Brankas, an open finance technology company based in Indonesia but operates regionally, has secured US$20 million in the Series B financing round led by Insignia Ventures Partners.

The co-investors are Visa, fintech VC fund AFG Partners, and Treasury International (backed by veteran fintech founders Jeff Cruttenden of Acorns and Eli Broverman of Betterment). 

Existing investors BEENEXT and Integra Partners also participated. 

With the fresh investment, the firm intends to extend its product portfolio in payments, data, and banking-as-a-service API products and strengthen its capacity by doubling its team of more than 100 staff in 17 countries.

Brankas will also scale its network of more than 40 financial institutions and more than 100 technological firms, which utilise its embedded finance APIs to design, roll out, and manage digital experiences across a variety of use cases, including digital banking, online credit scoring, e-commerce, and gig economy payment.

Also read: Banks and fintech: An arranged marriage built on trust, but does it last long?

Brankas was launched in 2016 by CEO Todd D Schweitzer and CTO Kenneth Shaw. Graduating from Plug And Play’s first incubator in Southeast Asia, the startup offers API-based solutions, data, and payment solutions for financial service providers (banks, lenders, and e-wallets) and online enterprises.

The fintech firm works with banks to design and maintain their open finance infrastructure, including APIs for real-time payments, identification and data, account opening, remittances, and other services. This allows financial institutions to foster their digital capabilities, expand their customer reach, and unlock new revenue streams.

For online businesses, fintech firms, and digital banks, Brankas serves as a bridge to critical data needs for verification or scoring processes, reaching previously untapped customer segments. 

Brankas said that it will announce agreements with prominent digital banks and fintech leaders in Vietnam and Bangladesh early this year.

Beyond financial services, Brankas’s APIs can also be used in e-commerce to validate and secure payments on their platforms.

So far, the firm claims to have served clients in Singapore, Indonesia, the Philippines, Vietnam, Thailand and Malaysia.

Brankas also boasts of being the first firm to launch banking-as-a-service APIs for account opening and credit card issuance in the region. 

Last April, the firm became one of five participants of Visa’s 2021 Accelerator Programme. It then collaborated with Visa to develop a digital credit card issuing proposition that used Visa’s data capabilities. 

“Embracing Open Finance in Southeast Asia” report, which Brankas and Integras Partners conducted in July 2021, noted that open finance has sparked interest in the SEA region’s central banks. However, the adoption strategies differ from nation to nation, with some favouring a market-led approach and others opting for a regulatory-driven one.

As stated by Bain & Company in 2019, over 70 per cent of Southeast Asian consumers lack access to financial services, and millions of small and medium-sized firms (SMEs) face significant financial shortfalls.

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FoodMap, an agritech e-commerce platform connecting farmers and food producers directly to B2C and B2B customers, has raised an oversubscribed pre-Series A round of US$3 million, co-led by Vulpes Ventures and Beenext.

Ascend Vietnam Ventures and existing investor Wavemaker Partners joined the round.

Despite recent giant growth leaps in the manufacturing and technology spaces, Vietnam largely remains an agricultural country, with about 20 per cent of the population working in agriculture and related areas. However, there exist some critical pain points — multiple middle-men layers leading to 6-7x mark-up prices for end-users and lack of quality control in food production leading to low exporting prices and lack of consumers’ trust.

Also Read: Need of the hour: How agritech platforms can protect farmers from climate change

FoodMap addresses these pain points using technology.

Launched in 2020 by Pham Ngoc Anh Tung, FoodMap aims to solve the gap between demand and supply across the invisible supply chain with a back-end management system for farmers and suppliers.

“FoodMap wants to help both sides of the equation by optimising the production process, raising the value of Vietnamese food products, and increasing visibility across the supply chain to strengthen customers’ trust. We currently focus on fresh products, seafood, selected meats, ready-to-cook and non-perishable products”, Tung shared.

Currently, FoodMap supplies products from over 300 farmers and producers to Vietnam. It enables customers to access FoodMap’s product via an e-commerce platform and mobile app. All products listed on FoodMap come with a QR code.

For farmers, FoodMap increases their income by roughly 10-20 per cent for their raw products while reducing inefficient mark-ups across multiple layers of intermediaries. In addition, it provides them with insights and analytics for future harvest planning.

As for suppliers, it brings their brand and story to the online audience and starts digitising sales. For example, for some long-standing brands, FoodMap has started generating up to 50 per cent of their total sales volume. On the other hand, it offers quality control and product discovery for customers.

“One thing that sets FoodMap apart from other foodtech players is our deep understanding of consumers’ taste and building products accordingly for their private label offerings. This helps generate high margin, brand loyalty, and exclusivity as competitive advantages,” added Tung.

FoodMap currently has five private label products — tea & coffee, fruits, ready-to-cook, chocolate, and seafood, which generate the bulk of Foodmap’s topline and margin.

Also Read: Green for good: 9 agritech startups in Southeast Asia fighting deforestation

The firm currently operates from its two warehouses in Ho Chi Minh city with cold storage. For deliveries, most products are delivered within 24 hours to ensure customer satisfaction.

FoodMap plans to increase its B2B presence with growing demand from both modern trade and general trade outlets.

On the B2C side, FoodMap recently launched a group buying affiliate program to enable social selling among its customers.

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I developed the habit of reading books at an early age. While both my mom and dad read occasionally, they were not avid readers by any standard. Yet, somehow I found myself spending more time reading than exercising any other hobby of mine.

As a kid, I attended a humble elementary school located on the outskirts of Sofia. The school offered a tiny library. In fact, it did not look much like a library, just a room that used to store old furniture, converted into book storage. Yet, despite the poor appearance, I loved spending time there.

My elementary school after it got renovated

The librarian had one notebook to keep track of all visitors. Each student was assigned one page to keep a record of their activity. Most students would read just a few books in the course of their studies, so a page per person was plenty. At that age, pretty much everyone preferred to do sports or act cool rather than read. As far as I remember, I was the only student during my time who needed more than a page to keep track of all the books I borrowed. This leads me to think that my passion for reading must have developed quite early. I was obsessed with reading fantasy and science fiction. Books such as I, Robot (Isaac Asimov), Harry Potter series (J. K. Rowling), and The Wheel of Time (Robert Jordan) left lasting impressions. Overall, two things pulled me towards fantasy and science fiction. One, it helped me escape the day-to-day reality that at times was not pleasant. Two, such books broadened my perspective. It pushed the limits of what I thought was possible.

Also Read: Why Khailee Ng puts mental healthcare support as key to successful founders-investors relationship

As I got older, my book diet became more balanced. I started adding a lot more non-fiction. While fantasy and science fiction held sentimental value for me, learning about the real world felt important too. Over time, my reading started guiding important decisions in my life. The authors of those books felt like mentors I had never met.

“The reading of all good books is like a conversation with the finest men of past centuries.” – Rene Descartes

Eleven years ago, my consistent reading led to leaving my home country for studies abroad. Going to uni was not a typical choice in my circle of friends. Most of my high school classmates preferred to get regular jobs or just have fun. Given my circumstances, moving countries for studies was unthinkable. My parents could not support me financially, and I did not have a lot of savings myself. Yet, it always felt right. While it was not easy, I somehow managed to make it work. Thinking back, I give credit for that choice to the literature I read. Where else would I get that idea from?

Studying abroad was not the only contrarian choice that worked out for me. Reflecting on my career, I started working early, with my first job taking place when I was 14 years old. Becoming independent at such an age allowed me to build a pretty decent career in hospitality, even before completing my bachelor’s degree. Then, at the age of 22, I received an offer to lead an F&B outlet, part of a five-star resort. That was more than what anyone in my family had achieved (career-wise) so far. But I decided to turn down the offer, continue studying and pivot my career to tech. As a result, leaving all hospitality-related experience and knowledge behind.

“A classic problem in computer science is hill climbing. Imagine you are dropped at a random spot on a hilly terrain, where you can only see a few feet in each direction (assume it’s foggy or something). The goal is to get to the highest hill.
Consider the simplest algorithm. At any given moment, take a step in the direction that takes you higher. The risk with this method is if you happen to start near the lower hill, you’ll end up at the top of that lower hill, not the top of the tallest hill.” – Chris Dixon, Partner at a16z

In hindsight, that was one of the best decisions I ever took. I was clearly climbing what seemed to be the proper mountain but ultimately ended up being the lower hill. Looking back, it’s easy to make such conclusions, but at the time, I did not know anyone in tech. I did not have a single conversation with friends or family that encouraged me to make the leap. Nevertheless, I made the leap despite what my friends and family thought. Once again, my inspiration must have come from somewhere. I think reading the right books helped.

Also Read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 1)

As I slowly explored the tech sector and started learning what I am good at, I took another unconventional choice. In 2016, I moved to Asia.

Everyone around me was, WTF? Why would you leave family, friends, and in general your comfort? After all, moving from Bulgaria to Denmark 11 years ago was hard enough. Later, changing industries added another layer of complexity. Yet, here I go again, moving 15,000 km away from family and friends to start from the bottom.

Five years later, I look back and think how that choice proved to be another great one. Relocating to an ecosystem experiencing high growth while facing talent shortage is a recipe for a rocketship career trajectory. Asia has the exact same dynamic. Massive market, plenty of capital, and lack of people who understand startups. Words cannot describe the importance of being in a good ecosystem. Especially when you are ambitious and have a lot of energy. Lately, I did the math and figured that my salary in the past five years experienced 420 per cent growth! Add all the learnings from operating several startups in emerging markets. Now, you can see why I stand behind that call five years later.

Looking back, I did not have many friends who left Europe for Asia. Under normal circumstances, most people would have a family member or friend who took on a similar path to guide them. But, unfortunately, I cannot think of anyone in my case.

Meaning, I never had a mentor or a family member who encouraged me to make such risky choices. But I must have received the inspiration from somewhere. The more I reflect on it, the more I think my love for reading must be responsible.

Having said that, I did meet some great people who inspired me as I was making those choices. You always do. Yet, I still feel that my reading diet guided me a lot better than any person I met. As a result, I do my best to nurture my love for books daily. For example, annually, I set resolutions on how much I want to read. I write essays like this one to encourage self-reflection. And I do my best to have a balanced diet of fiction and non-fiction books. As Naval once said, it’s important to read whatever interests you early on to build the habit. Once the habit is formed, you can read anything.

“Read what you love until you love to read.” – Naval

Additionally, I am very picky about the books I read. Over time, I built a process of making decisions on the next book I will be reading. The process is simple and consists of triangulation between the following methods:

• Recommendations from people I respect
• Ratings on GoodReads or Amazon
• Qualitative reviews

While the method sounds simple, I end up picking worthy books in 9 out of 10 cases. It works because I religiously follow each step to ensure the book is good enough. Anyway, enough about me. In 2021, I read many great books, but these were some of my favourites.

Also Read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 2)

Three books I loved reading in 2021

This year, my reading list includes two sci-fi, four fantasy, three biographies, and everything else can be parked under self-improvement.

“Surely You’re Joking, Mr. Feynman!”: Adventures of a Curious Character by Richard P. Feynman | source

“You have no responsibility to live up to what other people think you ought to accomplish. I have no responsibility to be like they expect me to be. It’s their mistake, not my failing.” ― Richard Feynman, Surely You’re Joking, Mr. Feynman!

At first glance, the book is written in a very casual and fun way, which makes it easy to read. I devoured it over a week. But do not be fooled by the playful character of Richard Feynman. He is a winner of the Noble Prize in Physics (1965), holds the Einstein Award (1954), Ernest Orlando Lawrence Award in Nuclear Physics (1962), and has been awarded the Oersted Medal (1972). On top of that, he taught himself how to open uncrackable safes. He learned how to draw portraits of people and even performed his own exhibition. All that while joining a Brazilian Bongo group. Additionally, he traveled around North America, Brazil, and Japan. Not to mention the entertaining stories from casinos and strip bars.

I can usually tell when I will love a book: I cannot shut up about it. Richard Feynman’s biography is definitely one of those books. He is a personal hero of mine. A genuinely funny character who nurtured his curiosity and became one of the best at various disciplines. Disciplines entirely unrelated to each other (e.g., playing in a bongo group and cracking safes). He understood the importance of following your curiosity by immersing in a new field. Not only to give it a try but to become one of the world’s best experts at each hobby of his. His intelligence, positive attitude, and great sense of humour result in an incredible read.

Also Read: Startup funding rounds: A handbook from seed to exit

Greenlights by Matthew McConaughey | source

“We all step in shit from time to time. We hit roadblocks, we fuck up, we get fucked, we get sick, we don’t get what we want, we cross thousands of “could have done better”s and “wish that wouldn’t have happened”s in life. Stepping in shit is inevitable, so let’s either see it as good luck, or figure out how to do it less often.” ― Matthew McConaughey, Greenlights

Yes, another memoir. Perhaps, the gloomy mood around COVID-19 made me appreciate books and people who are overwhelmingly positive and funny. It’s a suitable read for all times, but somehow it does make more sense during these uncertain and strange times. I listened to the audiobook while travelling across Bali, Indonesia, and loved every minute of it. Before reading Matthew’s memoir, I did not know much about him. Of course, I did watch many of his movies but did not know anything about his actual character. In turn, the experience felt like I was sitting with him over a beer while listening to stories of his life. He is witty, poetic, funny, and unpredictable. I laughed out many times or stopped to reflect on a profound truth that resonated with me.

I strongly recommend you to get the audiobook. His voice is great, and the narration is fun and poetic. I was frequently smiling while listening. But consider that the book can feel a tad narcissistic at times; after all, it’s a memoir. Perhaps not everyone’s cup of tea, but I loved it.

Antifragile: Things That Gain from Disorder by Nassim Nicholas Taleb | source

“Further, my characterisation of a loser is someone who, after making a mistake, doesn’t introspect, doesn’t exploit it, feels embarrassed and defensive rather than enriched with a new piece of information, and tries to explain why he made the mistake rather than moving on. These types often consider themselves the ‘victims’ of some large plot, a bad boss, or bad weather. Finally, a thought. He who has never sinned is less reliable than he who has only sinned once. And someone who has made plenty of errors—though never the same error more than once—is more reliable than someone who has never made any.” ― Nassim Nicholas Taleb, Antifragile: Things that Gain from Disorder

When I read my first book by Nassim Taleb, “Skin in the Game,” I was shocked by his attitude. It’s so rare to find an author who does not try to be politically correct at all times. Taleb is brutally honest and does not sugarcoat his opinions. In turn, his attitude triggers many people to dislike him. He seems to be angry, contrarian, and dismissive all the time. Yet, you will learn a ton by giving him a chance and pushing through his harshness. He is intelligent, observant, and knows how to break down complex concepts in a way so anyone can understand.

The whole book’s premises can be broken down to the following quote: “Difficulty is what wakes up the genius.” Antifragility is a fascinating concept. Many people think of resilience or robustness as the definition of antifragile. But it’s a lot more. Resilience and robustness resist shocks and remain the same. Antifragile people use shocks, chaos, disorder, volatility, and uncertainty to get stronger.

Also Read: Startup funding rounds: A handbook from seed to exit

In my humble opinion, to be successful in today’s ever-changing world, you have to become antifragile. I find myself pitching the book to friends and family during dinner conversations. A clear sign that it left a lasting impact on me. This is one of the most important books I have ever read, and I hope you will appreciate it as much as I did.

Reading List 2022

My reading list for the next year is not completed yet, and that’s intentional. While I have a few books on my shelf, I leave a lot of room for serendipity as my interests evolve. At the moment, I have purchased the following books and cannot wait to start them:

• “The Cold Start Problem” by Andrew Chen – as a founder and operator in tech, the content of Andrew Chen has been very influential for me over the years. Moreover, I leveraged his research when writing on network effects and marketplaces. In turn, I cannot wait to read his newest book. After all, the author could be considered as one of the top experts in network effects globally.

• “Project Hail Mary” by Andy Weir – Bill Gates recommended Project Hail Mary earlier this week, which piqued my interest. Looking at the great reviews and since I am a big fan of The Martian, I bought the book quickly.

• “Will” by Will Smith and Mark Manson – since I loved Matthew McConaughey’s memoir and am a fan of Will Smith (both music and acting), it felt appropriate. So I am super excited about reading this one.

I hope you enjoyed my recommendations. I am looking forward to a more normal 2022 where we can go back to travelling and socialising

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When it comes to live commerce, I believe Asia is arguably leading the world when it comes to real-time video commerce. Thousands of internet users across the region spend more time online than the global average of six hours 54 minutes per day, with users from the Philippines topping the charts at almost 11 hours a day online. In Indonesia, more than 87 per cent of internet users surveyed by the Global Web Index (GWI) stated that they bought something online in the past month.

Meanwhile, the live commerce market in China alone is now worth more than US$60 billion a year. In fact, live stream shopping is so popular there that one single influencer, Viya, sold over US$4.5 billion worth of goods through her Taobao live stream channel in 2020, almost equivalent to what hypermarket chain Carrefour sold across all its stores in China in the same period.

With Asia accounting for more than half of today’s global internet user base, there are vast opportunities abound for sellers who have yet to leverage the power of live-stream shopping.

With great challenges come great opportunities

There is no doubt that the COVID-19 pandemic has accelerated the adoption of live e-commerce. During the lockdowns imposed to curb the spread of COVID-19, many have turned to sell things through live video streaming, particularly on Facebook and Instagram. Lately, we have also seen a rise in brands developing their own live-streaming capabilities on their website and app to ensure they have visibility on the data and behaviour of consumers during the live stream.

But why are brands turning to live selling? Does it really help generate more sales? Is it more effective than simply putting up ads that include photos or videos of the products, descriptions, price and order details? Are there significant advantages that make it worthwhile to go online to showcase products and interact with customers on live video? Most importantly, is live streaming just a fad or is it here for the long haul?

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

I believe that live commerce will swiftly become the future of online shopping and that it’s set to stay post-pandemic. There are many features that live-shopping streaming platforms can offer, including merchant visibility, meta-voicing and guided buying, each of which can contribute greatly to a more immersive and authentic experience and a higher purchase intention by the viewers.

The benefits of live selling

The key differentiator of live commerce from traditional e-commerce is that it allows brands to engage in more authentic interactions and build trust with their customers.

For those who don’t already shop online, a whopping 49 per cent cite a lack of trust in online retailers as the top reason. Seventeen per cent of e-commerce cart abandonment happens due to a lack of trust in the site, and yet another 17 per cent are due to unclear total costs — something a live shopping host can address within a live stream either by answering customer enquiries directly during the live session, or by pinning notices or comments and setting on-screen text within a live stream.

Live selling simulates the experience of going to a physical store where sales associates provide assistance to prospective buyers. They address customers’ concerns, introduce different varieties of the items being sold, and sometimes do product demonstrations. Furthermore, live streaming effectively helps sellers present product sizes in particular and other physical attributes that could be difficult to exhibit through product descriptions and images alone.

In addition, live selling creates a sense of urgency. Did you know that 18 per cent of abandoned carts happen because of a long checkout process, which can be alleviated by opting for custom live shopping solutions with in-stream checkout functions? Because of the real-time engagement during live shopping streams, buyers are compelled to make a purchase decision on the spot. Coupled with time-limited discounts and offers made available only during each live stream session, buyers are more likely to follow through with their purchases rather than putting off the decision to another day.

Also Read: The era of live commerce has finally arrived. Will retailers embrace it?

Live shopping has become more than just fun and entertainment

As someone who has founded a live-streaming platform, live-streaming has evolved rapidly over the years, from being seen as a portal for entertainment to growing into one that enables thought-out purchases. Such technology can allow viewers to make purchases through live streams using their devices such as laptops, tablets or mobile phones.

Live shopping solutions are swiftly becoming an important part of businesses’ sales and marketing strategies. It is my view that not only do they educate and excite, but they also provide a sense of connection with the wider world.

Live commerce enables real conversations effortlessly

Streamed commerce solutions are highly impactful in that they offer businesses the opportunity to open dialogue with customers and provide advice and inspiration, which in turn strengthens the customer relationship.

Businesses cannot underestimate the power of live streaming solutions. Through innovative services, anyone can start live streaming and engage in live chat without the hassles of complex configurations or the need for technical expertise. Advanced interactivity features are now accessible even to non-techie users. Live shopping engagement can happen through online video streams, real-time comments, shareable live links for social channels, customisable interface, audience monetization, analytics, and other features that allow anyone to harness the benefits of live streaming in promotions and sales.

The growing popularity of live selling

Live selling shows no signs of slowing down, in fact, in Southeast Asia, prominent e-commerce platforms have also embraced the live selling trend. Alibaba-affiliated Lazada features LazLive, a live selling tool that merchants can utilize for live commerce. It is designed to provide a “see now, buy now” experience, allowing sellers to promote their vouchers, highlight their bestsellers, interact with customers, and gain more followers. Another major Southeast Asian e-commerce platform, Shopee, also provides a live selling feature, similar to what Lazada offers.

Also Read: Upmesh scores US$3M seed financing to provide e-commerce functionality for live sellers on social media

A regional survey by iKala recently revealed live selling’s increasing popularity across Southeast Asia, something they attribute to the closure of malls and physical stores. I believe the transition to live shopping online is something that’s here to stay, as consumer behaviour advances steadily.

In India and other parts of Asia, live selling is also gaining traction. Many Indian entrepreneurs are already using it to engage customers as they sell their products online. Baskar Agneeswaran, CEO of Shopify app developer Vajro recently said she expects live selling to generate up to US$184 billion in revenues by 2027, which in my opinion could prove accurate.

Live shopping is a trend, not a fad or hype

It is a fact that brands across all industries are reaping the benefits of live selling, from fishmongers to luxury goods. In December 2021, Singaporean singer-actor Wang Lei accomplished a spectacular feat of generating over US$1 million in sales for Gucci through a two-hour live selling stream conducted in Paris. At its peak, 32,000 viewers tuned in during the live session, as Wang Lei engaged the audience with his flamboyance and humour.

Endowed with a plethora of choices, consumers these days are becoming more demanding and discerning with what they look for in an online shopping experience. Armed with good content and high-quality live video streams, retailers can tap on the growth in consumer interest towards “retailtainment” experiences.

Live streaming is no longer seen as a hype but a necessity for businesses. Many businesses are interweaving live streaming as part of their business strategy regardless of how the pandemic situation pans out. To future-proof their business, brands need to evolve along with where consumers are heading — online — while keeping the human touch with authentic and trustworthy interactions.

Small vendors are already using social media and other live streaming platforms to conduct live selling. E-commerce platforms like Amazon and Taobao, too, provide sellers with the ability to hold live selling sessions. On the other hand, more established brands are incorporating live video into their own digital platforms as a driver of sales and engagement. Those that do not have the in-house resources and expertise to do it can turn to end-to-end live streaming solutions, similar to what we would specialise in.

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Non-fungible tokens (NFTs) have made global headlines in 2021 with a series of high-priced auctions. Still, for most people, the mechanics behind these crypto-collectibles remain somewhat befuddling. While a few of the more avant-garde concepts making up all things blockchain create real hurdles for global participation, a number of brave pioneers have learned to embrace NFTs as a modern investment vehicle.

Nowhere on Earth have NFTs gained so much traction as they have in Southeast Asia. From the Philippines to Vietnam, the region leads the world when it comes to the adoption of this exciting technology. And thanks to new insights uncovered by Finder’s Global NFT Adoption Report, the trends behind this locality’s demographics have become much clearer.

So, what are NFTs anyway? And how are artists helping expand awareness in the region? This guide to NFT adoption sheds light on the growth of this unique phenomenon and the future ambitions of Southeast Asian artist communities.

What are NFTs?

In simplest terms, NFTs are unique, cryptographically produced virtual assets. They are often represented by artworks, music or digital collectibles.

Where most cryptocurrencies are made of interchangeable tokens, no two NFTs are exactly alike. In fact, their individual characteristics are what give NFTs their “non-fungible” moniker. As each NFT has a separate value from the next, they aren’t likely to be utilised as a traditional means of exchange. Still, like most collectibles, their tradable nature adds to their global appeal.

Also Read: Demystifying NFTs and DeFi

It’s important to note that it is not necessarily the visible portion of the NFT that you’re actually buying. After all, anyone with a computer can copy and paste a jpeg from that digital artwork you’re interested in. Instead, the important part of your purchase is contained in the metadata, recorded on the token’s associated blockchain and denoting its originality – along with your ownership. With this data conferred upon the blockchain, only a verified owner can sell their newly acquired NFT.

However you choose to think of them, there is no denying the real-world value NFTs have created. And as awareness of the technology expands, the growth of this nascent market has absolutely skyrocketed.

Market growth

To fully grasp the significance of NFTs, you only need to consider the magnitude of sales that have occurred. The following statistics really put this market in perspective:

In terms of overall transactions, the NFT market grew nearly tenfold between 2018 and 2020 – a conservative estimate by any standard. Beginning the first week of September 2020, over US$1 million of NFTs have been traded in every seven-day period since. After May 2021, that weekly total has jumped between US$10 million and US$20 million per week.

These figures become even more dramatic when we expand the timescale. Did you know that NFT sales surpassed US$10 billion in the third quarter of 2021? That figure is nearly eight times higher than the previous quarter and roughly 18,000 per cent higher than the first quarter of 2020.

Also Read: ‘NFTs provide new ways to handle IP management, empower content creators’: Inmagine CEO Warren Leow

But don’t let these numbers make you feel like you’ve missed out on the trend – you really haven’t. While individual NFTs have made numerous headlines with their multi-million-dollar sales, it’s interesting to note that the majority of these assets still sell for less than US$200. This relatively low entry price has helped NFTs become a suitable investment for a large number of people in Southeast Asia.

Southeast Asia NFT adoption

Southeast Asia isn’t new to NFTs. Back in 2020, Statista ranked the adoption rates of Vietnam, the Philippines and Thailand as second, third and fifth, respectively, out of 55 surveyed countries.

In 2021, the region has further solidified its standing. Four of the top five countries adopting NFTs are now in Southeast Asia, according to a recent Finder study.

With 32 per cent of people owning NFTs, adoption rates in the Philippines now rank as the highest in the world. Thailand and Malaysia rank second and third, while Vietnam takes the fifth spot. When combined, the adoption rates of these four countries average 25 per cent of survey respondents. This rate is more than twice the global average of 10.2 per cent.

Interestingly, the study also measured the awareness of its respondents. Not surprisingly, three of the top five countries exhibiting the highest awareness of NFTs were also in Southeast Asia. Averaging nearly 50 per cent of all participants, the awareness of NFTs as an investment vehicle in the Philippines, Thailand and Malaysia correlates strongly with the growing adoption rates seen in these countries.

Finally, the forecasted NFT adoption rates of Southeast Asian countries show the potential for continued growth in the region. Between participants already owning NFTs and those planning on purchasing them in the future, the forecasted growth of NFT adoption in Southeast Asia tops the global average by more than 10 per cent.

Also Read: How NFT is bringing ownership of digital assets back to content creators

The next hub

Year after year, surveys find Southeast Asian traders to be increasingly important players in the NFT space. But despite increased adoption of the technology, hurdles still exist for potential investors in the region.

Without onboarding information made available in local languages, for example, a significant barrier to awareness has already been established. To help with this and other pain points related to future adoption, digital artists are now building communities, like MetaRupa, to foster education related to NFTs.

Play-to-earn games such as Axie Infinity are also influencing increased participation. And with a series of crypto art events, such as Art Moments Jakarta, Art Fair Philippines and CryptoArt Week Asia spreading awareness throughout the region, the future for increased adoption looks bright.

Only time will tell if forecasted ownership here pans out as predicted. Nevertheless, when considering past growth as an indicator for future potential, the trend lies front and centre before a global audience. By and large, Southeast Asia is set to become a future hub for NFT marketplaces.

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In the past year, consumers and businesses in Southeast Asia have quickly adopted digital technologies widely used in other parts of the world, especially with the acceleration caused by the pandemic. This movement creates a fertile ground for many regional startups to catapult to stardom with their unicorn status, primarily in the fintech, e-commerce, and logistics verticals. The question here is: what’s next in 2022?

While artificial intelligence, machine learning, Big Data, virtual reality/augmented reality, and blockchain continue to play vital roles in forming these tech solutions, cryptocurrencies, non-fungible tokens (NFTs), and Web3 have significantly set their foot in every sector. Though their use cases outside the financial world still need more time to be proved, this heralds a moment for the next generation of regional startups to blaze a path in the global tech battlefield.

Following the exciting pace of the region’s startup ecosystem in the past year, combined with what VCs tell us about their upcoming investments, here are a few important trends within key tech verticals that you should look out for in 2022.

1. Climate-tech

Climate change remains one of the hottest topics as global temperatures kept going up with each passing month in most of 2021. Bill Gates — the author of How To Avoid A Climate Disaster — believes that funding green innovations is the only way to address the imminent crisis. Larry Fink, CEO of the world’s largest asset manager Blackrock, echoed this viewpoint as he said that the next 1,000 unicorns would be involved in climate technology.

For the record, climate-tech investment is not immune to the overall mounting capital poured into the region, as the domain attracted a whopping US$30.8 billion in the first three quarters of 2021 — already more than the amount recorded in the previous full year, according to the PitchBook data. The launches of new climate tech-dedicated funds in the region last year, including Wavemaker Impact, Investible, and Circulate Capital, will keep the hype in this sector for years to come. 

Also read: How debt financing, crypto, SPACs keep the climate-tech funding momentum in SEA

2. Edutech

2020 and 2021 welcomed a crop of edutech startups unlocking business opportunities during the pandemic-induced lockdowns.

Last year, personalised e-learning became a buzzword as almost every edutech startup integrated this feature in their business models or product roadmap using AI and ML technologies. In a nutshell, this helps make visible and behind-the-scenes data-driven judgments, driving tailored content for each student based on their abilities, chosen methods, or learning experience.

The “study-to-earn” concept — a system that combines cryptocurrencies and education to raise engagement rate — also received recognition from global tech veterans, including Binance founder “CZ” Changpeng Zhao (see the tweet he posted last November). This comes as a part of the gamification trend in edutech in recent years. 

According to a BlueWeave Consulting study, the global education gamification market was valued at US$697.26 million in 2020, growing at a CAGR of 29 per cent during 2021-2027.

Moreover, immersive learning is becoming increasingly popular worldwide, with VR transforming spectators into active participants in events that may engage with the educational setting. The metaverse world will have a place for educational purposes, stated Facebook (now Meta) CBO Marne Levine. 

Also read: Edutech is surging, but here are the 3 issues it is facing 

3. Fintech

Payments and digital lending attract the most funding in the fintech space, with Momo and Mynt bagging sizeable amounts last year to become unicorns. However, VCs keep a close eye on emerging areas like wealth-tech and insurtech.

In 2021, global wealth-tech funding exceeded US$20 billion, with the advent and advancements of robo-advisors, digital brokering, online banking, robo-retirements, new investing tools, and, most recently, NFTs. 

Investors expect this space to go along with vast trade democratisation, enabling more young users to adopt these tech solutions in 2022. 

While insurers suffered from a loss of around US$55 billion due to COVID-19, global investors still funded insurtech firms to the tune of US$7.5 billion in 2020 and were expected to accelerate in the Southeast Asia market as the pandemic continues to concern people on health and asset. Vietnam’s Medici, Indonesia’s Fuse and Lifepal, Thailand’s Fairdee and Singapore’s Bolttech are some prominent insurtech startups that have received funding in 2021.

Besides, as most crypto owners would utilise their banks to invest in cryptocurrencies, we expect to see more “cryptofication” of banks in a bid to catch the wave. As a result, blockchain’s rising popularity as a means of creating a secure digital record cannot be overlooked.

Buy-now-pay-later (BNPL) is also gaining momentum in the region as it is “faster, easier and free for consumers”. This solution has long been going places globally but has only picked up pace in Southeast Asia in recent years, with some successful cases such as PayLater (Indonesia), Atome and Hoolah across Hongkong, Singapore and Malaysia. As the pandemic shows no sign of subsiding, the BNPL model is ripe for an explosion as it can assist consumers in their shift to online shopping.

4. Entertainment

Gaming is the largest and most expansive industry globally in the entertainment vertical. As of 2021, it had a staggering three billion game players, which is equivalent to nearly 40 per cent of the world population.

With the support of blockchain technology and the cryptocurrency community, gaming has returned to its prime time with the new concept of “GameFi”, a combination of “game” and “finance”. 

As per crypto data tracker DappRadar, crypto play-to-earn apps surpassed decentralised finance (DeFi) in user popularity in 2021. The success of Sky Mavis, which owned the popular NFT-based game Axie Infinity, has led the charge for various followers, dragging along many concerns over scams and market bubbles within the space. 

It is, however, still a burgeoning market to follow as more incumbent players of the traditional game world are looking to compete.

This gaming development trajectory aligns with the nascent metaverse frenzy that shook up the tech world last year. Although it is still in the early days of growth, metaverse fosters the development of a creator economy. Not just gamers but artists are also taking advantage of the decentralised blockchain ledger and NFTs in metaverse to ensure their ownership of digital products — ranging from pictures and photos to music videos and songs, allowing them to be traded globally.

Also read: Metaverse is around the corner and you should play a role in it 

Another business line that emerged in 2021 was audio-based content. Based on eMarketer 2019 data on digital audio listenership and voice assistant usage, the digital audio listener base exceeds 300 million across countries, including Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. 

Last year, we witnessed a handful of startups joining the game, including NOICE, Podcast Network Asia, OnMic, and Fonos, which are creating their own platforms and generating new business models for audio content. 

E-sport also garnered attention as the lockdown blues drove more people to turn to digital platforms and watch live game streams. By 2022, the e-sports ecosystem is expected to generate US$1.8 billion in income, opening windows for more startups to seize opportunities.  

5. Cybersecurity

Cybercriminals exploited the accelerated digital adoption and work-from-home measures during the COVID-19 crisis to tap on the vulnerabilities in the computer networks of individuals and institutions, be it local businesses or global organisations. 

The year 2021 witnessed data breach costs rise from US$3.38 million to US$4.24 million per breach, the highest average total cost reported in the last 17 years, a report by IBM shows. Notably, Southeast Asian countries are being used as hotbeds for cyberattacks, according to a report by AT Kearney. Major cyber threats include business email compromise, e-commerce data interception, and crypto-jacking. 

The region is urging more startups to address the latest challenges in cybersecurity, including risk and compliance, data security, cloud security, and identity and access management.

While Singapore stands at the forefront of cybersecurity tech development in the region, other countries’ startups are looking to gain more traction in 2022 as demand for cybersecurity solutions continue to deepen during the pandemic.

Also read: Why Malaysia is quickly becoming a cybersecurity hub for the rest of the world 

6. Healthtech

With the higher healthcare costs, an ageing demographic, a mounting number of chronic diseases, and growing discerning customers over health issues, the healthcare market in Asia Pacific is slated to climb at a CAGR of 8.8 per cent to US$157 billion by 2022, APACMed estimates. 

This has created an influx of healthtech startups, unlocking faster and more effective medical intervention for healthcare providers, complementing clinical practices and improving healthcare results.

In Southeast Asia, telehealth and on-demand care, predictive analytics, and healthcare management software are among the most well-funded sub-sectors of healthtech during 2020-H1 2021, as per the Global Private Capital Association (GPCA) report.

Moreover, according to Deloitte predictions, 320 million consumer health and wearable wellness gadgets will ship worldwide in 2022, with 440 million units shipping by 2024. In the backdrop of this exponential growth, new products and solutions are being introduced to the market, and more health care practitioners are growing familiar with them. If physicians believe in their utility and individuals trust their data security, the influence of healthtech will set to grow even more.

Also read: [Updated] These 4 medtech startups will help you bust health myths during COVID-19 crisis 

7. Foodtech

As COVID-19 affected food security, private capital investment in foodtech sector spiked from US$20 million in 2019 to US$148 million in 2020, GPCA data shows, expecting this trend to keep its momentum this year.

Startups for alternative protein, such as plant-based meat and dairy alternatives, have been gaining traction since 2019, accounting for around 75 per cent of capital pouring into the sector. 

In addition, tech and tech-driven business models have enormous potential to reduce food waste across the value chain, London-based Aquaa Partners stated. They have gained attention among VCs, who have invested US$1.4 billion into food waste startups during 2018-21 globally.

Also read: Fixing food waste problem means less hungry people and a great economy 

8. HRtech

The pandemic and rising adoption of digital technologies worldwide have placed enormous pressure on the world’s human resources. 

According to US Labor statistics, as of December 2020, the global talent shortage amounted to 40 million developers worldwide and is expected to reach 85.2 million by 2030. 

Companies around the world risk losing US$8.4 trillion in revenue because of this lack of skilled talent, opening up room for innovative solutions in HRtech.

So far, we have seen HRtech as largely focused on five categories: talent management, talent acquisition, workforce management, HR and admin, and collaboration & productivity. HR departments are increasingly employing AI and automation to seek and hire the proper personnel while reducing workloads.

Notably, payroll fintech startups are also on the radar of various global investors. Salary advances, real-time payments, and crypto payments are just a few use cases of utilising payroll software. 

For instance, earned wage access (EWA) startups enable employees to receive salaries ahead of their payday almost instantly via a mobile app integrated with the company’s payroll system, helping them deal with unexpected financial expenses. 

Also read: How to retain local talent as global demand for remote tech workers surges

Last year, we covered VC investments into Vietnam’s GIMO, Indonesia’s wagely and GajiGesa; these firms are doubling down on improving financial stability for workers through EWA. 

Dailypay, a leading US-based EWA provider, raised US$500 million last year and reached unicorn status. The US-based Payactiv also counts over two million users and has processed more than US$5 billion in EWA. This highlight the tremendous potential of this space in Southeast Asia in the coming years. 

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Microsoft Teams saw massive growth because of the pandemic and acceleration of the remote work trend.

Whether you are an end-user of Microsoft Teams or are thinking about developing apps for the Microsoft Teams marketplace, this episode will help you better understand the pros, cons, and full process of what it’s like to develop, submit, and launch a Teams app.

Our guest is Hilton Giesenow, the founder and CEO of ChitChattr, which develops a family of products on Microsoft Teams, including Quicklinks, Reminderz, Shortlinks, and TeamMate.

He’s also the Founder of Experts Inside, which provides a wide range of SharePoint, Office 365 and Yammer services, including strategic consulting, architecture, infrastructure, development and implementation.

In this podcast, you’ll hear about:

• Some background on Teams growth, and the store
• Why did you decide to build apps on MS Teams?
• The “Good” and “Bad” of building an app for MS Teams store
• What was the hardest thing about launching your first app?
• What does it cost to launch and or maintain an app?
• What is the process of launching an app?
• How to get an MVP into the MS Teams store
• And much more!

Also Read: She Loves Tech earmarks US$10M for women-led firms, joins hand with Microsoft

If you don’t see the player above, click on the link below to listen directly!

Acast
Apple
Spotify
Stitcher

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The article was first published by We Live To Build.

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Power Commerce Asia, an Indonesia-based omnichannel e-commerce and supply chain service company, has secured an undisclosed Series A financing round from PT Interport Mandiri Utama, a subsidiary of local energy firm PT Indika Energy Tbk. 

Existing shareholder PT SAP Express Tbk, a local logistics solutions company, also co-invested. 

The new investment will enable Power Commerce Asia to expand in the Southeast Asian market. The firm is currently recruiting team members in Malaysia as the entry point. 

Also read: A look back at 2021: The year after 2020’s e-commerce boom

Besides, the company aims to build a digital logistic ecosystem through SAP Express’ network of 209 warehouse points.

Power Commerce Asia CEO and founder Hadi Kuncoro said in a joint statement that the company will maintain profitable and sustainable growth until the IPO in 2025. 

Power Commerce Asia was founded in 2019 by Kuncoro, who served as the CEO of Bangkok-headquartered e-commerce enabler aCommerce from 2015 to 2017.

The firm offers e-commerce marketplace enablement, technology development, warehouse management, shipping management & delivery service, digital marketing, payment management, and omnichannel ERP system management. 

It aims to assist brands and small businesses by connecting their online and physical product sales and empowering both national and global brands to scale across the international market. 

“In the midst of growing competition in the e-commerce industry, Power Commerce Asia comes with the concept of omnichannel e-commerce and supply chain management, which we believe will be the answer to the problems that e-commerce industry players, especially logistics, often face,” said Yukki Nugrahawan Hanafi, Vice President Director of Interport. 

The startup claims it provides a “seamless shopping experience” by integrating between the marketplace, web commerce, O2O, socio commerce, chat commerce, virtual reseller, point of sale (POS), warehouse management system (WMS), and IP multimedia subsystem (IMS).

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

Within three years of operation, Power Commerce Asia claims to have recorded a 132x growth, entering the scale-up stage. As of 2021-end, it saw a 22x revenue surge, 28x transactions, 26x buyers, 24x products sold, and 12x average monthly sales. 

Power Commerce Asia currently operates warehouses in Jakarta, Bandung, Yogyakarta, and Surabaya and intends to set its foot in Malaysia. 

Brands such as Ovaltine (a nutritional drink company from Switzerland) and Twinings (a premium tea brand from London) are among its clients.

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A decade ago, the idea of CEOs spending a portion of their time on social media sounded laughable. Now in the digital age, social media is considered an integral component in every organisation’s business goals.

It isn’t enough for CEOs to show up in conferences, do interviews, and give talks —they now have to be present online. If not, they risk losing lucrative opportunities to not only promote their organisation but also share their breadth of industry knowledge. Fortunately, CEOs of blockchain and crypto communities are already ahead of this.

Let’s take a look at some of the most active crypto CEOs on social media and how they’re spreading their influence in and outside the crypto community.

Changpeng Zhao
Topping this list is the Changpeng Zhao, also commonly referred to as “CZ”. As CEO of Binance, one of the biggest crypto exchanges in the world, CZ provides quick updates about the platform and occasionally shares his insights on various crypto trends. He is currently more active on Twitter, where he has over four million followers, than Instagram.

Justin Sun
Considered as one of the youngest CEOs in this list is Justin Sun, CEO of BitTorrent and founder of TRON Foundation and Peiwo app. He is active on both Twitter and Instagram, and has briefly delved into Chinese social media. Sun uses his online channels to post updates about the blockchain and crypto space and respond to direct mentions.

Also Read: Demystifying NFTs and DeFi

Vitalik Buterin
It comes as no surprise that Vitalik Buterin is included in this list. Even when social media was in its infancy, he had already been advocating for cryptocurrencies in as early as 2011 through a publication called Bitcoin Magazine. Today, he shares his controversial insights on various crypto trends, as well as updates on the Ethereum network on Twitter, where he currently has 2.9 million followers.

Brian Armstrong
Coinbase’s Brian Armstrong also puts his two cents on all things crypto on his Twitter page. Speaking to nearly a million followers, he provides updates about Coinbase, as well as shares articles related to blockchain, finance, and tech.

Tyler Winklevoss
Like Buterin, Tyler Winklevoss is an early adopter of Bitcoin, buying the cryptocurrency as early as 2012 with his twin brother Cameron Winklevoss. Now as the CEO of crypto exchange Gemini and principal of private investment firm Winklevoss Capital, Tyler mostly uses his Twitter page to tackle discussions on his businesses, Bitcoin, NFTs, and, most recently, the metaverse.

Brad Garlinghouse
Ripple’s Brad Garlinghouse expresses his thoughts (and shares his humour) on his Twitter page, where he currently has half a million followers. There he posts updates on Ripple, interacts with other industry leaders, concurs with articles pertaining to crypto and finance in general.

Erik Voorhees
If you ever need some validation of where ShapeShift.com’s Erik Voorhees is mostly active, he said so himself on his LinkedIn page: you can find him on Twitter, posting updates about ShapeShift.com, crypto, blockchain, tech in general, and more. He also has a Medium page where he posts long-form content on Bitcoin and updates on ShapeShift.com.

Also Read: ‘NFTs provide new ways to handle IP management, empower content creators’: Inmagine CEO Warren Leow

Joseph Lubin
Ethereum’s co-founder and ConsenSys CEO Joseph Lubin can also be found on Twitter, where he speaks to more than 200,000 people about ConsenSys, MetaMask (an Ethereum-based crypto wallet used mostly), and other blockchain solutions. He also uses his Twitter page to communicate with fellow industry leaders and share articles on various blockchain and crypto trends.

Sam Bankman-Fried
FTX’s Sam Bankman-Fried is also somewhat of a social media celebrity among the crypto community. For his audience of 480,000 on Twitter, he mainly provides updates about the FTX platform and shares the latest trends in blockchain, NFTs, and DeFi. Occasionally, he goes live on Twitter Spaces to respond to inquiries.

Zac Cheah
Zac Cheah mostly shares his insights on the crypto market through his Twitter page, which has garnered more than 50,000 followers. One would notice that he uses his page to not only post about Pundi X and all things blockchain and crypto, but also share snippets of his personal life. Apart from his interactive and insightful posts, Cheah garners followers from Pundi X’s active community on Reddit, which also is never short of crypto topics to discuss.

Delving into blockchain and crypto is never easy, especially if you’ve never been adept to tech and finance in the first place. Fortunately, we have blockchain and crypto experts who are just a message or tweet away.

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on Web3, climate tech and sustainability. Share your opinion and earn a byline by submitting a post.

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

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