Singapore-headquartered crypto mining company Bitdeer Technologies has announced a merger with the blank-cheque company Blue Safari Group Acquisition Corp. to go public in the US.

The deal values Bitdeer at approximately US$4 billion.

The combined entity is expected to be renamed Bitdeer Technologies Group and remain a publicly listed company on the NASDAQ.

The transaction is expected to be completed in Q1 2022, subject to, among other things, regulatory approvals.

“As a leader in crypto mining, we will continue to solidify our leading position in the crypto mining space. Today marks a significant milestone for Bitdeer, and we strive to create value for our broader group of stakeholders in the future, including our clients, employees and shareholders,” founder and chairman Jihan Wu said.

Bitdeer provides comprehensive digital asset mining solutions to its customers. It handles complex processes involved in mining such as miner procurement, transport logistics, mining data centre design and construction, mining machine management and daily operations.

Also Read: How Binance acquired 35 per cent market share in a year with its new crypto derivatives line

The firm currently operates five proprietary mining datacenters in the US and Norway.

Blue Safari believes the partnership presents an opportunity to invest in its target sectors, such as fintech, IT, and business services. Following the close of the transaction, the combined company will continue to be led by Wu.

Naphat Sirimongkolkasem, CFO and director of Blue Safari, stated, “The crypto mining space has attracted tremendous attention in recent years, and Bitdeer’s innovative platform has propelled it into the limelight among the most illustrious players in the sector.”

Blue Safari Group Acquisition Corp. is a special purpose acquisition company sponsored by BSG First Euro Investment Corp., a British Virgin Islands company. It was formed to effect a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses or entities.

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Innovation in the built environment sector cannot be realised based on a thrust from a single party alone. The built environment sector has traditionally been thought to be large, slow-moving and conservative, and has lagged other sectors in innovation and digitalisation.

This push towards digitalisation must occur at a whole-of-sector level, with cooperation within and across different parties at the corporate, emerging company, and governmental levels.

Awareness of the lack of digitalisation

Countless studies by organisations such as the OECDand management consulting firm McKinsey & Co have rated the real estate and construction sectors as amongst the least digitised. 

A 2020 Statista survey of global real estate C-suite executives found that approximately 33 per cent of respondents shared that their companies did not have the resources and skills required to operate a digitally transformed business.

Thus, these executives realised the ability to generate huge benefits through embracing the technologies which have disrupted the siloed industry.

Also Read: How did Ninja Van build a culture of creativity and innovation

The importance of integrating technology into the real estate sector

Innovations can deliver strong returns on investment and capital expenditure costs can be spread across asset life cycles.

Smart technologies can also help boost top lines– the European Commission found that a smart, higher-performing building can add up to 11.8 per cent in lease value and fetch increased valuations of up to 35 per cent.

However, sector-wide digitalisation cannot be achieved by corporates alone and must be undertaken at an ecosystem level.

Real estate sector in Singapore

In Singapore, the government has been leading the digitisation charter for the real estate sector, but there is a gap in the model for ecosystem-wide collaboration due to legacy mindset issues in the private sector.

In a recent survey on technology and innovation conducted by the Urban Land Institute and Taronga Ventures, it was found that internal challenges were the largest barriers to the adoption of innovative technologies.

Specifically, resistance to change, business-as-usual conflicts and lack of budgets were listed as amongst the largest challenges facing real estate corporations as they undertook their innovation journeys.

To overcome the former two issues, corporates should work closely with emerging technology companies to design optimal change management strategies to seek buy-in from executives.

Collaborating closely with governments by leveraging digitalisation programs, knowledge sharing, and grants can help alleviate some of the budgetary issues faced by corporations.

Hence, adopting a collaborative tripartite can help drive innovation across the sector.

Also read: Why Singapore becoming a tech hub is a great boost for the proptech sector

Introduction to RealTechX Singapore

An example of a model is RealTechX Singapore, an innovation program that promotes shared support for real estate technologies and knowledge sharing between corporates, emerging technology companies, and government agencies.

Corporate partners in the program include PGIM Real Estate, Mitsubishi Corporation, Nomura Real Estate, CapitaLand, Verizon, and Lendlease’s International Towers.

Together with government partner Enterprise Singapore, the innovation program seeks to support emerging real estate and real asset (RealTech) companies in the sector by accelerating commercial opportunities with corporate partners.

The revolutionary innovations offered by program participants are at the forefront of the RealTech space and span the real estate life cycle, from digital construction management to smart building and smart city solutions.

Other innovations launched digitally

In the digital construction management space, Singaporean companies like Hubble, VRcollab and Voox are leveraging cutting edge technologies to improve collaboration, governance, and safety in construction sites, delivering better quality outcomes with higher productivity.

Further down the life cycle, intelligent solutions such as SmartClean provide IoT sensor-based and data-backed facilities management, while TransferFi is revolutionising the sensor space with its wireless power network technology that abolishes the need for cabling or batteries.

Finally, solutions are also providing corporates with key ESG outcomes– Hydroleap has significantly shifted the water treatment space using its electrochemical technology that is not only cheaper but also greener.

Its technology can be applied to multiple use-cases, including wastewater treatment from construction worksites, or in the treatment of water used in data centre cooling towers.

Corporates have the opportunity to readily test and scale these solutions as they drive innovation in their portfolios and assets.

Along with the strong support RealTech companies and corporates receive from Enterprise Singapore (ESG), this new tripartite model has proven an efficient and successful method of driving innovation in the sector.

Also Read: Tech scouting and innovation partnerships: How co-creation can foster growth post-COVID-19

Establishing and building a network

The agency has been at the forefront of supporting the industry since its inception – in addition to providing support for emerging companies through financial and non-financial assistance, it looks to create network-building opportunities through events like the Singapore Week of Innovation and Technology (SWITCH) which was held from 8-12 November 2021.

SWITCH brought together thought leaders, entrepreneurs, and investors to catalyse collaboration that will bring a meaningful exchange across different fields and markets.

Partnerships with investors, strategic partners, public sector agencies, and emerging technology companies must be formed to drive this change.

The traditionally competitive and uncollaborative built environment sector must work together to overcome a lack of innovation capability and knowledge gaps.

It is extremely encouraging to see that these groups are recognising the benefits of partnerships and are embracing this new model of collaboration.

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Kopi Kenangan may hit unicorn status with Falcon Edge-led round
As per a report, the coffee chain is in advanced talks to raise US$100M in Series C; Its existing investors, including Sequoia, GIC, and B Capital are also participating; In 2020, the online beverage retailer raised US$109M Series B led by Sequoia.

Crypto miner Bitdeer to go public through US$4B SPAC merger
The Singapore company was spun off from Chinese bitcoin mining giant Bitmain in January and has been doubling down in its adoption of renewable tech in digital asset mining; The SPAC Blue Safari Group went public in June, raising US$57.5M from IPO.

Vietnam’s NextTech sets up US$50M fund to invest in blockchain startups in SEA
Next100 Blockchain will also serve as a venture builder to incubate entrepreneurs and qualified technical experts in the blockchain domain to start businesses under NextTech; AntLaunch, a decentralised platform that allows crypto-based projects to fundraise, will conduct due diligence of the projects.

Lazada co-founders’ new e-commerce enabler CREA locks in US$25M from SuperOrdinary
The collaboration will help CREA attract new brands to SEA’s e-commerce ecosystem by offering a one-stop solution covering the US, China and SEA; CREA’s core services include store and channel management, fulfilment, digital marketing, data insights, creative and omnichannel solutions.

Kejora Capital, Sunway Group launch new US$25M fund for Malaysian startups
It will also introduce an initiative called “Jakarta Express” to help Malaysian startups and investors explore opportunities in the Indonesian market; Alongside Orbit Malaysia’s current active investments, Kejora Capital has previously invested in regional startups in various industries.

Gojek forms JV with energy company to develop two-wheel EV infrastructure in Indonesia
Gojek and TBS Energi Utama will team up to build a comprehensive and scalable EV ecosystem, including two-wheel EV manufacturing, battery packaging, battery swap infrastructure and EV financing.

Jeff Bezos-backed Indonesian startup Ula rakes in US$23.1M from Tiger Global, Flipkart co-founder
Ula is a horizontal multi-category wholesale e-commerce marketplace that combines modern retail’s technology, tools and skills with the lean cost structure of traditional micro-retail; It claims to have grown 230x since its launch and offers over 6K products and serves 70K+ traditional retail stores in Indonesia.

Sleek lands US$14M Series A to offer back-office services to SMEs worldwide
Investors include Jungle Ventures and White Star Capital; Sleek automates and integrates company setup, financial and regulatory reporting, bookkeeping, and banking services; Sleek manages a portfolio of over 5K businesses that produce US$700M in sales and complete over 1.4M accounting transactions in 2020.

Thai Wah Group launches VC arm to back food, agtech startups in SEA
The VC firm will invest in eight to 10 early-stage startups over the next two to three years in its first phase; It will look at startups that are revenue-generating and on the brink of scaling their business.

Thai e-logistics startup GIZTIX nets US$10M in Series B, eyeing IPO in 2025
Investors include WHA Group, AddVentures, KK Fund, and CAC Capital; GIZTIX help business customers to outsource delivery services and manage their own trucks simultaneously.

SG-, UK-based payments firm Pomelo Pay banks US$10M Series A led by Inference Partners
Pomelo Pay provides integration with over 30 payment networks globally. It’s used by both banks and NBFIs; It plans to enter new markets in Europe and Asia; The startup said it has processed over US$500M in payments for the year, projecting a 5x increase by 2022.

InLife leads investment round of Filipino D2C insurtech platform Maria Health
Co-investors are Wavemaker Partners, tryb Group, and Celo Foundation; Maria Health aims to simplify comparing, choosing and purchasing health insurance through its D2C marketplace; About 10% of its first-time coverage buyers are families of Overseas Filipino Workers, and 75% are women.

Golden Gate Ventures co-leads US$4M round of Indonesian healthtech firm Klinik Pintar
Co-investors are PT Bundamedik, Skystar Ventures, and Sequis Life; Klinik Pintar helps its users book teleconsultations, virtual health services, as well as in-clinic sessions; It currently has over 120 clinics from 60 Indonesian cities on its platform.

Ex-Rocket Internet Asia head secures US$3M seed capital for his on-demand workspace venture
Investors include YC, GFC, Pioneer Fund, Seed X, Starling Ventures, and TSVC; Deskimo provides on-demand access to over 100 professional workspaces in Singapore, Hong Kong, and now Jakarta.

Resync scores US$2M from GGV Capital to expand energy management solutions to Asia, Middle East
Resync provides an energy cloud platform for renewable energy assets, building energy management, and industrial energy management; So far, Resync boasts of having deployed its solutions in more than 150 buildings and 300 MWp of solar assets with over 20 customers in seven markets in APAC.

Malaysia’s ReSkills, ‘Netflix model in e-learning’, bags US$1.5M to expand across SEA
Investors include JSF Platinum and unnamed angels; ReSkills allows coaches to build online courses on their preferred topics and applies a subscription model for learners; It focuses on education-based services, with a target age ranging from 15 to 35 years.

AgFunder-backed agritech accelerator Grow opens applications for 3rd cohort
Grow will invest up to US$200K for each startup accepted to its third Impact Accelerator cohort; Applicants should at least have a minimum viable product, operate in at least one market, and be “well on the way to establishing product-market fit.”

Gojek officially launches GoCar service in Vietnam
Gojek had wanted to roll out car-hailing services in the country much earlier but faced difficulties in getting permission from regulators; It also had to reshuffle its leadership team in Vietnam, losing two CEOs within 18 months.

Indonesian influencer platform KaryaKarsa bags US$500K from Accelerating Asia, others
KaryaKarsa can help content creators distribute and monetise their works, such as books, comics, and videos; Currently, there are 40K creators and 300K users on its platform; The company will use the fresh funds to provide more offerings and onboard more content creators.

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It is no secret that a loyal customer is the most valuable type of customer. They are likely to bring repeat business, spend more and try new products.

Tough business conditions have put pressure on businesses to cultivate loyalty, which is not surprising given an increase in customer retention by 5 per cent can increase profits by 25 per cent to 95 per cent, according to an earlier study by Bain and Co.

This begs the question: how can small and medium-sized businesses (SMBs) in Hong Kong with limited resources cultivate customer loyalty with their newfound overseas customers from thousands of miles away?

How can they capture growth opportunities brought on by the pandemic, not least with time zone differences, differing consumer preferences and more?

Businesses often believe that the panacea to loyalty is a loyalty scheme; however, this should not be the only consideration. The starting point should be an overall strategy to loyalty that incorporates hygiene factors and elements that build trust with the customer.

Brand loyalty starts with a smooth customer experience

One major hygiene factor is to ensure that there is a smooth customer experience. Not only does this create a reason for customers to return, but it also prevents the consequent negative effects associated with poor experiences.

This is particularly important for PayPal as we look to design products that help our business clients across the world ensure a seamless and simplified payment experience for their customers: a key aspect to building and retaining loyalty.

This is even more important when engaging with customers in different time zones since the lengthened service and query response times create friction in the overall experience which add to the chance of a “moment of truth” being missed.

Also read: 3 ways to get more customers and increase loyalty

Investing in the right e-commerce and payment infrastructure to ensure a smooth customer journey can go a long way. For instance, allowing guest checkout for first-time customers or a quick click to complete checkout for repeat customers will reduce cart abandonment and maximise the chance of securing purchases.

Consumers trust brands that resonate with them

Many businesses are familiar with drivers of customer loyalty here in Hong Kong, but these can be very different from the corresponding factors in international markets. A 2019 study conducted by KPMG found that the biggest drivers of brand loyalty for Hong Kong consumers were personalisation and meeting expectations.

Although these are to be expected, a 14-market study by Edelman reveals a more complex picture as it found that 43 per cent of consumers will stay loyal if they trust a brand, even when something goes wrong.

Nowadays, especially since the pandemic, consumers trust brands with cultural, purpose, and societal aspects that resonate with them.

Communicating what your brand stands for can be a powerful tool in acquiring customers who share your beliefs and are more likely to remain loyal. This will create resonance in existing loyal customers and galvanise them to action, no matter where they are in the world.

Many examples of successful global brands have started small but gained a loyal following because of their purpose. This could be a commitment to organic products, charity donations, or simply bringing your personality into your products.

Rewards mechanisms incentivise customer purchases and drive loyalty

When it comes to loyalty schemes, an area worthy of discussion and a popular marketing tactic in Hong Kong is customer rewards, yet it is often misapplied.

Many businesses treat rewards as a short-term promotional giveaway; however, this mechanism only incentivises new or existing customers to buy a particular product.

Instead, businesses should design reward mechanisms to encourage new customers to behave like their most profitable fifth-year customers.

Also read: Building up customer loyalty with emotional branding

Potential examples include rewarding customers that participate in early-bird events or regularly make purchases from new lines.

Some might think that being successful in building loyalty with overseas customers is expensive and complicated. However, in recent years, there has been an explosion of eCommerce platforms that sellers can use to reach new customers.

Many even offer localised marketing to help businesses attract and engage customers without learning a new language.

Technology is lowering the barriers to building a great customer experience and cultivating customer loyalty. Together with the right fundamentals, small businesses selling cross-border can punch above their weight and capture new growth no matter where their customers are.

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As China continues to make advances in developing its own central bank digital currency (CBDC), it’s worth asking how the arrival of currencies like the eYuan will impact the world of cryptocurrencies. Could CBDCs pose a threat to bitcoin’s dominance? 

China’s state-sponsored digital currency, the digital renminbi, commonly referred to as the eYuan, is already being developed to solve fiat currency’s inefficiencies in cross-border transactions. 

The country’s central bank, the People’s Bank of China, claimed in a recent white paper that the digital renminbi is “ready for cross-border use,” however, for China’s new digital currency to be operational, it will need other international CBDCs to be functional to trade with.

With this in mind, the People’s Bank of China supports the development of global central bank digital currency standards and works alongside other monetary authorities to launch multi-CBDC arrangements. 

As the data shows, global efforts towards the development of CBDCs has grown significantly over the past three years, with more than 84 institutions actively engaged in CBDC work, while experimentation towards the development of digital currencies has also grown globally in the same time frame. 

So what will central bank digital currencies look like? And will they have the potential to muscle in on a cryptocurrency market dominated by the likes of bitcoin? Let’s take a deeper look at a growing movement that has the potential to overhaul finance as we know it: 

What is a CBDC?

As an emerging technology, there are no templates for what a CBDC should look like as a currency.

Typically, these digital currencies are formed by government priorities, constitutional limits and individual policy and design decisions, meaning that each national CBDC is likely to look different depending on where you are. 

But what is a central bank digital currency? The term refers to the virtual form of a fiat currency. CBDCs act as a form of an electronic record or digital token of a country’s official currency.

This means that it can be issued and regulated by a nation’s central bank. The currencies’ digital nature can help simplify the implementation of monetary and fiscal policy whilst promoting better financial inclusion in developing economies through fintech solutions.

Also read: What does the future of CBDCs actually look like and why does it matter?

Unlike cryptocurrencies, which run on decentralised blockchains– meaning that no single entity holds the assets or retains the information about individuals using them– the centralised nature of CBDCs has some privacy concerns depending on how respective governments use the digital currency. 

China’s system isn’t even the most advanced form of CBDC globally, with both Cambodia’s Bakong and the Bahamas’ ‘Sand Dollar’ being rolled out on a larger scale, according to PwC data.

However, it’s worth noting that China is the world’s first major advanced economy to start implementing a digital currency at any scale. Its lofty ambitions make the country a significant innovator in the field. 

Could CBDCs Replace Cryptocurrencies?

As news of international projects to develop central bank digital currencies spread around the world, In 2018, Nouriel Roubini, a professor of economics at New York University’s Stern School of Business, wrote in The Guardian that “if a CBDC were to be issued, it would immediately displace cryptocurrencies, which are not scalable, cheap, secure, or decentralised.

Enthusiasts will argue that cryptocurrencies would remain attractive to those who wish to remain anonymous. But, like private bank deposits today, CBDC transactions could also be made anonymous, with access to account-holder information available, when necessary, only to law-enforcement authorities or regulators, as already happens with private banks.

Besides, cryptocurrencies such as bitcoin are not anonymous, given that individuals and organisations using crypto-wallets still leave a digital footprint,” Roubini added.

However, in a recent CoinShares article, James Butterfill rebukes the notion that CBDCs can replace bitcoin and other cryptocurrencies, noting that crypto’s purpose is far too different to that of digital currencies. 

“Bitcoin and CBDCs are very different, with the former being of fixed supply while the latter is backed by fiat currencies,” Butterfill explains.

With this in mind, CBDCs take on a far more similar role to stablecoins, where users are far more inclined to spend their money.

Whilst Roubini is correct in claiming that CBDCs can outperform many cryptocurrencies practically, fixed supply means that crypto will always be seen as a far more effective investment opportunity. 

Maxim Manturov, head of investment research at Freedom Finance Europe, points to the mainstream emergence of cryptocurrency as a critical reason behind its coexistence alongside CBDCs, highlighting the emergence of major fintechs like Revolut and their efforts to accommodate cryptocurrency trading: 

“Revolut has grown into one of Europe’s dominant consumer financial technology companies, constantly adding new features. The app started as a way to avoid currency conversion fees when travelling but quickly added banking, trading and crypto features among dozens of products,” Manturov explained.

Also read: How interoperability between private and public players will accelerate the CBDC Race

Today, bitcoin is a globally recognised store of wealth, which has been adopted by significant finance players like PayPal and is accepted worldwide. The cryptocurrency’s fixed supply makes the asset closer to assets like gold rather than CBDCs, which behave more like stablecoins. 

As CBDCs make their emergence, it’s clear that digital currencies will play a key role in shaping the future of finance.

Though, it’s far more likely that they will emerge alongside the likes of bitcoin rather than replace the world’s most popular cryptocurrency.

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