Indonesian e-commerce firm Blibli inches closer to IPO
The firm looks to raise US$400M in IPO later this month or early Sept 2022; As part of the plan, Blibli and Tiket.com will merge and conduct the IPO together as one group.

Insignia Ventures raises US$516M for its funds; bullish about web3, climate-tech, healthcare in SEA
The VC firm says its enterprise value is over US$46B on US$304.9M of invested capital, with a loss ratio of less than 2 per cent; It has backed 50+ companies, including Carro, Ajaib, Appier, and GoTo.

A new set of founders will emerge in Indonesia amid funding winter: Vertex Ventures
Senior exec Joshua Agusta said investors may be selective in their investments and have adjusted their expectations of the returns; A lot of growth-stage startups will need longer time to fundraise and that too at moderate valuations.

Botsync’s automatic mobile robots want to lift APAC’s logistics sector to the next level
Botsync’s MAG AMRs can autonomously navigate the operating site to transfer loads of up to 1,500 kg, utilising the base map and multiple integrated sensors.

Jack Ma may let go of Ant Group control
He controls 50.52% of the company’s shares through an entity called Hangzhou Yunbo Investment Consultancy; The business tycoon may cede control by transferring some of his voting powers to Ant executives, including CEO Eric Jing.

B Capital was the top investor in troubled crypto exchange Zipmex
The Thai startup has so far raised a total of US$65.3 million from investors across four rounds; Last week, Zipmex briefly suspended withdrawals following its US$53M exposure to the troubled crypto lenders Babel Finance and Celsius.

SG-founded cybersecurity firm Acronis secures US$250M funding
BlackRock is reportedly one of the backers; The firm offers cyber protection solutions covering backups and protection; Acronis is currently HQed in Switzerland with 34 offices worldwide, catering to 750K businesses across 150+ countries.

SG’s scion Kiat Lim’s Towerhill buys Vulcan Post parent Grvty Media
The acquisition comes as Grvty Media is still recovering from the aftermath of the COVID-19 pandemic; The deal will give the media firm access to services from Kiat’s portfolio companies.

Creador leads US$11M round of Filipino digital bank player UnoAsia
UnoAsia aims to serve 45 million underbanked people in the Philippines; It also plans to set up digital banks in other countries in South and Southeast Asia, making the firm a regional player in the next few years.

Axie Infinity head moved millions in game tokens before transaction freeze
Axie Infinity developer Sky Mavis confirmed Bloomberg’s analysis of public data that linked the wallet of CEO, Trung Nguyen, to a large transaction of about US$3M in Axie’s AXS tokens to crypto exchange Binance.

SG DeFi firm OrBit Markets raises US$4.6M in Matrixport-led round
Investors include Matrixport, Brevan Howard Digital, New Form Capital, Maven 11, and Westridge Markets; OrBit designs quantitative models and risk engines to create crypto-based financial solutions.

Packworks bags US$2M to launch m-ERP platform for Filipino sari-sari stores
Investors include Fast Group, CVC Capital, ADB Ventures, Arise, Techstars, and IdeaSpace Foundation; Packworks enables store owners to process their business inventory, bookkeeping, and data collection through The Pack: SuperStore App.

Insitor Partners leads Cambodian agritech startup’s pre-series A round
Azaylla provides supply chain solutions for farmers, helping them process and distribute fresh produce worldwide; It also plans to launch an online B2B platform that incorporates consumer insights, market data, and curation.

The post Ecosystem Roundup: Blibli inches closer to IPO, Insignia raises US$516M for Fund III, Jack Ma may let go of Ant Group control appeared first on e27.

The world of startups is a high-stakes game, further perpetuated by increased uncertainty. Of the number of enterprises that launch, 90% eventually fail within the first 10 years.

There are many lessons to learn from the creme de la creme that make it through. These strong enterprises have invested in the right priorities, especially in tough times. Extending internal cash ways and focusing on operational efficiencies while continuing to deliver great customer value are key factors to stand out.

While there are headwinds that come with abrupt change and macro market challenges, there are also tailwinds to be harnessed with the increased digital adoption among consumers. What comes with constraints are opportunities to exercise creativity and harness the power of “and” versus “either-or” thinking. The right tools need to be in place for people and processes in the company to work efficiently and continue to drive growth, save money and reduce risk.

Shifts in consumer trends

Amidst the challenges, there are great opportunities for Asia’s startup ecosystem. A big chunk of consumers is changing their purchasing behaviour and shifting to digital. This presents a plethora of entry points for enterprises to provide value in this space, as well as be able to optimise operations, by working with digital platforms.

There are many ways of tapping business efficiency. One of these is to invest in systems that pay off in the long run. An opportunity to build this efficiency into your enterprise is to incorporate an agile go-to-market model and make your website work for you, get the right audience, and focus on deals that you can win. Aligning internal functions and uniting sales and marketing around your customer is crucial.

Also read: How AlphaJWC Ventures built Indonesia’s largest early-stage fund

Freshworks (NASDAQ: FRSH), a leading software company that empowers businesses in delighting both their customers and their employees, has cloud-based sales and support solutions that help businesses improve the experience of their customers and respective market segments. Their services facilitate connectivity within internal teams and enable them to interact and engage customers and realise the efficiency of various operational processes through technology

Freshworks has enabled over 50,000 small and big companies across the globe to exceed customer and employee expectations. 

For Freshworks, customer engagement is key

In the Southeast Asian region, Zalora is a Freshworks customer, enabling the leading e-commerce fashion retailer to increase its customer agent response time and enhance personalisation to its 50 million customers online. 7-Eleven in the Philippines is also benefitting from improvements in its omnichannel customer experience through Freshworks’ solutions. They are able to automate and optimise their customer resolution processes, delivering great conveniences to both their in-store and online customers, across their 3000 24-hour convenience stores.

Freshworks also has solid representation and support in Southeast Asia, with its regional headquarters in Singapore. With its increasing growth in the region impacting the operational improvement of many businesses, it is committed to delivering customer needs, strengthening partner ecosystems, and sustaining the build-up of these ecosystems.

Also read: Alibaba Cloud launches AsiaStar 10×10 campaign for SEA startups

Your startup is better with Freshworks. You can leverage key features such as automation, multiple-channel support, and AI tools, which are all available on the Freshworks Customer Engagement Solutions suite. They provide tailored cloud-based solutions that suit specific needs, native collaboration to improve workflow efficiency, and intuitive interfaces that enable quick training & transition.

Freshworks has catered to various enterprises globally amidst a range of sizes, also offering solutions for small and medium-scale businesses, entrepreneurs, and business professionals. They offer the flexibility of their solutions to enable efficiencies, such as omnichannel customer service software, customer support software, customer messaging software, contact centre solutions, sales software, customer relationship management for sales and marketing teams, marketing automation software, IT service management software, and human resources software.

The benefits you get with Freshworks

As a startup, you are eligible to avail of the Freshworks suite of solutions through their Freshworks for Startups program. The perks include $10,000 worth of credits across products. With an allocation of $1,250 per product, your team is guided through a white glove onboarding process.

To add to that, you are also able to engage with a built-in community of mentors and founders and access useful resources for startup founders, including Youtube playlists, webinars, and playbooks.

Also read: Four takeaways from companies actively building ventures in Singapore

Freshsales Suite (all-in-one CRM), Freshdesk (helpdesk software) and Freshchat (live chat software) are some of the loved Freshworks products, other Freshworks customers include Klarna, Fiverr, and Delivery Hero.

Boost your startup journey with leading customer and employee engagement solutions from Freshworks now, with a simple, cost-effective setup and user process, and comes equipped with powerful automation. Sign up here.

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

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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Small and mid-size enterprises (SMEs) in Southeast Asia have long been an integral part of economic growth and a segment that will receive strong support for post-pandemic recovery. This makes the entrepreneurial path an exciting avenue for people from all walks of life to follow their passion.

In particular, entrepreneurism is a growing trend among young people, who have demonstrated remarkable resiliency and agility to thrive amidst the challenges faced during the pandemic. The findings from our Herbalife Nutrition Asia Pacific (APAC) Young Entrepreneur Survey have also mirrored this uptake, with seven in 10 Gen Zs and Millennials saying they aspire to start a business of their own.

Opportunities in health and wellness

While there is a wide range of industries to explore and consider as an entrepreneur, there is no denying that the health and nutrition segments are popular choices, driven by consumer demand.

Our survey on Changing Health Priorities found that 86 per cent of consumers have taken steps to improve their health in the past year, with over half of respondents saying that they have been eating healthier and supplementing their diet with vitamins and minerals. The bigger picture looks promising too, with market studies projecting a CAGR of 13.2 per cent between 2021-2027 for personalised nutrition in APAC.

At the same time, the region’s ageing population is on the rise and with it, the increase in national-level health promotion programmes to boost healthy life expectancy. These efforts appear to be working. Herbalife Nutrition’s survey showed there is a strong awareness of healthy ageing among consumers, with 73 per cent saying they have taken actions like making better nutrition choices and taking supplements. The combination of these nutrition healthy active lifestyle trends amidst diverse demographics provides a rich environment for new ideas and businesses to flourish.

In general, entrepreneurship can be a rewarding pursuit that allows for flexible schedules, control over decision-making, and the expansion of business networks. Here are some building blocks to success that we share with our independent distributors in the region to help them thrive and grow their businesses.

Getting the basics right

Many entrepreneurs start their businesses to escape the roadblocks of large companies. Along with the freedom to be one’s own boss, there is often a desire to free themselves of endless planning sessions.

Also Read: How accelerator programmes can help entrepreneurs bring their vision to life

However, every business, large or small, benefits from a plan. Take time to write down goals for the business and tangible actions to achieve those goals. Review it on a quarterly basis to measure progress.

For example, was there a way to cut costs or streamline processes? Did client services improve with more technology solutions?

Remember that we are making progress on all fronts, and sometimes just progress, however small, can be enough. Entrepreneurs can continue to find new ways to conduct their business. Ask what customers need and how to best deliver that product, information, or service.

As providers of nutritional and wellness products, we know that consumers worldwide are seeking healthy solutions now more than ever. Our independent distributors host online webinars, and outdoor exercise sessions and provide valuable health information via emails and newsletters.

Professional growth and the willingness to learn are crucial to thriving in a business. In our latest 2022 Entrepreneur Survey, respondents reported that it took an average of two failed business ideas before they found one that worked.

While failing is difficult and discouraging, entrepreneurs shared that making mistakes helped them learn, grow, and succeed in their future endeavours. Almost 90 per cent of small business owners said they learnt valuable lessons from each unsuccessful venture.

The importance of learning to be more productive is also high on the list of lessons. Four out of 10 small business owners said that productivity was critical to their success. Many entrepreneurs previously worked for companies where deadlines were set for them by others.

Suddenly becoming a boss can be daunting for owners, and many find themselves overwhelmed with work and less productive at first. The adage “one step at a time” applies to productivity. Set attainable goals and see each task through to completion.

Nurturing ambitions

Southeast Asia has a promising talent pool of aspiring entrepreneurs that can be nurtured to think bigger and find their place in the global markets. Besides macro policies that support better financing options, wider market access, and the use of technology and innovation, there are some equally important support systems needed to create a conducive and inclusive environment.

Social support

All entrepreneurs require advice, guidance and mentoring at some point in their journey to help them succeed. This can come from an array of social connections, including business partners, financial advisers, government services, and even formal entrepreneur networks.

Another aspect includes promoting emotional support in families and homes. Young entrepreneurs are often discouraged from entering the start-up ecosystem by societal and familial pressure. Building a supportive and significant system where younger entrepreneurs can voice their passion, try new ideas, and be guided on their journey is vital.

Diversity matters

Overall, the Asia Pacific region stands to gain 70 per cent in per capita income within roughly two generations by eliminating gender disparities in employment, including in the area of entrepreneurship. Stronger encouragement and support for women entrepreneurs, especially to enter markets that are driven by emerging opportunities, is important as these businesses are more likely to grow and expand.

Also Read: Is raising money becoming a soul-destroying experience for entrepreneurs?

This creates a positive feedback loop, as the next generation of women builds on the gains made by the current generation, empowering them to break out of social and cultural norms and lay the foundation for more inclusive economic growth.

Diversity also boosts innovation: a growing body of research shows how gender-diverse teams have better productivity and are more innovative, as diverse teams can look at problems from different perspectives.

Being part of a circular economy

One of our latest surveys revealed that younger Asian consumers not only see sustainability as a core value that influences their purchase decisions, but they are also expecting companies and governments to play their part.

Entrepreneurs need to interpret what this means to their business in a holistic way, and this is where governments can provide incentives and upskilling to enable more widespread and innovative sustainable practices. While the implementation might vary across industries, it can contribute significantly to better livelihoods, communities, and economies.

Concluding thoughts

Today, entrepreneurship is more than a job-creating mechanism, it acts as a positive influence on economic growth by serving as the link between innovation and the market. Given the strong consumer trends, the health and wellness space can offer exciting opportunities for new ideas and offerings.

Successful entrepreneurs are the ones who identify and access the right mix of social, business and ecosystem support. More importantly, success comes from believing in continuing education as the secret sauce to staying on top of the game.

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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

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In today’s competitive market space, delivering great experiences for customers — from awareness all the way to post-purchase engagement — is crucial to getting ahead of the competition. In building and scaling up startups, understanding ways to continuously improve products and services in order to deliver constant customer delight is not really straightforward. With broader market conditions of inflation and its implications on fundraising, startups have to strike a balance between managing business and operational priorities and product/service innovation.  

Based on a number of recent studies, the need for constant alignment of customer insights into product improvement and internal stakeholder efficiency is a key component to staying ahead of the pack and sustaining business growth.

Also read: Freshworks bolsters startups with cloud-based sales and support solutions

As such, SAP and e27 organised a webinar to unearth insights from startup founders and customer experience experts on their strategies when it comes to extending runways to drive growth in current economic environments.

The panellists included Harish Agarwal, Head of Customer Experience Strategy for Qualtrics in Southeast Asia; Siddharth Upadhyaya, Lead for Product Discovery & Supply Chain at Versafleet; and Ashley Uy, Product Manager at Plentina, moderated by Selma Ayuanshari from e27. These thought leaders shared their insights about managing the digital offerings of an enterprise to be more effective and customer-centric.

Experts shared their experiences

In this webinar, speakers shared their experiences as insiders and founders, as well as thoughts on the current technology landscape and its challenges. The panel explored insights on how to improve enterprise digital offerings, including best practices and techniques on how to accelerate growth, scale without funding through product efficiency and using SaaS in supporting fast scaling experimentation while leveraging open source technologies.

Other topics that were covered included finding ways to choose which product and product marketing to prioritise, learning how to leverage data that can help you personalise your digital offering to your key customers, finding a path to profitability, and transforming your company into a sustainable growth-stage startup.

Also read: How AlphaJWC Ventures built Indonesia’s largest early-stage fund

Harish Agarwal, Head of Customer Experience Strategy for Qualtrics in Southeast Asia, a co-panellist for the webinar, provided rich insight as a customer experience practitioner. Harish has scaled customer experience programmes and enabled businesses to derive more value at leading organisations across the region. He discussed how incorporating feedback from customers can help meet the objective of building great products and services. The value lies in bringing both structured and unstructured feedback and signals from millions of data points and making sense of it through big data analytics, enabling you to identify delight points and pain points across the customer journey, and then using technology to address those points by acting with empathy at speed and scale.

When asked about his insights on the challenges for startups, Harish mentioned finding product-market fit as the main objective, especially in determining key differentiation and establishing value proposition in a competitive market. Also, continuously improving your value proposition to stay ahead of customer expectations. This is where the importance of understanding consumers and their needs better comes in.

Delivering products with a much more holistic understanding of the customers’ experience enables your business to become more effective and drive faster growth with confidence and precision. This can be done on the product side, go-to-market side, and for any channel that you are using to fulfil the customer journey — through digital, physical, or hybrid channels — by understanding the experience delivered to consumers as a core asset. There are often visibility challenges on customer feedback when building startups, and this may result in broken delivery experiences.

Discovering gaps in customer experience

Every type of organisation stands to benefit from improved experiences, and Qualtrics works across all levels of business, academia, and government to help them find and keep customers, cultivate loyalty, and optimise go-to-market strategies through great experiences. This includes acquisition and onboarding journeys, customer service, loyalty programmes, and the broader value chains.

Delivering a good customer experience is crucial to driving brand equity. Consumers across industries have a lot of choices, and staying ahead of competitors entails a constant connection and understanding of consumer needs. Beyond being cost-competitive, maintaining great customer experiences is key.

The panellists also explained that startup investors can also leverage the customer experience visibility of potential investees as well as startups in their existing portfolios. Whereas traditional research is often used to identify the best investments as part of the due diligence process, research done by Qualtrics can offer agility in terms of providing deep insight into the product-market fit of a startup, as well as gaining a better understanding of the green space in the market.

Also read: Alibaba Cloud launches AsiaStar 10×10 campaign for SEA startups

It can be an opportunity to perform portfolio monitoring beyond financial outcomes and ensure continuous improvement in customer experiences for their portfolio companies. 

The continued growth of Qualtrics is proof of the value organisations are finding in driving business outcomes through better experiences. Qualtrics has increasingly scaled its operations across the Asia Pacific and Japan in response to increasing demand from customers looking to deliver incredible customer experiences.

Over the last year, Qualtrics has made its technologies available through local AWS Cloud Infrastructures in Singapore and Japan, ensuring all local organisations can benefit from its technology. In partnership with SAP and the Singapore Economic Development Board, Qualtrics also recently launched a centre of excellence focused on developing customer experience capabilities and communities in the region to help drive local and global innovation and growth.

To listen to the webinar, visit: https://e27co.e27.co/bnQYLH

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

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 Optimising business solutions through customer-centricity appeared first on e27.

Singapore Straits Time states that in the first three months of 2022, around 93 victims lost about US$56.2 million because of business e-mail compromise (BEC) scams. The victims didn’t know that these emails are sent by scammers, because it looks like ordinary emails from their business contacts. It turns out that the scammers already hacked into the emails of these business contacts from spoofed email addresses.

The victim had been tricked into making several large transactions totalling US$14 million to bank accounts held by email addresses spoofed to appear as if they were from the victim’s client. Read more about BEC here.

This time the hacker has become very smart and always seizes even a small opportunity to bribe their victims. We need to be smarter than them and be careful with emails that might look safe. Here, I want to share some characteristics of email phishing.

The email sounds like unrealistic threats or demands

Hackers usually intimidate their victims when they’re doing phishing scams. They like to use phrases that push the victims to do something like, “urgent action required” and “account closed” are common. These unrealistic threats and demands are associated with phishing messages. 

Also Read: How can lean startups build a resilient cybersecurity posture

There is a catch

In most cases of email phishing, scammers will do a catch like asking the victims to send some money for expenses or fees. If you caught this kind of message, then you should realise that it is an indication of email fraud.

Poor spelling and writing

Most of the social engineering emails will pretend to be a reputable company to fraud their victims. However, these types of emails are often delivered with grammatical and spelling mistakes. Multi-billion dollar companies don’t distribute emails coherently, and this is a sign of fraudulent email.

An inconsistent or faulty URL

The ABS study found that 30 per cent of people still click links in untrusted emails even though they know they are likely to be malicious. If you want to know if a link embedded in an email is trustworthy, you can hover your mouse over it. If the hyperlink address doesn’t match the embedded link, it’s most likely a malicious link leading to a phishing website.

You will be required to provide confidential data

Regardless of the sender, we should be more cautious when receiving emails requesting the disclosure of sensitive personal information such as credit card numbers, bank account numbers, passwords, etc. 

Most recent reports indicate that spear phishing emails impersonating Bank of America employees were attempting to extract sensitive information from bank users. Any email that asks you to send data that could be compromised is most likely fraudulent and someone trying to steal sensitive data.

When we are working with the internet, let’s be smart users. Don’t let the scammers get into us and take everything. We could secure our data with a security management tool that is both reliable and capable of covering both detection and response. Stay safe!

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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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In 2016, during one of his official trips to Uganda, Alan Lai came across a group of chia seed farmers who harvested their crops under the parching sun.

Lai, who was working in the investment industry, bought some at a fraction of the price sold at the retail stores but wasn’t sure of the quality. Despite the rapid digitalisation globally, there was no easy and quick way to check the seeds’ quality.

“Being an artificial intelligence enthusiast, I saw an opportunity to leverage AI to rapidly ascertain the quality of the seeds conveniently so that farmers can be paid better and consumers pay less,” says Lai, who went on to start a food ingredient search engine.

That was the beginning of ProfilePrint, an AI-driven predictive and prescriptive profiler.

Established in July 2017, Singapore-based ProfilePrint provides users with accessible, affordable, and portable solutions to ascertain and predict the quality and profile of a food ingredient at the point of use “within seconds”. Its combination of sensor technology and SaaS platform can be used across the whole supply chain.

“The AI technology takes a molecular snapshot of a food ingredient (seeds, coffee, cocoa beans or rice grains) and allows users across the supply chain to access the digital ingredient signature and ascertain the suitability,” says Lai.

ProfilePrint has deployed its solution globally to Europe, Africa, Latin America, China, Japan, Sri Lanka and Indonesia.

Also Read: ProfilePrint’s AI tool predicts quality profile of a food sample “within seconds”, raises funding

The startup first unveiled its fingerprint prediction technology in June 2021 in the Singapore Coffee Association auction, where it predicted the Q-grading score, taste parameters and critical attributes such as moisture and density for all the auctioned coffee beans. It currently serves some of the world’s largest food conglomerates, such as Louis Dreyfus, Olam, Sucafina, as well as mid-sizes traders, local cooperatives and farmers.

Seeks to replace traditional methods

There are several traditional ways to physically grade food samples across multiple stages of the global supply chain. They vary from laboratory testing, which is expensive and time-consuming, to human tasters, which is onerous and can be subjective.

Crops are often visually graded at the farm level, and farmers are paid based on volume, regardless of the crop quality, which does not incentivise them to improve farming methods. Farmers don’t get the benefits despite the increasing demand for premium quality and the availability of crop quality improvement methods.

“This is where our solution becomes crucial. It uncovers molecular patterns in the ingredient signature and big data, such as origin, weather, altitude, to generate insights and predictions,” explains Lai. “We offer sellers and buyers an unbiased reference point, expediting existing quality assessment processes — from the farm to the buyers.”

The firm follows a subscription model where clients lease its analyser with access to the modules available on its online platform.

It also provides an AI grading service, where cooperatives and farmers send their crops to the firm for assessment. The reports will be uploaded online (ProfilePrint Hub) much faster and more affordable than existing sensory grading methods.

Driving sustainability

Beyond the immediate operating efficiencies and cost savings, the firm claims it also drives sustainability significantly. Its technology provides traceability features allowing end buyers to access the digital signatures and geographical and harvest records of the ingredient they consume.

Lai believes it alleviates farmer poverty by ensuring that they are paid more fairly based on quality and ultimately providing more transparency and objectivity in the industry.

What are the current challenges? “People, people, people,” Lai replies. “We need more people in the industry seeing the transformative value of digitalising the ingredient supply chain, more people at the farms to benefit from this transformation and more People aligned in skillsets and core values to join our pursuit in this company.”

In February this year, ProfilePrint announced an undisclosed sum in the Series A round. The capital came from food ingredient conglomerates, including Louis Dreyfus Company (Netherlands), Olam Food Ingredients, Sucafina (Switzerland), a Southeast Asian agrifood conglomerate (Indonesia), Greenwillow Capital Management (Singapore) and Real Tech Global Fund (Japan).

That round came a year after the startup secured pre-series A raised from Glocalink Singapore, Leave-a-Nest, and Seeds Capital.

The post Wake up and smell the coffee: Check your coffee beans’ quality using ProfilePrint’s AI tool appeared first on e27.

A recession can be harsh for many people. Job cuts, companies shutting down or downsizing, countries in turmoil and many projects coming to a halt are just some of the devasting effects of a recession.

During the Asian Financial crisis, US$9.7 billion of GDP was lost in the ASEAN region and thousands of jobs were lost as countries were battling the recession. Similarly, during the recession of 2008, the solvency of over-leveraged banks and financial institutions caused the collapse and bailout of many major financial institutions resulting in the IMF bailing out countries and thousands of jobs cut.

But not all is doom and gloom. A recession can be a time for reflection, rebuilding and reframing the conversation to better position yourself or your company when the market picks up.

Reflections for a better ecosystem

Often recession is a byproduct of a flaw or abuse within an ecosystem, and a trigger event will collapse the system. The 2008 recession started with the subprime mortgage crisis in 2006 and spiralled into a recession when the subprime borrowers started defaulting while the housing bubble burst as the Fed raised rates. This resulted in the recession in 2008, where banks and financial institutions required a government bailout.

With the experience of the recession in 2008, the Basel Committee on Banking Supervision came up with Basel III to improve the banks’ ability to handle shocks from financial stress and to strengthen their transparency and disclosure. This reflection from the financial community to identify and close the gaps will help to build a better ecosystem to handle future situations.

Reshuffling of leaders

With each recession, there are bound to be industry leaders who will bite the dust, and new leaders will emerge among those who survived the recession. While it can devastate the affected players, it could also be good for the industry with an injection of new blood and vision for the upcoming stars.

Also Read: How small companies can prepare for recession

During the recession in 2008, it forced giant automobile makers such as General Motors and Chrysler to go under or get a bailout by the Government. A reshuffle within the automobile industry leader board gave the industry a new lease of blood and moved to better innovation, process and even the rise of EV cars.

Sometimes the impact doesn’t just affect companies but the whole industry as well. After the 2008 crisis, financial institutions have become more prudent in their loans and lending, especially with the implementation of Basel III.

More stringent background and credit checks are implemented to ensure that loans are given out with proper due diligence and this, in turn, helps to strengthen the whole ecosystem to handle similar stress in the future.

Reexamine priorities in life

On a personal and career level, a recession can be an opportune time to reexamine one’s priorities, career aspirations and life goals. Often during the bull markets, we are filled with endless meetings, projects, and sales pitches that we lose track of the why or things that matter to us.

When a recession hits, it forces us to slow down our pace (whether voluntarily or forced) and, in turn, gives us time to reflect and reexamine our life priorities and career paths.

In Singapore, during the COVID-19 pandemic, where several industries such as aviation and hospitality were severely affected, it forced many to switch careers in other sectors such as transportation or finance. During the same period, many reexamined their life priorities, and now conversations with companies have been reframing into how they can strike a balance between work-life culture.

Reframing the conversation

With the recent crypto winter, it’s prime time to reframe the conversion around crypto from speculative gains to intrinsic value. Singapore is leading the way with MAS Chief Fintech Officer Sopnendu Mohanty asking how crypto projects drive value.

Many companies have proven crypto can be used to solve real-life problems.

For example, Digital Treasures Centre (DTC), a licenced payment company based in Singapore, embraces crypto as an alternative form of payment to help reduce settlement time and foreign transaction fees.

Zilliqa aims to solve blockchain platforms’ scalability problems by using sharing technology. STEPN is a walk-to-earn project that promotes movement and healthier lifestyles.

Coming out stronger

A recession can devastate countries, companies and individuals, but it is not the end of the road. With each recession, lessons will be learnt, priorities will be rearranged, and paths will be reconsidered.

But no doubt, if one keeps a positive mindset to grind it through after each recession, you will often find yourself coming out of recession stronger and better.

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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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How 30-year-old celeb CEO’s rule of fear led to a hot startup’s meltdown
Ankiti Bose’s management style alienated employees and undermined the business; She would publicly shame employees; Another described her as a narcissist who would throw anyone under the bus if it meant saving her own reputation.

SoftBank raises US$22B through sale of Alibaba stake
The Japanese firm has sold about one-third of its stake in Alibaba so far this year; A portion of the funds raised was put to SoftBank’s second Vision Fund, which struggled to attract outside investors.

Indian startup funding hits 21-month low in July at US$885M, less than half of June
This is also the first time in many months that fundraising in the country fell below the US$1B mark; Deal volume too saw a marginal drop of 6.3% to 119 in July from 127 in the previous month.

Singtel Innov8 gets US$100M more to back startups in SEA, US, China, Israel, Australia
The Singtel venture arm invests in startups operating in 5G, AI, digital economy, sustainability, cyber security and emerging technologies; It has invested in over 95 startups, including BitSight, Carro, Cato, FinAccel, and SenseTime.

Indonesia’s Zenius lays off employees again, almost all divisions hit
Zenius did not specify how many employees were affected in this round of layoffs. In its previous layoff last May, about 200 employees were affected – 20% of the 900-plus workforce at the time.

Wake up and smell the coffee: Check your coffee beans’ quality using ProfilePrint’s AI tool
ProfilePrint provides users with accessible, affordable, and portable solutions to ascertain and predict the quality and profile of a food ingredient at the point of use “within seconds”.

Collapse of 3AC, Celsius is attributable to opaque, off-chain holdings: Nansen
‘The transparency of the blockchain means that creditors can audit the holdings of any on-chain entity; however, data complexity and off-chain obfuscation make this ideal difficult to achieve’.

SG’s blockchain monitoring platform Merkle Science raises US$19M
Investors are BECO Capital, Darrow Holdings, GGV Capital, 500 Global; Merkle helps crypto firm, financial institutions, and government entities to detect, investigate and prevent illegal activities involving cryptocurrencies.

Zipmex opens up altcoin withdrawals after Babel, Celsius struggles
The crypto firm had also begun releasing unaffected digital assets from its Z Wallet on August 2, allowing withdrawals as per usual; On July 20, the company announced a withdrawal suspension.

Binance appoints co-founder and CMO Yi He as head of US$7.5B VC unit
He will replace Bill Qian, who left the firm earlier this year; In her new role, He will drive global strategy and oversee the day-to-day operations of Binance Labs.

Revolut launches crypto services in Singapore
It allows users to buy, hold, and sell more than 80 crypto tokens on its app; Revolut currently serves more than 20 million customers across the world and facilitates 250 million transactions every month.

China extends digital yuan loans to more cities
According to local reports, the Rural Commercial Bank of Zhangjiagang issued a digital yuan loan worth 500,000 yuan (US$73,997) to an unnamed business in Suzhou to fill the capital turnover gap.

East Ventures backs GREENS, which builds hyperlocal food ecosystem using AI, Web3
GREENS’s solution is a hyperlocal food ecosystem where people can consume high-nutrient meals grown and harvested on-site using 90 per cent less water, 70 per cent less land, and zero distance from farm to the meal.

Malaysian co-working space operator Commom Ground raises US$51.5M
Investors include Catcha Group and Emissary Capital; Common Ground operates 13 spaces in Malaysia, two in Thailand, and three in the Philippines; It is looking to expand into Singapore, Indonesia, and Vietnam.

KKDay pledges to drive US$100M for Vietnam’s travel industry
KKday said that its Vietnam business grew 20x amid the pandemic and exceeded pre-COVID-19 levels; The company predicts that there will be over 20M trips taken in and out of Vietnam by 2023.

Uber sells 7.8% stake in Zomato for US$392M
Last week, Zomato’s stock dropped 14.26% to an all-time low, a stark contrast to its IPO launch day; The firm’s market capitalization dipped to US$4.8B from its high of US$12.7B.

Indian B2B procurement platform Bizongo raises US$25M for SEA expansion
Lead backer is Tel Aviv-based Liquidity Group; India-based Bizongo offers digital vendor management, supply chain automation, and supply chain financing services.

TikTok officially sets up Shop in Singapore
The firm reportedly aims to set up shop in the US, France, Italy, Germany, and Spain sometime this year; TikTok Shop is already available in the UK, Indonesia, Malaysia, Vietnam, Thailand, and the Philippines.

How AlphaJWC Ventures built Indonesia’s largest early-stage fund
Alpha JWC Ventures believes that to create success, they must instil and build trust within their portfolio; Currently, Alpha JWC Ventures has a portfolio of around 70 companies representing USD 650 million in AUM.

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As more and more industries digitalise and consumers turn to online methods of transacting with businesses, cybersecurity becomes increasingly crucial. In Southeast Asia, issues of data breaches and attacks on digital industries like cryptocurrency and NFTs are a cause for alarm, especially at the rate and scale of digitalisation in the region. Owners of crypto assets need to be on their toes as any potential breaches in the market could lead to problems in the share prices of individual firms, apart from disrupting the global crypto market as a whole.

Digital users need to be careful with their online assets if they are to make any profit from them, and the answer to these issues is to ramp up their cybersecurity defences. This, of course, also applies to businesses that primarily engage in online assets working to avoid infiltrations and online attacks.

Also read: Optimising business solutions through customer-centricity

While the discussion of cybersecurity has been around even before the 2020s—considered an emerging issue in the mid to late 2010s, when the potential of digitalisation was making a global wave—few industry leaders have innovated towards the opportunity to provide more robust cybersecurity services to clients. Among these innovators is UKISS Technology, a Singapore-based startup that aims to make user-controlled crypto and data security easy for everyone.

What’s at stake for users

UKISS Tech CEO James Gan noted that with greater digital autonomy comes greater responsibilities. Digital users of the web at present need to keep track of and protect their assets, since no centralised institutions can help them retrieve forgotten passwords or lost assets.

This is where UKISS’ services come in handy. The cybersecurity company develops reliable, cutting-edge solutions that are easy for anyone to adopt with confidence. Its cutting-edge technology is highlighted in its UKISS Hugware® technology, designed to retain the confidentiality of users’ private keys and, at the same time, recover those keys should users lose their authentication device.

“The more people accumulate digital assets, the more they will need solutions to secure them. If you ask people today, I think 99.9% of them will say they have never used any cryptographic or encryption products. But that may change in the future, as NFTs, virtual land, and cryptocurrencies become commonplace,” explained Desmond Hsu, Chief Technology Officer (CTO) of UKISS

Hugware offers master seed synchronisation that doesn’t have to be translated into recovery phrases which are often exposed to human error, phishing, or theft. This makes it perfect for even new users dabbling in crypto for the first time.

Beyond Hugware, UKISS is developing an ecosystem of interconnected digital security services that ensure seamless and transparent protection. These include encryption, authentication, and authorisation. The decentralised security the business offers allow users to accelerate their self-sovereignty while ensuring high-level security of the private key. Presently, UKISS Technology’s Hugware has been patented in more than 20 territories across the United States, China, India, Singapore, and other parts of Southeast Asia.

Meet the UKISS team

Aboard the UKISS team is James Gan, its Chief Executive Officer (CEO), Desmond Hsu, its Chief Technology Officer, Ben Chan, Director, and Tan Ze Chong, Chief Strategy Officer. The business also comprises the company’s Board of Advisors from across the region.

Also read: Freshworks bolsters startups with cloud-based sales and support solutions

Gan and Hsu shared with e27 that UKISS found its beginnings when Hsu successfully re-engineered his hardware recovery technology to support both file encryption and cryptocurrencies. He developed the hardware recovery technology in 2010 when cloud platforms were gaining popularity, resulting in demand for file encryption among enterprises. In 2013, Hsu filed for a patent for the technology, until it grew into what it is today. 

Developing a sophisticated product of protection 

Among the issues that UKISS addresses in today’s increasingly digitalised landscape are the factor of human error. Gan tells e27 that in manually securing their assets, users tend to miswrite their phrases, lose their phrase sheets, or even worse, give up their phrases to scammers. In effect, they risk losing their crypto assets.

“Human error is still a threat to asset security, including those in the Web 3.0 community. One example is poor seed phrase management. These are passphrases that individuals use to secure their crypto assets,” explained Gan.

UKISS’ technology helps with this by taking the seed phrase out of the equation and providing a hardware-based recovery solution that is easier to manage. Hsu added that accessibility is also important, which is why UKISS has committed to tapping into a wider market of users than what is usually reached by most hardware crypto wallets out there.

What sets Hugware apart from other recovery services, is that those who already have digital assets can use Hugware for protection from hackers. If they forget their password or lose their device, they can reset or restore access with their backup, called the Rescue Key. This makes it a completely simple and user-friendly digital security device designed with its recovery procedure.

As for what’s next on the horizon for UKISS, Gan and Hsu let us in on a mobile-first strategy in place to expand Hugware’s functionalities that are currently in the works. Developing its decentralised ecosystem further will be a huge leap in helping users protect the security of their data and digital identities in the metaverse or on other decentralised platforms that may emerge in the future.

Also read: How AlphaJWC Ventures built Indonesia’s largest early-stage fund

“Asset security is the topmost priority among Web 3.0 users right now. Next, users may be concerned about the security of their data and digital identities in the metaverse or on other decentralised platforms that may emerge in the future. As security needs evolve, we hope that users can turn to the UKISS ecosystem for decentralised solutions,” shared Hsu.

“The crypto community is international, so we hope to grow our presence regionally and in other parts of the world, such as the United States and Europe. We already provide worldwide shipping for Hugware,” added Gan.

For more information, visit https://www.ukiss.io/.

To purchase Hugware, visit https://www.ukiss.io/hugware/. 

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This article is produced by the e27 team, sponsored by UKISS Technology

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 Strengthening cybersecurity measures in the face of Web 3.0 appeared first on e27.

“Don’t compare yourself with others; compare yourself with who you were yesterday.” This quote perfectly expresses my mindset. 

My unfortunate happening, the accident

My name is Hariah binti Mohamad, from Simpang Renggam, Johor. Life is not always rosy and smooth-sailing. While I try not to compare myself with others, I used to suffer from low self-esteem. I am a single mother of seven children and a homemaker who was met with an accident in 2015. The accident occurred when I drove to my workplace, the pioneer factory in Tanjung Agas, Muar, around 6.30 am. 

Aside from the permanent impairment, the disability caused me to have a series of self-loathing thoughts, and worst of all, I thought I was unworthy. It never occurred to me that one day I could be financially independent, let alone contribute to my family.

I was at my lowest point in life, crying every day as I tried to regain my strength. The journey was extremely difficult. With my permanent disability, I had to relearn my daily routines.

It was as if you were a newborn trying to figure out things independently. I had to learn to cook on my while seated in my wheelchair. I have to take care of myself from the moment I open my eyes until I lie down in my bed to sleep without help.

After the accident, my medical bills worsened my family’s financial burdens. Racked with guilt and pain, I decided to step up and shoulder the burden of my family. I was upfront about my circumstances but did not have high expectations. My only hope is that I can make ends meet. Even as I began selling ice cream and drinks on the street, I was in emotional turmoil.

Due to my lack of confidence, approaching new customers was extremely difficult. As a result, my income was primarily dependent on passersby, which was limited. Since keeping drinks and ice cream cold in this tropical country can be costly, my business did not generate a stable and sustainable income.

In fact, there were times when I couldn’t tell how much I had earned because there were no records of transactions. When it came to running my business, I mostly went by ear.

The turning point, a learning opportunity

My livelihood at the time consisted of living from hand to mouth. It continued until one year later, as I was going about my daily routine, I got a call from an unknown number, and it was from a grassroots coordinator inviting me to join the Maybank Foundation’s Reach Independence & Sustainable Entrepreneurship (RISE) Programme.

Also Read: Underserved, not undeserving: Empowering female micro-entrepreneurs in Indonesia

This programme collaborates with Maybank Group’s corporate responsibility arm, Maybank Foundation, and social enterprise People Systems Consultancy (PSC).

RISE was a sponsored opportunity to empower people with disabilities to produce tangible, measurable and sustainable outcomes; I decided to give myself a chance to learn new skills.

This was the tipping point for my business and the end of my downfall. The Awareness and Change module illuminated the root cause of my failed business, a lack of a true purpose. Since I became more aware of my business objectives, I gradually regained my self-confidence and ability to identify problems and make effective changes to my business.

Advancing in  social media and financial management

One of the most important skills I have learned is utilising social media for publicity. The trainers have guided me through the process of setting up and implementing social media to promote my business over the years.

I was intrigued by the power of social media when they introduced me to the sales strategies module. I did not doubt that I knew very little about the digital world, but I was eager to learn. Thanks to the step-by-step digital training, I can now advertise my services and products on Facebook. Following that, I closed a few deals with vendors, and now I supply my products to several food stalls in Segamat. 

Moreover, I actively interact with my customers on Facebook and Whatsapp. Whenever my business is open and running,  I post pictures of my products on my social media page and hang my business banner in front of the kiosk to attract more customers. Among all the platforms and methods I’ve tried to promote my business, I’ve discovered that Facebook is one of the most effective ways to market my products.

Instead of aimlessly waiting for customers all day, I used my Customer Analysis module knowledge and skills. One exciting method I have learned is the Hot Button Method which made me know who my customers are.

Also Read: Financial literacy is a basic life skill. And this fintech startup is aiding millennials with it

I can now identify the right potential customers and approach them with confidence. My target demographic includes children and teenagers aged seven to 25. My kiosk is conveniently located near the beach to attract visitors of that age. In addition, I have added new flavours to appeal to the younger generation.

Not to mention, the financial management training has taught me the value of keeping my account organised. I have started budgeting and tracking my expenses since then. As a result, I could save enough money to buy a new generator for my business and pay the road tax. 

This was a pivotal moment for my business. After six months, I can confidently say that I have gradually regained my self-confidence, learned to identify problems and have the ability to improve my business. This comprehensive transformation has enabled me to earn RM2500 per month, four times the initial income I would never have dreamed of. 

The art of letting go of the past and striving for the future

I am currently relieved that I can contribute stably to my household income. I am hoping that my savings will be enough to help my children attend college in the future. Furthermore, I am also proud to say that I can afford to send my children to tuition classes.

My current goal is to open a homemade ice cream shop and experiment with new recipes like my own crispy fried bananas. While there is no such thing as happily ever after in life, I am happy with how everything is going.

I would highly suggest the RISE programme to other fellow people with disabilities. I do not want to keep this success secret to myself; instead, I want to share it with everyone who needs it. I hope that all PWDs will have the opportunity to participate in this programme and change their lives for the better once and for all. 

Please keep in mind that you are not alone. Many PWDs, including myself, have accepted their fate and stepped outside their comfort zone, and you can, too.

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