According to a McKinsey study, amidst the pandemic, there was a global increase in the use of various services like in-home online entertainment, food delivery and drive-through, pickup services, online meetings, remote education, online fitness, and telemedicine.

The study found that more than half of these services grew through increased use by existing users or adoption by new ones. These increases were 10% or more in almost all countries except Japan, where it was less than 10%. In fact, Japan’s rate of increase in digital was lower than the US, China, European countries, South Korea, and India. Interestingly, the research indicates that this result was not due to low consumer-side demand. Instead, it was due to the insufficient scaling and development of digital services by most Japanese companies.

Also read: Here are 10 more verified investors on e27 for you to connect with

However, businesses and authorities alike are starting to realise the need for stronger digital transformation in the country. “Digitalisation is key to spur Japan’s growth in the new normal”, the Japanese government said in a report released in November 2020. The report further states that the economy can return to a “self-sustained growth track” with investments in information technology, software, and human resources. This applies to all sectors and the restaurant industry is no exception.

As such, Tokyo-based GINKAN Inc. is helping future-proof the restaurant industry by leveraging the latest technologies, including big data, AI, and cryptocurrency.

Challenges faced by restaurants and diners in Japan

GINKAN founder and CEO Tomochika Kamiya feels passionately for Japan’s rich food culture. He embarked on the journey to launch this startup in December 2015 when he realised that digital marketing and ads were blocking good restaurants and devoting them to the exposure they deserve. He noticed that the key challenges faced by traditional restaurants include:

● No customer data: who are the customers, where are they coming from, who are the returning customers, how to get referrals — these questions go unanswered as traditional restaurants are unable to keep track or store data.
● Limited advertising resources: most traditional restaurants still depend on monthly fee-based advertising media which might not necessarily work in an increasingly online world.
● Lack of resources to invest in digitalisation.

These issues lead to limited exposure, a downfall in regular customers and thus, losses in business.

Also read: RESC: Promoting sustainability with an IoT battery platform for e-mobility and smart grid

When it comes to finding traditional restaurants that serve good food, customers also face a lot of challenges. Food lovers struggle because restaurant hunting can be time-consuming. Google searches offer lots of options but these are often filled with targeted ads and restaurants that have beefed up their websites with good SEO show up on the top. These might be top-ranking eateries but not necessarily good restaurants that serve great food. Plus, there is no personalisation and it is hard to find trustworthy recommendations.

To address these issues, in 2015, Kamiya along with the co-founder and CTO Hiroshi Mita created SynchroLife.

GINKAN’s SynchroLife is the matchmaker that every restaurant and food lover needs

GINKAN’s flagship service SynchroLife lets users uncover restaurants normally hidden by web search results and advertising. They do this by using artificial intelligence to make personalised suggestions tailored to each user’s likes and dislikes.

SynchroLife provides restaurants with visibility on a food-centric social media platform where they have to pay a flat marketing fee of just 5% to fill empty seats and they get access to a fully-automated CRM that automatically nurtures regular customers through rewards, vouchers, and promotions.

The platform also awards restaurant reviewers with cashback deals as well as its own cryptocurrency. In Japan, users who receive loyalty points — known as SynchroPoints — will be able to exchange them for SynchroCoin at a one-to-one rate. It is a win-win on both sides.

Also read: GAOGAO: Creating an ecosystem of CTO level talent, support and growth with industry experts and new businesses

In this journey, one of the main challenges faced by GINKAN was “educating” their partners and the users on cryptocurrency. While the common notion is that the awareness about cryptocurrency and its adoption is relatively higher in Japan, still many people don’t know much about it. GINKAN managed to impart their ethos to businesses by walking them through the legal framework of cryptocurrency in Japan and exhibiting the process through small scale tests first.

On the consumer side, they’ve tried to keep it simple focusing on the reward side of it- explaining how food lovers can leverage these points for gift cards. They don’t necessarily have to understand cryptocurrency to use the app, which makes it easier for users from different demographics to leverage the platform for their love of good food.

Braving through COVID-19 and future plans: Looking at Southeast Asian markets

Amidst the pandemic, GINKAN faced both positive and negative effects. During lockdowns, the revenues dropped at first. However, restaurants soon started looking at royalty points for business continuity and survival. This led to an uptake of sign-ups on SynchroLife as the platform also works for takeouts and deliveries.

Since the launch of their CRM service in July 2019, SynchroLife has onboarded over 850 restaurants. GINKAN’s services are currently focused in Japan with a user base concentration in major cities, including Tokyo, Osaka, Fukuoka, and Sapporo. Available in four languages, including English, Chinese, Korean, and Japanese and over 155 countries, SynchroLife features around 100,000 restaurants and 210,000 reviews today.

They hope to expand to Southeast Asian markets starting next year. With a rising middle class, high interest in food and dining out, increased digitisation in the restaurant industry, and young customers interested in personalisation and rewards, the Southeast Asian markets are very similar to Japan’s in many ways. 

“We believe we can solve problems for both diners and restaurants in Southeast Asian markets like we have done in Japan. We believe our strengths are proven business model in Japan, easy to use and earn rewards points, automated CRM for a set price, and the fact that we are a cross restaurant platform,” says founder and CEO Tomochika Kamiya.

Also read: User acquisition strategies to grow your app from Adjust and ironSource

In June 2020, GINKAN raised US$2.6 million in a series A funding round led by local VC firm MTG Ventures. They plan on a Series B fundraise by next year that they can dedicate to their regional expansion plans. Currently, they are also looking for business partners: restaurant owners, chains, and f&b outlets.

As the world’s first platform to tokenize restaurant reviews and provide rewards to quality reviewers, with SynchroLife, GINKAN aims to create a global social media platform where food reviewers can earn for their contributions instead of just working as volunteers. Learn more about them here: https://e27.co/startups/ginkan/

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

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Lim Kaling, who was the founding investor in Razer back in 2005, announced today he has decided to exit his investment in Virginia Tobacco Company in Myanmar.

He is selling his one-third stake in a joint venture that owns RMH Singapore, a tobacco company which in turn owns 49 per cent of Virginia Tobacco.

Virginia Tobacco is the market leader, which employs nearly 1,000 people and counts army-owned Myanmar Economic Holdings among its backers.

The development comes against the backdrop of the recent events in the Southeast Asian country.

In a press note, Kaling, who is a member of the Razer board, said: “I have been closely monitoring the situation in Myanmar and the recent events there cause me grave concern. I am therefore exploring options for the responsible disposal of this stake.”

Also Read: How the coup d’état would play out for Myanmar’s startup ecosystem

Lim shared the aim of the joint venture he started in 1993 with a friend was to address an economic opportunity in Myanmar as the country was opening up. He had hoped that through his venture, they would be able to help the country spur economic growth and create jobs to raise the standard of living.

“I wish the people of Myanmar a smooth, non-violent journey as they resolve differences in their society for a better future for all, and I hope for a time when I can be an investor in the country and its people once more,” he added.

Meanwhile, The Straits Times has reported that an online petition has been launched by Change.org calling for “Remove Lim Kaling from the Razer board unless he ends business w/ the Myanmar military now”, which had 851 signatures as of 9.24 am SGT on Tuesday.

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Image Credit: Unsplash

 

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East Ventures, an active early-stage VC firm based in Indonesia, has appointed Koh Wai Kit as its new Venture Partner.

Wai Kit brings with him a wealth of experience working in the senior leadership roles at several prominent VC firms.

Wai Kit was an early founding member of Pavilion Capital, where he spearheaded its investments in China, Japan, South Korea and Southeast Asia.

Also Read : Founders should be able to back up their ideas with sales: Golden Gate’s newly-appointed Principal Jeffrey Chua

He has also served in the investment, strategy and portfolio management functions at Temasek Holdings.

A graduate of the University Massachusetts Institute of Technology, Wai Kit was also a member of the Singapore Administrative Service where he was involved in public policy formulation and implementation.

“Wai Kit is a quick-witted thinker with a great deal of empathy, sharing the same core value we hold at East Ventures. We welcome him to our team and are looking forward to work together to grow the platform for all our stakeholders,” said Willson Cuaca, co-founder and Managing Partner at East Ventures.

Founded in 2009, East Ventures has supported more than 170 companies across Indonesia, Singapore, Japan, Malaysia, Thailand and Vietnam. It is also an early investor in Indonesian unicorns Tokopedia and Traveloka.

Other notable companies in East Ventures’s portfolio include Mercari, Ruangguru, Warung Pintar, Fore Coffee, Kudo (acquired by Grab), Loket (acquired by gojek), TechInAsia, Xendit, IDN Media, MokaPOS, ShopBack, CoHive, Koinworks, Waresix, and Sociolla.

In 2018, East Ventures set up a growth-stage fund, called EV Growth, to further support and capitalise on the development of their ecosystem. The US$250-million fund has since invested in more than 12 companies.

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Image Credit: East Ventures

 

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Philippine fintech startup Ayannah, which is backed by the likes of Wavemaker Partners, 500 Startups and Golden Gate Ventures, is seeking to raise Series B round of funding to fuel its future expansion into Vietnam and India, its founder and CEO Mikko Perez told e27.

Headquartered in Metro Manila, Ayannah aims to provide digital financial services to the middle-class in emerging markets — by partnering with financial companies to launch services on their behalf.

To date, the company has raised over US$9 million from two funding rounds — seed in 2013 and Series A in 2015.

“Apart from cash, there are three key attributes we are looking for in prospective investors: 1) domain knowledge/expertise in fintech, 2) business synergies through both global and local connections and 3) alignment in terms of business strategy, current and future valuation expectations, and exit strategy,” Perez said.

According to Fitch Ratings, there are 290 million unbanked population in Southeast Asia. This has created a financial divide as only 18 per cent of the region’s population has access to credit. Due to the lack of bank accounts and the relevant financial data that comes with it, the majority of middle-class and small and medium enterprises (SMEs) within the region do not have access to products and services offered by traditional financial institutions such as banks.

This has created an opportunity for alternative platforms such as Ayannah to step in and provide digital financial services for the unbanked population. The startup is driving the effort within the Philippines and has its sights set on expanding in the region.

Founded in 2010 by Perez, Ayannah has developed two products — Sendah Direct and Sendah Remit.

While Sendah Direct is a B2B2C SaaS platform that allows partners to provide remittance, payment, loans and insurance services to unbanked customers, the latter is a “bank-grade” SaaS platform that allows consumers and businesses to send and receive cash transfers in an interoperable network.

According to Perez, the company recently partnered with Philippine microfinancing institution CARD to launch digital lending services for its seven million members.

Open Banking

Besides providing digital financial services to companies, Ayannah also runs a data analytics credit-scoring platform (Kaya) that leverages the concept of Open Banking.

For the uninitiated, the idea of Open Banking revolves around banks securely sharing financial data with other financial companies to enable the latter to understand their customers better and offer more personalised products.

Previously, when consumer financial data was stored in silos, financial companies like P2P lending platforms had difficulty verifying a customer’s credit history, thus restricting access to any potential loans.

However, with Open Banking, this problem is solved as companies can leverage shared financial data to accurately verify their users’ credit history and extend loans to them.

Also Read: How startups can aid Southeast Asia’s Open Banking landscape

The Kaya Credit platform also helps partner financial institutions such as insurers and asset managers better understand their customers through the process of eKYC (electronic know your customer), enabling firms to offer more personalised products. Besides, it helps companies unlock access to a larger group of eligible customers, helping them increase sales more efficiently.

“We have revenue-sharing agreements based on transaction fees (either a percentage of the principal amount processed or a flat transaction fee),” shared Perez, a former investment banker at JP Morgan.

The bulk of Ayannah’s revenue stems from its remittance and payments services, although the company has noticed an increasing amount coming from from its lending and e-commerce platforms. “We are expecting more revenues to come from Insurance as a Service and Investing as a Service in the near future too,” he added.

Potential for growth

In documents shared with e27, Ayannah reported 8x growth in gross transaction volume (GTV) y-o-y for its domestic remittance and digital payments service. The company also noted it processed over 11 million transactions from 2.3 million users in 2020, bringing in over US$43 million in GTV.

While there is no generalised forecast for the Open Banking industry within Southeast Asia, the e-Conomy SEA report reveals that digital payments (including remittances) will grow from US$600 billion in 2019 to US$1.2 trillion in 2025, with digital lending increasing from US$23 billion in 2019 to US$92 billion in 2025.

“This growth in digital financial services is a combination of volume converting from legacy/offline financial services as well as the new volume that will be generated as the middle class and SME segment in SEA grows,” Perez opined as he shares Ayannah is looking to expand regionally to capture the lucrative opportunity.

Also Read: 2021: Predicting another bumper (un)predictable year for payments

The company has secured licensing by the Indonesian Monetary Authority (OJK) and has started providing lending as a service for local financial companies from November 2020.

Moving forward, Ayannah plans to venture into providing insurance and investment solutions targeting the local unbanked population of over 139 million.

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Image Credit: Ayannah

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Avion School, a Philippine edutech startup focusing on software development education, announced today it has secured funding from Y Combinator after being accepted into the global technology accelerator programme.

The edutech startup shared that being accepted into Y Combinator allows it to tap into a global network of companies hiring software engineers. Avion had previously raised a pre-seed round from angel investors, including Justin Mateen, Co-founder of Tinder.

Launched in 2020 by Victor Rivera (CEO) and John Young (COO), Avion is an online school that teaches Filipinos to become remote software engineers globally. Students can sign up for a 12-week course that teaches them the engineering stack and skills required by software developer roles.

The startup also provides career placement support to ensure students are able to secure jobs upon completion of the course.

Since launching last May, Avion has kicked off seven batches of students and partnered with over 80 companies globally, including Xendit, PayMongo and Pulley. Avion claims its graduates have gotten salaries at least 40 per cent higher than the market average, with some students seeing their salaries go up by as much as 5x.

Also Read: (Exclusive) Tinder co-founder invests in Avion School that helps ‘Filipinos become software engineers in 12 weeks‘

The Filipino startup shared the fundamental problem it is trying to solve stems from the after-effects of a traditional computer science degree. Students are forced to pay an increasing amount of tuition every year for education that does not prepare them for real-world skills that can help them land high-paying jobs. This forces them to shift over to alternative career paths outside of software development, which Avion claims pay more.

Avion claims its curriculum bridges updated engineering stacks required by startups with “traditional instructional design”. Besides, the school has an Income Share Agreement where the program’s participants do not need to pay the course fees until they are hired.

“The reality is that hiring engineers is difficult because not enough people are trained with the skills required to build tech products. This is a huge opportunity to solve considering there are 3.5 million people in Southeast Asia trained in technical software development skills,” noted Rivera.

“We believe in the potential of Filipino developers and want to showcase that to the world. Focusing on finding and upskilling the supply of talent in the Philippines is also ideal because we have a population of 100 million that are dominantly English speaking and a service-based economy. In essence, we’re building ‘Call Center 2.0’ but with software engineering talent,” he added.

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Image Credit: Avion School

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As Singapore aims to become a regional tech hub, the city-state is reportedly facing a severe talent crunch with more firms moving in. Japan’s dire talent shortage is also known to all and the boom in the startup ecosystem is only making it worse. Talent crunch is a challenge faced by startups not only in Singapore and Japan but all over the region and even globally. According to a 2019 Robert Walters study, in Southeast Asia alone, close to 70 per cent of hiring managers took at least three months to fill an open tech position.

As technologies advance and we move towards a more high-tech digital world, a new skill set is required every day. The job scene has never been more dynamic and we are all struggling to keep up. This affects businesses in that they are unable to take off with projects due to the sheer lack of the right kind of engineers they need. After all, when starting a new business, one of the first things that companies look for is a reliable team of well-trained professionals. However, for startups, it is not easy to find industry experts to run their teams and help them with projects.

Also read: RESC: Promoting sustainability with an IoT battery platform for e-mobility and smart grid

To address this global challenge, startup studios like Tokyo-based GaoGao are stepping up and creating platforms of experienced, well-trained professionals such as startup engineers that can help these businesses take off.

After working for over 10 years in the software industry as an engineer with reputed companies like IBM and LINE, Takuya Tejima decided to take the entrepreneurial route along with co-founder Kenichi Mizuhata. Mizuhata brings in over 11 years of experience in securities and financial services. Together, they established GAOGAO: a startup studio that matches startup engineers to innovators in Japan and across Southeast Asia. Today, with 48 studio members, 25 studio projects. and four startup investments, GaoGao has clients all over the world, including Singapore, Bangkok, Ho Chi Minh, Tokyo, and the USA.

Bringing in industry experts to help out new businesses take off

GaoGao is helping companies in Japan and across the region take off by basically building a platform of startup engineers for companies looking to start a new business or seeking to undergo digital transformation.

GaoGao is a community-driven ecosystem with coliving and coworking spaces in four different countries across the region. They regularly conduct tech events — both online and offline — to promote networking and partnerships within and across different sectors. To facilitate better collaborations and encourage interactions within key stakeholders, GaoGao has 24/7 online communication channels.

Studies have proven that the right training and good mentorship are key to business growth and scalability. With a knowledge-centric approach, GaoGao conducts internal training programs and team-building seminars. What further makes this startup studio unique is the fact that most of its members come with startup experience. From CTOs to CEOs and founders to investors, they have quite the talent pool when it comes to startup engineers.

Also read: User acquisition strategies to grow your app from Adjust and ironSource

GaoGao’s startup engineers offer end-to-end support to projects by getting involved right at the conceptualisation stage and sticking around till the execution stage. With a rich background in product development and accumulated assets, GaoGao’s engineers are able to deliver an operation-level quality product within three months starting from the specification development phase.

To provide maximum flexibility and support, especially to early-stage startups, GaoGao also offers equity-based payment options. Under this model, companies that do not have the cash but are in need of the studio’s resources can pay them in shares instead.

Ushering towards a digital tomorrow and enabling businesses to future-proof

GaoGao also helps companies in the journey of digital transformation. Led by senior engineers with extensive experiences in enterprise development, this is a dedicated team called GaoGao’s Dx Studio.

From the user hearing stage to implementation, their engineers stand by a startup and help them embrace digital solutions so they can be future-ready. They offer a wide range of services, including CRM development, as well as data infra construction and analysis. This not only helps digitise the operations but also enables companies to leverage data to offer better customer engagement, personalised services, and more.

GaoGao also offers AI and machine learning solutions to help startups drive business operations and improve value more efficiently. Additionally, GaoGao has a dedicated creative design team that offers a wide range of services and solutions, such as website designing, UI/UX and more.

Also read: How collaborations between these Facebook communities yield better impact

With this suite of expert solutions and services, GaoGao is aiming to help businesses not only in Japan but all over the region, realise their dream projects and take a step closer to the future. Startup founders and other stakeholders are already seeing a lot of value in what GaoGao has to offer and it is evident through their multiplying revenues. Their monthly sales value is expected to cross 200K USD in just two years of business.

Currently, they are looking at expanding into Singapore and seeking partners there. They are also planning to invest in startups starting this year. If you want to learn more about them, visit https://en.gaogao.asia

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

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.

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TechNode Global, a Singapore-based tech media startup with a focus on the Asian market, announced today it has raised US$1 million in seed funding led by Kairous Capital, a cross-border VC firm focusing on China and Southeast Asia with offices in Kuala Lumpur, Shanghai and Hong Kong.

Nutty Capital Venture (Hong Kong) and SPH Ventures, the early-stage VC arm of Singapore Press Holdings (parent of Straits Times and Business Times), also joined the round.

As per a press release, the fresh funds will go towards bankrolling the media platform’s expansion in Asia. The company also plans to cover more technology stories and build a “comprehensive cross-border business” across the region.

Launched in early 2019 by Gang Lu, TechNode Global is a spin-off from China-headquartered bilingual tech media platform TechNode. The company claims it is building a technology community platform that offers news, provides fundraising and deal flow support and facilitates corporate-startup partnerships.

The deepening cross-border commercial ties between China and the rest of Asia, especially with Southeast Asia, present a huge market opportunity as Chinese tech behemoths step up their expansion and investments in the region.

By spinning off from TechNode, TechNode Global can focus its industry and regional expertise into better serving the significant Asia Pacific Market.

The media firm said it has worked with notable corporations including Huawei and Alibaba Cloud. As part of its Asia expansion plans, TechNode Global will set up an office in Malaysia in the near future.

Also Read: China’s tech news platform TechNode closes pre-Series B to increase global outreach

“Asia is the next promising technology innovation centre and market. With the enormous experience and resources TechNode has in China, I believe we are at the right place, at the right time to carry out our purpose,” added Lu.

“Being a regional VC investing across China and Southeast Asia, we envisage integration and collaboration opportunities in the technology and business space within the region. TechNode Global being connected with the Asia Pacific technology ecosystem coupled with the recently signed RCEP, we are positive that they will be a key player as a regional innovation enabler,” opined shared Lee, Managing Partner at Kairous Capital.

“Despite the serious impact from COVID, we do see a big innovation opportunity trending into a number of new technology frontiers. We believe it’s good timing for TechNode to expand into new markets and participate in the fast-growing Southeast Asia tech playground,” said Gilbert Lam, Executive Director at Nutty Capital.

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Image Credit: TechNode Global

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Inspired by the Nespresso coffee machine, Jeremy Tan, a former management associate of Singtel and a foodie at heart, decided to build something similar –but for desserts.

He launched Advantir Innovations in his home country Singapore after he noticed a major problem in the conventional ice cream machines. Based on his observations, the existing traditional models were bulky, inefficient, expensive, and most importantly, limited in flavour options.

He attributes this to the fact that the ice-creams are created within the machine, which is why only a few businesses with high traffic could afford to buy it.

“One has to spend a five-sum-figure to buy a desert machine that is only able to create soft serves with limited flavours. That, to me, did not make sense,” he expresses.

Like most innovators, Tan saw an opportunity to build a much sleeker, efficient, and cost-efficient version of the machine.

So instead of manufacturing the ice-cream within the machine, he decided to partner with ice cream manufacturers so that it would be much cheaper to produce more flavours.

He built something similar to a Nespresso machine that would allow people to create a wide variety of dessert experiences for themselves out of a simple capsule. After spending about two years since its inception in ideation, prototyping, and road mapping, Tan finally commercialised his product in 2020. It now has several patents pending in seven markets.

Also Read:  Today’s top tech news: Singapore takes step to stop bike-sharing litter, Go-Jek prepares to IPO

How it works

Advantir Innovation’s flagship product is Swirl Go, an ice cream-making capsule that makes sure that consumers get their favourite flavour dispensed at its finest quality.

The way that it works is that consumers pick their ice cream flavours out of a wide variety of options (also known as Swirl pods) and insert it into the machine. The machine then churns it out at its optimal consistency. Once this process is done, the user then presses a button on the touchscreen and the ice cream is dispensed into a cup or a cone for the customer to enjoy.

According to Tan, there are plenty of algorithms in place to ensure that the particular flavour of the specific brand is dispensed at its best consistency. This means that different flavours have different blends and mixes.

“The whole process takes less than a minute, so it’s actually really simple for them to serve themselves. There’s no cleaning or washing that happens between the dispense because there’s no food contact with the machine. So that’s a key element of how our design approach works,” he says.

Currently, the capsules are selling at two rates. The company implements a rent-to-purchase model (which is similar to leasing) at US$195 per month whereas the loan-with-purchase is sold at US$262, according to the website.

Market opportunity

As of now, the startup has completed trial deployments with offices, hotels and restaurants and claims to have generated a considerable amount of interest from overseas clients.

Also Read: Advantir raises seven-figure; seed funding to expand soft-serve dessert offerings

“We’ve seen interest from the Middle East and East Asia with the goal to create a wide variety of premium desserts with very low manpower. We have quite a few businesses that have reached out to us to indicate their interest, so that’s something really exciting for us now,” Tan explains.

Tan believes that Swirl Go will definitely be attractive to not only cafes and restaurants, but also to offices and co-working spaces.

Future plans

While the machines are currently offered only to B2B consumers, Tan plans to offer a “miniaturised” version of the machines to the general mass, in addition to producing machines for businesses. This machine is scheduled to launch by the end of 2021.

In an interview with TechInAsia, he mentioned that his goal is to make the capsules much more environmentally-friendly by using less plastic and making recyclable capsules.

The company has also disclosed plans of possibly expanding its reach to a wider number of desserts such as pastries and waffles.

Advantir is incubated by NUS Enterprise, the entrepreneurial arm of the National University of Singapore, and has raised grants from the Founders Grant, the government of Singapore, and the US.

Last month, the startup raised an undisclosed seven-figure USD in seed funding. Raging Bull Investments led the round along with participation from she1K Global, Expara Asia Ventures, Azerus, and other angels.

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Image Credit: Jeremy Tan

 

 

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Days ago, Tesla listed 11 new job positions for the Singapore market on its website, giving strong hints about its impending foray into the country and sending the island’s electric vehicles (EV) enthusiasts into jubilation.

The development also brought cheers to those who already own a petrol/diesel cars in the country, as they can now look to switch to a more economical option — when Tesla starts commercial production.

At present, there are only about 1,000 electric cars on Singapore’s roads, meaning the adoption of EVs is very slow, which is attributable to inadequate infrastructure — all across the island, there are only 1,800 charging points.

Is this enough for the mass adoption of EVs?

“Singapore’s present infrastructure is not enough for the mass adoption of EVs,” opined Goh Hak Wei, Director and co-founder of LiRON LIB Power, which is focussed on the design, R&D and manufacturing of rechargeable Lithium-Ion batteries. “We can see that there is a growing number of EV charging stations — for example, at certain shopping malls, condo and car parks — but these are not enough.”

Also Read: Grab, Hyundai launches their first electric vehicle service in Indonesia

Kelvin Tay couldn’t agree more. He is, however, confident that Singapore’s plan to set up 28,000 electric charging stations by 2030 could be a game-changer.

“On October 14, Minister Ong Ye Kung had stated in Parliament that the Land Transport Authority (LTA) was reviewing the current plan with other agencies, including incorporating the significant effort of commercial entities to build up the EV charging infrastructure, with a view to bringing down the EV per charging point ratio,” added Tay, MD and Future Mobility and Advisor to CEO at Goldbell Corporation, which recently acquired electric car-sharing startup BlueSG.

“We foresee the industry picking up within the next three to five years and growing rapidly from the fifth to the tenth year when plans such as the installation of charging infrastructure in HDB and URA car parks start to bear fruit,” he noted.

In Singapore, the supply of EVs is not an issue, as many major automakers are launching a large variety of battery EVs over the next few years. “Once the “range anxiety” or “charging anxiety” issues are taken away with a combination of opportunistic fast charging and slow charging at home or at your workplace, the barriers to entry for owning an electric vehicle will go away,” he said.

Singapore in a unique position

When it comes to the EV industry, Singapore actually sits in a very unique position — while the market is too small, it greatly benefits from being a small country.

“One of the major drawbacks of EVs is the relatively short-range and the scarcity of charging points,” said Tong Hsien-Hui, Executive Director, Venture Investing at SGInnovate.

This, however, is relative. Given that the average range of a fully charged EV is about 250km, the average driver in Singapore can drive for more than four days (based on a national average of 55 km per day) between charging.

Although there are only around 1,000 electric cars on the roads today, there is a strong push to increase this number to around 200,000 by 2030.

In his perspective, the real reason for the slow adoption of EVs has to do more with the cost, lack of awareness and education on the benefits of EVs, as well as the physical constraints which limit usage to within Singapore only.

Also Read: BlueSG: Is electric car sharing really cheaper than other alternatives like Grab and Uber?

“For example, before COVID-19, many Singaporean drivers liked to drive across borders to Malaysia, an activity that would not be possible with an EV, given the lack of charging points and greater distances in Malaysia,” Hsien-Hui reasoned.

The mindset needs a change

Having to break habits and mindsets are amongst the biggest inhibitors to technology adoption.

China, which is the market leader in EVs, managed to overcome such barriers through national policies, subsidies, infrastructure investment and disincentives. Countries that want to make this push towards EVs will have to adopt similar approaches, although it is easier said than done.

“The biggest mindset barrier is the fear of not having a charging station available when the car runs out of power. This can be alleviated by installing more charging stations and greater education about the reliability of the battery packs. In my opinion, Singaporeans are pragmatic people. If an EV is cost-effective, looks attractive and comes with many cool features, then getting them on board the EV bandwagon will not be too difficult, as long as the infrastructure to support it is available,” noted Hsien-Hui of SGInnovate.

Echoing a similar view, LiRON’s Hak Wei said he believes people are more open to exploring EVs, but it will definitely have to go hand-in-hand with the costs, policies and infrastructure. “We as consumers will definitely look at the costs and also the convenience (e.g., infrastructure and charging station) and other aspects like safety, reliability and practicality. As a new battery company based in Singapore, we see interest growing, not just from EV companies but e-mobility companies as a whole.”

There is a mindset change needed for a driver used to driving a petrol/diesel-powered car to switch to an EV, according to Tay. While it was possible to drive until the tank is almost empty and then find a petrol station to top it up to full tank within five minutes, this is not a sustainable way to use an EV.

The ideal way to use an EV is to charge only ‘when needed’. In a country like Singapore, there is no need to bring the EV battery to full charge all the time if you’re travelling an average of 50km per day (currently around 20-25 per cent of full range for the EVs in the market). If every user is trying to bring the vehicle to fully charge all the time, it would not be possible to maximise the use of charging infrastructure.

“A shift in behaviour is needed to prevent ‘hogging’ of charging stations. If your vehicle is already at full charge, and it is still plugged into the charging station, you are depriving someone else of the opportunity to charge. It would take time for people to get used to EVs but I believe that the mindset/behaviour change will happen eventually,” Tay elucidated.

Hybrid is the way forward

LiRON’s Hak Wei feels that while the government is doing a lot for the industry, it can do more to promote EVs. However, given the limited infrastructure and space, it will be challenging as well as costly.

“I believe looking at ‘hybrid EV’ will be one way that we can move from the internal combustion engine (ICE) vehicle to fully EV. ‘Hybrid’ without the need for a charging station will help consumers get used to electric without worrying about infrastructure. I guess the government can start from the hybrid models first (which we can see more on the road these days) before transiting into full EV down the road,” he said.

SGInnovate’s Hsien-Hui also believes ‘hybrid’ is the way forward for the time being. “What the government is to perhaps focus on education as the concerns — real or imagined — remain the key barrier to decision making by individuals. Perhaps a push towards hybrid cars might be a good intermediate stage, rather than pushing for Singaporeans to make a direct jump from an ICE to EV,” he commented.

Taking a different view, Goldbell’s Tay said: “The key in Singapore is that more than 80 per cent of the population lives in housing development board (HDB) flats. So, as long as we can increase the number of charging stations in HDB car parks, a large part of the battle is won.”

Also Read: Goldbell acquires BlueSG, to invest US$52.3M in the e-car sharing firm over the next 5 years

“What I would hope to see is some form of regulation which mandates that all private condominiums need to have a certain percentage of electric charging stations because of one major barrier: even if 10 residents in a large condo project want to buy an electric vehicle, it would be impossible for them to do so if the Management Corporation Strata Title (MCST) does not approve the installation of these stations,” he said.

Can Singapore catch up with China in EV adoption?

According to Kuo-Yi Lim, Co-founder and Managing Partner at Monk’s Hill Ventures, it will be hard for Singapore to catch up with China.

“I think EV adoption is harder in Singapore given we currently do not have the market size compared to China and other markets who are adopting EVs at a more significant size. At the same time, we believe that EV adoption is increasingly important for a more sustainable future. Climate change and clean energy are global concerns, and we should all be a part of it,” added Lim.

Monk’s Hill is an investor in smart electric motorbike company ION Mobility.

Climate change is a global concern and every developed country is taking steps to fight this menace. For Singapore or any other country for that matter, recognising the importance of EVs and their role in a more sustainable future is important. For the island nation to move closer towards carbon neutrality, collaboration among government agencies, the community and investors will be needed.

It is heartening to see Singapore leading the way, which will hopefully inspire other South and Southeast Asian countries to give more importance to clean energy initiatives.

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Photo by Björn Van der Auwera on Unsplash

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LongHash Ventures, an Enterprise Singapore-backed accelerator and investor focusing on early-stage blockchain startups, has launched a US$15 million fund, says a TechInAsia report.

The new fund will focus on investing in startups leveraging Web 3.0 infrastructure components and decentralised finance (DeFi).

DeFi refers to an ecosystem of financial applications that are built on top of blockchain networks.

Founded in 2018 and based in Singapore, LongHash Ventures seeks to build the native Web 3.0 blockchain economy through a global network across the Republic, Shanghai and Hong Kong. The company also runs a 12-week accelerator programme, which has accelerated over 30 companies and its portfolio companies have raised a combined US$25 million.

Also Read: Blockchain accelerator LongHash Ventures unveils 7 startups in its fourth cohort

Companies within its portfolio include Pravica, an emails and communications software which provides privacy and security through blockchain; ViewBase, a blockchain analytics platform for cryptocurrency traders; and Xanpool, an automated P2P crypto to fiat platform.

Besides Enterprise Singapore, LongHash Ventures is also supported by Fenbushi Capital and HashKey Capital.

“Blockchain is one of the most disruptive technologies in our generation and will have a far-reaching impact across all key verticals, with the financial industry reaping the most immediate benefits,” said Emma Cui, Co-founder and CEO at LongHash Ventures.

According to a report research firm Markets and Markets, the global blockchain market is expected to grow at an annual compounded growth rate of 67.3 per cent to hit north of US$39.7 billion in 2025.

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Image Credit: LongHash Ventures

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