Daily Briefing: Healthcare subsidy income ceiling to rise by up to $300 in October; Hospitality start-up RedDoorz secures $61.6m in series B round

And Singapore-based robo-advisor StashAway bags $16.4m in series B funding.

From Channel News Asia:

More than 365,000 Singaporeans will benefit from higher healthcare subsidies, after the Ministry of Health (MOH) announced on Saturday that it has revised the means-tested income criteria.

The income ceiling will be raised for each subsidy tier, with increases ranging from $100 to $300. This will be implemented by October, said MOH.

Eligible Singaporeans will be able to get subsidies for schemes and services such as MediShield Life premiums, drugs at polyclinics and public specialist outpatient clinics, as well as the Seniors’ Mobility and Enabling Fund. The revised income criteria also applies to the Community Health Assist Scheme (CHAS), and the MOH said that it will issue replacement cards for existing CHAS cardholders who quality for a higher tier by October.

Read more here.

From Dealstreetasia:

Singapore-based budget hotel booking platform RedDoorz on Monday announced raising $61.6m (US$45m) in a series B round led by Qiming Venture Partners.

According to RedDoorz CEO and founder Amit Saberwal, the capital will be invested in technology and brand building initiatives to scale the platform’s growth in Southeast Asia. It will also be used to experiment with new products to better serve budget travellers in the region. The latest round of capital will also give RedDoorz operational runway to last until mid-2020.

The Singapore-based startup operates over 1,400 budget hotels and properties across 80 cities in four countries – Singapore, Indonesia, the Philippines, and Vietnam.

Read more here.

From Dealstreetasia:

StashAway, a Singapore-based robo-advisor firm, has raised $16.4m (US$12m) in series B funding led by Eight Roads Ventures, an investment arm of Fidelity International.

The round was also joined by Asia Capital & Advisors, a private equity firm led by Francis and Aaron Rozario. Asia Capital is an existing investor in StashAway, having previously invested in the startup’s pre-series A and series A rounds. StashAway’s latest round brings the total funds raised to date to $27.4m (US$20m).

The Singapore-based robo-advisor functions as a digital wealth management platform that delivers automated and personalised portfolio management to its clients.

Read more here.