SoundOn, a one-year-old podcasts platform in Taiwan, has just been jointly acquired by Singapore-based Kollective Ventures (KV) and Turn Capital (TC), a family office launched last year by Joseph Phua, co-founder and non-Executive Chairman of M17.

With this strategic deal, the two VC firms have big ambitions and they want SoundOn to grow beyond the home market into Southeast Asia. According to Phua, while the region’s podcasts market is still in the nascent stages, it offers massive growth potential.

In this interview, Phua shares the rationale behind the acquisition and how this deal allows them to further invest and develop the podcast ecosystem.

Edited excerpts:

Kollective Ventures and Turn Capital have jointly acquired SoundOn. How does this joint acquisition work? How does this deal benefit each other as well as SoundOn. What is the synergy?

The joint acquisition creates a Special Purpose Vehicle (SPV) in which both parties inject capital into this SPV and it then acquires SoundOn. Given my background, I will provide operational expertise as well as advice as a shareholder. This joint acquisition will then become a rocket ship – powered by capital injection, operational expertise as well as network – for SoundOn to accelerate its growth trajectory.

The podcasts industry is still in the early stages and hasn’t gotten much traction in Asia yet. Despite this, why did KV and TC make a bet on SoundOn, which is just over a year old?

The industry has taken off in a significant way, as can be seen by the number of podcast downloads that SoundOn has achieved just after slightly a year into the business, with over 35 million downloads a month, and fast growing to 500m this year.

Also Read: Kollective Ventures and Joseph Phua’s family office acquire SoundOn, a Taiwanese startup with 35M monthly podcast downloads

We strongly believe in the business of audio entertainment/podcast industry in Asia. Already, we see global giants like Spotify and Apple making huge forays into the space. We expect this trend to continue into Asia sooner rather than later.

How is the podcasts industry growing in Taiwan vis-à-vis Singapore/Southeast Asia. What are the key characteristics of the Taiwanese market and consumers?

There’s a burgeoning number of podcasters in Taiwan. For SoundOn, we work with more than 7,000 active podcast programmes/podcasters and we have over 70 per cent of the market share. In fact, the pace of growth is in line with the growth of YouTube during its initial popularity in Taiwan.

Likewise, we expect the same trend to occur in Southeast Asia. After all, podcasts are another medium for the transfer of information and the sharing of content which is much like videos on YouTube and other significant content distribution platforms.

As per a press note, KV and Turn Capital will look to continue to accelerate the growth of the company and the industry in the near future. How do you plan to achieve these two objectives?

The responsibility of educating the general public of any industry that is in its early stages of growth usually falls on the leaders. Thus, it’s not any different in this case with the podcast industry.

Also Read: ‘Companies shut down not because of crises but only when founders give up’: Joseph Phua of M17

We expect that we will be investing resources, from time to capital, into SoundOn and the podcast industry at large, to assist SoundOn on its path to become the dominant podcast platform in the region.

Do KV and TC have plans to bring SoundOn to Southeast Asian markets like Singapore? Do you see massive growth potential for SoundOn in the region?

Yes, SoundOn has near term regional ambitions because of the massive growth potential.

Where is Southeast Asia’s podcasts industry headed for? What is the growth rate? Do you expect new ventures to pop up in the podcast industry?

It’s super early, and so rate of growth will be very high. We expect there to be significant number of similar ventures pop up soon, and are looking to make further investments/acquisitions in the general audio entertainment space.

What is lacking in Southeast Asia when it comes to the adoption of podcasts platforms? What is hindering the growth? Do podcasts companies struggle to generate revenues unlike SoundOn, which relies on ads? What kind of business/revenue model will suit Southeast Asia?

Certainly, podcasts are ripe for adoption in Southeast Asia. What we need to do to facilitate its adoption is to educate the public, in terms of consumers and content producers.

Using SoundOn as an example, they have been profitable relatively early on given its market leadership and strength in advertising sales. There are multiple monetisation models available that SoundOn can tap into and this goes beyond relying on advertising as we see in other global comparables.

Also Read: Kollective Ventures acquires Paktor Group from M17 Entertainment

Hence, we expect SoundOn to experience exponential growth in its revenue and profitability in the next 24 months.

Last May, KV acquired Paktor. Does KV have plans to integrate SoundOn into Paktor?

Under the Paktor Group umbrella, there is an audio social entertainment application called Goodnight, which provides live entertainment and audio dating services. We believe there to be synergies between the platforms and will actively explore bringing them together.

We believe that the future of audio entertainment is just beginning and this acquisition marks a step towards establishing an Asian beachhead on this front.

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Image Credit: Turn Capital

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Catcha Investment, a blank cheque company — aka special purpose acquisition company (SPACE) — formed by Malaysia’s Catcha Group, has filed to raise up to US$250 million in an initial public offering.

The news was first published by Renaissance Capital’s on its website.

The Kuala Lumpur-based SPAC plans to raise the proposed capital by offering 25 million units at US$10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at US$11.50.

Also Read: David Gowdey of Jungle Ventures: Why we will see an IPO from SEA in the next 12-18 months

At the proposed deal size, Catcha Investment would command a market value of US$313 million, according to this article.

Catch Investment is led by CEO and Chairman Patrick Grove and President and Director Luke Elliott, co-founders of Southeast Asian internet investment firm Catcha Group.

Catcha Investment intends to focus on a target with operations or prospective operations in the technology, digital media, financial technology, or digital services sectors (new economy sectors) across Asia Pacific, particularly Southeast Asia and Australia.

While the concept of SPAC has been around in the market for many years and is used as a mechanism to bring companies public in the US, it has been relatively new to Asia, where companies are yet to jump on the bandwagon.

Also Read: Traveloka considers SPAC option as it plans to go public

However, the recent past saw several SPACs pop up. Early this month, Poema Global Holdings, a SPAC focusing on tech firms in Asia and Europe, announced it has raised US$300 million in its IPO on the NASDAQ stock exchange.

Earlier, Bridgetown 2 Holdings, a SPAC targeting internet economy companies in Southeast Asia and backed by billionaires Peter Thiel and Richard Li, announced last month that it was seeking to raise US$200 million in an IPO in the US.

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Image Credit:

 

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Klook, a Hong Kong-based travel and leisure booking platform, announced today it has raised US$200 million in its Series E funding round, led by local investment firm Aspex Management.

Existing investors Sequoia Capital China, Softbank Vision Fund 1, Matrix Partners China, and Boyu Capital, besides a few unnamed new investors, also participated.

As per a press note, the new capital will be used to bankroll the development and roll out Klook’s merchant SaaS solutions, which will enable merchants to build, manage and scale their business on the platform.

With the travel industry heavily impacted by COVID-19, the company has re-prioritised its core strategic strengths and is now focused on two main areas — digitising the experiences booking sector and launching new verticals such as staycations and car rental.

In key markets such as Singapore, Hong Kong and Taiwan where restrictions have eased, Klook claims to have witnessed increased spending on local experiences, with bookings reaching near pre-pandemic levels as locals start exploring domestically.

Also Read: Online travel is expected to bounce back to US$60B by 2025, says e-Conomy SEA Report

“We’ve observed over the past year that consumers have a pent-up desire to explore and enjoy themselves, despite international travel being paused. Instead, they are turning inwards exploring new and unique experiences right in their backyard,” shared Ethan Lin, CEO and Co-founder at Klook.

“The travel industry has undoubtedly been hit hard by the pandemic, but Klook has shown resilience and adaptability despite the market headwinds. We believe the transition toward digital bookings will only accelerate post-COVID-19, and Klook is well-positioned to capitalise on this trend,” said Hermes Li, CIO and Founder of Aspex Management.

Despite being in extended lockdowns, Klook remarked that it has seen merchants eager to digitise their business. At the height of the pandemic, Klook onboarded 150 per cent more activities compared to the same period in 2019.

The company has also entered into partnerships with the Hong Kong Tourism Board, Singapore Tourism Board, and the Tourism Authority of Thailand, among others, to help diversify offerings and to grow demand domestically.

In Singapore, Klook was appointed by the Singapore Tourism Board as an authorised booking partner for the SingapoRediscovers Vouchers to boost domestic demand and reinvigorate the industry.

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Image Credit: Klook

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When group-buying models emerged as a shopping strategy in China, it quickly became a game-changer.

One of the greatest success stories of a company who has seen as astronomical growth using this model is none other than Chinese e-commerce unicorn Pinduoduo. It quickly became the country’s most popular social e-commerce platform and managed to go public just after three years of its presence.

Besides ranking third in China’s e-commerce with nine per cent online retail market share, it also grew its GMV to 73 per cent more in 2020 as compared to 2019 –despite the ongoing COVID-19 pandemic.

Inspired by the success story of the tech giant, Vincent Xue, a serial entrepreneur who previously co-founded ezbuy, decides to launch WEBUY, a social e-commerce platform that runs on a group buying model.

Launched just a year ago, WEBUY aims to develop a people-centric technology that can provide quality F&B products through a community-centred enterprise.

WEBUY also recently announced the completion of its Series A investment round led by Wavemaker Partners, followed by Centauri Fund and Global Founders Capital (GFC).

How it works

The way it works is that several people can sign up on the platform and get connected to each other to approach a vendor of a specific item to collectively bargain for a lower rate.

People who live close to each other can purchase F&B products such as food and groceries as a group, collect them at designated locations and in the process, save money through bulk purchase and low delivery costs.

Also Read: Startup of the Month, April: Social commerce platform TokoTalk

This results in a win-win situation for both parties as shopper need to pay less for an item and vendors can benefit by selling more items to shoppers without worrying about logistics.

Growth

According to Xue, the app saw over 20,000 downloads within just two months of its launch and due to its quick growth, the platform has expanded into Malaysia and Indonesia.

“We believe that the market size for community group-buy models in Southeast Asia will reach over US$10 billion within 10 years. China’s overall community group buy model market size is estimated to expand to over CNY100 billion (US$15.4 billion) in 2021, which is estimated to account for around 20 per cent of total online grocery retail,” he says.

“In the Southeast Asian market, as the e-commerce penetration rate for product and service is still hovering low at about 10-15 per cent, while China’s is over 40 per cent, this will offer an opportunity for community group buy models to enter into segments other than grocery,” he further adds.

Backed by Rocket Internet, the startup claims to have grown five times and is currently supporting 3,000 group leaders, who collate and purchase orders for over 100,000 consumers across its three markets.

Future plans

The startup is planning to further grow its footprint in Southeast Asia by expanding to Vietnam and the Philippines this year.

“We plan to recruit a batch of global venture builders and send them to different countries to kick start the business. But aside from that, we are also planning to invest US$1 million into our tech team to create a better user experience for all our customers and group leaders,” he shares with e27.

Also Read: Is Southeast Asia ready to give birth to interactive e-commerce platforms like Pinduoduo?

Generally, group-buying models are popular with price-conscious consumers who are but not limited to lower-medium income groups.

Taking that into consideration, while Singapore may not be that big of a market for WEBUY, countries such as Vietnam and Indonesia can create a greater possibility because of its population size and community-focussed demographic.

But will it create that big of an impact that Pinduoduo created in China within only a few years? Only time will tell.

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Image Credit: WEBUY

 

 

 

 

 

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Over the last couple of weeks, we’ve been working on verifying the investors on the e27 platform.

Being a verified investor means that there are people managing the investor profile in an official capacity. More than just reassurance that these are legitimate investor profiles, it also means that e27 Pro members can directly engage with these investors via the Connect feature.

Check out these ten verified investors that you can connect with for advice, mentorship, and fundraising opportunities”

Swiss Founders Fund
Stages: Seed, Series A
Verticals: All
Investment Range: Not Specified
Straight from Swiss Founders Fund:
Swiss Founders Fund is a is a seed and early-stage investment fund based in St.Gallen, Switzerland. Unlike traditional VCs, SFF focuses on incubating own ventures with a long-term perspective and invests and builds companies globally.
Connect with them

Yangon Capital Partners
Stages: Angel / Pre Seed, Seed, Pre-Series A / Bridge, Series A
Verticals: Not Specified
Investment Range: Not Specified
Straight from Yangon Capital Partners: Yangon Capital Partners (YCP) is the venture capital arm of Trust Venture Partners Co., Ltd.(TVP), a Yangon-based advisory group. YCP supports founders of startups and SMEs with early-stage capital.
Connect with them

Halma Plc
Stages: Series B, Series C & Above
Verticals: Artificial Intelligence, Big Data, Cleantech, Cybersecurity, Hardware, Healthtech, Internet of Things, Manufacturing, Medtech, Robotics, Smart Cities
Investment Range: Not Specified
Straight from Halma Plc: Our strategy is powered by our purpose. It is focused on acquiring and growing businesses in global niche markets, in our chosen areas of safety, health and the environment. Our Core strategy is to grow our companies both organically and through M&A, and will continue to be our major focus. Our Convergence and Edge strategies recognise that the increasing rate of technological change, including data and connectivity, is opening up new ways of growing our business and leveraging our collaborative culture.
Connect with them

Cornerstone Ventures Co., Ltd.
Stages: Seed, Pre-Series A / Bridge, Series A, Series B
Verticals: All
Investment Range: USD 200K – USD 1M
Straight from Cornerstone Ventures: Cornerstone Ventures mainly invest in digital startup teams, and we prefer startups that utilise new technologies such as AI to improve business more effectively. We look for startups that have links to Taiwan, including Taiwanese entrepreneurs abroad, international startups who are thinking about expanding to Taiwan, or startups who are already operating in Taiwan.
Connect with them

Alto Partners Multi-Family Office
Stages: Pre-Series A / Bridge, Series A
Verticals: Consumer, Education, Finance, Insurtech
Investment Range: Not Specified
Straight from Alto Partners Multi-Family Office: In 2019 we launched the Alto Partners Venture Capital Fund (APVC), an exclusive vehicle for our family office partners to participate in several exciting early-stage technology investments, sourced directly through our network. APVC targets pre- Series A and Series A investments, where we can lead or co-invest alongside prominent partners.
Connect with them

Moonshot Venture Capital
Stages: Series A
Verticals: Artificial Intelligence, Internet of Things, Logistics/Supply Chain, Manufacturing
Investment Range: USD 1M – USD 3M
Straight from Moonshot Venture Capital: Founded in 2018, Moonshot is a venture capital firm collaboration among leading corporates in various sectors including manufacturing, energy, and logistics. Our investment will follow the company policies which focus on Industrial and Deep Technology.
Connect with them

Das Capital SG
Stages: Seed, Pre-Series A / Bridge, Series A, Series B, Private Equity, Venture Debt
Verticals: Artificial Intelligence, Blockchain, Finance, Internet of Things, Sharing Economy, Software as a Service, Transportation
Investment Range: USD 100K – USD 10M
Straight from Das Capital SG: Das Capital is an investment fund operated by Japanese serial entrepreneur/investor Shinji Kimura. Das Capital is an umbrella fund to various investment strategies. At its core Das Capital focuses on venture capital investment, mostly early stage. At later stage there is Gunosy Capital. It also has HarbourFront Capital which mostly invests in asset-backed finances.
Connect with them

AngelCentral
Stages: Seed, Series A
Verticals: All
Investment Range: Not Specified
Straight from AngelCentral: AngelCentral is one of the fastest-growing community of angel investors in Southeast Asia. We organise regular curated pitch sessions, angel education workshops and provide syndication services.
Connect with them

InnoStart Capital
Stages: Seed, Series A, Private Equity
Verticals: All
Investment Range: USD 10K – USD 500K
Straight from InnoStart Capital: InnoStart Capital is a family office that invests in small to medium-sized businesses. We are a financial investor with a partnership approach to building constructive and supportive relationships with owners and management teams.
Connect with them

StarFab
Stages: Series A, Private Equity
Verticals: Agritech, Big Data, Hardware, Internet of Things, Manufacturing, Robotics, Smart Cities
Investment Range: Not Specified
Straight from StarFab was founded in 2016 with the realization that a startup requires more than just an innovative product and funding to successfully establish its position in today’s competitive and fast-paced market. We see ourselves as partners of innovation, helping entrepreneurs gain a footing with large enterprises and enterprises to collaborate with startups to provide added-value for their customers.
Connect with them

Watch out for more announcements of new verified investors (yes, there is more!). If you’re an investor and looking to get verified, find out how here.

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Photo by fauxels from Pexels

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iStore iSend, a Malaysian logistics and supply chain company, has secured US$5.5 million in a Series B round, co-led by Gobi Partners and logistics company EasyParcel.

The Selangor-headquartered startup will use the fresh capital to expand its services outside of Malaysia to more faster-developing markets such as the Philippines, Thailand and Vietnam.

A portion of the funds will also be used for the acquisition of online-to-offline (O2O) clients in existing markets.

iStore iSend is an end-to-end fulfilment solution company providing clients with a complete omnichannel experience, from warehouse management to shipping.

Also Read: Afternoon News Roundup: Indonesia’s logistics-tech firm Kargo snags US$31M Series A

The company has developed new functions and capabilities around helping offline companies go online by offering e-enabler services for brands and retailers, including online store setup, besides brand onboarding solutions for online e-marketplaces, official online store management, and growth and marketing campaigns management.

“The full-stack services that iStore iSend offers its clients as well as the full integration of its system into the most popular e-commerce sites is a real opportunity for investors that should not be overlooked,” Thomas G. Tsao, Chairman and Founding Partner of Gobi, said.

“With the spike in online shopping brought about by last year’s pandemic, more e-commerce players will want to grow their market by enhancing the efficiency and movement of their SKUs (stock keeping unit). iStore iSend is in a strong position to help with those efforts,” he added.

While there have been a surge in the number of online buyers over the past few years in Southeast Asia, there has also been neck-to-neck competition in the sector in the region. Among the leaders in the logistics and supply chain sector are Kargo, Moovaz, Waresix, and Ninja Van.

Also Read: In October, logistics tech startups continued to gain investors’ attention as the world struggled through a pandemic

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Image Credit: iStore iSend

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As institutions built on public service and the promotion of common good, governments should be some of the first to step up when it comes to innovation and disruptive solutions. This way, they become not only end-users of advanced technology but proponents and catalysts that pave the way for the co-creation of such innovations.

With the power of digitalisation, governments can streamline their efforts, help provide services faster and more efficiently, and be able to help out even the most remote communities. All these things are necessary if we are to address the evolving challenges of the future. Moreover, as problems become increasingly complex, we have to develop solutions that cater to issues of the past, present, and future. As such, the Ministry of Science, Technology, and Innovation (MOSTI) in Malaysia is always on the lookout for new and innovative ideas, solutions, platforms, and scientific discovery that will benefit Malaysians.

Last year, the ministry doubled down on its efforts to promote technology and digitalisation as a bedrock for innovative solutions with the launch of MYHackathon 2020. Through Cradle Fund Sdn Bhd (Cradle), MOSTI organised a nationwide series of hackathons in the past year, each one driven by a specific theme and its own set of problem statements. One of the best features of the MYHackathon 2020 is that they were designed specifically as a hybrid of online and offline events, allowing more participants to join, all while accommodating everyone’s safety and security during these precarious times.

As a culmination of this project, the MYHackathon Finale and Showcase 2020 is going live today, January 26, on their official page.

Also read: Meet these 10 verified investors that are ready to connect with you

Attended by Science, Technology and Innovation Minister YB Khairy Jamaluddin, this dynamic virtual event features keynote sessions, experts panel discussions, and short interviews as well as access to MYHackathon 2020 ecosystem including the winners, coaches, partners, and judges. As a bonus, there is an exclusive engagement session set up for the winners with YB Khairy for them to get first-hand information and updates on the technopreneurs and technology industry. Winners also have the opportunity to pitch their ideas to a group of investors curated for the event.

The goal of MYHackathon 2020 is to bring together innovators, software engineers, subject matter experts, and concerned Malaysians, to co-create digital solutions that will help improve the government’s services as well as the delivery of those services. With this mission in mind, the project was able to co-create over 400 solutions, under the guidance of over 150 mentors and coaches, as judged by over 120 judges, yielding a total of 36 winners.

MYHackathon 2020 themes and challenges

The project started in October 2020 and was held virtually available nationwide in six different key locations around Malaysia, and provided six unique themes for the participants to help hack.

The first theme is called Prihatin Rakyat — a challenge that focuses on developing digital solutions that can provide immediate assistance to the needy, the challenged, the urban poor, and senior citizens. Rakyat Sihat Sejahtera, the second theme, focused on developing digital solutions that can enhance the service level of the public healthcare sector and to promote a culture of wellness. The third theme, Ilmu Pelita Hidup, centred on enhancing the education system and quality via digital medium/channels and enhancing capacity building and welfare for educators.

Also read: XNode to launch cross-border acceleration programme in Shenzhen

Meanwhile, the other three themes, namely Bina Negara, Inovasi Asas Pembangunan, and Rakyat Produktif, each focused on developing digital solutions that seek to enhance infrastructure development programmes, driving economic growth, and improving national productivity respectively.

Each theme focuses on key sectors that collectively encompass various interest points of the larger Malaysian population. Solutions developed concerning these particular areas are expected to help improve the overall quality of life among Malaysians in the long-term.

Diverse solutions for diverse problems

Winners of the MYHackathon 2020 offer a range of solutions to different pressing problems faced by the community. The project was able to yield 36 winners spanning across multiple verticals and areas of digital innovation.

The winners of the KL roster include FortNynja, a company that provides a cradle-to-grave solution designed to accelerate the implementation of a nation-wide government identity platform, allowing different access levels for users accessing government digital citizen services. Meanwhile, winners from the other different Hackathon legs include BukuPINK from Deux Alpha Tech Sdn Bdh, the ultimate solution for antenatal and paediatric record tracking, CINTA (“Continuous Improvement in Teaching” App) from Pandai Education, an app that engages teachers with micro-lessons called capsules that provide daily CPD, and HAVVA, whose focus is on solving food security and food safety issues via urban farming using their technology.

These are only some of the brilliant co-created solutions that were yielded by the programme’s participating teams.

Witness the MYHackathon 2020 Finale & Showcase

Given all these amazing and innovative solutions, the team behind the project would like to open its doors to the public. With the MYHackthon 2020 Finale & Showcase going live today, January 26, audiences from around the world can tune in and witness some of the most exciting new technologies that are poised to serve as a springboard for Malaysia’s digital future.

With MOSTI and Cradle at the forefront of this project, the MYHackathon 2020 Finale & Showcase will feature the winners along with keynotes and panel talks on future technology and insights. Through this, audiences will be able to learn from some of the best and the brightest as they share key trends and insights on some of the most important topics of today.

Also read: Singaporean entrepreneur: bringing the Asian internet business model to Central America

Some of the experts and industry leaders who are poised to share their thoughts and experiences on different matters include Dato Dr Siti Hamisah Tapsir, KSU — Ministry of Science, Technology, & Innovation, Puan Rafiza Ghazali, Group CEO at Cradle Fund, Ashran Ghazi, CEO at Dattel, and Dr Roslan Bakri Zakaria, Co-founder and CEO of Random Collectives.

These are only a few of the topnotch speakers who will be gracing the stage to discuss key topics and trends concerning innovation and technology.

About Cradle

Cradle is Malaysia’s early stage start-up influencer, incorporated under the Ministry of Finance Malaysia (MOF) in 2003 with the mandate to fund potential and high-calibre tech start-ups through its Cradle Investment Programme (CIP).

Cradle is presently administered by the Ministry of Science, Technology, and Innovation (MOSTI). Cradle also runs the Coach & Grow Programme (CGP), a market-driven coaching programme that trains entrepreneurs and administers the Angel Tax Incentive programme which is designed to stimulate and encourage angel investments in support of the tech startup sector.

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

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

The post Witness Malaysia’s newest digital solutions at the MYHackathon 2020 Finale & Showcase appeared first on e27.

gojek, Tokopedia explore holding company structure as merger talks move forward; Such a structure will allow the companies to retain their individual brands; Both are also reviewing options for the payments businesses OVO, in which Tokopedia and its affiliates own a 41% stake, and Gopay, in the event of a merger. More here

Tesla will run onto many speed bumps in India, including supply chain woes; India’s EV market accounted for only 5K units of a total 2.4M cars sold in the country last year; A lack of local production of components and batteries, negligible charging infra, and the high cost of EVs mean there have been few takers in the price-conscious market. More here

TaniHub raising fresh investment, claims 600%+ gross revenue growth in 2020; This follows a US$17M round in April 2020; The money will be used to further develop TaniHub’s upcoming projects: Digitalisation of B2B ecosystem in agri, automation of supply chain process, farmers acquisition. More here

Key executives leave MDEC amidst reports of shake-up; Those who have left or tendered their resignations include COO Datuk Ng Wan Peng, CFO Nor Faizah Othman and CIO Abdul Malick Aboobakar; According to another credible source, there have been some concerns among the employees about MDEC’s vision and direction. More here

IMDA announces US$22M grant to support startups driving mass 5G adoption; The fund will support solution providers and tech developers commercialising 5G solutions in making it accessible to more companies; Applicants need to indicate a significant value and impact that their product will provide to the enterprises and industry. More here

How Shopee overtook Lazada to become the top e-commerce marketplace in S’pore; Shopee was launched in 2015, and Lazada was already a leading e-commerce platform in the region when Shopee first entered the market; However, Shopee quickly went from being a new entrant to taking the crown as the most-visited e-commerce platform in Singapore by the second quarter of 2020. More here

Transfree confirms Q2 2021 launch of remittance platform in Indonesia; Its primary focus would be to serve the migrant workers segment in SEA; According to data by Bank Indonesia, throughout 2018, Indonesian migrant workers abroad sent up to US$10.9B home, providing a massive business opportunity. More here

Warung Pintar launches e-platform for mom-and-pop stores to directly order from distributors; “Grosir Pintar” allows warung owners to select products from over 200 distributor partners and goods can be sent within three hours; This service can also help them to fulfil emergency grocery needs, making it easier for warung owners with limited cash flow. More here

This made-in-Singapore robotic coffee barista will receive you at Japan’s train stations ahead of Olympics; Ella is powered by an ecosystem comprising IoT-connected software and external hardware which will upgrade the coffee experience with speed, convenience, quality and consistency. More here

This eco-friendly and energy-efficient air-conditioner cools you, not your room; Close Comfort is a tiny, light-weight, portable refrigerator with a fan inside that blows a gentle stream of cool air to create sufficient comfort for one or more people; A key feature is that it never needs recharging and adjusts automatically to work harder in high humidity. More here

SGX, Temasek team up to advance digital asset infrastructure in capital markets; The JV will look to partner with fixed income issuance platforms to connect to its post-trade and asset servicing infra, providing issuers, arranger banks, lawyers, investors and paying agents with a comprehensive, issuance-to-settlement network for Asia bonds. More here

Stock Exchange of Thailand (SET) to launch digital asset trading platform; It will be similar to other popular e-commerce marketplaces but all products on SET’s platform will be digital token assets; The token must have an underlying asset that investors can analyse on value; The product must have benefits to society and the environment. More here

Fortifying cybersecurity through effective risk management; As organisations increasingly migrate to virtual operations and transactions, there is an increasing need to protect against potential breaches and cyber intrusions; Ransomware and cyber incidents have multiplied, adding to the already complex crisis management morass for many organisations. More here

How no-code development for startups is a launchpad to success; No-code facilitates the fast development of solutions for business processes to meet these unending customer needs faster than it would take a professional coder to do; Moreover, constant changes and updates are enabled as the speed, agility, and adaptability that no-code can provide is unmatched in the business world. More here

HKSTP launches accelerator to drive banking innovation; The BFSI accelerator aims to bridge corporates and innovators to deliver breakthrough technologies and create a wide array of new business opportunities in the world of banking, financial services and insurance; Fintech solutions in the fields of blockchain, AI and robotics, cybersecurity and IoT are among those being targeted in the programme. More here

Businesses in Singapore anticipate radical changes needed in 2021 for future readiness; 52% of businesses expect that ‘substantial’ or ‘radical’ changes will be required to their business models in the next 12 months, of which 32% expect that making these fundamental changes to their business will be difficult to implement. More here

The new era of cashless, invisible payments; The global digital payments market grew by nearly 24% in 2020 to US$4.9T, according to a research; That report shows the global digital payments market grew by 21% YoY in transaction value last year; It projects that the market’s total transaction value will grow by 23.7% to reach US$4.93T. More here

How these students built tech for Singapore’s elderly and climate change; The team created ‘the Forever-Smart Glasses’ using Huawei’s AIoT and OBS technology, a stable and secure cloud storage service; The cloud service is used to establish a secure connection that allows for images to be uploaded and stored easily for facial recognition. More here

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It wasn’t too long ago that I was trying to find love in all the wrong places. I was browsing through dating websites, endlessly swiping on dating apps, and even visited an overpriced dating agency. While all of these were supposed to help me find my perfect partner, often I found myself being faced with matches that weren’t right for me.

Based on my negative experiences, I wanted to make it easier for people to find the right partner, to create a dating app that would put the users first and show them personalised, curated matches using AI.

At the time, I had a stable banking job but always wanted to be an entrepreneur and transform the dating industry. So, I set out to put my thoughts into action and started to do my own research.

I spoke with more than 100 millennials, asking them what they wanted to see in a dating app and built a dating app from the bottom up. I also did my own research to find out how the approach to matchmaking has changed over time.

The evolution of dating: From paper ads to AI algorithms

When the first newspaper was published in 1690, it gave rise to the earliest ads. Among these were personal ads by bachelors searching for eligible wives (dating as far back as 1695). Fast forward to the cuffing season of 1965, when two Harvard students used an IBM 1401 to create the first computer-based matchmaking service, Operation Match.

The idea caught the eyes of 90,000 love-hopeful singles, who received a 75 question survey through the mail and were asked to submit their completed form (along with a US$3 fee) for a list of computer-generated matches.

From there, the world’s first online dating website, Match was launched in 1995. The initial version listed online personal ads and singles could randomly search through the site’s active profiles to find a match. Talk about finding a needle in the haystack. Dating websites have evolved into dating apps driven by algorithms and artificial intelligence (AI). Algorithms are pieces of instructions, or code, that can tell an app how to accomplish a specific task.

Also Read: Finding love in the pandemic-stricken world: How online dating has changed for the better

In the context of dating apps, the algorithm starts learning more about a person from the moment they create a profile. Every decision and interaction on the dating app becomes part of a larger maze. It’s a live feedback system, where you are constantly rating and being rated
by other users based on data.

However, the algorithms behind most common dating apps find a match based on filters like age and basic interests, matches are shown at random with little to no curation.

Dating apps and data: Where does the data come from?

The first step to understanding how AI dating apps work is to look at their data pools. Algorithms process data from a variety of sources, from information that we share to how we interact with the platform. For example, many dating apps in Singapore suggest signing up using
Instagram or Facebook, feeding the algorithm initial data about a user. Many people willingly connect their social media with dating apps because it’s an easier way to sign up and share more about their personality and interests.

When comparing the dating apps in Singapore, I noticed a gap in the market; matchmaking apps were largely superficial and encouraged mindless swiping. What if there was a dating app for people to connect based on more than just a photo? What if a dating app could match people based on similar traits or life goals and even nudge people to meet offline, by suggesting nearby date ideas at a cosy cafe or a new restaurant?

That’s what motivated me to create MatchMde, an AI dating app that takes the sign up process a step further by asking personality-based questions including a person’s love language, how they describe themselves, and how they view the world. Dating apps use personality based data to show users compatible profiles using either content filtering or collaborative filtering.

Content filtering vs collaborative filtering

Content filtering provides recommendations based on user preferences. This is largely determined by individual swiping history. Collaborative filtering is when the algorithm bases its predictions on the user’s personal preferences as well as the opinion of the majority.

When you first start using a dating app, your recommendations are almost entirely dependent on collaborative filtering, or what other users think. It’s the same type of recommendation system used by Netflix or YouTube, taking your past behaviours (and the behaviour of others) into account to predict what will keep you engaged on their platform. So, everything you click and interact with on a dating app is detected, tracked, and stored as part of a constant feedback loop.

Also Read: You’ve heard about speed dating. Here’s what you need to know about speed hiring

I wanted to use technology to eliminate unfair bias by programming the algorithm in a way that encourages users to submit personality assessments, date feedback, community feedback, user behaviour, and more. When users have access to information like feedback from other users, it promotes a safer environment for everyone on the dating app and also helps people make better decisions when deciding whether or not to meet a match.

AI, machine learning, predicting matches

A newer (and more exciting) development in dating apps is their ability to recommend profile matches based on AI and machine learning. AI is the science of simulating intelligent behaviour in computers, enabling the latter to exhibit human-like behavioural traits like reasoning, common sense, and decision-making.

Machine learning is a branch of AI that enables computers to learn from information without being explicitly programmed. Machine learning usually involves classification, clustering and prediction, like predicting user behaviour.

For people using AI-powered dating apps, this means a higher chance at receiving quality matches, as opposed to endless swiping and filtering through unfavourable matches or fake profiles. Algorithms learn (and improve) based on user feedback and since personality is what keeps a couple together in the long-term, the algorithm should focus on presenting matches with complimentary personality types and similar love languages.

For example, after a user goes on a date, they’re invited to rate their date. A positive rating teaches the algorithm to show you similar profiles, while a negative rating means that the algorithm will show you other profiles with complimentary personality types. It’s a constant feedback loop, where the machine learns more about the preferences of a particular user until it is successful in finding you the right match.

For the love of AI dating apps in Singapore

Comparing the personal ads of the 1690s to the matchmaking surveys of the 1960s, dating apps are really just the latest manifestation of how people are doing what we’ve always done —creating new ways to communicate to find love and companionship.

Despite having an algorithm crunch the numbers, find patterns, and make recommendations based on our behaviour, there’s still a lot about dating and relationships that an AI algorithm can’t predict: a life-long relationship goes beyond algorithms and dating apps. True love happens offline, but AI helps us take the first step by learning our preferences to show us exactly what we like and filter out the
rest.

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Podcast Network Asia (PNA), a Philippine-based podcast network agency, announced today it has raised US$750,000 in seed funding.

Local VC firm Foxmont Capital and Jakarta-headquartered Venturra Discovery joined Lisa Gokongwei, President of Summit Media, in the investment round. Kumu, a local live-streaming platform, also participated.

As per a press note, the fresh financing will go towards improving PNA’s production and performance analytics offerings and bankroll the agency’s expansion into Indonesia, Thailand and Malaysia.

Launched in August 2019, PNA provides podcast creators with access to production support and monetisation opportunities. It claims it has since grown its roster to 415 podcasts, with over 10 million listeners.

The company also intends to launch Podmetrics Marketplace, where podcasts on its platform can leverage data analytics and apply for affiliate marketing campaigns to generate revenue.

“Podcasting is about to enter its golden age,” opined Ron Baetiong, CEO and Co-founder of PNA.

Also Read: 5 reasons why podcasts are good for your content strategy

“With the Philippines as the 6th fastest-growing country in terms of listenership, we can scale up and continue the momentum we’ve built in the Philippine podcasting industry and replicate it across the region,” he added.

“I think podcasting is still in the early stages of growth in the country and that PNA has put a stake in the ground ahead with a scalable business model,” remarked Lisa Gokongwei.

“Podcasting is still nascent within Southeast Asia, when we look at top-charting podcasts, majority of them were launched within the past year. The industry has strong momentum as audio streaming platforms are doubling down on this segment,” added Raditya Pramana, Partner at Venturra Discovery.

Globally, the podcast industry remains bullish with more creators, networks, and advertisers supporting the medium. Worldwide podcast advertising has grown exponentially along with the increase of podcast shows.

By 2020, podcast advertisement revenue is projected to hit US$659 million, up from US$69 million in 2015.

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Image Credit: PNA

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