Cybercriminals appear to no longer distinguish between big businesses and fledgling startups. Based on recent events, everyone is now a potential target, which means that a multi-layered approach to cybersecurity should no longer be an afterthought. 

The 2022 Global Threat Report by CrowdStrike Intelligence records an 82 per cent increase in ransomware-related data leaks in 2021, with 2,686 attacks in December, up from 1,474 in 2020.

Here in Southeast Asia, our home base, the Philippines, has recorded the highest number of phishing attacks, with nearly seven out of 10 targeting finance-related transactions. A separate study suggests that cybersecurity crime can severely impact the Philippine economy by as much as 1.1 per cent of total GDP, which would be approximately US $3.5 billion.

But other SEA economies can’t breathe a sigh of relief either, as they are equally in danger. One AV company found that Indonesia saw a 65.90 per cent increase in phishing attempts, followed by Singapore with 55.67 per cent, Thailand with 55.63 per cent, Malaysia with 50.58 per cent, and Vietnam with 36.12 per cent.

The outlook doesn’t look too bright with the quantum of ransomware and social engineering attacks set to escalate drastically.

Increased demand for cybersecurity innovation

Cybercriminals are striking with increasing frequency and audacity at companies of all sizes, targeting numerous individuals, too. With cybercrime becoming more organised and rampant, the trickle-down effect is declining trust in companies and systems. 

Also Read: Strengthening cybersecurity measures in the face of Web 3.0

With the increasing numbers of companies focused on seizing bigger opportunities in cloud and mobile computing, they also assume risks in varied measures. The key risks include significant financial loss, plummeting customer satisfaction and market reputation and severe job loss across disciplines. There are also direct financial losses associated with the crime like loss of productivity, fines, and remedial action.

It can’t be underlined enough that cybersecurity must become a strategic business priority, a board-level issue for organisations. It is vital that businesses become proactive when it comes to cybersecurity instead of just reacting to security breaches.

Experts believe that cybersecurity should never be an afterthought but should be integrated into its growth strategy at the very earliest. Another key recommendation in combating cyber threats is investing in training and developing a pipeline of cybersecurity professionals. Cybersecurity awareness has to be part of the company’s DNA across all levels in an organisation.

A multi-layered approach to cybersecurity

With cybersecurity costing companies millions of dollars, it is vital that companies adopt multi-layered cyber protection. This is particularly important as cybercrime can occur from within and outside the organisation, with employees being a major cause of security breaches.

For instance, while remote and hybrid work offered business continuity amid a global health crisis, numerous endpoints and devices became more vulnerable to attack. 

It’s a harsh reality, but today’s cybercrime masterminds have both the expertise and technical capabilities that are on par with their cybersecurity counterparts. In this precarious scenario, organisations should gauge the gravity of the situation and implement immediate and resilient cybersecurity measures. 

Artificial intelligence and machine learning

These extremely versatile technologies have proven prowess in detecting and arresting various types of cyberattacks efficiently. Kickstart Ventures recently invested US$3M in SlashNext, a computer and network security company specialising in cybersecurity, cyberattack detection, and IT solutions.

Its database, AI and ML algorithms can scan and detect zero-hour phishing threats across multiple endpoints in real-time, with six times better phishing threat detection and three times greater spear phishing detection.

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

These two technologies are powerful weapons that can be used to pre-empt cyberattacks, as they are programmed to look for anomalies. AI can augment the two-factor authentication and be further deployed to rapidly check additional layers of genuineness. Machine learning can be used to quickly analyse vast amounts of data to identify different types of cyber threats and fraud.

Behavioural analytics

Data can be mined for behaviour analysis, which helps identify patterns and activities to detect potential and real-time cyber threats. An abnormal increase in data transmission from a user device could signal a cyberattack. Behaviour analytics is increasingly being tapped for developing better cybersecurity technologies.  

Embedded hardware authentication

Embedded authenticators are emerging technologies to verify a user’s identity. Powerful user authentication chips are embedded into hardware and are designed to revolutionise “authentication security”. These chips employ multiple levels and methods of authentication working in tandem.

Blockchain cybersecurity

Working on the basis of identification between the two transaction parties, blockchain is fast gaining ground and recognition. Every member of a blockchain is responsible for verifying the authenticity of the data added. Moreover, blockchains create a near-impenetrable network for hackers and are perfect for safeguarding data from getting compromised. So, the use of blockchain, coupled with AI, can establish a robust verification system to eliminate cyber threats.

Zero-trust model

This model works on the assumption that a network is already compromised. Believing that one cannot trust the network, both internal and external securities are scaled up. It includes identifying business-critical data, mapping the flow of this data, logical and physical segmentation, and control enforcement through automation and constant monitoring.

A strategic priority

Cybersecurity is a critical component for ensuring the unimpeded growth of any company. Organisations across disciplines and sizes must treat cybersecurity as an essential strategic priority. Thankfully, while threats continue to evolve, so do the means to deter their potential damage to any organisation’s data, reputation, and growth.

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Globally, transportation accounts for about 24 per cent of the global CO2 emissions, which is expected to reach 27 per cent by 2050 as fossil fuel use continues. Aeroplane emissions are rising rapidly, which increased by 32 per cent between 2013 and 2018. 

While electric vehicles (EVs) are gradually replacing fossil fuel-powered vehicles in the land transportation sector, the aviation industry has not made much headway on this front. Solar-powered planes are also being tested — a long-haul solar-powered flight (Solar Impulse 2) was tested in 2016 — but it doesn’t appear to have made much progress either.

All this means chances of decarbonising aviation are remote. 

What can we do to reduce CO2 emissions in the aviation sector, then?

This Singaporean entrepreneur has an answer. 

“We wanted to find alternatives that could help reduce flight emissions,” says Jonathan Yeo, Co-Founder and CEO of FlyORO, a provider of last-mile sustainable aviation fuels (SAF) blending technologies. “And it has to start today.”

FlyORO was founded in Singapore by Yeo, Joe Ng (CTO), and Genevieve Toh (CMO)  — all avid travellers. 

Yeo is a chemical engineer with a track record in developing energy and chemical businesses. Ng has previously led high-profile global supply chain, engineering, plant construction, expansion and production, and industrial automation projects across oil majors. Toh has a business management background and experience in banking and finance at JP Morgan & HSBC.

Tackling a Barrier to Flying Green

According to the startup, it is tackling one of the barriers to flying green by providing last-mile sustainable aviation fuel (SAF) blending and distribution directly at airports. The bespoke modular biofuel blending technology can be integrated with existing airport infrastructure so that airports can provide SAF blends readily to airlines.

“SAF is the most viable alternative to conventional jet fuel, but our supply chain model has to be better integrated to support an efficient distribution of SAF. We are on a mission to enable the accessibility and availability of SAF to airports anywhere,” Yeo tells e27.

Also Read: The Capture app enables you to track, reduce and offset carbon emissions from everyday life

SAF is a synergistic blend of conventional jet fuel and biofuel. Biofuel, derived from biomass-based feedstock like animal waste and algae, is a lower-carbon aviation fuel alternative. 

“We partner with airports by deploying our modular assets for easy tie-in with existing fuel storage tanks. We convert existing airports into SAF-friendly at zero CAPEX. We also partner with fuel service operators to provide airlines with a seamless operational process of into-plane services,” Yeo boasts. 

Flights are allowed to fly with up to a maximum of 50 per cent blend, reducing lifecycle carbon emissions by up to 80 per cent in neat form. “The SAF industry builds upon a holistic ecosystem, meaning a rigorous relationship between all stakeholders is necessary. FlyORO liaises directly with fixed base operators (FBOs), which are involved in the final distribution of the blended SAF,” Yeo shares.

(FBO is an organisation granted the right by an airport to operate at the airport and provide aeronautical services, such as fueling, hangaring, tie-down and parking, aircraft rental, aircraft maintenance, and flight instruction)

FlyORO has raised SGD500,000 (US$354,000) from unnamed angels for its innovative solution.

Getting an Entry into Aviation

Aviation is a highly capital-intensive and regulated industry. The founders of FlyORO realised early on that entering this sector was hard. So they kickstarted their projects with companies in the oil sector.

“Oil companies have ambitions towards cleaner fuels in the energy transition. Based on this, we started working with them to understand more about the massive carbon polluters, including aviation fuel emissions,” Yeo reveals. 

This experience helped FlyORO understand the aviation sector and its requirements better and get an entry into the sector.

Yeo acknowledges that biofuels and other lower-carbon alternative fuels are already available for the aviation industry. SAF is blended in different types and ratios due to varying airline commitment, processing technology and market legislations. Adding to this complexity, SAF is currently processed at refineries of fixed geographies depending on the origin, requiring additional logistics cost, time and carbon footprint. This makes it costly, less accessible, and available only to a few airports.

“So, blending products with existing ATF is a more commercially acceptable solution. Then again, supply chain and distribution are a challenge. We fulfil the role as a last-mile blending provider for SAF and are in a unique position to accelerate the offtake of SAF blends to airlines,” he shares.

A key metric in airline operations is a fast turnaround and refuel time. The company claims it enables this with rapid order-to-fulfilment, with on-demand blending, certification and distribution within a 20 minutes window without disrupting the existing into-plane services for airlines.

Also Read: Why the Carbon tax is just a step forward and not a solution

As FlyORO grew, its aviation fuel partners connected it with more airports and airlines. FlyORO has so far received interest from 11 airlines and 16 airports and is currently working on three active projects in Singapore, the US and Europe.

It also has partnerships with the International Air Transport Association (IATA), International Civil Aviation Organization (ICAO), Joint Inspection Group (JIG), and Defence Standard (DefStan).“We are working with these groups to align our solution with current regulations and participate in active discussion for future changes in supply chain operation standards,” Yeo says.

FlyORO charges a blending fee of US$0.03-0.10 per litre.

According to Yeo, the market opportunities for FlyORO are enormous. The jet fuel blending segment itself is US$250 million, and it has barely scratched the surface.

But the startup has to tackle some challenges to scale up and grow. “Since we are an innovator, there is bound to be some resistance to change, which means a longer lead time to conversion. It took months for us to sell our story and could reach the right stakeholder only after four months of the discovery process.”

How long would it take for FlyORO to sell its stories to more flight operators and fly high? Its ability to create awareness and convince more stakeholders is the answer.

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The number of smartphone subscriptions worldwide now stands at more than six and a half billion. This figure is expected to increase by hundreds of millions in the next few years, according to Statista. I find this figure staggering and a massive overall percentage if we consider that the world’s population is approaching eight billion people.

Southeast Asia has over 400 million internet users, with the penetration rate at over 70 per cent in all countries in the region apart from Laos, Myanmar, and Timor-Leste. The number of smartphone users in Southeast Asia will reach 326.3 million in 2022 and will increase at a steady rate until the year 2026.

The unparalleled rise

The vast majority of these (almost nine out of ten) internet users in the region will use smartphones in 2022. Therefore, brands that have moved or are moving from offline to online have consumers in the palm of their hands, as geographical boundaries between customers and brands simply no longer exist.

Any user with internet access can now engage directly and in real-time with a brand through live streaming via its social media platforms or website.

I certainly think it’s true that such simple daily access to different and innovative technologies makes adopting them a foregone conclusion. Access to brands is now much more seamless, making the customer experience straightforward and more enjoyable.

In addition, live streaming allows brands to create entertaining, memorable, and meaningful content with the bonus of instant access and engagement for online users. It also helps a brand to look more honest and trustworthy in its customer’s eyes as it’s fully live.

Consumer data is key to building client profiles to detect a pattern of spending behaviour. If a consumer is inclined towards a particular price point or product, a brand’s marketing team can more easily target this individual with personalised messages as part of its marketing strategy.

Also Read: The rise of live commerce in Asia and adoption of BeLive by retailers

This is especially valuable if a brand is launching a new product to the market via live streaming. Customers who have shown prior loyalty to the brand have instant access to the new product and can also ask questions and have them answered to their satisfaction. This gives a new meaning to the term ‘first in line’.

If we look at live streaming e-commerce when compared to ‘traditional’ e-commerce, the two keywords that spring to mind are immediacy and interactivity. Live streaming is a valuable technology because it has the capacity to offer immediate feedback to questions posed by a consumer.

Interactive technologies such as surveys, trivia games, and polling allow brands to interact with consumers through a live stream with a possible added incentive of prizes for participants. These added layers expand the consumer experience, as they can be fun, relaxed, and informative. The interaction is therefore more memorable. This would not be possible through a traditional e-commerce store. 

E-commerce revolutionised

E-commerce has undoubtedly revolutionised the retail industry, particularly during the pandemic, as millions of people were confined indoors during lockdown periods. Live streaming technology allowed this to happen as consumers looked for ways to shop without leaving the comfort of their homes.

This was particularly the case for more introverted shoppers as no physical, social interaction, intimidating large crowds or sales assistants formed part of the process. The availability of various payment options also helped a boom in online sales.

Affordable prices and shipping costs, ease of search, and convenience all made shopping for brands online an attractive proposition. COVID-19 has proven a desire for live streaming solutions among people working remotely with companies investing more than ever in online platforms. 

E-commerce was one of five specified sectors (the others being financial services, online travel, online media & transport and food) in a 2021 report by Google, Temasek, and Bain & Company on Southeast Asia’s ‘economy’.

This highlighted that the region is on its way to becoming a $US 1 trillion digital economy by the decade’s end. Southeast Asia’s e-commerce market GMV is projected to reach US$142.70 billion in 2022. This is expected to exhibit a Compound Annual Growth Rate (CAGR) of 15.08 per cent in the next three years, meaning a projected market value of US$217.50 billion by 2025.

With the growth of e-commerce as an industry at such significantly high levels, several government bodies have begun to regulate laws and regulations to elevate e-commerce business. They have provided the right conditions to allow this to happen.

Also Read: Why live commerce is here to stay in Asia

A cross-border e-commerce initiative was launched in June 2022 by the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade. It intends to help the country to nurture an e-commerce workforce over the next five years to allow more export opportunities for local enterprises. 

Retention is the new acquisition

An appropriate industry saying for 2022 could be ‘Retention is the new acquisition’. Brands are finding it challenging to retain consumers in an era where access to virtually every possible brand is as convenient as clicking a button. The strategy of building a brand community then becomes key.

Through this, interaction and constant engagement to build loyalty become a de-facto strategy for many brands. The personification of a brand can also be amplified with content that is authentic as well as highly visual through the use of live streaming technology. 

Live streaming commerce is still in its relatively early stages. I would be confident that the technology behind it will continue to evolve while being successfully adopted by brands globally. It currently can collect key information about customers in real-time.

This dictates the kind of messaging the brand should get across during a live stream. This could be in the form of the type of product on offer, price, or what specifically needs to be shown to convert a casual ‘viewer’ into a ‘paying customer’.

I can undoubtedly see Augmented Reality (AR) and Virtual Reality (VR) technology having a strong influence on the sector. A potential customer having the ability to virtually ‘try on’ a product during live streaming is undoubtedly something we will witness in the near future.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Fazz secures US$100M Series C to grow its lending services, expand team in SEA
The investors include Tiger Global, DST Investment, B Capital, Insignia, and Lendable; Fazz claims it saw US$10B in annualised transaction volumes over the past year and looks to double the volumes in the next 12 months.

Vietnamese proptech startup Propzy to shut down
In an internal email, co-founder and CEO John Le said that the company’s efforts to grow the business amid the pandemic resulted in significant losses that it could not recover due to continued lockdowns in Vietnam.

AC Ventures reaches first close of US$250M fund
The fund raised 65% of its capital target, but it has already invested in five startups; These include SkorLife’s US$2.2M round, Ideal’s US$3.8M fundraise, and Atma’s US$5M deal.

Sea to forgo leadership salaries amid cash flow struggles
This comes after Sea ended operations in four Latin American markets and trimmed staff across its divisions; The Singapore-based company has lost nearly US$170B in market value since peaking in October.

TikTok Shop has set SEA on fire within months
The short-video giant has moved quickly and aggressively in the region to roll out new features, offer incentives, and seal new partnerships with e-commerce enablers and logistics partners.

SG digibank Trust hits 100K customers within 2 weeks of launch
Backed by a partnership between Standard Chartered Bank and Fairprice Group, Trust offers a range of products and services, including credit cards, savings accounts, and family personal accident insurance.

Taiwan’s TNL Media acquires recipe-sharing social platform iCook
TNL Media looks to grow its readership, launch new products, and expand the group’s paid subscription business; With 7M monthly unique visitors, the integration with iCook will bring TNL’s total readership to 25M MUV and 100M monthly views.

Sequoia Surge backs US$14.3M series A of Vietnam’s Virtual Internships
The firm offers access to digital internships for individuals pursuing higher education across 100 countries; It also trains students before and during their work experiences.

Glife Technologies raises US$3M Series A+ from Tin Men Capital
Glife aggregates demand for food produce from restaurants and match it with suppliers; Glife will use the fresh funds to accelerate the launch and operations of its digital marketplace for F&B suppliers and merchants in Q42022.

Hybrid work technology startup FlexOS secures US$1M
The investors include Do Ventures, VIK Partners, Vulpes Ventures, Hustle Fund, and Play Ventures; FlexOS offers gamified office check-ins, desk and meeting room bookings, and up to 10 monthly events and activities tailored to employees’ unique interests.

Indonesian kids food startup Grouu raises funding
The investors include Teja Ventures, Arkana Ventures, and Javas Capital; Grouu delivers meals to users’ houses every day; It offers meals for kids between one to 10 years old; It has also added non-MSG options to its menu.

Web3

Arrest looms for Terraform Labs founder as Seoul court issues warrant
A court in Seoul issued a warrant against Do Kwon and five other individuals for violating South Korea’s capital markets laws; The warrant comes after the Terra crashed in May, resulting in global losses of over US$40B.

Indonesian crypto exchange Reku bags US$11M funding
The investors include AC Ventures, Coinbase Ventures, and Skystar Capital; Last year, crypto transactions in Indonesia reached US$60B, with Reku processing US$3B of the total amount.

Cake DeFi launches global research hub in Singapore
Called Birthday Research, the centre will focus on developing blockchain and digital-asset technologies; Cake DeFi has committed to investing US$50M into R&D over the next four years.

Blockchain data firm Thirdwave launches with US$7M raise
The investors include Framework Ventures, Animoca Brands, Play Ventures, and Shima Capital; Thirdwave provides Web3 companies, projects, protocols, and DAOs with blockchain data.

Multi-chain DeFi services platform Krystal raises US$6.6M led by Hashed
Krystal will add more blockchains and improve access to passive income by allowing users to securely do staking, manage liquidity pools, and yield farming.

IDG Capital Vietnam invests in blockchain firm Metain
Metain is a blockchain-empowered co-investment platform focusing on real estate; It makes investing in income-producing assets affordable, convenient, safe, and transparent for middle-income customers.

Sender nets US$4.5M led by Pantera Capital to expand its crypto wallet ecosystem
The investors include Pantera Capital, Crypto.com Capital, Jump Capital, SevenX Ventures, and D1 Ventures; Sender is a third-party wallet in the NEAR ecosystem with built-in functions such as staking, swap, and NFT showcase.

Ex-Binance exec’s Web3 platform Playground bags pre-seed capital
The lead investors are East Ventures and Mirana Ventures; On Playground, users can interactively discover all aspects of trusted Web3 entertainment projects and be kept abreast of updates and milestones for new and existing projects.

Features

FlyORO wants to decarbonise aviation with its last-mile sustainable fuel blending tech
FlyORO’s technology can be integrated with existing airport infrastructure so that airports can provide sustainable aviation blends readily to airlines.

How Moom taps into the power of community in product development, user acquisition
When asked about the role of its community in its customer acquisition strategy, Moom stresses the importance of putting itself in the mindset of customers.

What makes Bee Kheng Tay a remarkable leader
Bee Kheng Tay, President of Cisco Systems in ASEAN, looks at how she’s taking the enterprise technology industry to new heights.

Authored articles

How e-commerce brands can tap into US$600B social commerce market potential
As modern-day consumer becomes more reliant on their mobile devices, promptness is valued above all else when it comes to social commerce.

Avoiding costly mistakes: How cognitive biases can affect entrepreneurs
How exactly do cognitive biases and noise affect entrepreneurs, and how can we reduce decision-making errors within the business landscape?

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A new way to access content that helps you make informed decisions to boost your growth
e27 is offering new premium content aimed at sharing actionable insights to help entrepreneurs build and grow their businesses.

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The post Ecosystem Roundup: Fazz secures US$100M Series C, Propzy to shut down, Arrest looms for Terra founder appeared first on e27.

In the shadow of Singapore’s standing as 12th in the World Index of Health Care Innovation, pet healthcare remains a backwater. Despite a significant uptick in pet ownership in Singapore in recent times, pet owners’ knowledge of pet healthcare remains quite inadequate.

A local survey of more than 1,000 cat and dog owners showed that the concern that almost every owner had was chronic health issues with their pets. However, despite such a concern, “more than two-thirds of pet owners had little or no knowledge of key health issues such as parasite infestation, chronic kidney disease and heart disease that might affect their cats and dogs”.

When they did try to seek out information on their pets’ health, 35 per cent turned to the internet, while 26 per cent looked at YouTube and TikTok videos instead of turning to the real expert: a veterinarian!  

So, what is driving this phenomenon? And can technology provide some solutions? We explore these questions in this article.

An ounce of prevention is worth a pound of cure

As the old saying goes, ‘an ounce of prevention is worth a pound of cure’. This wisdom directly relates to the health care of our pets.

Let’s focus on dogs as an example. People often say that one year of a dog’s life equates to seven human years, but this is an oversimplification. The truth is, one calendar year for a dog may equal up to 15 human years, depending on the breed. Since dogs age faster than humans, they should see their doctor more often than we see ours. If they only visit their vet once a year, that is akin to us getting a general check-up every four-five years!

Dogs (even when healthy) should be examined by a veterinarian, preferably twice a year. As your dog ages, more frequent visits may be necessary as the rapid ageing process of dogs makes preventive healthcare even more important.

Also Read: Singapore’s MyPetGo wants to be the Apple of pet care technology

Hence, it is concerning to see that in the same survey, nearly 40 per cent of pet owners either prefer to self-diagnose based on internet research, delay vet visits until symptoms worsen or worse of all, not take their pets to a veterinarian at all. This can often aggravate health issues due to misinformation.

Addressing the problems

A big driver of the lack of veterinary visits is the existence of several pain points faced by traditional veterinary care providers, which in turn lead to pain points for pet owners seeking veterinary care. The corresponding spike in patient volumes at veterinary practices that have come with the rise in pet ownership in recent years has caused many clinics to be fully booked and oftentimes overwhelmed.

This is made worse by the shortage of labour in the industry. Consequently, veterinary practices find themselves having to turn down clinic appointments and being unable to provide after-hours care.

Serious lapses in care have also occurred, unfortunately. For pet parents, this means they often have to grapple with difficulty with getting an appointment, long waiting times and limited 24-hour and emergency vet services.

Even if they can get an appointment, they often have to deal with the lack of pet-friendly travel options, not to mention the stress of travelling to and being at the clinic for their pets are subjected to. All these pain points discourage pet parents from taking their pet to see the veterinarian as regularly as they should.

An all-in-one digital solution

Now, imagine an all-in-one digital platform where veterinarians can connect with their clients and patients online anytime, anywhere, enabling them to extend care beyond the physical limitations of their clinics. Moreover, if telemedicine is unsuitable for a pet’s condition, they can refer the case to a clinic for a physical examination.

They can also digitally issue and deliver prescriptions to pet parents (instead of having unnecessary human traffic in their practice from medication top-ups). Veterinary practices can receive and organise physical appointment requests online, which, aside from offering pet parents a lot of conveniences, eases the administrative burden on their staff.

Taken together, the platform enables them to handle a large volume of cases digitally rather than having every single case – big or small – come into the clinic. This allows clinics to focus on complex cases in person, which undoubtedly maximises their in-clinic capacity.

Most importantly, such a platform enables veterinarians to be the first responder and advise on the best course of action whenever pet owners face a health situation with their pets. No more having to turn down appointments and say hello to round-the-clock veterinary care! 

For pet parents, instead of having trouble accessing expert advice and turning to the internet for the wrong answers, they can now simply consult a veterinarian online anytime, anywhere. When their pets’ condition is unsuitable for telemedicine, they are seamlessly referred to a clinic for a physical consultation. They can also book an appointment online for an in-clinic consultation directly (instead of the archaic way of calling the clinic).

Also Read: What telemedicine and Health Tech holds across SEA amidst COVID-19

Following each consultation, they are issued digital prescriptions for their pets and simply get them filled and delivered via the platform (no more trips to the veterinary clinic just to top up long-term medications, too!).

Last but not least, owners can now store and update electronic health records of their pets in a single complete digital platform (versus receiving a loose copy of the medical report for each veterinary visit). All-in-all, this eliminates all the hassle of seeing a vet the traditional way.

Such convenience should encourage pet parents to practise preventive healthcare by increasing the frequency of check-ups for their pets, boosting their chances of survival when illnesses are diagnosed early on. 

Telemedicine has been commonly practised in healthcare for humans, but adopting such technology for pets is still relatively new. As with human telemedicine, telemedicine for pets is not intended to replace physical in-clinic care but rather complement it by providing on-demand access to veterinary care for pets with non-emergency conditions such as minor concerns, surgical reviews, palliative care or behavioural changes, etc.

However, amazing as it is, telemedicine as a standalone service is inadequate as access to in-clinic care is important when telemedicine is insufficient for a pet’s condition. More importantly, when there is a need for any teleconsultation to be referred to a vet clinic, there must be continuity of care such that the in-clinic veterinarian receiving the referral can access beforehand the medical history of the patient and be prepared to provide the necessary diagnostic or treatment plan. Thus, this requires a centralised digital depository of pets’ medical records. 

As both pet parents and veterinary medicine providers, all the considerations set out above were of utmost priority when we were developing Pawlyclinic, a complete pet healthcare platform that comprises two portals: the Owner Portal and the Vet Portal, in a unified ecosystem.

The motivation to start Pawlyclinic was crystallised after seeing first-hand the pain points for both pet parents and veterinary care providers in the traditional veterinary practice. We believe technology and innovation can systematically address these pain points and make veterinary care omnipresent, simple and efficient for all pet parents. 

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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

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SerMorpheus, an Indonesia-based Web3 brand-retailer enabler, has announced the completion of a US$2.5 million seed round of financing led by Intudo Ventures.

500 Global, Febe Ventures, AlphaLab Capital, BRI Ventures, and Caballeros Capital also participated.

The company will use the funds to build infrastructure to bridge the gap between Web3 and Indonesian brands and consumers. It will also expand the team.

Also Read: Where is the future of NFTs and metaverse heading towards?

Launched in January 2022 by Kenneth Tali and Budi Sukmana, SerMorpheus is a Web3 enablement platform. It empowers brands and creators to develop NFTs and manage utilities that allow them to engage directly with customers and communities, unlocking brand value through ultra-personalised shopping experiences.

Through its online-to-offline bridge, NFT holders can earn real-life benefits at events held by brands and retailers and claim/mint branded NFTs in real-life through offline activities, such as concerts, movies, and branded events.

The company works directly with Indonesian and global businesses, brands and creators to develop NFT products and features to improve community engagement and unlock utility.

For users, SerMorpheus eliminates onboarding friction by directly connecting with global NFT marketplaces on their behalf and allowing transactions to be made in Indonesian currency (IDR) with just an email address and phone number, simplifying the process of entering the new digital economy.

The brands using SerMorpheus include Indonesia Comic Con, professional football club PERSITA Tangerang, Jogjarockarta music festival, Indonesian actress and singer Prilly Latuconsina, and Visinema Pictures-produced film Mencuri Raden Saleh, among others.

Also Read: Why ‘Indonesia-only’ Intudo Ventures believes SEA as one cohesive market is a fallacy

The company is developing creator tools, including a self-service drag-and-drop NFT builder, which allows users to mint and release NFTs quickly with zero technical knowledge required.

SerMorpheus will also provide analytical tools to help creators track their collection and user base.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post SerMorpheus raises US$2.5M to bridge the gap between Web3, Indonesian brands, consumers appeared first on e27.

The end of August was an exciting time for crypto enthusiasts –and proponents of the Web3 space in general– in Indonesia. There were at least two major events happening that allows them to meet up and share insights about the future of the industry.

I had the opportunity to attend sessions at the NXC International Summit where Deputy Trade Minister Jerry Sambuaga announced the country’s plan to establish a crypto stock exchange by the end of 2022. In his presentation, Sambuaga explained that the exchange will list companies in the crypto industry (that have been granted licences by the country’s financial watchdog).

The introduction of the exchange itself is a means to protect consumers.

This update is not the only want that makes us feel optimistic about the Indonesian government embracing crypto –and Web3 innovation in general. In a recent interview with e27, Steven Suhadi, Founder of Standard Alpha and Indonesia Crypto Network (ICN), detailed the potential of the Indonesian crypto scene.

“We already have regulations about crypto in Indonesia, while some other markets in the region don’t have clear regulations yet,” Suhadi says. “So we see the cryptocurrency scene is growing rapidly. For example, before the regulation was introduced, there were only two exchanges when we started Standard Alpha and ICN. And now, we have 25 registered exchanges … We’re also speaking to a lot of institutions. Not only a lot of Web2 companies are starting to say, ‘Okay, how do we get into Web3’, but many institutions from traditional finance are also saying, ‘We need to participate in this.’”

Also Read: We’re still in the dot-com phase of Web3: Steven Suhadi of Standard Alpha

He also explains why tech hub such as Bali is the right breeding ground for it.

“All the regulations happen in Jakarta, the capital city, but Bali has a thriving community. And even the Jakarta players start to have offices in Bali either to give their teams a work-life balance or they want to tap into the local community here — expert developers or different sorts of conceptual thinking, people experimenting. They want to merge that and fuse that with the knowledge and bring that relevant skills back to Jakarta.

What Indonesia needs to do

When we look at the details of the situation on the ground, and the promises of what is coming next, it does look like Indonesia has a great future in the Web3 sector. It has all the elements of a supportive ecosystem from a close-knit community to initiative that keep up with the changes in society.

But there is always something to improve on. In this matter, we can boil them down into one major concern: Consumer protection and the willingness to move swiftly to ensure it.

“As a result, Elliptic expects consumer protection will be the major regulatory focus issue of 2022, and consumer protection authorities will become major forces shaping the crypto space,” writes David Carlisle, Vice President of Policy and Regulatory Affairs at Elliptic, in a blog post.

Also Read: How to scale voluntary carbon markets with DeFi and Web3

With the upcoming launch of the crypto exchange, and the licensing that the government is giving to existing companies in the crypto industry, we can see that there is already a commitment to ensure consumer protection.

However, whenever Something Bad Happened, the public has to be ensured that the government will be there for them –and honestly, the precedent is not always great.

The public may have strong reasons to be concerned following a recent incident where hacker Bjorka claimed to have breached state cybersecurity defenses. This move resulted in the compromise of billions of pieces of citizens’ personal data.

Critics have been dubbing the government’s response as ‘lacking’, as reported by The Jakarta Post.

If our intention is to build a strong ecosystem for the Web3 industry, then building trust should remain a priority in the government’s mind. We already have a good plan set on paper; let us make sure that the practice will be just as good.

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Time and time again, research has shown that the hiring process is biased and unfair. Factors like unconscious racism, sexism, and ageism, even the weather on the day of the interviews can influence hiring decisions.

Another study on decision-making in the United States showed that different judges presiding over identical cases meted out varied sentences. While the average sentence was seven years, identical cases had a four-year sentence disparity, the difference between a five-year and nine-year sentence.

Therein lies the flaw in human judgement. We are unable to exercise objective decision-making due to the existence of noise and the unwanted variability in professional judgments of the same problem.

Where there is noise, there is bias and more than you think

Recently, we had the honour of having Olivier Sibony, co-author of Noise: A Flaw in Human Judgement and Senior Advisor to Qualgro, speak on noise and bias at our Qualgro Symposium

Noise exists because of the existence of various factors. These include cognitive biases, group dynamics, mood, stress, fatigue, and differences in skill and taste between assessors and decision-makers.

Bias is one part of the error equation. The other is what fellow researchers in the field term ‘noise’. Noise is the “unwanted variability in human judgements of the same problem”, and it is just as problematic as bias.

Also Read: Building a diverse and inclusive workplace sidestepping tokenism

Such variability leads to injustices, varied hazards, and multiple kinds of costs. Biases can shape a company or industry’s culture and norms if left unchecked. Other research has found this prevalent in various fields, from military intelligence analysis to actuarial science and virtually every industry imaginable, even one as critical as medicine.

The error equation

According to Sibony, errors can be mathematically calculated. Without getting too technical, this essentially means that the combination of both bias and noise leads to making errors, and the reduction of either has an equal impact on reducing error.

Bias and noise exist virtually everywhere, and technically, the only way to eliminate them both is to remove the use of human judgements. However, this is not tenable for myriad reasons, especially since the human element still matters in many areas concerning people (e.g., a medical diagnosis).

Noise and bias in business

As a result of noise and bias, professionals in critical industries can make important and even outrageous errors. You can see these errors of judgement in areas such as recruitment and human resources, marketing, and even when choosing which companies to invest in.

For example, a popular method of judging candidates and hiring them is based not on objective data but on the gut instinct of the interviewer. Unfortunately, such decisions can lead to bad outcomes and incur extra costs for the business.

The next best thing would be for humans to learn how to reduce errors in their decision-making, especially with cognitive biases.

Decision hygiene factors

How exactly do cognitive biases and noise affect entrepreneurs, and more importantly, how can we reduce decision-making errors within the business landscape?

Sibony references decision hygiene factors, a matrix comprising four noise prevention techniques to help make better judgements and decisions.

• Aggregate

In some specific situations, a diversity of input can be useful in the decision-making process, so long as the inputs are independently derived. aggregating independent inputs and then averaging them out would statistically reduce noise.

• Use relative measures, not absolute

Chances are, when people describe things or situations, they will use the same terminologies despite meaning different things. This can be problematic if two people use the word “great” to describe what sort of potential investment needs to have, but  Person A means 30 per cent while Person B means it is in the seven per cent.

Also Read: Why we cannot talk of diversity without inclusion

Since absolute measures can be ambiguous, it would be better to rank or measure items or situations against others. For example, before deciding to invest in a start-up that, say, sounds great on paper, compare them to other start-ups similar in scale and size for their relative performances.

• Structure your judgements

Break judgements down into separate components or dimensions and use quantitative and objective measures to assess and/or analyse sub-components of the judgement you will be making, and score them against a frame of reference.

For example, you can structure an interview process to have several stages where specific competencies are assessed (such as through scoring) and compared to other candidates similar to them (relative measuring).

You can then aggregate independent inputs and average their score or performance.

• Keep intuition at bay

Humans are generally susceptible to cognitive biases such as selective attention, confirmation bias, and selective recall.

This can make you over-focus on some types of information and overlook other relevant ones, leading to terrifying outcomes. Just ask Brandon Mayfield, who was wrongly detained for the Madrid bombings.

“The key point here is that you don’t want to know what you don’t want to know,” quips Sibony, “knowing too much, even accurate information, can mislead you”.

Manage the information process to make it difficult to form an intuition too early. Although it is tempting to engage in intuitive judgements, early use of intuition only serves to add more noise.

Final thoughts

Indeed, many people think they are very objective and impartial, especially when their professional judgements are solicited. However, as illustrated, erroneous judgements and decisions can lead to disastrous consequences.

As executives, the company and the organisation depend on not just the knowledge and experience but, more importantly, the sound judgement and decision-making skills of executives.

It pays to be cognisant of how we may stumble at different stages and work towards strengthening noise-prevention efforts for the health and success of the organisation.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Metain, a blockchain-empowered co-investment platform focusing on real estate, has secured an undisclosed investment from IDG Capital Vietnam.

Per a statement, this partnership is expected to foster the development of NFT real estate and attract more global investors to invest in blockchain-powered proptech in Vietnam.

Real estate investment promises a very high ROI with the least risk among other investment types (stocks, crypto, saving, open-ended funds, etc.). However, its characteristic creates high entry barriers for individual investors, including big investment capital and an inconvenient, time-intensive multiple-transaction process.

Meatin makes investing in income-producing assets affordable, convenient, safe, transparent, and trustworthy for investors. The platform aims to grow the Vietnam real estate investment market and improve its accessibility using blockchain technology to complement, not replace reliable approaches.

The startup targets middle-income customers.

Also Read: These 21 Web3 startups prove why Vietnam is world’s most surprising crypto hotspot

Duc Tran, General Partner at IDG Capital, said: “Income-producing property is real estate you invest in to make money from current rental payments, appreciation in market price, or adding value with additional revenue streams. Last but not least, their aims are only around Central Business District properties whose evaluations are the most stable with an all-time uptrend, compared to other options.”

“With the high security, instantaneous settlement, transparent and seamless transaction process, blockchain, smart contract and NFT technology are transforming the real estate industry and will become the key trend in the next decades. The next challenges would be how proptech investors’ pennies with a reliable setup and how to grow these pennies via choosing the right investment assets to acquire. And we believe that we are on the right track of that,” said Nhan Tran, CEO of Metain.

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Supply chains in Southeast Asia are famously broken. As small businesses are digitising, they are trying to find new sales channels to generate income by exporting beyond their home markets.

Both within Southeast Asia and outside, demand for locally produced products is rising. Buyers are moving away from China as a primary (manufacturing) source and starting to appreciate the quality, prices and diversity of SEA.

However, it’s not smooth sailing yet, and there’s a large opportunity for service providers and marketplaces to jump into the space and address the voids.

The problems with cross-border e-commerce

• Regulators are not catching up yet, and SEA is far from a ‘freedom of goods market’ (such as the US or Europe). Hence all sorts of compliance issues (taxes, import licenses, etc.) that restrict (the ease of) import and export have historically not been addressed.
• Import and export regulations are different for various product categories, adding to the complexity.
• SMEs are getting the demand but don’t have access to the distribution supply chain (DHL and FedEx won’t always entertain SMEs for various reasons) to reach their customers hassle-free yet.
• Existing distributor supply chains are closed and typically demand volume which is not suitable for most SMEs.
• Existing marketplaces (such as Lazada and Amazon) focus on sourcing from China or only satisfy supply and demand in their respective local markets.
• Global risks in the last few years are causing reversed globalisation trends.

The need for solutions

I don’t see regulators catching up fast enough, so we probably should not bank on them to provide a solution for e-commerce in the region.

Innovation is likely to come from startups that, in their core focus on:

• Taking on the compliance burden while offering SMEs a hassle-free import and export experience.
• Offer SMEs a product that offers a quick and easy way to ship products to the buyer’ market (regardless the importing jurisdiction).
• Generate and open up new demand, promote SEA products and build an infrastructure that supports lower (minimum volume) so that small buyers can be reached.

Challenges faced by startups and the massive opportunity

With HH VC Investments, we have looked at several promising players in the space within Southeast Asia.

These are the main challenges these players are trying to overcome:

• There are a lot of moving parts to make this work. Leading to the risk of loss of focus for (typically) financially strapped startups.
• They must ensure sufficient and diversified supply is available for the demand to be satisfied. This is the typical catch-22 for any marketplace, but now with the added layer of cross-border demand.
• They need to leverage existing or generate new demand across different markets with each its own culture, channels and habits.
• They need to build or use existing supply chain infrastructure in various jurisdictions.
• They need to navigate the (sometimes very) complex compliance frameworks of different countries

Just within SEA alone, there’s an ever-increasing middle class that is willing to spend on and try new products from their neighbouring countries.

Final thoughts

There’s a huge opportunity for startups to focus on cross-border e-commerce. This is simply given the sheer number of ever-increasing middle-class buyers that are willing to spend on and try new products from neighbouring countries in SEA.

But it’s still early days.

New entrants will be able to create a huge barrier to entry as these players wouldn’t just be building the infrastructure but also the compliance knowledge in-house.

Those that can overcome the challenges and offer a seamless product will be able to crack the space and have the potential to grow towards the size of the likes of Lazada and Alibaba.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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