Singapore-based fintech startup BetterTradeOff, which aims to make financial planning accessible to everyone, has secured an undisclosed sum investment from SC Ventures, the VC arm of Standard Chartered Bank.

BetterTradeOff will use the capital for technological enhancements and geographical expansion.

“We invested in BetterTradeOff because the solution helps people to proactively plan their future, addressing scenarios such as inflation or recession,” said Alex Manson, Head of SC Ventures.

BetterTradeOff leverages technology to simplify financial planning, making it possible for anyone, regardless of net worth or financial acumen. It claims its interactive and visual platform makes it easy for users to see and understand the impact of different decisions while simulating various financial situations, such as purchasing a new home or planning for retirement.

Also Read: Why SC Ventures believes in building innovation from within

The company offers three business lines — a free, do-it-yourself, financial planning platform for consumers; a SaaS solution for financial advisers; and a white-label, API-based enterprise platform for financial institutions.

The BetterTradeOff platform is used by customers in Singapore, Malaysia, Hong Kong, the Philippines, the UAE, Switzerland, the Netherlands, and the US.

In 2021, BetterTradeOff partnered with Standard Chartered Bank to provide Singaporean customers with comprehensive financial planning via the bank’s portal and mobile app.

Last October, Dutch Financial Services Provider Achmea made a minority investment in BetterTradeOff.

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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 connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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The 2018 North American Bitcoin Conference happened at a strip club in Miami. 87 speakers shared their views on the present and future of the blockchain-powered industry. But only three of them were females. 

This shows how emerging domains, like DeFi and Web3, are prone to inheriting the ‘bro culture’ dominating the tech industry. Notably, tech and finance, two of blockchain’s main areas of disruption, have a history of inadequate inclusivity.

In 2021, tech companies had less than 29 per cent women and 22 per cent ethnic minorities across all functions. Certain areas, like cybersecurity teams, had an even lesser representation for these groups, 12 per cent each. 

There’s also around a 6.9 per cent pay gap in favour of white employees, while women own merely five per cent of all tech startups in the US. 

However, new standards are steadily emerging in DeFi and Web3. There is a growing dedication among innovators to champion diversity, equality, inclusion, and belongingness (DEIB) from the get-go. 

Anna Arpilleda, the Head of People at Archblock states, “The opportunity to create a diverse environment starts with our recruitment approach and process—each and every employee plays a role in actively supporting this. We encourage applicants with diverse backgrounds across various industries and functions to apply for roles.” 

Also Read: Why investing in women entrepreneurs is a smart move for the future

She adds that decentralised finance can provide access to new opportunities regardless of background and physical location.

Where DEIB stands now

Rob Behnke, the CEO of blockchain security solutions firm Halborn, says, “Decentralised finance came about only five years ago. But that said, these have already become truly global phenomena, already promoting financial inclusion in several countries.”

Behnke’s analysis is spot on. Yet, it’s crucial to take stock of the current state of DEIB in DeFi. This’ll provide a reality check for industry stakeholders to channel their efforts in the right direction. And thus make these emerging domains genuinely progressive in the long run.

About nine per cent of US citizens owned cryptocurrencies in 2022. Nearly 74 per cent were males, while females represented only 26 per cent. The US thus has the widest gender gap in crypto ownership among 26 countries surveyed by Statista. Vietnam, however, had a fairer balance: 55 per cent male ownership vs 46 per cent female.

Quartz found that only 8.5 per cent of the 378 venture-backed crypto startups launched between 2012 and 2018 had female Founders or Co-Founders. This didn’t change until 2022 when 90 per cent of all crypto startup founders were males. They also received 95 per cent of the total funding, signalling VCs’ greater interest in supporting male-led firms. 

Besides gender, ethnic and racial minorities have also faced instances of bias and discrimination in crypto. When CryptoPunks launched Meebits in 2021, Bloomberg reported how dark-skinned and female Meebits sold for roughly 30 per cent less on OpenSea, vis-à-vis the fairer CryptoPunks.

The above facts reveal a long way to go before ‘everybody feels welcome, represented, and heard’ in DeFi and Web3. Yet thankfully, innovators in this space increasingly realise the business case for DEIB. 

Also Read: Bridging the gender gap and boosting women entrepreneurship with embedded finance

According to McKinsey & Company, gender-diverse companies have 48 per cent better performance than their peers with non-inclusive policies. Similarly, ethnic and cultural diversity increases profitability by almost 36 per cent. 

Arpilleda resounds with these findings when she says, “DEIB is not just the ‘right thing to do’—it’s a creator and driver of business value. So, at Archblock, we’re committed to building an inclusive work culture and environment across our teams in Ireland, Poland, Portugal, Hong Kong, Australia, and the US.”

Harvesting change from the grassroots

“In a decentralised economy, grassroots is all there is and all that matters,” says Behnke. He also points out how folks can access easy, permissionless loans using cryptocurrency despite having low credit scores in traditional finance—an example of how these assets can transform financial inclusion. 

Inadequate internet access is still a significant obstacle for underserved communities to access DeFi and Web3 fully. It should instead be considered a ‘basic human right’ in Behnke’s view. But even with billions unable to benefit from emerging technologies like blockchain, there’s a lot that’s inherently good about their evolution. 

Both Arpilleda and Behnke, like many others, consider DeFi’s open-source nature a key means to inclusivity. It helps break traditional barriers, letting everyone participate in the digital revolution. DAOs create a true meritocracy, for example, so that community members can be decision-makers irrespective of their gender, race, ethnicity, or geographical background.

This becomes clearer because 23 per cent of Black Americans and 16 per cent of Hispanic Americans are crypto owners, vis-à-vis 11 per cent of White Americans. Likewise, 26 per cent of LGBTQA+ community members in America own some digital currency. 

Globally, Chainalysis has shown that Southeast Asian countries, like Vietnam, were among the biggest crypto and blockchain technology adopters in 2021. Also, when people in this region, especially women and the youth, faced massive livelihood loss during COVID-19, they increasingly turned to crypto-based modes of income. 

These aspects highlight DeFi’s immense potential to serve people from unstable economies, especially in times of crisis. That’s also why DeFi protocols are currently a go-to means for settling remittances across borders, especially from the West to the South.

In Arpilleda’s words, “DeFi’s most significant contribution has been to provide financial services to people in locations with limited banking infrastructure and volatile currencies. Individuals from frontier or emerging markets can now invest in or borrow stablecoins pegged to stronger, stabler currencies. DeFi enables novel lending methods and revenue streams to help small businesses and entrepreneurs in emerging markets.”

Overall, the decentralised and community-driven promises of the DeFi and Crypto space are aligned with DEIB goals. I look forward to seeing things progress as there is more adoption and younger generations join the workforce.

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Singapore has finally regained normality. Major events and global tourism are back, locals are crowding streets and squares as much as before the pandemic. It’s a sigh of relief for the plagued F&B sector that scrambled to maintain essential services during COVID-19. Many establishments had to shut down due to a lack of foot traffic.

Today, outlets suffer from a manpower crunch. By last June, total employment in Singapore had rebounded to 99.5 per cent of the pre-COVID-19 levels, according to the Ministry of Manpower. Labour costs have become an issue that weighs particularly on the F&B sector. 

Hawker centres, food courts, and restaurants are experiencing shortages and higher wages for dishwashing and cleaning. A renegotiated wage model between employee representatives, unions, and the government, will see the base salaries of cleaners go up to between SG$1,570 and SG$2,210 in 2023. It will increase by at least SG$170 each year until 2028.

That is bad news given the razor-thin margins in the sector. Food courts in particular will need to look for further efficiencies in the way they are run. A solution could be tech.

The coming tech revolution

There are centralised dishwashing services that already contribute to an increase in productivity. These highly specialised and automatised cleaners for plates and bowls are experienced in handling big volumes and heavy loads. They are also more ecological by optimising energy and water usage. Their work is reducing pressure on the individuals that are doing the job manually, in many cases senior citizens. 

The dishwashing services market in Singapore was estimated to be valued at SG$30.9 million in 2020, with currently 10 firms sharing the pie, according to Euromonitor. The market size is expected to reach SG$75 million by 2024. The industry enjoys government support, as it increases automation and efficiency.

Also Read: How to balance rapid growth and sustainability as a startup founder

Cleaning robots are another innovation that will bring visible benefits as the tech improves. Marketstudyreport.com predicts that the global market will be worth US$3.5 billion by the end of 2026, with a compounded annual growth rate (CAGR) of seven per cent throughout the 2021-2026 period. While you might already see them across the city, there are still frequent hiccups that developers are trying to resolve. We expect public acceptance to grow, as people realise how useful they can be.

A little help from a friend

The newest models require minimal human intervention. They are capable of maintaining and cleaning themselves at the docking station and recharging in a few minutes. With the latest sensor tech, they are able to map out the area to cover it most efficiently. At the same time, they can also be run remotely by an assistant. 

State-of-the-art robots are connected to the cloud and automatically updated with the latest software. It allows for real-time monitoring and efficient remote management. But connectivity also makes them vulnerable to hackers, which is why these machines have to comply with the control standards set by the Infocomm Media Development Authority (IMDA).

With device security becoming an issue, the danger of malevolent actors potentially gaining access to restricted areas and spying on sensitive installations is real. Can local manufacturers fill the gap and become trusted partners?

Expect these robots to learn and improve, to become more nimble and accurate and to perform increasingly complex tasks that a human won’t be able to carry out. Robots will result in higher workplace safety, reducing health risks for employees.

AI and machine learning are likely to dominate the coming decade. It might soon visit you at your local hawker centre.

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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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Early this week, energy-efficiency-as-a-service (EEaaS) startup TablePointer announced an over US$2.3 million oversubscribed seed funding round led by Wavemaker Partners, AgFunder, and ENGIE Factory. The Singapore-based firm will invest the money to develop new features and product modules and foray into new markets in Southeast Asia.

e27 had a quick chat with Founder Jason Tang about the challenges in the energy management solutions industry and how the company tackles them with its cutting-edge solutions.

Excerpts:

Can you tell us more about your energy-efficiency-as-a-service solution and how it works?

Our energy-efficiency-as-a-service solution leverages Internet of Things (IoT) sensors to collect energy data and machine learning algorithms to identify opportunities for energy efficiency. The solution involves the installation of devices that monitor operational activities and energy usage, then using data analysis and machine learning to identify areas where energy can be saved, and regulate the customers’ equipment for energy savings.

TablePointer also provides ongoing support and maintenance for these devices.

How does TablePointer differentiate itself from other energy management solutions in the market?

Our USP is that we offer a subscription-based model that eliminates upfront costs and guarantees energy savings for clients. We also emphasise a data-driven approach that continuously monitors and optimises energy consumption.

What are some of the challenges that you face in the energy management industry, and how do you plan to address them?

Some of the challenges we face include low awareness about the potential benefits of energy efficiency and limited access to capital for energy efficiency projects.

Also Read: TablePointer raises US$2.3M to enter new markets with its IoT, AI-based energy efficiency solutions

To address these challenges, TablePointer plans to educate potential clients about the ROI of energy efficiency, partner with financing institutions to offer attractive financing options and differentiate itself through its data-driven approach.

Can you walk us through some of the key features and product modules that you plan to add?

An enhanced analytics dashboard for customers, advanced IoT solutions for additional kitchen equipment, and improved data analytics algorithms.

Which markets in Southeast Asia are you targeting for expansion, and why? How do you plan to scale in these new markets?

TablePointer is targeting several markets in Southeast Asia for expansion — especially markets with significant potential for energy savings and home to many businesses that are looking to reduce their energy costs and improve their sustainability practices.

To scale the business in these new markets, TablePointer will need to invest in additional sales and marketing resources, as well as local partnerships and collaborations to better understand the needs of each market.

Can you discuss some of the key partnerships or collaborations that TablePointer has formed to date?

We have formed partnerships with several key players in the energy management industry, such as ENGIE, one of the world’s largest energy services companies, as well as a leading IoT and software technology provider. These partnerships help to ensure that our solution is compatible with the latest technologies in the market.

What is TablePointer’s long-term vision for the energy management industry, and how do you see the company contributing to that vision?

TablePointer’s long-term vision for the energy management industry is to create a more sustainable and efficient energy ecosystem, where businesses can easily and affordably reduce their energy consumption and costs.

To achieve this vision, TablePointer plans to continue investing in cutting-edge technology and analytics capabilities, while also working closely with customers to understand their needs and develop customised energy-saving strategies.

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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 connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post Awareness level about the potential benefits of energy efficiency is low in SEA: TablePointer CEO appeared first on e27.

Vietnam’s music games publisher Amanotes has invested in the pre-Series A funding round of Swedish startup Reactional Music.

Other investors in the round are Butterfly Ventures and angels, including Kelly Sumner, a former chairman of Mediatonic, CEO of Red Octane, and CEO of Take 2 Interactive.

This round follows a number of seed rounds at the Stockholm headquartered Reactional.

Reactional Music lets gamers personalise their personas and gameplay with their favourite music. It is a rules-based music engine and delivery platform that connects the music and games industries commercially and creatively.

Also Read: ‘Play long-term games and do not optimise for the short term’: Vaibhav Aggarwal of Coinbase

Reactional is working on several pilot projects. The Reactional Engine is also used in a commercially available game for PS5 and PS VR2. The platform will be live in 2023.

It also completed multiple music rights agreements with commercial and production rights holders, including Hipgnosis Song Management.

Founded by two passionate music and tech lovers Bill Vo and Silver Nguyen, Amanotes is a mobile music games publisher with over 2.8 billion downloads and 100+ million monthly active users. Since 2014, 30+ music games and mobile apps were published under its name.

The games market is expected to surpass US$200 billion in revenue in 2023. In-game purchases accounted for 74 per cent of all games revenue in 2021, around US$129 billion.

Currently, in-game music revenues account for less than 0.001 per cent of the total market. In 2023 the total number of global gamers is expected to pass three billion.

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