OceanShield, a cybersecurity specialist firm for the maritime industry, has secured US$800,000 in a seed funding round from Masik Enterprise, angel investors, and grant funding.

The startup, which is based in Singapore, intends to use the funding to commercialise its solution.

“As this is a solution for the protection of vessel Operational Technology (OT), the commercialisation process is key for the company to generate awareness that this type of solution now exists,” Brian Worning, Head of Commercial at  OceanShield, said.

OceanShield was founded in 2o20 by Dr Dmitry Mikhaylov, a scientist, serial entrepreneur and private-equity specialist in the deep tech industry.

The platform offers patented cybersecurity solutions to protect the OT systems of vessels, ports and maritime and offshore infrastructure.

Its patented core Intrusion Detection System (IDS) is a hardware/software complex trained to read and analyse the industrial protocols in vessel OT networks and provide real-time intrusion alerts.

On being asked why this solution was so essential for the maritime industry, Worning said that vessel OT’s have some of the most critical systems which can result in disastrous incidents, if not taken care of. For example, false data in navigational systems can cause loss of location and navigational control which in turn causes rerouting or collision.

Also Read: BeeX wins Singapore’s Smart Port Challenge 2020 for its innovative autonomous maritime solutions

While multiple marine IT protection solutions exist, the OT side has largely been ignored due to the specialised knowledge and technology required to offer functional OT protection, the company said.

“OceanShield is uniquely positioned to carve a niche in this nascent market. We are especially encouraged by the fact that we are
successfully engaging top maritime players and institutions and receive positive feedback on both the quality and unique technological approach of our IDS,” Mikhail Zeldovich, Managing Director of Masik Enterprises, said.

OceanShield told e27 that as of now its clients include a mix of maritime operators, regulators and Original Equipment Manufacturer (OEMs). It also has a pipeline of installations and deployments coming soon.

The company plans to expand its services globally but is currently focused towards building its presence in Asia, which it says is the shipbuilding centre of the world.

The maritime tech sector in Singapore has seen a rise since 2019 about the same time PIER71 (Port Innovation Ecosystem Reimagined @ BLOCK71) launched a programme to build a maritime entrepreneurial and innovation ecosystem in Singapore.

SEEDS Capital, the investment arm of Enterprise Singapore also invested US$36 million into maritime tech startups last year to give the growing sector an added boost.

–

Image Credit: Andrey Sharpilo

 

The post OceanShield raises US$800K to safeguard the maritime industry from cyber attacks appeared first on e27.

Southeast Asian tech giant Grab announced today it has raised US$2 billion from its first term loan, after securing commitments from international institutional investors. According to a press release by the Singapore-based giant, this marked the largest institutional debt in Asia’s technology sector.

Grab shared the five-year senior secured loan was upsized from the original principal amount of US$750 million after strong interest from investors. It also noted the interest rate on the loan was lowered by 100 basis points from the original launch guidance to 450 basis points over LIBOR (the benchmark interest rate at which major global banks lend to one another).

The ride-hailing and food delivery giant commented proceeds from the term loan will enable it to “strengthen its liquidity” by further enhancing its “well-capitalised position”. This comes as Grab made clear of its intention to continue strengthening its super app ecosystem within Southeast Asia.

Also Read: Grab-gojek or Tokopedia-gojek: which merger will make better business sense?

Besides, the term loan serves to diversify the company’s financing sources and “establish a long-term, diversified capital structure”.

Anthony Tan, group CEO and Co-founder of Grab noted the trust investors have placed in Grab as they “continue making consistent progress in achieving our growth and sustainability milestones.”

Valued at over US$16 billion, Reuters reported Grab is looking at a potential US IPO this year, amidst an increased appetite of investors for tech companies. Last month, the group’s fintech arm raised US$300 million in Series A funding, led by Korean asset management company Hanwha Asset Management

In conjunction with the term loan, Moody’s Investors Services and S&P Global Ratings issued to Grab ratings of B3 and B-, with a stable outlook, respectively. The ratings made Grab the first independently-rated technology company in Southeast Asia.

JP Morgan served as the lead bookrunner on the loan facility while Barclays, Deutsche Bank, HSBC, Mizuho, MUFG and Standard Chartered acted as joint bookrunners.

Recently, Grab also became one of the companies that have secured the digital banking license approval in Singapore.

–

Image Credit: Grab

 

The post Grab raises US$2B term loan to strengthen liquidity and diversify financing sources appeared first on e27.

Using algorithms to drive user engagements is fairly run-of-the-mill for tech companies today. If you look at Facebook, YouTube, Instagram, TikTok, and Bigo Live, you’ll see that they share a common feature: a personalised feed.

This feed is powered by an AI-driven algorithm that analyses and predicts the type of content users would like to see and engage with. We internally have been calling this type of algorithm the “Feed Flow AI”— software that controls the content users see on a feed, based on certain optimising criteria.  In Southeast Asia, companies and startups we’re seeing are increasingly adopting Feed Flow AIs.

The Netflix documentary The Social Dilemma highlighted the fact that a number of Silicon Valley tech companies are using Feed Flow AIs to monetise attention with many users being unaware.

For some companies, it is for the sake of corporate interests. Take a look at the social media platforms from the US, which tend to optimise for engagement to drive ad revenues. Meanwhile, platforms in China tend to drive direct revenues through methods like virtual gifting.

Indeed, the Feed Flow AI is a powerful lever for user engagement but this brings up the question of transparency. Are companies respecting users’ attention, privacy, and most of all, their free will?

Several companies have already figured out how to use algorithms successfully to solve complex problems, but it’s not used for consumers’ good (yet). Society is now beginning to understand how social media impacts their lives, and startups using Feed Flow AIs have the potential to disrupt the market, if they start thinking critically about how to use it for users’ benefit.

Also Read: ELSA to expand its AI English pronunciation assistant globally with a US$15M Series B financing

The need for transparency to consumers in Feed Flow AIs

There is general concern over the impact of the Feed Flow AI optimising the user experience for corporate revenues. As users, we may seem fine with that because we get entertainment or informational value from the experience. But would we feel the same way if we were aware of just how effective the Feed Flow AI is at capturing and directing our attention, not to mention our time?

Take TikTok, for example. Digital safety app maker Qustodio found that people spend an average of 52 minutes a day on the app, with younger users spending as much as 80 minutes. If the user was consciously allocating time and attention, would they really allocate 52 minutes a day to watching amateur videos?

I suspect that if users would consciously examine these social media habits, the answer would be no. In the long run, getting people to do what they wouldn’t otherwise want to do would not bode well for either the company or the consumer.

Companies need to focus on improving Feed Flow AIs specifically for the user’s benefit, and also to implement it with transparency so that users will understand the optimisation criteria. As many platforms are doing now, apps can offer users the ability to opt-out of having certain behaviours tracked.

The bottom line is simple. Entrepreneurs using the Feed Flow AI to solve complex problems for consumers’ goodwill reap the rewards. Instead of relying heavily on ads, companies can think of how deeper engagement in the app will translate into better results and customer experiences, and perhaps higher virality.

Content is king. Feed Flow AIs ensure its reign

Today, many companies continue to struggle to drive consistent and deep user engagement. Globally, 25 per cent of apps are used only once after being downloaded, according to Statista. The situation is more dismal in Southeast Asia where app engagement rates are lower compared to the rest of the world, according to a study by marketing and retargeting company Liftoff.

Also Read: Taiwanese app developer uses AI and AR technologies to build beauty apps

Feed Flow AIs can change this. As app users generate content, the Feed Flow AI shows the content to the people who will potentially care about it and engage with it. By putting personalised content into users’ hands, the Feed Flow AI allows apps to increase user engagement and longevity. It can also hide or bury sub-par user-generated content (UGC) that might lead to negative user experiences.

In 2019, WeChat launched a new news feed algorithm to boost recommendations of high-quality UGC. The personalised feed takes into account the media consumption habits of both the user and their friends in the network.

This use of the Feed Flow AI enables users to discover and engage with relevant and higher-quality content. Users who worked hard to produce top-notch content also receive more exposure.

The Feed Flow AI also serves to prevent their experience on an app from going sour. Bigo Live, for example, uses AI-driven image recognition, facial recognition, video intelligence, and voice processing capabilities to moderate content on the platform. One could argue that the moderation is not strong enough, but at least they have that capability.

Yes, content is king!  But we also should recognise that random content will most likely cause the user to disengage. It is the purpose of the Feed Flow AI to ensure the reign of content by ensuring the most engaging content shows up for the most relevant users.

Focus on people, not algorithms

In using Feed Flow AIs, companies need to strike a balance between AI and people. In the future, people may have personal AIs to serve their needs, not companies’. But for now, companies can start figuring out how to use this tech to help improve customers’ lives.

Think of these possible scenarios of positive, “for good,” applications of feed flow AIs:

Using feed flow AIs for education

An app that teaches English might use the Feed Flow AI to learn about the topics that interest each user, and then offer customised vocabulary lessons based on those interests. It could encourage users to interact with their friends in English by offering topic prompts and content templates. Encouraging competition between groups of students could increase engagement, and thus learning. By tailoring content that would capture the customer’s interest, the app can help to ease boredom while at the same time encourage study habits and persistence. Ultimately, Feed Flow AIs can shift learning to a fun and highly engaging process, resulting in much higher learning rates.

Also Read: MDEC joins hands with 11 ECF platforms to provide funding to Malaysia’s micro companies with cash-flow problems

Optimising feed flow AIs for financial inclusion and literacy

What if a finance app’s feed showed each user all the financial news and tutorials they need for their particular situation at that moment? It could provide courses contextualised to each user’s country’s investment scene and to cultural nuances around money.

Digital banks could also consider the user’s feed as a channel to educate customers on saving money for an emergency fund, planning how to pay back loans, and preparing to take out a mortgage. As customers engage with these types of content, they become more financially literate and more prepared to use various banking products and services.

While this allows the digital bank to drive revenue, it’s an approach that focuses on educating users instead of just advertising financial products they may not fully understand.

Staying fit and healthy with feed flow AIs in fitness apps

Fitness apps’ feeds could help users discover people who have the same training method and goals, allowing them to share tips. They could help find advanced users who could potentially provide guidance, as well as exercise buddies to join within their vicinity. In general, the Feed Flow AI will help focus users on getting fit and staying healthy.

Capturing a bigger slice using feed flow AIs for good

In a transactional world, companies will try to milk the user base as much as possible to generate revenues. When a business starts to look at the user base as a group of people with whom the company can build long term relationships, the focus turns to how to benefit the user in the long term. Once the company brings value to the users, there will be many opportunities to transact in a win-win manner over the months and years to come.

Over the next decade, businesses will figure out how to make the Feed Flow AI a core component of their user retention and virality strategy, to build those long term relationships.

Those who do it sooner, and in a transparent, trust-enabling way, are more likely to have more engaged, loyal customers, and eventually capture a bigger slice of the market.

–

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

Join our e27 Telegram group, FB community or like the e27 Facebook page

Image credit: Priscilla Du Preez on Unsplash

The post The social dilemma: How Feed Flow AI is shaping the future of app engagement appeared first on e27.

Global Sadaqah raises US$111K+ to help charity campaigns match with donors

The story: Global Sadaqah, a Malaysia-based fintech firm, has raised US$111,317 (MYR450,000) via an issuance on Shariah-compliant equity crowdfunding platform Ethis Malaysia.

Investors: Azmi Muslimin, Khaled Fouad, Awaiz Patni and some other undisclosed investors

What the funding will be used for: Product expansion and growth outside of Malaysia

About Global Sadaqah: Founded in 2018, GlobalSadaqah is a crowdfunding platform that matches charity campaigns to donors.

The company claims to have doubled its growth since 2019, with Malaysia and Singapore as the top 2 donor-countries on the platform.

The startup facilitates donations through 11 channels including e-wallet providers in Malaysia, bitcoin, and digital gold.

Also Read: Ecosystem Roundup: Filipino fintech Mynt nears unicorn status; EVs in Singapore: how much is just hype?

“It is more important now than ever to enhance the distribution, impact and especially the sustainability of large donors and corporate zakat. We seek to provide a one-stop service for Muslim-owned companies and business owners to distribute their social funds,” said Ifran Tarmizi, Global Sadaqah’s Country Manager for Malaysia.

GlobalSadaqa has recently partnered with Alliance Islamic Bank.

Binance invests in Furucombo to accelerate the decentralised finance ecosystem

The story: Blockchain company Binance has made an undisclosed investment in decentralized finance (DeFi) aggregator Furucombo. The details of the deal remain undisclosed.

More about the story: The strategic investment will further enhance the decentralized finance ecosystem by enabling easy DeFi loan and trading experiences, the company said.

“We see Furucombo as a game-changer for DeFi. The service makes it easy for the layperson to leverage DeFi composability to string together sophisticated transactions. In particular, the service lowers the barrier to use flash loans, one of the more unique innovations in DeFi but previously only accessible to developers,” said Teck Chia, Head of Binance X.

In the future, Furucombo aims to further collaborate with Binance X and the Binance Smart Chain.

About Furucombo: Furucombo is a tool built for users to rearrange or rewrite their DeFi strategy by simply dragging and dropping. For those who do not know what to do the platform also offers them with pre-built combos.

WildCats appoints new Global Head of Innovation

The story: WildCats, a US-based talent matching firm, has appointed former Carro COO Andy Choi as its new Global Head of Innovation.

More about the story: In his new role, Choi will be responsible for connecting corporations and budding entrepreneurs to further grow the company’s presence.

Prior to his new role, Choi led Carro’s growth in Southeast Asia and grew the platform’s wholesale business into a key revenue driver for the company. In addition to that, he also brings expertise from working in several large organisations like StarHub, Whispir and Great Eastern.

Also Read: In brief: Crypto startup Bonded raises US$2.25M; Vinasun lays off employees

“There are millions of bright, resilient and creative people all around us from mom-and-pop shops to factory workers, teenagers to taxi drivers. Wildcats unites established businesses with the dreamers and doers of the world in a shared vision of success, boosting equality, diversity and inclusion as well as corporate growth and competitiveness,” said Choi.

About Wildcats: Wildcats is an open innovation platform that connects organisations with people that they cannot typically reach as they may be limited by finances, location or education.

–

Image Credit: Global Sadaqah

 

 

 

The post In Brief: Global Sadaqah raises US$111K, Wildcats appoints ex Carro COO as Global Head of Innovation appeared first on e27.

With the ever-increasing internet penetration and usage disrupting all aspects of business across the world in the past decade, technology has slowly and steadily reshaped how we live. In the past year, however, this trend has been catapulted amidst the COVID-19 pandemic and subsequent lockdowns when even the sceptics were forced to embrace digitalisation in an almost overnight fashion for business continuity and survival.

With every aspect of business transforming, distribution channels are no exception. These events have significantly altered how services and products are delivered, affecting consumer expectations and behaviour, and impacting businesses all over the region and beyond.

According to a Bain and Facebook study, 47% of consumers decreased offline purchases with 30% increasing their online spending. For this study, the buying patterns of 8,600 digital consumers in six Southeast Asian countries were analysed for six months in 2020. The study also found that the region’s digital consumers are expected to spend more time at home even after restrictions are lifted. Consumers are increasingly buying essentials online, delaying splurge spending and favouring value for money and trusted brands. The study concluded that consumer goods companies are responding by swiftly increasing product availability and visibility online, targeting digital engagement across platforms and optimising pricing and value perception.

The role of insurance distribution in an increasingly digital world

While digital distribution was an emerging trend even before the pandemic, there is no doubt that global lockdowns have spurred this further. These developments have now opened up unique opportunities for key stakeholders to fortify their operations with digitalisation efforts and one of the best ways to achieve robust digital transformation in any given industry is through partnerships and collaborations as evidenced by several studies and reports. However, it is important to note that these new trends also expose businesses to unique risks in terms of security and protection. This is where insurance distribution becomes key.

Also read: Witness Malaysia’s newest digital solutions at the MYHackathon 2020 Finale & Showcase

McKinsey Partner Sumit Popli said in an interview, “there is a lot more data available, a lot more computing power available. This allows banks and insurers to really understand customers deeply by using analytics. And we know, in insurance, the best time to have the initial conversation is at life moments—childbirth, marriage, things like that. Banks and insurance companies can now find out, using data and analytics, which is the right time. There are a lot of attackers who also realise this shift and have started to go after this opportunity. They are going after the customers and they are getting a lot of traction, so banks and insurers need to change.”

The digitalisation of insurance distribution becomes even more pertinent with the shifting consumer expectations.

“Customer experience is becoming a key competitive weapon — and insurers need to make sure they keep up with customers’ expectations,” says Evangelos Avramakis, Head Digital Ecosystems R&D, Swiss Re Institute.

Tapping into a well-developed digital insurance ecosystem

This ongoing drive toward digitisation has put the insurance industry on the verge of a paradigm shift. Before the pandemic, companies that digitised were at the forefront but now, digitisation has permeated every level of the competitive landscape. It is no longer a mere choice but a necessity. The world’s growing reliance on digital technologies is redefining boundaries across industries and insurers need to hop into this phenomenon.

As traditional business models become obsolete and conventional borders fall apart, the future of insurance lies in collaborative ecosystems where different cogs of the digital world, such as IoT, AI, machine learning, fintech, and Big Data work together collaboratively. Hence, digital ecosystems are the way forward as we usher into an era without sectors. According to a McKinsey report, ecosystems will account for 30 per cent of global revenues by 2025.

Also read: Are cyber attacks more life-threatening than we think?

This benefits insurance seekers and providers alike. According to an Accenture study, 76% of insurers agree that their competitive advantage will be determined not by their organisation alone, but by the strength of the partners and ecosystem they choose. With digital partners that help fuel the insurtech industry enabling easy onboarding, quick deliveries, and smooth payment gateways while ensuring data security and integrity, providers will see unprecedented growth and customer acquisition. While on the other hand, customers get excellent experience, access to all relevant and important information at fingertips, plus personalised services such as promotions, discounts, and more.

To achieve this, the key thing is to effectively expand digital distribution channels. AXA, for example, has bought a stake in and secured a distribution agreement with simplesurance — software that integrates into online stores’ checkout process, allowing customers to buy product insurance with a click. However, simply placing their services in the right distribution channels won’t be enough for insurers. They need to focus on creating quality and relevant products.

Key things to consider for existing and aspiring ecosystem players

The rise of ecosystems is one of the greatest opportunities, but it comes with its set of challenges and risks. Not all industry players are equally suited to pursue this, and companies that dive in might not be able to capture all of the value at stake. Leading, at-scale insurers are somewhat better suited to evolve into orchestrators. However, this emerging trend does create an avenue for local as well as regional players to realign priorities and beat the competition in the process.

Also read: Why Taiwan Matters: local and international initiatives in Taiwan startup ecosystem

There are several important factors to consider before embarking on the path of becoming an ecosystem player. It not only requires technology investments but calls for a 360-degree view of the business operations across various dimensions to ensure that the investments align with the requirements. From talent to culture and target audience to strategies — everything needs to be carefully evaluated and strategised if needed. Other crucial aspects are partnerships and collaborations.

Building an insurtech ecosystem requires aligning with partners from outside the insurance industry, and stakeholders need to be ready to do that.

Deep diving into digital distribution and ecosystems

In line with these emerging trends in the insurtech industry, Insurtech Connect Asia is bringing an APAC-focused virtual summit “DIGITAL DISTRIBUTION & ECOSYSTEMS: VIRTUAL SUMMIT” on 25th February (1 pm to 4 pm SGT). From the distribution of micro-insurance to embracing technologies to support digital sales forces and the relevance of bancassurance today to insights on how to effectively expand ecosystem and distribution partnerships, the summit covers a wide range of relevant topics in the form of panel discussions and solo presentations involving industry leaders and key experts. 

If you are curious to learn more about digital ecosystems and platforms, and seeking to ride the insurtech digital distribution wave, register for the virtual summit here asia.insuretechconnect.com/summit

– –

This article is produced by the e27 team, sponsored by 
ITC Asia Summit

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post Why a robust digital insurance distribution system is the future in APAC appeared first on e27.