After successfully connecting buyers to the textile supply chain in Japan, the e-commerce startup D-Plus Trading is setting its sights on Southeast Asia. D-Plus Trading’s goal is to fill in the gap between buyers, sellers, and suppliers of fabric, first in its home country, Japan, and later in the rest of the world.

Using a special technology called tunageru, D-Plus makes it possible for buyers and sellers of textiles to be matched directly with several small factories across the country. With this innovation, the company aims to be a leading fabric platform. Moreover, with the help of the Japan External Trade Organization (JETRO), D-Plus will introduce its innovation to Southeast Asia’s textile industry, and by extension, to the vast regional market.

Established in 2016, D-Plus is an e-commerce platform that overcomes the physical boundaries between big and small businesses. As a Japanese startup, D-Plus untangles the difficult process of retrieving information from the fabrics supply chain to deliver it in a well-packaged and informative platform that connects businesses with each other. With D-Plus’ technology, businesses can freely access potential partners’ profiles and products—from factory information to product information.

Tunageru technology and the textile industry

D-Plus’s technology is a welcome development considering recent events. The links that connect buyers and businesses have nearly been severed by the onset of the ongoing COVID-19 pandemic. As movement restrictions and state-sanctioned lockdowns were enforced, digital platforms responded to this need by providing avenues where companies can find their potential clients online. It is here that D-Plus introduces tunageru.

Also read: The most successful AI-Voice B2B SAAS from Japan is now expanding to build a unicorn in Southeast Asia

Tunageru operates under a business-to-business logic, which allows textile businesses to link up with factories that produce fabrics and textile accessories. Once users are registered on tunageru, the process is easy to follow. Businesses looking for a supplier can use the platform’s search functions, including its keyword search. This makes the search process for a prospective partner generally hassle-free, with all the information businesses will need right at their fingertips.

Once they’ve settled on a fabric supplier they like, users can then select a fabric from the supplier’s sample book and then request a quotation. After this, it should be as simple as checking out any item and waiting for orders to be shipped to them. Tunageru’s payment system involves fintech innovations that improve ease of access to all users.

On expanding to the Southeast Asian market

D-Plus CEO Toru Domae tells e27 in an interview that as a digital platform, D-Plus has the advantage of adaptability. In this light, the company looks forward to expanding its investment in systems. With such a mediator within the industry, textiles are bound to discover new synergies with new upstarts, while maintaining a steady growth for more established companies.

At present, most of D-Plus’s clients are domestic businesses and factories overseas, particularly in China. However, with its expansion into the Southeast Asian market, it opens up opportunities for more transnational synergy within the global textile industry.

Since big names in the fashion industry have outsourced their services to Southeast Asian countries like Vietnam and Cambodia, textiles have been booming in the region. Vietnam and Cambodia in particular are names often mentioned alongside China, the world’s leading exporter of textile apparel. However, the region is more than just production sites for outsourced labour.

Also read: Can agritech solve the world’s growing food security problem?

Southeast Asia is starting to respond to issues of sustainable fashion by producing local innovations themselves. According to Domae, Southeast Asia has become crucial in expanding sales as a production base for most global manufacturers, while at the same time producing plenty of potential buyers in the industry as well.

Businesses and individuals interested in apparel, general merchandise, and interior goods are part of D-Plus’ target market, and with the company’s current outlook on Southeast Asia, these are also part of the region’s demographic. Reports on the regional market’s interest in the fashion and textile industry show that consumption of these products is set for an upward trend until 2025, which is an optimistic projection for a business like D-Plus.

Ways forward and general outlook

 In 2021, D-Plus further explored its plans for expansion by participating in the Singapore Week of Innovation and Technology (SWITCH) events, as well as SLINGSHOT, a startup network also based in Singapore. With the support of JETRO, D-Plus was able to introduce itself to its prospective market alongside other upcoming players in diverse fields working with tech.

When asked about its ways forward, Domae explains to e27 that apart from JETRO, D-Plus has already received investment from Japan-based venture capitalists. Other than this, the company will also continue to raise funds for its planned extension into Southeast Asia.

Also read: AMATELUS is ready to launch multi-angle video streaming technology in Southeast Asia

The development of a tech-powered solution for businesses in an industry as central to Southeast Asia’s economy as textile is certainly something to look forward to. Still, the innovation D-Plus brought to Japan will have to make a few adjustments once it moves to an entire region, but Domae assures us with a strong optimism that D-Plus will continue to aim for the title of the world’s leading fabric platformer using tunageru.

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

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The pandemic has led to breakdowns in customer service, with contact centres still recovering from outbreaks and lockdown restrictions. Often, customers wait hours for a simple query resolution.

This is a customer service nightmare that businesses cannot afford, especially in this age where customers have abundant choices and alternatives, should they be dissatisfied with the business’ customer service.

The last two years have shown that disruption lies in opportunity, even if it proves how painful turmoil can be. The turmoil will continue to challenge how an organisation thinks about managing customer relationships and how to stay relevant amid changing customer behaviours.

Since the pandemic, we have seen automation and conversational artificial intelligence flood the market as organisations elevate the customer experience. There has been a surge in the adoption of Conversational AI-powered chatbots and voice bots by industries ranging from retail to healthcare to manufacturing.

Thus, it comes as no surprise that the conversational AI market is set to grow exponentially from US$4.73 billion in 2020 to US$18.5 billion in 2027 as 95 per cent of customer interactions become automated, as predicted by Servion Global Solutions.

Thanks to the 24/7 availability of conversational AI-powered bots, the customer support experience is enhanced. Customers can receive personalised assistance with their questions anytime, outside the typical 9 am to 5 pm office hours.

Coupled with the chatbots’ ability to handle an infinite volume of queries and topics, the number of tickets requiring a support agent’s attention is also reduced. For support teams, having significantly lower ticket volumes can translate to better service for customers they interact with and a decrease in handle times, wait times, and resolution times.

Additionally, chatbots can help reduce agent burnout and churn by eliminating monotony, thus leading to increased employee fulfilment and customer satisfaction.

Also Read: How voice AI is revolutionising the fintech scene

Onwards to advanced virtual assistants for improved CX

When it comes to increasing customer happiness, enterprises are going above and beyond basic bots to deploy advanced virtual assistants capable of integrating deeply with an enterprises’ legacy software not just to converse but converse to resolve the issue from end-to-end.

There is also high demand for advanced virtual assistants that can converse in multiple languages, be deployed across channels, and maintain the customer’s context to reach out to them proactively while being capable of Natural Language Understanding and Natural Language Generation-led responses.

With NLP, chatbots can resolve customer queries in record time and interact with customers much as a human support agent would. For instance, based on user utterances, these advanced virtual assistants are capable of auto-detecting and switching languages instantly for the current user session and the following sessions depending on its configuration.

The speed and accuracy in which chatbots can converse with customers deliver higher Customer Satisfaction (CSAT) and Self-Serve (Cost Savings).

Another area where AI is heavily involved in handling customer support requests, live-agent handoffs and exception handling. The AI-powered automation first approach helps streamline customer interactions from the various communication channels, such as voice, email, social media, website, and app, into a single contextual conversation, thus transforming customer support into a more logical and efficient process.

This is just the start of conversational AI potential, however. In an ideal future, advanced virtual assistants would be the first port of call for customers, potentially saving them hours in hotline wait times.

To gain that initial trust, though, conversational AI tools must not only be well-trained to steer the customer correctly but should have a voice that is friendly, dynamic and not just another robotic impersonation. Through this, the customer will encounter a seamless and even pleasant experience from the interaction and one that is more efficient for them, the employee, and the business as a whole.

A shift from silos to total experience automation

 While Customer Experience has been at the forefront of most digitisation efforts, the pandemic leading to a WFH culture and shortage of workforce has led to enterprises focusing on both:

• Organisations are investing more in their customer experience (CX) strategies for growth.
• They’re also focusing on employee experience (EX) strategies to compete for scarce talent.

CX and EX strategies, however, are often siloed and developed in a vacuum, and the need for Total Experience (TX) is emerging as a need in large enterprises. TX identifies both employees and customers’ digital and non-digital needs while simultaneously addressing their respective journeys, especially the intersecting parts.

This creates a superior shared experience for everyone. EX and CX initiatives should reuse the underlying technologies and compose the UX into a set of mutually beneficial multi-experience (MX) apps across devices, touchpoints and interaction modalities.

Also Read: How Shopee uses AI, data to build a marketing strategy that suits changes in user behaviour

The Asian challenge

When it comes to establishing a successful TX automation strategy, this process is more challenging than in the Asian market, which is highly diverse and brimming with a myriad of languages and local, cultural slang and sentiment.

NLP needs to catch up to the point that prevents AI from becoming entangled in this linguistic melting pot. This serves as yet another illustration of the need to invest in and innovate conversational AI technology continuously.

Brands must not forget the human touch in their digital transformation journey, even as they rush to provide digital self-service. Having AI and human agents working together as one team has become ever more important, with customer service agents mostly working from home due to the pandemic.

Brands that can combine AI-powered digital experiences with efficient and effective human-assisted service will be the ones to build stronger, more valuable customer relationships and thus, gain a significant competitive advantage over their competitors.

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Two-three years ago, Adrian Oliveiro and Warren Woon provided tech services to physical events in the lifestyle and entertainment space. As the COVID-19 pandemic emerged, the duo wanted to future-proof their products either by offering VR/AR technology at physical events or completely pivoting to creating a virtual experiential platform.

“We chose the second option and drafted an initial roadmap towards the end of 2019,” Woon said. “When the pandemic started affecting the physical events industry, we immediately fast-forwarded our roadmap.”

This was the beginning of Xctuality, a startup that aims to bring the experiential platform of tomorrow today.

Rolled out in 2020, Singapore-based Xctuality offers 360° and immersive solutions in collaboration with the local arts, cultural and hospitality community. In other words, the startup aims to immerse audiences into an augmented theatrical experience by viscerally engaging them.

Also Read: “We want to facilitate organisations’ Web3 transition from bits to atoms”: Brinc CEO Manav Gupta

“We are a virtual experiential tech platform that bridges brands, creators and consumers to provide a more engaging virtual experience. We are further developing the ecosystem to include other virtual/augmented/extended reality (VR/AR/XR) functionalities and critical interactive elements to help brands and creators accelerate into the metaverse,” Woon told e27.

A new social network in the making

The company primarily offers Xctuality Interactive (an innovative 360° immersive and interactive environment) and Xctualyfe (a social network that bridges brands, creators and customers).

“Xctuality Interactive, started as an end-to-end streaming service, enables our B2B clients to monetise via selling tickets locked via a unique link to a stream, where viewers can purchase goods/services via basic e-commerce functionalities,” Woon said, sharing details. The firm later enhanced the product by launching a Future Stage POC, an interactive 360° digital theatre experience.

It is now in the final stages of launching a SaaS toolkit that will enable the clients to create an interactive 360° experience on their own using specific templates or user-generated content.

“Xctualyfe, meanwhile, is our gateway to the metaverse and the next evolution in social networking. Here, the focus will be two-fold — B2B and B2C. The B2B model will focus on creating metaverse as a service to help accelerate brands and creators into the metaverse. It is essentially the ‘Shopify for the metaverse’,” Woon spelt out.

“On the B2C front, we will put in place the various virtual worlds, which we will build and develop alongside our experience partners. Consumers will be taken on a gamified journey, starting with Parkour (an athletic activity), leading to the organic discovery of brands, creators and businesses. Complementing games will host shows, performances, virtual experiences, e-commerce, etc. We’re partnering with a prominent regional game developer to further our game content,” Woon elaborated.

According to Woon, who is also the company’s CEO, Xctuality Interactive has already bagged several clients in the lifestyle, entertainment and performing arts segments. The names include Singapore Tourism Board, National Arts Council, People’s Association, Raffles Hotel, National Heritage Board, Far East Hospitality, Roche Diagnostic, 1Play Sports, Asian Geographic, Unique Event and Exhibition, and Double Confirm Productions.

For Xctualyfe, the company is in the middle of signing commercial agreements and MOUs with several direct B2C sales/B2B organisations and gaming platforms.

As for monetisation, Xctuality began to monetise primarily with a project-based costing model and taking a percentage in every transaction within its virtual environment. It is now moving towards a SaaS-based subscription model and a per cent share in every transaction. However, it will continue to utilise a project-based costing model for large-scale enterprise projects.

Accelerating SMEs into the metaverse

Woon stated that his company wanted to help SMEs accelerate into the metaverse, especially those with no capabilities or resources. As such, the startup will be offering free one-year design and build of a virtual world for a limited number of businesses.

For others, Xctuality will provide easily adoptable 3D modelling solutions to help them monetise within the metaverse, which can then be converted into NFTs.

“We will have other tools that will enable them to create their branded virtual worlds in the metaverse. The opportunities are immense because it’s not just about helping brands, creators and businesses but also about creating an infrastructure to power an entire virtual economy. It will be worth trillions of dollars in the future,” he said. “Just like how businesses converted from having a yellow page listing to having a website, the entire global market is a greenfield for Xctuality.”

He also mentioned that Xctuality intends to scale very quickly overseas. It plans to go beyond Singapore and in the region starting in 2022. “The US and Europe are within our sights from the various strategic relationships we’ve cultivated.”

‘Had to do a lot of convincing’

For Oliveiro (CTO) and Woon, the entrepreneurial journey was not easy. As a tech startup that pivoted from the physical events space, the pair had struggled to convince its financiers, investors, and prospective clients/hires.

“Our product and business roadmap was unproven as the market was relatively young, and most believed that pivoting to virtual was a temporary measure as pandemic would ease and life would be back to normal. Indeed, we had to showcase the long-term possibilities and viability of our proof of concepts and products,” Woon described.

“Because of the unknowns, most financiers and investors were unwilling to fund our project. And as a result, resources were limited to hiring the talents we wanted.”

After months of discussions, Xctuality managed to get the backing of several VCs, including Brain-Too-Free Ventures, which led its US$300,000 seed round. It then completed a US$260,000 bridge round in 2020 from an existing shareholder.

Also Read: ‘Absolute decentralisation is unlikely to be the panacea for everything’: Chris Sirise of Saison Capital

The startup is now completing a pre-Series A of SGD 1 million to 1.5 million (US$740,000-US$1.12 million) from existing shareholders and new investors consisting of VCs and angels. It also plans to do an initial dex offering (IDO) shortly and a Series A in the coming months.

Many critics say metaverse and broadly Web3 is a fad and marketing gimmick? What is your view?

“Well, Web3 terminology isn’t doing anyone any favours, neither are the naysayers unwilling to see Web3 for what it really can be. Whether for or against it, the reality is that technology such as decentralisation, blockchain or even machine learning/AI, interactive gameplay and massive social networks are already within our midst. We don’t see Web3 taking over the technological landscape as much as supplementing current capabilities and enabling different ways to solve some existential problems. There will always be resistance against change, but there will be those of us who have been dreaming of what we can achieve, see the opportunities, and are brave enough to go for it. Just look at how fast the blockchain, crypto and NFT segments have been moving in the past two to three years,” he concluded.
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Image Credit: Xctuality

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Ayoconnect, an online open finance platform in Indonesia, has closed a US$15 million Series B financing round led by Tiger Global.

PayU, the payments and fintech business of Prosus, and Alto Partners, also joined, alongside Plaid co-founder William Hockey and Bank Jago President Commissioner Jerry Ng.

The company will use the new funds to launch new products and increase its capacity. In H1 2022, Ayoconnect will launch a direct debit service, an API service that automates recurring payments directly from customers’ bank accounts. It also plans to offer clients cards-as-a-service.

Ayoconnect is also set to begin its regional expansion.

The new round follows a US$10 million pre-Series B financing from investors such as Mandiri Capital and Patamar Capital.

Also Read: Ayoconnect snags US$10M pre-Series B to democratise Open Finance in Indonesia

Founded in 2016, Ayoconnect allows companies to embed more than 4,000 financial products in a plug-and-play fashion through its network of APIs. More than 200 organisations have used its product, including banks, retailers, e-commerce, fintech, and e-wallets such as Bank Mandiri, DANA, Indomaret, and Bukalapak.

Ayoconnect processes more than 500 million API hits annually.

“We are building the AWS of open finance with a complete offering globally so that we can power the companies of today and the tech unicorns of tomorrow,” said Jakob Rost, CEO and Co-Founder at Ayoconnect.

Ayoconnect’s stack is divided into two main areas. On the embedded finance side, it helps companies of any size launch financial products using APIs such as phone top-up, utility payments, embedded insurance, and auto-billing. Banking-as-a-service APIs provide account opening, disbursement, credit, investment, savings, and other capabilities.

On the data side, Ayoconnect enables companies to make better decisions by pulling banking data, such as account validation, account balance, transactions, and liabilities. It also provides data on unbanked and underbanked people through bill payments, e-wallet, location, phone, e-commerce, payroll and other alternative data. New use-case APIs are added regularly.

In August 2020, Ayoconnect announced a US$5 million in pre-Series B round from BRI Ventures, Kakaku, and Brama One Ventures.

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Image Credit: Ayoconnect

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Grab acquires Jaya Grocer to expand its on-demand grocery delivery in Malaysia
The deal enables Grab to bring more Jaya Grocer retail stores onto its marketplace and leverage Jaya Grocer’s large supplier network further to expand its GrabSupermarket; Jaya Grocer operates over 40 stores today.

Indonesia’s largest private bank BCA to pour US$27.8M into VC arm
Central Capital Ventura will continue to invest in startups that can combine financial services with other sectors such as logistics, health, and commerce; So far, it has invested in 26 startups, including Qoala, Oy, Akseleran and KlikA2C.

Monk’s Hill said to be in the secondary market for Fund 1
The VC firm had engaged with family offices to conduct a secondary transaction on its first fund on a 2-2.5x multiple; A secondary deal will allow MHV to unlock liquidity for some of its Fund 1 LPs.

Open Finance platform Ayoconnect banks US$15M Series B to launch new products
Investors include Tiger Global, PayU, Alto Partners, and Plaid co-founder William Hockey; In H1 2022, Ayoconnect will launch a direct debit service, an API service that automates recurring payments directly from customers’ bank accounts.

MedHyve raises pre-seed round to make medical procurement easy for small hospitals
Investors are Pegasus Tech Ventures, Foxmont Capital, Lazada and Alibaba executives from 10K Ventures; MedHyve currently carries over 100 suppliers and 5,000 products online, serving 600+ hospitals and clinics across the Philippines.

SG
Refract secures over US$6M funding anchored by Sea Limited
It recently concluded a crowdfunding campaign on Kickstarter for its innovative, wearable full-body motion capture technology, AXIS, and its acquisition of developer Deep Dive Studios.

Women-focused fintech firm Lucy eyes US$5M Series A funding
In November 2020, Lucy raised US$365,787 in a pre-seed round, in which the investors were all women; In 2021, it raised US$1M in a seed funding round from EmergeVest; Lucy is a neobank focused on providing a tailored range of financial and non-financial services to women.

HK
Payments network Rapyd completes the acquisition Neat
Rapyd is a fintech-as-a-service platform that claims to link 900 payment methods in over 100 countries and enable global payouts in more than 200 markets; Neat is a cross-border platform that enables trade for SMEs and startups.

VIISA backs Vietnamese classroom management solutions startup SHub
SHub aims to make online learning a basic life necessity and make online teaching a high-income career for Vietnamese teachers; The startup claims to have onboarded over 3M student users and formed partnerships with over 200 schools and 100K teachers.

Why smart businesses will prioritise smart payments acceptance
The more digital payment options a merchant makes available, the more points of interaction it has with consumers; As the number of touchpoints grows, they can drive operational efficiencies, create loyalty programmes and improve the customer experience.

Vietnam to start developing 6G tech in 2022
The Minister of Information and Communications (MIC) Nguyen Manh Hung said it’s time the country gets ahead of the development curve and strengthens its digital infrastructure with an emphasis on cloud computing, digital platforms, and software services.

MDEC partners with fintech group to help Malaysian fintech companies
Their collaborative efforts will focus on three key areas, namely deal flows, fintech ecosystem support and joint amplification; MDEC will curate deal flows and funnel potential Malaysian fintech companies to the fintech group.

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Alto Partners
Alto Partners Multi-Family Office is an investment partnership comprising prominent entrepreneurs and next-generation wealth.
Verticals: Consumer, education, finance, insurtech.
Investment locations: India, Australia, the US, Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, Myanmar, Brunei, Laos, and Cambodia.
Stages: Pre-Series A/bridge and Series A.

ScaleUp Malaysia
Scaleup Malaysia is an Accelerator for emerging Malaysian companies who are looking for regional expansion and growth.
Verticals: All
Investment location: Malaysia
Stages: Seed, pre-Series A, and bridge
Investment range: US$50K to US$70K

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Singapore businesses and private individuals are no strangers to cyber attacks. The ongoing pandemic has further amplified the use of technology, and to keep afloat, businesses and many individuals around the globe were forced to go fully digital aggressively.

However, with businesses digitising and moving assets online via cloud computing, cybersecurity has become a critical concern.

Recent high profile cases such as the ransomware attack on a private eye clinic where up to 73,000 patients’ data and clinical information were affected have further underscored the need for cybersecurity professionals to meet the increase in demand for services.

According to McAfee Enterprises’ Advanced Threat Research Report (October 2021), financial services were targeted most among reported cloud incidents, followed by healthcare, manufacturing, retail, and professional services.

Singapore’s cybersecurity market, which was estimated at slightly less than half a billion US dollars in 2017, is expected to reach US$889 million in 2022, according to the Infocomm Media Development Authority of Singapore (IMDA).

Despite the growth of Singapore’s cybersecurity market, the country faces a shortage of cybersecurity professionals, which has left businesses vulnerable to cyber threats. The number of ransomware attacks climbed to 154 per cent in 2020, and cybercrime accounted for 43 per cent of the total crimes last year. 

We need more cybersecurity talent

According to the Cyber Security Agency of Singapore, Singapore faced an estimated talent shortage of up to 3,400 cybersecurity professionals in 2020. Despite the burgeoning demand for cybersecurity professionals, it is an alarming fact as to why there is still a shortage.

Also Read: Practical tips to protect your business from cyber attacks

One reason for this could be that graduates are traditionally not encouraged to pursue a career in cybersecurity. Instead, careers in business, medicine and science often take precedence over cybersecurity not just in Singapore but globally as well. 

The lack of diversity and inclusion in the cybersecurity field is a contributing factor. Cybersecurity has historically been a male-dominated field. Women may not feel cybersecurity is a career worth pursuing due to the huge gender disparity and lack of opportunities for advancement in the area. 

Lastly, cybersecurity tends to be a technical industry. This also means that a certain degree of knowledge is required to be considered a cybersecurity professional.

Organisations and businesses also tend to limit their talent pool and look for applicants with traditional credentials. It is important to keep in mind that this field is rapidly evolving. It also means that organisations and businesses should benefit from varied skills sets.

How can businesses attract and retain more cybersecurity professionals?

Today, businesses are faced with the challenge of attracting and retaining cybersecurity professionals. Cybersecurity professionals are often attracted to organisations that attract other talented cybersecurity professionals.

They appreciate organisations with a realistic grasp of their risks, postures, needs and where cybersecurity is taken seriously, valued as a discipline, and budgets are allocated to support markets.

They also prefer organisations where cybersecurity has broad visibility (including at the board level), allowing continuous investment in systems, tools and education to keep up with the latest technology and trends.

Another important factor is skill development and growth opportunities. Cybersecurity professionals are also attracted to organisations that provide opportunities for growth, skills development, access to advanced technology and tools, and opportunities to network with other talented cybersecurity professionals at relevant conferences and peer groups.  

How can businesses stay ahead of the digitalisation push?

Businesses are increasingly investing in the development of talent internally. Although employees may have undergone cybersecurity training at some point, it is beneficial to reskill regularly. The security landscape is constantly changing, so today’s challenges will usually be different in the future.

Also Read: The curious case of the cybersecurity skill gap

Companies may elect to deploy security training programs. They will also encourage employees to take extra vigilant safeguard measures, including regularly communicating data security policies and updates about the newest cyber attack methods deployed across the industry and within the business. 

Businesses can also build a local cybersecurity ecosystem. For example, they can form a third-party partnership with governmental organisations (CSA, IMDA) educational institutions and/or partner with cybersecurity firms to explore and generate interest in the cybersecurity field.

This will ensure continuous learning, and employees/business leaders will be more aware of what’s happening in the cybersecurity space. Lastly, plan. Organisations need to formulate a business plan.

For example, review the skills and knowledge of cybersecurity professionals in your company. By doing so, you will be able to point out loopholes and enable leaders to determine if the company needs any external help. 

Adapting to the new age of digitalisation

It is evident that Singapore’s cyber market is growing, and the lack of cybersecurity professionals in the country is a gap that needs to be closed. It is imperative to shift mindset regarding pursuing a career in cybersecurity.

Businesses and organisations can expand their talent pool and deviate from traditional credentials because requirements change. Make sure your organisation promotes a healthy culture, has a good grasp of its risks, and takes cybersecurity seriously to attract top professionals to work for your organisation.

As we progress into a world that is becoming more digitally adept, it is increasingly evident that we need to adopt safe practices on our end too. Businesses will also need to do their part by upskilling and reskilling their workers to keep up with the evolving digital landscape.

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Taking on that first business trip can be a huge step for any SME, not least the additional safety concerns and cost of business travel since COVID-19 started.

And with the myriad of uncertainties and changing regulations that are coming down hard on organisations from MNCs to SMEs, many organisations think it’s worth the effort and financial implications to get back to travel.

These concerns are genuine for SMEs. They are usually the worst hit in economic downturns as they don’t have the flexibility that the backing of significant banks gives MNCs.

As with most companies, staff in an SME is also one of the company’s greatest assets, and the concern for their well-being and safety has also climbed to the top of the priority leaderboard in the new landscape.

With so many uncertainties and considerations, you may think, why travel? Throw in the added spotlight on the sustainability of travel and its environmental impact, and you have a full plate of worries on your hands.

However, now is not the time to back-burn travel programmes but to ramp them up. A business environment changing so rapidly and dramatically will require speed and the need to scale your strategies and tools effectively to ready yourself for travel when the need calls for it.

Strategies and tools need to reflect the shift of the new travel landscape as the pandemic eases. Consider the following factors as you plan for the longer term:

• Put value at the centre of your return to travel strategy: determining the true value of a business trip.
• Adopt a safety and risk mindset: setting up a resilient and building a risk management culture
• Data as the cornerstone of your travel programme: doubling down on data focus to achieve greater cost control and optimise the decision-making process

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

Is it worth it?

While ‘fly-in fly-out meetings can be shifted online, there’s an undeniable benefit of attending that sales pitch in person or site visits to customers or suppliers for that personal touch. SMEs know these values better than anyone else.

The personal touch is intrinsic to the growth of a business for an SME, especially when we’re talking about growth across borders. Any business that isn’t thinking about cross-market collaboration or expansion likely won’t be a business for long.

If you look at why teams from sustainability organisations and even leaders are still flying to gather at COP26 in 2021 (The United Nations Framework Convention on Climate Change), you’ll understand why.

No amount of videoconferencing will be as valuable as six hours spent in the room with your customers, suppliers and colleagues to understand their needs and concerns, how you can better achieve your goals together and build that personal relationship to the next level.

How is it safe?

So your employees still have to fly, how can they do it safely and with peace of mind?

One of the biggest developments in travel risk management since the onset of COVID-19 has been the ISO 31030. Published in September 2021, the document provides organisations with a common standard for building, implementing, and evaluating a travel risk management strategy.

The standard includes guidance on implementing an effective risk management policy, programme development, threat and hazard identification, opportunities and strengths, risk assessments, and prevention and mitigation strategies.

Employees need to be assured that they are being taken care of in the entire end-to-end journey. 24/7 access to updated and timely health and safety information, as well as tools and resources that allow them to navigate their trips safely and confidently, has now become non-negotiable.

Do you know what’s going on?

Many companies still run their companies blindfolded. Data limitations often cause poor decisions to be made and inefficient decision-making processes.

To close the gap, SMEs need to take a fresh look at one thing: data. That means revisiting data on travel restrictions, data on which hotels have the required hygiene standards, data on the length of flight vs airfare class booking matrix. Is it ok to book a business class flight for a two-hour flight to Jakarta? Why or why not?

Some of the paradigms once driven by humans or common-sense decisions are now ripe for reconsideration. Data can help you to make better-informed decisions. It levels up your travel programme, driving the decision-making process and helps to mitigate risks and enhance the safety magnitude of employees.

At a glance, you can see whether the trip is safe enough to take, whether it makes sense and allows you to jump into action immediately when crises occur or if things go wrong.

Also Read: How Warung Pintar builds tech solutions to help warung owners embrace the future

A big bonus of data? Expense monitor and control. It allows you to monitor spend increases and identify areas where they can be reduced.

Many travel management companies (TMCs) offer integrated traveller and spend tracking technology. These tools can provide up-to-date travel information taken from live feeds provided by risk management companies, and you’ll be alerted when your travellers are in a position of risk.

Importantly, you also get access to regular expense reports, which deters travellers’ shady and frivolous spending habits.

We’ve seen many SMEs start their data journey with spreadsheets and google alerts to track travellers and expenses.

They are often patchy and usually end in disaster when someone accidentally messes up the format or becomes too intensive for continued manual input.

Switching on the data-enabled mindset

A volatile and unpredictable environment is disrupting companies’ business operations and adding a variety of risks from budget and traveller risks and environmental, social, and governance (ESG).

MNCs and large national companies are increasing their emphasis on central control systems to obtain operational and traveller relevant data, and SMEs should not lag in the race.

FCM’s new fee-free travel programme offers startups and mid-sized companies the opportunity to level up their travel programme and kickstart the organisation’s data journey.

SMEs have similar needs as MNCs (although a lot more straightforward) but often don’t have the deep pockets or negotiating power for bundled deals that larger organisations do– this was the premise of the fee-free programme. In essence, we want to support SMEs by helping them to travel more and spend less.

Implementing a travel platform to your company systems might have been a nightmare ten years ago. Still, corporate travel tech has matured significantly over the last decade and accelerated even further in the previous 18 months.

Simple and straightforward, the implementation of FCM Platform and Mobile for an SME’s travel programme can be completed in two weeks with a core emphasis on user experience and at no cost. This allows you to align tech and data with your travel programme, enabling speed and scalability in enhancing your operations to grow your business.

The way forward for SMEs, regardless of the route or tool you choose, will be from keeping a closer eye on data smartly.

It will give you the confidence to jump on a plane to make that connection with a potential new client, better collaborate with your peers and understand your suppliers’ needs without putting your staff or your finances at risk.

Spreadsheets will only take you so far.

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It is common knowledge that Japan is a hotbed for tech and innovation, being home to many legacy brands that dominate globally in the hardware and robotics space. With the advent of tech becoming increasingly democratised, tech solutions have sprouted not only within large enterprises but also in young and exciting startups. Today, the country boasts a slew of unicorns under its belt, proving that Japan’s vibrant startup ecosystem is equally formidable.

In order to shed light on the country’s strong support for the startup ecosystem, e27 recently hosted a webinar titled “Market Access Japan: Why and how you should expand your business to Japan ”. Moderated by Dennis Poh, Founder and CEO of Legatcy, the programme was designed to help global startups understand the challenges and benefits of expanding to Japan, as well as the kinds of support that the country is able to offer.

Economic resilience

Hari Sivan, CEO and Co-Founder of Singapore headquartered SOCASH, explained that some of the qualities that make Japan an attractive destination for the digital cash displacement platform is its large B2B market. Moreover, the country offers one of the most valuable SaaS business markets and boasts a significant amount of banking activity — which is an expensive operation.

“As with any tech startup, you’re looking at large markets, scale-out markets. So Japan is one option,” expressed Sivan. “Around 2019, we decided we needed to focus on Japan. We had started that process during late 2019, then COVID-19 happen. We felt that among all the countries, Japan still presents the most attractive economy,” he added.

Also read: 26 Japan startups eye business growth with the help of Techstars

According to a 2021 report launched by the Organisation for Economic Co-operation and Development (OECD), the Japanese economy is projected to grow by 1.8% by the end of 2021, 3.4% in 2022, and 1.1% in 2023 — optimistic numbers despite the continued presence of COVID-19.

When it comes to scaling, Sivan explained that market-entry is extremely tough and is akin to starting from zero all over again. For SOCASH, the company simply looked at which countries had the best chances of success in a two to three-year horizon, and Japan basically checked out in all the variables that the company was looking for.

Opportunities that await startups in Japan

According to Masahiko Honma, Co-Founder and General Partner at Incubate Fund, Japan mainly has two central business opportunities for global startups: B2B SaaS market and deep tech.

The country currently holds the record for the second largest B2B SaaS market in the world, next to the United States. On the other hand, Masahiko elaborated that the Japanese market is keen on supporting deep tech startups offering innovations in healthcare, robotics, AI, and other cutting-edge technologies.

In terms of fundraising, Japan has a very mature VC and private equity fund industry. With the right strategic priorities, it is perfectly feasible for new startups to rouse interest among Japanese investors. Such is the case for SOCASH which was able to land investments from Japan even before their entry into the country which was largely due to their performance and success in Southeast Asia.

Also read: Modern solutions to modern problems: How Plusman LLC innovates healthcare

Another indicator of the country’s strong investment culture is the fact that a lot of investments in the general Asian ecosystem come from Japan, even among companies that operate elsewhere. This shows that Japanese investors are very open to supporting innovations as long as they are backed with a strong business model and a promising idea.

To illustrate, Incubate Fund itself has over 250 startups in its portfolio, making it one of the largest seed stage investors in the country. The Japan headquartered VC firm also holds operations in Singapore, India, and the United States which goes to show that they mean business when it comes to supporting global ideas.

Challenges and support for global startups

 Of course, when it comes to businesses expanding in any country, it is important that they have access to support and assistance from local ecosystem players. In Japan, one institution leading the charge is the Japan External Trade Organization (JETRO). JETRO is a Japanese governmental non-profit organization that supports not only Japanese startups seeking to scale outside Japan, but also global startups exploring opportunities in Japan.

The key thing for such expansions is always going to be localisation and adapting to unique cultures and common practices. For SOCASH, being able to navigate through complex ecosystems is invaluable especially for a young startup. “In Japan, each prefecture probably has its own innovation ecosystem,” Sivan explained. As such, JETRO’s ability to connect global startups to local ecosystems allow these startups to explore strong partnerships, B2B networks, and accomplish so much more without expending too much time and effort.

Also read: Online threats? Protect yourself with these tools

How the Japan government operates is by offering a full-range of services designed to support startups often depending on the maturity level of the companies. According to Kiewai Khoo, JETRO’s Director for Business Development and PR, the organisation provides global startups with local market information as well as connecting them to figures, potential partners, and institutions that they should be working with. “We are the first window they could approach to understand how they should enter the market,” said Khoo.

To gain access to more insights on the Japan market and how your startup can expand in the country, you can view the full webinar below.

Also, if you are looking for a more personalised discussion about your specific startup’s plan to expand to Japan, we invite you to sign up for a chance to have an exclusive 1-to-1 consultation with JETRO. You can sign up here.

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

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

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Grab has completed the acquisition of a majority stake in Malaysia’s mass-premium supermarket chain Jaya Grocer, the tech giant announced today.

The acquisition enables Grab to bring more Jaya Grocer retail stores onto its marketplace and leverage Jaya Grocer’s large supplier network further to expand its GrabSupermarket product line at lower costs. This way, the two companies plan to bring on-demand grocery delivery to more consumers in the Southeast Asian country.

Additionally, Grab and Jaya Grocer also announced the rollout of GrabPay and GrabRewards across all Jaya Grocer physical retail stores, expanding the former’s cashless wallet usage.

“It is our vision to make on-demand groceries more accessible for everyone. Jaya Grocer is known for its wide selection of good-quality fresh produce and grocery products. By combining our extensive on-demand delivery fleet and capabilities with Jaya Grocer’s strong retail presence and supplier network, we can deliver these quality products to more homes even faster,” said Anthony Tan, Group CEO and Co-Founder, Grab.

Also Read: Grab injects Series C funding into Indonesia’s e-investment platform Bareksa

Established in 2008, Jaya Grocer operates over 40 stores today, with the majority located in Klang Valley.

“I have built Jaya Grocer from the ground up — from our first store in Klang Valley to over 40 stores today. Grab’s solid track record and ability to execute in a hyperlocal way gives me confidence that I have found the right partner to take Jaya Grocer to new heights. This acquisition provides us with an amazing opportunity to not only grow as a company but also grow the market for online grocery services in Malaysia,” said Teng Yew Huat, Founder, Jaya Grocer.

The acquisition comes at a time of accelerated growth in on-demand grocery delivery services. As much as 64 per cent of Southeast Asia’s internet users purchased groceries online at least once during the pandemic, yet online grocery transactions only accounted for approximately 2 per cent of the total grocery spend.

It is estimated that online grocery in Southeast Asia could grow to US$50 billion in gross merchandise value — the size of the entire e-commerce market today — at a 10 per cent penetration rate similar to advanced markets.

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As businesses emerge from a pandemic that drove many to adopt digital payments, they are now looking to leverage their investments for faster recoveries. What’s more, consumers too are showing all the signs that digital payments will continue to grow; 93 per cent intend to try at least one emerging payment method in the next year, while close to three in four would both shop at small businesses more frequently if they offered more payment options, and are more loyal to retailers that offer multiple payment options.

Looking at this trend, I’d argue that smart businesses should even view payments acceptance as a revenue growth driver.

The more digital payment options a merchant makes available, the more points of interaction (POI) it has with consumers. As the number of touchpoints grows, they can drive operational efficiencies, create loyalty programs and improve the customer experience.

These outcomes can help businesses grow their revenues and the ROI on their acceptance investments.

For example, QR codes have proliferated around Asia as a simple and easy acceptance point, and many businesses have started digitising payments with them. They are also mobile, a feature we’re making even easier for micro and small merchants through its patented QR on Card technology.

It does what the name suggests: places a QR code on a card, so consumers and micro-merchants can use one tool to accept and receive payments – from anywhere. This solution requires little onboarding and no hardware costs for merchants. It also provides consumers with an easy, touchless and hygienic way to pay.

Also Read: Pocket power: 27 personal finance startups in SEA to help you manage money

Getting paid is now even easier

There are two additional ways to solve the “getting paid” challenge. In one instance, consumers can scan a QR code without the need for an app directing them to a merchant’s online checkout site. With this, the mobile device essentially becomes a checkout counter through which they can pay with stored credentials or Click to Pay.

We’re working on a second solution with banking partners to enable consumers to scan a QR code and pay using a Mastercard card.

While QR codes provide a convenient experience for consumers, tap and go contactless payments with a card or mobile device are the fastest way to pay. Small merchants– mainly those who want to broaden their customer base– can provide this experience via Soft POS.

They download the app-based acceptance point onto a mobile device to do so. This helps merchants widen their acceptance net, giving them the flexibility to accept payments in and out of the store and provide a better consumer experience earlier in their growth stages.

Accepting account-to-account and card payments facilitates digitalising a significant proportion of merchant revenues. Soft POS advocates recognise this and propose several business management tools integrated within the acceptance point.

This transformation opens new avenues for merchants to digitalise other aspects of their business. For example, Zoho offers small businesses more than 45 integrated suites of business apps through our partnership.

Smart POS will only get smarter

For small and medium-sized businesses with greater in-store presence, smart, dedicated terminals can be a more efficient, easier way to accept payments of all types and free up mobile devices. These can also be integrated into more robust software solutions.

As the next generation of payment solutions enables biometric payments, the contactless experience will ratchet up yet another notch. In the not-too-distant future, a consumer will be able to walk up to a self-checkout Smart POS, smile, be directed to a checkout page with their stored card credentials, use loyalty points at the point of sale, approve a transaction and walk out of the store– all without needing to touch a card or phone. And this will happen with the consumer’s full consent and their privacy protected.

Also Read: Telling the fortune of digital payments in 2021, CNY style

This futuristic consumer experience is not too far away. According to the Mastercard New Payments Index, 44 per cent of consumers in the Asia Pacific said they plan to use biometrics next year.

To capture this growth, we’ve partnered with an industry leader to create a certification process to ensure biometrics vendors provide the highest level of cybersecurity possible. Innovating and providing multiple POS solutions will enable merchants to tailor their payments strategy, better engage consumers and capture new revenue opportunities.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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