At a trade fair in Germany, Joko Widodo urged investors to invest in Indonesia’s electric vehicles sector, according to a Nikkei Asia report. 

The call comes at a time Indonesia plans to become a major player in the global EV market. To attract investments, the government recently reduced the value-added tax on sales of battery-based EVs from 11 per cent to 1 per cent. Last month, the government also introduced a US$110 million subsidy programme to increase EVS’ sales and usage.

The archipelago has an advantage: it has the world’s largest reserves of nickel, which is used in EV batteries. In 2022, US car-maker Tesla signed a US$5 billion contract to buy materials for their batteries from nickel processing companies in Indonesia.

EV makers from neighbouring Singapore, such as ION Mobility and Oyika, have already established a presence in Indonesia.

Overall, Indonesia has making great strides in the EV space. This is the highlight of this week’s Ecosystem Roundup.

Let’s also look at the other major developments in the region.

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eFishery in talks to raise US$100M led by UAE’s 42XFund
The aquatech firm is exploring markets outside Indonesia; eFishery’s last major round was closed in January 2022 when it raised US$90M in Series C co-led by Temasek, SoftBank, and Sequoia India.

Indonesia’s Jokowi urges investors to join EV push
To promote EV adoption, Indonesia recently reduced the value-added tax on sales of battery-based EVs from 11% to 1%, focusing on vehicles whose components are at least 40% locally manufactured.

SG’s Cosmose AI raises funding at US$500M valuation
The investos is Near Foundation; Using smartphone data, Cosmose AI analyses foot traffic and engages consumers online, providing insights into offline shopping habits and driving footfall across 20M venues in Asia.

Vietnamese EV maker Selex Motors raises US$3M funding
The investors are ADB Ventures and Touchstone Partners; Selex Motors produces electric two-wheelers and swappable battery packs that are purpose-built for last-mile cargo delivery; Its clients include regional delivery aggregators such as Lazada and Grab.

Battery swapping service for EVs Oyika scores Series B financing
BPIN Investment is the lead investor; Oyika works with existing e-motorbike/scooter manufacturers and transforms their ICE models into smart bikes by bundling them with its portable swap batteries, network of swap stations and mobile app.

Programmable synthetic data company Betterdata raises US$1.65M
The investors are Investible, Franklin Templeton, Xcel Next, Plug and Play, and Entrepreneur First; 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.

Global Brain invests in biodiversity monitoring, conservation app
Biome aims to build a platform for environmental conservation using big data on the distribution of organisms worldwide; The company has developed AI that identifies plant and animal species from images.

SG launches new initiative to support Asia’s net-zero transition
The Finance for Net Zero Action Plan by the MAS covers transition finance, which funds projects or activities that reduce carbon emissions in sectors such as power generation, buildings, and transportation.

Validate the problem before building a solution: Surasit Sachdev of Hungry Hub
‘A lot of startups go to friends for feedback on their product rather than potential target customers about the problem,’ says Hungry Hub CEO.

After growth and profitability, this is what Beam is looking to achieve in 2023
Co-Founder and CEO Alan Jiang says the micro-mobility company focuses on continuing its profitable growth trajectory in 2023 by investing in more vehicle deployments into all eight of our markets in APAC.

How to out-position the competition in a downturn
In an economic downturn, pressures will mount on your customers to do more with less or to cut costs in your category of goods or services.

Should people be more wary of AI or is AI more threatened by human misuse?
This article explores whether people should fear AI or if AI is at greater risk from human misuse, discussing the potential threats posed by both.

ASEAN explores dropping US dollar: A shift towards CBDC and blockchain technology
By adopting blockchain-based systems, ASEAN countries can enhance the efficiency and security of their financial transactions.

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As an aspiring tech entrepreneur, you may have a killer idea for the next big startup, a user-friendly app, impressive investors, and the best developers. But wait! Have you considered a factor that could make or break your entrepreneurial rocket ship? That factor is emotional intelligence (EQ).

EQ is not just a buzzword but an essential ingredient for any tech entrepreneur’s recipe to success. It refers to your ability to perceive, understand, manage, and use emotions effectively in yourself and others. It’s like having an emotional toolkit that helps you navigate the unpredictable waves of entrepreneurship with style and grace while maintaining a highly fun work environment.

Let’s talk about why EQ is crucial for tech entrepreneurs and how it can help you lead, collaborate, make informed decisions, network, and manage stress.

Leadership

You need expertise in code or design and people skills to captain your brave new technological venture. A high EQ allows you to empathise with your team members’ concerns, communicate effectively, and adapt to evolving situations with flair. In short, an emotionally intelligent leader equals happy teams who boldly go where no one has before.

A leader who lacks EQ may struggle with team morale, causing conflicts and potentially losing valuable employees. However, an emotionally intelligent leader can foster a collaborative and supportive work environment, increasing job satisfaction, employee retention, and productivity.

Collaboration

In a world where collaboration is paramount, harnessing the power of various perspectives can help you innovate faster than ever before. When you tap into your EQ, you unlock your ability to listen and engage in open dialogue with team members actively. This fosters creative collaboration that fuels leaps in ingenuity.

Collaboration requires effective communication, active listening, and a willingness to understand others’ perspectives. Using EQ, you can foster an environment that encourages open communication and diverse perspectives, leading to more innovative solutions.

Also Read: The 5-part agile leadership guide that will make you a better business leader

Decision-making

The fate of your cutting-edge tech endeavour will involve making countless high-stakes decisions. With your handy-dandy EQ, you can make informed and unbiased choices considering multiple factors, data points, and human emotions. Being in tune with your emotions and those of others will help you summon the courage to take calculated risks and know when to pivot.

When making decisions, it’s important to consider the potential impact on others and the business. EQ allows you to navigate complex situations with empathy, understanding, and strategic thinking, leading to better decision-making.

Networking

Your connections can propel your tech venture into the stratosphere. Emotional Intelligence helps you interact with others confidently and build genuine relationships that yield invaluable opportunities, resources, and partnerships.

Networking requires more than just handing out business cards and pitching your idea. It involves building rapport, establishing trust, and developing meaningful relationships. EQ enables you to connect with others deeper, leading to more fruitful networking opportunities.

Stress management

Buckle up because entrepreneurship can be a wild ride! Your EQ will help you manage stress and prevent burnout amidst the whirlwind of running a tech business. This means preserving your mental well-being and fostering a sustainable work-life balance for yourself and your team.

Stress is a natural part of entrepreneurship, but it can quickly become overwhelming and lead to burnout. EQ enables you to recognise and manage stress effectively, leading to a healthier work environment and improved productivity.

Final thoughts

EQ is critical to a tech entrepreneur’s success. It enables you to lead with empathy, collaborate effectively, make informed decisions, network confidently, and manage stress. By harnessing the power of emotional intelligence, you can take your innovative empire to new heights. So gear up, future tech titan: it’s time to power up your EQ and watch your startup soar!

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It is heartening to see venture capital investors — local and foreign —  coming forward to invest in Southeast Asian startups amidst a challenging investment climate. Last week, some of e27’s verified investors (e27 Connect) were involved in many investment deals in the region.

Below is the brief profile of each of them.

Better Bite Ventures

Founded by Michal Klar and Simon Newstead, Singapore-based Better Bite invests in alternative protein startups in Asia Pacific across founding, pre-seed, and seed stages. It invests in startups using plant-based and cellular agriculture technologies to create climate-friendly meat, dairy, egg and seafood alternatives that are better for people, animals and planet.

It provides up to US$50K per startup. Last week, it invested in four alt-protein startups – Allium Bio, Cultivaer, EatKinda, and Klevermeat.

Touchstone Partners

Touchstone Partners is a Vietnam-focused VC firm. Its current investment areas include fintech, real estate, health technology, and edutech and technology initiatives that improve the efficiency of the value chains of important industries such as production and agriculture.

Last week, it joined the US$3 million funding round of Selex Motors, a Vietnamese maker of electric two-wheelers and battery packs, along with ADB Ventures and two foreign investment funds.

Investible

With offices in Sydney and Singapore, Investible is an Asia-Pacific-based early-stage VC firm that provides high-potential founders with financial, human and intellectual capital.

Also Read: Meet the e27 Connect investors that invested in SEA in April first half

The VC firm invests between US$200,000 and US$1 million in seed, pre-Series A and Series A startups.

On April 21, Investible led the US$1.65 million round of Singapore-based programmable synthetic data company Betterdata.

Xcel Next Ventures

Launched in Nov 2021, Xcel Next is an early-stage VC firm with a presence in Taipei, Singapore and Silicon Valley. With its extensive network and global resources, it adopts a high-touch approach to help early-stage founders accelerate their venture-building process.

Xcel mainly invests in seed to Series A startups through its fund X-TECH, cheque size starts from US$100,000 up to US$1 million per investment. ​

Its areas of interest include AI, 5G applications, edge computing, mobility, healthtech, smart manufacturing, fintech, blockchain/Web3, VR/AR/XR, metaverse, and next-generation technologies.

It invested in Betterdata along with Investible.

iGlobe Partners

Established in December 1999, iGlobe Partners is a cross-border VC firm that invests globally in early growth companies (pre-Series A to Series D) focusing on smart Cities, fintech, and synthetic biology. It identifies companies in early growth stages with emerging technologies and innovations that will become game-changers.

It sources startups from Silicon Valley and brings them through Singapore as a gateway to Asia.

On April 20, it participated in Accredify’s US$7 million Series A round.

Qualgro

Qualgro (quality & growth) is a VC firm based in Singapore, investing in tech companies in B2B, data/AI and software across Southeast Asia, primarily at Series A & B.

Its cheque size ranges from US$10,000 to US$10 million.

It co-invested along with iGlobe in Accredify’s US$7 million Series A round.

Earth Venture Capital

Earth VC is a global VC firm investing in climate-tech solutions, with a focus on the Southeast Asia region. The firm invests in seed to Series A startups in AI, Machine Learning, robotics, new materials, new energy, and the IoT that serve the goals of switching to renewable energy, abandoning fossil fuel, and increasing the level of carbon storage.

It writes a cheque size of US$500,000 to US$1 million in pre-seed, seed, pre-Series A, and Series A startups.

A few days ago, it invested in Israeli startup ITC.

Forge Ventures

Forge Ventures was established in 2021 by Tiang Lim Foo and Kaspar Hidayat in partnership with Alto Partners, an Asia-focused multi-family office. A sector-agnostic fund, it intends to back founders developing the next generation of category-defining firms at the seed stage. It is also paying close attention to fintech startups in the region.

It has an average cheque size of US$750,000.

The firm recently led Mito Health’s US$1.3 million funding.

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Have you ever found yourself wondering if robots will one day take over our jobs? The future is already here, and the rise of Artificial Intelligence (AI) is changing the job market in ways we never imagined.

From manufacturing to customer service, AI is making tasks faster, easier, and more efficient. It’s not just blue-collar jobs that are at risk; white-collar jobs are also feeling the heat as AI technology continues to advance and disrupt the job market.

So, buckle up and get ready for a wild ride as we dive into the fascinating world of AI taking over jobs.

Artificial Intelligence follows the general guidelines set by humans, but it also has the ability to chart its own course. AI can analyse customer data, anticipate customer behaviour, and even automate certain marketing tasks.

Our agency has been experimenting with OpenAI’s ChatGPT and has been blown away by AI’s progression. ChatGPT is trained in conversational engagement and can handle tasks such as solving mathematical problems, coding, creating content, summarising information, correcting errors, disputing false claims, and more. It’s time for us to consider the full potential of AI and explore ways to leverage it to enhance our business strategies and marketing efforts.

Moreover, AI not only has the potential to create new jobs but can also automate existing tasks performed by people. Instead of ignoring it, it’s important for people to start figuring out how to use it and implement it in their workflows to fulfil tasks faster and more efficiently. Staying ahead of the curve is crucial!

How we have optimised our standard operating procedures to utilise AI

Training AI based on providing detailed prompts on what is successful

We have begun to curate a content library of successful campaigns, articles, and social media posts to use as a point of reference for AI. This helps AI understand what works best for our clients and their target audiences. Following that, we can further train it with custom data to produce more relevant and successful campaigns for different industries and niches.

Also Read: How business leaders can utilise generative AI in employee communications

Experimenting and A/B testing different content frameworks

We use AI to create content based on various frameworks, such as storytelling, problem-solution, and benefits-driven approaches, and tailor it to our clients’ business needs. These frameworks range from AIDA (Attention, Interest, Desire, Action), PAS (Problem, Agitate, Solve), USP (Unique Selling Point), to Brand Story Arch framework and more.

Testing different content frameworks with AI also enables us to quickly create more engaging, relevant, and effective content that caters to the unique needs of different target audiences, ultimately leading to better marketing results and a competitive edge.

Drafting designs

Images are universally understood, making them an effective means of communication across different platforms, devices, and user interfaces. Additionally, AI art can produce any designs you want in a fraction of the time it would take a designer to complete them.

I am an avid user of Midjourney and have been using it to draw inspiration for design work. There is a bit of a learning curve, as you will need to familiarise yourself with the commands used to create images like changing the settings on quality, saturation, size, stylised values, and more. Once you master these, the possibilities are endless.

With Midjourney, you can also upload images as a part of a prompt to create emotional resonance and more relevant and accurate visual outcomes. This enables you to enhance complex ideas, emotions, and scenarios with greater ease and clarity.

It is exciting to learn about new innovations and market trends and I am looking forward to technological developments that can improve the way my agency operates. 

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Still reeling from the countless geopolitical challenges of the past several years, the global economy continues in its attempt to return to some semblance of normality. Many of the world’s lower-income individuals and households continue to struggle as the lingering effects of the COVID-19 pandemic and the war in Ukraine have exponentiated the cost-of-living crisis.

However, emerging from financial instability and uncertainty has been the rapid evolution of digital financial tools that are providing those on lower incomes with more spending opportunities. Chief among them is the Buy Now, Pay Later (BNPL) model that has made particularly significant strides in some of the world’s emerging markets.

A recent report from Coherent Market Insights predicts that the global market value of BNPL is expected to rise by 21.2 per cent by 2027, with countries in the Asia Pacific region experiencing the fastest share of the growth.

But what is BNPL and how does it work? In short, BNPL is a form of short-term financing that enables customers to make a purchase today and pay for it later, typically in monthly instalments.

In the midst of the continuing and unrelenting global cost of living crisis, BNPL is allowing customers, including those who are earning at the lower end of the pay scale, to pay in increments for a variety of necessities including health, education, travel, and a multitude of other services. 

Geopolitical situation

According to a report from the World Bank, the East Asia and Pacific (EAP) region’s economic recovery has been hampered significantly by the global pandemic, the war in Ukraine, the structural slowdown in China, and the fiscal tightening in the United States.

The report has also warned that households in the region that fell back into poverty during the pandemic will see real incomes shrink further as living expenses continue to rise. Russia’s invasion of Ukraine in 2022 and the war that has ensued have put several countries beyond their capacity to navigate the cost of living crisis effectively and efficiently.

Also Read: Why BNPL will change the payment landscape in Vietnam?

Combined with the relentless developing pace of climate change and the lingering effects of the pandemic, the United Nations has labelled this period of time as being the highest cost of the living crisis of the twenty-first century, as food and fuel prices continue to rise, debt distress escalates, and financial circumstances for millions continue to tighten.

Despite the crisis being global in nature, higher prices are frequently having a greater impact in lower-income countries, for families and individuals in many of the world’s emerging economies, food and gasoline make up a higher portion of their budget, which have been amplified greatly by the effects of price hikes on necessary amenities and products.

Many of these nations’ governments are working with dwindling and restrictive budgets to try to support and sustain the poorest of their citizens. According to a study conducted by GeoPoll, 75 per cent of respondents have identified rising food, utility, transportation, clothing, and housing prices have reduced their family’s standard of living.

Fortunately, consumers today have greater access to financial products and services, including BNPL, which makes it easier to save and manage money. 

Uptake in digital technologies 

Spurred on by geopolitical events, the rise of digital transformation in the Asia-Pacific region has increased exponentially in recent years.

According to an e-Conomy SEA report, the area is forecast to be the fastest-growing region in the world when it comes to internet adoption, with 400 million consumers taking their first tentative steps online in 2020 alone. Influenced by this, the BNPL model has become one of the fastest-growing segments in consumer finance, particularly in some of the world’s emerging markets.

A study conducted by Research and Markets highlighted that the BNPL Gross Merchandise Value in Indonesia alone is expected to grow from US$2,777 million in 2021 to US$25,338 million in 2028. The emerging youth population in South and Southeast Asia has led to a boom in digital consumption, and with an ever-increasing mobile phone penetration in the region, consumers are both depending on and spending more and more on e-commerce and social media sites to purchase products and services.

According to McKinsey & Company, the proportion of digital payments in Asia will be at 65 per cent in 2024, compared to an average of 52 per cent globally, ensuring the Asia continent is the driving force behind global spending growth.

Ultimately, this is contributing to an emergence of a population who are more consumer savvy, and who are able to use payment services, including BNPL, to navigate the continuing and ensuing geopolitical tribulations. 

Opportunities for lower-income households

The rise in digital consumption by many in the South and Southeast Asia region has allowed many of those earning lower incomes to manoeuvre through the unrelenting cost of living crisis more efficiently, with BNPL being an option many are turning to. This type of payment option is on the rise for several reasons; sellers are not required to conduct hard credit searches, and an individual’s credit score is unaffected by engaging in such a service, once

they have paid off what they owe. In comparison to obtaining a credit card, this credit is much easier to access. The payment plans offered to consumers allow them to pay back what they owe in instalments, appealing to many customers as it means that they can spread out or postpone the expense of products without incurring any damaging interest.

Increasingly, BNPL is becoming the preferred payment option for younger generations who are warier about the hidden and interest fees of traditional financial products like credit cards.

A significant reason for this uptake is that the revenue model of credit cards and BNPL is starkly different. Credit card companies primarily make their money through the collection of annual fees, late fees, and interest fees. In direct contrast to this, the BNPL model makes money from the fees collected from merchants who use and accept their payment solution and doesn’t charge any fees from users.

Through using the BNPL service, lower-income households are gaining access to products and services that they may not be able to afford otherwise. The flexibility the BNPL payment option grants provides lower-income households with financial adaptability by allowing them to spread the cost of a purchase over an extended period of time and allowing them to manage their budget and cash flow more effectively.

Also Read: How du-it aims to empower SMEs with its Shariah-based BNPL platform

In many emerging markets where credit card penetration is low, lower-income households have the choice to buy quality goods and services without borrowing money from family or friends or instant lending apps.

Owing to the limited access to traditional credit options many lower-income families encounter, these households were dependent on high-interest loans to make ends meet. This now no longer needs to be the case, with BNPL options providing individuals with a more flexible alternative to high-interest loans. 

Benefits of BNPL for the wider economic community

BNPL solutions are stimulating economic growth, boosting retail sales, and decreasing debts in tandem with improving financial inclusion for consumers. While the benefits of the service for individuals living on a lower income are apparent, there is also a multitude of benefits for the businesses, both small and large, that choose to adopt a BNPL option at their checkouts.

The payment instalment service allows the customer to overcome any hesitation they may have about making a purchase, resulting in a higher sales volume for the e-commerce business. It also boosts customer loyalty and increases a shopper’s average cart total value.

While the tool is extremely advantageous for those supporting themselves and their families on lower incomes, there is also scope for consumers to purchase airline tickets and cars, all on interest-free instalments when using BNPL. 

The BNPL industry is currently booming in the Asia region, with the top BNPL companies in the world having a presence in Singapore, Indonesia, Malaysia, Australia, India, and China. According to a report from The Australian Finance Industry Association, BNPL made a significant increase to GDP and jobs in Australia and contributed US$14.3 billion to the Australian GDP in the 2021 financial year.

The report also disclosed that the employees and suppliers of businesses offering BNPL also benefit, ultimately resulting in a favourable knock-on effect on the economy as a whole. Stemming from this knock-on, or multiplier effect, BNPL’s overall economic impact surpasses the amount of direct revenue explicitly attributable to BNPL.

Significantly, this ensures that while lower-income individuals can avail of BNPL services, the businesses that offer this staggered payment method are contributing to the broader strengthening of the economic community, minimising the impact of the cost of living crisis at a larger scale. 

As economies continue to navigate an ever-uncertain world, BNPL payment options provide much-needed certainty and reassurance for many lower-income households, wherever they are located, that food and other essential goods can be purchased when necessary.

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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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