Artificial Intelligence  (AI) and Machine Learning (ML) appeared not so long ago, but have already become indispensable technologies in the modern world. They penetrate various spheres of life, change the economy and increase the efficiency of companies. The fintech industry is no exception, actively adopting the latest technologies to optimise its processes and improve the quality of services provided.

In Southeast Asia, where the fintech industry continues to grow rapidly, the adoption of AI and ML is especially strong. With the help of new technologies, companies can provide more convenient and affordable services, improve the speed of processing requests and increase their level of security. This not only makes fintech companies more competitive but also provides new opportunities for business development.

The most active phase of AI and ML adoption in Southeast Asia’s fintech has already passed, from 2016 to 2019. The current state most resembles a “small respite” or “reaching a plateau”. However, this does not mean that the development of AI and ML technologies in SEA fintech has completely ceased.

On the contrary, more and more companies are beginning to realise the potential of this tech and are starting to implement it in their business processes in parallel with the general development of financial technologies.

AI and ML benefit Southeast Asia’s fintech

A recent study by Robocash Group analysts claims that the penetration of AI and ML technologies in SEA fintech companies is steadily growing, reaching 3.1 per cent in 2022. In other words, 807 out of 26,105 fintech companies in Southeast Asia already feature AI and ML tools in their technology stack.

Process optimisation is one of the main purposes of applying AI and ML in fintech. Automation can greatly simplify routine operations such as document verification, data analysis, and more. It reduces the risk of errors and increases employee productivity.

Also Read: Tailored corporate governance: Key actionable steps for startups at different growth stages

In addition, AI and ML are being used to bolster analytics and forecasting. Companies may rely on them to more accurately predict the behaviour of their customers, assess risks and make the most informed decisions. For example, banks and other financial services can use ML to analyse customer data and offer customised services and products that best suit their needs.

AI and ML are also widely used to improve payment processing and fight against fraud. Fintech companies use Machine Learning algorithms to quickly and accurately check transactions for fraud and improve data protection.

Finally, AI and ML are used to improve the user experience in general,  including communication. For example, chatbots are used to automatically answer customer questions and provide real-time support. This allows fintech companies to better their customer service, reduce response time to inquiries and increase customer satisfaction.

Final thoughts

On the whole, AI and ML tech is an important tool for a company, allowing for more informed and balanced business decision-making. In the future, with the development of new technologies, it will become even more widespread and effective in fintech.

The fintech players in SEA are increasingly adopting AI and ML technologies in their business models and processes. However, it should be noted that these technologies are not a panacea and do not guarantee success itself. Companies must properly adapt them to their needs and models in order to get the maximum benefit from their use.

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Despite the challenges of the last few years, it was a time for innovation for businesses that had to learn how to handle adversity. As such, in the past three years, the world has witnessed an incredible acceleration in the advancement of technology and digitalisation. I have seen more businesses pivot and adapt quickly in the last few years than ever before in the decades I have been working with Singapore SMEs.

When compared to 2020, the global digital transformation market is expected to grow to US$1,009.8 billion by 2025 from US$469.8 billion. With that, 91 per cent of businesses are somewhat engaged in a digital initiative with 89 per cent of companies already adopting a digital-first business strategy. 

Industries such as F&B and commerce have established a greater online presence and adopted digital solutions for their businesses. For instance, the efficiency of online platforms and increased convenience for functions such as online payment and delivery of food or products resulted in the survival of businesses in these industries.

However, amongst the many industries that have adopted digital solutions to facilitate mundane job functions, an industry that is crucial to the safety and health of employees and workers has yet to hop on the digitalisation bandwagon in Singapore. 

A gap in the current risk management process in Singapore

Since 2020, the workplace fatalities have been increasing from 30 in 2020, 37 in 2021 and 46 in 2022, the highest since 2016 when there were 66 workplace fatalities reported according to Channel News Asia. This alarming trend reveals the gap in Singapore’s risk management process resulting in an increased number of workplace accidents.

Also Read: The secret sauce of de-risking early-stage venture capital

As such, the Ministry of Manpower (MOM) in Singapore introduced the six-month heightened safety period along with other measures such as increased penalties to overcome workplace fatalities. The heightened safety period has since resulted in a decrease in fatalities from 4.5 per month to 2.5 per month.

Nonetheless, the mere fact that workplace fatalities are still occurring, signals the need to improve current risk management processes to ensure no workplace fatalities happen. 

Small and medium-sized companies have been identified by MOM as having more workplace accidents when compared to larger organisations. This was mainly contributed by the lack of knowledge and resources when it comes to adopting WSH practices such as obtaining risk assessment certificates and bizSAFE certificates.

The need for a platform that provides a cost-effective yet easy-to-use platform that eases risk management processes for these companies is now especially crucial in Singapore, and more effort needs to be put in place to do so. 

The confusion between bizSAFE and Risk Assessment 

The Workplace Safety and Health (WSH) Regulations in Singapore mandate that every employer, including contractors and sub-contractors, is required to conduct risk assessments where they identify safety and health hazards at workplaces to eliminate the risk of workplace accidents from occurring. Failure to comply with the regulation would result in a fine of up to SG$10,000 for first-time offenders and a fine of up to SG$20,000 or six months imprisonment or both for subsequent offenders. 

The bizSAFE programme, on the other hand, is an optional certificate supported by the Ministry of Manpower to increase workplace safety and health capabilities. Previously, only heavier industries such as manufacturing and construction would look to obtain the bizSAFE certificate. However, in recent years, more industries are obtaining the bizSAFE certificate due to the increase in awareness and education about workplace safety.

It is worth noting that the bisSAFE certification process is rather daunting, time-consuming and costly, involving the need to complete a full WSH report based on the paperwork and set requirements as well as often hiring a consultancy firm to help identify the risks associated with the business to complete the report. 

While Risk Assessment often stands as a mandatory document to have for compliance, the bizSAFE certification increases a company’s reputation and competitive edge by showing the presence of a conducive and safe working environment.

Also Read: 5 smart ways to decarbonise supply chains and logistics with AI

Nonetheless, it is undeniable that the high cost and time needed to obtain the certification could deter businesses from doing so. Hence, the question of how businesses could obtain both Risk Assessment and bizSAFE certification without the hefty price tag and time invested remains. 

Alleviating the administrative burden 

Due to the lack of digitalisation within the risk management industry, businesses face many administrative challenges that could have easily been overcome by leveraging technologies. For instance, a typical challenge faced by organisations is the loss of risk management documentation and the lack of secure storage space.

The usage of cloud technology could help eliminate the chances of losing these important documents while allowing businesses to access the documents anytime and anywhere – providing them with a secure online space to collaborate seamlessly. 

To avoid wasting time and money on hiring a consultancy firm to identify the relevant processes and risks related to the business, which usually takes a week, the development of software that guides businesses to select the relevant industry and provides a pre-identified hazard and risk strategy allows for a much faster and cost-effective solution to obtaining the certifications. 

Additionally, a key factor that places digital solutions at the forefront is the ability to eliminate unnecessary errors that are inevitable by humans. Doing so would reduce the chances of documents being rejected due to the misinformation provided, eventually decreasing the cost and time that was needed when re-submitting documents. 

With the primary focus on educating more Singapore companies about the importance of WSH, we saw the need to develop a platform to help digitalise the process for an easy, quick and cost-effective approach to submitting risk assessment documents.

Through the consolidation of working with clients across 30 industries, we were able to establish an extensive database that is regularly updated to create a list of pre-identified risks associated with each industry. By doing so, we developed a quicker yet more cost-effective approach to ensure that all businesses, especially SMEs, are not disadvantaged when it comes to ensuring that their work environment is safe for their employees.  

The need for digitalisation and modernisation in risk management cannot be overstated. By incorporating technology and advanced analytics, Singapore can improve its risk management practices and become more efficient and safe. It is crucial that we work towards bridging the gap between traditional industries and the digital age to ensure that no industry is left behind.

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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 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

One of the most anticipated events this year, the Echelon Asia Summit tech conference, will be happening in Singapore on June 14-15, 2023, and will witness the return of the TOP100 program. Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

Also read: Six exhibitors to wow you at the 2023 Echelon Asia Summit

One of the event’s biggest highlights is the TOP100 program, a pitching competition that features some of the best and brightest new startups in the ecosystem. With this year’s TOP100 poised to be bigger than ever, here our TOP100 Partners help ensure that today’s most promising startups get the best guidance from industry insiders.

e27 is proud to announce WebEngage as one of the TOP100 Partners for the 2023 edition of the Echelon Asia Summit!

How WebEngage is powering the TOP100 program

WebEngage will be one of this year’s TOP100 Partners and will co-host the MeetUp in Jakarta on May 9, 2023, with e27. WebEngage will play an essential role in ensuring the success of the TOP100 program by bringing their valuable insights, expertise, and mentorship to help attendees and participating startups sharpen their tools as they engage with today’s unpredictable market.

The TOP100 participants will get the opportunity to join the WebEngage Startup Program, a growth accelerator with over 250+ alumni startups globally. The program is designed to help startups and founders understand their customer base better, improve their marketing strategies, and grow sustainably through better customer retention.

The shortlisted startups will get free access to WebEngage’s Marketing Automation and Customer Retention platform for six months, credits worth $25000, and dedicated customer success as a part of the startup program benefits. Learn more about the program here! 

Commenting on the partnership, Nitya Shah, Lead at WebEngage Startup Program, said “We are excited to partner with e27 on their TOP100 startups initiative in Southeast Asia. With the increasing emphasis on sustainable growth for startups, WebEngage Startup Program delivers a proven playbook for retention-led growth, working with nearly 250+ startups and 800+ enterprises globally.” 

Join WebEngage and e27 at the TOP100 MeetUp in Jakarta on May 9 2023

Meet emerging startups, corporates, investors, and key stakeholders from the tech startup ecosystem at WeWork Parc 18 in Jakarta on 9 May 2023 to connect, network, and learn! The TOP100 MeetUp in Jakarta presents a unique opportunity for founders to connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success. The event theme will be “Southeast Asia Growth Series: How can the tech ecosystem grow sustainably and where to find future growth drivers?”— a key topic that is relevant to today’s tech startup ecosystem in Southeast Asia.

Register here for the TOP100 MeetUp in Jakarta.

Also read: 15 frontrunners closer to competing in the 2023 TOP100

About WebEngage

Ranked #1 consistently across all review platforms on ease of use and comprehensiveness of the platform, WebEngage is used by 800+ brands across India, Southeast Asia, the Middle East, Latin America, and European markets. 

WebEngage is on a unique mission to ensure that no business should ever have to work hard to retain its customers through 4 key pillars. WebEngage helps them scale through a robust customer data and analytics platform — unifying data across silos, the best-in-class journey builder enabling automated triggers and campaign orchestration across channels. The third piece of the stack is the personalisation engine that includes all the data in the system and lastly, AI/Machine Learning-driven product recommendations that boost the conversion for all channels, including the web and mobile apps. 

The company works across several industries like e-commerce, edtech, fintech, foodtech, media and publications, gaming, BFSI, healthcare, and online retail. Their key clientele includes marquee brands like IKEA, Unilever, Walmart, Myntra, Bajaj Auto, Unacademy, GoIbibo, Pepperfry, HT Media, PFI Mega Life, PasarPolis, Wego, and many more.

The post TOP100 Partner WebEngage pushes growth for SEA startups appeared first on e27.

Dear Pro member,

Southeast Asia’s startup ecosystem is yet to emerge from the double whammy of the Russia-Ukraine war and the COVID-19 pandemic.

As per a Tracxn report, tech startups in the region raised a total of US$1.1bn in Q1 2023, a 69% drop from US$3.5bn raised in Q1 2022. This represents a 42% decline from US$1.9 billion in Q4 2022.

This slide is primarily due to a sharp drop in late-stage funding to US$415mn Q1 2023, which is 68% and 73% lower than the amounts raised in Q4 2022 and Q1 2022, respectively. Seed-stage funding in Q1 is no better; it fell 27% and 73% when compared with Q4 of 2022 and Q1 of 2022, respectively.

However, early-stage investments saw a slight uptick of 11% in Q1 2023 when compared with Q4 2022, but declined 69% from Q1 2022.

Late-stage funding is not expected to make a comeback in the foreseeable future given the volatility in the market. Plus, VCs are no longer mindlessly investing in late-stage startups that continue to bleed money. This means that there may be more layoffs in the region.

Have a look at the top stories.

Regards,
Sainul.

——

The gist: Singapore tops startup funding in SEA in Q1
The details: A Tracxn report says companies based in Singapore drew in the highest investment value among their peers: US$516M in funding; A total of US$1.1B went to SEA tech startups in Q1 2023, down 69 per cent from Q1 2022.

The gist: Startup funding in Vietnam shrinks half in Q1
The details: As per a Tracxn report, startups raised a total of US$40.6M in Q1 2023, almost half 49% lower compared to the same period in 2022; Late-stage startup investments remained flat for three consecutive quarters, causing a decline in overall volume.

The gist: BetterPlace acquires Malaysian on-demand frontline workers firm Troopers
The details: The deal will allow BetterPlace to accelerate its presence and establish a foothold in Southeast Asia; Troopers claims to have helped over 50K gig workers in Malaysia find employment since its inception.

The gist: Indonesia’s Sayurbox fires staff amid stagnant B2C growth
The details: Several employees in its B2C team have been affected; The firm says despite its strong and growing performance in the B2B segment, the B2C market has not grown as expected during the pandemic.

The gist: Society Pass unit NusaTrip acquires VN travel marketplace VLeisure
The plans: Indonesian NusaTrip gains an operational foothold to expand its B2C and B2B businesses in Vietnam; VLeisure will market its hotel management SaaS products to hotel SMEs initially in Vietnam and then to the rest of Southeast Asia.

The gist: Court slaps US$7.3M fine on Bukalapak in office project lawsuit
Why: The e-commerce firm has been found guilty in an office project case against local property development company Harmas Jalesveva; Bukalapak has been sentenced for the losses suffered by the plaintiff.

The gist: Indonesian e-medical records startup Zi.Care attracts US$2M funding
The lead investor: Oriza Greenwillow Technology Fund
The plans: Zi.Care, which has digitised the medical record for 100-plus hospitals, looks to raise a total of US$3M in the Series A round.

The gist: SBK Tech Ventures leads Bangladeshi transport startup Jatri’s Series A
Other investors: Alsa, Genting Ventures, Distributed VC, Doha Tech Angels, Brain-Too-Free Ventures
The company: Jatri provides bus operators and owners with a single dashboard that syncs with all vehicles in the network.

The gist: Richard Li-backed Hyphen Group appoints new CEO
The details: Prashant Aggarwal succeeds Sam Allen, who stepped down from the post last year; The fintech company made at least two rounds of layoffs in 2022.

The gist: Visa partner Volopay secures major payment institution license in SG
The details: The license will help strengthen the fintech company’s position in the city-state and expand its offerings to Singapore-based firms with regional operations across the Asia Pacific.

The gist: Forge Ventures leads US$1.3M pre-seed round of Mito Health
Other investors: The founders and executives of ShopBack, Carousell, PatSnap, Glints, SingLife, Rainforest, and OhMyHome.
The company: Mito Health augments medical expertise with AI to create personalised health plans for customers based on their diagnostic results and wearable data.

Listicle

Meet the e27 Connect investors that invested in SEA in April first half
From East Ventures and AppWorks to Wavemaker Partners, many of Southeast Asia’s renowned investors were active in April so far.

Top 100

Why you should battle the traffic and Meetup with us in Manila
The Philippine stop of e27’s regional meetups is happening tomorrow. Here’s why you should be there.

Guest posts

Scaling up? Here’s the 5-point health check for hyper-growth businesses
Like regular health checks for athletes, business leaders can use the tests to check on a fast-growing business without slowing its growth down.

Revolutionising fintech in Southeast Asia: AI and ML empower businesses with data
AI and ML tech is an important tool for a company, allowing for more informed and balanced business decision-making.

How to combat burnout and boost your productivity
Burnout does not happen overnight, so picking up the signs early and examining your habits and mindset will go a long way.

—

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 Ecosystem Roundup: Late-stage funding in SEA drops 68% to US$415M in Q1 | Layoffs at Sayurbox appeared first on e27.

Artificial Intelligence (AI) is machine intelligence that performs tasks requiring human intelligence, such as learning, problem-solving, and natural language understanding.

It has evolved from a niche field to a vital part of modern technology, revolutionising industries and shaping the future. AI automates tasks, enhances decision-making, and drives productivity and innovation across various sectors.

This article covers recent AI breakthroughs and their impact on industries and society, exploring milestones, emerging trends, and real-world applications to provide a comprehensive overview of AI today and its potential for the future.

Overview of significant achievements

In 2020, DeepMind’s AlphaFold revolutionised drug discovery and disease understanding with its groundbreaking AI system for predicting protein structures. In 2021, DeepMind refined AlphaFold, made its open-source version available, and launched the AlphaFold Protein Structure Database with the European Molecular Biology Laboratory. AlphaFold’s success showcases AI’s potential in solving complex scientific problems and accelerating research advancements.

OpenAI’s GPT series, starting with GPT-2 in 2019, followed by GPT-3 in 2020, has demonstrated significant advancements in natural language processing, including better chatbots, content generation, and automated translations. The release of GPT-4 would push the boundaries of AI’s capabilities in this domain even further.

Healthcare has also benefited from AI, with algorithms improving disease diagnosis from medical imaging and aiding in drug development. AI played a crucial role in vaccine development, drug repurposing, and predicting disease spread during the COVID-19 pandemic.

As artificial intelligence continues to advance rapidly, new breakthroughs and achievements are driving innovation across multiple industries.

How AI is being implemented in various sectors

Education

In the education sector, AI is being used to enhance teaching and learning experiences, with personalised learning systems, intelligent tutoring systems, and automated grading software.

These technologies enable tailored learning experiences, catering to individual student’s needs, strengths, and weaknesses. AI-powered chatbots are also being employed to provide instant support and guidance to students, improving engagement and retention.

Retail and e-commerce

In retail and e-commerce, AI is driving personalised marketing, dynamic pricing, and targeted promotions. By analysing customer data, AI algorithms can predict preferences and offer tailored product recommendations, leading to increased sales and customer satisfaction.

AI is also used in inventory management, demand forecasting, and supply chain optimisation to improve operational efficiency.

Agriculture

AI is revolutionising agriculture through the use of advanced sensors, drones, and robotics. These technologies enable precision agriculture, allowing farmers to monitor crops and livestock, optimise resources, and improve yields.

Also Read: Ethics and Artificial Intelligence: Is the technology only as good as the human behind it?

AI-powered data analytics also assists in predicting weather patterns, detecting plant diseases, and informing decisions on planting and harvesting times.

Smart cities

In the development of smart cities, Artificial Intelligence plays a crucial role in optimising transportation, energy management, and waste management systems.

Traffic data analysis and AI-driven simulations help reduce congestion, while smart grids and automated energy management systems promote energy efficiency.

AI-powered surveillance systems enhance public safety, and intelligent waste management solutions contribute to a cleaner urban environment.

Opportunities and challenges in AI adoption

Economic and social opportunities

• Job creation and workforce transformation: Artificial Intelligence has the potential to create new job opportunities and transform existing roles, as humans collaborate with AI systems to improve productivity and decision-making.
• Enhanced productivity and efficiency: Artificial Intelligence-driven automation can streamline processes and optimise resource allocation, leading to increased productivity and efficiency across industries.
• Improved decision-making and problem-solving: Artificial Intelligence systems can analyse vast amounts of data quickly, providing insights and recommendations that can improve decision-making and problem-solving in various sectors.

Barriers to Artificial Intelligence adoption

• High costs and resource requirements: Implementing AI technologies can be costly and resource-intensive, posing challenges for small businesses and organisations with limited budgets.
• Lack of skilled professionals: The growing demand for AI expertise outpaces the supply of skilled professionals, creating a talent gap that needs to be addressed through education and training initiatives.
• Resistance to change and technology adoption: Organisations and individuals may resist adopting Artificial Intelligence technologies due to fear of job displacement, lack of understanding, or concerns about the potential negative impacts of Artificial Intelligence.

Strategies for overcoming these challenges

To overcome these barriers, organisations can invest in Artificial Intelligence education and training programs, seek partnerships with AI solution providers, and promote a culture of innovation and adaptability.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Governments and educational institutions can also play a role by supporting Artificial Intelligence research, encouraging skill development, and fostering an environment that enables the responsible and ethical development of AI technologies.

The future of AI: Emerging trends and technologies

Researchers are developing new algorithms, exploring novel applications, and working tirelessly to enhance the capabilities of AI systems. This constant innovation is driving the integration of Artificial Intelligence into various industries, transforming the way we live, work, and interact with technology.

Cutting-edge AI technologies

• Natural language processing advancements: Advancements in natural language processing (NLP) are enabling AI systems to better understand, interpret, and generate human-like text. This progress is leading to improvements in chatbots, language translation, sentiment analysis, and content generation.
• Autonomous vehicles and drones: Continued development in autonomous vehicle technology, including self-driving cars and drones, is poised to revolutionise transportation, logistics, and aerial surveillance, offering increased safety, efficiency, and convenience.
• Robotics: AI-powered robots are being developed for various applications, such as manufacturing, healthcare, and agriculture. These robots are capable of learning, adapting, and performing tasks with minimal human intervention, leading to increased productivity and cost savings.
• Cybersecurity: Artificial Intelligence is being employed in cybersecurity to help organisations detect and respond to threats more effectively. Machine learning algorithms can identify patterns and anomalies in data, enabling more robust defences against cyberattacks.

AI and ethics: Balancing innovation with responsibility

• Bias and fairness: As AI systems become more prevalent, addressing issues of bias and fairness is crucial. Researchers and developers must work together to ensure that AI algorithms are transparent and equitable, preventing unfair treatment or discrimination.
• Privacy and data security: With AI systems relying heavily on data, protecting user privacy and ensuring data security are essential. Companies must implement robust data protection measures and adhere to privacy regulations to maintain consumer trust.
• AI regulation and policies: Governments and regulatory bodies must establish clear guidelines and policies for Artificial Intelligence development and use, ensuring that AI technologies are used responsibly and ethically while promoting innovation.

Lessons learned and best practices for AI implementation

When implementing AI in any industry, it is essential to adhere to best practices and learn from previous experiences. Some key lessons include investing in data quality and infrastructure, ensuring transparency and explainability of AI algorithms, addressing ethical concerns and promoting collaboration between AI developers, industry experts, and stakeholders.

Final thoughts

In this article, we’ve discussed AI’s latest breakthroughs, trends, and applications, showing its potential to transform industries and societies, such as education, retail, agriculture, and smart cities.

Artificial Intelligence can improve efficiency, drive innovation, and solve complex problems, and as we refine its technologies, its impact on our lives and interactions with the world will become even greater.

To fully harness AI’s power, we must encourage innovation, ethical practices, and investment in research and education, promoting a future where Artificial Intelligence is a tool for positive change and progress.

–

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

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

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The post The AI revolution: Transforming industries and reshaping the world we live in appeared first on e27.

BITKRAFT Ventures, a global investment platform for gaming and Web3, has just announced its expansion into Asia Pacific, the largest gaming market in the world.

The firm has also appointed Jin Oh, former Riot Games President and former CEO of Garena, as its Partner, based in Seoul. Jin Oh will use extensive experience to help BITKRAFT identify and invest in promising gaming and interactive entertainment startups across Web2 and Web3 in Asia.

“Asia-Pacific is the largest gaming market in the world, accounting for 48 per cent of the global gaming revenue in 2022. The companies founded here have long led innovation and trend-setting in the video games and interactive entertainment industry, and continue to do so today,” says Jin Oh.

In this interview with e27, Jin Oh discusses the VC firm’s vision and plans in the region and the regional gaming industry.

Excerpts:

BITKRAFT is already a global investor with many investments in Asia. What motivated it to expand into the Asian gaming market?

The Asian market is one of the largest and fastest-growing markets for video gaming, with a diverse and heterogeneous complexion of varying consumption styles and preferences. As a global and long-term investor in gaming, we wanted to ensure we had the right local talent who would enable us to better serve our existing portfolio companies and gaming entrepreneurs in Asia.

What advantages does BITKRAFT see in investing in both Web2 and Web3 startups in the gaming industry?

Fundamentally we see ourselves as gaming investors and do not label ourselves as Web2 or Web3 investors. These labels are semantic in nature as we fundamentally believe that they are video games at heart.

Also Read: How play-to-earn is fueling the next wave of blockchain adoption

We, however, have a dedicated fund and team specialised in companies with a strong focus on Web3 as well as tokens as an asset class. As we continue to invest in both Web2 and Web3 startups. The cross-pollination of best practices and innovations from each segment will allow us not only to better identify future opportunities in both but also provide better support to our portfolio companies through a more holistic understanding of the space.

Web3 gaming witnessed a boom during the COVID-19 pandemic. However, the euphoria and investor enthusiasm seem to have waned. Why this downward trend?

Yes, investor enthusiasm is down, but that is primarily from “tourist” funds that had no background in gaming and let euphoria either make them forget the nuances of underwriting content. They entered a market not prepared to make fundamental — non-vaporware — investments in.

We’re now seeing a strong reaction against the play-to-earn ‘genre’, which to us was never a genre, to begin with. Instead, it was just a potential element of the business model of a successful game that engages a passionate (and large) audience.

We think these hype cycles are normal across sectors and remain focused on our approach to Web3 investing backed by extensive Web2 investing experience.

Nonetheless, we also observe a groundswell of institutional interest in Web3 gaming that results in the foray of eminent Web2 investors. We see gaming and non-gaming firms entering the Web3 space with a more patient and longer-term approach to figuring out the right application and use case of gaming.

This first-principles and fundamentals-based approach is driving innovation led by expert gaming teams; for example, CCP Games. But now the participants are people who understand the importance of patience and deep product iteration before financialisation.

How did the recent events in the Web3 and crypto space (such as the FTX collapse) impact the overall industry?

These events serve as valuable learning experiences. As the space continues to evolve and mature, it will be important for developers, investors, and regulators to work together to ensure its long-term success. Every major new technological disruption has seen painful early bust cycles and not simply straight exponential lines to mass adoption. Crypto is no different.

What trends do you see emerging in the Asian gaming market in the next five years?

Asia sits at the confluence of some of the most powerful socioeconomic trends, including the demographic dividends of having a young and digitally-savvy population that has grown up on video gaming as the dominant form of entertainment.

The region, therefore, has a vastly different complexion as compared to the West and we are excited to see how these dynamics will bootstrap emergent models of video gaming consumption that have either not worked previously in the West or are completely novel channels of consumption.

How does the Asian gaming market fundamentally differ from the Western market? What learnings can Asian developers make from their Western peers?

One key difference between the two markets is how each market was first introduced to video gaming and how that has shaped each market’s consumption norms and preferences.

Also Read: Play-to-earn: Understanding the popularity of Axie Infinity

Western markets first experienced video gaming through PCs and consoles while Asia has a mobile-first experience with gaming. The implications of how these different markets were onboarded into gaming are too numerous to be discussed in detail. However, one clear manifestation of the above is how Asia gaming markets are far more receptive to mobile monetisation mechanics, such as ‘gacha’ style Lootboxes, which drew opposite reactions in the West.

It’s not that Asian developers need to learn from Western developers or vice versa, more critically it’s having a deep understanding of the end-user market one is selling into and therefore building a product that will provide the highest perceived value to users from respective markets.

Interestingly, we have seen best practices from Asian products and companies finding their way to the West as well as Asian audiences growing into PC and console-based platforms — a trend we certainly expect to continue.

What will be the future of the gaming industry? Do you think it will keep on evolving? How do you look at the negative side of gaming (the psychological impacts), especially on children?

Historically, we have delineated two worlds: the physical and the digital. As people spend an increasing amount of time digitally, we at BITKRAFT believe that the already blurred lines between these two worlds will disintegrate and give way to what we have termed a “synthetic reality.”

Similar to how gaming has historically been a catalyst for technological innovation (think consoles to cartridges to PC roms and GPUs), we expect gaming to stand at the forefront of this next evolution and drive us into the new paradigm of synthetic reality.

Gaming itself is not inherently harmful, and many games can have positive impacts on players like problem-solving, critical thinking, and social interaction can be beneficial for players of all ages. There are many studies on this from various organizations, see NPR, PocketGamer.biz, and NIH.

In the current times, we see a lot of major factors driving games upward in the next years including Crypto/Web3, AI, VR/AR, and new emerging markets growth in particular MENA and Africa. It’s a very exciting time in games. If it weren’t for that and our strong passion and belief in it, BITKRAFT would not be pushing forward this way.

Does BITKRAFT plan to raise a separate fund to invest in the region? Are there any specific countries or regions in Asia that BITKRAFT is particularly interested in?

We can’t disclose the fund’s details at this time, but we will be sure to notify you when we have Asia-specific news to share.

BITKRAFT is country-agnostic and will deploy capital where we see the value and great entrepreneurship. We look forward to working with the best companies and founders which Asia has to offer.

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The post ‘There is strong reaction against the P2E gaming genre’: BITKRAFT Asia Partner Jin Oh appeared first on e27.

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

A partnership is a critical aspect of any successful endeavour, and the upcoming Echelon Asia Summit 2023 is no exception. With the Asia Pacific tech conference happening in Singapore EXPO on June 14-15, 2023, sponsors are playing a crucial role in ensuring its success.

Also read: 15 frontrunners closer to competing in the 2023 TOP100

Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

How these partners are helping us give you the best Echelon experience ever

Sponsors play a critical role in ensuring the success of the Echelon Asia Summit 2023 in several ways. Firstly, they provide various forms of support and coverage for the different activities and features that make the summit such an exciting and meaningful experience for attendees.

Moreover, sponsors bring their expertise and experience to the table, providing attendees with unique insights into the world of tech. By leveraging their networks and marketing channels, sponsors also help bridge audiences to the broader ecosystem, enabling access to valuable insights for different demographics.

Also read: TOP100 Partner WebEngage pushes growth for SEA startups

One of the key roles of sponsors is also their presence at the actual Echelon Asia Summit. This provides attendees with the opportunity to network with them and get to know their products and services, which is an essential aspect of Echelon’s purpose as an ecosystem enabler that connects all stakeholders together. By supporting the Echelon Asia Summit 2023, sponsors can help founders connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success.

With the theme focused on “Building towards a sustainable and impactful tech ecosystem”, e27 is proud to announce Prudence Foundation as its Disaster Tech Partner and one of the sponsors for the 2023 edition of the Echelon Asia Summit!

Meet Prudence Foundation at Echelon Asia Summit 2023!

Prudence Foundation is the community investment arm of Prudential in Asia. Its mission is to create a lasting impact through sustainable initiatives focused on three key pillars: Children, Education, and Disaster Preparedness and Recovery. Under each pillar, the Foundation runs regional flagship programmes as well as local programmes working in partnership with NGOs and governments in order to maximise the impact of its efforts. The Foundation embodies the long-term and genuine commitment of Prudential and its people in Asia to provide innovative, focused, and practical support to their communities.

One of Prudence Foundation’s initiatives in the area of disaster preparedness and recovery is the SAFE STEPS D-Tech Awards, a program that was been launched to find, fund, and support innovative tech solutions that can help protect and save lives, before, during, and after disasters. Their mission is to create a better future by building community resilience against life’s risks.

Also read: CleverTap: Industry leader in customer retention will be at Echelon!

Prudence Foundation is partnering with e27 to gather the region’s most exciting startups working on solutions that can help address and mitigate the effects of various disasters. This gathering will culminate at the Echelon Asia Summit happening in Singapore EXPO on 14-15 June 2023.

“We look forward to shining a spotlight on the potential of Disasters Technology to save lives before, during or after disastrous events through the D-Tech Awards 2023 in partnership with e27, IFRC, and AWS,” shared Prudence Foundation.

Join Echelon Asia Summit 2023

Get to know Prudence Foundation and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore Expo. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

The post Championing disaster tech, meet Prudence Foundation at Echelon! appeared first on e27.

The technology is not too new, but the breakthrough in business model and user experience made ChatGPT “popular” as soon as it was launched, and stirred up the race of many technology giants. 

Since its launch, ChatGPT has generated a lot of buzz. Even while many believe that Chat GPT will eventually replace human resources, it has progressively become a part of our daily life. But is ChatGPT really that potent, or is everyone just being overly dramatic?

Despite not being a technological advance, ChatGPT has been able to stay ahead of its rivals because of a business model that targets both B2B (corporate institutional customers) and B2C (individual consumers) as well as comprehensive customer information.

A ‘winning’ business model

Breaking all records to become the fastest-growing application in history (reaching 100 million users after two months of launch), ChatGPT, an Artificial Intelligence (AI) integrated chatbot tool developed by Open AI, implemented is a business model worth learning even though the technology is not so new.

Usually entering the market, businesses need to build a business model but to stay ahead of the competition, businesses need a winning business model. Open AI has done this.

ChatGPT was born to “hit” right at the pain of customers when they want to complete their “to-dos”. Thanks to that, this tool quickly attracted a huge number of users after only a short time.

Also Read: ChatGPT becomes the helper or killer to all occupations in Vietnam

Currently, the introduction of ChatGPT is seen as ushering in a new age in information search. Users can take part in data submissions as an alternative to one-way information search. The Google business model is likely the most vulnerable at this point. In addition, AI will flourish across a wide range of media, including games, graphics, audio, and audiovisual content in addition to text. Companies and organizations are compelled to adapt and accept the game as a result.

“Strength” is the first phrase that Mr. Vu Quang Hieu, Head of the Data Platform Department, ZaloPay in Vietnam, uses to talk about ChatGPT when it can fully answer user questions in all areas, even difficult questions. In addition to its power, ChatGPT also has its usefulness, in that a lot of people use this tool as a virtual assistant, providing content templates to write emails, write reports or compose presentations, etc. 

Difficult to be ‘human’

ChatGPT still works according to programming and human input, it is difficult to progress to level 4, which is thinking like a human.

According to experts, ChatGPT is a machine and works according to human programming, the answers of this tool are simply based on the data it has been fed. Of course, there will also be cases where this tool is out of control. For example, when a user intentionally refutes an answer, ChatGPT will also falsify the information content accordingly.

One consequence of ChatGPT affecting young people is creating a habit of receiving information quickly but “shallowly”. In the past, people may spend hours reading books and watching videos on YouTube to learn more about a topic.

However, with the introduction of TikTok, the information is now condensed into a 30-second video. Young people are misled into believing that they just need to watch for 30 seconds to learn something, whereas, in reality, they do not fully comprehend.

Jackson Ryan from CNET provided an excellent example: The Information Age used ChatGPT to write the complete account of it, and they published it online along with a brief introduction.

When the study offered somewhat complete information, it was deemed satisfactory; nevertheless, ChatGPT fabricated citations and gave them the name of an OpenAI researcher named John Smith when it was “written”.

This demonstrates the weakness of a significant language model like ChatGPT: the inability to distinguish between fact and fiction. Chatbots are unable to be taught to accomplish this. It is a word processor that has been programmed to construct logical statements.

This is the key difference between a chatbot and a human. As a result, ChatGPT (or the underlying large language model based on Open AI’s GPT 3.5) is essentially prevented from doing journalistic tasks like reporting news or making public comments. current subject. Ryan claims that claiming ChatGPT can “rob” journalists of their labour is a degradation of journalism.

When Kylian Mbappe won the World Cup in 2018, ChatGPT was unable to read the emotion on his face or interview him. They also were unable to board a ship for Antarctica and write about their experiences.

Also Read: Navigating the relationship between ChatGPT and the travel industry 

Given everyone’s interest in ChatGPT, it deserves praise. The OpenAI improvements made to the product are worth noting. But the main reason it attracts attention is that it’s so accessible.

Data is not ‘clean’

Without a doubt, OpenAI won’t have enough time to use humans to read and double-check all the data fed into the language model. Additionally, it violates the standards for creating models by automatically identifying hidden features in unlabeled language model data, such as GPT.

Therefore, when using ChatGPT, we must acknowledge that we are conversing with a training machine built from a variety of heterogeneous data and that there is no way to confirm its accuracy. A fundamental computer science principle should not be overlooked. Expecting a positive result from an input of junk is like saying “Garbage in, garbage out.”

Be a sober customer when using ChatGPT

There are many reasons to be excited about OpenAI’s most recent development, ChatGPT. However, some topics are worth talking about even though they are not immediately helpful. The first open-source model of its sort, which gave all developers (big, small, and hobbyists) access to the technology simultaneously, has the tech world excited. The way you use Chat GPT is the way to decide whether it’s top or not. 

Don’t rely too much on it because there will be cases where either you will find it very useful or you will be disappointed by it. Because in general, ChatGPT still works according to programming and human input.

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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 worst mistake you can make as a community builder is to grow your community from the inside — especially if it’s a private community.

Let me explain.

Most founders and community builders try to grow their community members by focusing on internal campaigns such as community giveaways, and AMAs, and though they work in making the community healthier, they’re not growing the right metric.

Community growth =/= Community engagement

Community growth is not equal to community engagement. Community growth is the driver of new community members (the conversation here is more of, did we grow the community from 0 to 100? 100 to 1000? 1000 to 100,000?), while community engagement is the driver of participation (From the 100 people who joined, how many are actively participating).

Most founders and community builders are only able to do the latter, and community engagement will not cause your community members to grow.

In fact, the 30+ communities that we’ve developed across different niches from Web3, DeFi, NFT, marketing, freelancing, personal development, and other niches (with more than 3M community members cumulatively) weren’t grown inside the community. They were acquired on other social media platforms, and converted from followers to community members. Simply because you can’t focus on acquiring new community members if you’re just focusing on community engagement.

Two metrics of community building

As such, community building is divided into two key metrics:

• Community growth
• Community engagement

Community growth asks, “How can we grow our community members?” On the contrary, community engagement asks, “How can we keep our community members engaged and active, but moderated and managed?” From there, it just follows that community growth is driven by external social media campaigns (i.e., campaigns that happen outside the community), and community engagement is driven by internal social media campaigns (i.e., campaigns that happen inside the community).

Also Read: Nothing can truly replace the offline element of community building: Yinglan Tan

P.S. If you reached this point in the article, you get a free copy of my community growth and community engagement stack campaigns, just send the word “COMMUNITY BUILDER” on my DMs on my official social media platforms and I’ll send them to you!

As a full-stack Web3 marketer, I argue that community building is the highest form of marketing as its the combination of user acquisition, user engagement, and content creation (i.e., making sure that the people who joined the community actually stay by continuously providing value) and it is perhaps, one of the hardest forms of marketing to master.

Community builders should remember that community building requires a two-pronged approach to growth. Most communities remain stuck under the 1000 community member mark because they fail to promote the community outside of the community. Community builders are often challenged with being “too stuck” inside their platform that they forget to market their community elsewhere.

So if you’re a founder, and you’re looking to hire someone to build your community for you, make sure to ask for their community growth and community engagement campaigns so you get the most value for the services that you’ll be given.

When we hire in our agency, this is a community-building mistake that even community managers with results have. This is why a great metric to know if a community builder or manager has the right formulas is if they have more than just 1 successful community case study under their belt.

To conclude, community building requires social media campaigns outside of the community to actually grow the community. The goal is to engage people in the brand’s social media platforms and convert them from followers to community members, to users (if applicable), and then paying customers.

Without campaigns outside the community, community builders will not be able to grow the numbers necessary for scaling. Community engagement, on the other hand, is a different ball game, and that requires founders and builders to continuously show up and add value to the community, and that’s reserved for another article.

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

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

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The post Starting a community? Avoid these pitfalls for a successful launch appeared first on e27.

Southeast Asia witnessed many investment deals this week, in addition to Monk’s Hill closing of its second fund and Betterplace’s acquisition of Troopers.

Here is a quick summary of each of the news stories e27 published in the past five days.

Oyika scores Series B financing

Singapore-based Oyika, a battery swapping service for electric vehicles, has secured Series B funding, a TechInAsia report said citing Venturecap Insights. BPIN Investment led the round. BPIN is the investment arm of Thailand’s Banpu Infernegy.

Oyika works with existing e-motorbike/scooter manufacturers and transforms their internal combustion engine models into smart bikes by bundling them with its portable swap batteries, network of swap stations and mobile app.

Betterdata raises US$1.65M

Singapore-based programmable synthetic data company Betterdata raised an over-subscribed seed investment round of US$1.65 million led by Asia-Pacific-based early-stage VC firm Investible. Franklin Templeton, Xcel Next, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play, and Entrepreneur First also joined the round.

Betterdata will use the new funding to publicly launch Betterdata’s product and enhance its technology stack, including support for single-table, multi-table, and time-series datasets.

Accredify closes US$7M Series A

Accredify, a verifiable technology solutions provider in Singapore, closed its ongoing Series A funding round at US$7 million. iGlobe Partners and SIG Venture Capital co-led the round with participation from returning investors Pavilion Capital and Qualgro.

The money will be used to expand its regional presence across the Asia Pacific.

Earth VC invests in Israeli startup

Singapore-based impact investor Earth VC joined the US5 million Series A investment round of Israeli intelligent traffic management startup ITC.

Other investors of this round are Champel Capital and Mobilitech Capital.

The startup will use the capital to expand into Southeast Asia.

ITC develops cutting-edge computer vision and AI/ML algorithms to predict traffic patterns and prevent traffic congestion before it accumulates. Through measurement, prediction, and mitigation, it also enforces municipal traffic policies, such as public transport, bicycle, and pedestrian prioritization.

Cortical Labs closes US$10M round

Singapore- and Australia-based Cortical Labs, which develops a new class of artificial intelligence using human neurons, completed a US$10 million investment round.

Led by Hong Kong-based Horizons Ventures, the round also saw participation from LifeX Ventures, Blackbird Ventures, In-Q-Tel, and Radar Ventures.

Cortical Labs will use the money to accelerate the commercialisation of its patented Biological Intelligence Operating System (biOS) and fulfil pre-orders.

Monkʼs Hill closes US$200M Fund II

Singapore-based early-stage VC firm Monk’s Hill Ventures made the final close of its third investment fund at US$200 million. The firm was originally seeking to raise US$150 million for this fund, according to SEC filings.

The names of the Limited Partners haven’t been disclosed. As per a statement, they are predominantly institutional investors including foundations and endowments, sovereign funds and several prominent family offices.

Mito Health raises US$1.3M

Singapore-based healthtech startup Mito Health secured S$1.7 million (US$1.3 million) in seed investment. Forge Ventures led the round, with participation from angels, including the founders and executives of ShopBack, Carousell, PatSnap, Glints, SingLife, Rainforest, ErgoTune and OhMyHome.

Mito aims to serve the health-conscious demographic and individuals looking for strategies to maintain their health beyond annual checkups and supplements. The initial focus is Singapore, with plans to expand regionally into other developed markets.

BetterPlace acquires Troopers

BetterPlace, a SaaS-based frontline workforce management platform in India, announced the acquisition of Malaysia-based Troopers, a provider of on-demand, pre-screened, part-time frontline workers to enterprises.

The transaction details remain undisclosed.

The deal will allow BetterPlace to accelerate its presence and establish a stronger foothold in Southeast Asia. It will integrate Troopers’s automated gig matching and rostering features into BetterPlace’s SaaS platform.

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Copyright: peshkov

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