Salary range transparency has become a hot topic in recent months, but it has always held a personal meaning for me.

My first encounter with salary range transparency was back in 2011 when I was looking for a software engineer job in Singapore. I found it odd that no software engineer role on the largest job platform then had a salary bracket. When I did my first HR interview, I asked for the salary range. The recruiter was taken aback by my question, and I too was surprised by her reaction.

Separating the facts from the myth

Since then, I’ve been asking recruiters the reasons they don’t share their salary ranges. The responses I got are the likes of “employees are going to ask for a pay raise and quit”, “competitors will poach our employees with a higher pay”, “candidates will reject the offer if it’s not at the top of the range”, and “candidates will join for the salary and quit as soon as they find a better-paying job”.

Also Read: Who is doing what: Understanding the different job titles in a VC firm

But every time they mention the risk of competitors increasing salaries to hire employees from a company that practises salary range transparency, I can’t get a single real-life example. It seems to be a fear-mongering myth passed down from recruiter to recruiter. 

At this point, I’m convinced the only valid explanation is when a public salary range could upset employees who would realise they were underpaid, similar to findings from a study last year. 

This, however, is not a good excuse to hide the salary range. All the more, because of existing pay discrepancies, companies have a stronger reason to scrutinise their salary review process before publishing salary ranges.

Embracing transparent salary conversations

When I was given the opportunity to build an engineering team at Wise in 2018, I knew this was the point where I could make a difference. 

One of the first things I did was to ask the recruiter to include salary ranges in the roles I was hiring for. She agreed and we never looked back. Today, all tech roles for Singapore and most positions worldwide at Wise have this information.

Publishing the salary ranges was not only a way to attract more candidates, but it was also to prove that, contrary to what most recruiters fear, nothing bad happens when you share the salary ranges if your employees are being paid fairly. 

I’m proud to say that out of the 15 engineers I’ve hired at the organisation in the past five years, no one left. There are companies that pay more than Wise, and it’s simply not true that salary range transparency increases flight risk. Studies like The Josh Bersin Company’s pay equity research show it helps in retention and I believe that’s because it enables honest and transparent conversations around salary.

Career maps were also another initiative we had in Wise to help with salary conversations. In 2019, we shared detailed career maps with our teams and published them externally a year later. Last year, I pushed to add salary ranges to the engineering career map for clarity into pay and career progression. I see these career maps as an example that every midsize and large company should follow to retain and grow their employees.

Also Read: How to combat burnout and boost your productivity

Pushing for salary range transparency in a bigger world

In 2018 when I started JobWiz as a fun job portal project because my wife was looking for a job, I made salary ranges and perks compulsory on our platform. 

The more I spoke with job seekers and employers, the more I realised there is a very serious problem to solve: a lack of salary range transparency.

I heard stories of people leaving their jobs when they learnt their pay was half of their teammates’ for the same role, just because they asked for a lower expected salary at the beginning. Something needs to be done.

In 2023, I decided to quit my job at Wise to focus full-time on JobWiz, with the mission of making salary ranges transparent and public. 

A lot of recruiters are telling me that it’s not going to happen. But I disagree. They might have dozens of years of experience but I have five years of experience in salary range transparency while they don’t have any. They just never tried.

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Singapore-based early-stage venture fintech investor Integra Partners has announced the final close of its second fund at US$90 million. This brings the total committed capital managed by the firm to over US$140 million.

Integra Partners Fund II is anchored by global institutional investors, including Germany’s development finance institution DEG, the US International Development Finance Corporation, the Norwegian Investment Fund for Developing Countries Norfund, European alternative asset management group Tikehau Capital, and includes participation from strategic corporates and family offices globally.

The new fund targets fintech, insurtech and digital health opportunities that leverage synergies across sectors to drive financial and healthcare inclusion in Southeast and South Asia. It invests in pre-Series A to Series B stages.

“We included digital health in the mandate for Fund II as we see it as a test case to prove our thesis that fintech is becoming a horizontal layer across all sectors and is embedded in all industries,” said Chris Kaptein, Managing Partner at Integra. “For example, in emerging markets across Southeast Asia, access to healthcare is often a financial problem as medical inflation becomes a pressing concern. Similarly, we see applications of fintech in almost every sector – e-commerce, AI, climate, logistics, education and beyond.”

Also Read: We know fundraising sucks, so e27 Connect is here to help you

Across Integra’s two funds, the firm has invested in 27 companies, comprising mostly B2B and B2B2C businesses. Integra’s portfolio companies include regional e-commerce aggregator, graas (Southeast Asia and India), earned wage access providers wagely (Indonesia and Bangladesh) and GIMO (Vietnam), open finance provider Brankas (Southeast Asia regional), institutional FX platform, Spark Systems (Asia regional), cybersecurity reinsurer, Envelop Risk (Global), and cybersecurity platform ReaQta (Global), which fully exited to IBM in 2021.

With a team of 17, Integra Partners has a footprint in the Philippines, India, and Pakistan. It recently announced the launch of the Win With Women Venture Partner Program, which will add boots on the ground in Vietnam and Indonesia.

Integra intends to continue expanding regionally, building out its venture partner network and in-country teams.

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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.

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Recently, Hong Kong Science and Technology Parks Corporation (HKSTP) announced proptech startup Skyland Innovation as the overall champion of the 7th Elevator Pitch Competition (EPiC), beating over 610 startups from 55 economies around the world.

This competition is just one of the initiatives that HKSTP is doing to support the local–and global–startup ecosystem, in a way. For over 20 years, the organisation is committed to building up Hong Kong as a global innovation and technology hub to propel success for local and global startups through facilities such as Hong Kong Science Park in Shatin, InnoCentre in Kowloon Tong and three modern INNOPARKs in Tai Po, Tseung Kwan O and Yuen Long.

It has established a thriving I&T ecosystem that is home to two unicorns and Hong Kong’s leading R&D hub with over 13,000 research professionals and over 1,300 technology companies focused on healthtech, AI and robotics, fintech and smart city technologies.

In the midst of EPiC 2023, e27 speaks to HKSTP Head of Partnerships Eric Or about the challenges faced by local and global startups in growing in the region–and what opportunities are available to seize.

Beyond innovation, there is commercialisation

Hong Kong is a hub for startups in Asia, with a thriving ecosystem that is constantly evolving. However, like any startup ecosystem, there are a number of challenges that entrepreneurs face when trying to build and grow their businesses in Hong Kong.

Also Read: Opportunities abound for Hong Kong’s largest I&T Career Expo

According to Or, one of the biggest challenges that startups face in Hong Kong is commercialisation.

“Many startups have great ideas and innovative solutions but struggle to find customers who are willing to buy their products or services. This is partly due to the fact that Hong Kong is a very competitive market, with many established companies and startups vying for the same customers,” he says.

Like many other regions, the startup ecosystem in Hong Kong is also struggling to find the right talent. While there are many talented individuals in Hong Kong, there is also a lot of competition for the best talent. Many startups struggle to attract and retain top talent, which can make it difficult to build a strong team that can help the company grow and succeed.

There is also another challenge of COVID-19 pandemic recovery. Despite opening itself up to international and regional visitors, the pandemic has made it more difficult to network and build relationships with potential customers and partners.

This is why HKSTP offers a range of programs and services to help startups grow and succeed, including incubation and acceleration programmes, funding opportunities, and access to a network of mentors and advisors.

There are also a number of events in Hong Kong that bring together startups, investors, and corporate partners. For example, the StartmeupHK Festival is an annual event that showcases the latest trends and innovations in the startup ecosystem. The event features keynote speakers, panel discussions, and networking opportunities, and is an excellent way for startups to connect with potential partners and investors.

Also Read: Hong Kong introduces regulatory measures for crypto trading platforms to enhance security

What it takes to build a global tech hub

One of the key strengths of Hong Kong’s startup ecosystem is its global outlook and rock-solid regulations. Hong Kong is a gateway to China and the wider Asia Pacific region, and startups in Hong Kong are well-positioned to expand into these markets. In addition, Hong Kong has a strong legal and regulatory framework, which provides startups with a stable and predictable environment in which to operate.

“Many startups in Hong Kong are also looking to take advantage of the opportunities presented by China’s rapidly growing economy,” Or explains.

“While China can be a challenging market to navigate, Hong Kong provides a safer approach for startups looking to expand into China. Hong Kong’s proximity to China, its cultural and linguistic similarities, and its well-established business networks make it an attractive option for startups looking to tap into the Chinese market.”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post How HKSTP can help international startups in the next stage of their expansion journey appeared first on e27.

Coldspace, an Indonesian integrated cold chain solutions provider, today announced the completion of a US$3.8 million seed funding round led by Intudo Ventures, PT Adi Sarana Armada Tbk (ASSA) via its subsidiary PT Adi Sarana Investindo (ASI), and Triputra Group with participation from MKA dan ITS.

This marks the company’s first external funding round.

With this funding, Coldspace plans to expand its service capacity, including greater capacity for cold storage, reefer trucks, fulfilment, and geographic expansions; launch a suite of management solutions for customers to help manage and track products, including its Warehouse Management System (WMS) and Transportation Management System (TMS) and provided to customers as a free value-add service to perform analytics, offer training and improve service quality.

“We appreciate our investors’ trust in Coldspace, as we are building the first end-to-end cold chain service provider in Indonesia catering for both B2B and B2C customers, allowing businesses to expand quickly and achieve agility in their distribution coverage,” said Arnold Giovanni, co-founder and CEO of Coldspace.

“Building more than 15 distribution points within three months of launch has demonstrated our ability to scale quickly, and we will accelerate this process by leveraging our strategic investors’ logistics ecosystem to provide best-in-class operational excellence and competitive pricing.”

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

The company offers businesses and consumers cold storage facilities and reefer trucks through its own inventory as well as a third-party aggregated marketplace of cold chain partners empowered through the company’s tech stack. Through its marketplace, Coldspace aims to provide a superior pricing scheme for customers, while improving utilisation for partners through supply and demand matching.

Coldspace also provides cold fulfilment solutions designed to enable quick commerce services, through a hub-and-spoke model that ensures rapid delivery of temperature-sensitive products. Coldspace works with importers, exporters, distributors, food & beverage producers, logistics companies, and other businesses to provide transparent and efficient storage and transportation of temperature-sensitive products.

Within the food & beverage category, Coldspace offers services for fisheries, meat & poultry producers, pre-packaged meals and beverages, dairy, fruit and vegetable vendors, as well as pharmaceutical products with prudent SLA and product management.

Coldspace is led by Arnold Giovanni (CEO), Ivan Liadi (Head of Business Development & Product), David Loei (Head of Sales), and Jan Sunaryanto (Head of Finance).

It is currently operating in the Greater Jakarta Region (Jabodetabek), Surabaya, Malang, Bali, and Medan, with plans to expand throughout the country.

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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: Coldspace

Anisa Menur Maulani also contributed to this story.

 

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Insights are the lifeblood of many businesses today, and large companies have bolstered their operations with so-called ‘insights engines’: dedicated analyst teams leaving no data point unseen. Conversely, startups and SMEs lack the time and resources to organise and extract learnings from their data.

The question is: Do smaller businesses need to care about insights? How can overstretched founding teams balance resources to produce a healthy amount of data-driven decision-making?

Before 2020 became a swear word, a global study called insights2020 surveyed over 10,000 business professionals and established a tight correlation between customer-centric insights activities and product adoption. It might seem obvious, but knowing your customers as intimately as possible is once and for all proven a surefire way to win over hearts and wallets. 

Today’s commercial world looks different. Some business models thrived, and others forfeited. Timing, adaptability, and luck were core success factors during the worst of the pandemic. The most insightful firms that knew their internal processes, company values, customer needs, and markets sufficiently to make tactical cutbacks or investments fared the best. 

Identifying and explaining friction, advantages, or fluctuations in any area of the business is what I refer to as insights. 

Deconstructing the insights engine

I have managed the insights engine for a consumer goods company for several years. Similarly to other big manufacturers like Unilever and P&G, we relied heavily on data to reach customers.

Our insights department was a golden example of a well-oiled insights engine built to feed actionable learnings from consumer research and performance analysis into operational and marketing decision-making.

As Insights Manager, my role was to be the voice of our consumers within the business discourse, backed by research and sales figures. In this capacity, I was involved in all areas of decision-making, guiding pricing decisions, branding, marketing, and distribution.

Also Read: From crunching numbers to transforming data: How I made a career switch from accounting to tech

I had a front-row seat to our business, with access to leadership discussions and fixed attendance in operational and sales meetings. Not only did I represent the customer, but I was also a fly on the wall in every room – the company know-it-all.

I am here to tell you that contrary to the complex image of the insights engine as a turbo motor to be feared and revered, our insights practices were not outputs of complex machinery. Instead, our day-to-day work was an exercise in listening to consumers, taking an honest look at our performance, and compiling learnings into easily digestible soundbites for decision-makers in our organisation. 

From the vantage point of a fly on the wall and consumer connoisseur, voicing the needs of our customers and stakeholders became second nature to our team. Our team’s omnipresence gave us an aerial view of the business that helped us draw conclusions where others saw none. 

Only for big companies?

The Insights 2020 study discussed building insights engines to keep businesses running faster as a strategic and operational upgrade. Every year, Nerdwallet publishes the Small-Business Opportunity Index combining elements from different economic and business trends data. 

In December 2022, the Index had declined from its base of 100 in September 2021 to 78.1 in just a year, reflecting a weakening environment for starting small businesses. 2023 has seen an acceleration of this weakening, with high pressure on tech companies in particular. Their advice was for startups and SMEs to reevaluate certain business practices.

While most smaller companies will not be able to build insights turbo engines, I propose companies of all sizes can, and should, implement a business insights mindset. Instead of complex machinery with specialised parts and roles, a more suitable and equitable metaphor is the humble sail of a sailboat, where every person in the sailing crew plays a role in adapting to new conditions with all hands on deck. 

A new definition of data

Incorporating lessons from running a regional insights team, I set up a consulting business to help SME founders and owners augment performance and create new opportunities with simple insights practices. A key takeaway is that many SMEs lack overview and awareness of the data on hand.

The traditional view of data is often limited to quantifiable or measurable metrics like financials, volume, and market shares but the work involved in generating the learnings is often time-consuming and requires specialised analytical skills. 

I advocate for a broader definition of data as any information that can reveal friction, advantages, or changes in the business. This stance opens abundant opportunities for insights to sprout at every layer in the spirit of our all-hands-on-deck sailing analogy. In smaller teams, all staff become subject-matter experts with valuable information to harness. 

Pulling in data and viewpoints from all layers of the business can feed into a comprehensive picture of the company that can reveal critical takeaways.

A healthy insights-led mindset grounds on instilling company-wide curiosity that encourages teams to spot patterns and anomalies in structured and unstructured everyday business operations: Where is there misalignment? What are the knowledge gaps? Which parts of the company are exceptionally well-ordered? Where is there chaos? 

Also Read: Revolutionising fintech in Southeast Asia: AI and ML empower businesses with data

Giving every role a seat at the table, listening, and having conversations with all layers and players is a cornerstone insights practice that small companies can adopt. 

Transparency breeds insights

Another simple yet crucial step to achieve an insights-led approach is the transparency of financials and performance metrics across the organisation. Having a policy of transparency and openness about business financial health, high-level figures, values of customer segments, and accounts can have almost therapeutic value for firms and their teams. 

With one client, the sales team was unaware of their shared progress, company performance, and value of account growth. Sales staff were investing a disproportionate amount of time closing lower-value sales while missing opportunities with higher revenue segments and big brands. The realisation led to adjustments to their sales strategy, and we included financials on the agenda for weekly sales meetings. 

The sales staff knowing their numbers helped them generate insights within their team. Providing a high-level snapshot overview of company financials and performance can be a simple way to stimulate critical thought, self-assessment, and team evaluation of available data that can lead to insights-driven business wins. 

A practice I maintain with clients is to save all insights work in one document. A living, breathing, and evolving pulse of an organisation, such an insights document can offer an aerial view of the business to aid data-driven conversations, especially when made available to all teams and employees. With more eyes on the data, smaller businesses can stimulate curiosity and encourage better-informed firmwide interactions. 

Adopting an all-hands-on-deck insights attitude, SMEs can reach new horizons with sails as effective as insights engines. At the bare minimum, transparency of numbers, learnings, and results can foster more cohesive dialogue and understanding across teams and layers of the business.

With a broader view of data and an insights mindset embedded in the organisation, actionable learnings and insights are achievable for any size company straightaway.

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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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Singapore-based AI company Advance Intelligence Group today announced it has raised US$80 million from an investor consortium led by existing investors Warburg Pincus and Northstar Group.

The fundraising follows its previous Series D funding round of over US$400 million in 2021.

In total, the company has raised over US$700 million and has secured capital in excess of US$1 billion supporting its credit book.

Jefferson Chen, Co-Founder, Group Chairman and CEO of Advance Intelligence Group, said in a statement: “Since our previous raise in 2021, we have taken a disciplined approach and made good progress in fulfilling our vision of advancing tomorrow’s digital ecosystem across the region. This new investment will help accelerate our programme of using AI technology to streamline consumer transactions and enable greater and fairer access to credit and financial products and services. We appreciate our investors’ continued faith and confidence in us.”

e27 has reached out to Advance Intelligence Group to find out more details about its plan with the new funding.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

Founded in 2016, Advance Intelligence Group is headquartered in Singapore with operations across Asia. It provides an ecosystem of AI-powered, credit-enabled financial products and services that include buy-now-pay-later (BNPL) platform Atome; Indonesian lending platform Kredit Pintar; SaaS provider of enterprise digital identity, compliance and risk management solutions ADVANCE.AI; and omnichannel e-commerce merchant services platform Ginee.

The company said that it serves over 500 enterprise clients, 235,000 merchants and 40 million individual consumers. Since its inception, it has disbursed over US$4 billion in loans.

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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: Nick Chong on Unsplash

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This Means Business is a new series by the e27 Content team that aims to showcase how startups in Southeast Asia (SEA) are making their revenue, with the hope of providing insights and lessons for their peers. If you would like to participate in this series, please reach out to writers@e27.co.

Earlier in March, game developer company Virtuos announced the launch of Glass Egg – a Virtuos Studio, its 2D and 3D art production studio in Dalat, Vietnam. This announcement followed an acquisition by the company in May 2022, marking the opening of its second studio in the country.

This is a part of Virtuos’s journey to becoming the largest game developer in Vietnam with 1,500 employees by the end of 2024.

To get an understanding of how Virtuos aims to reach its goals, e27 gets connected to the company to talk about its revenue model–a crucial part of any company’s journey to becoming sustainable and stronger in this day of age. In an email interview, Virtuos CEO Gilles Langourieux explains the business model that the company is implementing.

“The core of Virtuos’ business as an external developer is providing high-quality game production services across all platforms — PC, console, and mobile — and disciplines to video game developers and publishers. Our ability to scale production capacity (with over 3,700 full-time employees) and manage projects (with know-how from having worked on over 1,500 game titles) allows us to deliver greater cost efficiency and facilitate shorter time-to-market for our clients,” he says.

“What we bring to clients is especially valuable in a market where demand for content and a desire for player engagement has seen an exponential increase.”

Also Read: ‘There is strong reaction against the P2E gaming genre’: BITKRAFT Asia Partner Jin Oh

The following is an edited excerpt of the conversation:

Does the co-development industry generally follow the model that you are implementing, or did Virtuos go through a process before arriving at the most optimal one for itself? Could you share what that experience was like?

Virtuos provides an end-to-end service model, which means we support clients across every function of game production, creating greater efficiency in the process. Other service providers may specialise in a discipline (such as asset production) or a platform (such as PC). The games industry is dynamic and shifts with player demands, but co-development is fundamentally about accelerating game creation with the best team to deliver high-quality games.

In 2004, I founded Virtuos in China as I saw the opportunity to help game companies make bigger games for the new generation of consoles (PlayStation 3 and Xbox360) then while maintaining operational efficiency. As an external developer, Virtuos provides a global talent pool of artists and engineers to help our partners achieve greater flexibility in production capacities and on large projects. This approach is scalable and also less risky than the traditional game creation model, which is driven by hits. It is also an approach that has worked exceptionally well for us, as evidenced by our consistent growth year-on-year.

Let us talk about the clients that you are working with, i.e. publishers. How do they differ here in SEA and elsewhere, and how do the business model and strategy manage that difference?

We see two main categories of clients at the moment: the bullish and the conservative. For bullish clients, the value Virtuos brings lies in our end-to-end solutions that enables them to create content and ship games on as many platforms as possible. For conservative clients, we help manage risks by introducing flexibility in resourcing and increasing ROI with effective game development solutions.

Also Read: The future of gaming is female and mobile

SEA is a region of vastly disparate cultures, regulatory requirements, levels of tech adoption, and economic development. Its markets, however, share some attributes, most prominently their young and digital-savvy populations, which explains why the region is home to some of the world’s fastest-growing digital economies.

Younger players drive demand for localised content, changes in media consumption, and in-game spending, all of which affect how video games are produced.

With a large proportion of our workforce based in Vietnam and Malaysia, our proximity and understanding of the nuances of local markets enable us to effectively support our clients and address market needs, while our global network of studios provides the kind of cross-pollination that enables the expansion of blockbuster games.

What are some significant differences in the markets you’re operating in?

Asian markets tend to be more focused on mobile platforms and the free-to-play content model while Western markets and, to a certain extent, Japan, still rely on larger PC and console games.

What is the toughest business challenge Virtuos has faced in entering this region, and how did it manage to resolve it?

As SEA has very dynamic economies, employees are presented with a multitude of opportunities to grow, making retention of employees challenging at times.

Also Read: 7 trends changing the reality of immersive gaming

Having said that, we strive to be the best employers in the region, providing excellent training, a conducive work environment for creativity and growth and sustained long-term career development. This seems to resonate with our global talents, as evidenced by our Glassdoor rating and multiple ‘best workplace’ awards over the years, including, most recently, a Great Place To Work® certification and an HR Asia Best Companies to Work for in Asia Award for – Sparx* – a Virtuos Studio in Vietnam.

What are some other opportunities Virtuos has identified in the region and APAC as a whole? How does Virtuos plan to seize them?

SEA is one of the fastest-growing e-sports markets in the world and in turn, there is a significant demand for live service games such as Call of Duty and League of Legends — essentially games that are continuously updated with new content to keep players engaged. Virtuos is uniquely positioned to support clients with the ideation and creation of suitably localised content to help them remain top of mind in a saturated and fast-paced market while delivering a more effective monetisation model.

The mobile-first population in SEA also drives the global trend of cross-platform gaming. Having adapted multiple AAA games such as Medal of Honor: Above and Beyond (from Oculus Rift to Quest 2) and Dying Light: Platinum Edition (PC to Nintendo Switch), we are well-positioned to help game creators bring their titles to more platforms and expand their audiences.

Specifically relating to its revenue and business model, what are some of Virtuos’ plans this year? Do you have specific targets to achieve?

Despite talk of a global recession and a slump in global gaming, we aim to beat the pessimism by putting innovative solutions front and centre with the goal of continued growth for our clients, business and teams.

This year, we also have plans to further expand our global footprint through the launch of new studios and acquisitions in at least two new countries, underpinning our commitment to continuously support our clients through a global network of high-quality game production service providers.

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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: Virtuos

The post How Virtuos plans to win fast-paced SEA gaming market with its business model as an external developer appeared first on e27.

Payments play a critical role in the success of any business, and this is especially true today. As consumers become increasingly reliant on digital payments and contactless technology, businesses must keep up with the times to ensure their customers have access to convenient payment options.

This shift towards digital payments has enabled companies to grow more quickly than ever before by expanding into new markets without having to worry about traditional brick-and-mortar infrastructure costs. 

With the global Internet penetration rate reaching a record high of nearly 65%, and 5.44 billion people or 68% of the global population having access to mobile devices, the global market value for digital payment was estimated at USD 81.03 billion in 2022 and is poised to grow at a compound annual growth rate of 20.8% throughout 2023 – 2030. In Southeast Asia, although cash is still widely used, the digital payment adoption rate is particularly strong, with the use of online wallets accounting for 17% of payment methods followed by online cards (16%), contactless cards (11%), QR codes (10%), and mobile contactless options (7%). 

The evolution journey of digital technologies

The evolution of digital payments has been a remarkable journey, and it continues to shape consumer behaviour when it comes to making payments. In the early days of online commerce, credit cards were one of the most common forms of digital payment. This was followed by e-wallet services such as PayPal which allowed users to store and transfer funds securely online so they could make purchases without having to enter their card details every time they made an online purchase. 

With continuous improvements, digital payments have become much faster, safer, and more convenient. These systems are often backed up with fraud protection measures which can give people peace of mind when conducting transactions digitally. Additionally, thanks to the recent breakthroughs in big data, data analytics, and artificial intelligence, digital payment services have become increasingly personalised, catering specifically to each customer’s needs, preferences, and buying behaviours.

Also read: 6 different ways to explore growth at Echelon Asia Summit 2023

During the COVID-19 pandemic, due to the sudden surge in demands for online retailing and contactless payments, innovations in this space emerged rapidly, enabling companies to streamline customer experiences while increasing security standards across all types of transactions. The period also witnessed the boom in mobile-first digital economies, making cashless relevant and further cementing the trend toward digital payments.

Alin Dobrea, the head of marketing solutions and brand partnerships at ZALORA, shared “Over at ZALORA, the trajectory is evident. Within a year, we can see how digital payment options have sustainably grown from 74.61 per cent in 2020 to 81.20 per cent in 2022. Inversely, conventional cash transactions simmered down from 25.39 per cent in 2020 to 18.80 per cent in 2022. Zooming in, we see this decline a little clearer: from the months beginning September 2021, cash transactions had steadily declined from 21.22 per cent to 14.98 per cent in September 2022.”

This same trend is felt by Malaysian B2B marketplace, Dropee, which services local retailers (sundry stores, mom & pop stores) to handle their inventories, credits & operations. “The pandemic somewhat accelerated the growth of digital adoption/acceptance amongst these clients as ours, as they were operating manually/offline all this while. We’ve seen an average increase of 70%+ monthly during the pandemic years. This has also trickled down to their behaviour, allowing them as business owners to be more receptive & inclined to pay online,” explained Aizat Rahim, Managing Director at Dropee.

Benefits of safe and secure payment technologies for businesses

Investing in proper payment technology can be an invaluable asset for businesses. The right system can save time, reduce costs, and help to create a better customer experience. Specifically, digital payments enable businesses to gather customers’ payment data more conveniently and extensively, generating around 90% of banks’ most useful insights such as who is purchasing what, when they do their shopping, and the most effective incentives. Hence, digital payment service providers such as PayPal often come with powerful analytics tools that allow their clients to track sales patterns over time so they can adjust their pricing and promotional strategies accordingly.

Nonetheless, consumers cited security and privacy concerns as the biggest deterrent when using digital payments. Aizat Rahim of Dropee elaborates that, “one of the critical challenges we have been facing is that the average order value (AOV) tends to be much larger than consumer purchases. Most of them are unbankable in which they do not even have a company’s current account, and due to that, anything above RM 5,000 (USD 1,100/SGD 1,500) would be a hassle for them to make those purchases online. Some businesses may prefer to pay for their goods and inventories through traditional channels such as bank transfers or cheques, which they may perceive as more secure and reliable.”

Also read: Effective customer retention strategies from top Philippine founders

However, the biggest challenge when it comes to traditional channels of payment is that they often take a long time to process. “Cross-border transfer takes days and even weeks sometimes,” shared Bell Beh, Co-Founder & CEO at BuzzAR.

This is what sets trusted payment service providers like PayPal apart: their ability to create an efficient, swift, and secure payment service. In fact, cross-border payments made through PayPal are capable of being processed within minutes. Moreover, by choosing a reputable digital payment service provider, businesses can build trust with their customers, alleviating their worries about identity theft or data breaches. This added layer of security gives consumers more confidence when shopping online, increasing sales volume as well as improving customer loyalty over time due to their positive experiences with the company’s payment process. For instance, research showed that just by adding PayPal as a payment option, companies can increase their conversion rate to 18%, and lower marketing expenses by 10%.

Such innovations show that it is possible to streamline payment processes that make them swift while still retaining security and privacy.

How digital payment technologies enable businesses to remain resilient

When the pandemic hit, many businesses had to pivot to offering their products and services online. This means in order to stay resilient amid market disruptions and economic headwinds, businesses needed a robust payment platform that offers a secure and reliable way to process payments, allowing business owners to maintain their operations despite the challenges posed by economic, world health, or environmental factors.

Over at ZALORA, one of their key features is to create different ways to pay for their customers. Their solution is “Offering a variety of payment methods that are convenient, secure, and flexible for customers, such as cash on delivery, digital wallets, cards, installment plans, etc.,” explained Alin Dobrea.

Moreover, another example of how payment platforms can help businesses stay resilient is through improved customer experience. With a wide range of options available for customers when it comes to making payments—whether it’s via credit card processing or online wallets—businesses can provide more convenient experiences for their customers. This allows them to not only retain existing customers but also attract new ones from different markets who may have been previously deterred due to the lack of access to digital payment.

Also read: Introducing the industry giants helping us make Echelon Asia Summit 2023 possible

Besides, digital payments increase efficiency in billing cycles which helps businesses save time and money on administrative costs associated with manual processes. Payment automation solutions empower organisations to streamline billing processes, reducing overhead costs significantly over time while still providing accurate records quickly and without any human error, thus keeping operations running smoothly. PayPal tools such as invoicing and recurring payments enable users to seamlessly transact with different businesses without subjecting business owners to the burden of manual processing.

In sum, the recent global pandemic has highlighted the importance of having a secure and reliable payment platform to ensure business resiliency during disruptive times. Investing in the right payment platform is instrumental for any business looking to survive, let alone thrive, in such an unpredictable environment. This is why many reputable businesses have turned to reliable payment partners to create convenient, secure, and flexible payment options for their customers.

“PayPal has been one of ZALORA’s key payment partners throughout the years. This partnership allows our customers to pay online securely and conveniently. Our experience working with PayPal has been very rewarding and collaborative. ZALORA and PayPal have an ongoing collaboration based on leveraging co-marketing campaigns, promotions and cashback such as ZALORA Birthday, and Singles’ Day, as well as PayPal’s own initiatives such as the GiveBack campaign. By partnering with PayPal, ZALORA has enhanced its customer experience and loyalty, as well as its online presence and reach,” shared Alin Dobrea of ZALORA. Aizat Rahim of Dropee added, “It is one of the easiest/fastest ways to set up these local/micro businesses to make payments online.”

To explore reliable partnerships in digital payment that can help boost your business, click here.

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Photo by Karolina Grabowska via Pexels

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This article is produced by the e27 team, sponsored by PayPal

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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So, you are a business owner, a maker, an independent services provider or something else in between? And you are having a rough time, with no access to the market, some company taking some big cut from you by using their services or you are facing fierce competition from the big guy?

This might give you a light at the end of the tunnel. Have faith.

The background

Sometimes ago, I was exploring what kind of education system needed to be related to what world my kids will face in the future. In order to do so, I began to map the shift that I think will happen to the business world of the future.

Then, since I’m following the blockchain ecosystem quite close lately, it is natural for me to see it from a blockchain perspective. I began to draw how the blockchain works and how it will change the way we do business, how the blockchain will change our relationship with others in person or business manner and how the blockchain will change the way we acquired our needs in the future.

I hope that from the pattern, I can predict what kind of work (or jobs) is available for my kids in the future, and prepare their education related to the shift.

But the result is quite interesting to me and I think it is worth sharing. I manage to draw how we as people or as a business will interact with others whenever they are our customers or our business partners, and how we acquired goods and services in the future.

I am using Gojek as an example. If you don’t know Gojek, it is a ride-sharing platform (with many other services served on top of it). It is one of Indonesia’s first unicorn startups with many big guys like Google, Tencent and Sequoia Capital now investing in them.

The present-time Gojek model

What do they do? Basically, Gojek is a localised version of Uber with a twist. It is an app-based ride-hailing/sharing service. But when Uber focuses on cars, Gojek focuses more on motorcycle taxis than cars (although they offer car rides too).

And again, just like Uber, they don’t have any cars or motorcycles. The car and motorcycle are owned by independent drivers and riders.

Also Read: How to use blockchain to fund and create a greener future

Today, Gojek has grown and offered many services on top of the driver and rider partners community they’d built. Services from food delivery, massage, house cleaning, and moving services to payment systems are now available in their app.

Ok, let’s go deeper and see how this will change.

Imagine that you have a motorcycle, and you run your personal motorcycle taxi services, which we call Ojek in Indonesia (Ojek — Gojek, can you see the rhyme here).

We will see your market reach, as an independent motorcycle taxi provider in the past before Gojek, present-day with Gojek and in the future when Gojek (as the middleman) is no longer needed and is replaced by blockchain technology.

The graphic is built to find where the value is in the future and hopefully will reflect valuable future jobs for my kids

In the past, as an Ojek, a motorcycle taxi provider, your market is limited. Your pattern is every day, you wait near a neighbourhood, a market or where people are gathered. If someone needs your services, they will look to you and come to you.

Your market reach is as long as your eyesight. It is small and limited in both reach and what kind of services you can offer.

Now, with Gojek, when someone needs your services, they will open the Gojek app, all you have to do is tap on the app to get the order. Your reach is now wider than eyesight, as long as you are within range of Gojek time to customer algorithm (at least that’s what I think). And, you can even offer different services now, like delivering food, movie ticket or package.

But, as a middleman, Gojek is stood between you and your market. You need them, your customer needs them. They also have or take a bigger value than you. I mean, let’s say that your revenue for each day is around USD 20. Gojek in the meantime is valued at US$3 billion (January 2018) according to Techcrunch. Ok, I know that revenue is different than valuation, but I think you’ve got my point.

What about in the future, when blockchain rules and run everything?

The future with blockchain

One of the promises of the blockchain is, it can provide an infrastructure that enables direct connection between the party. It can be communication, transaction or else. No more middleman needed.

What happens to you now as an Ojek, as a motorcycle taxi provider?

With blockchain technology, you won’t need Gojek anymore. Just like in the past, you will reach your customer directly, but you will have the same wider market you can grab as big as when you use Gojek services.

How is that possible? How can I reach my customer if Gojek is not present? Or will it just be another middleman, but not Gojek?

Let’s see the graphics above, the future part. I think in the future, with blockchain, instead of close, monolithic, vertical integration services owned by one company, a direct connection will be provided by an infrastructure builder and maybe an analytics services provider.

This infrastructure builder is the startup of the future. In the present time, what Gojek do is develop a closed proprietary system where you and I have to enter, harvest our data, process for their benefit and take a big chunk of the value of the ecosystem.

Also Read: ASEAN explores dropping US dollar: A shift towards CBDC and blockchain technology

In the future, the infrastructure builder approach is to build a connection point and smart contract for setting up the transaction for you on top of the public blockchain platform like Ethereum for example.

If you want to use this infrastructure, you will need to pay them (you pay for the computation power used), just like a toll road/paid highway. But the payment is done directly from your customer to you, triggered by a real-time forcible autonomous smart contract. No human is needed, and no company dictated your income. Is all seamless, autonomous done by a smart contract algorithm, again running on top of the blockchain?

Also, the data you generate now can be yours. They say data is the new oil, very valuable and very powerful. In the blockchain future, you can even monetise it by selling your data for some money. With a platform like Streamr, now, we can buy, sell and analyse data.

The difference when you use the current service provider is, first their system decided who can take the order, and they decide the price and how much you can take, in some cases, the payment goes through their payment system, and you’ll get your money later.

And don’t forget, they now possess your valuable data which can be monetised further, and you give it to them for free.

This is how we will interact with our customers of other businesses in the future. It will be a direct connection from you to others through an open infrastructure that is able autonomously to set up a business contract, condition, agreement, and payment for you.

And that can be applied to many things and works both ways (you as a provider or as a customer), from property rent (like Airbnb), buying goods or services to investment, you name it.

If you are a positive thinker, there are many opportunities in this model. But one thing, the business model has to change for sure, you need to find where the value is.

The article was published on the author’s Medium.

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Dear Pro member,

Welcome back from the International Labour Day weekend.

We started off with a Pre-Series A funding announcement by Malaysia-based HOMA2U. The company will also channel the funds to help people amplify their commitment to sustainability through their Yellow Boxes product and online platform.

Mitsubishi and MUFG bank are also set to launch a US$1 billion decarbonisation fund.

Apart from that, we also published a handy list of e27 Connect investors that have been actively investing in the last weeks of April. From Better Bite to Qualgro, almost eight e27 Connect investors were among those that invested in Southeast Asian tech companies.

This is the top story of this edition of Ecosystem Roundup.

Also, take a look at the other major developments in Southeast Asia’s startup industry.

Regards,
Anisa

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HOMA2U secures US$875K in Pre-Series A funding, eyes regional expansion
HOMA2U will also channel the funds to help people amplify their commitment to sustainability through their Yellow Boxes and online platform.

In 50 words: Mitsubishi, MUFG bank to launch US$1B decarbonisation fund
Mitsubishi Corp., in collaboration with MUFG bank and other partners, plans to launch a US$1 billion decarbonization fund to invest in startups with innovative technology in fields like floating offshore wind turbines and sustainable aviation fuel.

Temasek-backed healthtech startup PharmEasy latest to lay off employees
While the total number of affected employees could not be determined, according to DealstreetAsia, the number could be around 40 per cent of the workforce.

ID e-commerce firm Blibli narrows losses by 17 per cent in Q1
According to Blibli, this growth was particularly driven by its third-party (3P) retail business.

Meet the e27 Connect VCs that invested in April second half
From Better Bite to Qualgro, almost eight e27 Connect investors were among those that invested in Southeast Asian tech companies.

Take a look at the top news stories published this week
From GoTo’s release of Q1 financial results to Selex Motors’s US$3M financing, the region’s startup ecosystem saw many major deals this week

How you will reach your customer in blockchain future
One of the promises of the blockchain is, it can provide an infrastructure that enables direct connection between the party.

‘AIR’ review: 3 lessons for dealmaking and entrepreneurship
Nike has effectively over 70 per cent share in the basketball shoe market; this article summarises three key takeaways for founders and VCs from the movie, AIR

How BNPL can provide lower-income households with new opportunities
BNPL solutions are stimulating economic growth, boosting retail sales, and decreasing debts in tandem for consumers

From human to AI: Embracing change and thriving in the new world of work
It’s time for us to consider the full potential of AI and explore ways to leverage it to enhance our business strategies

How EQ can skyrocket your success as a tech entrepreneur
EQ enables you to lead with empathy, collaborate effectively, make informed decisions, network confidently, and manage stress

In April, we hit the ground running with valuable lessons in entrepreneurship
As we have a better understanding of what our community members need, we come up with a better course of action in April

Throwback: What Choco Up wants you to know about running a revenue-based financing platform in Asia
Choco Up combines the use of technology and human touch in supporting the startup ecosystem. Find out how they do it

Throwback: Pitching 101: Questions that VCs will ask you during a pitch session
Even during the pandemic, opportunities to attend a pitching session with a potential investor remain abundant

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

Image Credit: Jason Goodman on Unsplash

The post Ecosystem Roundup: HOMA2U gets Pre-Series A, a handy list of active e27 Connect investors appeared first on e27.