Digest this: in South Sudan, Chad, Burundi, Malawi, and Liberia, the per cent of the population with access to electricity is in the single digits!

The lack of access to electricity primarily constrains modern economic activities, provisions of public services, and quality of life. In addition, it slows down the growth of banking, education, agriculture, and finance that could otherwise alleviate some of the core challenges facing Africans, such as low productive employment opportunities and limited healthcare.

Certainly, it will take years for these African countries to bring in electricity to each and every household because, for their respective governments, poverty elimination takes precedence over providing electricity, which requires massive investments and infrastructure.

“According to a World Bank report, the micro-grid solar solution is going to play a pivotal role in providing energy to millions of people living in remote and rural areas, especially in Africa and Southeast Asia, where a high quality and affordable electricity is still a distant dream,” says Singapore-based entrepreneur Dr Avishek Kumar.

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

The micro-grid market accounted for about US$28.6 billion in 2020, as per a report, and it is estimated to grow to US$47.4 billion by 2025 at a CAGR of 10.6 per cent. However, micro-grid developers are facing certain challenges such as unreliable storage solutions, and high operational and maintenance costs with respect to diesel generator sets.

“Existing battery technologies like lead-acid and lithium-ion are mature in the market. However, they are not suitable for long-duration energy storage. They suffer from performance degradation and thermal run-away and pose a serious safety issue. Our startup V-Flow Technologies aims to address these issues with new technology,” says Kumar.

V-Flow was established in 2018 by Kumar (CEO) and Dr Arjun Bhattarai (CTO, in collaboration with Entrepreneur First, with generous support from SG Innovate and the Nanyang Technological University, Singapore.

With a PhD in solar technology, Kumar has a deep background in manufacturing and domain knowledge of the renewable energy industry. Bhattarai also has a background in renewable energy technologies and holds a PhD in improving vanadium redox flow (VRF) battery performance.

According to the co-founder-duo, the previous decades belonged to solar energy because it is the cheapest and cleanest source of energy. However, its growth is unsustainable because existing storage solutions are insufficient to support them. There is a need for a low cost, reliable, and long-duration energy storage solution. This is where VRF battery becomes important.

“Our mission is to develop the cheapest and most efficient modular VRF batteries, which deliver long-lasting reliable energy storage solutions for renewable integration at an affordable price. Our long-term vision is to drive the world towards energy equity,” Kumar states.

Also Read: How SolarLux helps solar producers get a fair share of their good deeds

Globally, the renewable energy market has grown exponentially over the last decade. Today, the cost of energy generated by renewable sources is less than that of conventional energy.

“There is no denying that renewable energy is the future but its continuous growth may be disrupted without a reliable storage solution, which is critical to unlocking the further potential of renewables,” says Kumar.

How VRF battery works

According to Kumar, VRF battery works through the continuous reduction and oxidation reaction between the vanadium redox couples with no detrimental issues and with the cross-mixing of the redox couples. Due to this unique setup, the electrolyte has no degradation and the battery provides stable performance over 20 years.

V-Flow’s storage solution has an expected life span of 25 years, boasts Kumar, and is safe and environmentally friendly battery technology.

“Our system is unique due to its low-cost innovation, saving some upfront investments for clients. Its compact and modular design makes the system easily scalable to any size,” he notes. “The novel chemistry with improved thermal stability ensures that the battery can operate at temperatures up to 55o degrees Celcius. Finally, the system has a performance guarantee of 25 years operating at an efficiency of 85 per cent throughout the term.”

Typical stationary energy storage projects vary from a few kWh to MWh depending on the size and application. However, V-Flow has introduced a twin approach of product and project to capture the market.

It is developing three key modular products for three market segments. The base product is 5 kW/30kWh which can be linearly scaled to 150 kW/600 kWh product. V-Flow has already built 5 kW and 10 kW systems and is now building a 150 kW system.

The CEO says that VRF batteries are ideal for micro-grid applications (for solving intermittency, reducing/eliminating diesel generator use), grid balancing applications (peak shifting and frequency regulation), and EV charging. It is a US$40-billion opportunity in Southeast Asia alone.

“We can completely replace diesel generator set through our low-cost energy storage solutions, coupled with solar. Our technology has proven to be economical and more reliable for applications that require backup for more than three hours. Our target installation for such an application is over 6 GWh of battery storage in the next five years valued at over US$2 billion,” he elaborates.

V-Flow’s storage solution has an application in green charging stations as well. The electric vehicle (EV) market is growing at an exponential rate. Sustainable growth of EV requires easy availability of EV charging stations. Several agencies are now rolling out plans for the installations of hundreds of thousands of EV charging stations.

“These EV charging solutions will cause stress to the existing grids, thus requiring a reliable battery solution to mitigate these risks. V-Flow’s technological solution can meet the requirements of EV charging and target to supply the solution to ~10,000 charging stations in Southeast Asia valued at over U$3 billion,” says Kumar.

Also Read: ‘Singapore isn’t ready for mass adoption of EVs yet; hybrid may be better for the present’

Another application is in the powering of buildings and datacentres, where batteries are designed for long hours of backups. The VRF battery is also useful for grid stabilisation and renewable peak shifting.

The containerised solutions are fit to match any power requirement of our customers. Our products are designed to resist harsh environments and can be installed in remote locations, Kumar claims.

The energy startup has already raised US$1.5 million in grants and equity funding from undisclosed investors. It is now out in the market for US$5 million to scale the business.

Asia has over 950 GW of renewable energy already installed, and this number is expected to double by the end of this decade. India alone aims to install over 175 GW of renewables in the next five years. Peak load demand (power arbitrage), frequency regulation and solving intermittency problem with renewable integration requires utility-scale reliable energy storage project.

“Government agencies are now rolling out policies to promote energy storage at the grid level and giving price-based incentives. India requires the need of over 100 GWh of stationary energy storage over the next five years, which is valued at over US$40 billion,” Kumar concludes.

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Image Credit: V-Flow Technologies

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Data is the currency in the digital marketplace. The pandemic has accelerated the adoption of online business, and companies are consequently collecting more data than ever. Advances in technology have enabled companies to harvest vast amounts of personal data from consumers without their full awareness.

Big Data sets can be used to track and predict consumer behaviour and analyse group psyche to influencing and nudging political and social views as well as buying habits.

At the other end of the spectrum, data breaches and compromised data security have continued to hit news headlines. According to a report by Risk Based Security (RSB), cited by TechRepublic, the number of breached records jumped 141 per cent in 2020 to 37 billion.

Regulators are doing their part. But regulatory pressure alone has not prevented violations because in most cases, it appears that companies are trying to satisfy the minimum regulatory requirements. Some may even risk ignoring the rules because of cost.

The plethora of corporate data breaches has human consequences, with ordinary people falling victim to scams and online fraud. No consumer wants their private data falling into the wrong hands.

According to a PwC Consumer Intelligence Series survey, 76 per cent of global consumers think that “sharing my personal information with companies is a necessary evil”, but  60 per cent expect the companies with whom they do business to suffer a data breach someday.

Also read: Blockchain is the future of data privacy

Business leaders seem oblivious of such perceptions. In the same survey, 55 per cent of businesses feel that consumer trust in their technology is growing. However, only 21 per cent of consumers report such growing trust.

There is clearly a trust gap. Now more than ever, consumers are demanding the right to privacy, and they want to work with and for companies they trust.

How can organisations bridge that trust gap? For starters, take proactive steps to avoid becoming a victim of cyber-attacks. If they are collecting customer data, they need to manage and safeguard it responsibly. In other words, they need to practice Data Stewardship.

In recent years a new industry of privacy-tech has emerged, with purpose-led startups such as OneTrust and BigID responding to the complex cybersecurity needs. These two startups gained unicorn status in 2020.

The dilemma for business leaders is that data security costs money but is largely invisible to the consumer. However, a data breach is potentially catastrophic.

Stewardship is the mindset and practice of creating long-term economic value by addressing the needs of a wide range of stakeholders, not just shareholders.

Business leaders who adopt this mindset and practice are Steward Leaders. They do make money for their shareholders, they do have commercial and financial ambitions, but they further challenge themselves to achieve superior returns by doing good and doing right for society at large.

So how does one become a steward leader? Three steps:

• Adopt four stewardship values: Ownership Mentality, Interdependence, Long-term View, and Creative Resilience
• Articulate a purpose that is larger than just generating shareholder returns at any cost.
• Consistently use the stewardship values as a purpose to guide all actions and decisions.

Steward leadership and data (Cyber) security

Ownership mentality: Operating with an ownership mentality requires business leaders to be transparent about their data collection, usage and management practices. Leaders need to acknowledge the trust gap, understand what counter-parties expect and implement it. Training, insurance, server redundancy, and many other items, unseen but important, need to be acquired.

Also Read: Data breaches are inevitable. This is how you can protect your startup

Interdependence: Steward leaders see the world as an integrated and interconnected web in which the success of each constituent is coupled with that of other constituents. They understand that any data breach will not only lead to potential harm for consumers but also the loss of credibility and reputation for the company.

So they take it upon themselves to address the needs of all related stakeholders and do what is needed to protect data. The duty of care extends beyond that of box-ticking efforts.

Long-term thinking: Consumers’ attitudes are changing. Countries and governments around the world are also responding with stronger laws that emphasise data privacy and protection. Steward leaders go beyond short-term gains and superficial adherence to regulations, to delivering durable and safe products and services that provide value over the long term.

They also proactively build trust with their customers to ensure the long-term viability of their business models.

Creative resilience: Steward leaders understand that they need to have a blueprint for data security that matches today’s challenges. The status quo may not be good enough. If this means re-engineering the entire existing IT infrastructure at great cost to shareholders to meaningfully improve customer data security, so be it.

Steward leaders manage the tough decisions. A steward leader would not think of doing the regulatory minimum. Instead, he or she would ask, “Have I protected customers to a degree that is adequate?”

The four values and purpose together form a company’s Stewardship Core Compass. But simply developing the Compass and printing colourful posters will not do the job. Steward leaders must make the Compass a way of life (step 3) within their organisations. This is hard work, but in today’s transparent world, it is perhaps the only way to safeguard long-term success.

As we rebuild from the pandemic, there is a window of opportunity to create a strong win-win-win culture of stewardship, because it is good for the employee, the company, and the consumer.

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Blockchain technology has completely revolutionised the way we think about money. Thanks to solutions such as cryptocurrencies and smart contracts, millions of people around the world have been empowered to take control over their financial future.

Investing is no longer something reserved for Wall Street brokers, thanks to blockchain, anyone can massively improve their finances, but how can you be sure that you are trading crypto in a safe way?

Using credible exchange platforms

Crypto exchanges play a crucial role in determining your trading experience. Other than being the medium to purchase, sell and trade crypto assets, crypto exchanges also act as a convenient vessel to store funds.

Choosing a crypto exchange platform is fundamental to have a safe trading experience. A secured exchange that complies with the regulatory requirements and ensures protection for all users and projects onboard is necessary to ensure user protection.

When choosing a platform, new traders have to look beyond fee structure and token pairs, rather they should ensure to read into the security and safety processes of these exchanges to protect themselves from being easy victims of fraud.

Platforms like ABCC Exchange, allow for their users to securely trade through their unique multi-layered security infrastructure. An exchange with such a user-centric layout allows current users and other crypto-enthusiasts to feel safe diving into the world of cryptocurrency.

Also Read: Fluctuating fortunes: The changing fate of digital assets

Keeping your account protected

Similar to a bank account, it is also important to keep your trading account secured. Although it is an added step that extends the log-in process, enabling at least one secondary authentication (two-factor authentication) will act as additional security that verifies your identity and protects your account and information from any cybercriminal activities.

With recent increase in phishing attacks, traders are also encouraged to have some additional care to not be vulnerable to such scams. A few good practices includes:

• Not having the same or similar account name and passwords on multiple sites.
• Double checking the domain name before logging in, or when depositing and withdrawing funds.
• Using reliable and updated antivirus software to protect the device.
• Avoiding any suspicious emails, message links and attachments.
• Not using unknown and untrusted public networks

Doing your own research is necessary

If you look up the name of any crypto project on the market, you will find a plethora of results convincing you that this particular project will “go to the moon”. Nonetheless, is it really plausible for every crypto on the market to grow exponentially?

In short, even if there are analysts online promoting a certain project, it is always beneficial to do your own research before delving into considering this as an investment option.

When planning to take the leap into crypto, you should always know all the necessary details about the coin you want to purchase. Who is behind it? What use cases does it fulfil?

How long has it been around? Is it decentralised, or fully controlled by someone? Asking these questions prior to making an investment places you in a much more secure position than to wonder why this “hidden gem” has yet to “skyrocket”.

Also Read: Singapore’s stock and crypto trading app Spiking closes pre-Series A round at US$1.63M

Ultimately, the best way to trade crypto securely and to mitigate the chances of any risks involved in trading cryptocurrency is simple: do your own research and only invest as much as you can afford to lose. Sometimes our emotions may get the better of us, making us prone to indulge in impulse-driven decision-making acts.

Given the volatility of the market, rather than going all-in when particular crypto or a certain trade looks attractive on paper, remember to make well-informed decisions through trusted platforms before investing your hard-earned money.

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As we’ve got used to everyone being able to crunch numbers using a computer, we are now rapidly entering an era when computers can see, hear, and make decisions on humans’ behalf with the use of Artificial Intelligence (AI).

Democratisation of AI-based tech is now leading to even the least tech-savvy companies using this technology to their advantage. Companies operating in healthcare, travel, insurance, retail, education, and many other industries now embrace AI software development to streamline their decision-making and make workflows more efficient.

For example, Johnson & Johnson uses AI to discover new drugs and make vaccines. Bloomberg uses AI to automatically generate financial news articles based on companies’ financial reports. Costco has managed to attract millions of new customers by utilising AI to detect the most effective locations for their new store locations.

Other uses of AI firmly resemble decades-old sci-fi movie scenarios. For example, Ping An, a Chinese insurance company, uses facial recognition to detect dishonest clients. Potential borrowers can now apply for loans through an app by answering questions about their finances using a mobile camera.

An embedded AI algorithm monitors facial expressions to spot lies and figure out whether a prospective borrower needs to be further interviewed by a human professional.

Common AI adoption pitfalls

While tools that incorporate AI have become as accessible as never before, the lack of AI understanding hinders the realisation of the full potential of this technology.

Furthermore, non-tech organisations often have a completely different set of conditions that call for unconventional strategies for AI deployment. This is why non-digital companies often struggle with AI implementation.

Also Read: Edamama, an e-commerce platform for moms in Philippines, raises US$5M

Here are the main challenges that these companies face and ways to overcome them:

Small data

Unlike tech giants who have access to inordinate amounts of data to train their AI algorithms, smaller non-tech companies often have not enough data for powering their models. Unfortunately, there is no one-size-fits-all solution to this problem. Given that data is the bread and butter of any successful AI model, it’s critical for non-digital companies to turn to consultants on the matter.

For example, let’s say there is a bicycle manufacturing company, which is looking to implement AI to detect bike frame scratches and defects. It’s highly unlikely that such a company would have millions of dented bike frame photos lying around.

However, new sophisticated AI algorithms can generate artificial images based on a very small number of similar images, which would then be used again for algorithm training. Alternatively, companies can feed algorithms with relevant data gathered from external datasets, but it would take significant input from data scientists to make it work.

Lack of change management 

AI deployment often has much more impact on an organisation than it’s expected. When employees, stakeholders, or customers are not ready for AI implementation, workflows often get disrupted in a negative way. To overcome this, companies need to think about their change management strategies in advance and ensure that everyone is on the same page regarding AI implementation.

People need to be informed how exactly AI will influence day-to-day operations and educated about the basics of the technology. Workflows need to be adjusted, retraining initiated and stakeholders notified. Non-tech companies have to deal with much more uncertainty and reluctance to change than other companies that have technological innovation at the top of their agenda.

Unrealistic expectations of AI and what it can do

Far too often, non-tech businesses struggle to achieve the same model accuracy as they expect. This is especially relevant when AI feasibility is justified based on research, where experiments were likely conducted in perfect environments that are hard to replicate in the real world.

For example, our imaginary bicycle manufacturer can be convinced about AI viability based on comprehensive research about automated AI-based scratch detection software. However, it rarely becomes apparent that such type of research is often conducted in closely controlled environments with high-quality images. However, when it comes to deployment, it becomes apparent that a manufacturer’s image quality is not sufficient, and the production environment requires dramatic adjustments to become appropriate for AI.

In this particular example, it could be possible to rely on human employees to double-check the AI system output. In essence, though, it’s paramount to conduct rigorous pre-deployment tests in an environment that would resemble real-life conditions as much as possible.

Also Read: Building technology for the AI bank of the future

As AI goes beyond the tech industries, it becomes increasingly important for companies to start considering the technology. It will inevitably be the X-factor in reshaping how business functions like HR, finance, and customer service will work in the future.

With media often portraying AI as a Swiss Army Knife that can solve any possible business issue, some business owners are still uncertain about the technology and struggle to separate hype from reality.

In a nutshell, the technology’s most disrupting feature is its ability to make predictions way cheaper and faster than it was possible ever before. Similar to the democratisation of electricity fuelling economic growth in the 19th century, we can expect AI to have a dramatic impact on business by lowering the cost of making predictions.

With forecasting becoming a readily available business instrument, those who won’t learn how to make use of it will most certainly fall behind.

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From sanitisers in hotels to transport crew with masks, movement restrictions, to tracing apps, the coronavirus pandemic has changed the tourism world and travel.

This piece will examine how travel bookings have evolved over the years, especially between the early 2000s and late 2019. We will also consider the future of travel bookings after the pandemic. Grab a cup of smoothie and read along.

Evolution of travel booking

The early 2000s marked the beginning of technological advancement, particularly the internet. The popularity of the internet saw many internet-based companies spring up as well as travel companies. However, many travellers made their bookings manually through travelling agents during early 2000. These agents would book your hotels, cruises, flights, honeymoon locations, etc.

They are there to plan your arrangement and be the middlemen between you and the service providers. Travel agents are your go-to guys when things go wrong with travelling. They give you better deals that you could not have known because they had access to restricted resources.

It took a while before people started using the internet to book hotels and flights. AirAsia launched the online booking trend in Malaysia in 2003.

It offered free seats to make more travellers learn how to book and pay online. Since then, the travelling industry in the region has hit a new horizon as more and more people started booking online.

Also Read: Guiddoo allows Indians to book in-destination activities while travelling abroad; raises US$300K pre-Series A

The rise of internet bookings before pandemic (2010-2019)

According to Condor Ferries statistics, the value of online bookings increased significantly by over 70 per cent between 2010 and 2019, and this shows that the internet has become very vital to the travel industry.

The internet has also become the hub for all information. Thus, it is not far-fetched that websites like TripAdvisor, Agoda, Booking.com, blogs, and other internet sources are now the first-place travellers explore whenever they want more information about a country, city, hotel, or a point of interest they wish to visit. People now read the reviews of other travellers and judge from their views.

It’s no longer news that the internet has taken over. As much as 60 per cent of bookings are now taking place online and these bookings occur majorly through online travel agencies (OTAs) followed by hotel or airline websites.

With the growth of social media and more affordable advertising channels, this takes us to another phase in the travel sector which is direct booking. OTAs growing to become more important in recent years by building the customer base from their website with various options.

Airlines and hotels want direct bookings too, due to the customer service and distribution cost factors. It has brought a tricky situation between the OTAs and service providers to compete for direct bookings from the same pool of customers.

Also Read: How Singapore is working with startups to prepare local travel and tourism industry for its comeback

With the growth of mobile technology, OTAs, airlines, and hotel groups are also investing in technology to serve their customers more directly.

The last two decades have brought numerous changes to the travel industry. Travellers can now book hotels, flights, read reviews, and gather information about where they are visiting from the comfort of their homes or anywhere they are.

Travel after the pandemic

The travel industry will never remain the same again after the pandemic, at least for the first couple of years. Henceforth, here are some of the travelling trends you should expect;

Domestic travels

There will be a surge in domestic travel as the international borders will not be the first to open for most of the countries. And people will prefer domestic destinations that they are familiar with immigration rules and government restrictions, rather than the hassle of dealing with the quarantine rules and vaccine passports.

People will visit places closer to home, eat out at local eateries, or travel for a domestic weekend getaway before the usual demand for international trips returns.

Forward bookings remain low

Travellers used to make way forward bookings as further as one year to enjoy free flights or cheap stays. Many countries have no choice but to change movement restrictions at the very last minute to deal with the different COVID-19 cases movement in different places.

With the uncertainties happening in foreign countries and even within own country, for the near-term travellers will be sceptical in making forward bookings to avoid the hassle of making changes in the later stage.

Booking and travelling will require more than your passport

The pandemic has heightened the observation level of many countries. Travellers will need to do more research about the travel restrictions and requirements before making their plans. There are countries that deny travellers who are coming from a high-risk nation entry into their country.

Also Read: Building a startup is just like travelling, except it lasts longer

However, there are some countries that will only request a vaccination or COVID-19 negative certificate before travel. Monitoring the changes of the information is a must-do to ensure the travel is well-prepared.

Travel agents will become more important

Travellers may tilt to booking travels through established travel agents being it online or offline, noting their industry connections and invaluable knowledge, especially in handling the pandemic and SOS situation. The travel agents’ service will come in handy when the traveller is stranded in a foreign country due to unforeseen situations.

Boom in the short-term rental industry

According to a recent survey, there is a proposed boom in the short-term rental industry as many travellers prefer to stay longer in one destination rather than moving around.

Hence traditional hotel booking will become less popular for these travellers compare to short term rental properties, which means that hoteliers should be ready to meet the competition from these properties in terms of pricing and experience.

You will tick all the boxes

Travel bookings usually come with many add-ons. It is a fact that many travellers skip the parts that deal with car rentals, extra luggage, speedy boarding, seat selection, and even some of the important notices.

But with the potential mess of handling travels due to the restrictions, many travellers are starting to have a habit of thoroughly reading the booking instructions and plan the whole trip in more advance to ensure their safety and a pleasant journey.

Traveling will become joyful again

Many people made the best out of staying at home during the pandemic while missing their favourite trips browsing through Facebook and Instagram. That period showed them how important travelling is, particularly on health grounds—travelling boosts personal growth and mental health. It also improves focus, attention, energy, and empathy.

As soon as travel is possible, many people will definitely utilise their accumulated annual leave and airline credits to make their first travel plan of the century.

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Most would agree that small and medium-sized businesses (SMBs) form the economic backbone of Southeast Asia. They employ the bulk of each country’s workforce — 85% in Thailand, for example, and a staggering 97% in Indonesia and Vietnam — and, correspondingly, contribute significantly to gross domestic product (GDP).

However, with the pandemic wreaking havoc on these businesses, it is imperative to come up with initiatives that help sustain them. With lower earnings and smaller economies of scale, SMBs are less able to bear the brunt of lacklustre economic prospects. Before COVID-19, almost 73% of the region’s SMBs expected revenues to either increase or remain constant. During COVID-19, 84% anticipated some form of a decrease in revenue.

These economic consequences are intensified by the region’s overall reliance on tourism. However, with global travel restrictions unlikely to be lifted any time soon, SMBs that rely on tourist traffic continue to suffer.

Thailand, for instance, looked to tourism for about 20% of the country’s GDP before the pandemic. Many of its 3.1 million SMBs are located in the tourism industry and continue to struggle to stay afloat. Despite debt-relief measures in the form of low-interest loans, experts predict that not all SMBs will be approved for these measures. Even if they do successfully obtain a loan, SMBs may not survive or grow amidst the bleak economic outlook.

Hence, to expand their businesses in the post-pandemic world, SMBs need to adopt creative and innovative marketing strategies, and platforms like TikTok offer them an easy-to-use and powerful avenue.

Leveraging TikTok’s wide reach and cultural impact

The video-sharing app has amassed millions of users worldwide and is now a staple of many people’s media consumption. It enables users to connect with diverse communities and express their creativity using a wide array of in-app creative tools.

With lockdowns forcing people across the world to stay at home, people have turned to TikTok for content. It’s even spurred intergenerational bonding, with multiple accounts of parents, grandparents, and children creating and sharing TikTok videos together.

The app boasts a wide diversity of users from different backgrounds. Gen Z, millennials, baby boomers, and even senior citizens have found their creative outlet through TikTok. 82-year-old Charles Mallet, for example, has almost 5 million followers.

Also read: KoinWorks super financial app ecosystem sees growth in Q2 2021 as it helps boost SMEs amidst the pandemic

Furthermore, users come from a variety of different countries and cultures. You can find everyone from the average Joe to celebrities like Gordon Ramsey and BTS on the platform. It’s no overstatement to say that more and more, anyone is finding their way to TikTok,  regardless of background.

This means that the app essentially presents a huge prospective customer base for any company.

With the amount of attention that TikTok puts on digital content, there is massive potential for TikTok to be used as an avenue for advertising. SMBs can leverage TikTok’s vast reach to grow their business, tapping on the diverse customer base and laser-sharp user algorithm to execute targeted marketing campaigns effectively.

Tailored solutions to bolster and uplift Southeast Asia’s SMBs

TikTok has been firmly committed to SMBs since the launch of its self-serve ad platform, TikTok Ads Manager, in June 2020. One tailored SMB solution introduced by TikTok was Shop Local Saturday, which ran in June 2021, and allowed SMBs in Indonesia, Thailand, and Vietnam to elevate their presence on the platform. SMBs could boost their brand engagement and user discoverability through the initiative, driving results for every business and marketing need.

Throughout June, SMBs that participated in Shop Local Saturday were spotlighted extensively across the app. Over 170 SMBs featured received top perks, including a dedicated main page feature, in-app promotion, and access to creative workshops and creators. TikTok values the local businesses that empower Southeast Asia’s communities and wanted to highlight them as much as any large brand may be visible on TikTok.

TikTok’s support of SMBs, including during Shop Local Saturday, has produced promising results for these businesses.

For Thai game app developer GAMEINDY, they turned to TikTok to help drive their Call Me Master game exposure and reach new audiences. Within just a week of participating in TikTok’s Shop Local Saturday initiative, organic downloads for the game rose by 20%, and they were able to connect with previously untapped audiences from across the country.

Also read: Scaling your startup: A closer look at building your local entity and remote teams

“TikTok has been a great partner for us,” said Chanon Khamchay, GAMEINDY’s Senior Marketing Associate. “We had no other new campaigns or PR launches during that period, so we think that most of the boost was thanks to TikTok’s Shop Local Saturday.”

Vietnam’s polo shirt maker, Poloman, also experienced similar successes on TikTok. With an ambition to become the top-of-mind brand for Polo shirts in Vietnam, they set clear objectives of increasing their number of TikTok followers and doubling the traffic volume to their e-commerce sites. Using ad creatives that leveraged trendy upbeat music, TikTok creators, and exclusive promotions for TikTok users, Poloman also launched an engaging campaign to raise their brand awareness.

Their campaign was a hit, garnering over 12 million impressions and over 149 thousand clicks. But, most importantly, they exceeded their target revenue by 1.3 times, hitting an all-time revenue high of 3.2 billion VND (140,000 USD) during their Shop Local Saturday promotion.

TikTok supports SMBs year-round

Previous TikTok initiatives for SMBs span a holistic suite of tools, resources, and best practices that enable them to reach and connect with new audiences. For example, in February 2021, TikTok kickstarted Grow with TikTok: Starter Lab, a monthly programme where more than 6,600 SMBs received the opportunity to learn from established figures in the marketing industry and TikTok experts.

Having augmented its broad and diverse audience with these targeted solutions, TikTok is, without a doubt, incredibly relevant for SMBs. The tools offered by the platform helps SMBs grow their businesses.

TikTok offers full-funnel ad solutions to meet different business and marketing objectives. From raising brand awareness and consideration to conversions in driving online sales and app installs, TikTok has everything your business needs to supercharge its advertising efforts.

Also read: STPI’s Vision Programme: empowering Taiwan-based startups to tap into Southeast Asia and beyond

Advertising tools and solutions for campaigns of any budget and businesses of any size are also available. For example, the TikTok Ads Manager is an ad creation platform that allows SMBs to launch and monitor their advertising campaigns. SMBs can create new or repurpose existing creative assets, find their target audience, and set their campaign budgets through a simple and easy-to-use interface. They can also measure the effectiveness of their campaigns and obtain data and insights about their ads.

TikTok has driven results across the board. According to a study done by TikTok in Southeast Asia in the first quarter of 2021, 1 in 4 Thai SMBs and 1 in 3 Indonesian and Vietnamese SMBs that have used TikTok choose it as their most preferred ad platform, citing TikTok ads as the most effective for their business goals. TikTok is indeed the rising marketing channel for businesses both big and small.

For more information on TikTok For Business, go to https://www.tiktok.com/business/.

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

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NUS partners with Indonesian universities to scale entrepreneurship in the region

The story: The National University of Singapore (NUS) is collaborating with two of Indonesia’s top universities – Universitas Gadjah Mada (UGM), and Universitas Indonesia (UI) – to foster and cultivate innovation between the two countries.

More about the story: Under these agreements, NUS, through its entrepreneurial arm NUS Enterprise, will be
offering scholarships and support for Indonesian students from UGM and UI to attend its Master of Science in Venture Creation in Singapore, as well as to jointly establish a venture creation programme in Indonesia.

Following the signing, NUS, UGM, and UI will work together closely to plan the launch of their joint initiatives within the next 12 months. Indonesian students from these universities under the scholarship will attend NUS’ Master of Science in Venture Creation in Singapore starting from 2022.

OYO raises US$660M

The story: India’s OYO has raised a debt financing of US$660 million from undisclosed institutional investors.

What the funding will be used for: Retire its past debts, strengthen the balance sheet and boost the product technology, among other things.

About OYO: A global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full-stack technology that increases earnings and eases operations; bringing easy-to-book, affordable, and trusted accommodation to guests.

More about the story: According to Oyo, the offer was oversubscribed by 1.7 times and it also received commitments of close to $1 billion from leading institutional investors.

Also Read: Ecosystem Roundup: AirAsia is set to fly higher, Bukalapak looks for the largest IPO in IDX history

SCB 10X to invest in DeFi dashboard Ape Board

The story: SCB 10X, the venture arm of Thailand’s oldest bank, has announced its latest investment in Ape Board, a cross-chain DeFi dashboard.

More about the story: “SCB 10X is excited to announce our investment in Ape Board, which now has more than 350,000 users within four months of inception. This investment will further our goal of integrating traditional finance and decentralized finance by championing projects that resolve complexity and fragmentation issues in DeFi to bring a truly user-friendly experience. Ape Board will enable users, both crypto natives, and newcomers, to track all their cross-chain assets and manage portfolios in one place with features like monitoring impermanent loss,” said Mukaya (Tai) Panich, Chief Venture and Investment Officer of SCB 10X

ApeBoard currently supports more than 79 protocols across five chains, including  Solana, Binance Smart Chain, Ethereum, Terra, and Polygon.

BHyve raises US$300K from JITO Angel Network, others

The story: BHyve, an India-based SaaS platform for employees, has raised US$300,000 in a funding round.

Investors: JITO Angel network, Letsventure, and other angel investors.

What the funding will be used for: Marketing, product enhancement, and growing its clientele.

About BHyve: A  SaaS platform that enables organisations to document employee’s implicit knowledge and launch peer learning networks at just a click.

BHyve currently serves leading corporations from BFSI, Healthcare, Pharma, and manufacturing sectors and soon aims to enter the North American market.

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Image Credit: NUS

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Indonesia-based fintech platform Oy! has been reported to raise a US$45 million or IDR653 billion Series A funding round. Softbank Ventures Asia and MDI Ventures led the funding round with the participation of investors such as Pavilion Capital, AC Ventures, Alfamart, Central Capital Ventura, and Wavemaker Partners.

In addition to being recorded on the regulatory body, sources familiar with the matter have also confirmed the funding round to DailySocial. The accumulation of the funding rounds is said to bring the company’s valuation to beyond US$108 million. AC Ventures’s participation in the funding round also introduced Pandu Sjahrir into its board member.

Oy!’s seed funding round –closed in 2017-2020– included the participation of investors such as MDI Ventures, Wavemaker Partners, Pavilion Capital, and Central Capital Ventura.

Also Read: How tech can help smaller brands scale in SEA by helping them maintain customers’ loyalty

Oy! Indonesia provides different kinds of services for businesses and individual customers. In the B2C segment, they provide the Oy! Indonesia mobile app that helps customers with inter-bank transfer. The platform’s capabilities also included international remittance.

For business customers, the company provides API to ease transaction processes. Based on DailySocial‘s observation, looking at the direction of the platform’s feature development, Oy! Indonesia seems to be more serious in this segment. The open finance sector has such great potential that local ecosystem players have begun to include ease of transaction as an offering in their platform.

In the individual customers’ segment, Oy! is competing directly with Flip. We have conducted a comparison between the two platforms and concluded that there is enough space in the market for both services. According to data by Bank Indonesia, in 2019, the domestic transaction volume has crossed 218 million transactions, valued at IDR84 trillion (US$5 billion). The remittance business itself has recorded 37.7 million transactions valued at IDR90 trillion.

The service was also created to fix the issue of interbank transfer fees. The participation of Alfamart as a strategic partner is also an interesting move; it bears the potential of Oy! entering the O2O segment in promoting its services. This is in line with the fintech company’s vision to serve the underbanked community in the market.

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The article Oy! Kumpulkan Pendanaan 653 Miliar Rupiah, Jadi Centaur Selanjutnya was written by Randi Eka Yonida in Bahasa Indonesia for DailySocial. English translation by e27.

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Skills Union, a Singapore-headquartered edutech startup offering active learning courses in partnership with leading universities and employers, announced today the closing of a US$1.5 million investment.

The round was led by Online Education Services (OES), part of the Australia-based Seek group of companies.

Notable investors, including KDV, Hustle Fund, Singaporean business tycoon Koh Boon Hwee, Siu Rui Quek (co-founder and CEO of Carousell), Ishreth Hassen, Sumardy Ma, Simin Zhou, and Anvesh Ramineni, also joined the round.

According to a press statement, this is a major milestone for Skills Union on its mission to become a leading provider of university-accredited courses, which promise job-ready graduates to tech companies needing a digitally equipped workforce with trusted university credentials.

“Skills Union represents a partnership between learners, universities, and employers, delivering specialist online, part-time, vocational courses that accelerate careers and businesses,” said Colin Mansell, Skills Union CEO and co-founder. “This investment gives us the lift-off we want to further scale our programmes and impact the lives of many more students.”

Also Read: ‘Edutech will be a hot commodity going forward’: GREDU co-founder Rizky Anies

Skills Union offers accredited cohort-based, active learning courses in partnership with leading universities and employers. It offers courses that are in demand by high-growth companies, such as software development, user experience design and growth marketing, aimed at both the consumer and business audiences.

Since its establishment in Singapore in 2020, Skills Union has partnered with institutions including Nanyang Technological University and London’s Ravensbourne University. It has a growing network of university partners in the UK and US.

“We have been impressed with Skills Union’s business offering, approach to growth and global outlook. Their product has many impressive features, including a flexible, stackable set of courses with a clear path to accredited degrees,” said Denice Pitt, CEO of OES. “We are seeing a global shift in the way that universities and employers are working together to close the skills gap, and we are really excited to be able to play our part in the current revolution we are seeing in tech education.”

The global online education sector is projected to reach US$660 billion by 2027. The Asia-Pacific region accounts for one-third of the global market and is anticipated to experience the fastest growth over this period.

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Image Credit: Skills Union

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Singapore-based communication and commerce platform Tinvio has raised US$12 million in a Series A funding round led by AppWorks Ventures and MUFG (Mitsubishi UFJ Financial Group) Innovation Partners, bringing the company’s total raised to US$18.5 million.

Other investors include Sequoia Capital India’s Surge, Global Founders Capital, and Partech Partners.

The fresh funds will be used to accelerate product development on its financial technology stack, and fire up growth engines to scale the platform across new segments and markets. Tinvio has further expressed plans to expand to three new markets this year.

Launched in 2019, the startup aims to help small and mid-sized business owners keep track of their orders, accounts, and receivables through a chat-led interface.

In addition to that, the platform also localises payments solutions for its operating markets by building modularised integrations with regional payment gateways.

This allows the company to focus on user experience, and scale the payments stack beyond borders in a capital-light model.

Also Read: [Updated] Tinvio bags US$5.5M seed funding to make tedious business transactions easy for SMEs

As of now, the company claims to have grown 4 times more to over 5000 activated users on the platform since its seed round.

Another development in the making is that Tinvio is partnering with one of the largest banks in Japan, MUFG bank to pilot and offer new trade solutions (e.g. transaction financing, card issuing, invoice factoring), which would be backed by MUFG’s banks in the region.

“The first time I ventured into payments was at Loop, where I observed how a brilliant user experience built on Braintree’s payments stack created and dominated a new category in consumer commerce. As a banker, when I covered Mastercard and Visa, I quickly realized there was a shifting focus from consumer cards to B2B real-time payments,” said Ajay Gopal, founder at Tinvio.

“I remember being dialed into earnings calls, frantically jotting key points on this massive market opportunity being completely underpenetrated (despite being worth trillions of dollars globally), and questioning how I could make a solid impact in this category. Fast forward to Tinvio, we’re building a user experience that makes it incredibly easy for merchants and suppliers in Asia to transact,” he added.

“B2B trade digitisation is ridiculously challenging, but everything we build for these businesses, from our proprietary checkout to real-time fund flows to risk assessment, we’re breaking new ground in user experience and engineering,”. 

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Image Credit: Tinvio

 

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