The past century has seen the adoption of high-end technology become increasingly prevalent across industries around the world. However, one industry that has resisted that change is the hospitality industry, insisting on the value of “the human touch”.

With the hallmark of great hospitality being attention to detail and personalisation made only possible by human instinct and intuition, even the smartest artificial intelligence software has been unable to compare. 

Things took a turn when the COVID-19 pandemic hit when human contact became the enemy as the primary vessel of germs and viruses. Many hotels and restaurants had to quickly pivot and turn to technology to keep these physical human touchpoints to a minimum.

Technology adoption has also expedited the introduction of sustainability solutions in F&B, such as waste management, as well as central and cloud kitchen services that helped many small restaurants compete and survive. 

This isn’t a new trend. Fully automated cafes, complete with self-service kiosks, robot baristas, and robot servers, are not uncommon in South Korea. These cafes run fully autonomously, without a single human staff and operate completely on a robot workforce.

What about the rest of Asia and, more specifically, Singapore?

Trending now: Robots

Just like in Korea, Singapore is being pushed into faster adoption rates of technology in F&B, driven by huge challenges in finding manpower. Filling the gap are robotic serving and cooking solutions that paved the way for automation in both front and back-of-house services.

F&B Robotics was clearly on display at the recent FHA HoReCa 2022 Exhibition that took place from 25-28 October.  There were robots to cook, serve, clean, and do myriad other tasks. These robotics solutions are spearheading transformation in how kitchens and restaurants operate. The Singapore government has even included robotics as a key transformational technology within their Hotel Industry Transformation Map that was announced at the show.

Also Read: How accessible robotic solutions enable business efficiency

The trend of serving robots is becoming more commonplace in different types and sizes of restaurants in Singapore, with some doing more than just serving. They take care of menial, repetitive tasks, freeing up staff to focus on the more important things. 

For instance, Robot Chicken Pocha employs this to its greatest advantage, utilising a robot arm to see its main task of frying chicken. 

Self-service kiosks have also become the default in many quick-service restaurants, where you won’t find anyone taking orders behind the counter.  These kiosks allow staff to focus on delivering food quickly, so customers avoid waiting in long lines to get their orders.

The manpower crunch

Multiple factors are proving to be the driving force behind this pickup in the adoption of technology. Singapore’s F&B industry was among the hardest hit during the pandemic that lasted more than two years.

The first to be affected were the people keeping the industry afloat. As revenue fell drastically, employees were either let go, or many decided to return home for good or could not re-enter Singapore as borders shut during the pandemic.

Data on the Singapore Department of Statistics (Singstat) website showed that about 15,400 employees left the F&B services sector in 2020. With the industry reeling from the crisis, the sector only saw a net increase of 600 workers in 2021.

The manpower shortage in the F&B sector has hit home, especially in recent months, as Singapore significantly eased its COVID-19 restrictions, including increasing the cap on social gathering sizes, allowing F&B eateries to seat 10 fully vaccinated people together, and lifting the ban on the sale and consumption of alcohol after 10.30 pm at F&B establishments.  This spells a lot of customers with not enough service team members to serve them. 

F&B businesses expect the manpower crunch to worsen and impede the sector’s recovery when tourism picks up again in the coming years. This manpower crisis is not just a local problem. Labour shortages, rising salaries, high turnover, heightening inflation, and more are challenges apparent even in Indonesia and other Southeast Asian countries. This and inflation are driving up costs across all aspects of the business, from ingredient purchasing to renting payment and manpower employment.

A pressing need for solutions

The plus side to this early-stage adoption is that there’s still room for growth, a lot of it. The F&B tech space is still very fragmented, with no dominant players. There isn’t a Google or Meta equivalent for F&B tech, at least not yet. FZ Digital hopes to fill that gap in the market with our wide offerings of tried, tested, and proven products and services.

Also Read: Why robotics is just entering its prime phase

We have strong reasons to believe that these trends will accelerate and make F&B tech an exciting growth space since manpower and cost issues will continue to be huge challenges. As robotics and other automation solutions mature and get more cost-effective, the industry is starting to understand the economic benefits of adopting new technologies. Simultaneously consumers are more accepting of these new solutions. 

FZ Digital is capable of and is already bringing together automation technologies, such as robotics and digital marketing, and building integrated solutions tailored to F&B customers’ specific needs that leverage our existing restaurant management systems at the core of the business.  By integrating these solutions, we can solve new problems and create added value that will save our customers’ costs and manpower and increase revenue.

In the foreseeable future: High tech, no touch

To materialise our vision, several challenges need to be addressed. 

We are focused on bringing to market the right solutions and partners to build this vision to solve F&B customers’ most pressing business problems.  The F&B industry often has limited IT budgets and expertise, which means the solutions must deliver clear value from the start. 

We must also educate the various stakeholders and decision-makers that robotics and automation aren’t a total replacement for human staff.  As automation and robotics continue to expand their capabilities to further free up manpower in the dining room and kitchen, it will not remove the need for human labour.

Instead, it will free up manpower requirements for lower-skilled roles so that staff can be more responsive to provide better customer service and perform higher-end skilled tasks.

By recognising the benefits of technology, we can be more efficient. And by embracing the support of technology to augment the human resources we have, the F&B industry can grow by leaps and bounds.

In light of all the above, the next few years will be interesting as we enter a new phase where F&B robotics solutions can be integrated more closely into existing F&B operations and systems, creating new end-to-end experiences.

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Filipino startup accelerator Archipelago Labs (A-Labs) has launched a US$10 million Web3 fund.

Archipelago Labs is backed by reputable partners from the Philippine Digital Asset Exchange (PDAX), Oak Drive Ventures, and Magellan Digital Investment Group (MDIG).

Archipelago Labs helps the startup ecosystem at the grassroots level through investments and advisory services. It also looks to hold programmes such as hackathons and incubators for specific verticals and startup stages. 

It boasts a strong network of mentors, experts, and capital partners who will support the startups in growing their ventures.

Also Read: Binance acquires Japanese crypto exchange SEBC

Founded in 2022, A-Labs is led by founders with crypto and business backgrounds and focuses on sectors like the intersection of Web2 and Web3, consumer applications, infrastructure, tools, decentralised finance, and the metaverse.

Next year, A-Labs will run the first cohort for its Archipelago Labs Accelerator Block, an eight-week, cohort-based accelerator programme.

“We believe that the building blocks of Web3 are found in the Philippines. The country has much to offer in the Web3 space. With that, we invite proponents of the space to get in touch with us as we build a better future through Web3,” said Lance Pormarejo, A-Labs’s Executive Director.

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Crypto trading has proved massively rewarding for you, but now you are worried about the tax bills, aren’t you?

At the same time, if you, by chance, do not pay taxes, there will be severe repercussions. Now, while there is no way you can avoid paying crypto tax, there are some ways you can at least resort to (in compliance with all the legal norms) and save on crypto taxes.

Here are the nine brilliant ways that can be of great use to you.

Opt for long-term investments

The taxes are usually less when you have clung to your cryptocurrency investments for at least 12 months. Now look at the advantage of holding on to cryptos; you must pay 0 to 20 per cent capital gains tax on long-term properties, while on short-term ones, the capital gains tax is usually drastically higher, i.e., at least 10 to 37 per cent.

But, there is a tiny problem here; the volatility of crypto assets is much higher, so holding on to those for a long time can be a little risky. But if you can predict the price movement, you can make an educated decision.

Gift cryptocurrencies

Tax benefits will come your way when you gift away cryptocurrencies. It might seem like a radical move, but there are specific benefits for you to understand.

However, if the gifting value exceeds US$15,000, you must pay a nominal gift tax. Gifting crypto is a little unorthodox, but this could be a great way to distribute wealth among family members and friends you trust. The best part is the recipient is also eligible to receive tax benefits along with you. When A gifts crypto gifts to B, B’s crypto income will not fall in the taxable event category.

However, the recipient must keep an eye on the fall and rise in the price of the crypto gifts because any fluctuations must be reported precisely if the recipient decides to sell it in the future.

Tax-loss harvesting

The practice of tax-loss harvesting involves deliberately selling off your cryptocurrency assets at a loss to save on taxes. If you find that some of your cryptocurrency investments have depreciated in value, tax-loss harvesting can be a smart move to reduce your tax bills on cryptocurrencies.

Also Read: Why is the cryptocurrency market growth in Eastern Asia slowing down

In fact, this method can bring advantages in the case of cryptocurrencies, which do not apply to any other asset classes. For instance, the “wash sale rule” that applies to stock investments does not apply to cryptocurrencies. So if you find that your bitcoin or rose coin price has dipped, you can sell them off at a loss and buy back tokens.

Use your IRA or 401-K to make crypto purchases or sell them

If you have a retirement account, use it to the fullest to earn tax-free wealth. However, note that you cannot withdraw any part of your savings until you reach a specific age. Roth IRA holders can experience tax benefits.

For instance, if A decides to sell his capital assets accumulated in his Roth IRA, he doesn’t have to pay capital gains tax until he withdraws whatever he earned. Many IRAs allow crypto investments like Bitcoin IRA, Coin IRA, and more.

Draw your profits during low-income periods

You must already be aware that the amount of taxes you pay depends on your income range during that year. So you can withdraw from the crypto market with gains in such a year when your personal earnings are low.

It can make a significant difference in the amount of tax you have to pay in such circumstances; the rate of tax levied when you sell cryptocurrency after a year is 0 per cent for taxpayers whose income is less than US$40,000.

Offer donations in crypto

In case you did not know, donations through cryptocurrencies do not invite any taxes, so this can be a wonderful way of contributing to meaningful causes that you believe in. When you donate cryptos after a year of holding them as investments, they can be withdrawn depending on the fair market price when you plan to donate them.

Moreover, in such cases, the IRS also permits cryptocurrency investors to opt for “double dipping” on their tax benefits.

Relocate to a low-tax state

As incredible as it may sound, there are crypto investors who choose to shift base to a different state with lower tax rates in the USA. States like Florida, Texas, Washington, and South Dakota are income tax-free.

Also Read: How this cutting-edge technology helps fortify your crypto security

Some investors have also been as drastic as relocating to a different country searching for lower tax rates! Countries such as Portugal and El Salvador have tax-free policies for crypto investments.

Apply for a cryptocurrency loan

Many of us might not know this, but procuring a loan in cryptocurrency is not taxable, unlike selling cryptos. Well, as of now, the IRS is yet to publish specific regulatory guidelines on DeFi loans.

So if you want to save more on your crypto gains taxes, you can apply for a loan using your cryptos as collateral. And based on the rate of interest and your individual income group, you might be able to save more on taxes by taking out a loan.

Hire a CPA with expertise in cryptocurrencies

You might consider seeking professional help from a Certified Public Accountant to help you navigate your cryptocurrency tax bills. An experienced CPA can easily help you devise strategies that slash your crypto taxes. It might be expensive, but it will be worth it in the end.

Final thoughts

These are some of the smartest options to help you save more on your crypto taxes and lessen your liability. However, the best step ahead is to consult with an experienced tax professional to clearly understand the associated legal complexities and then formulate suitable strategies.

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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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Jakarta-based carbon technology platform Fairatmos has received US$4.5 million in a seed round of financing.

Go-Ventures and Kreasi Terbarukan TBS, the investment arm of energy companies Toba Bara Sejahtera, led the round.

Vertex Ventures Southeast Asia and India and prominent angel investors also participated.

Fairatmos plans to use the new funds to strengthen its platform, providing new digital innovations in the carbon market and outreach to more communities and project developers.

Also Read: How Zuno Carbon plans to help organisations reduce their environmental impact

A part of the funds will go into growing the team across multiple functions, including remote sensing analytics experts and product and engineering roles.

Founded in 2022 by CEO Natalia Rialucky, Fairatmos builds an innovative solution to help project developers to design carbon sequestration projects, verify carbon credits, and connect with companies and individuals seeking to buy or finance carbon credits to reach their net-zero goals.

Its mission is to improve the livelihoods of smallholder communities through additional income from involvement in carbon projects and reduced degradation of their surrounding ecosystem.

In the future, Fairatmos plans to connect developers with companies and individuals who seek to counterbalance their carbon emissions as part of their net-zero goals.

Rialucky said: “Under the 2015 Paris Agreement, 196 countries endorsed the global goal of maintaining global temperature rise by 1.5 C, meaning cutting greenhouse-gas emissions by 50 per cent by 2030. 702 companies globally have pledged their net zero targets, a vast growth in the previous year, including Indonesia. One way for companies to meet their target is to counterbalance their emission via carbon credits.”

“Developing high-quality, scalable carbon sequestration projects is not an easy task. Despite the abundant potential for Indonesia to become the carbon sink of the world, historically, there have been few projects in Indonesia, as there are many technical barriers and upfront costs that make it challenging for communities and organisations to participate.”

The startup has so far gained good traction and worked with over 40 project developers across several carbon sequestration projects in mangroves, forests and agriculture.

Also Read: Preference for green jobs is the “most exciting” climate tech development: Lightspeed

It also works with the Indonesian government to follow regulatory guidance in developing carbon projects.

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While working at McDonald’s and Burger King, Anthony Villanti realised that developing strategies for the geographical expansion of fast food brands was highly manual and cumbersome.

Project consulting involved carrying out costly and time-consuming market surveys to understand customer movement patterns and using pins on paper-based maps to visualise existing store networks and competitor locations to help brands find gaps in the market.

Villanti decided to use his over 20 years of experience in demographics, mapping and market impact analysis across Asia Pacific to create a novel way to address this problem and effect a change.

That was the beginning of GapMaps.

Established in 2013 and headquartered in Melbourne, Australia, GapMaps offers a cloud-based location intelligence and data mapping platform to help network planners make faster location decisions. GapMaps Live provides accurate, up-to-date, validated information about locations. Retailers can use these maps while expanding their store network or optimising existing stores.

Also Read: Hyperlocal mapping: a solution for real-world interactions in retail metaverse

“GapMaps Live allows retailers to visualise their own store network along with competitor locations, resident, worker, and consuming class populations down to the micro level. This way, they can make faster and smarter decisions when planning their store opening, closing and growth strategies,” Villanti tells e27.

If a business needs data that doesn’t yet exist or needs accurate and granular insights in a data-challenged country, GapMaps will build new datasets combining available population data with billions of mobile device location points.

“GapMaps enables brands with physical stores in multiple countries to have one login to manage all their locations. For example, a parent company with a series of different brands operating in different regions can now see and compare the locations of their brands everywhere. Having this data at their fingertips brings many efficiencies and speeds up business planning and decision-making,” he goes on.

Customers can also ingest their own large datasets into GapMaps Live, visualise them through thematic layers, and show comparisons with available data on the platform.

For example, brands can upload sales or customer data to visualise their best and worst-performing stores at a suburb or postcode level and then understand the demographic profile of customers in these locations.

“The granularity of digital data available in GapMaps Live means that demographic insights are accessible for retail stores with the smallest catchment areas. Even café catchments, which are typically no larger than a radius of 250 metres, can now be assessed to determine the count of residents (by Socia-Economic Classification grouping) and workers as part of a location feasibility process,” he adds.

As of today, the firm has more than 500 clients across 23 countries, including Singapore, Malaysia, Indonesia, Thailand, Taiwan, Myanmar, the Philippines, Vietnam, and India. It counts brands such as Domino’s, KFC, Starbucks, Burger King, Subway, McDonald’s, Anytime Fitness, and Goodyear among its clients.

It also has a presence in the Middle East, Africa, and Oceania.

Clients pay an annual license fee to access the GapMaps platform. It also has a range of tiered pricing options that vary based on the number of districts, cities or countries clients require our location intelligence insights.

Doubling down on India

India is a preferred market for GapMaps where the growth opportunity is significant. While it represents about seven per cent of its business from domestic and global brands, GapMaps expects it to increase to 25 per cent in 2023 and 40 per cent by 2024-end.

In India, GapMaps mainly targets fast food and quick service restaurants, cafés, fitness and well-being, supermarket, and grocery stores. Anytime Fitness, which operates 110 fitness clubs across India, has used GapMaps Live to enable greater precision in its decision-making when opening new locations.

Speaking of the challenges, Villanti says that as the business continues to mature, cyber risk threats to cloud-based software are on the rise. “We strive to ensure we have a strong security posture and comply with SOC 2, ISO27001, and GDPR.”

A privately funded company, GapMaps foresees significant uptake in the business post-pandemic. “The COVID-19 pandemic has had a massive impact on population movements, with fewer people now travelling to the city for work, and people spending more time working from home and moving around in their local suburbs in greater numbers. This also impacts traffic patterns,” he says.

GapMaps Live is helping brands analyse these population movements through mobile devices (visitation data) and census data and understand their impact on their network. This shift is essential across various sectors, including QSR, fitness, supermarkets, childcare centres, healthcare, etc.

“Many of our clients in the QSR and Café sectors are now assessing the catchment potential of a new (or existing) location for the in-store and takeaway potential and, increasingly, the delivery potential. This trend towards delivery is not a pandemic post phenomenon. However, the pace of change has accelerated, and few expect a return to pre-COVID-19 delivery demand.

Post-pandemic, many small retailers are also critically examining their presence in shopping malls. Until recently, retailers assessed the potential of a new shopping mall location by considering the floor area of the mall, the brands that might be present and the catchment population and demography within a primary and secondary catchment.

“Those factors will always be important. However, they can now be complemented with insights relating to customer visitation patterns. For example, how long does a customer typically spend at the mall (long stays are good for food and beverage retailers and short stays are good for fresh food retailers), how far do customers travel to reach the mall, how busy is the mall over the seven days of the week and also by time of day.”

According to Villanti, GapMaps listens daily to hundreds of customers and thousands of users. “By taking the time to understand how you think about your business, we can overlay you and your sector and business meaningfully over our facts and expertise. So everyone can understand it. It means every decision you make is informed, aligned, and you’re in total control of it.”

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