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How South Korean startup Aqua Development is mimicking aquaculture for sustainability

Aqua Development

This article is published as a part of a partnership with Future Food Asia. Aqua Development is one of the 11 finalists of the US$100,000 Future Food Asia (FFA) 2020 Award to be hosted from September 21-25.

Asia is home to some of the largest shrimp producers and consumers in the world. Production in Asia is dominated by intensive farms of varying sizes, which produce multiple crops of shrimp every year, with a fair share of them destined to be exported overseas.

In such conditions, food safety, biosecurity, and sustainability concerns are overwhelming, as antibiotics are frequently used to prevent disease outbreaks, and significant waste is produced from frequent water exchange. This is often inevitable, not only due to poor management but also a higher likelihood of contamination and disease outbreaks in intensive conditions.

Enter aquamimicry – a system that mimics and reproduces natural ocean conditions inside the ponds. Aqua Development, based in South Korea, derives its technology from aquamimicry to reproduce the most critical elements of the natural ecosystem inside their farm.

Nature is the world’s best teacher

Co-Founder Othman has derived inspiration from nature, which has for billions of years refined, optimised, and fine-tuned its processes, balances, and systems. Humanity has managed to understand some of them, but many still remain undiscovered or not fully understood. He thus believes that mimicking natural processes and balances is key to achieving great performance in aquaculture.

Classical aquaculture, such as RAS (recirculating aquaculture system), tends to eliminate any organisms and factors aside from the cultured species, placing the emphasis on crop specialisation to gain yield.

This eliminates the symbiotic dynamics between the cultured species and its natural environment, many of which are extremely important yet not fully understood. As a result, RAS often displays unexplained issues such as slow growth, animal fragility, short longevity, and strange smell and flavour.

Also Read: 7 Asian startups putting the spotlight on agriculture

Aqua Development tries to do the opposite by introducing natural factors into their pond ecosystem as possible, with particular attention to the micro-ecosystem. The entire ecosystem ensures that the shrimp stay alive and thrive by improving shrimp health and immunity, thus obviating the need for antibiotics, further chemicals, and additional food source.

This demonstrates a younger school of thought that considers biodiversity to be an asset, which eventually can positively impact yield.

Slowly but surely…

Othman strongly believes that sustainability doesn’t have to be achieved at the cost of high profitability, and vice versa. He hopes to make this statement the new ‘common sense’ within the industry, as Aqua Develop continues to grow and gain traction.

Their announcement as a finalist at Future Food Asia 2020 has recently helped them build a connection with several VCs, other startups, and potential partners within the ecosystem.

Also Read: How can fintech help agriculture

Aqua Development hopes to further grow and expand its technology to drive down the initial setup costs so that small scale farmers in developing nations would be able to afford it. By making their technology more accessible, they can allow for domestic production in countries often reliant on food imports, thus adding resilience to the local supply chain.

Another ambition is to adapt and generalise the system to other species of crustaceans and fish, thus adding sustainability and profitability to a wider farming community. There is a long road ahead, but it’s the thrill of the process that keeps them moving forward.

Their greatest achievement thus far has been seeing their idea transition into a company with its large-scale project – slowly but surely, they’ll get there.

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Image credit: Nott Peera on Unsplash

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NTUitive’s new programme VB18 will help Singaporeans get paid while building a business

NTUitive, the innovation and enterprise company of Nanyang Technological University, Singapore (NTU Singapore) has launched a new programme called VB18 to help graduates and working professionals explore options in the entrepreneurial space.

The programme will allow Singaporeans to build a business alongside serial entrepreneurs and get paid while doing it.

“The COVID-19 pandemic has brought about disruptive change in many areas, including the job market. In Singapore, job prospects across all sectors have been hit hard. As a result, the conventional job hunting process by fresh graduates is being thrown into disarray, leading them to explore alternative options instead,” the company said in a statement.

VB18 provides a 12-month venture building programme which will be funded by the SGUnited Traineeships Programme, for which 18 fresh graduates will be selected as venture builders.

They will undergo NTUitive’s experiential entrepreneurship education programme and work with and learn from seasoned entrepreneurs to build disruptive, tech-enabled and regionally-focused companies.

NTUitive will be owning a minority stake in the companies. As the programme progresses, it may also inject funds and earn more shares according to the valuation.

Individuals will also learn how to raise funding, leadership, business operations and growth hacking. They will also receive training and advice from experts, along with funding support.

Besides, selected participants, known as “venture builders”, will also receive a monthly stipend of US$1,800 per month.

Also Read: This app makes your SMS inbox organised and intuitive; sends you contextual offers based on the content

The criteria

VB18 participants with NTUitive Chairman, Interim CEO, Entrepreneurs-in-Residence, and Mentors

According to NTUitive Interim CEO Dr Alex Lin, applicants need to depict three qualities to be selected for VB18 which are crucial for success. They are entrepreneurial inclination, resiliency, and tenacity.

“You need to have a certain inclination to be entrepreneurially successful, this is based on the 10-year research that we have done,” he told e27.

“We have worked with the NTU Business School, Psychology and Mathematics Departments to redesign a psychological profile that studies a person’s inclination. That is our number one deciding criteria before we invite them,” he explained.

Although there are no grade requirements, the psychological profiling quiz with 150 questions is mandatory for applicants. Knowledge of a particular subject and experience are bonuses.

He also pointed out that the programme is not looking for “technical entrepreneurs”, as the founders in the programme will be provided with an extensive set of resources such as a commercialisation team and an entire software team that will help them build the product.

Image Credit: NTUitive

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Merchantrade acquires Valyou from Telenor to further penetrate into Malaysia’s migrant population

Merchantrade Asia, a home-grown digital money services company and e-money issuer in Malaysia, has fully acquired local fintech player Valyou from Telenor Group, following a competitive bidding exercise.

As per a press statement, Merchantrade has obtained all regulatory approvals for the acquisition.

Following the deal, the businesses, operations and staff force of Valyou will be merged with Merchantrade and operate as a single entity by the end of 2020.

Also Read: Malaysia’s cross-border remittance is going through a renaissance, say fintech experts

It will result in Merchantrade having a combined annual remittance turnover value (based on 2019 figures) of more than RM 11 billion (US$2.7 billion), which includes domestic outbound and international aggregator transactions.

The new entity will have a staff strength of over 1,200 and a network of over 1,700 touch-points and will serve a customer base of over three million.

According to Merchantrade MD Ramasamy K Veeran, the acquisition will also consolidate and significantly bump up Merchantrade’s share of Malaysia’s large migrant-worker customer base which is a major user of the cross-border remittance services.

“To serve the migrant worker segment effectively, we’ve built an ecosystem of relevant financial services through industry partnerships and collaborations. We currently work with AXA and MCIS to offer affordable micro-insurance products. The acquisition of Valyou will further strengthen and expand our digital channel and present us with new opportunities to partner with more financial services provider and set the stage for us to go regional,” he added.

Also Read: How fintech is disrupting the Southeast Asian payments market

Valyou is a player in the e-money and cross-border digital remittance services industry in Malaysia, which is going through a renaissance . It serves a customer base of over one million through its online and app-based digital channels and physical network comprising 22 branches, 20 agents and 1,200 cash-in cash-out (CICO) merchants.

Merchantrade is a money transfer, e-money issuer, wholesale currency services and foreign currency exchange service provider. It operates at 81 retail money services outlets with footprints in major and high-end shopping malls, which offer retail currency, remittance, and on-boarding of Merchantrade Money.

In July, Merchantrade acquired an additional 21 per cent stake in KLIQ, a fully digital cross-border remittance service provider based on Singapore, to increase its stake to 70 per cent.

Image Credit: Merchantrade Asia

 

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iPrice adds more funding into Series B to accelerate growth in Philippines

Malaysia-headqauartered online shopping aggregator iPrice Group has raised an undisclosed amount in funding from JG Digital Equity Ventures (JGDEV), the corporate venture capital arm of Philippines-based JG Summit Holdings.

This is the continuation of the group’s Series B Investment, which was announced in March this year. The round is led by ACA Investments with participation from Daiwa PI Partners, and returning investors LINE Ventures, Mirae Asset-Naver Asia Growth Fund.

Also Read: Southeast Asian e-commerce group iPrice raises funding from LINE’s corporate VC arm

This financing will allow the group to tap into the Philippines’s large e-commerce market and enhance its current product. 

With the help of JGDEV, iPrice has already secured partnerships with local companies such as RewardsMart in the Robinsons Rewards mobile app and Summit Media’s online domain PEP.ph. It plans to explore more opportunities across the Gokongwei Group of Companies (a VC firm focussed on e-commerce). 

iPrice is a meta-search engine that helps customers find a wide selection of products and brands from hundreds of its partners in Southeast Asia.

“iPrice has a unique approach. It doesn’t aim to compete with other players, but instead, it enables these players to have more channels. As a result, it connects them to more consumers. It enables consumer transactions to be deeper and wider through its comprehensive understanding of the digital economy,” said JGDEV President and CEO Jojo Malolos.

Besides Malaysia, the group also operates in Singapore, Indonesia, Thailand, Philippines, Vietnam, and Hong Kong, and claims to have about 20 million monthly visits across the region. 

While COVID-19 has affected almost all the industries globally, e-commerce has largely been spared and it has shows immense resilience and continues to grow strong.

According to a Google-backed report, Southeast Asia’s e-commerce industry is predicted to reach US$180 billion by 2025. With e-commerce’s recent accelerated adoption, the industry is expected to experience an even stronger boost. 

Also Read: Roundup: E-commerce enabler iPrice Group names new CEO

iPrice recently appointed Paul Brown-Kenyon as its new CEO.

Image Credit: iPrice

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AMTD Digital raises US$285M to build a one-stop digital solutions platform in ASEAN

AMTD Digital, the Singapore subsidiary of Hong Kong-based investment baking firm AMTD Group, has secured a S$386 million (US$285 million) in a new financing round.

Key investors include Value Partners, Greater Bay Area Homeland Investments, Vision Knight Capital, Ariana Capital, Maoyan Entertainment, and Infinity Power.

Calvin Choi, Chairman of AMTD Group and AMTD Digital, said: “We have chosen Singapore as our global headquarters to build a one-stop digital solutions platform that connects the ASEAN market with our solid financial services presence in Hong Kong, including a digital bank joint venture with Xiaomi. We are committed to connecting the dots across the many major markets in Asia to create a one-stop digital solutions platform.”

Also Read: AMTD Digital to acquire Singapore’s insurtech startup PolicyPal

“We are not restricting or limiting ourselves to providing financial services, but we are pushing our capabilities and strengths beyond to providing a plethora and diverse range of solutions that include digital connectors and ecosystem building, digital intelligence and data analytics, digital media and marketing,” he added.

Osman Faiz, Chief Information and Operating Officer of AMTD Digital, added: “We embrace new ideas and new value creation for the regional and international scenes. We are committed to nurturing local talent and cultivating innovation both within AMTD and in the wider ecosystem, as we grow across and along the industry.”

AMTD Digital builds a one-stop digital solutions platform that connects different stakeholders in the SpiderNet ecosystem via digital innovations.

Last year, AMTD Digital, together with Chinese smartphone maker Xiaomi, established Airstar Bank and had obtained one of the first eight virtual banking licenses issued by the Hong Kong Monetary Authority.

In March, AMTD Digital announced that it would acquire a controlling stake in Singapore-based insurtech startup PolicyPal.

Recently, AMTD Solidarity Fund, backed by AMTD Digital and the ASEAN Financial Innovation Network, invested US$8.5 million in five companies: Funding Societies, Active.ai, Cardup, Transwap, and PolicyPal.

Image credit: AMTD Digital

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