SFF 2022 insights: Enlisting fintech to help create a sustainable future, jointly produced by McKinsey & Company, Elevandi and the Monetary Authority of Singapore (MAS) — showcases how fintechs can contribute towards a greener future. The report draws on insights shared at the ESG track of the Singapore Fintech Festival 2022

The report draws from the environment, social, and governance (ESG) track of the Singapore Fintech Festival 2022 (SFF 2022) that took place between November 2 to 4, 2022 and includes insights from respectable leaders present at SFF 2022. These include Anthony Tan, Co-Founder and Group CEO at Grab; Eric Lim, Chief Sustainability Officer for United Overseas Bank; Helge Muenkel, Chief Sustainability Officer for DBS Bank; Mark FitzPatrick, CEO at Prudential; Nikhil Rathi, Chief Executive of the UK Financial Conduct Authority; Ravi Menon, Managing Director of MAS; and Sonam Wangchuk, Founder of Himalayan Institute of Alternatives.

Key insights from the report:

• The move to a net zero global economy by 2050 will require the greatest reallocation of capital since World War II, coupled with a massive influx of financial innovation.
• Data remains crucial in supporting the innovation of fintechs: Data collection and analysis are crucial factors in whether fintech innovation can successfully support sustainability goals. Data is necessary to make informed decisions, evaluate market participants, and assess the success – or failures – of initiatives. Yet good data remains a scarce commodity.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

• Fintechs are already playing a role in driving the sustainability agenda. “Fintechs for Good”, i.e. fintechs that embed an ESG agenda into their core product portfolio, operations and mission, attracted US$2.1 billion in funding in 2021, and this trend is expected to continue. As sustainability efforts proliferate, a key challenge for all companies would be to demonstrate real impact and self-protect against greenwashing.
• Encouraged at least in part by increased concern for climate change, regulators around the world are taking a keen interest in sustainability claims by corporations, particularly their reporting activities.

One of the most pressing issues highlighted was sustainability, particularly the critical need to prioritise efforts in this area, both by the fintech sector and the rest of the world.

Commenting on the launch of the report, Pat Patel, Executive Director of Elevandi said, “Net zero is a massive mountain to climb, and reaching the critical sustainability goal will test society’s capability and commitment. The McKinsey Global Institute has provided a steep estimate – that US$275 trillion in capital spending between 2026 and 2050 would be needed.

At Elevandi, we firmly believe that an active dialogue and collaborative projects between the public and private sectors will make a difference. In the first half of 2023, we will continue to bring policymakers and regulators together with corporates, startups and investors to progress frameworks and concrete initiatives. We’ll be convening key global leaders in Rwanda to focus on inclusive and sustainable fintech projects and Switzerland to focus on technology and data frameworks required to move the sustainability agenda forward.”

The SFF 2022 insights: Enlisting fintech to help create a sustainable future report is one of the seven reports Elevandi will be releasing with consultant partners, which include topics such as Web3 and digital assets, banking for business, balancing innovation and regulation, the future of fintech in growth markets, and how fintechs can become more resilient to volatile market conditions.

Read the full reports now on the Elevandi website. Up to 13 more reports will be released in Q1 2023 with insights from the roundtable discussions at the Elevandi Insights Forum at SFF 2022.

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Jolene Lum is currently the Client Development Manager at Nurasa, a wholly-owned subsidiary of Temasek. She has been enthusiastically working in the sustainable food industry for most of her career.

Before Nurasa, Lum was an agritech venture builder and served as Founder and CEO of Urban Tiller, which connects viable urban farming with hyper-local supply chains. 

She also co-built and ran a Singapore insect farming enterprise for sustainable animal feeds and helped to create one of Asia’s first mycelium alternative protein startups.

She received her Bachelor’s with Honours from Yale-NUS College.

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

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

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

Here’s a fun interview where I did something similar.

A more updated response to a five-year-old is that I work on helping new foods and better-for-you-and-the-planet foods become everyone’s next favourite food. Because everybody eats and loves food, it is the most exciting thing that could improve health and better the planet.

To do this, I work towards new ingredients like making your favourite sandwich- but with better components to taste as good as possible but in many ways create better jobs, better lives, and hopefully a better environment.

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

The biggest highlight and challenge was being a very young founder and CEO, building and running a team older than me and working in an industry’s supply chains that were very entrenched and operated on processes that were hard to change.

The growing and trading of fresh produce we eat daily is not something the average consumer thinks about, but the experience of eating fresh produce is something magical and refreshing when it truly is fresh and grown with care.

The highlight was that I delivered the freshest produce in town and redefined what salads and fresh produce could be for many of my customers (according to them) from a perspective of nutrition. This was possible because we were in touch with local supply chains and gave the customers an option of ultra-fresh, next-day, plastic-free delivery with very little food waste. I had the chance to honour our local farmers, see their work and share their stories.

The challenges abound, running my startup was like getting an accelerated MBA while also having to execute in the real world (raising money, hiring and training a team, customer management, product and R&D management) all at once. I was tired, and when I knew I had to let go, I had little left to give of myself.

Also Read: Always be adventurous and inquisitive: Carl Jones of SAP Concur

But it taught me how to let go and gracefully recognise opportunities for what they were, learn from processes, and become a better person for others, especially my team. I learnt so much about the industry’s potential to fulfil my career, and most of all learnt a lot about myself and how I wish to best add value to the lives of others and future organisations I join.

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

I envision a lot of challenging myself to reflecting on what I want to be when I grow up!

The more I’ve experienced in my brief career, the more I realise that I do not know and am not very good at. My good fortune is that I still have the time to do many things and figure out what it means to me to have my career be a means to serving my community, my team, and whoever I encounter.

I envision the next five years of my career will involve a lot of engaging with stakeholders and learning how best to communicate and connect with others. This is an essential skill to become a better thinker and operator because it places the question of human experience at the centre of how the world should change and why.

I look forward to speaking with fellow entrepreneurs (past, current, future) to connect the dots and continue bringing people together to create robust ecosystems for collaboration and nurturing for failures (aka innovation)!

What are some of your favourite work tools?

I like a gridded notebook. Writing things down with pen and paper helps me focus my thoughts and reframe what I am trying to do and need to get done. I also like a good water bottle.

I try to minimise screen time when I need to think and minimise phone time when I am trying to work. That’s a valuable mind tool.

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

My job is awesome in several ways. Even though I left my startup, I found myself in another ‘startup’ environment at Nurasa, a new subsidiary of Temasek that is trying to accelerate the commercialisation and adoption of sustainable foods.

At Nurasa, one of my most time-intensive projects is building up the new Food Tech Innovation Centre in Singapore. God knows how much I’ve learnt about the construction and interior design industry!

I learnt that I enjoy designing spaces and am glad I got involved in a lot of that design and build process even though it isn’t my main job scope, but it really helped me appreciate the design that is well-informed by the needs of the user. I’ve secretly been offering to help my friends design their new homes or at least inspect construction efforts. Haha.

Do you prefer WFH or WFO, or hybrid?

I appreciate a hybrid set-up where I still spend about 85 per cent of my time having physical facetime with my team. I thrive on human interaction and prefer to drive action face-to-face with someone. I believe that thinking with others in-person also sets you up for more successful WFH or remote arrangements and scenarios when they arise.

What would you tell your younger self?

The first few years of your career will define you, however you let it. It is tempting to seek stability and familiarity with reference to what your friends are doing. This is good for many aspects, from feeling financially secure to being on a safe trajectory.

Also Read: Be hungrier and bolder to explore a variety of industries: Sharina Khan of Thoughtworks

I challenge you, however, to continue to push the boundaries of what it means to be a renaissance person and to reflect on how you can best create value in the world that will create a future that is meaningful, personal, and inclusive

I also challenge you to be kind and generous to your colleagues, superiors and subordinates, to continue creating community and shared values that will make your work impactful not only on a KPI level but also in creating safe spaces for people who might not have known them before.

Be very clear in communication, know what you mean and where it comes from. This will constantly keep your thinking sharp and clear, which is increasingly rare when it is so easy to do what you are told.

Can you describe yourself in three words?

Goofy, energetic, curious.

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

I’d most likely either be cooking and making new batches of pickles at home or trying to send a problem at the bouldering gym—a lot of the time with friends.

What are you currently reading/listening to/ watching?

I’m reading Emily Wilson’s rendition of The Odyssey, which is so great on many levels. I’m also reading Philip Tetlock and Dan Gardner’s Superforecasting, in a crazy time of movement in tech and AI. When there’s time, I watch Tom Clancy’s Jack Ryan. It’s great.

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On Tuesday, Southeast Asian (SEA) consumer fintech company Fave announced that Co-Founder and CEO Joel Neoh is set to leave the company by March 2023.

In an email interview with e27, Neoh explains what drives him to leave the company at this stage.

“For the past eight years, Fave has been my life’s work, and I’ve had the privilege of working with excellent leaders in the SEA region,” he writes.

“Since April 2021, Fave has been part of Pine Labs, one of India’s top fintech unicorns, expanding into India and experiencing strong growth in SEA. With a solid leadership team in place and an exciting product roadmap ahead, Fave is now part of a resilient fintech unicorn group which is set to break boundaries for growth in the coming year. After 13 years as an early founder of Groupon in Asia and Fave, I’m proud of the journey thus far and certain it’s an ideal time for a break.”

Neoh also explains more about his upcoming plan after leaving the company and his views on seizing opportunities during a crisis.

Also Read: In brief: Malaysia’s Proficient raises funding; Fave launches BNPL in SG, MY

What is coming up next for you? Why is this the right time to do this?

Since co-founding my first tech startup SAYS.com in 2009 with Khailee Ng, I’ve gained valuable insights from the startup and entrepreneurship ecosystem. As I take a break this year to rest and explore new endeavours, I’m eager to give back and support other founders and entrepreneurs in the region.

Over the past 10 years in SEA, the tech sector has witnessed a surge in new companies, hundreds of VC-funded firms, and a few unicorns and public-listed firms, leading to a set of quality founders with tremendous potential. It would be an honour to assist these leaders on their journeys from zero to one.

How do you prepare the Fave team for your departure?

The Fave team is highly resilient, and the founding team has worked together for years, with many colleagues remaining since Day One. As I prepare to depart, I’m thrilled to witness them take the company into the next phase, and I’ll be their biggest supporter and cheerleader.

Additionally, Amrish (Pine Labs CEO) has kindly offered me a permanent room in the Fave office, which I’m grateful for and can use anytime. Even though I’ll be stepping away from my role, I will still be part of the Fave family and will visit my colleagues regularly. I have developed a strong bond with them and will always cherish the memories we’ve created together.

What do you think is your greatest achievement or milestone with Fave? What lessons did you learn from it?

Building a household brand for millions of consumers in multiple countries without raising hundreds of millions wasn’t easy. The entire Fave team deserves credit for their grit, heart, and hustle since the beginning.

As we scaled up, it was a privilege to maintain Fave as a great place to work, despite the challenges of growth. We’ve always prioritised people since we believe people equal business.

It was also a privilege to collaborate with major banks and fintech players in the region, including DBS, UOB, Google Pay, Singtel, Grab, Touch ‘n Go, Adyen, and Maybank, to launch a SEA-centric brand in India, reaching our first million users.

Also Read: Ecosystem Roundup: Singapore’s Insider raises US$32M Series C; gojek names new CTO; AwanTunai, NDR Medical, Percipient, Fave secure investments

What had been the toughest time you had to go through with Fave, and how did you survive it?

While it may seem like a common idiom, I’ve always believed that tough times don’t last, only tough people do. This belief has taught me to never give up when the going gets tough. The past few years have been dynamic, with heavily-funded competition, COVID-19 disruptions, inflation, and rising interest rates. Overcoming these challenges took tremendous willpower and discipline from the Fave team and me, and we emerged stronger in the end.

Amidst back-to-back global crises, which opportunities do you aim to seize this year? How would you do it?

I believe that every crisis brings an opportunity, including creating more quality companies, as only the best will survive and thrive. This also creates more quality leaders, who must level up to find opportunities to grow and survive, a process that builds strong character.

As for myself, I look forward to partnering with many of these quality leaders and companies to build breakthrough products and services.

What lessons/approaches do you carry over from your time with Fave, that you plan to implement in your new role?

There is currently no new role on the horizon, I’m in fact looking to invest in others and help them succeed. My philosophy and approach are always to dream big but start small, scale fast, and fail faster. I’ve learnt and grown so quickly and efficiently with this approach.

As mentioned earlier, I believe that people are the core of any business. If you take care of your people, they will take care of your business, and you will grow together. Ultimately, success comes down to execution, how quickly we can adapt, innovate, and evolve.

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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: Fave

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Cube Asia, an online retail insights company in Singapore, has raised US$1.5 million in seed funding led by Wavemaker Partners.

M Venture Partners and several angels, including 7-Eleven Philippines CEO Victor Paterno, Smartkarma Co-Founder Raghav Kapoor, and Zenyum Co-Founder Julian Artope, also co-invested.

The funding will be used to expand its technology, product, and data teams to enhance its data quality for customers across Southeast Asia.

Founded in 2022 by Sarabjit Singh and Simon Torring, Cube Asia aims to enable subscribers to make more data-driven decisions in areas like e-commerce pricing, discounts, assortment, and influencer engagements – thereby enabling more rapid and profitable online growth in Southeast Asia’s US$170 billion1 e-commerce market.

The company also offers granular market size and market share insights to help brands make strategic decisions on new investments or product development.

Also Read: How retailers could prepare for the next consumer recession, if it were to come

“Our proprietary technology is a big-data machine that continuously aggregates data from public and proprietary sources, including extensive primary research, and triangulates across thousands of data points to produce an accurate and granular picture of Southeast Asia’s online retail landscape. It’s something we wish existed in our past lives as e-commerce practitioners and consultants, and we’re thrilled to bring it to market now,” says Singh.

Cube Asia’s first product is MeterCube for TikTok Shop. This data and insights suite helps brands and retailers increase their revenue and profit on TikTok Shop by providing access to detailed insights, including up-to-date rankings of popular TikTok accounts, top-selling products in different categories, pricing and discount trends, and category-specific market sizing.

MeterCube for TikTok Shop is live in six markets across Southeast Asia and is available to brands, retailers, and other companies on a subscription basis.

Cube Asia counts emerging brands like ESQA Cosmetics, retailers like Little Farms, and institutional investment firms like IFC among its early customers.

Beyond TikTok Shop, Cube Asia will expand coverage to other popular e-commerce and social commerce channels like Shopee, Lazada, and Instagram through 2023.

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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.

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There are several points in the recently announced SG Budget 2023 that could be relevant for the tech startup ecosystem in Singapore, but in this opinion piece, I would like to put the emphasis on those that are relevant in supporting the move towards net zero.

Carbon neutrality, which is defined as a state of net zero carbon dioxide emissions, has been making headlines in the past year–for the right reason. If we look at the list of recent natural disasters related to the climate crisis that we are facing, we can see that the stakes are getting higher and higher. If talking about the lives lost due to these disasters is not enough to inspire us to do something, let us talk about the cost.

The World Economic Forum happens to have a list of the 10 costliest climate disasters of 2022. As we can see here, these disasters caused more than US$3 billion-worth of damage each. The list is limited to disasters that happened in 2022; I could not dare to imagine the number if included what had happened in the previous years.

But the good news is that the startup ecosystem is making a move–however small.

In addition to building solutions that can directly tackle challenges related to the climate crisis, such as handling plastic waste pollution, we also begin to explore ideas on how the different verticals in the tech industry can play a role. We have looked at the role of fintech and blockchain in the transition towards net zero; we have also looked at green buildings and emerging technology.

Also Read: ‘There’s a lack of urgency among companies in achieving net zero targets’: Unravel Carbon’s Grace Sai

This is why the appearance of “low-carbon transition” in SG Budget 2023 is a welcome addition.

According to Hari V. Krishnan, CEO and Managing Director at PropertyGuru Group, in a public statement, the measures announced in Budget 2023 reflect the growing local investments in sustainable urban living.

“We believe that the increase in the carbon tax rate, greening our buildings and vehicles, as well as growing national climate-related resources, will help Singaporeans put eco-consciousness top-of-mind in their daily lives,” he writes.

“According to our PropertyGuru Singapore Consumer Sentiment Study H2 2022, three in five surveyed Singaporeans are open to, but unsure of, the idea of a net-zero home. Furthermore, one in three respondents said they would purchase a net-zero home.”

He explains the steps that the company is taking to make green living easier for customers.

“To make eco-friendly options more accessible to Singaporeans, we continue to develop solutions such as PropertyGuru Green Score – a sustainability rating attributed to condos and HDBs listed on PropertyGuru.com.sg. This, along with our green living guides, helps local residents understand how eco-friendly a home is so they can make informed greener choices.”

Also Read: Singapore’s Transport Capital launches VC fund for decarbonisation, digitalisation startups

Another important aspect of sustainability is food security.

The budget includes the extension of the Energy Efficiency Grant for SMEs in the Food Services, Food Manufacturing, and Retail sectors to adopt energy-efficient equipment.

In addition to helping with the aspect of energy conservancy, according to Emon Zaman, Senior Vice President, Asia Pacific, AVEVA, this move symbolises a “step forward” to boost Singapore’s collective food security.

“We are heartened to hear that the government is extending the Enterprise Financing Scheme and Energy Efficiency Grant till March 2024 to help businesses. Specifically, the Energy Efficiency Grant will help businesses in food services and food manufacturing invest in energy efficiently – thus strengthening Singapore’s food resilience, reliability, and sustainability,” he writes to e27, adding that this is in line with the company’s objective.

“In truth, there are no fixed endpoints to issues surrounding food security as many external factors such as climate change and geo-political affairs continue to create a volatile economy. The recently announced initiatives are instrumental in encouraging SMEs to develop new innovations and solutions to increase the amount of food produced, drive greater self-resiliency, and expand crop cultivation capabilities and capacities. However, as a nation, we should always continue to innovate to ensure the long-term viability of food production and food security for future generations.”

Also Read: This Indian startup dreams for a planet with Zero(e)Waste

Last but not least, as an ecosystem, we must use this opportunity as a reminder that contributing to decarbonisation is not something that is exclusive to climate tech startups.

The recent pandemic is a good reminder that the worst, most unthinkable thing can actually happen.

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