Singapore is the ninth most targeted country for crypto fraud, with four hacks and breaches worth US$14.6 million since 2011, new research by CoinJournal finds.

The US is the most commonly targeted country, with 13 hacks and breaches.

CoinJournal looked at available data around major breaches and fraud since 2011 to reveal which countries had experienced the most violations and how crypto fraud has seen a record number of incidents in 2022. The research considered the most costly cases of crypto scams, the most commonly stolen coins, the most common method of scams, the most targeted countries, and how much crypto scams have increased.

The ten most targeted countries for crypto fraud:

With 120 incidents, 2022 was the worst for crypto fraud and breaches. This was 26 more than the previous year.

The year 2021 saw the biggest rise (over 200 per cent) in incidents from 2020. There were 94 incidents during 2021, and the total funds lost were the highest in the last ten years, at US$4.6 billion.

Also Read: Cryptocurrency regulations should evolve: Mistletoe Singapore MD Atsushi Taira

With 31 incidents, the third-highest number of crypto breaches was in 2020. This was an increase of just under 20 per cent of the 26 accumulated during the previous year. Just under US$1.5 billion was lost during these 31 incidents.

The costliest crypto scam in 2022 was by Plus Token, where almost US$3 billion worth of Bitcoin and Ethereum was stolen. Plus Token was a Ponzi scheme disguised as an investment programme.

The Thodex scam came in second. A police report revealed the Thodex CEO had allegedly fled from Turkey with US$2 billion worth of cryptocurrency, leaving its 700,000 users scammed.

WoToken was another Ponzi scheme which defrauded US$1 billion from more than 700,000 users. WoToken was dubbed ‘Plus Token 2.0’ by the media due to its similarities with the Plus Token scam. It was also revealed that one of the members of WoToken was part of the Plus Token scam.

With 50 incidents, BSC was the most stolen coin in 2022. The second most commonly stolen coin was ETH (33 times).

The most stolen cryptocurrency is Bitcoin (BTC) — stolen in 94 crypto scams. Despite it being the most popular and valuable cryptocurrency, BTC was only stolen three times in 2022.

Also Read: What lessons can crypto investors draw from the Luna, UST episode?

Ethereum (ETH) was the second most common cryptocurrency stolen (84 times). Ethereum was also the second most stolen currency in 2022 (stolen 33 times).

The most common crypto attack was DeFi breaches (167 incidents), with almost US$4 million lost. They were also the most common type of breaches during 2022, with 80 DeFi breaches in 2022 alone.

The second most common type of crypto attack was breaches. Within the 123 breaches, over US$3 million was stolen or lost. Breaches appear to have become less common in 2022, with just four attacks happening out of the 122.

—

The post Singapore is 9th most targeted country for crypto fraud: CoinJournal study appeared first on e27.

The holiday season is approaching, and scammers have been busy impersonating and seeking means to dampen their festive mood.

In 2021, Americans lost over US$6.9 billion to fraudsters, including US$337 million in online shopping and non-delivery scams, according to the FBI.

In Singapore, the police have warned the public about phishing scams involving emails, texts and phone calls from scammers impersonating staff from e-commerce marketplaces. Singaporeans lost US$764,000 in one month alone, in September 2021, to non-banking-related phishing scams.

This year, small businesses feeling the post-pandemic squeeze are likely to see less of a holiday shopping frenzy. Retailers counting on key sales moments towards the end of the year must manage their inventory, revamp websites with seasonal promotions and get ready to capitalise on the spikes in consumer demand.

Convenience remains key for online retailers. Research shows that seven of every ten customers who add an item to their shopping cart leave without completing the purchase. That’s why a secure and seamless shopping experience is crucial for any merchant to minimise cart abandonment and win more customers during the shopping mayhem.

Holiday shopping, primarily via frequent online transactions, makes customers vulnerable as cybercrimes and scams surge during the holiday season. Because there is a larger pool of targets than any other time of year, merchants should revisit their cybersecurity measures to ensure secure and frictionless checkouts, with neither attribute compromised for the other.

A non-negotiable: Enhanced security plan to mitigate scamming risks

According to the Ministry of Home Affairs, more than 2,700 e-commerce scam cases were reported in 2021, with about US$5.8 million in losses. They have become one of the most prevalent types of scams in Singapore, posing risks to consumers and retailers alike.

Also Read: How to tackle cybersecurity threats during the holidays

Phishing is one of the most reported scams during holiday seasons, with shoppers often duped into buying fake goods such as counterfeit watches, “miracle” cures and other holiday-branded goods.

E-commerce more broadly can suffer as a result, as one loss from a scam can lead to a total erosion of the trust consumers have towards all things digital, undermining the efforts of e-commerce businesses and governments that have invested heavily in creating digital infrastructure to increase access and ease to their services.

Therefore, setting up a holistic security plan to manage these risks is non-negotiable.

A dilemma: Choosing between security and seamlessness

A dilemma exists when adding security measures introduces friction in consumers’ shopping experiences.

Points of friction come in three common forms.

First, with identification, shoppers must constantly verify their identity across different sites and platforms offered by the same merchant, such as their website and mobile app.

Second, authentication measures like passwords and logins may require multiple steps, such as 2FA, filling out CAPTCHA boxes, or waiting to receive OTP pins.

Third, during the checkout process, when the customers make the payment, the last authorisation step asks shoppers to confirm their card or bank. By this point, ample opportunities have been introduced for cart abandonment.

So, the question is, how to find the right balance between security and a great shopping experience?

A joint effort: Finding the right balance

The online business environment is intrinsically not built with security in mind. Thankfully, the fight against cybercrimes in e-commerce involves government bodies, businesses, and the public.

The Cyber Security Agency (CSA) of Singapore has introduced multiple measures targeting small businesses and end consumers.

For example, the Cybersecurity Labelling Scheme has been introduced for consumers to know before they buy the security levels of the smart devices they bring in their homes and use daily for various purposes, including but not limited to performing e-commerce transactions.

Also Read: Safeguarding digital assets through cybersecurity innovations

At the same time, e-commerce merchants are striving to improve security solutions among their many operational priorities, such as logistics and inventory. Since most of them do not have the subject matter expertise and technologies available in-house, a retailer may choose to partner with PayPal.

PayPal’s behaviour analytics tracks behaviour patterns against established baselines and introduces extra checks when a user or device’s behaviour seems anomalous. Additionally, PayPal introduced Passkeys to replace passwords and allow seamless consumer logins across devices and platforms. This allows easier online checkout for buyers and removes checkout friction for merchants.

Practical tips to stay competitive this holiday season

What can businesses do from a practical standpoint to best capitalise on this holiday season? Here are three tips to consider:

First, personalise your products and services. Does the shop offer any customisation service such as name engraving to give a little personal touch? Customer expectations are constantly evolving, and the trick is to listen to what each shopper is looking for and what they would enjoy the most.

According to PayPal’s Borderless Commerce Report 2022, 46 per cent of online shoppers said they’re more likely to buy from retailers that offer virtual or digital experiences.

Therefore, introducing interactive elements to the shopping experience, such as providing a virtual makeup service or offering 3D tours, might appeal to shoppers. Optimising on-site content with holiday-specific keywords also helps personalise the holiday shopping experience.

Second, optimise the checkout process. This is one of the most effective ways to maximise holiday sales. The month of December experiences the highest cart abandonment rates as; people spend more time deliberating on gift options for their loved ones.

Creating a frictionless and flexible shopping experience by offering guest checkout and diversified payment options could translate to higher conversion rates.

Third, create peace of mind. Communication touchpoints between merchant and consumer are vulnerable to malicious attacks, especially at the payment transaction level.

Ensuring sufficient security measures, using a trusted payments provider, and providing buyers with options to contact you will greatly help merchants gain consumers’ trust, maximise authorisation, and minimise losses.

–

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, and FB community, or like the e27 Facebook page

Image credit: Canva Pro

The post How can businesses best capitalise on the holiday season? appeared first on e27.

At e27, we have kickstarted a new article series called work-life balance to learn more about tech enablers and executives and their lives beyond working hours.

Kenneth Tan is the Co-Founder and CEO of BeLive Technology. Tan grew up in Singapore and has diverse interests, including video games, concept art creation and DJ-ing.

He was Director of Strategy for the Japanese company DeNa when he was first introduced to live-streaming and decided to start BeLive Technology soon after. 

Initially, he focused on offering a platform that was likened to “virtual busking”, but over time he realised this was not the ideal model. After partnering with Japan’s most popular e-commerce platform Rakuten, Tan felt BeLive found its beat by offering live-streaming solutions to retailers and big companies.

Today, BeLive has partnered with clients in various sectors, including e-commerce, retail, electronics, beauty and social media. As of 2021, BeLive has streamed over 55 hours of live content.

He is a regular contributor of articles for e27 (you can read his thought leadership articles here). 

In this candid interview, Tan talks about his personal and professional life.

How would you explain what you do to a five-year-old?

With the rise of global video platforms like TikTok/YouTube and the high exposure rate to digital natives, it makes explaining to children a little easier. I would tell them that we help everyone connect online via videos and easily buy things online while also liking and commenting on the product, all at the same time.

What has been the biggest highlight/challenge of your career so far?

It would be seeing the company’s growth over the years. We started with a four-person team, and now we are proud to work alongside our 50 teammates serving the largest brands in the world and becoming a household name in live and video streaming solutions. We have proven that we can continue to help enterprise clients with groundbreaking and scalable solutions for their business needs.

Also Read: Try to look at the world through a beginner’s eyes: Joey Alarilla of Playfix.io

The journey has been challenging yet exciting, with us making many difficult decisions to ensure business continuity. One of the difficult decisions we made was in 2017 when we pivoted from a B2C platform to a B2B solutions provider. There were countless factors to consider, but we are proud to say it was one of the best decisions we have made in our business.

Today, we are proud to say we power the best global brands with our live and video commerce solutions.

How do you envision the next five years of your career?

I would say it will only continue to be very exciting as we are experiencing good growth within the live-streaming space. As video continues to take centre stage and the world inevitably adopts video as its primary content consumption medium, BeLive Technology will continue to grow exponentially. Working alongside my teammates and partnering with them to build the future of video streaming is incredibly exciting and is a key focus for me.

What are some of your favourite work tools?

Other than the usual MS Office suspects, some not-so-common tools I use include Photoshop, Notability, and Overcast.

I like to brainstorm by sketching and quickly prototyping, and Photoshop/Notability is perfect. Overcast (Podcast app) saves my long commutes by allowing me to take a breather and learn from the best in the industry. I recommend the 20VC and How I Built This podcasts.

What’s something about you or your job that would surprise us?

The amount of hard labour and sheer hours put into building relationships with partners, colleagues, and stakeholders. This effort has to be intentional, tracked, and followed up upon.

Do you prefer WFH or WFO, or hybrid?

I firmly believe in in-person interactions and the water cooler conversations we were sorely missing during the pandemic.

Also Read: Your identity should not be limited to what you do at work: Sheryl Chen of Qualgro

However, I’m all for a hybrid work model if managers can hold their teams accountable.

What would you tell your younger self?

Destroy your enemies by making them your friends. In business and life, partnerships are always better than rivalries.

Can you describe yourself in three words?

Inquisitive, self-aware, and lucky.

Firstly, I’m fortunate to be able to help provide for my colleagues and their families. I’m also ridiculously lucky to have a loving and supportive wife, son, and mother. Being self-aware of my weaknesses, admitting when I’m not doing things right, and seeking the right answers, asking for help has always been a big part of my life.

What are you most likely to be doing if not working?

I’m with the family. My three-year-old son is an absolute riot now, and I love spending time with him and the missus.

What are you currently reading/listening to/watching?

I’m revisiting Sapiens by Yuval Noah Harari. My first read-through was so enjoyable that I blazed through it. Of course, I have been going back to a few of my favourite chapters during a weekend afternoon with a hot coffee.

—

Join the e27 contributor community of thought leaders and share your opinion by submitting an article, video, podcast, or infographic.

The post Destroy your enemies by making them your friends: Kenneth Tan of BeLive appeared first on e27.

Quqo, an asset-light B2B distribution platform that connects buyers, suppliers and end-consumers in the FMCG sector in Vietnam, has secured US$1 million in seed funding from Touchstone Partners. 

The funds will enable Quqo to grow its team and customer base and expand its distribution network across the country.

Quqo is an online platform aiming to unlock the full potential of local mom-and-pop store (tap hoa) owners, FMCG suppliers and distributor partners via a broad offering of digital products and services. Its B2B platform and SaaS tool enable store owners to browse for the best product offer through a “simplified and accelerated procurement process”.

The startup entered Vietnam in 2020 and has onboarded over 40 distributors, supporting over 5,000 stores across Ho Chi Minh City. It claims to have grown 11x in GMV since the start of 2022. 

Also Read: Touchstone Partners launches ‘no-frills’ incubation programme in Vietnam

The team plans to expand its reach to Da Nang, Ha Noi, and other major cities in Vietnam in 2023.

Jaime Roldan, CEO and Co-Founder of Quqo, said: “Vietnam’s traditional retail supply chain is made up of over 1.4 million stores. We noticed that distribution in Vietnam’s FMCG sector currently comes at different levels, from manufacturers to retailers, and is overly complex and manual. Our platform connects suppliers and buyers through digitalisation.”

Bobby Liu, Director of EiR at Touchstone Partners, commented: “The tap hoa and local pharmacies are ubiquitous in neighbourhoods in cities and towns across Vietnam. Quqo’s solution gives these small, locally owned businesses an easy-to-use tool to connect them with a network of suppliers and efficiently purchase and manage inventory. Tools like Quqo’s are critical for these small businesses to compete effectively against bigger chain stores and continue to be important cornerstones in their local communities.”

 —

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

The post Touchstone Partners invests US$1M in Vietnamese B2B distribution startup Quqo appeared first on e27.

One of the most notable things about unicorn tech companies in Southeast Asia (SEA) is that their number grew rapidly during the COVID-19 pandemic.

Take a look at Indonesia. As reported by Channel News Asia, while the country’s first generation of unicorns appeared before 2020, their number expanded rapidly at the height of the pandemic in mid-2020 and early 2021. Despite challenges here and there, leading tech companies in Indonesia and the rest of the region continued to raise funding, with more companies inching closer towards securing a unicorn status –proudly claiming the label ‘soonicorn‘.

But these soonicorns are facing a different challenge than their predecessors. While funding continues to stream down to SEA, various global crises have caused investors to be more cautious in allocating their investments. There is also a higher expectation for businesses to perform well in generating revenue. In this new era, they are no longer expected to implement the “growth at all cost” mindset, as they take more deliberate but impactful steps to grow the business. Cash burning is no longer the rule of this game. Together with different players in the regional startup ecosystem, the soonicorns are marching into a different tune in achieving their version of success.

Also Read: Web2 founders, get ready for Web3 before 2025 – Insights from Echelon 2022

So, how exactly can soonicorns get there? What are the alternatives for these hopeful, fresh-faced players? More importantly, what can we do to support them in becoming more sustainable?

To respond to this arising need in the ecosystem, e27 is bringing back Echelon in 2023. 

After a successful comeback in October 2022, we are set to return to Singapore next year. This time, we put the spotlight on soonicorns and their journey to become a strong, sustainable business. We aim to identify and highlight relevant companies, creating a conversation on this topic in public and private settings.

We will also look at how different ecosystem players can work together to achieve greater growth in 2023 and beyond. In addition, this event will be a chance to understand up-and-coming trends such as climate tech and Web3 and how to best tap opportunities in these exciting sectors.

As a member of the regional tech startup ecosystem, we believe that you would like to be part of this conversation.  Your organisation can be part of the effort to achieve greater heights for these soonicorns, bringing home the glory for the companies and your organisation.

Please reach out to Justin Chin at engage@e27.co to see how you can be part of this movement –and how we can build a stronger, more sustainable startup ecosystem, together.

The post On the way to greatness: A call to support SEA soonicorns on their growth journey appeared first on e27.

The rise of technological innovations in recent years has made it possible to perform tasks more conveniently and flexibly. From the office to the home, technology, like apps, systems and gadgets, has evolved to provide smarter features that make daily living easier.

In the same way, these breakthroughs have revolutionised the recruitment process, including how we advertise jobs, track applicants, engage with them, and interview them.

That being said, it is critical to understand the needs that drive such innovations and to keep that resolve to take action toward advancements.

Starting with a purpose

After spending about seven years in the banking sector, I decided to take a break and explore a new industry. Having always been a people person, starting conversations and making introductions came naturally. It’s no surprise that these skills led to many job referrals for friends who needed jobs in the banking industry.

Fast forward to my 15 years onboard the Human Resources industry, I realised the challenges faced by recruiters are primarily comprised of repetitive administrative tasks. I know many hours are spent manually identifying and contacting potential candidates. This time could have been used for more productive tasks that ensure the recruitment of quality applicants.

At the same time, I also observed that young candidates constantly struggled with deciding what to pursue and ended up job hopping very often, much to the dismay of both the candidates and their employers.

Also Read: How Recruitery plans to help people who affected by tech layoff

Then, I decided I could use my experience to develop something to help address these needs.

The development of OppTy

Understanding how headhunting can be very tedious, I knew that the key was to digitise the process to help cut costs and save time. This is where the value of AI came in, and more than a decade-long experience led to a vision of the OppTy chatbot.

To answer such needs, it was also clear that a platform must be developed to help young individuals identify their career paths at an earlier stage. This would subsequently give them more stability and a better idea of the industry and career path that suits them.

The software algorithm was then strategically designed by collaborating with seasoned HR professionals who contributed valuable insights and understood insightful feedback and who also understood the process changes that had to be made.

Putting it all together

As a two-way talent management platform, OppTy offers multiple tools for both job seekers and recruiters.

For those searching for jobs, the platform provides extensive guidance in resume creation and portfolio maintenance. Oppty’s AI algorithms will recommend relevant skill sets, qualifications, and accomplishments to be included in their Curriculum Vitae (CV).

OppTy also offers a Career Roadmap Assistance – a feature that thoroughly depicts careers candidates can explore based on their current qualifications, skill sets and interests.

Through our Career Compatibility Test, candidates can determine their areas of strengths and weaknesses to determine well-matched careers. The platform also runs passive searches in the background and suggests the best job opportunities in the chosen industry.

On the other hand, talent hunters can manage their entire hiring workflow on OppTy: from candidate search to interviews, hiring, and onboarding. Features such as the automatic interview scheduler and job templates help streamline recruitment. By cutting back on long hours spent on admin work, it is estimated that companies can save up to 90 per cent on their annual hiring costs.

In addition, a Smart Candidate Selection tool is offered to help pool relevant candidates for job openings. Meanwhile, the Potential Candidates Pool allows companies to optimise their talent pipeline so they can hire as needed.

Staying ahead with OppTy

Ultimately, the recruitment process is changing, and OppTy seeks to pioneer this transformation. By tapping into various technologies to smoothen the process for many more recruiters and job seekers, OppTy has made a positive difference for job hunters and hiring managers.

Watch out for more upcoming developments in the next few months as we continue to grow into the thriving smart career ecosystem we envisioned OppTy to be.

–

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

Image credit: Canva Pro

The post How OppTy aims to save time and change the recruitment game forever appeared first on e27.

Digitalisation is the name of the game, having experienced a dramatic acceleration during the COVID-19 outbreak. In Asia Pacific, consumers are moving to e-commerce, contactless and electronic payments and in response, many businesses jumped onto the digital bandwagon too – if not, it will be difficult to survive.

The past few years saw significant developments in the payments industry, many spearheaded by fintechs. Fintechs play a significant role in addressing challenges and opportunities in areas like data security, fuelling growth for blockchain and data encryption, and building mobile and tech expertise to answer to consumer demands for convenience and easy navigation.

What are the key opportunities in 2023 for fintechs, and how can you scale your business in tomorrow’s hyper-digitalised world? Here are five trends we think fintechs should absolutely look out for.

Also read: China Mobile International launches iSolutions Carnival

1. Web 3.0
   

   Imagine a universe where payments run on blockchains and digital currencies are used widely to purchase goods and services. The reality isn’t that far away. Innovations are already rapidly scaling up in Web 3.0 and the metaverse, where banking is decentralised and where money can be moved quickly.

   As Web 3.0 comes into maturity and with the rise of the metaverse, more use cases will develop. Connecting and engaging digitally will only become easier and both businesses and consumers will also experience a proliferation of payment methods in virtual reality.

   Other than digital currencies, non-Fungible Tokens (NFT) may also gain wider acceptance as a form of payment, as they are a way to transfer value securely.

2. Global money movement
   

   Cross-border payments will not be unfamiliar to many, from sending remittances, buying or selling in social media platforms or eCommerce, working and getting paid in the gig economy, or simply just travelling abroad, we would have crossed paths with cross-border payments many times before.

   In the coming future, all eyes will be on digitalising supply chain payments and government disbursements, and gaining traction are new buzzwords — Treasury-as-a-Service and Payment-as-a-Service, where banks and other financial institutions offer their customers advanced payment or financial management solutions through cloud platforms.

   These developments matter because it impacts the build of national technical infrastructure to facilitate global money movements.

3. Embedded finance
   

   We are looking at a very near future where individuals nor businesses may never need to interact with a conventional bank ever again. Gone are the days when a bank or financial institution is the place to apply for credit, with embedded finance becoming another talk of the town. Simply put, fintechs are putting payment and finance experiences into a single seamless, convenient, and easy-to-use customer journey.

   Embedded finance embodies the integration of financial services like lending, payment processing, or insurance into non-financial businesses’ platforms. On the consumer end, users will be able to access the services they need wherever and whenever they need it. Imagine being able to shop online and collect consumer loyalty and rewards points on the same platform as you would use to purchase and get credit, buy travel insurance and manage store inventory.

   The evolution of embedded finance will fundamentally change experiences in commerce and impact merchant and consumer behaviour.

4. Merchant and small business enablers
   

   It cannot be understated that small and medium businesses (SMBs) are key drivers of economies globally. They may be small, but they pack a punch — SMBs represent about 90% of businesses and more than 50% of employment worldwide.

   For SMBs to thrive in the digital economy, they must evolve their operations and platforms with new payment experiences that will enhance the customer experience, be it face-to-face or online. Omni-channel retail is essential for businesses of all sizes, because customers expect to be able to seamlessly move from browsing on a mobile device to picking up their ordered item in-store without a hitch.

   With the current economic uncertainty, capital is getting more expensive, with lenders and investors deploying their funds with more scrutiny. With new payment innovations, SMBs can gain access to more efficient working capital that can free up liquidity for other essential business obligations.

5. Open banking

   Open banking has immense potential to enhance user experiences through improved credit decisioning, expedited on-boarding experiences and digital identity, by making crucial financial data accessible to promote more transparent relationships among consumers, businesses, and banks and also allow third parties to offer more customised financial services.

   Regulators across Asia Pacific are also seeing the potential of open data and open banking. Leading the charge in the region is Australia, while other central banks in the region are starting to make good strides in developing open data frameworks that will shape future open banking practices. Think of this as paving the way for more potential new digital bank launches in the future, as well as introduction of more financial solutions embedded into consumer platforms such as marketplaces and super-apps.

Also read: Achieving a sustainable future by harnessing IoT and data

Visa Accelerator Program: A gateway to digital payments

The payments landscape is ever-evolving and opportunities are abound for the year ahead. Startups and fintechs must arm themselves with the right tools and knowledge to maximise their business potential. A wealth of support, resources, and expertise are available through myriad of corporate innovation programs in Asia Pacific to help startups unlock the next big breakthrough in payments.

On the Visa Accelerator Program as one such opportunity for startups and innovators to become a catalyst of change in the payments industry, Kunal Chatterjee, Head of Innovation, Asia Pacific, Visa says, “We want to help startups unlock their growth potential and scale across the Asia Pacific region, and our six-month program is designed with broader market reach, product solutions, technical integration, and rapid commercialisation in mind. In fact, many of our startups have uncovered new commercial opportunities with Visa and our client partners during, and even after completing the program.”

There are many reasons to apply for the program, including rapid testing, access and partnership, exclusive mentorship, and business scaling. During the program, startups will collaborate to address challenges and explore opportunities in the digital payment field. Participants will also have the chance to receive mentorship from experts while co-developing, testing, and iterating new solutions.

Application to the program is ongoing and will run until January 10, 2023. Learn more about the program and how to register here: https://www.visa.com.sg/apaccelerator

–

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

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

– –

Photo by Karolina Grabowska via Pexels

The post Five digital payment trends to watch for in 2023 appeared first on e27.

Eratani, an Indonesia-based agritech startup that provides end-to-end farm management solutions for local farmers, announces the close of their oversubscribed US$3.8M seed funding round led by Singapore-based VC firm TNB Aura and with commitments from AgFunder, Trihill Capital, and B.I.G. Ventures.

In a press statement, Eratani said that with the new funding, it aims to further scale its operations as they continue to digitise agricultural processes, perfect its farming management programs to best suit farmers’ needs, strengthen the team’s core operations, and expand to new areas in Indonesia.

Eratani will also be maximising its ongoing collaborations with the government. Through their involvement with the Ministry of Communications and Informatics’ Startup Studio Indonesia and through their partnership with the Agricultural Ministry of Indonesia and the Indonesian State Logistics Agency (BULOG), the team is set to receive further support in developing Indonesia’s agricultural ecosystem, strengthening their mission to enable food independence in Indonesia.

Through this funding, it projects to empower more than 50,000 fostered farmers by the end of 2024.

“It has been amazing to see the impact Eratani is already making in the lives of our very own farmers. With the traction, funding, and support we’ve received, the Eratani team is eager to continue our journey in building the ecosystem our country’s farmers deserve,” stated Eratani CEO Andrew Soeherman.

Also Read: The opportunities and challenges Singapore’s agritech sector faces

The startup said that the agricultural sector in Indonesia remains highly fragmented, with farmers still managing their own farmland while working with limited access to finances, quality supplies, and the market. Locally, according to the Indonesian Central Bureau of Statistics, around 75 per cent of Indonesia’s farmers continue to practice traditional cultivation methods.

Eratani was founded by Soeherman, Kevin Laksono, and Angles Gani.

It accompanies farmers from the beginning to the end of their farming process. Using field data statistics collected by the Eratani team, they are able to help increase farmers’ productivity. This data-driven farming management technology includes scientific agri-inputs instruction, agricultural education with selected agronomists, and the distribution of their agri-output for commerce.

Vicknesh R Pillay, Founding Partner of TNB Aura, said that “due to the highly fragmented nature of the agri value chain in the region, TNB Aura believes Eratani’s farmer-centric approach led by a mission-driven team is key to accelerate the transformation of sustainable food security in Indonesia.”

Since its 2021 launch, Eratani said that it has managed to onboard more than 10,000 fostered farmers across the island of Java, managing a total of 8,000 hectares of land and supporting the production of more than 52,000 tons of rice within a year of operating.

—

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

Image Credit: pompjaideaw9

The post Eratani closes US$3.8M in seed funding to grow platform-based ecosystem for farmers appeared first on e27.

Handprint, a Singapore-based technology platform that is building the regeneration infrastructure for the digital world, today announced that it had secured further investment from Singtel Innov8, the corporate venture capital fund of Singtel.

The additional investment takes Handprint’s total seed funding to over USD$3 million. The seed funding was first announced in March 2022.

In a statement, the company said that the new funding would enable Handprint to continue building technologies that help companies create certified, positive impact and turn sustainability into a competitive advantage which it dubbed as a revolution in corporate sustainability as we transition towards a regenerative economy.

In addition to announcing the funding round, Handprint also announced the launch of its new product Handprint for Impact Partners, a SaaS platform designed to make it easier for NGOs of all sizes to digitise their regenerative efforts, promote their impact projects to corporates and measure and report their verified impact in just one platform.

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

The platform will empower NGOs to manage and report the impact they create in a quantified way, providing continuous assurance to the businesses that back them.

It also enables NGOs to receive recurring funding, with no upfront cost, and digitise their processes for more transparent reporting of their impact and finances.

Handprint said that earlier this year, the World Economic Forum identified 15 key limitations to well-intentioned corporate sustainability pledges. Among them were the lack of trust in the verifiability of projects and their reported impact, as well as the over-focus on decarbonization and offsets at the expense of other important environmental challenges, like the depletion of species and destruction of natural habitats.

Launched in 2020, the Handprint platform was created to solve these challenges. Through the Handprint platform, companies can select from a range of verified climate, nature and social projects and embed that positive impact into their products and services, helping companies become truly planet positive.

Handprint said that its platform can also cut up to 80 per cent of the intermediary costs traditionally associated with impact projects thanks to the use of technologies like satellite imagery and machine learning for verification, solving for two key challenges facing companies and NGOs: value and trust.

—

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

Image Credit: Handprint

The post Handprint raises additional funding from Singtel Innov8, launches Handprint for Impact Partners appeared first on e27.

Digital Entertainment Asset (DEA), operator of the PlayMining NFT gaming platform, announced that it had raised a US$10 million investment from Los Angeles-based LDA Capital, a global alternative investment group.

The funding was meant to further accelerate its business and market expansion and to help optimise the development of PlayMining.

“DEA is very pleased to receive funding from LDA Capital, especially in the current bear market conditions,” said DEA co-founder and co-CEO Naohito Yoshida.

“We have been rapidly building out our catalogue of Play-and-Earn (P&E) NFT games, now enjoyed by 2.6 million users. This fresh funding will help develop our platform and drive market expansion even further, as we continue to actively form more strategic partnerships that broaden our ecosystem and to consolidate a leading position in the Web3 entertainment landscape.”

DEA is a Singapore-based global Web3 entertainment company launched in 2018. It manages intellectual property (IP) monetisation for content creators and operates the PlayMining platform, which comprises a growing selection of P&E games, the PlayMining NFT marketplace, the in-development PlayMining Verse metaverse and the DEAPcoin ($DEP) token.

Also Read: Singapore gets an NFT-gated Web3 co-working space Metacamp

LDA Capital is a global alternative investment group with expertise in complex cross-border transactions. Founded in 2018, it provides dynamic financing solutions to high-growth and capital-intensive businesses.

The LDA Capital team has collectively executed over 250 transactions across the capital structure in both public and private markets across 43 countries with aggregate transaction values of over US$11 billion.

Last month, DEA raised a minority investment from Rakuten Capital, the corporate venture capital arm of Japanese e-commerce and internet services giant Rakuten Group.

A separate Web3 partnership was also signed which sees the two companies.

DEA has users from all over the world, but has an especially large stake in Japan, with DEP being the first P&E token officially approved by Japan’s Financial Service Agency.

DEA also recently entered a business alliance with Japanese television station TV Tokyo to collaborate on content that educates the mainstream Japanese audience about Web3 technology.

—

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

Image Credit: sidelnikov

The post DEA raises US$10M from LDA Capital to accelerate NFT gaming platform PlayMining appeared first on e27.