control over the content.]

Imagine a world where transforming your old phone into valuable resources instead of letting it clog landfills becomes the norm.

That’s the mission of Telcov, a Malaysian social enterprise that’s on a quest to revolutionise e-waste recycling.

Inspired by Robert Kiyosaki, the author of “Rich Dad Poor Dad”, and with an emphasis on precious metals, Telcov founder Vimalan Arumugam saw an opportunity to address the growing e-waste crisis while making sustainability profitable. 

“It’s true, it’s going to be highly sorted raw materials for manufacturing semiconductors,” he echoed the author’s sentiment. 

“However, not everyone can afford to invest in these precious metals due to financial constraints.”

That’s where Telcov steps in. The company takes a three-pronged approach: collecting e-waste, extracting precious metals, and rewarding users with certified 999.9 gold and silver bullion.

From landfill threat to urban mine

Vimalan’s entrepreneurial spirit and ambition have driven him to create a business model that turns e-waste into valuable resources. 

His journey began in 2019 when he founded VR Industries Enterprise, a sole proprietorship that partnered with licensed companies to recycle e-waste. 

Observing the rapidly increasing e-waste problem, Vimalan saw an opportunity to make a difference. In Malaysia alone, e-waste contributed to 360 kilotonnes of waste in 2019, much of it ending up in illegal landfills and causing significant environmental harm, according to the Global E-waste Monitor 2020 report.

“My father worked in a landfill and later started his own metal recycling company. Growing up in this environment sparked my curiosity about the electronic waste industry,” he told Vulcan Post.

Despite facing challenges, including the financial impacts of collaborating companies and the COVID-19 pandemic, Vimalan persevered. 

In 2021, he rebranded his business to Telcov and began the process of acquiring his own electronic waste recycling licence. By the end of the year, despite a devastating flood damaging their factory equipment, Telcov was on its way to becoming a major player in the industry.

Building a sustainable solution

Today, Telcov’s facility in Semenyih, Selangor, is approved by the Department of Environment (DOE) and adheres to international standards. 

The facility can recycle up to 300 metric tonnes of e-waste monthly. To date, Telcov has extracted over RM1.5 million worth of gold, silver, and palladium from e-waste. 

“We have sold almost 50kg of silver and 1.5kg of gold to date. Our bullions are 999.9 pure, certified by accredited assayers,” said Vimalan. 

“We address customer scepticism by showing the list of globally known bullion companies that use the same assayers as we do.”

The business also aligns with several United Nations sustainability goals, including creating wealth, reducing poverty, ensuring a clean environment, and generating job opportunities for e-waste collectors. 

“Our tagline, ‘Integrating Sustainability,’ reflects our commitment to these goals,” he shared. 

How it works

Telcov’s proprietary mobile app facilitates e-waste collection, allowing users to schedule pickups and redeem points for precious metals or cash.

The process is simple: users request an estimated quote for their e-waste via the app, schedule a collection, and Telcov’s riders pick up the devices within 48 hours. The points are then transferred to the user’s app, where they can be cashed out or redeemed for gold or silver bullion. 

“We have prices for each gadget, for example, we buy a laptop for RM14 per kg and let’s say a person sells his laptop as 2kg, he gets RM28 which he can collect as cash or collect as points or top-up to redeem 10 gramme silver bar which is RM60 or one gramme gold bar which is RM399 (prices might differ according to the daily chart),” he said.

Based on Telcov’s app, every 1,000 points equals RM100, and to get your hands on that silver bullion without paying anything, you’ll need 6,000 points. For the gold bullion, it’s 38,000 points.

Telcov also claims to offer higher returns for your e-waste than its competitors. For example, while other companies might give you RM10 for a laptop, Telcov pays RM14 per kg. On average, a laptop weighs about 1.5 kg, which means you’d get RM21 per unit.

Clearly, selling by weight is way more profitable than a fixed price per unit. Plus, many licensed e-waste recyclers don’t pay you at all—they call it a “donation to save the world”, said Vimalan. Telcov, however, believes in rewarding customers for their e-waste contributions.

“We are currently doing another equity crowdfunding campaign with pitchIN to set nationwide pick-up and drop-off points,” shared the founder.

Telcov’s state-of-the-art facility acquires e-waste and dismantles the electronic components, extracting valuable raw materials through advanced mechanical and chemical treatments.

They recover, refine, and certify precious metals like aluminium, brass, copper, iron, platinum, silver, and gold for purity before offering them to customers as high-purity bullion.

Achievements and future goals

“We’ve collected over 550 tonnes of e-waste, valued at close to RM2.5 million,” he revealed. 

Telcov’s vision includes expanding its operations and introducing automation to reduce dependency on manual labour. 

The company is also exploring lithium battery recycling, anticipating a surge in disposed lithium batteries from electric vehicles in the next five years. 

“We’re partnering with companies to see if these batteries can be repurposed or recycled for their raw materials,” said Vimalan.

Looking ahead, Telcov aims to incorporate AI technology to identify electronic components with precious metals and automate the segregation process. 

“The future of technology depends on raw materials found in e-waste,” Vimalan asserted. Telcov harnesses these resources to prevent environmental degradation. They also contribute to the production of critical materials for technologies like solar panels.

Telcov’s innovative approach to e-waste recycling not only addresses environmental concerns but also provides valuable incentives for consumers. 

By turning e-waste into gold and silver bullion, homegrown business Telcov is leading the way in integrating sustainability into everyday life. 

“We’re confident that our precious metal reward system will motivate more people to practise responsible recycling,” he added.

• You can learn more about Telcov here.
• Read other articles we’ve written about Malaysian startups here.

Also Read: Say goodbye to lost packages & missed deliveries. Sunway Popbox is changing the game.

Featured Image Credit: Telcov

This S’porean tutor won’t rest until online ed is the norm here, starting with A-Level Chem

[This is a sponsored article with Chemistry Guru.]

For many of us, tuition is part and parcel of our schooling lives, as sometimes we need a little (or a lot more) help to get good at a topic outside of regular classrooms.

However, tuition might be inaccessible for some students due to its cost and time demands.

Back in the 2010s, Maverick Puah, also known as Chemistry Guru, wondered about our landscape: Why is online learning for academic subjects not a norm in Singapore?

“If you’re a teenager playing an online game and you need advice to clear a stage or defeat a difficult boss, you go to YouTube and watch a guide or walkthrough video,” he observed. “But if you have difficulty with your maths or chemistry, why is there no guide or walkthrough video on YouTube?”

Inspired by this idea, the former government school teacher with a chemistry degree expanded his tuition lessons to YouTube. He offers free classes for students tackling H2 Level chemistry in A Levels and Junior College.

Since launching Chemistry Guru’s YouTube channel in 2014, he has attracted over 17,000 subscribers. Maverick uploads videos monthly, in addition to running physical classes at his centre in Bishan, Singapore.

Blending online and offline teaching methods

Chemistry Guru offers several tuition services to A Levels and Junior College students:

Through a combination of these learning methods, Maverick reported that up to 80% of his students achieve distinctions in their A Level H2 chemistry exams.

He does this by ensuring that students remain focused throughout his classes, whether online or offline.

To test your understanding of the session’s topics, Maverick will put you through short quizzes on Kahoot!

If you have any additional questions on the lesson, you can consult him via WhatsApp outside class time to minimise disruption.

Lessons are kept simple to build your confidence in basic concepts and foundations in chemistry, complementing school teachings.

You’ll also receive weekly assignments to attempt on your own, gradually building your content knowledge. Before major exams, you can join Chemistry Guru’s revision classes to recap important topics.

Open knowledge sharing is key

Singapore is saturated with tuition centres, but throughout Maverick’s nearly two decades as a junior college-level educator, he’s found that few tutors are willing to share their knowledge openly online.

“In Singapore, the knowledge is like a guarded secret and students need to pay to access that,” he shared.

Online lessons allow students who cannot afford tuition to learn for free, while those who can afford it can view the lessons as a “trial” to decide if the tutor’s teaching style suits them.

Tutors can also save on rent and operating costs by teaching online. It’s a way to reach more students, instead of handing out flyers that may get tossed away seconds later.

“[Online methods] may not totally replace physical lessons, but can definitely complement them,” Maverick noted.

While Maverick is hopeful that online education will become the standard someday, he is aware that most students and parents currently prefer physical classes.

For now, he sees his YouTube channel as an avenue to build Chemistry Guru’s brand presence in the market, and showcase his commitment to teaching for the long term. In fact, Maverick shared that his YouTube classes have reached students in Malaysia, India, and the US.

With a passion for teaching, Maverick has always operated Chemistry Guru to be a teacher first, and a businessman second.

• Learn more about Chemistry Guru here.
• Read other articles we’ve written about startups here.

Also Read: This agritech solution by UiTM & TechnoDex aims to boost food security & empower B40 farmers

Featured Image Credit: Maverick Puah, founder of Chemistry Guru

Antler wants to invest US$3mil in M’sian startups & founders, here’s what they’re looking for

If you’re a founder who’s active in the startup community, you would likely have heard of Antler.

But if you’ve never heard of them, Antler is a global early-stage venture capital firm that backs founders from day zero with pre-seed and seed capital. They also participate in follow-on funding of up to US$10 million for growth-stage startups at Series A and beyond.

Originally from Singapore, Antler is now present in 30 locations around the world, and ventured into Malaysia just last October. Since then, the local office successfully completed two cohorts and have backed more than 10 companies already.

The country head and associate partner in charge of investing in various stages of companies here is Frank Kang.

Frank himself has been a founder for the past 17 years, and has been in Malaysia for more than 10 years.

Recently, he posted on LinkedIn that his team is going to invest US$3 million into early-stage startups in Malaysia in the next six months. At US$600,000 per investment, this would support five companies.

The post also shared that this is open to startups that are in the pre-launch, pre-seed, and seed funding stages. That means it’s open to individuals who are still ideating, as well as companies with co-founders that are already building.

But how exactly will Antler be making these investments? What is their investment ethos? What kind of founder are they looking for?

We reached out to Frank to find out.

More than just funds

Explaining how Antler’s investments work, Frank said, “After spending time with founders during our residencies, we will first invest US$110K in selected startups—this is usually the company’s very first institutional capital.”

Over the next six to nine months, Antler will commit to providing follow-on funding and matching of the amount raised from external institutional investors to a certain cap.

Of course, financial investments aren’t the only way Antler can help build a venture.

Antler is also able to enhance entrepreneurs with substantial industry experience by providing access to a diverse global network of mentors and experts. 

They also help facilitate other funding opportunities by connecting startups with investors across various sectors, expanding financial support and partnership options. 

Their international presence provides a global perspective, crucial for scaling beyond regional boundaries.

Investing in strong founders

In terms of what kind of startups Antler looks for, they maintain a sector-agnostic approach but predominantly invest in technology-enabled solutions, leveraging their inherent scalability. 

“Our mission is to back the most driven founders, day zero to greatness,” Frank elaborated. “And so, we truly believe that exceptional talent can come from anywhere in the world and any sector they innovate for.”

He added, “It is critical for startups to have the right talent and skill sets within its founding team to build innovative solutions that can scale.”

The founding team should be experienced in launching from “zero to one”, be it across corporate or startup experience. This is because Frank believes it takes a different mindset and capability to build and launch something from scratch, and move quickly from there.

Solving problems that only startups can

Another thing Antler is looking for is “big problem statements”.

As Frank put it, there are thousands of problems out there, but only a few problems can be solved by startups.

“In the complex landscape of business challenges, startups have a unique capacity to tackle specific problems that larger, more established enterprises may overlook or find difficult to address,” he elaborated.

These problems that startups are adept at solving typically involve gaps in existing solutions, emerging trends that demand fresh perspectives, or unmet needs in rapidly evolving markets. 

Antler is also a proud partner of Khazanah’s Dana Impak, which is a cornerstone of Khazanah’s Advancing Malaysia strategy. Basically, it’s a fund that focuses on six key themes aligned with national challenges and opportunities.

These include Digital Society and Technology, Quality Health and Education for all, Decent Work and Social Mobility, Food and Energy Security, Building Climate Resilience, Competing in Global Markets, enhancing Malaysia’s position in international trade and investment.

So, these would be themes that Antler will emphasise on, too.

Frank added that meditech, manufacturing tech, logistics, Islamic financing, and renewable energy sectors hold strong potential in Malaysia’s startup scene.

At the core of it, Antler scouts and accepts solo founders and early-stage pre-formed teams into their Residency. 

“To give you a bit more information about our MY2 residency programme founder profiles, there were over 1,000 applications, and 70+ founders joined the programme,” Frank shared.

For solo founders coming into the residency, Antler would assess them based on similar aspects relating to founder profile and skillsets, as well as understanding their thought processes.

Values that they look for include:

• Grit: The ability to persist through challenges without giving up
• Drive: The ambition and inner drive to achieve big outcomes 
• Spike: A strong attribute that sets your skills and experiences apart from the crowd 

For pre-formed teams/startups, Antler selects them based on criteria such as:

• A talented founding team with complementary skill sets relevant for the business, 
• execution capability based on founders’ prior experience,
• a compelling problem-solution fit, 
• market opportunity (big market size) potential,
• execution capability based on founders’ prior experience, and 
• scalability of the business. 

The desired qualities include resilience, creativity, and a willingness to take risks. 

“Valuing expertise in crucial domains such as technology, product development, marketing, sales, and business strategy, Antler expects prospective candidates to contribute collaboratively and positively to dynamic team environments,” Frank said.

Certain of uncertainty

As Frank said, investing in early-stage startups is like diving into uncharted waters filled with uncertainties.

“At Antler, our biggest challenge is the inherent risk—many startups are in the early stages, with unproven business models and markets that are yet to be validated,” he pointed out.

Without historical performance metrics, it’s challenging to gauge which startups have the potential to scale.

That’s why the team spent 10 weeks of their residency programme together with founders, scrutinising the team’s capabilities, market potential, and scalability of their ideas.

But despite these challenges, the potential for impactful innovation and substantial returns pushes Antler forward in their commitment to support and nurture promising startups through their early stages.

“Entrepreneurship is a lonely journey, during this long and lonely trip, your first backer and mentor could back you not only for the first time, but also the second, third, and until the end, always be with you,” Frank mused.

“That means so much for founders. And Antler wants to be an entrepreneur’s lifetime companion,” he added. “I was thinking that if I had Antler before, my 17 years of entrepreneurship would have been less lonely.”

• Learn more about Antler here.
• Read other articles we’ve written about Malaysian startups here.

Also Read: Say goodbye to lost packages & missed deliveries. Sunway Popbox is changing the game.

Featured Image Credit: Antler

These pilots once sold burgers to survive, now they have a brick-and-mortar restaurant in KL

Forget turbulence, these pilots are serving up a flavour storm.

When the pandemic grounded their aviation careers, Mohammad Hafiz bin Abd Rahman and Muhammad Afiq Nazar faced significant disruptions. Hafiz found himself furloughed, while Afiq’s flight hours were drastically reduced.

The uncertainty surrounding the aviation industry’s rebound prompted them to explore a different path, one that led to the creation of Grill Haven.

It’s a Malaysian burger haven that has taken flight from humble beginnings to become a local favourite.

Taking off from home base

Both Hafiz and Afiq had entrepreneurial ventures that helped kick-start Grill Haven. 

Hafiz ran a company selling motor oil, and Afiq had a home-based lemonade business. This experience eliminated some of the uncertainties associated with managing and operating a business.

Hafiz’s background in running several family-run F&B operations also proved invaluable. The fundamentals of logistics and operations learnt from past experiences were applied to Grill Haven, ensuring a smooth transition into the F&B industry.

With the aviation industry on hold, Hafiz, inspired by his entrepreneurial in-laws, decided to explore a new venture. 

In December 2020, Hafiz started selling smashed burgers from his in-laws’ home in Shah Alam. Joined by his supportive sister-in-law and another relative, they started small, operating just four days a week under the limitations of the CMCO. 

Recognising a gap in the market, they focused on mini burgers and sliders, a concept that was relatively uncommon at the time, they believed. 

“Inspiration was financially motivated and thanks to the low cost and low barrier to entry, the business was heavily influenced by ideas sourced from Hafiz’s in-laws who mainly targeted market demographics favouring women,” they told Vulcan Post.

It was only later on that Afiq decided to join Grill Haven. Their Grill Haven journey actually began with Hafiz being the burger guy and Afiq being a loyal customer.

It wasn’t until a year of working the grills and taking orders side-by-side that they decided to officially become business partners and put everything on paper.

From a small stall to a permanent landing strip 

The journey wasn’t smooth sailing. MCO restrictions hampered their ability to manage stock effectively. 

Operating a temporary stall meant battling the elements—scorching sun one day, heavy downpours the next. But Hafiz and Afiq persevered. 

Their determination paid off in 2022 when they expanded their reach by participating in the popular Publika Night Market. Here, they showcased their unique offerings to a wider audience. 

Additionally, they partnered with Wokit, Bangsar, establishing a lunchtime presence that catered to office workers in the area. 

Their journey took another exciting turn when they took part in a pop-up stall at Titiwangsa. 

This location proved to be a lucky one. Not only were they well-received by the local community, but they even had the honour of serving former Prime Minister Tan Sri Ismail Sabri on multiple occasions. 

“Scaling the business became a necessity as demand was simply increasing as the days went by. Therefore to support supply, scouting for a permanent location was of importance to keep our customers happy and for our colleagues to enjoy a much more comfortable working environment,” they said. 

In August 2023, Grill Haven landed in its current home—a comfortable space in Plaza Damansara, Bukit Damansara.

Hands-on captains

Even though both of them still have their pilot gig going on, they remain heavily involved in the daily operations of Grill Haven. 

You might find Hafiz behind the grill, crafting juicy burgers, or Afiq taking orders with a smile, or serving barista-worthy coffee. 

This hands-on approach fosters a strong work ethic and ensures quality control. 

“Training on the job is also actively ongoing to ensure the continuity of standards that have made Grill Haven what it is today.” 

“We had also appointed our Store Manager and Assistant Store Manager to take charge of daily operations such as stock-take, delivery arrangements of customers, and much more,” said Hafiz and Afiq.

Affordable bites for all 

They understood the economic impact of the pandemic and aimed to offer delicious bites that catered to various budgets. 

Their menu wasn’t about fancy frills or expensive ingredients; it was about delivering quality, satisfying food at a price point that kept customers coming back for more.

Staying ahead of the curve is crucial in the ever-evolving F&B landscape. Grill Haven keeps a keen eye on social media trends, particularly those buzzing on TikTok. 

This allows them to stay in tune with evolving customer preferences and adapt their menu accordingly. By incorporating these insights, they ensure their offerings resonate with the current culinary desires of their target audience.

One of Grill Haven’s most popular creations, the Ebi Haven shrimp rolls, exemplifies their dedication to in-house innovation. 

Inspired by the luxurious lobster roll trend, they opted for prawns as a more cost-effective alternative. 

“No doubt, there is a rather distinctive taste between the two proteins, however, our recipe—which is developed in-house using premium ingredients—can elevate the taste of our prawns.”

“The secret lies in our sauce that is used to complement the rich taste of our Ebi Haven products,” shared the founders.

Their menu caters to those seeking a hearty meal with their regular-sized burgers and sliders, while also offering mini versions perfect for sharing or a lighter option.

Soaring to new heights

After years of navigating challenges and constantly innovating, Hafiz and Afiq are reaping the sweet rewards of their hard work. 

They take immense pride in the customer satisfaction and loyalty they’ve built. 

Their advice to budding entrepreneurs is to never take an easy route. “Branding exercise takes time and endless effort and that is one of the key pillars to a successful business.”

“Be actively involved with your business and be a part of the team as opposed to simply instructing and spectating your team,” they shared.

Hafiz and Afiq also shared to not be afraid to start small, embrace challenges as opportunities for growth, and prioritise building a strong and recognisable brand. 

Grill Haven’s ambitions extend far beyond their current location. Their long-term vision is to become a multi-brand F&B giant in Malaysia. They aspire to be pioneers in affordable food innovation, offering a variety of culinary experiences across different brands, all at accessible price points. 

Their expansion plans include establishing multiple outlets across major cities in Malaysia, with Penang and Johor on their immediate radar. 

Additionally, they dream of venturing into international markets like Singapore and Dubai, bringing their unique flavours to a global audience. 

“We do not foresee an attainable franchise model for Grill Haven at the moment as we are currently looking into a more sustainable model that is beneficial for both Grill Haven and external stakeholders,” said the founders.

From a home-based experiment born out of an unexpected detour, Grill Haven has soared to success, captivating taste buds and carving their own space in the ever-evolving F&B landscape. 

• You can learn more about Grill Haven here.
• Read other articles we’ve written about Malaysian startups here.

Also Read: Say goodbye to lost packages & missed deliveries. Sunway Popbox is changing the game.

Featured Image Credit: Grill Haven