According to a study by Finn Partners Asia, healthcare is set to become a USD 2.2 trillion market by 2026. In Bain & Company’s Asia-Pacific Front Line of Healthcare Survey, over 91 per cent of respondents said they would use digital health apps and services if the costs were covered by an employer or insurance provider.

The digital health market that covers a broad scope of technologies, including mobile health apps, connected wearable devices, and telemedicine, has been on the rise for almost a decade now. The coronavirus pandemic also acts as a catalyst to lead the surge of digital health adoption across Asia and beyond. Amidst extended movement limitations and physical interaction restrictions, digital health continues to remain a permanent fixture and people are becoming more aware of remote monitoring and self-care.

In Malaysia, medical startups such as Nexuses, GetDoc, QueueMed, and Beli Ubat are leading the industry. These startups offer a range of medical products and services from digital healthcare ecosystems to medical product e-commerce platforms and everything in between.

Furthermore, to help curb the pandemic and contact trace, the government launched a medical-driven app called MySejahtera. The app eventually evolved into a multi-function platform that covers medical appointments, mobile live queues, and virtual health among others.

Bringing key industry stakeholders together to explore the scope of digital health

The Malaysian Global Innovation and Creativity Centre (MaGIC), in collaboration with Human Inc recently concluded a Digital Health & Wellness Roundtable event exploring the rise of medical startups in Malaysia, a surge in voluntary public adoption of wellness startups, industry pain points and barriers to further innovation, such as fragmented legacy systems, difficulties in showing values and at times, a disconnection with patient needs. The event was attended by key stakeholders and industry leaders, including corporates, startups, investors, and government agencies.

Also read: What opportunities await global startups that are expanding to Japan

Speaking on the inspiration or objective behind the event, MaGIC Acting Chief Executive Officer (ACEO) Khalid Yashaiya shared that the main goal was to bring together different players and to obtain insights on the Digital Health & Wellness industry trends, innovation outlook, and investment opportunities, facilitate idea exchange and identify collaborative opportunities within the innovation ecosystem through this engagement. Such initiative is especially pivotal as we continue to brace the ongoing challenges and unpredictability of the pandemic.

Human Inc. Senior Consultant Alif Latif added “Living through a pandemic, health & wellness has taken centre stage in all of our lives, not just in our fight against COVID-19, but also in making sure we keep ourselves healthy both mentally and physically. When MaGIC mooted the idea of a collaboration for a Digital Health & Wellness Roundtable, we jumped on to this opportunity. Leveraging our expertise in facilitation and innovation together with MaGIC’s extensive reach in the startup community, we co-created a roundtable with the aim of engaging participants from different organisations which may not normally be in the same space to have insightful conversations around industry trends, challenges and potential collaborations.”

Discovering industry trends, current challenges and scope of digital health in Malaysia and beyond

Human Inc’s Alif Latif shared, “We wanted to obtain a consensus on the trends relevant to the Malaysian landscape and uncover new potential areas of collaboration that can work across the industry and traditional boundaries.”

During the session, it was discussed that according to the Malaysian Science and Technology Information Centre (MASTIC)’s National Survey of Research and Development (R&D), medical and healthcare forms about 9 per cent (RM135 million) of the total gross domestic expenditure on research and development (GERD) for Malaysia, which is estimated at RM1.5 billion in 2018. However, despite growing demand and potential, the medtech ecosystem in Malaysia’s “economics of medtech innovation” still poses so many opportunities for the industry to take the next level not only regionally but globally.

Reports tend to agree with this observation. For instance, in this report, The Star elaborates that challenges still exist in adopting readily available technologies in Malaysia, and how the medical system is still somewhat struggling with the necessary adaptation to the health information ecosystem. This study by Galen Centre explores challenges, such as lack of regulatory frameworks or guidelines, capacity, clinical leadership and accessibility issues for those who are technologically illiterate, lack access to electronic devices, internet and electricity. The study further states that investing in digital solutions could dramatically improve productivity and efficiency, with benefits in both patient outcomes and cost.

Leveraging technology for innovation and collaboration in the digital health landscape

The industry leaders at the MaGIC Digital Health & Wellness Roundtable denote the importance of innovation and how it has been a beacon through many of the world’s darkest periods, and will be a guiding light as we navigate our way to restore lives and livelihoods in a post-pandemic future. 

Another important point highlighted during the discussion was the importance of collaboration moving forward. “For this reason, Malaysia’s newly launched agency, the Malaysian Research Accelerator for Technology and Innovation (MRANTI) will be driven by Speed, Scalability, Synergy which are interlinked — and when enabled, will help take Society forward – for our collective wealth and well-being, through med-tech and a host,” said Khalid, ACEO of MaGIC.

Paresh Subramaniyam, Founder and CEO of FitXcapes Sdn Bhd, said, “As service providers in this industry, it is increasingly important that we constantly learn from each other, have each other’s backs, and grow the industry together.” 

FitXcapes is a one-stop wellness solutions provider that customises and executes small to large scale corporate wellness programs. The FitXcapes ENGAGE platform is designed to be as simple as possible and can be used by all generations in the corporate world, thus addressing the generational tech divide. “We gather user input and improve the platform on a quarterly basis. Our platform makes it easy for HR to manage reports, send reminders, and promote participation. Email marketing and posters are also provided by our team,” Paresh elaborated.

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

He shared that the Digital Health & Wellness roundtable was a great opportunity with the coming together of parties, such as MOH, MDEC, MaGIC, corporate sector representatives, investors and other industry players. “Sitting together as one to discuss the industry as a whole, policy, privacy and data security opened up many opportunities for us to find more ways to work together and ensure the best for our people and the industry,” he added

Another participant, Rajifah Ramli Co-founder & CEO, Data8 Sdn Bhd agrees. She said, “during the Health & Wellness roundtable, we learnt that there’s a lot of space for collaborations among the players in the industry. So, each one of us can really focus on what we do best, and through collaborations, we can provide more holistic services to the consumers.” 

DATA8 Sdn Bhd develops cHEART, a personalised healthcare app that allows users/patients to track, monitor, share and transfer their health/medical data securely in order to make important decisions throughout their health journey and well-being. DATA8 believes that sufficient home work to be able to offer tailored solutions is crucial. 

Rajifah shared, “When we worked with Hospital Kuala Lumpur(HKL) and Hospital Sungai Buloh (HSgB) to implement cHEART for post-discharge patients, we found that having buy-in up and down the organisation helps a lot.  Once we gained the ‘greenlight’ from the management, we worked closely with the operational team; understanding their needs, what they want to achieve, the ideal outcomes so that we can develop a platform that matches with the needs.”

Increasing awareness and better adoption rates post-pandemic

In the aftermath of the pandemic, there is now more openness towards digital healthcare avenues. This is complemented by trends where Malaysians are becoming more open to technology. Khor Kang Xiang, Managing Director and co-founder of Techcare Innovation shared, “I have learned that the emergence of digital technology in healthcare is getting more  acceptable by the Malaysian community with the increasing adoption of the digital  economy.” 

Studies support Xiang observation. As per Statista, as of the third quarter of 2020, the average daily time spent using the internet by people in Malaysia was around 9.17 hours. In comparison, they spent around 3.01 hours on social media every day. This definitely encourages the adoption of digital health technology that potentially further streamline and optimise the process of getting quality care services without physical constraint.

Techcare Innovation is a human technology company that develops and delivers smart rehabilitation devices to bring a better life for people through exercising. Xiang further shared that since the Movement Controller Order (MCO) last year, Techcare started implementing telerobotic training to provide robots at home together with the combination of telerehabilitation training by trained therapists for rehabilitation. “We are seeing positive results and experiences from patients whereby stroke patients can access advanced technology for intensive training together with guidance from a therapist without geographical constraint. And we foresee the future of rehabilitation will continue to have more adoption and combination of using digital technology for the more optimal result of the patient’s recovery,” he added.

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

Rapid technological advancements coupled with the impact of the recent pandemic on consumers’ health, has given rise to multiple market gaps and provided an impetus for stakeholders to adopt a radical change through the transformation of current products and services or the pursuit of new market opportunities. In response to the ecosystem’s challenges and increased conviction to drive innovation, there is a dire need to remove silos and to problem solve as an ecosystem, enabling innovation through rewards and boosting customer experiences through a better understanding of user needs as key courses of action that will move the industry forward.

“To ensure that we do not get left behind, moving with speed is absolutely essential. To do this, we need to streamline our processes, get rid of any overlap or ‘legacy’ inefficiencies, and utilise technology to automate or digitalise, and through MRANTI, we can do this,” concluded MaGIC’s ACEO Khalid. “While we look to harvest more medtech inventions at the end of the funnel, we also need to expand our supply pipeline of ideas. This calls for multiple parties to work in concert – the enculturation of innovation, to foster the growth of early-stage technology and innovation companies, and provide the necessary support to mature their products into viable solutions for the market,” he added.

Learn more about MaGIC at https://www.mymagic.my and find out more about Human Inc at https://www.humaninc.co. You can also access their full study here.

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

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Despite being Singaporean, I had never lived in Singapore until National Service. After NS, I left Singapore again to study and work in the US, but after seven years, I decided to move back to Singapore to spend time with family and be an entrepreneur. I started Rocket Academy to give back to Singapore and help more Singaporeans start businesses.

When I moved back to Singapore in 2017, I would often get questions such as, “Why did you come back from Silicon Valley [where salaries are higher]?” “Why do you want to be an entrepreneur [and forego a safe, lucrative career]?” “Why not work at another company [to learn about Singapore and develop your business idea] before working full-time on your own?”

I moved back from Silicon Valley to spend time with family, and I felt that I should get to know Singapore better as a Singaporean. I wanted to be an entrepreneur because I wanted Singapore and Southeast Asia to have more homegrown multinational companies to help us “stand up” globally.

The best way to learn entrepreneurship is to do it; It would be a long journey, I would have more obligations with age, and I felt inspired by the young entrepreneurs in Silicon Valley.

Three years to find an idea

It took me almost three years to find the idea for Rocket Academy. My original idea was in senior care, an app to help family members coordinate care for their loved ones. I spent over a year iterating on this idea and learned valuable lessons about business and how societies care for their seniors.

It turned out that being a caregiver for anyone is hard, and the biggest need caregivers have is physical care for their loved ones, not a coordination tool, not even a community of caregivers.

Also Read: 27 Singapore tech startups that have made us proud this year

When I realised what the market required (medical care) was not something I could provide, I decided to move on.

After leaving senior care in mid-2018, I moved to Jakarta to join a friend’s student loans company Dana Cita; a startup recently graduated from Y Combinator that aimed to help Indonesians access education. I still had entrepreneurial ambition but needed to reset and develop new ideas.

Dana Cita’s team and mission excited me, and it would allow me to learn about Indonesia, the largest market in SEA and a centre of Malay culture. It was an incredible experience, and after one year, I decided to resume my entrepreneurial journey.

I continued living in Jakarta for six months after Dana Cita and met over 100 investors, prospective co-founders and industry experts.

I explored e-commerce logistics, e-commerce marketplace aggregation, an English-language tutoring marketplace, smartphone leasing, and even on-demand fried chicken. None of the initial ideas worked out, but many investors later invested in Rocket Academy.

After many failed attempts, I stumbled upon an innovative online coding boot camp in the US called Lambda School.

There was a large opportunity in online vocational coding education in SEA, and I happened to have the perfect background as a software engineer and former teacher.

Starting something from nothing in Singapore

The pandemic helped Rocket Academy by driving people to code online, but we still faced many challenges building the business.

Rocket Academy struggled to enrol our first batch of students. I had moved back to Singapore (again) in late 2019 created a company logo and website, but I had zero students and zero track record. As a novice entrepreneur, paid advertising did not cross my mind, and I focused on reaching out to coding interest groups and friends of friends.

Also Read: Why a Singapore coding school founder is funding a startup in Kazakhstan

After a month, I connected with 10 prospective students, of which six met me in person and three enrolled in Rocket’s pilot boot camp batch in January 2020. Those students later joined GovTech, Xfers and Glints after graduating from Rocket.

Rocket Academy’s biggest setback in 2020 was a miscommunication with government regulators, causing Rocket to stop teaching from April to September 2020. Pandemic restrictions prolonged the miscommunication, and I found myself taking long walks in the park, brainstorming other business models Rocket could pursue besides training software engineers.

I thought about quitting more than once. Luckily, Rocket and the regulators resolved the miscommunication in September and our team resumed teaching.

Rocket Academy’s next big challenge was developing course content to provide students with study material and standardised instruction. Rocket’s early team member Akira led these efforts with aplomb, burning the midnight oil for months to complete the first version of Rocket’s content while teaching. We even bought a portable air-con at one point because the air-con at our coworking space shut off at 6 PM, making the office otherwise unbearable at night.

2021 brought new challenges for Rocket Academy as we scaled. Our student numbers were almost 10x, we raised US$1.1 million, grew our team from two to 10 full-timers, and suddenly we faced challenges meeting student demand and managing the team.

In 2022, Rocket will continue to improve our student and instructor resources to empower students and software engineers to learn and teach at Rocket. I am also excited to improve as a manager, helping bring out the best in every member of our team.

Support for entrepreneurs

I have two suggestions for anyone starting a business post-pandemic.

Choose a market that is growing despite the pandemic. Examples include almost everything online, including online shopping, gaming, education, productivity and wellness.

Also Read: We are a coding and robotics school. This is how we prepare for the COVID-19 outbreak

Choose a problem to solve that you are passionate about. Only then will you persevere through the inevitable setbacks.

Entrepreneurship has been tough yet rewarding and would not be possible without the help of countless others. If I can ever be helpful to your journey, please reach out!

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Singapore-based e-commerce aggregator Una Brands today announced the acquisition of homegrown ergonomic furniture brands ErgoTune and EverDesk+ in a deal worth over eight-figure USD.

Una Brands will expand them into new regional and international markets. The brands have already been launched in Australia, where they contributed to 15+ per cent of overall revenue in Q4 2021 alone.

Further, Una Brands’ growth strategy will see the brands launch onto additional e-commerce platforms in the coming months, including Amazon in H1 2022, and further their O2O offering with a showroom in Sydney from April where customers can experience both ErgoTune and EverDesk+ products.

Also Read: Ex-CEO of Rocket Internet Asia launches new e-commerce venture Una Brands with a US$40M seed round

EverDesk+ and ErgoTune were founded in 2017 by former schoolmates Joshua Chan, Lye Yi Hao and Tan Jun Kiat shortly after they graduated.

The brands provide “affordable and high-quality” ergonomic furniture. They grew exponentially against the backdrop of the work-from-home requirements during the pandemic and the subsequent shift to hybrid working arrangements fuelling and sustaining demand for ergonomic furniture.

Their flagship products include the ErgoTune Classic and the ErgoTune Supreme Chair. They sold nearly 20,000 units in 2021 alone, grew 150 per cent, and tripled their revenue to over SGD13 (US$10) million.

Lye Yi Hao, Co-Founder of ErgoTune and EverDesk+, said: “With Una Brands’s financial backing and operational expertise, we are poised to grow our brands in various regional marketplaces and enter new markets at an accelerated timeline.”

Kiren Tanna, Co-Founder and CEO of Una Brands, said: “We aspire to grow ErgoTune and EverDesk+ into the region’s best-selling ergonomic chairs and desks in the next three years.”

Una Brands was established in 2020 by Tanna, the former CEO of Rocket Internet Asia and founder of foodpanda and ZEN Rooms. Its other co-founders are Adrian Johnston, Kushal Patel, Tobias Heusch, and Srinivasan Shridharan.

Una Brands acquires brands selling across multiple e-commerce channels such as Shopify, Shopee, Lazada, Tokopedia, Amazon. It mainly primarily focuses on profitable independent brands with revenue between US$1 million and US$50 million.

So far, Una Brands has acquired over 15 brands. These brands, which generate between U$1 million to US$15 million revenues, operate in categories of home & living, baby & pets, and personal care. They are based in Singapore, Australia, China, and Taiwan.

Also Read: Una Brands nets US$15M Series A to acquire new e-commerce brands in Asia

Una Brands has worked with some of the biggest companies in the world, with its offices spanning the Asia-Pacific region with a presence in Singapore, Australia, India, China, Indonesia, Malaysia, Taiwan, Korea, and Japan.

Since its launch in early 2021, Una Brands has raised US$55 million, including a US$15 million Series A financing round led by White Star Capital and Alpha JWC in November 2021. Its other investors are 500 Startups, 468 Capital, Claret Capital Partners, and Ninja Van co-founder Alvin Teo.

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Singapore-based logistics-tech company Inteluck has announced the completion of its US$15 million Series B financing round led by Creo Capital, a Hong Kong-based investment firm under New World Group.

The round also saw participation from East Ventures and Headline Asia. 

Inteluck intends to utilise the funds to expand its footprint across Southeast Asia. The firm anticipates tremendous growth in the region in the coming years.

In April 2020, the startup reportedly raised more than US$5 million as part of the Series B round led by Asia investment firm MindWorks Capital, with participation from Lalamove and Infinity Ventures.

Also read: How the logistics partner can make or break the online shopping experience

Founded in 2014 by CEO Kevin Zhang, Inteluck employs data analytics to provide a logistics platform that helps customers and supplier partners optimises resources, lower logistics costs and maximise logistics efficiency.

Tapping into the US$300 billion third-party logistics (3PL) market, Inteluck’s services include full truckload transportation, warehouse management, freight forwarding, and other bespoke supply chain services. 

The startup claims to have served over 250 companies across telecom, FMCG, manufacturing, e-commerce, express, and others. 

Inteluck said it helps alleviate cash flow pressure for over 5,000 firms by boosting the number of orders they receive for carrier partners.

Despite pandemic headwinds, Inteluck boasts of increasing revenues by 512 per cent in the last three years. 

The company has made a presence in six Southeast Asian countries, including Singapore, the Philippines, Thailand, Indonesia and Vietnam.

According to Data Bridge Market Research, the Southeast Asia third-party logistics industry is predicted to develop at a CAGR of 4.7 per cent from 2021 to 2028, with a total value of US$115.6 billion.

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

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

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

Tunageru technology and the textile industry

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

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

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

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

On expanding to the Southeast Asian market

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

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

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

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

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

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

Ways forward and general outlook

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

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

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

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

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

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

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

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

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

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

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

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

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

Also Read: How voice AI is revolutionising the fintech scene

Onwards to advanced virtual assistants for improved CX

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

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

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

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

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

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

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

A shift from silos to total experience automation

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

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

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

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

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

The Asian challenge

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

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

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

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

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

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

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

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

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

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

A new social network in the making

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

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

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

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

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

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

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

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

Accelerating SMEs into the metaverse

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

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

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

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

‘Had to do a lot of convincing’

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

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

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

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

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

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

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

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

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

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

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

Ayoconnect is also set to begin its regional expansion.

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

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

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

Ayoconnect processes more than 500 million API hits annually.

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

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

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

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

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Image Credit: Ayoconnect

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

We need more cybersecurity talent

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

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

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

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

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

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

How can businesses attract and retain more cybersecurity professionals?

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

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

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

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

How can businesses stay ahead of the digitalisation push?

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

Also Read: The curious case of the cybersecurity skill gap

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

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

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

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

Adapting to the new age of digitalisation

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

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

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

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