The tech layoffs continue in Southeast Asia as recruitment platform Glints announces job cuts. Meanwhile, Indonesia’s sharia digital bank, Hijra Bank, has launched a mobile banking app.

Glints intensifies cost-cutting measures

Singapore-based tech-enabled talent platform Glints announced job cuts on Wednesday, saying the decision was taken as a last resort after the firm took several other cost-cutting measures such as hiring freeze, reducing perks and expenses, and voluntary pay cuts for the management team, including the founders.

“Layoffs are always a last resort, but in order to adapt to the bear market and strengthen the resilience of our business, we must restructure and operate as efficiently and lean as possible,” CEO Oswald Yeo said in a statement.

Glints saw solid growth in 2021. It doubled down on the tech sector as well as on remote hiring and expansion into new markets, including the Philippines. In August, the firm bagged $50 million in an oversubscribed Series D round co-led by DCM Ventures and Lavender Hill Capital.

However, the markets have changed drastically over the past six months. “With market uncertainty, consumers are spending less, and businesses serving these consumers are also affected,” Yeo continued. This has directly impacted Glints’ business and translated into a slowdown in its overall business growth in the short term, he added.

Hijra Bank app offers innovative features

Hijra Bank, a sharia digital bank owned by Indonesian sharia fintech firm ALAMI, launched a mobile banking app on Tuesday called Hijra Bank App.

In addition to basic services such as savings and bank transfer, the app also offers features such as Sedekah Sign Up, which allows users to share donations with those in need; Hijra Box, which helps users manage their finances; as well as Hijra Lifestyle, which provides content from experts on various topics such as parenting, mental health, marriage, and so on.

“The launch of Hijra Bank is the start of [many] innovations. We will continue to develop [this app] based on the idea of driving good together, committed to revolutionising Islamic finance in Indonesia to serve people through technology,” said Dima Djani, CEO of ALAMI Group, in a statement.

In 2021, the company acquired BPRS Cempaka Al-Amin (now Hijra Bank), the only Sharia rural bank in Jakarta. Earlier this year, the bank obtained a digital mobile banking licence from the country’s financial services authority OJK.

Founded in 2019, ALAMI has more than 111,000 peer-to-peer investors involved in almost 10,000 projects across the nation. It has disbursed more than $200 million with non-performing finance (NPF) of 0% as of last month.

In October, ALAMI Group closed a pre-Series B round led by East Ventures (Growth Fund) with participation from Capria Ventures, AC Ventures, Quona Capital, and FEBE Ventures.

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