Miso, a home cleaning online-to-offline (O2O) service startup in South Korea announced on February 27 about the official launch of its moving out cleaning service beginning this March.
Speaking on the launch, a spokesperson from Miso said, “We will improve the inconvenient reservation system and pricing structure based on our diverse know-hows and big data collected from previous housekeeping experience.”
Established in August 2015, Miso connects customers to high-quality housekeeping service using a simple reservation system. Starting this March, its platform has also begun to offer moving out cleaning services as due to the increased demand from customers.
Miso is founded by Haksu Lee who previously ran his own startup Anbado Video along with Victor Ching who was previously a CTO at Seoul-based food delivery startup Yogjyo before its acquisition by Delivery Hero in 2014. Their experience has influenced the buildup of Miso, engineering the platform development towards convenience.
“The Miso app allows users to easily reserve the time and date for hiring a cleaning service. We can predict cleaners’ schedules and assign jobs to them effectively avoiding the hassle for both housekeepers and users,” said a spokesperson of Miso.
On top of that, the pricing in the platform is made transparent and reasonable for both customers and professional housekeepers. For its recent launched moving out cleaning service, Miso will also offer special inspections and after-sale services for an entire day of moving out.
“Traditionally, businesses offer four or eight-hour services, but they charge you more for the same amount of time depending on the size of your house. I don’t really think that made a lot of sense because you’re still paying for four hours. Some of the pricing structures from other cleaning services look like a mini Excel spreadsheet.” says Miso’s CEO Ching.
“It’s a different pricing table if you want to have a load of laundry done or some kind of cleaning for your fridge. Everything needs an additional fee,” adds Lee. “It’s a big pain point for existing customers and we wanted to simplify it.”
South Korea’s home cleaning service market is worth US$5 billion and gradually increasing due to South Korea’s growth in dual-income households. Since 2005, spending on cleaning services has increased threefold. With 44% of all households being dual income, cleaning services will continue to be in high demand.
As of February 2017, Miso offers the moving out cleaning service in the three major cities of Seoul, Incheon, and Gyeonggi-do, in addition to a standard package o 45,000 won (about US$40) for 4 hours of cleaning.
Miso CEO Victor Ching said, “Miso ensures that people like office workers and two-paycheck couples with busy lives enjoy the moving out cleaning service with its transparent pricing… moving out cleaning requires a lot of attention and effort, and we hope that our customers can live a comfortable and enjoyable live in their new homes, leaving the hard work to us, the professionals.”
With the average Korean home becoming smaller, Miso plans to offer shorter services so that users can pay less and have their homes cleaned more frequently. Miso will also continue to improve the quality of its own customer review analysis algorithm.
By Vivian Foo, Unicorn Media
The influence of China in advancing fintech is likely to grow even stronger in 2017 with the establishment of Asia FinTech Fund Of Funds (FOF) which has accumulated a substantial funding of 10 billion yuan (approximately US$1.44 billion) to invest in fintech startups across Asia.
Based in Beijing, the foundation was formed on December 27 and is led by Hong Kong-listed Credit China FinTech Holdings along with a number of other Chinese companies such as Shanghai Xinhua Distribution Group, China Huarong International, Jilin Province Investment Group Corp Ltd and seven other corporate partners.
“In addition to the aforesaid state-owned enterprises and private enterprises, China Cultural Industry Association, New Times Trust Co Ltd, Shenzhen China Create Group, N-Securities Co Ltd, Beijing Yongyu Investment, Tianjing Borong and Juntong Capital are also partners of the fund,” Credit China FinTech said in a statement,
The fund will primarily be used to target financial and tech mergers and acquisitions (M&A) in Asia, with investments, focused on fintech fields such as big data, artificial intelligence, mobile payments, supply chain financing, and blockchain technology.
“The fund already has projects in the pipeline, covering big-data driven consumption financing, blockchain infrastructure provision, and AI-based credit service platforms,” according to Xie Sha, the Managing Partner of Asia Fintech FOF.
The investment fund also comes as a signal showing China’s growing status in dominating the financial and technology market in the international platform.
A report released by DBS and consultant EY has also ranked China as the number one fintech destination, overtaking London, New York and Silicon Valley as the world’s “FinTech Hub”.
This result is largely contributed by the developments across multiple hubs, such as Shanghai, Beijing, Hangzhou in East China’s Zhejiang Province and Shenzhen in South China’s Guangdong Province.
On a similar note, the Asia FinTech FOF, also comes as the second fund of funds (FOF) after the Zhongguancun FOF, which was established in 2015 with an allotted fund of 30 billion yuan (approximately US$ 4.32 billion).
Asia FinTech FOF attempts to establish growth in the fintech industry is another attempt in China’s cap to establish its economic dominance in the Asia-Pacific region- especially if Beijing can compete with Singapore or London in the fintech sector.
“Leveraging on the fund partners’ experiences and competitive advantages in brand recognition, industry resources, and expertise, the Fund aims to invest in innovative FinTech enterprises with potential and help them to be the FinTech leaders with our technical know-how and capital resources,” said Sheng Jia, the Credit China FinTech Executive Director.
By Vivian Foo, Unicorn Media
With this partnership, the two companies will be providing direct investments and act as a business incubator for foreign startups to expand in China and other high-growth markets in Asia.
This new joint venture platform is also projected to spark innovation and bridge cross-border business cooperation between China and Western countries through investment and business support.
Commenting on the deal, the CEO of Galaxy Holdings, Yao Huiqiong said, “This new platform will create new jobs and economic benefits for the city and truly define Shenzhen as the new innovation capital for China and Western business.”
“As a Special Economic Zone that is only 30 minutes’ drive from Hong Kong, Shenzhen has the most developed infrastructure and business environment in the country to help companies reach full potential,” Yao added.
Additionally, the joint venture will also target and invest in more than 10 small to medium-sized Western growth companies in each of the three core industry sectors – mobile gaming, media technology, and consumer hardware
The two companies also aim to develop separate joint ventures to enter and expand into China market, capitalise each on the rapidly growing Chinese consumer market, and establish strategic positions along the respective industry ecosystems.
“Shenzhen is already known as the epicenter of China’s booming internet, mobile, hardware, and new technology industries. With a population of 22 million, a leading growth rate among all the Tier 1 cities and the highest ratio of young professionals from 20 to 30 nationwide, Shenzhen is undoubtedly the most vibrant business city in China and positioned to be the Silicon Valley of the East,” Yao said.
Based in Shenzhen, the new innovation and business hub has already developed programmes with a preferred network of strategic partners across China for co-investments, commercial cooperation, distribution, and point of sale opportunities for Western companies the platform invests into.
“We are uniquely positioned in the market as we have participated in various cross-border investments and provided related advisory between China and the West for over 15 years,” said Alex Szeto, the Investment Director at Puji Capital.
“We have seen nearly every iteration of pitfalls and pain points for Western companies entering China,” he further explains. “So, now when we make direct investments into the US and Western companies coming to China, we can also provide a tailored and turnkey solution and strategy for success. Galaxy (Holdings) is a cornerstone brand name throughout China and we are beyond thrilled with this new venture with them.”
Founded in 1988, Galaxy Holdings is a China leading conglomerate which primarily focuses on businesses in four key areas — Real Estate, Industrial, Property Management, and Finance.
At present, the firm has a total asset scale over US$15 billion, with its real estate business expands throughout 13 cities across Pearl River Delta, Yangtze River Delta, Circum-Bohai-Sea Region, and more.
By Vivian Foo, Unicorn Media
A business trust holding three shopping malls in China’s Guangdong province is looking to raise at least 586.4 million yuan (about US$84.5 million) through an initial public offering on the Singapore Exchange (SGX) mainboard.
On Wednesday night, Dasin Retail filed a preliminary prospectus with the Monetary Authority of Singapore, not disclosing its pricing or the number of units that would be in the retail and placement tranches.
The trust is however said to have an indicative market cap of S$439.7 million (about US$303.2 million).
“Units will be offered to institutional investors under a placement tranche as well as a public offering here, subject to over-allotment options,” said the trust manager Dasin Retail Trust Management in the preliminary prospectus.
It is also added that Dasin Retail Trust will benefit in terms of acquisition growth in the Pearl River Delta region where the sponsor – Zhongshan Dasin Real Estate has an active real estate presence.
Besides, Zhongshan Dasin Real Estate has also been granted the rights of first refusal (ROFR) to the trust manager for 14 completed and uncompleted properties.
Dasin Retail Trust operates as a real estate company with its key investment mandate focusing on investing, claiming ownership or developing land, uncompleted developments and income-producing real estate in Greater China, which are mainly commercial-based.
The trust’s initial portfolio comprises of three retail malls – Xiaolan Metro Mall, Ocean Metro Mall, and the Dasin E-colour shopping mall – all of which are located in Zhongshan City. The three malls combined have a total gross floor area of about 314,884.9 square meters and were valued at 4.6 billion yuan at June 30, 2016.
Additionally, two cornerstone investors – China Orient Asset Management (International) Holding and Haitong International Investment Fund SPC has also invested 120.8 million yuan (about S$25 million) in the trust.
The role of the sole financial adviser, global coordinator and issue manager for the proposed listing was appointed to DBS Bank, which will also act as the joint bookrunner and underwriter alongside Bank of China and Haitong International Securities.
By Vivian Foo, Unicorn Media
eBeeCare is a local startup that links freelance nurses and caregivers with patients through providing an online platform which simplifies the search for homecare services such as elderly care and physiotherapy.
Based in Singapore, the startup is looking to expand into the Asian markets in 2017 – placing at least 50 qualified caregivers to provide similar services in Pune, a city in China, by March next year.
“The startup aims to have around 1000 freelance caregivers in India and at least 50 full-time employees to meet additional demands.” said John Chen, the co-founder and chief executive officer of eBeeCare.
Founded in 2014, eBeeCare uses sophisticated algorithms to crawl through a user’s requirement along with the particulars of registered healthcare providers to select the most suitable care provider for each client.
Prior to this, the startup has raised capital in an undisclosed amount from Govin Capital and a US$ 35,000 grant from the SPRING Singapore and the Ministry of Social and Family Development.
With the funds raised, eBeeCare can proceed its expansion plan to the market for homecare service in the second most populous country. The startup is also looking to collaborate with hospitals to manage their nurse platforms as to better utilize resources.
“Startup needs to move fast, and we want to see the business up and running in India early next year,” said Chen. “We can move into India faster as there are fewer restrictions, and it is easier to get the government’s approval.”
However, at the same time, the startup stress that it is important to maintain strict quality control on the caregivers in India through screenings and interviews.
In Singapore, nurses who wish to join eBeeCare must be registered with the Singapore Nursing Board, have at least two years of hospital experience and undergo a face-to-face interview.
One of the potential challenges that the startup will face operating overseas is the varying demands of patients in different countries, from cultural, language or infrastructure differences.
“We adjust our services based on needs. I’m sure there are some services in normal demand in Singapore but will be high demand in India, or vice versa,” said Haluk Tanik, the co-founder and COO of eBeeCare.
Aside from India, eBeeCare is also eyeing the Chinese market, planning to begin with the province of Guangdong as due to its position as a financial hub. However, capital alone is insufficient in cracking the Chinese market.
“Doing business in China is not about the money you have,” explains Chen. “What’s more important is connections and the resources that you have.”
eBeeCare is currently in talks with a few investors in China, including Shanghai Kindly Enterprise Development Group (KDL), one of the biggest medical polymer product manufacturers in China.
Back in Singapore, the startup will also roll out expansion plans next year.
While John Chen envisions eBeeCare to be the main provider of homecare in Asian countries, in the long run, he is also maintaining a cautiously optimistic outlook.
“I’m still 50-50 on whether eBeeCare will be able to be a regional or even global service provider, but at least we have the data, we know what people want, and the best form of care services they enjoy. This, in the long run, will really be a gold mine.” the founder of eBeeCare said.
By Vivian Foo, Unicorn Media