Action Community for Entrepreneurship appoints James Tan new Chairman

The Action Community for Entrepreneurship (ACE) announced today it has appointed James Tan as its new Chairman of the Board of Directors.

Since its inception by Singapore’s Ministry of Trade and Industry in 2013, the ACE has grown to become the community with more than 3,600 startups employing 18,000 people, more than 100 incubators, accelerators and venture builders, and 150 venture capital funds in Singapore, ACE’s scope has increased tremendously since its inception in 2003 by the Ministry of Trade and Industry.

Prior to his appointment as Chairman, Tan served on the Board as the Deputy Chairman from 2016 to 2020, and as a Member of the Board from 2011 to 2016.

Tan replaces Dr Mark Hon, who has completed his term as Chairman.

The ACE has been working closely with community stakeholders, especially government agencies, innovation enablers, and startups to drive entrepreneurship and innovation in Singapore during COVID-19 pandemic.

It also helps to facilitate disbursement of government grants such as the Startup SG Founder grant and the Global Talent Ready (GRT) grant.

Mobile and web trading app Tiger Trade launches SGX Trading in Singapore

Tiger Trade, a one-stop mobile and online trading app from Tiger Brokers, has launched access to the Singapore Exchange (SGX) today.

This adds to Tiger Brokers’s current list of stock exchanges, such as the New York Stock Exchange (NYSE), the NASDAQ, and the Hong Kong Stock Exchange (HKEX).

Also Read: With new funding, Tiger Brokers paves path for Chinese to invest in overseas stock markets

Launching in SGX helps strengthen Tiger Trade’s online and mobile offerings for its customers, who now have the ability to invest in financial instruments such as A-Shares Trading, Equities, Exchange-Traded Funds (ETFs), Futures, and Stock Options.

Tiger Trade’s app was launched in February 2020 with the goal of enhancing available investment opportunities through integrating SGX opportunities to investors on the back of surging investment interest even in the midst of a global economy affected by COVID-19.

The Tiger Trade app offers its retail investors one of the lowest commission rates for as low as US$1.99 (S$2.80) per trade. From now till 31 December 2020, they are offering commission rates for Singapore stocks at 0.08 per cent per trade with no minimum charges.

Halal fintech startup Wahed raises US$25M led by Aramco’s VC arm for Indonesia expansion

New York-based Halal fintech startup Wahed has raised a US$25 million funding, led by the Saudi Aramco Entrepreneurship Ventures, the venture capital investment arm of oil giant Saudi Aramco, TechCrunch has reported.

Also Read: E-commerce website builder Sirclo secures funding from East Ventures

The company that dubbed itself as “halal robo adviser” also has investors BECO and CueBall Capital participated, as well as Dubai Cultiv8 and Rasameel.

Wahed has set its eyes on expanding its subsidiary in Saudi Arabia with the platform currently running in the US and the UK, with plans to grow in the largest Muslim markets, including Indonesia, Nigeria, India, and the CIS.

In total, Wahed has raised US$40 million in funding since its 2015 founding by Junaid Wahedna. Wahed was launched in Malaysia after the Malaysian Securities Commission awarded the company the country’s first Islamic Robo Advisory license last October.

Two Indonesian e-commerce builders merge

SIRCLO and ICUBE, two of Indonesia-based e-commerce enablers and agencies that help create shopping sites for SMEs, have agreed to merge their businesses, says a DealStreetAsia report.

The merger will see the new company to have 450 employees, with ICUBE to continue to operate as an independent entity integrated with the services offered by SIRCLO.

Following the merger, ICUBE Founder and MD Muliadi Jeo will replace Leontius Adhika Pradhana as SIRCLO’s CTO and Prada a will take up the role of CPO.

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