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Hybrid work is the way to go for Malaysia, and this is how leaders can get the most of it

Flexible remote work is the way forward, as 77 per cent of Malaysian employees want it to stay, according to Microsoft’s annual Work Trend Index.

In my daily work, I have gleaned some valuable insights from speaking to leaders, mid-managers, and career leaders to keep a realistic pulse. With that said, I think a hybrid work model is the best that Malaysia can hope for, not remote. 

Many are not ready

The hybrid work model is not a realistic model for everyone. It is indeed not a silver bullet. Manufacturing, engineering, and other site-based roles will likely not benefit from hybrid work.

However, my conversations reveal certain roles such as administrative/office staff or knowledge workers can adopt a hybrid model, despite operating in manufacturing, construction or similar sectors.

I remind the leaders I come into contact with to always think about applying a flexible work model in small groups, not the whole company. The distinction between hybrid and remote is also important: 

In hybrid-remote organisations, a portion of the workforce is fully remote and another portion works in the office. That allows the office to cater for a small number of employees who need to go in.

Also Read: From our community: About being a startup mentor, hybrid work models, emerging tech hub in SEA and more

Going 100 per cent remote means having no office space, with all staff working from home all the time. For some variety, companies typically try to interact frequently as a way to stay close virtually, with some making sure to have in-person meetups each year in company-wide off-sites. 

This, in particular, is a mode of work that I think most Malaysian companies are not ready for. 

A forced, but necessary transition

But since remote and hybrid work is here to stay, Malaysian companies should make the most of it as soon as possible because it could mean a more resilient and productive workforce. 

The word resilience also gets thrown around often, and it means clarity of purpose, stronger connections, and a can-do attitude at all levels of a company, which helps mould it to be pandemic-proof. 

To add to the issue, those already practising remote work are struggling, especially those at the bottom, and helping them is key to a successful transition. The same study from Microsoft shows that business leaders are faring better than their employees:

Every group outside business leaders, including Gen Z and new employees, say they are surviving or struggling

To me, this only highlights how important it is for businesses to implement remote work successfully. An example of a successful remote work culture might show why that is, but it takes a lot of effort.

One success story

One client of ours was just such an exception. SalesCandy went 100 per cent remote at the start of COVID, with them giving up the rental of their office. They used to have a 25-30pax space in one of Kuala Lumpur’s prime locations, Q Sentral. Today, they all work from home, all the time.

They managed it for these reasons, I’ve observed:

  • A younger workforce. As a young company, their C-levels are in their early 40s/late 30s. But the staff themselves are in their mid-twenties to early thirties. Being young has helped with:
  • Early adoption. It clearly has played a role. Before COVID, their employees had a choice of working remotely. 
  • Going all-in. But when COVID did strike, they saw the obvious benefits and went all-in, dispensing with the rented office. After that, going forward was the only way.
  • Clear directives. In the time they transitioned, clear communications and drive from the C-level team to all staff members led to less resistance in the new work model.
  • SaaS. They had their suites of software to facilitate video calls, chat, document sharing. But more importantly, they had:
  • Over-communication. They embraced remote work and its shortcomings. The foundation of it is simply communicating often and making up for the lack of physical intimacy, which could have led to isolation and low motivation.

Also Read: The hybrid work model will outlast the pandemic. But will one model fit all?

Think of the above as a checklist – not all are necessary or achievable. For example, practically no one could have predicted that selling an office space pre-COVID-19 was a viable move. Although, I would like to single out one aspect of SalesCandy’s practices that stood out to me:

Onboarding

Day one issues can be even more pronounced when done remotely. So much is lost in translation just being physically distant. When onboarding, for example, not interacting physically means a loss of knowledge transferred.

Done well, it can result in over 80 per cent better retention, and 70 per cent increased productivity, according to Glassdoor’s research.

Find ways to accommodate a new hire’s preferred working style. A simple way that surprised me was the strategy they used. It is as simple as a document that goes:

“How would you like to work? How can I reach you? When can I reach you? Do you prefer to text or rather take a phone call? Are you a visual thinker/need visuals more?”

These are small but important questions that can start a working relationship on the right foot. For more, their CTO spoke on the topic in our recent webinar. Similarly, how do you break the ice with a colleague you don’t see for months at a time?

Get everyone on a call, new hires to introduce themselves.  For example, mandate video calls. The newer the hire, the more often these calls should happen – daily if needed.

Reinforce and focus on the culture you want to develop

Workplace culture is present in any company, whether you notice it or not. To improve or understand it, discuss it often with leadership, managers, and employees. If you feel your current culture is fine as it is, try to reinforce it.

Also Read: Does remote working really work?

Request that each team member establish certain norms that would ensure successful remote work on their part. Do also treat colleagues as individuals with their preferred methods of remote work. We’ve put together a short guide on how to meet their needs here. 

  • Trust your employees

A lack of trust in employees is usually felt by them, which can lead to them feeling unmotivated and consequently becoming less productive. There are alternatives to that. 

Instead, try other ways for your teams to share work schedules and stay in touch with their progress – tools like Jandi, Trello, or Microsoft Teams, which allow groups to effectively interact, cutting down on “meetings that could have been emails.” Through these tools, managers are still kept aware of employees’ day-to-day tasks, which can reinforce trust.

  • Managing without micromanaging

We can agree that the number of mouse clicks does not equal productivity. Detractors say workers are not productive when remote, but I say that whether employees slack off during remote work can’t be proved or disproved.

This applies especially to knowledge workers, who will instead benefit greatly from tracking objectives and key results (OKRs) and key performance indicators (KPIs) and judge their achievements from there. These checkups could be daily/weekly.

Measuring keystrokes and time is not the recipe for success. Do high-value work, and instead be focused on the output. 

  • Keeping emotional connectivity 

In my opinion, there is no replacement for an old 1-on-1 with a manager, where you might start team meetings with compliments to an individual over their achievements since you last spoke. Paying attention to a person’s wellbeing in and out of the office is very underrated in my opinion.

To put it simply, a happy and engaged workforce is more often a productive one. And in such times, keeping employees happy and engaged is tricky but ultimately possible.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

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Image Credit: Yasmina H on Unsplash

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Diego Rojas of Finantier on growth plans, Y Combinator, and identifying future market demands

After raising fresh funding yesterday, Finantier seems to be on track in its mission to provide financial inclusion to users from emerging markets with its open-finance solution.

Launched in 2020, Finantier provides the infrastructure and data products for businesses to build the next generation of financial services.

“By enabling individuals and businesses to aggregate and leverage their digital footprint, we are helping them to access financial services that were beyond their reach in the past. In this way, they can be financially better off to provide for their families and support their businesses,” explains Diego Rojas, co-founder of Finantier.

In this interview with e27, Rojas discusses Finantier’s growth story, future plans, and its experience in the well-acclaimed Y Combinator accelerator.

What motivated you to build Finantier?

As a software engineer and CTO, I was personally involved in building products in the US, China, SEA in P2P lending, alternative financing, payments, etc. My co-founders Keng and Edwin also have a wealth of experience working within the fintech ecosystem, and we wanted to continue in it.

Fintech is a vertical where you can make a really big positive impact and can actually see the outcomes of how your products can change people’s lives for the better.

We built Finantier to be able to cater to a wide range of fintech sectors, by providing them with the infrastructure (through APIs) to access the data they need.

When we started, we were looking at the Open Banking space because we knew that it was hard to access and work with financial data. However, soon afterward we decided to focus on Open Finance because we didn’t want to leave anyone behind.

Building an Open Finance platform meant that we could help those with bank accounts and also those who are unbanked.

Also Read: Finantier secures funding from Y Combinator for its Open Finance platform

While building the company how did you put together the early resources such as capital and people?

We got our pre-seed funding from East Ventures and AC Ventures very early in our journey so we not only had capital but also strong support within Indonesia to keep building the platform and make a few initial key hires, particularly for the tech team.

Things moved really fast from there. We got the opportunity to join Y Combinator for the W21 (Winter 2021) batch and began working with banks, clients, and partners earlier this year to continue building the platform. We also engaged regulators from day one and are actively working with them in order to comply and propose solid guidelines in sync with a global trend around Open Finance and Open Data.

How do you plan to use the new funding from this round?

With the funding, we are planning to double the team by the end of this year and expand to other countries, especially the Philippines. Thailand and Vietnam.

How has being a part of the Y Combinator cohort shaped you in your entrepreneurial journey? 

The whole journey has been great, we have received the opportunity to work with founders of amazing tech companies such as AirBnb, Stripe, DoorDash, who have come to share their expertise and give talks. But they are also people to who we can actively reach out.

Other than that the level of exposure is also incredible because on demo day we have more than 5000 investors attending. Its a great experience overall and you can’t really compare it to any other programme.

What do you consider Finantier’s most significant milestone so far?

This might sound really cheesy but building the team and setting the corporate culture has been our most significant milestone.

Sometimes it is easy for a company to overlook company culture in its early stages but it’s actually really important from the beginning to transmit these values.

But if done right and the culture is properly set, other things will naturally flow.

How do you plan to stay ahead of the curve when it comes to identifying future market demands and increasing your product offerings?

In YC we were taught to make something that people want, and sometimes they would simply ask are you making something that people want or not? But that makes you think and reflect right?

And for us, it’s not simply about offering only data or credit scoring and payments. Those are only the initial blocks of something bigger.

When it comes to actually engaging clients and partners, we need to really talk to them to understand the pain points, and to deliver to solve those pain points.

Also Read: Finantier secures funding from Y Combinator for its Open Finance platform

However, in different markets, there are different needs. But in the way that we approach this is we consolidate a set of common pain points for a segment and adjust our products to serve this demand.

But sometimes companies come to us with new use cases. And those new use cases represent opportunities to us.

Our motto is also to build something that people want and this is something we take seriously in the company when we go out to new markets.

What are some financial struggles faced by people in Southeast Asia? Could you share some insights that are unique to Indonesia?

Countries in SEA face similar challenges when it comes to financial inclusion, however, some are ahead of others in terms of infrastructure, readiness, regulation, and maturity of the fintech market.

Also Read: The evolution from open banking to open finance

Indonesia is a massive market with high internet and mobile penetration, which allows innovation to flourish but also brings a new set of challenges. Indonesia is already working on an innovative framework: BI FAST that is going to change how financial services and payments will be provided.

I believe everyone acknowledges that the next five years are going to be really exciting in this space and soon other countries will follow suit.

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Image Credit: Finantier

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Ecosystem Roundup: Grab’s delayed listing and SEA’s SPAC euphoria

Qoo10 CEO Ku Young Bae

Qoo10 CEO Ku Young Bae

Qoo10 was once the top e-commerce player in Singapore, but where does it stand in today’s race?; Back in its heyday, the site used to consistently nab the top spot as the e-commerce platform that received the most website traffic; However, according to iPrice, it was later dethroned by Lazada at the end of June 2019.

Grab delays listing, will SPACs lose their sizzle in SEA?; The company says audit issues were the key drag with e-wallet OVO being the centrepiece of this accounting quagmire; Experts warn that if the downsizing of US SPACs continues to persist, many more SEA tech cos will find themselves snapped up by US bourses.

Carro becomes unicorn following US$360M Series C raise led by SoftBank Vision Fundn2, plans to go public in 18-24 months; The firm plans to use the capital to expand its retail offering across Indonesia, Thailand, Malaysia, and Singapore; Carro claims to have closed its financial year ending March 2021 with over a 2.5x growth in revenue; Its group of companies include Genie, myTukar, and Jualo.

Grab delays listing, will SPACs lose their sizzle in SEA?; The company says audit issues were the key drag with e-wallet OVO being the centrepiece of this accounting quagmire; Experts warn that if the downsizing of US SPACs continues to persist, many more SEA tech firms will find themselves snapped up by US bourses.

Bukalapak seeks to raise up to US$800M in IPO; A DealStreetAsia report says, citing sources, that 4th largest e-commerce firm in Indonesia is aiming to sell 10-15% stake and wants a valuation of US$4-5B; The 11-year-old firm has a plethora of big-name investors backing it, including Microsoft, GIC, and Emtek.

Venturi Partners makes US$100M first close of India, SEA-focused fund; The fund has a targeted size of US$150M; It will focus on investments across the consumer space in FMCG, education, and healthcare; It intends to make only 7-8 investments, with a ticket size in the range of US$15-40M.

Asia-focused SPAC Nova Vision Acquisition files for US$50M Nasdaq listing; The SPAC intends to direct part of its efforts in Asia and focus on opportunities in proptech, fintech, consumer tech, and supply chain management; Global SPACs raised as much as US$24.26B in Jan 2021 alone.

SEA-focused early-stage fund Investible hits first close of US$39M second fund; It has increased the percentage of funding available to international businesses (based outside of Australia) from 20% to 30%; Investible’s naugural US$17.4M fund has made 36+ investments; The list included Mosaic Solutions and Eden Farm.

Turochas Fuad’s BNPL startup Pace receives debt financing from Genesis Alternative; Pace claims to have registered a 1,300% growth in user base and 200% growth in merchant partners since launching in January; Pace also inked an regional partnership with luxury goods and retail specialist Valiram.

Vertex Ventures, zVentures invest in SEA-focused crypto exchange Coinomo; Coinomo aims to be the gateway for SEA’s new and mainstream adopters to the world of crypto; This development comes just a month after Coinomo acquired Taiwanese crypto wallet Dapp pocket and yield aggregator Cappuu.

WaveScan raises funding to develop inspection and maintenance scanners for drones; Investors include Silicon Solution Ventures (lead), SEEDS Capital, Koji Ventures, she1K global, and KK39 Ventures; WaveScan’s scanners utilise EM-based microwave and millimetre waves that could penetrate a variety of structural materials, including wood and concrete.

Finantier raises 7-figure USD to take its open finance solution to Philippines, Vietnam, Thailand; Investors include Global Founders Capital, East Ventures, AC Ventures, Y Combinator, Genesia Ventures, and Two Culture Capital; As of now, the company works with over 150 companies, giving clients access to a comprehensive range of datasets.

Is SEA set to emerge as a hub for publicly traded tech giants?; Both Grab and Traveloka are primed to dive into the public domain, essentially kickstarting the long-overlooked internet scene in the region; Investor appetites for the region’s tech companies are poised to grow exponentially; The region’s internet economy is continuously growing, and by 2025, it is expected that it will nearly triple its value to US$300B.

Diego Rojas of Finantier on growth plans, Y Combinator, and identifying future market demands; Indonesia is a massive market with high internet and mobile penetration, which allows innovation to flourish but also brings a new set of challenges; The archipelago is already working on an innovative framework, he says.

RPG Commerce nets Series A to build D2C e-commerce brands globally; Lead investors are Vertex and Joseph Phua; The firm has also appointed ex-Uber GM Warren Tseng as new COO; RPG Commerce has launched 10+ brands globally in different categories such as men’s fashion, home and living, and fashion accessories.

Aevice Health bags US$2M for its wearable smart stethoscope, expands to Japan; Investors are Toho (Japan), Pureland Group Venture, Silicon Solutions Partners, AIP Ventures, and SEEDS Capital; Aevice develops non-invasive wearable devices that enable early detection of cardiopulmonary abnormalities remotely and in real-time.

pitchIN secures US$1.3M in funding via own ECF platform, in talks to raise US$1.2M more; 322 investors participated, including Aimflex co-founder Chan Kok San and Shellys Marketing MD Simpson Wong Kean Hin; It plans to open a secondary market for its extended credit facility platform later this year; To date, pitchIN claims to have funded 112 deals.

Image Credit: Qoo10

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BoomGrow has converted old containers to ‘machine farms’ to grow pesticide-free vegetables in Malaysia

Jay Desan spent 20 years doing sustainability advisory for various organisations, including fortune 500 companies. In those years, Desan saw first-hand how broken the food system around the world was.

“Although we talk about progress in terms of food sustainability and we feel like we live sustainably, in reality, we don’t,” Desan, a PhD from Queens Mary, University of London, told e27. “We don’t know what kind of food we eat, where it comes from, or whether it contains harmful chemicals because we can’t see the supply chain.”

It was time to make a change and provide people with clean and fresh food, she thought to herself.

Also Read: Why agritech startups will call for the next e-commerce revolution

“My husband Murali Krishnamurthy and I looked for clean produce for our kids but realised that it was so expensive and that fresh produce was almost unattainable in Kuala Lumpur,” shared Desan. “While we saw a lot of imported produce, we had a hard time getting affordable, clean and fresh produce locally. So he and I founded BoomGrow with our close friend Shan Palani.”

Established in 2015, Kuala Lumpur-headquartered BoomGrow is an indoor farming company operating in the vertical farming and precision farming space.

It grows fresh, clean, hyperlocal produce such as butterhead, romaine, kale, Swiss chard, basil, and mint. These are otherwise imported from cold countries.

“We grow the produce all through the year in high-tech indoor spaces called ‘machine farms’. We grow without soil or harmful chemicals with a mineral nutrient solution which the plants soak up through their root systems,” Desan explained.

The machine farms

The machine farms are repurposed shipping containers (see the pic), which are about 320 square feet in size. Their yield, according to Desan, is equivalent to a one-acre external farm, as these containers can grow items vertically stacked.

The entire operations are on-site in a complete cleanroom setup — from seed transplant to harvesting and packing. Through its automated systems, it ensures that temperature, humidity and light levels are exactly the right balance.

(L-R) BoomGrow co-founders Murali Desan, Jay Desan and Shan Palani

(L-R) BoomGrow co-founders Murali Krishnamurthy, Jay Desan, and Shan Palani

BoomGrow operates on both a B2C and B2B models.

Subscription model

Users can order products directly from the farms. They can alternatively go for BoomGrow’s subscription plans. This way, fresh produce will be delivered at the consumers’ doorsteps once every two weeks or once a month.

Also Read: Fertile ground for partnership: How agritech boom in SEA holds a promise for Latin America

Consumers can visit BoomGrow’s site, place their orders, and then BoomGrow delivers the produce from the farm that’s closest to them.

“This has been popular, especially during the pandemic as people didn’t want to leave their houses unnecessarily. The pandemic also made consumers more conscious about their health and the importance of consuming fresh and chemical-free produce,” she remarked.

Desan further stated that the hyperlocal aspect of the business is very important for the company and therefore, it only supplies the produce to customers living nearby.

The farms are located in Kuala Lumpur and Langkawi, and the agritech firm is currently building a large in-premises farm in Klang Valley.

As for the B2B side of the business, BoomGrow caters to hotels and restaurants. It has several B2B clients in Kuala Lumpur and Langkawi.

In Southeast Asia, people are increasingly aware of the importance of organic products and their health benefits. And entrepreneurs are jumping on this opportunity. As a result, the region saw the mushrooming of many online and offline organic produce producers.

Malaysia is also realising the benefits of pesticides-free products.

“Most people living in an urbanised, industrialised society believe that food needs to come from really far away. Many of the items we consume daily, such as leafy vegetables, take at least three to four days to arrive,” she mentioned.

But if you start reimagining, she went on, you can ask yourself why that needs to happen, and why can’t the farm be in the city? So that pushes that question of how we can ensure hyperlocal food production, and that’s the opportunity here.

Also Read: Need of the hour: How agritech platforms can protect farmers from climate change

“When food production is situated very far away, we need to then use preservatives to ensure they survive shipment. So these are the things that we want to shift in terms of fresh, clean, nutritious greens in the community, in addition to cutting the carbon miles- food miles is something we’re very passionate about,” she elaborated.

Currently, BoomGrow is focused only on the Malaysian market, although it is seeing demand coming from other parts of the region.

Funding and grants

In terms of funding, the agritech company has so far received over RM1 million (US$240,000) from SME Corp, PlaTCOM Ventures as well as MDEC.

It also benefitted from being part of MaGIC’s Global Accelerator Programme.

These grants enabled the company to take a deep dive into its research and commercialise its prototype Machine Farm.

In January 2021, BoomGrow closed an angel funding round.

“We are now planning to raise our Series A funding within this year to set up more machine farms throughout Malaysia and beyond. We will be looking to drive further innovation in our product offering as well as make some key hires,” Desan concluded.

Image Credit: BoomGrow

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Accelerating Asia to launch Fund II in Q2, ups investment size to US$250K

Accelerating Asia co-founders Craig Dixon and Amra Naidoo (L)

Accelerating Asia co-founders Craig Dixon and Amra Naidoo (L)

Accelerating Asia (AA), a Singapore-based accelerator-cum-venture fund, announced today that it is increasing its investment size from US$150,000 to a maximum of US$250,000 per deal.

The early-stage VC fund has also announced plans to launch its second in the second half of 2021. The original plan was to launch an ‘up to US$50 million’ fund in Q1 2020.

“We’re so excited by the traction, results, and growth of our portfolio startups so far. And, with the increasing investor interest, they’re receiving, it’s early signals for us that our accelerator VC model is working. We’ve decided the time is right to increase our investment amount and take bigger bets on the startups coming through our program,” said Accelerating Asia co-founder Amra Naidoo.

While most angel investors and startup programmes in Southeast Asia focus on ideation-minimum viable product stage startups, and solid product-market fit, startups with a robust product at early stages of customer traction are often overlooked.

AA designed to support pre-Series A startups to fast-track growth and drive success.

Its programme boasts of an acceptance rate of less than two per cent with only eight selected from 450 applications, where participating startups range from B2B, B2C, and B2G verticals, including energy, transportation, healthcare, and cleantech.

Also Read: A snapshot of the 11 startups joining Accelerating Asia’s 4th cohort

Since 2019, the VC has accelerated 36 pre-Series A startups in Singapore, Indonesia, Bangladesh, Vietnam, and India. Its portfolio companies have collectively raised US$27 million.

As per a statement, startups who completed the programme in 2019 and 2020 have almost tripled monthly recurring revenue, up from over US$9,000 at the start of the programme to US$27,000 in 2021.

Its Cohort-4 startups have also successfully managed to raise US$5 million, besides an additional US$1 million in soft commitments.

Applications for cohort-5 are also currently open and will close on 30 June 2021.

Beyond its flagship accelerator programme, AA also supports the startup ecosystem by offering Amplify, a 6-module virtual accelerator that gives startups access to top-level resources to grow their business.

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Image Credit: Accelerating Asia

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