SEA Digest: CAV closes first fund, MoneyLion exits digital Islamic bank consortium; Salim Group backs Mimin
Summary
Meanwhile, MoneyLion has withdrawn plans to partner AEON to launch a digital bank in Malaysia and Indonesias Salim Group has invested in chat commerce startup Mimin.Chamchuree Accel Ventures (CAV), an investment syndicate of Chulalongkorn Universitys alumni, has closed its first fund, GR-1218, at 10 million baht ($320,000), DealStreetAsia has learned.Despite the challenges presented by the turn of events at Silicon Valley Bank, we were able to achieve this milestone thanks to the unwavering support of our investors, said Paniti Junhasavasdikul, co-founder, CAV.CAV, formerly Chula Alumni Ventures Syndicate, LP, was launched this year as a special purpose vehicle (SPV) to support startup founders related to Thailands Chulalongkorn University and local companies with the potential to lift the Thai startup ecosystem.While its geographic target covers Southeast Asia, CAV will focus on Thailand. The fund plans to establish relationships with VCs in the US, UK, and the SE Asian region to expand investment opportunities, Junhasavasdikul told DealStreetAsia.CAV recently co-led the $2 million Series A1 funding round of Gravity Medical Technology, a Silicon Valley- and Thailand-based medtech startup. The funding marked the first investment from CAVs fund.MoneyLion, an American mobile banking firm, is reportedly exiting a partnership with AEON to launch a digital Islamic bank in Malaysia as the former wants to focus on business operations in the US, TechinAsia reported.The consortium consisting of AEON Financial Service, AEON Credit Service Berhad, and MoneyLion was awarded licences to operate digital banks in Malaysia last year. With MoneyLions exit, AEON will launch the digital bank with its two subsidiaries.According to its LinkedIn page, the company expects to launch the digital bank by the end of 2023.Bank Negara Malaysia awarded digital banking licences to four other applicants: a Grab Holdings-backed consortium; a group involving Sea Ltd; a consortium of Boost Holdings Sdn Bhd and the Malaysian lender RHB Bank Berhad; as well as a consortium led by KAF Investment Bank Sdn Bhd.Mimin, an Indonesian startup providing chat commerce solutions and virtual assistance services, raised an undisclosed amount of seed funding from Otto Digital, which is part of the local conglomerate Salim Group. Otto Digital has extensive micro, small, and medium enterprises (MSMEs) networks across Indonesia, which can be leveraged by Mimin.The startup will use the funding to onboard more online sellers and strengthen its tech infrastructure and order management software.Mimin provides chat commerce automation and an order management platform for online sellers.