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Fintech Adyen partners Singapore Airlines to facilitate digital payment

Adyen will support the airlines in providing payment experience for customers across the globe

Singapore Airlines announced today that it has partnered with Adyen, the global fintech platform that assists companies for digital payment. With the partnership, Adyen and the airlines will seek to provide enhanced payment experience every time customers book flights online or in-app.

Furthermore, the partnership will include the use of Adyen’s direct credit card acquiring capabilities which eliminates the need to run payments across multiple third-party platforms. The airlines will leverage on Adyen’s RevenueAccelerate.

The solution taps on Adyen’s global, cross-industry data network to block fraudulent transactions, leaving the genuine travelers unobstructed. With this approach, Singapore Airlines can identify legitimate customers.

“At Adyen, we have seen that payments data can be the jet fuel that powers global expansion for airlines. Payments data remains a valuable resource for companies who seek to understand their customers better and improve revenue. We aim to provide just that for Singapore Airlines, to give their customers a great booking experience from the get-go,” said Warren Hayashi, President of Adyen, Asia-Pacific.

Also Read: Japan plans to increase internal security in crypto exchanges

Singapore Airlines said that since working with Adyen, it has enjoyed “an increase in authorization rates, flexibility on fraud risk management, and richer data insights”. ,

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Cradle Seed Ventures names Juliana Jan as Acting CEO

New Acting CEO Juliana Jan has been with Cradle Seed Ventures since 2004

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Juliana Jan, Acting CEO of Cradle Seed Ventures

Cradle Seed Ventures, the venture capital (VC) arm of Cradle Fund Sdn Bhd, today announced the appointment of Juliana Jan as Acting CEO.

The appointment is effective immediately from April 15, 2019.

CSV will continue its operations in the interim period under Jan’s stewardship.

Jan is set to replace Dzuleira Abu Bakar, whose service ends after two and half years as CEO.

She has more than 15 years of experience in senior management experience, including a decade of involvement in venture capital funding as well as in market research and grants.

Also Read: MaGIC pulls top talent from Cradle to be new boss

The new Acting CEO has been with Cradle since 2004 and is very passionate about helping entrepreneurs and startups.

“We are fortunate to have someone of Juliana’s caliber and experience stepping up to lead CSV,” said Razif Abdul Aziz, Acting Group CEO of Cradle, in a press statement.

“We are at a critical moment and need someone who is able to continue implementing our key strategies and take advantage of market opportunities ahead. Juliana is a technology visionary with a proven track record of execution. She has the right operational, management and leadership skills to provide the necessary stewardship and governance necessary to ensure the confidence of CSVs portfolio companies and partners,” he added.

Image Credit: Cradle Seed Ventures

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The things online marketplace veterans can teach us

eBay and Amazon wouldn’t be where they are now if Pierre Omidyar and Jeff Bezos had just ‘stood still’

The e-commerce scene has evolved and grown exponentially since the first wave of product and service-focused online marketplaces, and of course, the ubiquity of the smartphone.

They’ve paved the way for technological innovation within online marketplaces and inspired many startups to launch their own.

There are still great opportunities for online marketplaces to enter new verticals and disrupt legacy industries. New and emerging startups have entered almost every niche or vertical, but only a small percentage make in the long haul. In fact, certain niche markets, more than others, are saturated with competitors.

The fact that innovation occurs at a virtually unprecedented speed in the Internet era makes the future of your own marketplace even more daunting. Who knows, one moment your marketplace could be thriving, and the next, without any warning at all, it could be obsolete, just like MySpace or Friendster.

In such a competitive landscape, what can the entrepreneurs of today learn from online marketplaces that managed to beat their competitors and make it big? What has enabled them to stay at the forefront of e-commerce?

Anticipate the future, but do your research

You may see what others don’t, or you may have an idea of the next big opportunity, but nothing will make that idea more focused and viable than research.

In the early 90s, many people knew that Internet businesses would be the next big thing, but Amazon founder Jeff Bezos took it a step further by researching the top 20 mail-order businesses in the U.S. He identified one key product — books — which suppliers already had electronic lists for and would benefit most from being sold through the Internet instead of mail-order.

Also Read: RHL Ventures launches US$24.3M sector-agnostic fund to invest in Malaysian startups, SMEs

Bezos entered the online market with this original focus, and following Amazon’s initial success, Bezos was able to expand the site’s offerings, which brings me to my next point..

Never stand still

Bezos could’ve been satisfied with Amazon’s US$20,000/month book sales, and eBay founder Pierre Omidyar could’ve been satisfied with just selling collectables, but they weren’t.

Sure, eBay and Amazon were already big back then, but they really became household names when they broadened their product categories.

Not only did they expand worldwide, but they also began acquiring companies that would complement their core business. eBay bought PayPal, which facilitated its online payments. Amazon bought Zappos, which enabled it to establish itself as a major player in the footwear category. These examples are only two of these marketplace giants’ strategic acquisitions.

Another success story of the dot-com bubble, Alibaba, has beginnings in its B2B platform. Today, Alibaba operates a number of China’s most successful sites, including China’s largest C2C marketplace Taobao; Tmall.com, the country’s largest B2C marketplace; and Alipay, a third-party online payment platform.

In short, when building a marketplace, stagnation is your worst enemy, and innovation is key to long term success. After all, there’s always room for improvement.

Focus on the users

The user experience is everything. It determines whether or not customers will come back to your site and how passionate people will be about what your brand. The most successful marketplaces have these few things in common:

1. Personalisation

Features such as “Follow”, “Recommended for You” and “Related” are a great way to keep your offerings relevant to the user. eBay even has geo-targeting to make sure the items that show up on a user’s page can be shipped to their location.

These features let the customers be involved in choosing what they want to see. The more relevant it is, the more likely the user will find value in your marketplace, and the more likely the user will visit your site again.

2. Speed

Part of creating a positive user experience is to make it as fast as possible for the users to find what they’re looking for. This can be done through minimising the time it takes for a webpage to load, and by making the site search-oriented — either by using a search bar, search autocomplete, or suggestions of popular categories.

3. Allow feedback and reviews

Give the users as much information as possible to help them make informed decisions before purchasing an item or service. Displaying ratings and reviews from other customers usually does the job.

Sites such as Booking.com send out emails to solicit reviews from customers, and the feedback helps other Booking.com users to see how reputable the provider is so they can choose the best product or service experience.

Also Read: Will Asia’s booming digital economy lead to an inevitable rise in cybercrime?

In addition to boosting bookings, this provides extra value to the customers.

4. Fast and efficient communication

Give your customers assurance by sending them e-mail updates and confirmation. Amazon leads in this category as it offers real-time package tracking. Early startups may not be able to afford this luxury, but you should still cover the basics, including a dedicated customer support team and confirmation emails and updates.

Social media and newsletters are also effective ways to communicate general updates and promotions to your customers.

Be persistent

To make it to the top, you have to be persistent. As in Amazon’s case, it could take years before your marketplace can finally become profitable. Take the time and effort to test out what works and what doesn’t, and most importantly, never give up on your vision.

This article was written in collaboration with Clarissa Santoso, a Content Strategist for Arcadier, a SaaS company that powers next generation marketplace ideas. Follow Arcadier on Twitter, Facebook, and LinkedIn for news and updates on the sharing economy.

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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Indonesian fishery platform Aruna wins Alipay-NUS Enterprise Social Innovation Challenge

Aruna aims to help fishermen in Indonesia improve livelihoods through better market access and fairer trading opportunities

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The Alipay-NUS Enterprise Social Innovation Challenge, which was jointly launched by Chinese e-payment giant Alipay and the National University of Singapore (NUS) entrepreneurial arm NUS Enterprise, has named Indonesian fishery startup Aruna as winner of the event’s grand final round.

Aruna is a platform that uses digital technology to help fishermen in Indonesia improve livelihoods through better market access and fairer trading opportunities.

The startup aims to “dramatically” reduce transaction cost by connecting fishermen and potential customers, helping fishermen raise selling prices by as much as 20 per cent while buyers can pay up to 15 per cent less.

The startup has served 1,701 fishermen in 16 provinces in Indonesia.

In a press statement, Aruna CEO Farid Naufal Aslam said that the startup is “very excited” to win the awards.

Also Read: Fishery platform Aruna raises seed funding, aims to reach out to more fishermen in Indonesia

“This is the first time we have won international recognition for our work. We will next work on further growing our team and help more fishermen out of poverty,” he said.

Aruna will receive a total of S$60,000 (US$44,000) as grand finals winner while the other eight finalists from Singapore, Malaysia and Indonesia will receive S$10,000 (US$7,000) each.

These nine startups will also be given support from NUS Enterprise, Alipay, special partner International Finance Corporation (IFC), and other supporting partners to further develop their ideas.

In addition to the cash prize, the winner and all other finalists will benefit from the 10×1000 Tech for Inclusion programme, jointly established by IFC and Alipay.

The training programme aims to support the cultivation of 10,000 technology experts in emerging markets from both public and private sectors over the next 10 years.

Since its launch in October 2018, the 10×1000 programme has conducted preliminary surveys to optimise its training modules and has hosted a number of training and exchange activities.

Image Credit: Alipay-NUS Enterprise Social Innovation Challenge

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Malaysia Boleh! for our TOP100 Judge’s Choice winners

Our three winners ranged from a phone repair service to a sharia compliant fintech startup


See you at Echelon! If you are stoked to see these companies pitch for their championship, register for tickets here.

Three kings are set to descend on Singapore for Echelon Asia Summit 2019 after being crowned the judges choice winners for TOP100 Kuala Lumper.

Our winners this year were Pod, MyMy and iFull.

The regional champions  three have managed to clinch a free exhibition booth space in the TOP100 Zone at Echelon Asia Summit 2019.

Also Read: These fantastic Echelon speakers are set to tackle this crucial ecosystem challenge

On top of that, the companies will also get to enjoy:

  • A pitching slot on the TOP100 stage on day one of Echelon
  • Intimate investor meetings and inclusion to Corporate business matching
  • Five starter tickets to Echelon Asia Summit
  • Access to the TOP100 Tour in Singapore

At Echelon, they will be but one of many competitors pitching for over S$100,000 worth of prizes.

Let’s meet our three winners!

iFull

Phone repair is real pain in the you-know-what. For simple fixes, it is either extremely difficult to find a repairperson or the official outlets charge and arm and a leg.

iFull wants to fix this problem. It connects people to phone repair shops and helps people book a time/place to get their phone fixed.

iFull operates in the Malaysian states of Selangor, Kuala Lumpur, Penang and Kedah. The company also runs a training academy to help people learn how to become technicians.

MyMy

MyMy is a fintech company that wants to be a challenger bank for ASEAN. The company wants to help people without easy access to banks (think islands) get a digital account in no time.

As part of their plan, the company sees a shariah-compliant version in the near future too.

Pod

This app is meant to help people save money by providing “lifestyle nudges” to facilitate the process. It has created a semi-automated expense recording and an AI-driven bot to help the individual adjust how they use their money.

What is interesting, is it has partnered with local merchants to provide rewards to people who use the platform.

The qualifiers

For seven other startups, the dream is not over. They have qualified for TOP100 at Echelon and have an opportunity at the grande prize! The qualified companies are as follows:

  • LAPASAR
  • Urban Mobility Asia
  • High Vibe
  • Toku World
  • Advanx Health
  • NEXPlatform
  • PB Grocery Group

Also Read: As TOP100 qualifiers draw to a close, we are giving away more FREE tickets to Echelon Asia Summit 2019!

See you at Echelon! If you are stoked to see these companies pitch for their championship, register for tickets here.

Photo by Mega Caesaria on Unsplash

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LINE’s Managing Director for Thailand is stepping down

Ariya Banomyong announced the decision on facebook, calling his time there “my greatest experience.”

Today, Ariya Banomyong, the Managing Director for LINE Thailand, announced that he would be stepping down from the role he has held for 3.5 years.

The main role for Banomyong was to lead strategy, build partnerships and steer the company into more business opportunities.

He expressed his pride in transforming the public perception of LINE from a “cool service” to a quality employer.

“I am not bragging… All this, and so much more, is not my work… but my team’s work. I may be the one on the stage, in the news, but behind me, with me, next to me, is my team. We have built this together, we have been in the trenches together”” he wrote.

Also Read: Listen to these expert speakers at Echelon to know whether blockchain is just a hype or not

For LINE, based in Tokyo, this is a significant position for the company. Thailand is easily the company’s most important market outside of Japan.

“LINE has truly committed itself to Thailand, not just in talk, but in practice, investing in the market, acquiring startups, investing in startups, supporting the Thai ecosystem,” said Banomyong in his post.

Prior to his time at LINE, Banomyong was the Country Head of Google Thailand and before that the Chief Commercial Officer at TRUE Corporation.

He considers himself a marketer at heart and wanted to leave behind a legacy of truly localising LINE to the Thai market.

Banomyong is also the grandson of former Prime Minister Pridi Banomyong.

Read his full resignation post here:

Today is my last day at LINE… 3.5 years… I dare say my greatest experience!You need to go back in time to…

Posted by Bi Ariya Banomyong on Wednesday, April 17, 2019

Also Read: These fantastic Echelon speakers are set to tackle this crucial ecosystem challenge

 Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

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10 startups shine at The Start’s pre-accelerator Demo Day stage

Some startups had 15-year-old founders while others targeted marginalised groups and youth-trends

Three months ago, The Start, a pre-accelerator programme organised by StartupX was kickstarted to catalyse the growth of early-stage startups. For these startups, most of whom had just completed a hackathon, it was a 12-week alternative to returning to their nine-to-five jobs and truly actualising their semi-validated ideas.

The pre-accelerator was also supported by Temasek, which saw this partnership as an opportunity to galvanise the ecosystem.

Under three months of close mentorship and constant refinery, the cohort of 10 startups have finally graduated from the programme and took to the demo day stage to share their tractions and growth.

One of the most impressive startups to present at the demo day was the cohort’s most junior team.

Bridge

Bridge, founded by four 15-year-old students, is nothing short of being a product of prodigy. Tired of the old “you’re too young to have a debit-card son” situation, these kids set out to bridge the financial parent-student conflict by creating an e-wallet app that digitises pocket money.

The app is able to mitigate both student’s desire to make independent financial decisions, and parent’s distrust over said desire. It does this by equipping students with the tools to pick up better financial literacy while allowing their parents to keep a careful eye on their expenditure. A perfectly poised take on holding on, yet letting go.

Bridge’s cashless payment system has already attracted attention from Favepay and Grabpay, and will test its beta app in Raffles Institution this month.

According to Rafael Soh, Bridge’s Co-Founder and CEO, a “pressing yet ignored” fact of today is that less than 10 per cent of Singaporean teenagers aged 13-16 have debit-cards, while more than 89 per cent of them own a smartphone. This demographic not only represents a huge untapped market potential, but also speaks volumes about a culture that stigmatises a child’s need to learn financial responsibility early.

Therefore, arbitrating the financial strain between parent and student seems like a right move by instilling better financial wit in the next generation of economic drivers.

Interestingly, e27 also saw a familiar face on the demo day stage. StaffAny, our TOP100 Singapore champion, will be making its debut at our Echelon Asia Summit on 23-24 May.

StaffAny

StaffAny started out with a cash poor, idea-rich situation, and has definitely come a long way from humble beginnings. Its app provides a unique workforce management system that accommodates employees with multiple jobs and uses real-time deployment.

Killing the need for your scribbly spreadsheets, StaffAny is a revolutionary mobile app that combines operation systems and HR management to engage and manage hourly workers.

Aided with the rising gig economy, 70 paying locations have already adapted StaffAny’s technology into their management systems. Some notable companies include Killiney, Yah Kun Kaya, and KOI.

Wearing his company logo proudly across his shirt, Janson Seah, Co-founder and CEO of StaffAny shared that the startup was already experiencing a 25 per cent month on month growth and had plans to regionalise.

Janson also attributed part of his success to his entrepreneur buddies from the programme who have “helped each other along the way” and “frequently share leads”.

This comes from StartupX’s effort in making their pre-accelerator programme an opportunity for all startups to scale and grow together in healthy competition and cohesion.

According to Durwin Ho, Managing Director at StartupX, these startups are supported by a curation of the programme’s “community of mentors, networks, and resources to help them get to the next stage”.

Speaking of networks, the graduates of the pre-accelerator programme form quite a remarkable one.

Let’s meet the rest of the teams!

Outside

Outside is a community tasking app that believes in solving everyday problems with everyday people. It leverages geolocation technology to allow users around the vicinity to complete other people’s tasks.

What’s fun about Outside is that it’s like a task-based pokemon-go whereby the rewards are actual cash.

The app has already had 500 downloads and 60 posted tasks. Co-founder Nicholas Lim has also previously shared Outside’s entrepreneurial journey with e27.

Mindpalace

Mindpalace sees itself as the next best thing to teleportation — virtual reality. It allows long-stay residents from nursing homes to indulge in virtual travel, keeping their minds active and slowing dementia effects.

Founder Eugene, says that Mindpalace will put the AGE back in AGENCY and provide a meaningful way to enjoy life’s decrescendo. It’s even been approved by PM Lee and has been endorsed by SGH and NTUC nursing homes.

KpopKart

As Kpop’s ‘Hallyu wave’ continues to take the world by storm, a deluge of Kpop fans remain deprived of a central, easy-to-access K-pop marketplace. This is where KpopKart comes in to play. It provides a centralised e-commerce site for K-pop fans to purchase fan-made merchandise.

Launched two months back, the company led by CEO and Co-founder Vera Sun, has already bagged Unicon’s Grand Champion title and sees expansion into J-pop and C-pop in its horizons.

SG Assist

SG Assist is a crowdsourcing mobile app that takes care of ‘urban unsupported’ members of society. These include people like live-alone elderly, single parents, and unwell individuals. It does this is by linking these residents with trained and trusted community respondents in their hour of need, granting a commodity of time ambulances cannot guarantee.

The app is already being used in two major districts in Singapore and plans to expand to China, Malaysia and Thailand in the future.

Master

Master’s catchphrase, “the app to remember”, has two meanings. One, that it has great market potential in transforming Singapore’s pressure-cooker type education system, and two, that it literally helps students remember and retain information better. This is done by integrating machine learning with textbook content to customise learning for every student, at an accessible and low cost.

Master plans to revolutionise the way of studying and adapt its technology into our classrooms, helping students excel more effortlessly.

The Kint Story

Much like the Japanese Kintsugi, The Kint Story sees value in old clothes and prides itself in contributing to the circular fashion economy in Southeast Asia. Since their launch in January, Founders YuShu and Elisa have earned the title of ‘Thrift Queens’ in Singapore and continue to curate and sell pre-loved clothing on their platform.

The Kint Story mainly caters to millennials who seek alternatives to fast-fashion, or simply want to look unique.

Veport

In Indonesia, many drivers spend up to 160 hours per year servicing their vehicles, given the poor traffic conditions. Veport is an AI-powered vehicle services marketplace that will offer busy drivers price and service provider comparisons and valet services.

The app has already attracted more than 1000 interested users and looks forward to alleviating the 137 million vehicle owners in Indonesia. “The Go-Jek for vehicle services”, envisions Priscilla Artistotles Co-founder of Veport, who hails from an automotive background herself.

HomeyDays

HomeyDays relies on VR technology to provide online property walkthroughs to help overseas renters make informed decisions before moving to Singapore. Their main target markets consists of international students and inbound professionals staying in Singapore.

Their app has already received the support of more than 1000 foreigners on WeChat and aims to become a renowned co-living provider in major Southeast-Asia cities by 2029.

The Demo Day was a true celebration of milestones and we look forward to hearing more from these 10 startups in the future!

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5G and the 5 new things it will bring to the world of logistics

The fifth generation of cellular internet connectivity is set to be the supercharged gateway to a smarter and more connected logistics world

With the promise of unstoppable data download and upload speeds, broader coverage and more stable connections, 5G, the fifth-generation cellular technology, is set to transform mobile connectivity as we know it.

5G is already expected to revolutionise supply chains around the world as it becomes more available to different markets over the next few years.

More companies are shifting toward a data-driven mindset in their decision making — to predict future performance and optimise operational efficiencies — which will require the collection and analysis of a large swath of data, some in real-time.

Exponentially faster data speeds and reduced latency will give rise to a more responsive network to support this transformation, while also paving the way for more Internet-enabled smart devices to be integrated along the logistics supply chain.

This will all render logistics processes faster, safer and more reliable.

Here’s a look at what 5G means for logistics in five ways.

1. Logistics, digitalised

With more smart devices — from temperature-monitoring sensors to autonomous vehicles — latching onto the finite frequencies of older cellular networks, mobile network operators are running out of usable radio channels on current spectrums.

But the issue of limited spaces for more devices on the network will soon be a thing of the past, as 5G is able to connect more users than its predecessors. In fact, for every meter of coverage, 5G is able to support over 1,000 more devices as compared to 4G at speeds of up to 10 gigabits per second (10Gbps), or 100 times faster.

With faster speeds, lower lag times, larger areas of coverage and a comparatively smaller power appetite, smart devices can communicate faster with one another at speeds that are even closer to real-time. This will catalyse the use of time-sensitive Internet of Things (IoT) device applications and open up opportunities for new use-cases in logistics and beyond.

With IoT forecasted to open up a US$1.9 trillion opportunity in logistics, 5G is one of the key enablers to facilitate data-driven analytics and decision making with big data and artificial intelligence.

2. Minimising supply chain risks

It is easy to track the exact location of your parcel or pizza order while in the city today. But, having the same level of visibility for goods in international transit remains a challenge due to the scale and widespread nature of the delivery mission.

Nearly 90 per cent of logistics and shipping providers feel that the lack of supply chain visibility is one of the biggest challenges in the industry today, according to research by Moor Insights & Strategy. In fact, they admit that there is no access to visibility for least half of their supply chain.

Also Read: Listen to these expert speakers at Echelon to know whether blockchain is just a hype or not

But IoT is here to transform this aspect of logistics. Portable Internet-connected trackers that monitor in real time the location and condition of the goods throughout the entire supply chain can eliminate such information “black holes”.

The wide range of low-energy benefits of 5G will pave the way for new globally utilisable tracking and condition monitoring capabilities for parcels and devices, according to DHL’s latest Logistics Trend Radar report.

Some of these smart devices include battery-operated tracking devices that can be securely attached to containers, trucks, boxes or on the goods itself, monitoring the location, temperature, humidity, light, shock and other key metrics. Electronic locks can also be Internet-enabled to deter and report acts of tampering and theft.

All of this means high-value consignments will be less susceptible to being meddled with during transportation, thanks to better real-time monitoring.

3. Autonomous trucks on public roads

Technological disruptors are ramping up initiatives in self-driving systems — not just for cars, but trucks too. This is set to revolutionise the way road freight is done, marking the shift from labour-intensive processes to a lean and efficient operation.

With its extremely low latency, 5G is a key enabler for autonomous trucks on public roads where every millisecond matters. This is because 5G data can be transmitted with a lag time of only one millisecond, which is 50 times faster than 4G. The less time it takes for an autonomous truck to make a decision, the safer the roads, and the more reliable the deliveries.

Ericsson, Einride and Telia have recently teamed up to produce a sustainable, reliable and safe transport system through their autonomous, 5G-powered trucks. Dubbed the “T-pod”, the fully-electric driverless truck has been introduced into a logistics facility in Jönköping, Sweden, as part of an intelligent transport ecosystem.

While currently deployed in a controlled environment, the eventual aim is to bring the autonomous trucks onto public roads in the future, setting a new benchmark for the logistics of tomorrow.

DHL is also testing autonomous delivery within its own fleet of electric StreetScooter vehicles, which could also receive a boost from 5G connectivity.

But for autonomous trucks to be adopted in a big way, the challenges of government regulation, infrastructure, social acceptance and safety concerns must first be overcome.

Only then will the benefits of the autonomous driving revolution come into play.

4. Faster and safer port operations

The Port of Livorno, the gateway to Tuscany since the Italian Renaissance, has become a test bed for a new 5G-enabled innovative digitalised platform.

To create an intelligent transportation system, sensors, cameras and devices are connected to a network to form an integrated communications system. Intelligent unmanned ground vehicles are able to automatically load and unload as well as broadcast their cargo inventory information so that they can gain access into controlled areas.

The key is this: the backbone of the system rests on a fast, reliable and high-bandwidth connection that is possible only with 5G’s speed and performance.

The digitalisation efforts here are opening a slew of possibilities. Syncing IoT and Artificial Intelligence with good connectivity, as the port shows, helps to create a lean, secure and effective operations environment.

5. Augmented reality (AR) applications

Sophisticated AR applications used in logistics, such as vision picking, will be significantly enhanced if supported on a 5G network.

With a reduced lag time allowing instantaneous updates on cargo movements, it will improve the user experience for the AR applications, which can visually indicate the latest changes. This reduces chances for error, and boosts the efficiency of the staff managing warehouse operations.

Also Read: 10 startups shine at The Start’s pre-accelerator Demo Day stage

Besides order picking, 5G-powered assembly and repair processes in the warehouse can also speed up due to the shorter time needed to transmit information to AR-enabled devices.

For instance, teams equipped with hands-free AR glasses can rely on the software to display step-by-step instructions for the assembly or repair through the lenses in real time, saving valuable training time and additional manpower costs.

When 5G realises its full potential, gone will be the days of losing cargo, misplacing parcels and incurring losses due to human error, mismanagement and inefficiencies.

This article was originally published on Logistics of Things

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

 

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On this online dating platform, your looks don’t matter but your money does

SugarBook enables members to create ‘honest and transparent’ relationships with affluent members across the world

The concept and definition of dating is fast changing for the better. Thanks to the advent of apps like Tinder, the concept has now transcended age groups and geographies.

Sugar dating is the modern kind of dating where romance meets finance. For the uninitiated, a typical sugar relationship involves a wealthy benefactor, known as a sugar daddy/mommy, supporting his or her other half, often known as the sugar baby, financially.

In sugar dating, both genders form a relationship with a mutual understanding that all relationships are negotiable and that finances play a major role. Financial support can range from monthly allowances to paying for college tuition and settling debts.

“As per a study, financials is the number one reason for divorces in the world. This proves that not only does money make the world go round, but money also makes it easier for us to fall in love,” says Darren Chan, Founder and CEO of SugarBook, a sugar dating app based in Malaysia.

Also Read: Top reasons why we download dating apps but neglect using them afterwards

For sure, sugar dating has been gaining popularity in the region, despite it being relatively taboo in a conservative Asia. In general, sugar dating contradicts a typical Asian mindset, hence it is often perceived negatively. As per a SugarBook survey, the main reason for this is the misconception that sugar dating is just another form of prostitution.

“Sugar dating is not prostitution,” he clarifies. “It is a lifestyle, not a profession. Sugar babies are not obligated to have sex, and just like any of us they have the freedom to choose who they want to be in a relationship with. They do not exchange their bodies for money. Prostitution or the likes is a business transaction; they sell their bodies in exchange for sexual favours.”

Rolled out in January 2017, the SugarBook app, he says, enables members to create ‘honest and transparent’ relationships with affluent members across the world. It works as a conventional dating platform, except that its members are sugar daddies/mommies, who are financially capable. They not only support sugar babies financially, but are also willing to share their wide influential network of friends and experiences.

“At Sugarbook, we advise our members to always state down their unique wants and needs before getting into any relationship. This ranges from stating down their monthly allowance expectations to relationship preferences –usually known as ‘no-strings-attached relationships’, or if they would prefer monogamy relationships,” he explains.

Since inception, SugarBook claims to have witnessed an exponential growth, signalling a growing acceptance of the concept of sugar dating in the society. “While we are not able to provide a specific number, we can share that SugarBook has seen an astonishing influx of users. In January 2018 alone, we saw a 400 per cent growth rate. We currently have over 180,000 members from all over the world, and each person spends an average of 18 minutes on our app — the highest in the industry,” he boasts.

The SugarBook idea was inspired from Chan’s surroundings when he was working on a dating app. With the world full of dating apps, he knew just another such app will not take off. “I decided to venture into the online dating world, only to discover that our biggest rivals such as Tinder, Badoo and Match.com hold over 70 per cent of the market share. I knew we had to be different to survive,” he shares. “When we came across a set of data that suggested that 40 per cent of people chose ‘financials’ as the predominant criteria they look at before getting into a relationship, I knew we’ve found our unique selling point and that we were going to build a sugar community to help connect wealthy benefactors with goal empowered individuals to create mutually beneficial relationships.”

Of the 180,000 members registered with SugarBook, 70 per cent are sugar babies, which include students, single mothers and divorcees. They are predominantly from Malaysia, Singapore, the US, Hong Kong and Thailand in that order.

The startup operates on a subscription-based model. Members get to choose between US$19.95 and US$39.95 per month. The app — available on both Android and iOS platforms– is free for sugar babies.

The company will soon introduce a premium membership model.

SugarBook_Founder_Darren_Chan

SugarBook Founder and CEO Darren Chan

“At Sugarbook, we understand that privacy is key and that recognition to our esteemed members is of utmost importance. Therefore, we plan to introduce a new membership known as The Diamond Members Club. The new membership attracts 20x more attention from sugar babies and proves that you have what it takes to be considered as the ultimate sugar daddy. The Diamond Members Club is our most exclusive status symbol ­­– requested by the affluent and distinguished members of our society e.g. business owners, bankers, lawyers, and politicians where privacy is of the utmost importance,” Chan elaborates.

SugarBook, he claims, has been profitable for over a year. While money is not a big challenge yet, the management is looking for funding and is in close contact with a potential investor from Hong Kong, who has recently been giving guidance and advice to the founders.

“Our goal is to expand to not only a bigger market but a more developed market such as Thailand, Hong Kong, Japan and across Southeast Asia. For that reason, an investment of any kind would be a huge added advantage,” he noted.

Also Read: Paktor CEO on why online dating is better than a school or workplace romance

Currently available only in English and Chinese, Sugarbook will soon add six more languages to its platform as it grows.

What has been your biggest learning yet?

“To hire people that is a great cultural fit, and to let go of the bad apples immediately. More importantly, compassionate management — to establish a culture that believes in values derived from traditional families, e.g. love, sharing and caring. To conclude, we work hard, we have fun and we get things done,” he signs off.

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A comparison of the fintech climates in Australia and Singapore: same same but different

Two highly-developed free market economies in which fintech flourishes, albeit via different approaches

One of the more recently developed fintech connections between Australia and Singapore is the partnership between Credit Card Compare, Australia’s largest credit card comparison website, and Singapore’s first rewards-based financial comparison marketplace, Finty.

The Australian company acquired Finty in mid-2018, viewing Singapore as the natural gateway to the fast-growing ASEAN region and Finty as a key plank in its growth strategy.

Although the Australian economy (GDP US$1.3 trillion in 2017) is four times larger than that of Singapore (USD 324 billion), Singapore is still one of the world’s major financial centres, ranking fourth on the Global Financial Centres Index (after New York, London and Hong Kong).

Australia (represented by Sydney, 7th, and Melbourne, 20th) is much lower down the table. So, while Singapore is clearly punching above its weight, it seems reasonable to ask the question, “How do these two financial centres differ in their treatment of fintech companies, and in what ways are they similar?”.

The results may surprise you.

Comparing the two economies Both countries have a strong and highly-developed free market economy. While Australia’s nominal GDP is four times that of Singapore, a different picture emerges when GDP PPP (Purchasing Power Parity) is compared.

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The figure for Singapore is US$94,105 per capita, is nearly twice as high as Australia’s US$50,391, and the third-largest in the world. Australia is currently the only country in the world with 27 years of uninterrupted economic growth, but the economy, though stable, is undergoing significant change following the 2012 peak in the mining investment boom and the subsequent slowdown.

The services sector accounts for 61 per cent of GDP, with minerals and agriculture the main exports. Free trade agreements with China, Japan, South Korea and other ASEAN nations facilitate the 64 per cent of exports which go to East Asia. The 25 million population provides a skilled workforce which, together with its rank of 13/180 in the Corruption Perceptions Index, makes Australia an attractive destination for foreign investment.

Singapore, the location for APEC’s headquarters, is a regional hub for wealth management. It has an open and corruption-free business environment (3/180 in the Corruption Perceptions Index) and a government which promotes economic growth through fiscal incentives, public investment, workforce skill set development in its 5.8 million population, and economic diversification.

Once again, service industries dominate, but despite the shortage of raw materials and water it is also a major electronics and chemicals manufacturer as well as being home to one of the world’s largest ports.

The financial regulatory environments

Australia’s financial system are regulated and supervised by four government agencies which together form the Council of Financial Regulators: APRA (Australian Prudential Regulation Authority), ASIC (Australian Securities and Investment Commission), the Reserve Bank of Australia and the Australian Government Department of the Treasury. A fifth agency, ACCC (Australian Competition and Consumer Commission), regulates anti-competitive behaviour. Recent intensified scrutiny on the Australian financial services sector has resulted in the introduction of BEAR (Banking Executive Accountability Regime) regulations as well as the 2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Despite some of the Royal Commission’s adverse findings, the regulatory environment itself is still regarded as transparent, efficient and conducive to entrepreneurship. Singapore, by contrast, has a single regulator and supervisor of the financial services sector, in the shape of MAS (Monetary Authority of Singapore), which oversees the application of the 1970 Banking Act and later amendments.

The principal objectives of MAS are economic growth through price stability, fostering financial stability and the continuing growth of Singapore a reputable and competitive financial centre, and the effective management of foreign reserves.

In 2017 MAS released an Industry Transformation MAP (ITM) to facilitate innovation in the financial sector, including appropriate and supportive regulation. Two nations progressing towards open banking.

As the world moves towards open banking – opening up competition in the financial sector by putting the control of customer data into the hands of customers – Australia and Singapore are not quite leading the field, but are not far behind.

The UK and European Union already have compulsory regimes, while Australia’s is imminent and Singapore’s is on the ‘emerging’ list.

Since customer data is currently stored digitally in many thousands of databases worldwide, accessed by a similar number of software programs, one of the main ways in which open banking will be achieved is via APIs (Application Programming Interfaces), allowing external developers to access financial institutions’ software systems in order to create useful new applications for customers.

Open banking and APIs in Australia

In Australia, the government is in the process of rolling out Customer Data Right legislation which will give individuals the right to access specified data held on them by businesses, and to authorise secure access to this data by accredited data recipients such as banks, telcos and other utilities.

The country’s four major banks are expected to make bank transaction, credit and debit card account data available by 1st July 2019. There are also plans to establish an enhanced regulatory sandbox to allow new financial product concepts to be evaluated for commercial viability.

Australian bank NAB has a number of APIs in place. Its seamless integration with Xero’s accounting cloud ecosystem allows small businesses to streamline their accounting systems and save valuable time. And, its QuickBiz Loan product utilises APIs from both Xero and MYOB to access business accounting data to enable a speedy credit decision on small business loans.

ANZ, another of Australia’s largest banks, has developed eGate, a product which offers easy integration with online store software, including secure online payments via Mastercard Internet Gateway Services, and mobile payments via Apple Pay and Google Pay.

Citi’s collaboration with Qantas allowed the airline to use the banking giant’s APIs to launch two new white-labelled credit cards and a mobile app within a nine-month timeframe.

Open banking and APIs in Singapore

In Singapore, although the government is not legislating to enforce open banking, it is supporting voluntary initiatives, allowing financial institutions and fintech companies to experiment with innovative products.

The MAS API Register lists hundreds of APIs from Citi, OCBC, DBS, Standard Chartered and NETS. They include Product APIs (financial product information, rates, branch/ATM locations), Sales & Marketing APIs (product sign-ups, sales and leads generation), Servicing APIs (managing customer profiles and feedback), Transaction APIs (payments, funds transfers, settlements, trading) and ‘Other’ APIs (e.g. authentication, authorisation, reporting, market data and compliance).

Additionally, DBS, OCBC, UOB and Standard Chartered have begun a pilot with the collaboration of MAS and other government agencies, to use the government-created MyInfo service.

MyInfo is a one-stop data platform that saves time by automatically filling out online forms (e.g. credit card sign-up, bank account opening) with a single sign-in and no need to upload any verification documents, since these are authenticated when a MyInfo profile is first created.

Banks and fintechs collaborate to create the future of financial services in Asia and Oceania

Australian bank Westpac has committed AUD 150 million in venture capital funding to venture capital group Reinventure, which has provided funding to start-ups like Ping Data.

Ping auto-links to a user’s credit or debit card and attaches receipts to the corresponding transaction within a banking app.

In other news, the Commonwealth Bank of Australia recently completed a regtech pilot with fintech Ascent Technologies, using NLP and AI to convert 1.5 million paragraphs of financial regulation into bitesize, actionable tasks, saving countless hours of manual processing.

The bank, in conjunction with government agencies, has also successfully trialled a ‘smart money’ blockchain-powered concept, which could be used to help manage insurance payouts and the management of trusts and charities.

In Singapore, UOB and SGInnovate’s joint venture, FinLab, is an ASEAN fintech accelerator. It has helped companies like CardUp (large online payments earn rewards points even where credit cards are not accepted)and Aimazing (platform agnostic payment method enabling contactless mobile payments using soundwaves).

OCBC Bank Singapore’s Open Vault program is a permanent open call to innovative global fintech firms to collaborate with the bank to create solutions that will benefit customers. Similarly, DBS Bank defines its Asia X initiative as ‘a space where we collaborate with start-ups and the broader fintech community to reimagine, inspire and create the future of innovation’.

How the public and private sectors are funding fintech startups

Venture capital and angel investors are active in the fintech space in both Australia and Singapore.

In Australia there’s the already mentioned Reinventure, for example, plus groups like H2 ventures and Sapien Ventures.

Operating in the same arena, Singapore has organisations like Golden Gate Ventures and Jungle Ventures.

Crowdfunding for fintech start-ups is available in both jurisdictions, in Australia only recently after legislation for equity crowdfunding was passed in 2017, and recently amended to include proprietary (privately-owned) companies.

Federal government grants are available in Australia through its CSIRO On Accelerate and CSIRO Kick start programs. There are also state government grants for start-ups and SMEs.

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Enterprise Singapore has similar start-up grants, early-stage funding, mentorship and government/private co-investment schemes. The low-tax regime in Singapore, including 0 per cent tax on dividends and capital gains and a low top corporate tax rate of 17 per cent, fosters fintech investment.

In Australia, although the top corporate tax rate is a high 30 per cent, there is an R&D tax incentive in place, as well as an instant US$20,000 asset write-off for small businesses.

Two economies, two companies, one fintech future

Australia relies heavily on central government taxation and regulation to drive its economy and impose innovation on a financial market which is nevertheless ready with its own initiatives.

In contrast, the low-taxing Singaporean government appears to see its role as more of a fintech facilitator than an enforcer, and the corruption-free financial market where the private sector is driving rapid change is an indicator of the success of this approach.

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