Investing is a way to grow wealth over time, beat inflation, and achieve financial goals such as saving for retirement, generating passive income or funding their children’s education. However, it can be a daunting task, especially for those who are new to the market or for those who are investing in a new asset class like cryptocurrency, even more so when investing comes with risks.

In early March 2023, the finance industry was shaken when three major banks, Silvergate, Signature Bank and Silicon Valley Bank (SVB) announced that they will be shutting down due to the liquidity crisis. Billions of deposits were withdrawn causing bank runs across the three key players, and chaos in the broader market.

Later in the same month, Credit Suisse, the second-largest bank in Switzerland faced a collapse and was acquired by its rival UBS for three billion Swiss francs. This event occurred after Credit Suisse had been involved in several scandals, including a spying scandal, the failure of two investment funds, and a revolving door of executives.

Failure of these recent financial institutions, which are integral to the industry, had a ripple effect on the global financial system. This also greatly highlighted the importance of understanding how such risk dynamics can impact investors and their portfolio exposure, serving as a reminder of the significance of diversification in investment strategy.

History of bank runs

A bank run occurs when a large number of customers withdraw their deposits from a bank, typically due to concerns about the bank’s solvency or stability. The fear of the bank’s failure can quickly spread among customers, leading to a rush of withdrawals that can ultimately cause the bank to run out of cash and be insolvent.

More than a decade prior to the unfortunate collapse of Silvergate, Signature Bank and SVB, Bear Stearns, a bank that relied heavily on short-maturity bonds to finance long-term investments, faced a bank run in 2008. Its industry rivals launched a public campaign against Bear Stearns, claiming it was unable to meet its obligations. This resulted in the bank’s capital base plummeting from US$17 billion to US$2 billion, leading to its bankruptcy filing. This event triggered the failure of 25 other banks including Washington Mutual and IndyMac.

Also Read: Bear market survival for crypto projects: Strategies for keeping your project alive

Another high-profile bank run happened in the 1930s, also known as the Great Depression when the banking system faced bank runs due to its high level of leverage and riskier loans. The crash of the stock market in 1929 led to banks being unable to meet their customer’s demands, causing widespread bank failures and a massive exodus of deposits from the banking system.

The recent collapse of SVB was a swift and unprecedented event, compared to the months-long Washington Mutual failure of 2008. Social media and online banking accessibility are considered contributing factors to the current crisis, as anxious depositors quickly spread their fears through various platforms.

Experts point out that the rapid dissemination of info in the age of social media amplifies the psychological behaviour behind the Twitter-fuelled bank run, potentially leading to a viral panic that regulators may struggle to contain.

Michael Imerman, a professor at Paul Merage School of Business at the University of California-Irvine, has dubbed the SVB situation a “bank sprint” rather than a “bank run”, with social media playing a central role in its acceleration.

Is TradFi in trouble?

Recently, additional tier one (AT1) bonds have been in the spotlight due to the situation at Credit Suisse. The bank announced that, following orders from the Swiss Financial Market Supervisory Authority, the value of 16 billion Swiss francs (USD$17 billion) in AT1s would be reduced to zero. This decision is controversial, as normally shareholders should be the first ones to bear losses, followed by holders of AT1 bonds.

However, in this case, Credit Suisse shareholders will receive compensation in the form of UBS stock, while AT1 bondholders will receive nothing. This situation has created uncertainty for investors holding other banks’ AT1s, and some have raised concerns about the decision.

AT1 was introduced to increase banks’ safety buffers and reduce the risk of government bailouts following the 2008 financial crisis. These bonds are designed to convert into equity in case the lender encounters financial difficulties. The development of Bitcoin by Satoshi Nakamoto was likely influenced by the crisis, which acted as a motivation for the project. It is possible that Nakamoto had been working on Bitcoin before the crisis, but the events certainly played a significant role in his decision to create it.

In one of his 2009 posts, Nakamoto noted that traditional currency requires a great deal of trust, which is often breached in the history of fiat currencies. He highlighted the need for a decentralised currency that could eliminate the need for trust in a central authority, such as the central bank.

Given what we have seen in just the past few months where countries have stepped up on the global stage and declared their intentions to lower their dependence on the dollar. This de-dollarisation would thus be a matter of when, not if, as more and more countries realise the importance of diversifying their trust into other countries instead of placing it mainly with the US.

Does diversification matter?

Speaking of diversification, one does also have to apply the same logic to their investment portfolio. The goal of diversification is to minimise risk and maximise returns by reducing exposure to any single investment or asset class.

By diversifying a portfolio, an investor can mitigate potential losses resulting from fluctuations in the market or economic conditions that may negatively impact a particular asset or industry. One obvious trade in which everyone is hopping on the bandwagon is investments in treasuries. We see large inflows of investments into money market funds in an effort to lock in high yields that have not been seen in the past two decades.

There is no wrong with this strategy, however, one must be aware in the dependence on this trade is contingent on the US government not defaulting on its ever-increasing debt and being able to keep the dollar stable. This would obviously be a black swan event, however, how do we hedge against such immense risk? We would need something hard, something of definitely limited supply and typically gold and Bitcoin comes into mind.

According to a Yale study, Yale economist Aleh Tsyvinski says Bitcoin should occupy about six per cent of every portfolio in order to achieve optimal construction. Even those who are strong Bitcoin sceptics should maintain at least four per cent Bitcoin allocation. According to the study, Tsyvinski demonstrated that cryptocurrencies enjoy higher potential returns than other asset types despite their higher volatility.

Also Read: The regulatory war on cryptocurrency

When measuring volatility, high readings indicate greater price fluctuations with both larger gains and losses, whereas lower readings indicate more stable returns. Usually, stable returns entail less potential significant profits as investors tend to compromise high returns for stability. Cryptocurrencies have demonstrated weekly returns that are higher than stocks since 2013 and as seen in the graph below.

The suitability of diversifying in an aggressive or passive allocation is dependent on one’s risk tolerance.

Diversification is a key investment strategy that involves spreading investments across various asset classes, industries, and geographical regions.

By diversifying, professional investors can reduce their exposure to any single investment or asset class, minimising risk and maximising returns. Fintonia Group, as a licensed fund manager, has a team of experienced professionals who can provide guidance and support to investors looking to diversify their portfolios. Whether you’re new to investing or an experienced investor, we’re here to help you build a customised solution that aligns with your risk tolerance, financial goals, and investment timeline.

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For many years, it was the nature of any digital project that developers were managed by the client, like a sort of commodity. The client’s role was to instruct the developer to do whatever they saw as necessary. The competition and pricing in this approach were high, while the criteria for selection were simply “Do you have a developer with these skills, and what is the price?”

However, in recent years, there has been a move towards not only building the code but also collaborating to design the solution from a UX perspective. This shift involved developers working with their clients to identify the requirements, conduct user testing, and essentially guide the client on how to build products via the solution architecture and then implementation.

It has been quite a journey

What we saw was a transition from engineering resources to digital consultants and digital transformation drivers. It has been quite a journey. Now, efficient two-way communication is the key to a successful working relationship. According to Ark Group, 95 per cent of CEOs believe effective communication is a critical factor in any area but just 22 per cent felt it was being delivered.

Whether it was the old way or the new way, communication throughout this area can be a minefield, especially when dealing with cultural differences. In Southeast Asia, where Seven Peaks is based, an open, honest, and direct way of communicating is common, but this can be tricky from time to time.

Also Read: Cloud communication platforms: How to choose one for your business

For example, if a client or a manager is older, it’s considered rude to correct or dispute them. This can have unfavourable consequences, but at the same time, if you don’t correct someone it may reflect badly on them and ruin the relationship.

There is a delicate balance between saying what needs to be said and relaying it in such a manner that no one feels disrespected. For me, this is one of the most important things to remember, whether it is regarding internal or external communication.

What companies must remember is the specific problem they are trying to solve on behalf of their client, and that there is a combination of tech and other solutions that can accomplish this. Introducing new buzzwords because they are fashionable, or specific technology simply because it’s new, should be avoided, even if it’s something the client feels that they want.

I believe another key asset in communication is guiding clients toward what they need rather than what they want. This can be challenging, as it can lead to disagreement and debates; however, by providing the most efficient advice and always bringing them in the right direction, challenging their assumptions, and demonstrating the benefits of the course of action you’re recommending, they will eventually take your lead.

To ensure that a project goes smoothly, one of a team’s first tasks should always be to run a product discovery. This can help them to fully understand the client’s business objectives and the pain points that are to be addressed. Based on that, the team should break each element of the solution down into much smaller projects that can be completed incrementally.

This approach helps teams to solve those individual problems much faster, while the overall finished product reveals itself bit by bit. Again, this approach is about building what a client needs rather than what the client wants, as there should be zero extraneous elements on those smaller projects.

Clients and developers must work together daily throughout the project, the most effective way of communication is face-to-face, working software is the primary measure of progress, simplicity is essential, and at regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behaviour accordingly.

Leveraging on Agile methodology

Good communication and Agile methodology go hand-in-hand. For example, it states there should only be time made for the briefest of meetings to speak of prominent points, while any problems must be prioritized for completion. The Agile approach is flexible and accurate, and its team members must be the same. Using this form of effective communication, sprints can be reviewed quickly, followed by a brief, retrospective assessment to judge which innovations might have contributed the most to the project.

Also Read: What companies can do to stay agile in the future of work

Agile helps deliver value within a business as it is an efficient process compared to methodologies that came before it. Changes in planning can be accommodated easily without causing disruption. Projects can be delivered within weeks or months and quick delivery is key to client satisfaction.

Frequent interaction with clients to review progress and note suggestions is vital when delivering value. Working directly with clients to understand their needs and to be aware of any changes in the market is essential, while shorter delivery times also allow for criticisms or suggestions from users to be sought and applied quickly. This also goes a long way to helping reduce the chance of failure within the project.

Finally, I believe strong organization and solid communication can be hugely beneficial to employee morale. A recent report by McKinsey revealed companies that employ efficient internal communications policies that nurture relationships as well as growth, see a boost in productivity of up to 25 per cent.

This approach allows for creativity, innovation, and motivation within the team. A happy and energetic team is likely to be more efficient and productive. This is especially important in the age of working from home as people are in their silos, communicating often can help keep them focused.

To say “good communication drives successful projects” may sound like a no-brainer, but understanding why this is true and in what areas specific effort can reap success, can be the difference between a good outcome and a great one.

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Singapore-based programmable synthetic data company Betterdata has raised an over-subscribed seed 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. A portion of the money will go into hiring, especially sales and marketing positions for business development as the company scales.

The startup, which currently operates in Singapore, also plans to expand across Asia Pacific over the next one to two years.

Betterdata was founded in 2021 by CEO Dr Uzair Javaid and CTO Kevin Yee.

Also Read: Generative AI and inclusive branding: Are we there yet?

Increasing data protection regulations in the world make data sharing extremely slow for engineering and data science teams. Betterdata makes data sharing instant with Generative AI and Privacy Engineering by converting real data into limitless synthetic data that looks, feels, and behaves just like your real datasets.

As synthetic data is artificially generated, it does not belong to real users and can be shared globally with 100 per cent compliance with local, regional, and international privacy laws.

“Betterdata solves one of the biggest issues the AI industry is facing today: lack of high-quality data that also meet privacy requirements. Through its powerful platform, Betterdata generates synthetic data that mimics real-world data without compromising quality and privacy, helping businesses meet global compliance and privacy laws at scale,” said Khairu Rejal, Principal of Investible.

“Data protection including user privacy, consent, copyrights, and compliance are on top of minds of CISOs today. Betterdata’s GenAI models can generate synthetic data at scale in a non-bias, highly accurate, and privacy-preserving way. We believe this is, and will be essential in many business verticals as the new wave of GenAI systems become mainstream,” said K. Yu, Founding Partner, Xcel Next.

Betterdata has recently entered into two R&D partnerships with leading academic institutes in Singapore and the US. Its product is used by customers Fortune 200 firms, Public Agencies, and AI startups.

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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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Dear Pro member,

Just days after Tracxn released a report about Southeast Asia’s startup funding in 2022, Bain & Company launched its Southeast Asia Private Equity Report in 2023.

The new report also paints a bad picture: The PE market saw a slowdown in deal activity in 2022. The deal value in the region saw a 52% fall last year compared to 2021, with the deal count also declining 15% y-o-y. The activity was solid through H1 2022 before falling in H2.

The internet and tech sector saw fewer large ticket investments and lower overall activity levels in 2022 vs 2021 but still accounted for the bulk of deals done in the region, accounting for 55% of total deal volume in the region in 2022.

However, the Bain report finds that despite the near-term uncertainty, the long-term outlook for PE investment in SEA remains positive. Its analysis shows that macroeconomic conditions in the region have been more resilient than the rest of Asia Pacific.

With the market continuing to be volatile, a full recovery will likely take many more months.

In another development, global Web3 and gaming VC firm BITKRAFT announced its Asia expansion and appointed former Riot Games President and former CEO of Garena, Jin Oh, as its Asia Partner. We spoke with him soon after the launch.

Today’s Ecosystem Roundup also carries many other exciting news stories and features.

Regards.

——-

The gist: PE deal value plunges 52% in 2022 in SEA: Bain report
More details: Deal count also plunged 15% y-o-y; Still, SEA remains an attractive place to deploy capital in the long term as it’s more resilient compared to the rest of APAC.

The gist: Monkʼs Hill Ventures (MHV) hits final close of Fund III at US$200M
The target: The firm was originally seeking to raise US$150M for this fund, according to SEC filings.
The investments: MHV Fund III has already invested Rainforest, Upmesh, Ordinary Folk, Tigerhall, and Crowde.

The gist: DishBrain owner Cortical Labs closes US$10M financing round
The investors: Horizons Ventures, LifeX Ventures, Blackbird Ventures, In-Q-Tel, and Radar Ventures.
The company: Cortical uses clusters of lab-cultivated neurons from human stem cells to form a DishBrain that can grow, adapt, and learn faster than purely silicon-based AI.

The gist: Failed crypto firm Babel to officially start in-court restructuring
The details: Babel Finance‘s co-founder and ex-CEO Flex Yang said the company’s moratorium has been heard in Singapore court; The court has extended the creditor protection for the company to last until July 21.

The gist: Digital doc verification startup Accredify closes US$7M Series A
The investors: iGlobe Partners, SIG Venture Capital, Pavilion Capital, and Qualgro.
The plans: The startup has a presence in nine markets and eight industries and will focus on Singapore, Australia, and Japan in the coming year.

The gist: Earth VC joins US$5M Series A round of Israeli startup ITC
The company: ITC develops cutting-edge computer vision and AI/ML algorithms to predict traffic patterns and prevent traffic congestion before it accumulates.
The plans: The startup will use the capital to expand into SEA.

The gist: Bitkraft onboards ex-Garena CEO and former Temasek director
Details: Jin Oh and Jonathan Huang will lead the Asia operations
The company: Bitkraft operates four venture funds with over US$600M in AuM and has a portfolio of over 100 companies as of August 2022.

The gist: India’s startup-focused business school Mesa nets US$4.1M
The investors: Elevation Capital and angels.
The plans: To develop a “hands-on, application-based” curriculum designed in collaboration with industry leaders and the future employers of the school’s initial 60 students.

The gist: SG’s Ryde bags US$2M from Octava family office
The company: Ryde is a social carpooling service, whose services also include an e-payment platform, insurance purchases, and taxi bookings.

The gist: Seedly co-founder’s new startup Mito Health secures US$1.3M
The investors: Forge Ventures, and the founders and executives of ShopBack, Carousell, and PatSnap.
The company: Mito augments medical expertise with AI to create personalised health plans for customers based on their diagnostic results and wearable data.

The gist: SG cybersecurity firm Group-IB exits Russian market
The details: Co-founder and CEO Dmitry Volkov sold his stake in the business to its local management team; This marks the completion of Group-IB’s plan to diversify its regional business, which was announced in 2022.

The gist: Jungle Ventures names former B Capital exec Menka Sajnani as partner
The details: Before B Capital, Sajnani was with Jungle Ventures between December 2015 and August 2019 as the platform’s global head of fundraising and investor relations.

Features, guest posts, and Echelon updates

‘There is strong reaction against the P2E gaming genre’: BITKRAFT Asia Partner Jin Oh
BITKRAFT believes the already blurred lines between the physical and digital gaming worlds will disintegrate and give way to a ‘synthetic reality’, said Oh after the announcement of the company’s Asia expansion.

How AnyMind Group achieves profitability through its approach to human resource and leadership
This year, after the IPO, AnyMind Group aims to focus on increasing its profit by growing its D2C and e-commerce business more aggressively.

How Transparently.AI uses AI to detect accounting manipulation, fraud
Following its participation in Plug and Play accelerator programme, Transparently.AI is looking forward to extending its deal pipeline.

The co-working industry needs to rethink its role: The Great Room CEO
Beyond providing just seats in front of computers, they need to provide activity-based working and meeting spaces, as well as spaces for training, collaboration and learning, says Jaelle Ang.

Is ChatGPT a great invention or is it being ‘hyped’?
When using ChatGPT, we must acknowledge that we are conversing with a training machine built from a variety of heterogeneous data.

From crunching numbers to transforming data: How I made a career switch from accounting to tech
Data analyst Clarence Tan says switching from accounting to tech was the best decision he has made; It provided him with more opportunities and helped him significantly grow his skills.

Championing disaster tech, meet Prudence Foundation at Echelon!
Get to know Prudence Foundation as they gather the most exciting startups working on disaster tech at the Echelon Asia Summit 2023!

Ditch your other plans and Meetup with us in Singapore
The Singapore stop of e27’s regional meetups is happening today, 21 April 2023. Here’s why you should be there.

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Singapore-based Oyika, a battery swapping service for electric vehicles, has secured Series B funding, says a TechInAsia report citing Venturecap Insights.

BPIN Investment led the round. BPIN is the investment arm of Thailand’s Banpu Infernegy.

Co-Founded by CEO Jinsi Lee and the team, Oyika works with existing e-motorbike/scooter manufacturers and transforms their internal combustion engine (ICE) models into smart bikes by bundling them with its portable swap batteries, network of swap stations and mobile app.

Also Read: How Oyika helps tackle global warming through its power subscription plan bundled with e-motorbike

The brains behind Oyika are the ones who built Postkid, an online education startup of the early 2000s, which was sold to Mainboard-listed Horizon Education and Technologies. Lee previously worked for the Sunseap Group and championed a 10-megawatt solar farm in Cambodia and a 140-megawatt solar farm in India.

Oyika’s subscription plan is akin to a telecom plan in Singapore; you get a data plan that comes with a mobile phone — you can’t have a mobile phone without a data plan, or a data plan without a mobile phone. A rider with a pay-per-use,  prepaid weekly, or postpaid monthly plan can swap his/her depleted battery for a fully-charged one at an Oyika swap station within a minute.

The battery is brand-agnostic and works with most e-motorbike brands and models in Southeast Asia. The battery is Internet of Things-enabled, so it can be monitored remotely for optimal performance and safety. A stolen e-motorbike can be tracked and remotely switched off, effectively making it theft-proof.

In 2021, Oyika raised investment from Yinson Holdings’s green technologies division (YGT).

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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.

The post Battery swapping service for EVs Oyika scores Series B financing appeared first on e27.

Since I started university, I hadn’t thought I would be interested in tech or even consider building a career in this industry. When I decided on my major, I chose Accounting because I felt it was a highly stable career. And, Accountancy is probably the most practical choice from my perspective.

After graduation, I landed my first job as a finance associate at a local startup. I dealt with accounts receivable, payables, petty cash, and keying accounting entries into Xero, a popular accounting program.

Being in a startup company was a valuable experience as a fresh graduate because I got to wear many hats within the accounting team. Until then, I looked forward to climbing the corporate ladder and growing my career.

My first-hand experience with tech

The opportunity to gain hands-on experience with proprietary technology was offered to me before I transitioned into my role as a financial analyst at a tech giant. That experience sparked my interest in diving into tech, leading me to look out for potential career opportunities and growth in this industry.

Taking the first step

When transitioning into tech, I extensively researched potential career paths and found that data analytics and data science held immense potential. This was in 2015 when the tech industry was gaining momentum, and I was convinced that it would benefit me to make the switch.

However, transitioning careers can be daunting, and I believe you must do your due diligence before deciding. Researching the industry and understanding career opportunities and required courses is critical.

Also Read: Storytelling: Startup’s secret sauce for turning founder narratives into golden assets

Luckily, you can easily find information online with a working device and an active internet connection. This is how I began my research, collecting course brochures and reading reviews and testimonials from those who successfully transitioned to tech. As I saw the potential of this path, my determination to pursue it grew stronger.

Avenues to upskill

My eagerness to jumpstart this career has led me to take multiple courses to facilitate my career transition. Here are some of my personal experiences and thoughts on accessing different avenues of upskilling.

If you do not have a related degree, for example, in Computer Science, one of the fastest ways to gain essential skill sets to enter the tech industry is to take a Master’s programme.

In my opinion, this is the most expensive and time-consuming way. A reputable university’s curriculum is extremely rigorous and comprehensive. You will also need to spend a lot of time and effort studying and working on projects and examinations. You’ll need to commit at least one to two years, depending on whether you are taking a full-time or part-time programme. This will be a long and tough journey, so be mentally prepared. To give you a head start in your tech career, internship programs can also give you real-world experience, which you can add to your resume.

Nonetheless, doing the Master’s or Postgraduate programme is the most effective way to enter the job market faster because the certification is mostly recognised by potential employers. In my experience, this is how HR or various job portal systems might have found my CV quickly.

Coding boot camps is another popular option for individuals seeking a cheaper option with fewer commitments. There are also different types of boot camps available as well.

Alternatively, you can always consider self-learning.

Self-teaching is a cost-effective option that demands self-discipline and motivation. Online resources are available, eliminating enrollment in a course. I prefer self-learning to acquire new skills quickly. I dedicated at least one hour daily to coding and self-paced courses in the early stages of my career, enabling me to code faster and create data visualisations with new software.

The upside of self-teaching is that you can learn at your own pace without strict deadlines. On the downside, self-motivation is vital, and distractions can hamper your focus. Finding quick answers to your questions may prove challenging without a curriculum or an instructor. Nonetheless, a self-taught mentality promotes continuous learning, essential for career growth. Keep upskilling to stay relevant in the industry.

Funding options

It is also important to mention that subsidies and grants are available to offset some of your upskilling courses. Save on your wallet by taking advantage of the Institute of Banking & Finance, Skillsfuture, and IMDA Digital Scholarships. It helped me greatly on my upskilling journey. So consider these available options to help you with your finances.

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

Life after pivoting to tech

It has been years since I moved from Accountancy to Tech, and it has been a fulfilling journey. There’s always a demand for tech skills, so career progression is much faster than in accounting. The skills I’ve gained are valuable to me as I can apply them across different companies.

My experience in tech has given me countless opportunities to work in technical roles or to impart my knowledge. Aside from guest speaking at conferences, I also mentor juniors in their career aspirations. Not only that, but I also appeared on television with Singapore’s Deputy Prime Minister to discuss issues about upskilling and potential growth opportunities. Without that career move, I wouldn’t have had the chance to experience this.

Is it scary to pivot?

Switching from accounting to tech was the best decision I’ve made. It provided me with more opportunities and helped me significantly grow my skills. Stepping out of my comfort zone was necessary for my success. It might seem daunting initially, especially without a prior background or skills, but with continued practice, my fears were unfounded. As I progressed in my career, my confidence grew to the point where I could assist my peers.

Thoughts and advice

My advice to those considering a career switch is to take the first leap and not be afraid to follow through. Depending on your needs, you can choose from many options. Be patient and strive to improve each time. Failure is part of the learning process, a valuable experience that adds to your growth. You will eventually achieve your career goals.

–

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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In the era of corporate giants, Elon Musk’s recent move to merge Twitter with X Corp and quietly starting X.AI has captured the attention of geopolitical analysts worldwide. The transformation of Twitter into X Corp may signal the tech magnate’s aspirations to dominate a diverse array of industries with a ‘super’ company, echoing the ambitions of other business titans across the globe.

This phenomenon raises pertinent questions about the shifting balance of power between corporations and governments, and how this will shape the future world order.

The rise of corporate giants and their influence on global industries

The world’s largest companies are diversifying their portfolios and expanding their reach. Elon Musk’s X Corp, through its merger with Twitter, is poised to make a significant impact across various sectors.

It joins the ranks of other ‘super’ companies, such as Amazon under Jeff Bezos, Alphabet Inc. led by Larry Page and Sergey Brin, Tencent with Pony Ma at the helm, BYD steered by Wang Chuanfu, Reliance Industries Limited directed by Mukesh Ambani, Tata Group with Natarajan Chandrasekaran in command, and Adani Group overseen by Gautam Adani.

These corporate giants are expanding their influence across industries and economies. They’re using strategies like vertical and horizontal integration, innovative technologies, and harnessing vast amounts of data to dominate their respective markets. In doing so, these companies not only reshape industries but also wield significant power over resources, potentially rivalling the influence of governments.

How governments are reacting to increasing corporate control over resources

Corporations are gaining control over resources and industries, and governments worldwide are struggling with the implications of this newfound power. The regulatory environment needs to adapt to the changing landscape, with tax regulations playing a crucial role in corporate expansion strategies. Governments must find the right balance between fostering innovation and growth while maintaining control over resources and industries.

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

Protectionist Policies

Governments are adopting protectionist policies, such as trade barriers, tariffs, and restrictions on foreign direct investment. These measures are designed to safeguard domestic industries and resources from foreign corporate giants, preserving national interests and economic stability.

Public-Private Partnerships

Governments are also establishing public-private partnerships (PPPs), collaborating with private corporations to address shared goals and objectives. PPPs can provide valuable opportunities for both parties, enabling corporations to access government resources and expertise, while governments benefit from the innovation and efficiency that private enterprises can offer.

Supporting Independent Media

Governments can support independent and diverse media outlets to provide a wide range of perspectives and prevent corporate bias or manipulation of public opinion. This can involve funding public broadcasting, implementing strict rules on media ownership concentration, and encouraging journalistic integrity.

Preserving Cultural Heritage

Governments can support cultural preservation initiatives that celebrate and promote national and local identities, preventing the erosion of cultural heritage by corporate globalisation.

The implications of corporate dominance on the future world order

The implications of corporate dominance on the future world order are vast and complex. Concentrated corporate power has the potential to significantly impact global economies and politics, shaping international relations and global governance in unforeseen ways.

Also Read: Fighting the chaos of growth: 5 practices to improve corporate governance beyond the board

As these corporate giants continue to expand their influence, alliances or competition among them could emerge, leading to a new era of rivalry over resources and industry control. The changing relationship between governments and corporations will play a pivotal role in this evolving landscape.

For example, the Big Tech alliance, consisting of companies like Amazon, Apple, Meta, Alphabet, and Microsoft is a corporate geopolitical bloc that works together across national borders to influence policies, regulations, and international relations in their favour. They have established a presence in multiple countries and operate across various industries, where their influence extends beyond their respective industries, shaping global conversations on data privacy, antitrust regulations, taxation, and labour rights.

These Big Tech companies often collaborate and lobby for shared interests, such as pushing for favourable regulations, advocating for international trade agreements, and influencing global internet governance. They have also been known to form strategic alliances or partnerships to maintain their dominance in the global market and fend off competition from emerging tech players.

While these companies have contributed significantly to innovation and economic growth worldwide, their dominance has raised concerns about monopolistic practices, data privacy issues, and the erosion of democracy. Governments and international organisations are increasingly scrutinising the actions of these corporate giants and considering ways to mitigate their influence on the global stage.

Corporate dominance could also exacerbate existing tensions and inequalities, both within and between nations. The increasing concentration of wealth and power among a handful of corporate giants may fuel social unrest and political instability. Furthermore, the widening gap between developed and developing nations may be exacerbated by the unequal distribution of resources and opportunities afforded by corporate giants’ presence.

As these corporations expand their reach and influence, their actions and decisions will have far-reaching consequences for the global community. Their impact on the environment, labour rights, privacy, and access to essential goods and services will be under increasing scrutiny, however, without regulations in place, it leaves one to wonder if these corporate giants will act responsibly and ethically.

In conclusion, the rise of corporate giants represents a defining moment in the shifting balance of power between corporations and governments. Ultimately, the future world order will be shaped by the delicate balance of power between governments and corporations, with both parties vying for control over resources and industries.

It will be crucial for governments, corporations, and citizens alike to engage in dialogue and collaboration to strike a balance between economic growth, innovation, and the preservation of national interests and global stability.

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The post Global geopolitics in flux: The powerful impact of corporate titans on the world stage appeared first on e27.

e27’s Regional MeetUp 2023 seeks to gather regional disruptors and innovators and bring the latest insights on the regional tech startup ecosystem straight into their respective homes — our next stop: Singapore.

We’ll see you at WeWork 21 Collyer Quay on Friday, 21 April. Here’s what to expect:

The e27 MeetUp in Singapore features a panel discussion with the topic “Southeast Growth Series: How can Singapore’s’ tech ecosystem grow sustainably and where are future growth drivers”, with speakers Xander van der Heijden, Founder and CEO of UNL; Jeremy Au, VC and Chief of Staff at Monk’s Hill Ventures; Bing Tan, Marketing Lead at Clevertap; and Mohan Belani, CEO and Co-Founder of e27; with moderator Thaddeus Koh, co-founder of e27.

Also read: Championing disaster tech, meet Prudence Foundation at Echelon!

This event is an excellent opportunity to connect with the local tech startup community at Manila, share insights with experts and your peers, and potentially get free tickets to the Echelon Asia Summit happening on June 14-15 in Singapore.

The e27 MeetUp is also a great opportunity to explore how you can work with the e27 community – and e27 – to help you achieve your goals.

This is an invite-only event. If you would like to be a part of it, leave us your details in this form.

This event is brought to you by e27, in partnership with WeWork and WebEngage.

The post Ditch your other plans and Meetup with us in Singapore appeared first on e27.

Accredify, a verifiable technology solutions provider in Singapore, has 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.

The startup has a presence in nine markets and eight industries and will focus on Singapore, Australia, and Japan in the coming year. To this end, it will utilise its capital to grow its team within Singapore and its focus countries. This includes greater investment in its first international office in Sydney (established last year) and planning for an office in Japan.

Also Read: Accredify raises US$2M to combat the rising fake degree certificates issue in education sector

Founded in 2019, Accredify started by helping higher education institutions to issue verifiable qualifications. Today, its SaaS solution is used across the public and private sectors, enabling government institutes and enterprises to digitally issue verifiable documents.

The firm uses blockchain technology to ensure the authenticity of a document that is shared or received, protecting against fraud and forgery. Accredify’s solutions can also be used in authenticating gemstones.

It now looks to expand into more industries and markets to build digital trust in business operations, public sector governance, and daily life.

Since its inception, it has worked with Singapore’s Ministry of Health and the Accounting and Corporate Regulatory Authority (ACRA).

“Breaking down the multi-variate problem of transacting trust, Accredify delivers a simple elegant solution that is cost- and time-effective and accurate for their users. As more countries continue to chart towards their digital ambitions, we believe that trust technologies like Accredify’s are foundational to enabling that secured connected future,” said Blake Ong from SIG Venture Capital.

In October 2021, Accredify closed a US$2 million financing round led by VC firm Qualgro.

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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.

The post Accredify closes US$7M Series A to take its doc verifying tech to new markets in Asia appeared first on e27.

In March, after some delays, AnyMind Group finally completed its IPO and listing on the Tokyo Stock Exchange Growth Market.

It issued 885,300 shares with an additional overallotment option and associated offering of 403,400 shares with a secondary public offering of 1,804,200 shares at a price to the public of JPY1,000 (US$7.41) per share. The Singapore-born company intends to use the proceeds to invest in talent development and expand its footprint.

As with any Southeast Asian tech startups that have been publicly listed, we want to learn more about the journey of AnyMind Group–how they get here and where they are going. Most importantly, as expectations for tech startups to build a sustainable business heightened, we feel the urgency to learn from fellow startups on how they make their revenue and achieve success.

So we sit down with AnyMind Group Chief Commercial Officer and co-founder Otohiko Kozutsumi to understand more about the company’s business model. We uncover the important roles played by M&A, international expansion, and human resources in their journey.

A three-pronged business model

Founded in 2016, AnyMind Group builds a commerce infrastructure that includes everything from brand identity, manufacturing, communications, and even logistics, with a strong emphasis on cross-border businesses.

Currently run by a team of more than 1,300 staff, the company operates in 13 markets in Greater Southeast Asia, Japan, and even as far as India. These markets contribute to 53 per cent of its international revenue, with the company making a revenue of more than JPY24 billion (US$178 million), a 54 per cent revenue CAGR (from 2017 to 2022).

While the company’s biggest team is in Japan with 350 employees, Kozutsumi names Thailand as AnyMind Group’s biggest market with 275 employees.

Also Read: Ecosystem Roundup: Startups share valuable 2022 lessons; AnyMind delays IPO

The company operates three business lines:

Marketing
Contributing 53 per cent of AnyMind Group’s revenue, this segment is represented by platforms AnyTag and AnyDigital.

D2C and e-commerce
Represented through platforms such as AnyFactory, AnyX, and AnyLogi, this segment contributes 12 per cent to AnyMind Group’s revenue.

Partner Growth

Despite being relatively new, this segment contributes 35 per cent of AnyMind Group’s revenue.

“We focused on the marketing side of the business since our founding in 2016, then we expand to e-commerce and D2C-related businesses,” Kozutsumi explains. He further elaborates how the D2C and e-commerce business line has grown “really dramatically” since it started two years ago, just like the Partner Growth business line that was started in 2018.

Also Read: Afternoon News Roundup: Singaporean tech entertainment firm AnyMind raises US$26.4M Series B

Human resource as keys to profitability

In FY2022, AnyMind Group recorded an operating profit of JPY30 million (US$223,000). During the interview, Kozutsumi explains all the factors that helped the company achieve this number, despite an operating loss of JPY213 million (US$1.5 million) in FY2021.

“As you can see, all of these business models are B2B in nature … It means we don’t need to invest a lot for the user acquisitions like B2C business. So, the important point is that we have a strict budget control system. We should achieve the target, but at the same time, costs should also be maintained in quite a good way,” he says.

Human resource plays a key role in the company’s performance. To help meet internal KPIs, AnyMind Group invests in training their employees, so that they can increase productivity effectively. According to Kozutsumi, cost efficiency and productivity are the reasons why the company is able to achieve profitability without any layoffs.

In addition to those two factors, in July 2022, AnyMind Group also raised US$29.4 million in Series D funding to support its business.

Bringing talent onboard

International expansion plays an important role in growing AnyMind Group’s business, and the company is able to achieve this by acquiring companies that already have a strong presence in the market they are aiming for. By far, they have acquired a total of seven companies.

Some examples of acquisitions that AnyMind Group has done in the past include MoIndy Digital in Thailand and POKKT in India.

By acquiring these companies, in addition to expanding its geographical reach, AnyMind Group also introduced its services into these markets.

Also Read: AnyMind Group closes Series B funding at a total of US$21M

“When we enter India, they were only doing digital marketing business, so we brought our influencer marketing platform to the market,” Kozutsumi says.

Once a company was acquired by AnyMind Group, its founders then entered the group’s management team and became country managers for the market it operates in. This is why M&A also plays an important role in the group’s human resource aspect.

“Through the M&A, we are able to invite very talented and committed founders to AnyMind. That way, we can build a very strong management team,” Kozutsumi says.

This is why, when considering an acquisition of a company, the founders are one of the first things that the group considers. “The culture match is … super important,” Kozutsumi stresses.

The CCO also mentions that the group is set to do more acquisitions in the future.

This year, after the IPO, AnyMind Group aims to focus on increasing its profit by growing its D2C and e-commerce business more aggressively.

“There is also the long-term possibility of expanding outside of Asia as well,” Kozutsumi closes.

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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: AnyMind Group

The post How AnyMind Group achieved profitability through its approach to human resource and leadership appeared first on e27.