Forced to adjust to socio-economic circumstances beyond their control and armed with technology that gives them more access to expertise than ever, consumers today are developing a stronger sense of self-reliance.

Accenture’s research shows that nearly three-quarters of consumers in the Asia Pacific feel empowered to make key decisions in their own lives. They are more self-assured in setting priorities and feel a greater responsibility to make decisions that benefit themselves, their families and society. They are also rethinking the values that drive them and reimagining their life purpose.

Above all else, self-empowerment is on the rise. Consumers are now ready to act in their own best interests. In fact, more than half say that company and brand names are not as important to them as they used to be, and what they look for in a product or brand is likely to change depending on circumstances. The question for companies is: are you ready for this shift?

Active participation and a sense of belonging

Technology now provides a channel for consumers to take control of their belonging and decisions. For example, artificial intelligence is breaking new ground and helping people harness their innate creativity. Anyone can create reasonable-quality language, image and video content with seemingly little effort or learned skill.

Also Read: The future of Web3 communities: What’s next after the NFT community craze?

Through technology, consumers can now participate and shape the future of the brands they love. In recent years, people have been seeking new places online where they can feel a greater sense of belonging and control. With reimagined values and purpose, they are focusing on hobbies and activities that give them meaning and have started seeking out digital groups where they could explore their interests.

Three threads are converging:

• Online communities of interests and belonging: Globally, Reddit, Discord and Twitch have made it easy to find kinship among people who will actively listen, engage in, and talk about niche topics. There’s a digital channel for everything, from activist causes to coffee, skincare and home renovation. In the Asia Pacific, at least 65 per cent participate in online communities, with food, drink & cooking, health & wellness and travel communities being the top three types. These communities exist at macro and micro levels, global and local, offline and online, creating places where people feel they belong.
• Token-gating of exclusive content or access: Tokenised access and content have allowed brands to experiment with new ways to monetise branded digital assets and reimagine the experience for superfans into one where two-way loyalty is at the core. India’s cloud-based platform, miniOrange, offers non-fungible token (NFT)-based gated content where users benefit from restricted content through their cryptocurrency wallet. GameFi, or blockchain gaming, allows users to game and earn cryptocurrency rewards, allowing people to monetise their gaming skills and turn hobbies into professions.
• Digital collectibles: The progression of digital communities is prompting brands to develop new goods and experiences for customers. Communities are forming around digital collectibles, which include art, trading cards and brand catalogues. Colexion, a digital collectibles marketplace in Asia, has launched a premium NFT marketplace in the sports, entertainment, art and lifestyle industries. The platform has collaborated with international celebrities from these industries to sell highly valued souvenirs, from ticket stubs to autographs and more. 8SIAN, an Asia Web3 brand recently collaborated with Vogue Singapore to launch a giftable Love Chain NFT set that provides exclusive access to activities and games in Vogue Singapore’s metaverse spaces.

Ultimately, the opportunity for companies here lies in exploring new places to foster a deeper connection and relevance with people, as their passions, hobbies, and interests tip beyond loyalty into active community participation.

Harnessing the power of belonging

While online communities populated by people who articulate or perhaps unwittingly surface an unmet need will lead to more brands creating products specifically because of online communities, brands must engage their communities or build a new one to grow a customer base. Crucially, the community will lead brands to understand what their consumers — multi-dimensional beings who are complex and constantly evolving — are interested in.

Also Read: How to launch collaborations that grow communities: A guide for Web3 founders

Brands like Doodles are already proving the business model. The Doodles NFT project is a profile picture collection from artists that portray different cartoon characters with joyful pastel colour combinations. It launched in the middle of an NFT frenzy but instead of going big right out of the gate, it built a dedicated, tight community of fans who were financially and emotionally invested in the brand — a rare combination in a space known for speculative investment and making a quick buck. As Doodles has grown, so has participation, with customers taking a proactive role in shaping its future.

Even long-established online communities are branching out in several directions in search of new revenue lines. Reddit, for example, has launched an NFT-based marketplace where people can buy blockchain profile pictures for a fixed rate and released digital collectible avatars on its website and mobile app. This is compelling evidence that community-based engagement is tipping into the mainstream.

These Web3 developments will give brands more direct contact with and influence over their community. Brands must be prepared to make decisions around the dynamic of the new relationship. Will participants be treated as customers or as part of the brand? They must not just prioritise those who will generate profit. The customer relationship must be shaped in a sustainable and organic way that enhances the power of communities and allows them to contribute to bottom-up innovation.

Belonging to a community is a feeling people value, and technology is now enabling a new way to nurture communities where people can connect and build something meaningful. It doesn’t replace in-person connection — it’s simply another route.

Ultimately, customers have one powerful message for companies. “My life is changing faster than ever. How will you stay relevant?” Technology is not the most interesting thing here for the customer. Web3-enabled communities and tokens are just vehicles— customers will buy a benefit that they have deemed relevant to stay in their unpredictable lives.

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Growing up, I’ve always thought of myself as a risk-averse person – a stickler for rules. But looking back at my three years in Hong Kong, it seems like a whole different story. 

My first startup right out of university was challenging with the long hours and little pay. Not to mention the added stress of having close to zero experience and learning everything from scratch. 

But as they say, every end is also a new beginning. The day I left the company I started was also the day I bought an air ticket to Hong Kong for a job interview with a company that barely showed up on Google – and that, ladies and gentlemen, was the start of something new.

An unexpected detour that took me from Singapore to Hong Kong

In 2018, I graduated from Singapore Management University’s business school and stumbled into founding a startup with an acquaintance. We were both first-time founders and finding our way in life – a.k.a. adulting.

We had some initial successes, and as cheesy as it seems, we complemented each other like yin and yang – I was the prim and proper university graduate, while my Co-Founder was the street hustler that got things done. 

But as time went on, our differences started to fuel disagreements, and before I knew it, I was burning out.

So in December 2019, while browsing tickets for a three-month sabbatical to Taiwan, I explored and applied for some freelance opportunities to keep the trip financially viable. Within 30 minutes, I received a response from Henson Tsai, the Founder of a Hong Kong-based B2B omni-channel social commerce startup SleekFlow. And he asked if I would be open to an interview next week. In Hong Kong. 

Also Read: How e-commerce brands can tap into the US$600 billion social commerce market potential

While I wasn’t expecting such a quick response, I really empathised with his drive and passion. It reminded me of me when I was working on my startup. Besides, I didn’t mind escaping Singapore’s humid weather. So with my dwindling bank account balance, I “YOLO-ed”, bought my plane ticket and flew over the following week. 

Taking the most expensive cab ride of my life

Upon landing in Hong Kong on Christmas Eve, I received a message from Henson, who asked to push up the interview by two hours. Seeing that it was already noon, I sprinted to grab a cab. 

And as luck would have it, I hopped off the red taxi at SleekFlow’s HQ with a dream and a cardigan (and SG$80 less in my wallet). At this point, I’ve already spent SG$1500 on my plane ticket, hotel, and transportation. And the thing is, up till then, I wasn’t even hired and haven’t even met my prospective boss yet! 

But when I finally did, I got to understand Henson’s vision for SleekFlow better – to be the number one SaaS company in the world. Honestly, I expected such a bold claim to come with a team of a proportionate scale. But at that time, SleekFlow had a grand total of three employees: Henson, the Founder; Peter, the backend developer; Paul, the frontend developer. All three of them were working in a room with just enough space to fit four people with a product that looked like the first iteration of Facebook Messenger.

I didn’t think much about the prospect of hearing back from Henson again and spent the next few days exploring Hong Kong before heading back to Singapore.

To my surprise, a week or so later, Henson offered me the position as the fourth person in SleekFlow. Having wanted to experience working overseas, particularly in Hong Kong, since my younger days as an aspiring filmmaker, I jumped at the opportunity.

We all need to start somewhere

I took a one-way flight to Hong Kong on the 26th of January 2020 with promises to visit family and friends back in Singapore every three months. Little did I know that three months turned into 19 months when COVID-19 hit. 

There was a lot of uncertainty and doubts during that time. It was an understatement to say that the first few months were tough. Apart from dealing with the mask, rice and toilet paper shortage, I also had issues getting a Hong Kong bank account set up and had to constantly transfer money from Singapore.

But things were taking off at work. As the pandemic drove everyone indoors, more businesses understood the importance of WhatsApp to engage and support customers better. 

At SleekFlow, while we initially set our sights on American and European markets that were less affected by COVID-19, we decided to hunker down and focus on Asia as we noticed that people in Asia were starting to shift their day-to-day activities online. 

With that insight, we built tools centred around retail businesses’ needs. Starting as an omnichannel platform that merges popular messaging channels like WhatsApp, Facebook Messenger, Instagram DMs, and Telegram into one, we evolved to offer more holistic services like routing chats, setting automated workflows and customising chatbots fit for a world dealing with social distancing.

As the only non-technical person apart from Henson, everything that did not involve coding or finances was basically mine to tackle. I was writing blogs (in both English & Traditional Chinese!), doing SEO audits, putting out ads, pitching to customers, and even doing customer support at two am – an experience I will fondly remember as it led to a product that has impacted businesses globally.

Almost a month after, we landed our first hospitality customer. And even though our platform was glitchy at the start, the customer stuck with us while we gradually resolved our issues. 

But of course, that version of SleekFlow’s long gone. And as much as I have changed, SleekFlow has undergone a series of upgrades, including a payment solution that allows consumers to buy directly from chat platforms to cater to the rise of social commerce.

The reality of building a startup is that you need to be as adaptable as a Swiss Army knife. My role at SleekFlow changed almost every three months, and in the past year, I was even sent back to Singapore to grow the ASEAN region for three whole months! 

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

One night, while in a hotel room in Malaysia, I found myself randomly scrolling through Slack, and I came across our monthly active members’ dashboard: 

 

It really put things into perspective – how we went from a four-person office to 60 people in Hong Kong, closing our US$8 million Series A funding round, launching in Singapore and Malaysia in 2021, followed by the United Kingdom, Brazil and Indonesia in 2022, and growing headcount by 30 times in 2023.

My journey with SleekFlow has brought me some incredible experiences and connections in Hong Kong and beyond. My role has since transformed from taking over performance marketing in 2021 to spearheading the Partnerships team. Since joining in 2020, SleekFlow has now established itself as a comprehensive social commerce ecosystem with over 5,000 users in over 20 countries. 

Conclusion

Takeaway #one: Punch above your weight

Scared? Just do it. Don’t think it’ll work? Just do it. In the early days of joining SleekFlow, an important lesson I learnt is: Don’t short-change yourself. It can be putting out a higher quote, asking customers if they need an upgrade, or even asking for a salary raise. If you’ve thought of it, try acting on it – “realistic” is relative.

Takeaway #two: Be open to changes

In a startup, change is normal and the only way to know what works for us is to test it out. That’s why a shift in mindset is necessary. Do not expect that decisions are set in stone, and always be willing to push things out (even if it’s not perfect), be experimental, and consistently work to improve processes. 

Takeaway #three: When there’s a will, there’s a way

Being the “good” kid growing up, I’ve never really questioned authority or why things need to be done a certain way. But after working in Hong Kong for three years, I have learnt to think out of the box as people will throw curveballs, and there’s always a crafty way to get around it. So, weigh the pros & cons, pay the price and quickly get a grip on what’s happening to thrive.

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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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Tech talent platform NodeFlair and YC-style accelerator Iterative today launched a new report that highlights salary trends for tech-related jobs in Singapore. The report stresses that the “tech talent war” continues in the country as companies compete with each other with “jaw-dropping” salary offers.

According to the findings, software engineers are earning increasingly higher salaries with junior engineers now earning a median base salary compensation of S$5,000 (US$3,720) with mid-level and senior engineers earning up to S$7,000 (US$5,200) and S$8,000 (US$5,900) respectively. For managers, the median base salary reaches as high as S$13,750 (US$10,232).

The report also highlights a significant disparity between top earners and those at the bottom of the ladder, with the former earning up to three times more than the latter. Junior engineers at the 90th percentile, for example, can now expect to earn S$8,500 (up from S$7,500), while mid-level and senior engineers can earn up to S$11,000 and S$12,000 respectively. Principal software engineers, meanwhile, can command a base salary of S$19,000 (up from S$17,000).

“We’re seeing an unprecedented demand for highly skilled tech professionals, which is driving salaries to record highs,” says NodeFlair CEO and Co-Founder Ethan Ang in a statement.

“As companies across various industries increasingly rely on technology to drive growth, the value of tech talent has never been higher.”

Also Read: Report: Tech jobs return to SEA, open opportunities for tech talents in non-tech industries

The report analyses more than 169,000 data points from NodeFlair’s proprietary database with key pointers that include Singapore tech talent salary by roles, analysis of top searched companies, and a breakdown of tech talents beyond Singapore, including India, Vietnam, Malaysia, the Philippines, Indonesia and Taiwan.

It concluded as the industry headed into 2023, with all the challenges that it had faced through back-to-back global crises and massive layoffs, the tech talent market is expected to stabilise with continued demand for tech talent.

“Companies with stable business models and strong cash flow will have an advantage in attracting and retaining tech talent, who will place more value on cash compensation over equity. Remote work is also expected to continue, leading to a wider pool of talent and increased competition,” it wrote.

It also noted changes in these companies’ hiring strategies.

“Companies will become more prudent in their hiring strategies, evaluating their business needs and budget before hiring new talent. Additionally, companies are expected to invest more in upskilling and reskilling their employees to adapt to new technologies, leading to a shift towards a continuous learning culture. The tech talent market in 2023 will prioritise stability, remote work, and continuous learning,” it elaborates.

Startups remain popular among tech talents

The report also revealed the companies that continue to be popular amongst tech talents, and local tech giants such as Shopee and Grab are proven to have power alongside international tech giants such as Bytedance and the FAANG.

Also Read: How companies can nurture the next generation of tech talent today

It also puts a spotlight on GXS Bank, the digital bank resulting from the partnership between Singtel and Grab. The company made it onto the top 100 most searched list despite being only launched in 2022. According to the report, the appearance of GXS Bank is notable as it is the only digital bank that made the list, which further emphasises the growing interest in digital banking solutions among job seekers and consumers alike.

According to the report, these companies stood out for their ability to offer salaries well above the market median and have above-average ratings on Glassdoor.

“The report shows that six out of the top 15 most searched companies pay their employees at least 20 per cent more than the market median, while most others pay at least 10 per cent more. Additionally, 13 out of the 15 companies have Glassdoor ratings above the median of 3.8, and 4 of them have ratings at or above the 75th percentile of 4.2,” it explains.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Jason Goodman on Unsplash

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EMERGE Group, a Singapore-based commercialisation partner for brands and content creators, has secured US$2.2 million in a seed funding round.

The round was jointly led by Farquhar Venture Capital and Arcane Group, with participation from Blockcrafter Capital. Angel investors Victor Lai and Yuen Wong, the founder of LABS Group, GEMS Esports, and Bitmart managing partner, also joined.

The funds will be used in EMERGE Group’s two primary business units, EMPLIFIVE and EMPOWER, as it expands further in Southeast Asia. The two units will develop new commercialisation options to resolve different root problems faced by content creators, brands, and other stakeholders in the marketing and advertising industry.

The company also collaborates with Mastercard as part of the Mastercard Start Path Emerging Fintech programme.

Also Read: How e-sports is evolving with blockchain gaming

EMERGE Group was established in 2020. It has established a network of top e-sports teams and gaming influencers and has worked with multiple brands to fulfil their business objectives. It claims to have over 580 million audiences through its network of thousands of content creators and players from renowned e-sports teams, including Bren Esports, Talon Esports, Boom Esports, and more.

The group claims it has achieved over US$2 million in revenue and amassed renowned e-sports teams worldwide to work with them as their preferred commercialisation partner.

“As we have identified various top-notch and innovative organisations to back under our portfolio, we can see the enormous potential that EMERGE Group can grow in key markets,” said Neil Su, Managing Partner of Arcane Group.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post EMERGE Group bags US$2.2M to expand its e-sports network in SEA appeared first on e27.

In December 2022, we interviewed a number of active investors in the Southeast Asian (SEA) tech startup ecosystem about the state of startup investment in 2023.

We wrote that 2022 was a pivotal year as it kickstarted the re-opening of the world after a period of border closures due to the implementation of safety measures against the COVID-19 pandemic. This meant that cross-border business activities resumed to an almost typical level of activities, pushing us to catch up with incoming opportunities (and challenges).

For 2023, “consolidation and explosion” are the two things predicted to come out of it.

“Given the tight capital markets, companies running out of cash will look for acquisitions as a favourable outcome for their investors; and companies that are comfortable with their cash positions will attempt to buy accretive revenue,” says Atin Batra, General Partner at 27V, during the interview.

This means that, in addition to investments flowing into particular sectors, we can also expect to see more M&As happening in the region.

Also Read: AC Ventures, Indies Capital, Penjana Kapital ink deal for cross-border investments

This year, Echelon Asia Summit will be back on June 14-15 at Singapore EXPO to build towards a sustainable and impactful tech ecosystem.

The event will feature six key themes and tracks:

• Soonicorns and the Future Change-makers of SEA
• Future Sectors and Investment Trends
• Growth and Scaling
• Investments and M&A
• Sustainable Growth and Climate
• Web3

For the key theme and track of Investments and M&A, we are looking forward to hearing from investors in the SEA region. We would like to understand more about how the funding winter is affecting early stage startup investment, and how it can potentially impact exit plans for later stage companies. We would also like to dig deep into the existing alternatives for exit for these companies: Will M&A be the best way to go?

Of course, we would also like to hear from the startups as well. If you have insights to share with the community, do not hesitate to get up and speak up!

So, if you are the right person to speak about this key theme and track, or know someone who does, we would like to hear from you. Register HERE and we will get in touch soon.

This is going to be exciting!

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Journeying through the long, winding road of startup investments and M&A in 2023 appeared first on e27.

A portion of Vietnam’s young people is being impacted by the nation’s burgeoning e-commerce industry in terms of lifestyle and purchasing patterns.

Social networking, quick videos, and live broadcasts are powerful influences on a large number of young people who shop online. They enjoy experimenting with new things, are happy to share goods with friends, and can save money by making joint purchases.

Vietnamese recent shopping habits showed prospects for e-commerce development

With a young population and a sizable Internet user base, Vietnam is growing to be the second-largest market in Southeast Asia. The regulatory bodies’ data indicates that by the end of 2022, the percentage of Vietnamese citizens accessing the internet is anticipated to reach 75 per cent due to the growing market size.

A maximum of 74.8 per cent of users are active at once. Internet users have done some buying online. As a result, it is predicted that 57 to 60 million people will purchase online, or around 58.5 to 61.6 per cent of Vietnam’s entire population.

Vietnamese consumers spend a total of US$12.42 billion on online purchases in 2022, an increase of 13.5 per cent over the previous year. There will be over 51 million Vietnamese consumers who shop online. Google and Bain & Company predict that by 2025, Vietnam’s digital economy will be worth more than US$52 billion and rank third in the ASEAN region.

Also Read: Una Brands rakes in US$30M to acquire e-commerce brands in home & living, mom & baby segments

Before 2025, Vietnam is expected to own Southeast Asia’s second-largest e-commerce market, right after Indonesia. Vietnam currently has a medium purchasing size of US$26, higher than the two most populous countries, Thailand (US$25) and Indonesia (US$18).

Vietnamese buying the whole world on e-commerce platforms

When it comes to today’s youth, also known as generation Y, Z, or millennials, e-commerce is such a common concept that questions such as “Do you deliver online?” have become commonplace or “I’m at home, school, or work; you may deliver it there” has become the normal conversation.

A group of young women at the office are grouped around a smartphone during lunchtime and are chatting about something; or, in the cosy setting of a coffee shop, a girl is paying close attention to the smartphone screen. Young people who know how to use technology to get ready for real life are the ones who are not completely involved in the virtual world.

Instead of going shopping together, groups of working women may prefer to purchase household goods at a discount online. Together, they shop online to not only save time and money on purchases and delivery charges but also to benefit from additional discounts and convenience. 

While waiting for her friend to arrive and sip coffee, the girl who was alone had time to order some school or cosmetic materials to be sent home. Instantaneously, it appears that daily tasks like leaving for work, school, or social engagements have never been disrupted by shopping. Since a time that we are unsure of, e-commerce has snuck into every nook and cranny of life.

Instead of wasting time on the streets, many people now prefer to shop at online marketplaces like Tiki, Lazada, Adayroi, and Shopee. Significant benefits of e-commerce include the variety of product categories, ease, and cost-effectiveness. Fast delivery services with a variety of options also dramatically alter customer habits.

Untold online shopping stories – Vietnamese real experiences

N.M. is a mother of a two-year-old son. She discovered that a lot of her coworkers aggressively sent the group join link when they went shopping. N.M. described her purchasing experience by saying, “E-commerce brings the whole world to me through some clicks.” She began to “shop online” over time, discovered affordable things and developed the habit of placing orders with pals.

This is taken to mean that promoting things to others, doing business with them, and exchanging experiences have all turned into hobbies for many people. Consumption of goods and services online has gradually changed from “buying shopping” to “shopping while playing.”

Shopping development and “like-minded friends” in consuming habits have become a required course for many young people in the field of internet buying.

Hung, a 23-year-old freelance businessman in Hanoi, admits that Covid-19 has only slightly altered his purchasing patterns. “Because I was unable to leave the house, I soon became accustomed to shopping online. Maybe I’ll keep doing this behaviour when the translation is finished. E-commerce is quite practical and helps my family and me keep in touch with fewer individuals. Lazada is one of the online stores I use frequently since they ship quickly, offer lots of coupons, and make payments simple”.

Also Read: How ShopUp helps Bangladesh SMEs to take on big players with its B2B e-commerce platform

Khanh Linh, a 26-year-old bank employee, was recently “lost” on the e-commerce platform but has since developed into a “loyal consumer” at these exchanges. The young girl bought everything, including tiny items like hair ties and jewellery boxes, as well as spices, kitchenware, snacks, toothpicks, lipsticks, and home decor. Khanh Linh’s account on an e-commerce site reached diamond status after being active for about three months.

Unstoppable online shopping means wider opportunities

There is no denying the promise of e-commerce, particularly in Vietnam, where young customers dominate the industry and are expected to grow. The e-commerce movement is altering customers’ shopping behaviours across a wide range of categories in both rural and urban settings.

Although Vietnamese consumers like online shopping, it should be highlighted that the majority of the things they buy are inexpensive due to their continued concern about product quality issues and secure payment methods.

The aforementioned benefits, together with the increasing consumer trend toward e-commerce, provide a stepping stone for companies to grow in this industry. Startups with interest in the industry perceive significant development potential. To compete with popular e-commerce platforms in the Vietnamese market, you must, however, offer consumers amazing innovations.

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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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The International Monetary Fund (IMF) recently called for more regulation of cryptocurrencies, arguing that their rapid growth and potential impact on the global financial system make it imperative for governments to take action. While some may view this as an overreach of government authority, I believe that increased regulation is necessary to ensure the financial system’s stability and protect consumers.

The IMF’s concerns are not unfounded. Cryptocurrencies have grown tremendously in popularity over the past decade, with Bitcoin alone reaching a market capitalisation of over US$1 trillion at its peak. While some view cryptocurrencies as a way to decentralise financial systems and provide greater privacy, others have raised concerns about their potential for facilitating money laundering, terrorism financing, and other illicit activities.

Furthermore, the lack of regulation has contributed to the high volatility of cryptocurrencies, which can pose risks for both investors and the broader financial system. Cryptocurrencies are not backed by any government or financial institution, which means their value can fluctuate wildly based on market demand alone.

This volatility makes cryptocurrencies a risky investment and can contribute to financial instability if large numbers of investors suddenly sell their holdings.

In addition to these risks, there are concerns about cryptocurrencies’ environmental impact. The energy consumption required for mining cryptocurrencies is significant, and the carbon footprint of the industry is estimated to be comparable to that of a small country. As the world increasingly grapples with the urgent need to address climate change, the environmental impact of cryptocurrencies is becoming harder to ignore.

The need for cryptocurrency regulations

Given these concerns, it is clear that some level of regulation is necessary to address the risks associated with cryptocurrencies. However, it is important to note that not all regulation is created equal. Heavy-handed regulation that stifles innovation and drives the industry underground is not the answer. Instead, we need smart, targeted regulation that addresses the specific risks associated with cryptocurrencies while allowing for industry innovation and growth.

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

One potential area for regulation is anti-money laundering (AML) and counter-terrorism financing (CTF) laws. Currently, these laws are often not well-suited to the unique characteristics of cryptocurrencies, which can make it difficult to track and prevent illicit activities. By updating AML and CTF laws to better address the risks posed by cryptocurrencies, governments can help ensure that the industry is not used as a tool for illicit activities.

Another area for regulation is investor protection. Cryptocurrencies are a new and complex asset class, and many investors may not fully understand the risks involved. By requiring greater disclosure and transparency from cryptocurrency exchanges and other market participants, governments can help ensure that investors have the information they need to make informed decisions.

Lastly, there is the issue of environmental impact. While regulating the energy consumption of the entire cryptocurrency industry may be challenging, governments could require greater transparency from cryptocurrency miners and exchanges about their energy usage and carbon footprint. This could help incentivize the industry to move towards more sustainable practices.

Of course, there are also risks associated with increased regulation. One concern is that heavy-handed regulation could stifle innovation and drive the industry underground, making it even harder to regulate and control. Additionally, there is a risk that poorly designed regulations could increase the risks associated with cryptocurrencies by driving them into unregulated or offshore markets.

However, these risks can be mitigated through smart, targeted regulation that takes into account the unique characteristics of cryptocurrencies. By working closely with industry participants and other stakeholders, governments can develop regulations addressing the risks associated with cryptocurrencies while allowing for innovation and growth.

Final thoughts

In conclusion, the IMF’s call for more regulation of cryptocurrencies is not an overreach of government authority but rather a necessary step to ensure the stability of the financial system and protect consumers. While there are certain risks associated with increased regulation, these can be mitigated through smart, targeted regulation that addresses the specific risks posed by cryptocurrencies.

I believe that the increased regulation of cryptocurrencies is necessary to ensure the financial system’s stability and protect consumers, and can be achieved through collaboration between governments and industry participants.

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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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Mapxus, a Hong Koing-based startup providing global indoor mapping and navigation services, has completed its Series B funding round, raising over US$5 million.

Japan’s Kawasaki Heavy Industries led the round.

With the new investment, the company will continue to innovate and develop technology solutions for the future of indoor mapping and location-based services. Mapxus sees opportunities both in the government and factory sectors.

Launched in August 2021, Mapxus collaborated with Kawasaki Heavy Industries to provide indoor technology such as digital maps, Wi-Fi fingerprint positioning and SDK for indoor map data infrastructure service in Japan, which is named iPNT-K.

Also Read: This year, International Women’s Day calls for the tech startup ecosystem to look within

With the iPNT-K solution, businesses can apply indoor navigation in commercial facilities such as shopping centres, train stations, and airports to perform location-based marketing, traffic analysis, barrier-free navigation, manage and track operations, facilitate the management, and improve the work efficiency of employees in offices and warehouses.

“With this new funding, we will accelerate our indoor map data infrastructure development in Japan (iPNT-K) with Kawasaki and expand our service coverage in Southeast Asia. We aim to enable businesses to revolutionise their interactions with physical spaces and deliver a comfortable, intuitive, and seamless indoor-outdoor experience for everyone,” added Dr John Chan, Founder and CEO of Mapxus.

The startup recently joined hands with NOIZChain to co-create Honio, an indoor location-based Game-Fi metaverse. Honio aims to connect the virtual and physical worlds through a mobile app that rewards users for spending time in physical stores.

It is expected to launch in Japan by 2023 and other Southeast Asian markets by 2024.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Indoor mapping and navigation services startup Mapxus closes US$5M Series B round appeared first on e27.

As the market becomes more open towards alternative protein, we begin to see a wider variety of products offered by foodtech startups in Southeast Asia. Made from everything from protein whey to even insects, these products offer a healthier and more environmentally friendly alternative to existing solutions.

SoiLabs is one of the latest companies to come up with unique solutions.

The Singapore-based company offers a unique and integrated solution to the issue of okara disposal.

Okara is soy processing waste produced by soy processors or tofu manufacturers. To give a perspective, the tofu industry produces around 800,000 tons of okara in Japan; about 310,000 tons in Korea; and around 2.8 million tons in China annually. Despite its environmental threat, okara is known to be highly nutritious: It has a high content of proteins, fibres, vitamins, phytonutrients and minerals.

To make it consumable, the company transforms okara into Soi-X, a proprietary intermediate that can be used for multiple final products.

According to SoiLabs CEO Mauro Catellani in an email interview with e27, it is a similar concept to converting wheat into flour.

“We could then see that, through the development of the Soi-X intermediate, we had the ability to industrialise the conversion of okara into value-added nutrition products, starting with the cheese and soup,” he explains.

Also Read: Why Buhler believes that collaboration is key to support the alternative protein industry

“This allows us to solve the waste disposal problem for soy processors by converting it into an intermediate product that can be transformed initially into a food product, but also into multiple high-value-added products, addressing other application segments such as animal nutrition, food supplements, cosmetics, biostimulants, and probiotic drinks.”

SoiLabs was founded by Hafnium Ventures, a Singapore-based investment and advisory firm that is focused on speciality chemicals, sustainable materials and agri-food tech as well as in the identification and commercialisation of early-stage innovative technologies and products, bringing hands-on support to their development.

Hafnium cooperates with many institutions and universities in Singapore and abroad, including Republic Polytechnic. It first identifies the technology for producing soy cheese slices, cream cheese and soup from okara during its discussions with the institution.

Nutrition for the nation

According to Catellani, SoiLabs differentiate itself by industrialising the transformation process of okara at scale, and by preventing a valuable, nutrition-rich material from going to waste. By doing this, the company aims to add to the global food supply.

This goal is aligned with Singapore’s 30 by 30 Initiative, a movement to build up the country’s agri-food industry’s capability and capacity to sustainably produce 30 per cent of local nutritional needs by 2030. It is also in line with the Sustainability Development Goals.

“We focus on the vegetarian and vegan market and expanding our product line in these sectors. Okara is a good raw material and a rich source of good fibres; it can also be used as a dietary supplement to prevent diabetes, obesity, and hyperlipidemia,” Catellani says.

Also Read: ‘Meat’ing the needs of the alternative protein space in Singapore

In February, SoiLabs announced that it has raised S$500,000 (US$370,000) in a seed funding round from Sanyo Chemical and Hafnium Ventures. In addition to the investment in SoiLabs, Sanyo Chemical has also entered into a MoU with SoiLabs to grow its business in Japan and expand additional end-product applications.

The funding will allow the company to accelerate the commercialisation of Soi-X and further develop its existing and upcoming end products for both local and international markets.

“The funding gives us a strong platform for both the commercialisation of our current technologies and building a strong pipeline of complementary technologies and end product applications. With Sanyo’s investment, it also brings with it a close collaboration with a strong industrial player and we look forward to working in partnership with them as we develop the Japanese market,” Catellani comments on the funding.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: SoiLabs

The post How SoiLabs turns tofu manufacturing waste into cheese to help expand global food alternatives appeared first on e27.

“The military is in power, and it couldn’t care less about startups,” a founder from Myanmar told e27. “The military has much bigger things to worry about.”

The startup industry of Myanmar, a nation of 54 million currently under military rule, is in dire straits. The COVID-19 pandemic, followed by the coup d’état in February 2021 and the ongoing financial slowdown, has led to umpteen problems. Imports are strictly limited, bank withdrawals are restricted, and gasoline prices have risen over 250 per cent. Electricity is routinely cut off even in Yangon, the largest city.

As a result, over 70-80 per cent of startups shut down (as per Tracxn, there are currently 345 startups in Myanmar), the person shared on the condition of anonymity. The most notable is One Kyat, a general classifieds app owned by Singapore’s Carousell.

Some, like Ringier, exited Myanmar (JobNet.com.mm has now taken most of its market share in Myanmar). Even big businesses, such as Telenor and Ooredoo, either shuttered or sold.

“Some companies shut down because they ran out of funding while others simply because they couldn’t operate under economic uncertainties,” the person revealed.

As the military junta tightened its grip on the government, pro-democratic people, including founders and techies, took to the streets. 

However, these movements were crushed. Several prominent founders were framed and arrested, many fled the country for safety after imprisonment for six to 12 months, and some got killed in interrogation camps. 

Scores of IT industry employees (highly skilled and English-speaking) fled to foreign countries through legal or illegal immigration means in search of livelihood. Some joined the People’s Defense Force (PDF) as soldiers. The PDF is the armed wing of the National Unity Government formed by the youths and pro-democracy activists on 5 May 2021 in response to the coup. A few stayed in the country because of family attachments; some are still underground, fearing arbitrary arrests.

What triggered the migration?

The migration — mostly to neighbouring Southeast Asian countries such as Thailand, Vietnam, Singapore, and Cambodia — was primarily triggered by the coup. Early-stage founders began the migration first. Late-stage firms and well-established IT companies with over 20 years of existence later followed suit.  

“Our economy was stable even during the first year of the COVID-19 outbreak. Barring the brick-and-mortar startups, many digital and tech startups in Vietnam saw good business. There were no workforce reductions or resignations, while there was great distress in many parts of the developed world,” said another person who wished not to be identified.

Also Read: Myanmar startup Better HR secures 6-digit bridge funding for Asia expansion

“However, the coup turned things around for the worst. The digital ads vertical was the first to be impacted, and then tech startups. The first few weeks of the coup were hard because of the blocking of the internet and social media [by the military junta]. Everyone had to use VPN to access social media. Hence, all the geolocation-targeted ads became useless,” added the person, who has held a management-level role in a startup.

In the early months of public protests, all those young workforces in digital businesses were either on the streets or becoming keyboard warriors, creating digital content on social media and motivating the general public. Everyone expressed the desire to join the democratic protest and opposed the coup. 

“With the failing infrastructure, restrictive internet, citizens being watched, shocks to the banking industry, and frequent blackouts in the past two years put all thriving startup and tech industries to their final halt,” shared the second person. “Our startup industry is toppled, if not crashed. No typical angel or VC investor will invest in startups in the country unless they are passionate about something.”

Myanmar vs Thailand

Thailand has been the main destination for the fleeing founders and the IT workforce. While some moved their companies to this Kingdom, some joined the corporate life.

Thailand is a developed economy with good infrastructure and offers a variety of visa options. The Thai economy is enormous, and its digital ecosystem is advanced with e-commerce and consumerism. The living costs are lower compared to Singapore or even Myanmar. Moreover, Thailand and Myanmar share many similarities, including culture, food, and festivals. 

However, regulations in Thailand, such as 51 per cent citizen ownership, are not startup-friendly.

Other countries, such as Singapore and Vietnam, are also good options. “Thailand is one of many options. Almost every possible tech startup is diversified and re-registered in Singapore, the US or Thailand. Only a few remain in Myanmar,” said the second person. “It will take another five to ten years to rebuild the startup ecosystem in Myanmar, starting when the revolution won.”

Despite all the problems, some are still confident and expect Myanmar’s economy to revive soon. They see some positive signals. “While some big businesses shut down or sold, we know many companies that have stayed in Myanmar (especially the Southeast Asian companies or investors),” said another Myanmar-born entrepreneur. “I know of some founders who left for other Southeast Asian countries for other opportunities. I also know others who returned to continue to operate their businesses in Myanmar and take more market share, supporting the rest of the economy and customer base with less competition in the market.”

According to this person, even in these difficult times, the economy and safety in major cities seem more stable for the time being. “We hope it will continue to bring peace, prosperity and opportunity again to the wonderful people of Myanmar in the future.”

However, things don’t look good for now. The military junta so far seem to initiate any action to bring back the tech talents and startups from other countries and offer them a conducive atmosphere to operate. They have bigger things to worry about.

“There are many software engineers, copywriters and social media specialists whom I personally know are in the PDF investing their lives in strong commitment. I am looking forward to the days to create jobs and sustainable businesses for them to get back into the lives they deserve,” noted one of the people mentioned above.

Does the junta care?

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Copyright: adirach

The post ‘It will take another 5-10 years to rebuild the Myanmarese startup ecosystem’ appeared first on e27.