The sharing economy has helped millions of people worldwide with new income opportunities, especially in low to medium-HDI (Human Development Index) countries, where resources are not easily accessible and affordable to everyone.

It has become clear that these technologies also exponentially accelerate the rate of digital exclusion for unskilled, illiterate, and bottom-income earners.

Rise of sharing economy in Pakistan

Pakistan has fully embraced the route of the sharing economy, with a population of 220 million and a GDP per capita (US$1555) lower than India and Bangladesh. The country also faces the issue of unemployment of about 4.34 per cent, for which 64 per cent are younger than 30 years, and 92 million are illiterate. So, people who can’t find employment now have the opportunity of a flexible and honourable way of earning any additional income.

According to the research made by the NTU Business School. The ride-sharing economy in Pakistan has enabled more women to travel by themselves, as it is frowned upon, unsafe or unusual for them to do on their own.

Apps like Careem, InDriver, and Bykea are now the most prominent players in the ride-sharing economy, and they have set up the ground for catalysing social inclusion and mobility among many disadvantaged or excluded pockets of the population.

But on the other hand, 92 million people in Pakistan can’t read or write. And have difficulties interacting with the apps as they can’t type in English or Urdu.

I met with Muneeb Maayr, Founder of Bykea which is a homegrown ride-sharing startup. He mentioned how Bykea cares about building features and tackling use cases that the global competitors will not.

For example, the app is available in Urdu and enables voice notes and cues on pick-up locations to facilitate a smoother interaction between drivers and customers. Making the app more inclusive to a bigger user base.

Bykea only operates in Lahore, Karachi, and Islamabad, but only 37.2 per cent of the population lives in Urban areas. Pakistan has a low HDI of 0.544, making it very challenging for growing tech startups and having positive unit economics, as a high percentage of the population in low HDI countries remains unbanked and illiterate.

Also Read: How the app sharing economy is keeping up with the current trends

However, Bykea unit economics remain positive when subtracting the driver’s incentives/bonuses plus marketing from their total revenue. Yet, they expect to build enhanced product features to increase organic revenue growth. But to build killer features, they will require a deeper understanding of their user base and a more intuitive and easier-to-use interface.

Now, considering the current risk-off environment in capital markets. VC’s investments are fleeing to more conservative allocations for which only startups with solid and positive unit economics will get funded for further rounds. Frontier markets would be highly affected in this environment as less high-level talent will be retained, yielding a lower rate of innovation and experimentation.

Yet, while caution is widespread, some bold investors see opportunities in tech, green businesses, and impact funding. A January report from Silicon Valley Bank found that 79 per cent of family offices were making venture capital investments with impact or ESG strategies in place.

Rich individuals now see potential in impact investments. For example, Wall Street investment company KKR has raised a second global impact fund totalling US$1.3 billion.

Final thoughts

There is an open opportunity for startups to integrate ESG into their business strategy from the beginning before even achieving product market fit. And thinking about what KPIs around impact and social development could be extracted from their user bases will be incredibly important for startups in frontier markets, as survival in the current market will require a more comprehensive story of social inclusion, ways of getting there, and real metrics and proving it.

In conclusion, should the ride-sharing apps and newcomers in frontier markets position themselves primarily as ESG-focused organisation?

The work of tech startups, especially in these markets, requires much development on the infrastructural and educational side. A holistic approach is a must if these startups are to survive in the long term.

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In Indonesia, the mortgage to GDP ratio is below 3 per cent, compared to India’s 11 per cent and the US’s 50 per cent. This means a significant portion of the archipelago’s population gets cut from one of the most important purchases of their lives: a home.

When Ilya Kravtsov, credited with building the NFC-based guest management startup PouchNATION from scratch, sensed an opportunity, he researched further. He was convinced that there was an enormous opportunity as the sector remained largely untapped.

“As per a government estimate, the housing backlog is 12.7 million units in Indonesia,” Kravtsov tells e27. “Considering the strong demand (and the growing backlog) and future growth in mortgage penetration, we estimate that there is a chance to build not one but several unicorns in the space.”

Intending to make the most of this opportunity, Kravtsov launched a digital mortgage platform Ringkas with Leroy Pinto, Yoko Simon, and Puguh Widyoko in 2021. While Kravtsov previously founded PouchNATION, Pinto worked for Google and Amazon, Simon held senior engineering roles at Dell, and Widyoko handled leadership roles at large financial institutions.

Ringkas (‘concise’, ‘brief’ and ‘shortcut’ in English) aims to simplify Indonesia’s complicated mortgage application process by providing easy-to-use tools for agents, property developers, customers and banks.

Also Read: Most Singaporeans pay too much for their mortgage. Here’s how innovation can fix that

“Our goal is to provide tools for all stakeholders in the industry to facilitate the mortgage application process and make it faster, more transparent and efficient,” Kravtsov elaborates.

Traditionally, a customer looking to submit a mortgage application with a bank needs to go through multiple steps involving a lot of paperwork, resulting in a lengthy and manual process.

However, with Ringkas, a customer can fill in just one application form digitally and submit it directly to as many banks as she wants. The banks receive the application digitally and incorporate all the customer and asset information, making it easy and quick for them to underwrite. Ringkas then intelligently pre-screens customers and matches them to the target bank based on their risk profile.

For property developers and agents, Ringkas allow them to focus more on their core business (of selling) and less on assisting customers with paperwork and worrying about the high rejection rates from the banks (which, in several cases, could reach up to 40 per cent).

The Jakarta-headquartered startup charges a commission on loan origination services from the banks, whereas property developers/agents pay for the services Ringkas renders.

The company focuses mainly on Indonesia but plans to expand to other regional markets when opportunities knock. To date, Ringkas claims to have secured several billion USD in the supply of houses (in 34 cities across Indonesia) and is currently working with some of the largest banks in the country, including Mandiri, BSI, OCBC, Danamon, Permata, and UOB.

Kravtsov reveals that while there are no established competitors yet, a few early-stage companies are trying to solve a similar problem. However, many of these players focus on the asset-heavy rent-to-own model. “On the other hand, Ringkas focuses on an asset-light business, which is more scalable and aligned with our vision to generate an impact for the masses.”

He anticipates some rejections in the early days as many people tend to fall back on pen and paper. However, as the stakeholders realise the benefits Ringkas brings, the adoption will gradually grow.

In May this year, Ringkas raised about US$2.5 million in a pre-seed funding round from investors, including 500 Global, Iterative Capital, Creative Gorilla Capital, Teja Ventures, and Init-6. As the startup receives more interest from VCs, it will look for more funding in the future.

Kravtsov further shares that his experience building PouchNATION, backed by Traveloka and SPH Ventures, from zero has helped him a lot in the new venture. “At PouchNATION, we simplified the complicated process of paying at large-scale events/venues, making it fast and efficient. At Ringkas, we do a similar thing but in a different industry. Our ambition for Ringkas is also the same: to become the leading brand people think of when considering house financing,” Kravtsov wraps up.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Jakarta-based digital signature and identity company Privy has secured US$48 million in a Series C funding round led by KKR.

Existing investors MDI Ventures, GGV Capital, Telkomsel Mitra Inovasi, and new investor Singtel Innov8 also participated.

Privy will use the capital to support the development of its new consumer and enterprise products. The company also intends to expand into overseas markets to accelerate growth further.

A year ago, Privy announced a US$17.5 million Series B funding round led by GGV Capital.

Also Read: PrivyID is Indonesia’s answer to DocuSign, and it just raised pre-Series A funding

Founded in 2016, Privy provides trusted digital identities and legally binding digital signatures. The company offers a wide range of services, including digital identity, digital signature, digital verification, and document management products and services in various sectors, including financial services, healthcare, and education.

In 2018, Privy became the first non-government institution to be licensed as a Certificate Authority (CA) by Indonesia’s Ministry of Communication and Information Technology. In 2019, it became the first electronic Know-Your-Customer service provider registered under Indonesia’s Financial Services Authority.

Today, Privy has more than 30 million verified users and 1,800 enterprise consumers for its digital signature, digital verification, and subscription products, and it processes more than 40 million digital signatures per year.

Louis Casey, KKR’s growth technology lead in Southeast Asia, said: “Privy has built an industry-leading platform that combines prime features, a user-friendly design, and secure and robust infrastructure. We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.”

Indonesia’s digital economy is projected to reach US$146 billion by 2025 and to become Southeast Asia’s largest digital economy, valued at more than US$300 billion by 2030.

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Rootopia, a fintech startup connecting students with angel investors in Vietnam, has secured US$1 million in a pre-seed round from Genesia Ventures, ThinkZone Venture, and BK Fund.

With the funding, Rootopia plans to grow its early user base to reach product-market fit. It will also improve its technology platform to serve more students to uplift their future through better education.

Rootopia was founded in July 2021 by Nguyen Xuan Truong and Tran Quang Khanh. Truong was previously the CEO of leading local on-demand delivery platform Ahamove. Khanh is a geek, who co-founded and held CTO’s role at GEEK Up.

Rootopia is a fintech platform helping students to address their tuition and fees needs. It helps connect angel investors with parents who need funds for their children’s school fees.

Each case goes through strict appraisal to ensure that the loan will be granted to the right person and that the borrower can repay it. Since loaned tuition fees are paid directly to schools, the platform ensures that the money will be put to good use.

Also Read: The inside story: How ThinkZone Ventures created a ‘pureblood’ US$60M Fund II by tapping into local resources

Since its launch more than a year ago, the platform has connected many students in over 100 schools and educational centres in ten provinces and cities in Vietnam with angel investors.

Vietnam is a country where families spend almost half of their income on education. In terms of school status, universities tend to lean towards increasing autonomy and reducing dependence on the state budget, resulting in tuition fees that can increase up to 10 per cent per year. Rootopia senses an enormous opportunity here.

Genesia Ventures is a Japanese VC firm investing in seed and early-stage startups. It has invested in ten startups in Vietnam, such as Homedy, Luxstay, Kamereo, Manabie, eDoctor, BuyMed, Vietcetera, Fundiin, Selly, MVillage.

ThinkZone focuses on pre-seed to Series A tech startups from diverse verticals, with investment sizes up to US$3 million. Its portfolio companies include EMDDI, eJoy, GIMO, Edupia, and Fundiin.

BK Fund was established by businesses and individuals who are Bach Khoa (HUST) alumni to invest and contribute capital. It invests, incubates and commercialises technology in universities, investing and incubating staff, students and alums. Some startups funded by the BK Fund are eJoy English and Gimo.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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In its simplest form, blockchain works like an enormous database decentralised on a peer-to-peer network – no person or entity controls it.

Public vs private blockchain

There is a distinction between public and private blockchains. A private blockchain, in contrast, is not decentralised. Even so, it merely works as a distributed ledger that operates as a closed database secured with cryptographic concepts based on a specific organisation’s needs.

In such a case, only authorised personnel within an organisation can make, validate, and authenticate changes or execute contracts on the blockchain.

The blockchain proposition as a function towards social good and digital philanthropy is a laudable development. Committing to the public is one thing, but demonstrating it is another – in a fast-paced globalized world, transparency and accountability are heavily stressed yet often neglected.

When blockchain is employed for social or philanthropic causes such as climate change or digital philanthropy, donors receive “live” and “up-to-date” information on funds’ use, distribution, and impact.

Blockchain for good is a revolution in the making

Imagine that a donor of US$100,000 pledged to an orphanage’s dental fund, helping children with bad teeth. Using blockchain, all the stakeholders (i.e., donors, philanthropic organizations, beneficiaries) will be able to see how that US$100,000 is deployed, how much is paid to dentists, and how the remaining funds are allocated transparently.

This transparency extends to supporting charities and social impact projects in deploying funds more effectively.

For instance, there is no disputing that some charities are well-funded solely because they have more donors and a robust operating budget to keep them running for a few years, while other philanthropic organisations are on the brink of insolvency because operating expenses cannot be covered without donors.

Also Read: Can Bitcoin help us in the fight against climate change?

Imagine a centralised database on the blockchain of beneficiaries, with verifiable time stamps, geolocations, supply chain, and expense records all available for public viewing and audit.

This is yet a further dimension of transparency that can assist the public in making informed decisions on the causes they wish to support and their urgency.

Blockchain: In the present and the future

It’s indisputable that blockchain is the path ahead until a faster, more efficient, and quicker technology emerges. Perhaps, an underlying network based on all the touchpoints of a peer-to-peer (P2P) network with lightning-speed validation and consensus mechanisms might be an alternative.

In fact, it would not be surprising if there were already brilliant minds working to improve and even surpass these processes.

Aside from the Singapore government, Indonesia and the Philippines are proactively exploring the use of blockchain, in which deliberate steps are being enacted to promote and explore the use of blockchain to enhance transparency across all conventional industries.

Clearly, these are promising signs for the underlying technology of blockchain, web3, and the metaverse.

This engenders a “new economy” and a surge in demand for all the accompanying skills required in the ecosystem.

It is also for this purpose that Goya Universe has rolled out an educational platform with the vision to bring high-quality educational and related content to users globally for free and at highly subsidized prices, which taps into the sheer number of users worldwide who need the skills necessary to compete in the new economy.

Blockchain climate and the need for change

One of the issues widely discussed is the environmental sustainability of blockchain and mining and its effects on the environment.

The blockchain community comprehends this and is moving on from a proof of work (POW) model (where a competitive validation method is used to confirm transactions and add new blocks to the blockchain) as opposed to an explanation of Proof of Stake (POS) model (where randomly selected validators are used to verify transactions and add new blocks).

Due to the disparity in principles, the POS model consumes a mere fraction of the energy used by the POW model. The industry is also rethinking and reinventing itself and experimenting.

The other issue prevalent in this sector is not caused or premised on the blockchain itself but rides on an inherent human weakness – greed.

From the fiasco of the Luna token and stable coin crash to people launching Tokens / Coins to raise funds without any fundamentally sound business models, it is undeniable that blockchain or any project associated with crypto has taken a severe reputational hit.

Another phenomenon that boggles the mind is how projects with questionable revenue streams can trade at x1000s times the listing price on dubious valuations.

However, we see parallels in the stock market, where companies listed on NASDAQ are trading at valuations far exceeding their enterprise values.

In the current “crypto winter,” many crypto exchanges and companies have gone belly up. It is a stark reminder that good intentions are not enough, and technology and financial products derived from it need regulatory guidelines and be subject to accountability and audits.

It is essential to emphasize and distinguish cryptocurrencies as an asset class from the distributed ledger technology (DLT) they rely on.

Also Read: Are NFTs here to stay (with or without blockchain)?

DLT is an established set of technological solutions that enables sequenced, standardized, and cryptographically secured activity records to be safely distributed to and acted upon by a network of participants. DLT has immense potential and uses cases in financial services, and many of these applications will, in fact, not rely on the consensus models utilized by cryptocurrencies.

Given the above, we need to go back to basics. Blockchain and Cryptocurrencies by themselves are neither good nor bad, and indeed, the intention of Blockchain and how it came to be propositioned was based on good intentions.

Goya Universe

Goya Universe is our vision of being at the forefront of technology to enhance transparency and accountability in transactions.

Philanthropy

We use the platform to fund charities and social impact causes; local charities include Project Dignity Kitchen and Daughters of Tomorrow.

We encourage creatives to pledge a percentage of their earnings to the charities or causes on our platform. This is similarly automatically executed once a sale is confirmed via smart contract and forever imprinted in the blockchain.

Social impact: Blue Carbon Offset Initiative, Mangrove Reforestation. For example, in receiving pledges for a carbon offset project, our platform ensures that each contributor can track the use of funds and how each mangrove plant is nurtured from seedling to the point at which it’s’ planted in the donors’ name and that same monitoring is maintained for at least a year with comprehensive data on the growth of the mangrove trees and its’ location.

Each tree is tagged individually with an RFID, and data is uploaded on the blockchain, including the scientific and mathematical tabulation of the carbon offset produced.

Education

We work with committed educational providers, content writers, professors, and speakers to create accessible and minimal-cost content meant to educate anyone who wishes to build opportunities for themselves to devour knowledge and get into the system through strategic partnerships with like-minded agencies and companies in the region.

For example, Goya will equip learners with the basics of financial literacy, blockchain, web3, and basic coding principles in English, Tagalog, and Bahasa in the Philippines and Indonesia.

Goya will also work with these countries and MNCs to match our graduates (whether at Certificate or Proficiency levels) for internships in companies in their country or other job placements and job opportunities.

Blockchain will be used to issue and track the authenticity of our Certificates globally, establishing our educational partners as global brands educating the young and disadvantaged with its primary goal of social impact in addition to profitability.

On the Goya platform, we allow content creators to create and post content and be paid royalties on downloads to reward them for creating informative content.

Some brands who support our cause and are already on board include Marshall Cavendish, a leading educational provider; SSTC, a 40-year-old educational service provider; Cambridge testing centre; and a Global collective of Design Thinker’s Academy from over 25 countries.

E-commerce

One will find food distribution companies, educational service providers, even a private investigation agency, and a trendy yoga studio, Crow Yoga, where visitors can download yoga lessons for use in private yoga sessions or join a live yoga lesson in the metaverse.

We are also working with these companies to create unique content to build communities within the metaverse and rewards programs to ensure continued engagement throughout their online and offline relationship with these brands. It is fascinating what can be done on the metaverse, and we can’t wait to launch some of these programs to the public.

All businesses start off with a digital identity, like an address and website. A compelling proposition for businesses now is to leapfrog into the future with a virtual office and presence instead of a conventional Web1 or 1.5 web pages.

At Goya, we seek to be a bridge and platform for all our stakeholders to be future-ready in a safe and trusted environment.

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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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‘Web3 is not the web at all’: Tim Berners-Lee
Tim Berners-Lee, who is credited with inventing WWW in 1989, said that he doesn’t view blockchain as a viable solution for building the next iteration of the internet.

Indonesian fintech firm KoinWorks lays off 70 employees
This is due to an internal reorganisation to ensure the firm can continue being “responsive to users’ needs”; Earlier this year, KoinWorks secured US$108M Series C consisting of equity and debt capital.

MoneySmart to list on SGX via a US$161.7M reverse takeover deal with APS
The financial comparison platform anticipates rapid growth through investments in its membership and rewards programmes; MoneySmart will also invest significantly in its new insurance brand Bubblegum.

Singapore’s digital health platform Speedoc raises US$17.5M
The investors include Vertex SEA & India, Shinhan Venture, and Xyris; In 2020, the company closed a US$5M Series A round led by Vertex; Speedoc operates as a virtual clinic and hospital care provider.

Purpose Venture Capital scores US$10M
The Singaporean VC firm will invest US$1M each in sustainable tech startups; The firm invests globally with a focus on SEA-based startups; Its portfolio companies include Zumvet, Igloocompany, and HydraX.

Meta eyes large-scale layoffs this week
The announcement marks the first time Meta CEO Mark Zuckerberg has made mass headcount cuts since Facebook’s establishment in 2004; As of September, Meta had over 87K employees.

Indonesia beauty startup Base secures US$6M funding
The investors include Rakuten Ventures, Antler, East Ventures, Skystar Capital, and Pegasus Tech Ventures; The D2C beauty and wellness startup is expanding its omnichannel distribution to spread across Indonesian cities.

AI-powered AAA Web3 game Delysium nets US$10M funding
The investors include Immutable, GSR, Blockchain Coinvestors, and Leonis Capital; Delysium will use the money to develop the content and build Delysium Multiverse, an open-source operating and publishing network on the blockchain.

Temasek-backed EvolutionX to invest in PharmEasy parent
The debt financing platform made its maiden investment in PharmEasy parent API Holdings; API has over 6M transacting users, 150,000+ active pharmacies and over 1.8K hospitals.

Animoca Brands CEO: ‘There is no metaverse without Web3’
You need to have that transaction layer so that you have interoperability between content, and you can bring it from place to place, said Robby Yung; In his view, the metaverse means many things to many people.

Binance moves to liquidate its entire position in FTX tokens
The decision follows weeks of criticism directed at FTX’s founder and CEO, Sam Bankman-Fried, for regulatory proposals he put forth in a blog post which recommended restrictions regarding DeFi.

Litecoin mining difficulty is hitting new highs, foundation says
It peaks at just under 18M hashes, according to a post by the Litecoin Foundation; Mining difficulty measures the average number of hashes required to “solve” a block.

Book Excerpt: What Google, Facebook did to grow from zero to 1,000
In her new book From Zero to 1,000, Anne Caron explains the importance of human capital to these tech giants’ success.

Meatiply develops cultivated meat products with a focus on Asian cuisines
An A*STAR spin-off, Meatiply obtains cells from livestock animals like chicken and uses regenerative biology to grow these cells into meat.

Elon Musk wants to eradicate Twitter bots: How blockchain can ease the process
Musk’s wish to eliminate bots and false profiles from Twitter, as well as his insistence on user verification, is very honourable.

Meta eyes large-scale layoffs this week
The announcement marks the first time Meta CEO Mark Zuckerberg has made mass headcount cuts since Facebook’s establishment in 2004; As of September, Meta had over 87K employees.

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Amidst economic uncertainties and vulnerabilities with rising inflation, geopolitical conflicts, and supply chain concerns in 2022 and beyond, monetisation and customer retention have become critical for startups. As a result, they need to adapt to this new normal, pay their bills, retain talent, and capitalise on opportunities for growth.

Indeed, the need for self-sufficiency through monetisation has been growing, considering the limited availability of other types of seed funding for startups. For example, according to a CrunchBase report, in the third quarter of 2022, total global venture funding dropped to $81 billion, a 53 per cent decrease on a year-over-year basis, and a 33 per cent decrease on a quarter-over-quarter basis, indicating more competition for funding between aspiring entrepreneurs. Additionally, due to interest rate hikes in many countries around the globe, the cost of borrowing loans for growth has become exorbitant.

The importance of monetisation for startups

Apart from the above-mentioned, there are various other reasons for startups to consider speeding up their monetisation scheme. In the first place, with the current gloomy global stock market situation, startups will find it even more challenging to acquire capital through an initial public offering or by promising equity to cash-strapped investors.

This does not signal the end of venture capital; it’s just that investors’ tastes have changed. They tend to favour companies that can break even or are profitable even if they have a slower growth rate instead of startups that feature a high growth rate but are burning cash to maintain their value propositions.

Also read: Dedoco: A founder’s journey to building next-gen digital trust technology

As a result, while monetisation has been largely ignored by many startups in pursuit of their mission to develop disruptive solutions to complex, real-world problems, it has now become important for them to be self-sufficient and capable of funding their own growth.

In addition, the notion of an inevitable trade-off between monetisation and growth has proven to be a myth, as both customer acquisition and retention are vital for startups. This validates the business model and reinforces the genuine value of the product or service. Eventually, the price customers are willing to pay is among the most objective indicators of the value of the product or service and its contribution to improving people’s lives.

Also, retention is key to a successful monetisation strategy as loyal customers are willing to pay a premium to retain the product or service. Moreover, tracking and analysing behaviours of frequent users also provides valuable insights for a brand’s conversion strategies.

Opportunities for startups to capitalise on new mobile and omnichannel trends

Despite the volatile macro-market environment, aspiring entrepreneurs continue to find ways to manage impending crises and navigate the current turbulent business landscape by uncovering new customer trends and responding to these evolving demands.

During the height of COVID-19 lockdowns, consumers became more used to online shopping and digital interaction, a trend that had been in the making for decades but was further accelerated by the pandemic.

Also read: Redefining customers’ online experience with HubSpot

Accordingly, the customer journey has expanded to include more digital touchpoints, which are now often facilitated by an app on a user’s mobile device as they find information about different products online or on social media, look for purchase inspiration, and share feedback with their friends. Therefore, retaining customers across omni-channel platforms requires businesses to reduce friction when customers move across various channels and platforms both online and offline.

A research conducted by Harvard Business School assistant professor Jeremy Yang shows that with the rise of social media and the constant influence of these platforms, customers have turned into “social consumers” making impulsive and hedonic consumption decisions as they feel well-synched to the influencers’ adverts. Impulsive purchasing behaviours have also been on the rise during the COVID-19 pandemic and now in the new normal, due to the pandemic-induced stress, anxiety, and perceived loss of control over life events.

CleverTap’s ‘The Big Leap’ Roadshow Coming to Singapore

Titled “The Big Leap: Bringing Retention Best Practices Across SEA,” this will be a collaborative, in-person event organised by e27 and CleverTap in Singapore. The line-up will include a panel discussion and networking opportunities along with other activities. The programme will bring together industry experts, investors, business leaders, and entrepreneurs to discuss solutions to the essential business challenges in the post-pandemic world — challenges such as monetisation, emerging consumer trends, and customer retention across omni-channels.

The event will help participants gain deeper insights into the current marketing landscape, key trends to watch out for in 2023, and how best to prepare for new opportunities and challenges. Some of the planned topics include consumer behaviours in the post-pandemic era, the dominance of mobile devices, and how to harness the full customer experience potential of an omnichannel.

Based on this knowledge, participating marketers and entrepreneurs can revisit their 2023 business strategies for growing their customer base and maximising returns. A significant portion of the discussion will focus on the importance of monetisation for startups and the best monetisation strategies in a downsized market.

Also read: Helping businesses leverage open-source tech with Aiven

The panel discussion will be conducted with business leaders and venture capitalists who have successfully navigated the challenges posed by the pandemic and learned to thrive in the new normal. These will include key individuals from Grab, NinjaVan, and Funding Societies. As a result, you can be assured that all of the advice is well-tested and supplemented  with real-world success stories!

Want to find out about new customer trends in the industry and learn how to optimise your monetisation and customer retention strategies, while also networking with over 100 like-minded entrepreneurs and investors? Join us at the The Big Leap Roadshow on November 24th, 2022 in Singapore.

To sign up for the event, click here.

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Photo by Helena Lopes via Pexels

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

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The travel industry took its greatest hit in recent memory during the pandemic.

Around the world, flights came to a near standstill in 2020 as part of a global effort to curb the spread of the coronavirus. A report from the Economic Survey of Singapore showed that it was only in Q4 2021 that vaccinated travel lanes in countries around Southeast Asia started to open up.

As global travel opens up after two years of restrictions, Singapore expects between four to six million international travellers in 2022 alone. We are seeing a resurgence in the industry in the form of “revenge travel”, with 46 per cent of Singaporeans willing to spend to travel. The International Air Transport Association (IATA) expects international air travel to return to pre-pandemic levels in 2023, a year sooner than their previous 2024 estimate. 

The travel industry is in a unique situation. Though it faces the challenge of being rebooted from a pre-pandemic era to rejoin other industries on a shorter runway than expected, this revival serves as an opportunity for startups to face that challenge on a fresh slate and set a new bar for disruption.

Here are four travel tech startups from the Korea Tourism Startup Centre (KTSC) programme in South Korea that have rolled with the punches during the pandemic and seek to expand our perceptions of the travel industry and the creative use of technology in a post-pandemic world.

Tripbtoz – Enhancing the physical travel experience with metaverse layers  

During the transitional periods between lockdowns, the world became more receptive to phygital experiences. Tripbtoz is a video-based travel app that leverages content travelling through Web3 and extended reality (XR) technologies, adding virtual and interactive layers to enhance physical locations.

Using Tripbtoz’s platform, government agencies and property owners can run campaigns, while users can make journals and guide for others to enjoy. This allows a single location to be experienced in many unique ways.

Tripbtoz has enjoyed good financial traction and allocates a percentage of its daily gross booking value to its loyalty currency, Tripcash. Tripcash can be awarded to users through making XR content and booking through the platform. Organisations can also reward users for specific tasks and build a body of user-generated content (UGC) to suit their needs.

The platform also empowers users to interact with remote destinations through XR and opens an avenue to earn Tripcash remotely. 

Stayfolio – A high-touch approach to creating the modern fine stay journey 

After the lockdowns, people are willing to spend more for quality travel and value experiences. Stayfolio addresses this need by providing refurbished, curated luxury accommodations to define the “fine stay experience”, an offering that boasts a reservation rate of 82 per cent. 

Also Read: How to not let the bots ruin your travel plans

Stayfolio’s full value chain model starts with an in-depth discussion with owners who want to breathe new life into their storied properties. The team revamps the property from the ground up with design, construction, and styling to accentuate its history, heritage, and charm.

After that, they implement the technological infrastructure of the property with IoT gadgets, AI concierges, reservations, and contactless systems. Once everything is in place, Stayfolio manages the property, covering backend aspects such as marketing and bookings on their site. 

Stayfolio believes their high-touch approach from start to end enables them to architect fine stay properties rooted in story and natural beauty while making them convenient and relevant for the modern traveller.

ONDA – Scaling property management solutions for everyone

The hotel industry was in survival mode during the pandemic. Staff had to double up on duties and had to scramble to cut costs by running efficiently through digitalisation. Even now, hotels are still short on staff, correlating to a significant drop in customer satisfaction.

ONDA has raised US$15 million this year for their Series B and has 110 team members around the globe and counting. Their growth through the pandemic is a strong sign that working with complete digital suites could be the industry standard.

As South Korea’s first company to be selected as a Google Hotel Partner, ONDA is poised to replicate its success in other territories. ONDA expanding its digital suite beyond a hotel property management system to scale such that smaller businesses like motels and AirBnbs can easily adapt it to be the de facto digital partner for any lodging business.

Infoseed – Travel tech and navigation for the smart city of tomorrow

Deliveries of food, groceries, and more were lifesavers during the pandemic. However, delivery crews weren’t always able to find the exact locations of the destinations.

Infoseed is ambitiously mapping the world in one-metre square grids. Their precision addressing system gives each one-metre square grid a unique geography nickname, or geo.nick for short. 

Users can personalise each square grid with specific naming conventions. Infoseed’s solution also considers verticality, so spaces above or underground can be tagged. Food delivery companies working with Infoseed have tagged specific entrances for properties in their delivery radius ideal for motorbikes, increasing delivery efficiency.

Also Read: How can influencer marketing help the travel industry in a post-pandemic world

Infoseed’s solution can be the catalyst for smart cities to improve the quality of delivery services, sync with autonomous vehicles for accurate and safe implementations, and improve the response time of emergency and municipal services.

They have worked closely with the Korean government to manage and display facilities near the Hangang river and with construction companies to provide digital twins.

What is next for travel tech in the future?

The disruptions and new takes in travel tech will not only adapt to the demands we have of travel in a post-pandemic world but also elevate the expectations we have in the space. 

Right now, we see travel tech picking up speed and taking pages from its brethren industries. We believe that as the industry starts to mature again in a post-pandemic world, certain solutions to challenges specific to travel will begin to find applications in other industries.

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There are benefits in shifting one’s digital business operations from a purely on-premise set-up to having the flexibility of running them on the cloud. These include better security, increased flexibility to scale operations, and catalysing a culture of innovation. Smart cloud databases allow customers to quickly adjust to operational fluctuations or upticks in transactions as customer geographical footprints expand.

When it comes to cloud migration, it is imperative that companies explore open-source technology options that can help them prevent future vendor lock-in scenarios.

Open source is not owned by one entity, and its overall framework is common to all consumers. Any updates to its core files have an impact on all projects. A business can simply migrate its application environment to the cloud without worrying about its open-source-powered backend environment. Applications and services developed or deployed by different businesses and vendors can be seamlessly integrated, kept patched and secure, and remain available at all times.

Adopting open-source technology during cloud migration also ensures interoperability with other enterprise solutions located elsewhere (such as on-prem in other data centres or on different clouds). This interoperability enables the reuse of software stacks, libraries and components. Such interoperability makes it seamless for businesses to deploy multi-cloud environments.

Creating relevant and data-intensive applications through the cloud

Aiven plays an integral role in ensuring a smooth cloud migration. Since 2016, Aiven has enabled organisations worldwide to create relevant and data-intensive applications through its open-source cloud data platform. Startups can now set up and manage their cloud data infrastructure in as fast as 10 minutes, giving them the freedom to pick from various cloud providers at their fingertips.

Teams can tailor their setups according to their preference by integrating open-source solutions. Aiven offers Apache Kafka, Apache Cassandra, PostgreSQL, MySQL, OpenSearch, Redis, InfluxDB, Grafana, and M3 in more than 90 regions around the world on AWS, GCP, Microsoft Azure, DigitalOcean, and UpCloud cloud platforms.

Also read: Amazon Web Services (AWS), Enterprise SG join forces for SWITCH & SLINGSHOT2022

For instance, Apache Kafka is a standard technology in modern software architectures but requires a sizeable effort to deploy and operate. Startups often outsource this to third parties with the right expertise and experience. The Aiven experience offers these building blocks of the best technologies. It takes care of operational concerns, freeing up teams and enabling them to focus on developing key builds for their business to get ahead.

With Aiven, enterprises can have more reliability in their tech operations, with their track record of high uptime stats and round-the-clock customer support. It is also kept secure and certified with the help of encryptions and dedicated virtual machines. Customisation is also easier with Aiven, enabling better ease of integration, availability of multiple options for cloud solutions, and the ability to swiftly ramp up cloud operations to an unlimited scale with minimal downtime through their automated scaling feature.

The perks of automation

Aside from making things more convenient for application developers and database administrators, there are broader organisational gains to be had. Tasks such as routine changes, installations, upgrading, and maintenance can be automated. This would then free the operational tech team to focus on performance optimisation. According to an IDC report, Aiven enables teams to perform more efficiently, reduce direct infrastructure costs, and provide improved database performance, agility, and scalability with significant impacts on the bottom line. The report finds an average ROI of 340% over three years, breaking even after only five months.

The study also cites how business customers have seen a 37% decrease in operational costs and a 78% decrease in staff time allocations for database deployments.

Many reputable global brands have trusted Aiven, including Toyota, Atlassian, Comcast, and Wolt. In Southeast Asia, GoTo Financial, a fintech provider under the GoJek group, turned to Aiven’s technology to help them optimise user experience across millions of customers while maintaining operational uptimes.

Also read: Meet the 100 nominees for Alibaba’s AsiaStar 10×10 campaign

As they were rearchitecting data pipelines and assembling everything into one system, GoTo Financial wanted to set up Apache Kafka within the region. Still, it was hard to find this anywhere else. Aiven offered this, and GoTo Financial has been happy with the uptime levels, realising better cost control and predictability. This migration with Aiven enabled easy scalability in the operations of GoTo Financial, which allowed adjustments for spikes and lulls in usage quickly and easily.

Another Aiven customer is Swift Solutions, a Jakarta-based logistics company offering delivery and order fulfilment services in Indonesia and is part of the Tokopedia Group. Using Aiven enabled them to streamline the data infrastructure components they needed and realised convenience by managing these multiple components through one console within Aiven. Another customer, Vidio, a streaming giant in Indonesia, was able to rapidly and efficiently deploy new services and features and scale their databases across fluctuations in user volume, ultimately improving customer experience.

Olivier van Grembergen, Aiven’s Regional Vice President for the Asia Pacific, shares with e27, “Aiven helps organisations by collecting all necessary components under one umbrella, offering integrations between services, ensuring that the systems are available, maintaining compliance with all major data regulations, and providing better data governance.”

A leader in cloud solutions

Headquartered in Helsinki, Aiven has been named by Forbes as part of its 2022 Cloud 100, being part of the top 100 private cloud companies in the world. It has also recently raised its $210M Series D funding round led by Eurazeo and joined by funds and accounts managed by BlackRock as well as existing investors IVP, Atomico, Earlybird, World Innovation Lab, and Salesforce Ventures, catapulting Aiven’s pre-money valuation to $3B.

Aiven was conceptualised after the founders’ own experiences as developers working with open-source technologies, encountering situations where data infrastructure tasks were getting in the way of focusing instead on innovating, problem-solving, and optimising product offerings. Allowing developers to make open-source technologies easier to adopt was the precedent to how Aiven was built. “At its core, Aiven’s vision is to establish a true, open-source data cloud that organisations can then use to build modern data infrastructure, enabling them to grow from prototyping to worldwide scale at greater velocities,” Olivier added.

Also read: Reimagining customer experience with Sendbird

Aiven’s strategic outlook and integrations are becoming more dynamic. Alongside their international expansion in Asia Pacific, they also announced accelerated growth of over 100% and a headcount increase of over 200% since October 2021. With strengthening security features a key priority, they recently acquired Kafkawize in September 2022, an open-source governance tool for Apache Kafka. This aligns with their goal to advance their open-source stewardship. 

They also recently announced the beta launch of Aiven for Clickhouse, a fast, open-source cloud data warehouse that is fully open-source. Clickhouse can help generate real-time analytical data reports using advanced SQL queries and has already been adopted by leading companies such as Spotify, Deutsche Bank, and Uber. In their pipeline is a launch of their global sustainability program to empower the Aiven community to build more sustainable cloud applications.

“The future is bright for the state of open-source in the Asia Pacific. The region as a whole is rapidly maturing from a technology perspective. Businesses are adopting cloud technologies and turning to open-source as part of their digital transformation to drive growth and innovation. Aiven is excited about the opportunities that are abound in APAC. We are committed to continue growing our footprint, working with the most progressive digital natives, elevating service delivery, and pushing the envelope further when it comes to the stewardship of open-source,” added Olivier.    

To learn more about Aiven and its offerings for startups and scale-ups, visit https://aiven.io/.

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

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Last week, The MoneySmart Group, which runs a financial content and comparison platform in Singapore and Hong Kong, announced its plans to go public via a reverse takeover (RTO) deal. The company said it would acquire SGX-listed hotel operator, Asia Pacific Strategic Investments (APS) in a deal worth US$161.7 million.

The listing will help the 13-year-old MoneySmart to raise capital for expansion in Singapore and the region.

In this interview with e27, MoneySmart Founder and CEO Vinod Nair discusses the RTO, its benefits, the company’s grant plans, and the trends in the financial comparison industry in the region.

MoneySmart is a 13-year-old company with a considerable presence in Singapore and Hong Kong. Why does the company prefer an RTO route to a direct listing? What are the benefits of an RTO listing?

An RTO is simpler than an initial public offering (IPO) and similar to an M&A transaction where terms are agreed upon with a single buyer.

In an RTO, the listing company and vendor agree on the valuation of the target company and pricing of the consideration shares at an early stage of the transaction. Moreover, it is faster and easier because a sponsor can issue shares directly and has the required shareholder support rather than getting help to underwrite the deal like in an IPO.

An RTO deal also brings growth capital into the company. This transaction will provide significant growth capital into MoneySmart to accelerate our growth ambitions.

Also Read: How did MoneySmart grow its revenue by 25 per cent amidst a pandemic?

Besides this, a listing provides liquidity for shareholders: It enables investors and shareholders to realise some liquidity.

Above all, a RTO listing provides us with currency to pursue M&A opportunities: While the market is volatile and uncertain, we believe this presents an excellent opportunity for well-capitalised companies to pursue strategic acquisitions.

Why SGX? Why not a global stock exchange such as NYSE?

MoneySmart is a Singapore-based tech company founded by a Singaporean and is a well-known brand in Singapore amongst retail and institutional investors. MoneySmart will be proud to be the first major local consumer technology company to list on the SGX.

How much capital does the company aim to raise via SGX?

We are unable to comment on this at the moment.

A MoneySmart release mentions expansion plans. Can you share more details about this?

With the raising of capital, we anticipate MoneySmart’s rapid growth through investments in its membership and rewards programmes designed to deliver maximum value for its customer base. MoneySmart Plus rewards MoneySmart customers with cashback for transactions they would typically perform and provides them with highly personalised financial product recommendations based on their profile and preferences.

In addition, raising capital through its listing will also power other strategic partnerships through potential M&As.

The RTO will also help accelerate MoneySmart Group’s digital disruption of the insurance industry through Bubblegum — a digital insurance platform aimed at millennials and Gen Zs, launched in recent weeks.

We’re evaluating expansion opportunities in developed markets in Asia across the group. Developed Asian markets are attractive because of the relatively high financial literacy and product penetration rates.

Can you share more details about Bubblegum? How is it different from other insurtech platforms?

As Singapore’s newest insurance player, Bubblegum intends to shake up the market, challenging the status quo where insurance products are often associated with complexity, confusing jargon, trade-offs, paperwork and long-drawn claims processes. The definition of what Singaporeans value is changing, and so must include the concept of insurance.

Bubblegum is not just here to disrupt the status quo; we are here to change what consumers should expect regarding their insurance experience. Bubblegum’s product design is guided by our extensive consumer insights from helping consumers find the best financial products on the MoneySmart platform.

Also Read: Don’t know which credit card to use for a bill? MoneySmart’s new app has the answer

In terms of USP, Bubblegum is aimed at the younger generation of digital natives who prefer to do their own research on sites like MoneySmart and want a seamless digital experience instead of having to talk to an insurance agent. Bubblegum is for the self-serve generation that is increasingly discerning and value-conscious.

Secondly, Bubblegum aims to address many consumer pain points like unclear terms and conditions, manual paperwork and opaque claims processes through its digital platform.

You raised your Series B in 2017, and there have been no public announcements about follow-on funding. Did you raise more capital after that?

We raised US$10 million in Series C in 2019 from existing and new investors.

What will happen to your institutional investors? Will they also exit?

They will remain shareholders, and major investors will have the option to sell after the lock-up period.

Are you profitable already?

We are at breakeven; low burn rate in some months and marginal profitability in others.

How many users do you have across Singapore and Hong Kong? How many deals does MoneySmart process a month?

We have about 2-2.5 million in sessions every month.

How is the personal finance market growing in Singapore and the region? What are some of the definite trends?

The personal finance market continues to grow at a healthy clip in Singapore and Southeast Asia. Increased digitisation and a more financially-savvy population mean that consumers are much more highly involved in personal finance than before. Over the last 13 years, MoneySmart has worked closely with consumers to help improve financial literacy.

Millennials and Gen Zs also think about personal finance very differently. This is where the consumer insights MoneySmart Group has amassed over the last 13 years are pivotal in helping us design personal finance products that cater to their changing lifestyles and needs.

The group aims to bring this DNA of meaningful disruption through unrivalled consumer insights to different parts of personal finance over time.

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