gojek, Tokopedia explore holding company structure as merger talks move forward; Such a structure will allow the companies to retain their individual brands; Both are also reviewing options for the payments businesses OVO, in which Tokopedia and its affiliates own a 41% stake, and Gopay, in the event of a merger. More here

Tesla will run onto many speed bumps in India, including supply chain woes; India’s EV market accounted for only 5K units of a total 2.4M cars sold in the country last year; A lack of local production of components and batteries, negligible charging infra, and the high cost of EVs mean there have been few takers in the price-conscious market. More here

TaniHub raising fresh investment, claims 600%+ gross revenue growth in 2020; This follows a US$17M round in April 2020; The money will be used to further develop TaniHub’s upcoming projects: Digitalisation of B2B ecosystem in agri, automation of supply chain process, farmers acquisition. More here

Key executives leave MDEC amidst reports of shake-up; Those who have left or tendered their resignations include COO Datuk Ng Wan Peng, CFO Nor Faizah Othman and CIO Abdul Malick Aboobakar; According to another credible source, there have been some concerns among the employees about MDEC’s vision and direction. More here

IMDA announces US$22M grant to support startups driving mass 5G adoption; The fund will support solution providers and tech developers commercialising 5G solutions in making it accessible to more companies; Applicants need to indicate a significant value and impact that their product will provide to the enterprises and industry. More here

How Shopee overtook Lazada to become the top e-commerce marketplace in S’pore; Shopee was launched in 2015, and Lazada was already a leading e-commerce platform in the region when Shopee first entered the market; However, Shopee quickly went from being a new entrant to taking the crown as the most-visited e-commerce platform in Singapore by the second quarter of 2020. More here

Transfree confirms Q2 2021 launch of remittance platform in Indonesia; Its primary focus would be to serve the migrant workers segment in SEA; According to data by Bank Indonesia, throughout 2018, Indonesian migrant workers abroad sent up to US$10.9B home, providing a massive business opportunity. More here

Warung Pintar launches e-platform for mom-and-pop stores to directly order from distributors; “Grosir Pintar” allows warung owners to select products from over 200 distributor partners and goods can be sent within three hours; This service can also help them to fulfil emergency grocery needs, making it easier for warung owners with limited cash flow. More here

This made-in-Singapore robotic coffee barista will receive you at Japan’s train stations ahead of Olympics; Ella is powered by an ecosystem comprising IoT-connected software and external hardware which will upgrade the coffee experience with speed, convenience, quality and consistency. More here

This eco-friendly and energy-efficient air-conditioner cools you, not your room; Close Comfort is a tiny, light-weight, portable refrigerator with a fan inside that blows a gentle stream of cool air to create sufficient comfort for one or more people; A key feature is that it never needs recharging and adjusts automatically to work harder in high humidity. More here

SGX, Temasek team up to advance digital asset infrastructure in capital markets; The JV will look to partner with fixed income issuance platforms to connect to its post-trade and asset servicing infra, providing issuers, arranger banks, lawyers, investors and paying agents with a comprehensive, issuance-to-settlement network for Asia bonds. More here

Stock Exchange of Thailand (SET) to launch digital asset trading platform; It will be similar to other popular e-commerce marketplaces but all products on SET’s platform will be digital token assets; The token must have an underlying asset that investors can analyse on value; The product must have benefits to society and the environment. More here

Fortifying cybersecurity through effective risk management; As organisations increasingly migrate to virtual operations and transactions, there is an increasing need to protect against potential breaches and cyber intrusions; Ransomware and cyber incidents have multiplied, adding to the already complex crisis management morass for many organisations. More here

How no-code development for startups is a launchpad to success; No-code facilitates the fast development of solutions for business processes to meet these unending customer needs faster than it would take a professional coder to do; Moreover, constant changes and updates are enabled as the speed, agility, and adaptability that no-code can provide is unmatched in the business world. More here

HKSTP launches accelerator to drive banking innovation; The BFSI accelerator aims to bridge corporates and innovators to deliver breakthrough technologies and create a wide array of new business opportunities in the world of banking, financial services and insurance; Fintech solutions in the fields of blockchain, AI and robotics, cybersecurity and IoT are among those being targeted in the programme. More here

Businesses in Singapore anticipate radical changes needed in 2021 for future readiness; 52% of businesses expect that ‘substantial’ or ‘radical’ changes will be required to their business models in the next 12 months, of which 32% expect that making these fundamental changes to their business will be difficult to implement. More here

The new era of cashless, invisible payments; The global digital payments market grew by nearly 24% in 2020 to US$4.9T, according to a research; That report shows the global digital payments market grew by 21% YoY in transaction value last year; It projects that the market’s total transaction value will grow by 23.7% to reach US$4.93T. More here

How these students built tech for Singapore’s elderly and climate change; The team created ‘the Forever-Smart Glasses’ using Huawei’s AIoT and OBS technology, a stable and secure cloud storage service; The cloud service is used to establish a secure connection that allows for images to be uploaded and stored easily for facial recognition. More here

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It wasn’t too long ago that I was trying to find love in all the wrong places. I was browsing through dating websites, endlessly swiping on dating apps, and even visited an overpriced dating agency. While all of these were supposed to help me find my perfect partner, often I found myself being faced with matches that weren’t right for me.

Based on my negative experiences, I wanted to make it easier for people to find the right partner, to create a dating app that would put the users first and show them personalised, curated matches using AI.

At the time, I had a stable banking job but always wanted to be an entrepreneur and transform the dating industry. So, I set out to put my thoughts into action and started to do my own research.

I spoke with more than 100 millennials, asking them what they wanted to see in a dating app and built a dating app from the bottom up. I also did my own research to find out how the approach to matchmaking has changed over time.

The evolution of dating: From paper ads to AI algorithms

When the first newspaper was published in 1690, it gave rise to the earliest ads. Among these were personal ads by bachelors searching for eligible wives (dating as far back as 1695). Fast forward to the cuffing season of 1965, when two Harvard students used an IBM 1401 to create the first computer-based matchmaking service, Operation Match.

The idea caught the eyes of 90,000 love-hopeful singles, who received a 75 question survey through the mail and were asked to submit their completed form (along with a US$3 fee) for a list of computer-generated matches.

From there, the world’s first online dating website, Match was launched in 1995. The initial version listed online personal ads and singles could randomly search through the site’s active profiles to find a match. Talk about finding a needle in the haystack. Dating websites have evolved into dating apps driven by algorithms and artificial intelligence (AI). Algorithms are pieces of instructions, or code, that can tell an app how to accomplish a specific task.

Also Read: Finding love in the pandemic-stricken world: How online dating has changed for the better

In the context of dating apps, the algorithm starts learning more about a person from the moment they create a profile. Every decision and interaction on the dating app becomes part of a larger maze. It’s a live feedback system, where you are constantly rating and being rated
by other users based on data.

However, the algorithms behind most common dating apps find a match based on filters like age and basic interests, matches are shown at random with little to no curation.

Dating apps and data: Where does the data come from?

The first step to understanding how AI dating apps work is to look at their data pools. Algorithms process data from a variety of sources, from information that we share to how we interact with the platform. For example, many dating apps in Singapore suggest signing up using
Instagram or Facebook, feeding the algorithm initial data about a user. Many people willingly connect their social media with dating apps because it’s an easier way to sign up and share more about their personality and interests.

When comparing the dating apps in Singapore, I noticed a gap in the market; matchmaking apps were largely superficial and encouraged mindless swiping. What if there was a dating app for people to connect based on more than just a photo? What if a dating app could match people based on similar traits or life goals and even nudge people to meet offline, by suggesting nearby date ideas at a cosy cafe or a new restaurant?

That’s what motivated me to create MatchMde, an AI dating app that takes the sign up process a step further by asking personality-based questions including a person’s love language, how they describe themselves, and how they view the world. Dating apps use personality based data to show users compatible profiles using either content filtering or collaborative filtering.

Content filtering vs collaborative filtering

Content filtering provides recommendations based on user preferences. This is largely determined by individual swiping history. Collaborative filtering is when the algorithm bases its predictions on the user’s personal preferences as well as the opinion of the majority.

When you first start using a dating app, your recommendations are almost entirely dependent on collaborative filtering, or what other users think. It’s the same type of recommendation system used by Netflix or YouTube, taking your past behaviours (and the behaviour of others) into account to predict what will keep you engaged on their platform. So, everything you click and interact with on a dating app is detected, tracked, and stored as part of a constant feedback loop.

Also Read: You’ve heard about speed dating. Here’s what you need to know about speed hiring

I wanted to use technology to eliminate unfair bias by programming the algorithm in a way that encourages users to submit personality assessments, date feedback, community feedback, user behaviour, and more. When users have access to information like feedback from other users, it promotes a safer environment for everyone on the dating app and also helps people make better decisions when deciding whether or not to meet a match.

AI, machine learning, predicting matches

A newer (and more exciting) development in dating apps is their ability to recommend profile matches based on AI and machine learning. AI is the science of simulating intelligent behaviour in computers, enabling the latter to exhibit human-like behavioural traits like reasoning, common sense, and decision-making.

Machine learning is a branch of AI that enables computers to learn from information without being explicitly programmed. Machine learning usually involves classification, clustering and prediction, like predicting user behaviour.

For people using AI-powered dating apps, this means a higher chance at receiving quality matches, as opposed to endless swiping and filtering through unfavourable matches or fake profiles. Algorithms learn (and improve) based on user feedback and since personality is what keeps a couple together in the long-term, the algorithm should focus on presenting matches with complimentary personality types and similar love languages.

For example, after a user goes on a date, they’re invited to rate their date. A positive rating teaches the algorithm to show you similar profiles, while a negative rating means that the algorithm will show you other profiles with complimentary personality types. It’s a constant feedback loop, where the machine learns more about the preferences of a particular user until it is successful in finding you the right match.

For the love of AI dating apps in Singapore

Comparing the personal ads of the 1690s to the matchmaking surveys of the 1960s, dating apps are really just the latest manifestation of how people are doing what we’ve always done —creating new ways to communicate to find love and companionship.

Despite having an algorithm crunch the numbers, find patterns, and make recommendations based on our behaviour, there’s still a lot about dating and relationships that an AI algorithm can’t predict: a life-long relationship goes beyond algorithms and dating apps. True love happens offline, but AI helps us take the first step by learning our preferences to show us exactly what we like and filter out the
rest.

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Podcast Network Asia (PNA), a Philippine-based podcast network agency, announced today it has raised US$750,000 in seed funding.

Local VC firm Foxmont Capital and Jakarta-headquartered Venturra Discovery joined Lisa Gokongwei, President of Summit Media, in the investment round. Kumu, a local live-streaming platform, also participated.

As per a press note, the fresh financing will go towards improving PNA’s production and performance analytics offerings and bankroll the agency’s expansion into Indonesia, Thailand and Malaysia.

Launched in August 2019, PNA provides podcast creators with access to production support and monetisation opportunities. It claims it has since grown its roster to 415 podcasts, with over 10 million listeners.

The company also intends to launch Podmetrics Marketplace, where podcasts on its platform can leverage data analytics and apply for affiliate marketing campaigns to generate revenue.

“Podcasting is about to enter its golden age,” opined Ron Baetiong, CEO and Co-founder of PNA.

Also Read: 5 reasons why podcasts are good for your content strategy

“With the Philippines as the 6th fastest-growing country in terms of listenership, we can scale up and continue the momentum we’ve built in the Philippine podcasting industry and replicate it across the region,” he added.

“I think podcasting is still in the early stages of growth in the country and that PNA has put a stake in the ground ahead with a scalable business model,” remarked Lisa Gokongwei.

“Podcasting is still nascent within Southeast Asia, when we look at top-charting podcasts, majority of them were launched within the past year. The industry has strong momentum as audio streaming platforms are doubling down on this segment,” added Raditya Pramana, Partner at Venturra Discovery.

Globally, the podcast industry remains bullish with more creators, networks, and advertisers supporting the medium. Worldwide podcast advertising has grown exponentially along with the increase of podcast shows.

By 2020, podcast advertisement revenue is projected to hit US$659 million, up from US$69 million in 2015.

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Image Credit: PNA

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CapBay, a Malaysian multi-bank supply chain finance and peer-to-peer financing platform, announced today it has raised US$20 million in Series A round.

The fresh investment comes from returning backer Singapore-based KK Fund and several Malaysian angel investors with expertise in finance, technology and growing startup companies.

As per a press note, CapBay aims to use the funds to further strengthen its technological and funding capabilities. It will enable more efficient financing and market expansion in order to reach a wider range of investors and underserved small and medium-sized enterprises (SMEs), it claimed.

Launched in 2016, CapBay uses existing trade data and relationships to facilitate inclusive business financing. Through its propriety credit-decisioning model, businesses can obtain short-term financing while banks and investors can participate in financing deals.

Also Read: Why P2P lending can be the end of banking as we know it

CapBay said it has funded MYR 100 million (US$24.7 million) across 500 investment notes on its P2P platform since its launch in March 2020. Its supply chain finance arm has facilitated more than MYR 800 million (US$198 million) across 10,000 transactions covering SMEs.

CapBay has expanded investment opportunities for P2P investors on its platform through various strategic partnerships.

The Malaysian firm was selected to be part of national telco Telekom Malaysia’s Vendor Financing Programme in September 2020. This allowed P2P investors on Capbay’s platform to invest alongside institutional investors in a safer asset class backed by the government and corporate receivables.

CapBay also recently entered a joint venture with Kenanga Investment Bank by acquiring a 49 per cent stake in Kenanga Capital Islamic to create Malaysia’s first Islamic supply chain finance fintech.

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Image Credit: CapBay

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With a large population, strong technological foundations, and abundant talent pool, China remains a competitive and potentially lucrative market for technology firms even amidst shifting economic trends. While it is prudent for foreign brands to heed the key success factors of localisation in China, the more pragmatic way to make inroads into the China market is through an established acceleration programme.

That is where XNode comes in. As the leading global platform for innovation, XNode has accelerated over 130 startups in the past three years and facilitated the fundraising of over USD 152 Million. In Singapore, XNode partners with Enterprise Singapore under the Global Innovation Alliance (GIA) and has accelerated the market expansion of 15 Singaporean companies into Shanghai since October 2019.

With the goals of validating product-market fit and establishing a go-to-market plan, the programme consisted of expert workshops, mentor sessions, and meaningful 1-on-1 business connections to potential local partners, clients, and investors. Rounding up the programme with a demo day, XNode lined up potential investors and partners to which the startups pitched their progress and value propositions.

Successes from Batch 1 of XNode’s Shanghai Programme

Among the alumni of XNode’s inaugural batch of startups under the China-Singapore Innovation Launchpad acceleration programme was Buzz AR, an AR-for-Retail startup that brings the “Disney” experience to premier luxury shopping destinations. During her stint as a VR model, co-founder and CEO, Bell Beh, saw the possibilities of spatial computing and started work on bringing similar experiences to more people while juggling between odd jobs and her Masters of Law Programme at UC Berkeley.

During her time with XNode in Shanghai, Bell was introduced to ecosystem players from the mixed reality and real estate spaces for potential collaborations and to validate Buzz AR’s product-market fit.

“XNode is arguably the best programme we have ever experienced. It led me to our first pilot with the Bailian Group, an 80 Billion Yuan department store operation in China. We’ve also been shortlisted to deploy our AR Wayfinder at WAIC 2021, the largest AI Expo in the world, the one that Jack Ma debated with Elon Musk in 2019,” recalled Bell when asked about her experience in the China-Singapore Innovation Launchpad programme.

Also read: CapBay bags US$20M Series A to scale its multi-bank supply chain finance, P2P financing platform

Buzz AR, which captured over SGD 1 million in project bookings within nine months, has recently also clinched longer-term enterprise contracts, bolstering its position in the APAC region for the coming three to five years. The company’s next milestone is the launch of Buzz X, the first entertainment and utility mobile application in Southeast Asia that will make AR accessible to all.

Desmond Pheh, another batch 1 alumnus, runs Livingwear, a clothing company that combines design, technology, and data to make “Reliable Essentials” that fit consumers and the environment — excellent quality basicwear at transparent and fair prices.

Through XNode, Desmond discussed potential collaborations and secured tractions with players in the e-commerce, investment, and marketing spaces. “XNode has helped me make some strong relationships and network in China and I know if I were to return there, I will not go in blind,” said Desmond, who has since been focusing on fundraising to accelerate product development and introduce Livingwear’s new collection in 2021.

Following the pioneer batch in October 2019, seven more Singaporean startups, hailing from medtech, healthtech, adtech, and RPA, landed in Shanghai in August 2020. Their participation in the first four-week virtual phase of the acceleration programme will be followed by physical dealmaking sessions with potential partners that they were connected to — including ecosystem giants, active players in the VC landscape, and crucial government enablers.

The Promise of Shenzhen

Home to renowned tech giants like BYD, DJI, Huawei, and Tencent, Shenzhen is a tinkerer’s haven for rapid innovation where mistakes are made fast and insights are uncovered even faster. With a fast growth mentality, effortless access to production facilities, and support by the local government, hardware companies would be miles ahead of counterparts in other geographies just by setting foot in Shenzhen.

This hardware Silicon Valley nestled in China’s Greater Bay Area also happens to be the destination for startups participating in XNode’s upcoming acceleration programme. Tapping into XNode’s network of manufacturing giants, hardware startups, and investors, startups under the programme would be plugged into an environment where fast-paced deal-making meets rapid product iteration, where suppliers could be involved from the get-go and where funding opportunities and ecosystem support are readily available.

Also read: Singaporean entrepreneur: bringing the Asian internet business model to Central America

With an increasing exchange of innovation and entrepreneurial infrastructure, the way ahead for Shenzhen is further cemented at the government level with the Singapore-China (Shenzhen) Smart City Initiative (SCI), securing Shenzhen’s importance as the next destination for Singaporean startups.

XNode is now calling on hardware startups to express interest in joining the upcoming China-Singapore Innovation Launchpad acceleration programme in Shenzhen. Interested startups are encouraged to drop a note at contact_sg@thexnode.com with your company name, sector and funding stage to get on XNode’s radar.

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This article is produced by the e27 team, sponsored by 
XNode

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