As we navigate through the midpoint of 2023, it is essential to reflect on the significant innovation trends shaping Southeast Asia’s landscape. These innovations are not just transforming the region’s business and economic environments but are also moulding future career opportunities for the next decade.

Here, we have extracted wisdom from several leaders on the On Call with Insignia podcast, drawing their experiences and perspectives to shape a clearer picture of these exciting trends.

AI beyond GPTs: Careers tied to data value chain

The democratisation of AI capability acquisition brought by models like GPT hinges heavily on the presence of high-quality, relevant data. The future seems particularly promising for organisations that are rich in structured, quality data, potentially transforming AI experiences. This means careers tied to building and leveraging tools to tap into these data sets and develop hyperlocalised or customisable applications will be in greater demand in this decade.

Data sets and the ability to leverage these for AI applications are the new moats for software companies. Christian Schneider, CEO and co-founder of data processing and workflow automation platform Bluesheets, shares on our podcast: “Having that data infrastructure in place is key, and that’s going to be a deciding factor as to who’s gonna own industries in the future, it’s going to be those companies who have the best data sets, the richest data sets, the ones that are most complete with the least anomalies and incompletion in general.”

Experienced humans are still needed to guide AI development. Dino Setiawan, CEO and co-founder of supply chain financing and SaaS for Indonesia’s FMCG MSMEs AwanTunai, shares on our podcast: “Deep learning models need tens of millions of data points and users, and only a few companies have access to these data sets…​​understanding risk management is critical before building science models that can surpass human performance. And to get the right set of variables and proxies, experienced humans need to guide AI engine development.”

Agriculture beyond farm-to-table: Careers in farming and fisheries

The innovations in agriculture are seeing a shift towards the upstream and middle chains. There’s a rising demand for increased productivity, efficient distribution, and a stable supply-demand equilibrium, which points towards promising career opportunities in these industries, as businesses seek to increase income generation from these sectors by disrupting production, pricing and distribution inefficiencies.

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

Fisheries Iron Triangle in Indonesia is being funded and built out, showing promise for jobs in this sector. Bayu Anggara, CEO of Indonesian cold chain fisheries startup FishLog, shares on our podcast: “For this fisheries digitalisation, it’s very exciting because I think in terms of all of the agritech space in Indonesian fisheries [is in a] very strong position. They have multiple business models, unique business models, right? So actually, we can focus on two things.

The first one is any kind of solution or any kind of technology that can increase the productivity of the farmers. Then you give the IoT technology to increase their productivity, and then at the end, you can purchase their harvest. The second one is a model like FishLog, right? How can we increase the utility of the middle chain?”

Fintech beyond fintechs: Careers in unlocking financial services for companies

As the financial industry continues to mature in Southeast Asia, fintech is becoming a key driver for many businesses. Even from a venture capital investment standpoint, it continues to be one of the more resilient sectors amidst the current market headwinds.

However, it’s not just the pure fintech companies that are benefitting from this trend. Now, businesses in other sectors are harnessing fintech to streamline operations, optimise efficiency, and offer better services to their customers. Roles or functions dedicated to unlocking these functionalities will be critical even for non-technology companies.

Also Read: How you can future-proof your career in a rapidly changing world

Solutions for interoperability, risk management, and infrastructure will be important for fintech to truly be “everywhere”. Jui Takle, Strategic Development at Tonik, shares on our podcast: “What it lacks is interoperability between the digital banking platforms and payment systems, which is a major obstacle in the growth of digital banking in Southeast Asia. Interoperability allows seamless transactions between digital platforms and systems, just like how it is in India with UPI. In any ecosystem, the first thing that develops is payments, and then the rest follows. So I would say that there is still some time for Southeast Asia to mature.”

Building for company sustainability: Careers in finance, cybersecurity, and monetisation strategies

While risk management and sustainability have traditionally been the responsibility of company boards, in today’s tech-driven world, these areas require specialised expertise. As such, there’s a growing demand for professionals with skills in finance, cybersecurity, and monetisation strategies. These roles are essential in helping businesses navigate challenges and ensure long-term sustainability.

Finance functions in the driver’s seat of businesses. Joel Leong, CMO of finance OS for businesses Aspire, shares on our podcast: “Basically businesses have had to readjust themselves multiple times in these two years. And I feel like all of this kind of brings finance back to the driving seat of the business.”

Southeast Asia’s startups are shifting from acquisition innovation to monetisation innovation and the experimentation necessary to do the latter efficiently. Gita Prihanto, COO of Indonesian P2P fintech Flip, shares on our podcast: “Also in line with what we’ve seen right now with the economy, this year is going to be a definitive year where I’m excited to see how technology companies innovate to scale monetisation, especially in the Indonesia consumer market, because the current economic and market conditions definitely put pressure to everyone and to all tech companies.”

Market expansion : Careers in unlocking new markets

The desire to expand into new markets is a shared goal for many Southeast Asian companies. While the region offers abundant opportunities, venturing beyond its borders can bring additional rewards, especially in markets that are also rapidly growing (i.e., similar pain points) and have massive market potential.

However, cracking new markets often requires a nuanced understanding of local needs, culture, and business environments. Thus, roles focused on market research, localisation, and business development in international contexts are becoming increasingly crucial.

Latin America as a destination market for SEA startups: Hernan Kazah, Kaszek Ventures Co-Founder And Managing Partner, shares on our podcast: “I think the kind of gaps or underserved markets that we have in Latin America are similar to those that you may encounter in Southeast Asia. So if someone is solving something for the education sector or for the distribution sector or something around healthcare in Asia, probably the same problem is in Latin America. So then, how you apply that solution to that market, you might need to adjust things here or there, but I think the root of the problem is probably the same one.”

Japan as a destination market for SEA SaaS/software startups: Shinji Asada, CEO and co-founder, general partner of Japanese SaaS VC firm One Capital shares on our podcast: “I see it’s probably a hard market to crack because of the language barrier and the cultural barrier, but at the same time, it’s a big market. It’s the third-largest economy in the world. Especially around enterprise software, it is the second-largest market after the United States. Let me give you some figures. It’s about 280 billion on an annual spending basis, and a lot of that is dominated by legacy software that I just mentioned when I was using it at ITOCHU. So it’s a low-hanging fruit [market] if you have a great user interface experience.”

The seven innovation trends identified in the first half of 2023 indicate the potential for significant career opportunities in the Southeast Asian tech industry over the next decade. These areas – from AI to fintech to risk management – highlight the region’s dynamic nature and its willingness to embrace new technologies and ideas. The expert insights shared in this podcast reaffirm the vast potential of Southeast Asia as a thriving hub for innovation, entrepreneurial growth, and career advancement.

Full list of trends in this article.

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Joel Neoh, Co-Founder and former CEO of fintech platform Fave, has been appointed as the Managing Director of CircleDNA, a wholly-owned subsidiary of Prenetics Global, a genomics and oncology company listed on the Nasdaq.

Neoh will also be taking on the role of Prenetics’s Chief Consumer Officer.

The appointment comes when CircleDNA is undergoing a transformative phase expanding into new verticals and introducing a wide range of personalised healthcare offerings to its customers.

CircleDNA is extending its scope to encompass preventive and personalised healthcare management, with plans to forge local-country partnerships and integrate a comprehensive range of services, including blood tests, telehealth services, tailored supplements, and online-to-offline healthcare services. Over the next 12 months, the firm will introduce these new products and services.

Also Read: TradeMonday gets SenseTime backing to expand its retail analytics solutions

“As an entrepreneur who has received significant support, particularly in Southeast Asia, I strongly desire to contribute back to the community by promoting health and emphasising the importance of preventive care,” shared Neoh.

Founded in 2014 to transform patient care through advanced genomic and molecular technologies, Prenetics has operations in Hong Kong and the UK, processing over 28 million PCR and at-home test kits. Prenetics was listed on the NASDAQ in 2022.

CircleDNA, the consumer health business of Prenetics, facilitates individuals in actively managing their health through valuable health insights derived from their DNA.

Since 2020, CircleDNA claims to have served over 300,000 customers worldwide with its DNA tests using whole exome sequencing technology. Its mobile app grants customers access to a wide array of genetic information, with over 500 reports across 20 categories, covering disease risks, drug responses, family planning, diet, common health risks, personal traits, and nutrition, among others.

As of March 31, 2023, Prenetics holds US$224.1 million in cash and other short-term assets.

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It had been a while since I returned to my home country Indonesia. As part of my pre-departure packing routine, I sent a text to my mother to confirm something that I never thought I would ask before: Should I bring some cash?

And her answer was something that would not sound plausible five years ago: Bring a small change, just in case.

Back in 2015, when I first joined e27 as Junior Correspondent, Indonesia is widely known as a cash-heavy market. Some tech companies such as DOKU aimed to introduce e-payment in the market, but their progress was limited. The market remained heavily reliant on cash, with the use of debit and credit cards limited to outlets in glitzy malls. Back then, if anyone told me that there would come a day when people would be able to use e-payment to buy food in street stalls, I would be extremely suspicious (and my ancestors would roll in their graveyards).

But last week, as I landed in Jakarta, I realised that what was once impossible is now a reality in the country. The use of e-payment is finally part of our everyday lives.

Also Read: Fintech in Indonesia: While growth declines, companies continue to gain traction

Indonesian e-payment landscape today

Like any good Indonesian, the first thing I did upon landing was to visit my favourite street food stalls. I was expecting to get my wallet out to pay for my portion of nasi uduk, but surprisingly, there was absolutely no need for them. Right there on my table was a small placard containing QRIS–Quick Response Code Indonesia Standard–belonging to this particular stall. As I finished my dinner, customers repeatedly grabbed this placard to make payments.

Of all the visitors that came and went that night, I believe only a few actually used cash to pay for their food.

This brought me to the days when Go-Pay and its competitors OVO and TCASH began what might as well be known as the launch of the Indonesian e-payment future. Before these platforms, the use of e-payment services was limited to a select few. But these platforms turned e-payment into something widely popular, and they were able to do it by reaching out to the grassroots community: Street food vendors, ojek drivers, and warung owners.

In short, Go-Pay, OVO, and TCASH were able to secure their positions in the market because they were able to initiate digital transformation in a community that was commonly seen as “unbankable”.

But as in many countries, the use of e-payment services did not fully take off until the COVID-19 pandemic. It was as if Indonesia had begun tinkering with it before the pandemic, but now they were pushed to delve fully into it.

But right before the pandemic forced us to stay indoors and cancel whatever plans we had, in May 2019, Indonesia introduced a platform that enables this digital transformation to accelerate fully: QRIS.

Also Read: How voice AI is revolutionising the fintech scene

“The aim is to universalise cashless payments in the country through a system that integrates all those digital payment apps people have installed on their smartphones. One code to rule them all,” The Jakarta Post wrote in an editorial in February.

“BI has been pushing QRIS ever since, working with commercial banks, e-wallet providers and businesses to get ever more merchants to put up the code for customers to scan, down to the level of street vendors.”

The article proposed that with its relatively low transaction fee, and the ease it provided to vendors, there is a possibility that the use of QRIS might even threaten the popularity of mobile wallets–the very platforms that have helped Indonesia to get to where it is when it comes to the use of fintech services.

So, what is next?

Honestly, I think it is quite extreme to say that the use of QRIS might threaten the popularity of mobile wallets.

In November 2022, an InsightAsia report declared Go-Pay as the most popular mobile wallet in Indonesia with 71 per cent of mobile wallet users using the platform, according to CNBC Indonesia. This number was closely followed by cash (49 per cent), bank transfer (24 per cent), QRIS (21 per cent), pay-later (18 per cent), debit card (17 per cent), and virtual account transfer (16 per cent).

From these data alone, despite Bank Indonesia’s effort to further accelerate the use of QRIS (which includes an expansion to Malaysia), it might take a while until Indonesians are ready to give up their favourite mobile wallets. Besides, we know that Gojek is not going to sit and watch it happens. Now that the company is publicly listed, there will be a greater push for the unicorn to improve the performance of its mobile wallet.

In the meantime, I am going to enjoy the fact that Indonesia has made progress in its effort to transform itself digitally. It is the kind of good news that we have been waiting for.

I am also going to buy my second helping of mie Aceh in a nearby stall for the second time in the last few days.

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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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While Cindy Nyoto Gunawan and Tiffany Danielle struggled to find high-quality beauty products in Indonesia that resonated with their different styles and personalities. Most premium products available in the local market were exorbitantly priced. Upon research, they discovered that many others also encountered the same problem.

“We aspired to create a brand that offered premium, yet affordable products, ensuring they were accessible to everyone, not just the well-off. Everyone deserves access to quality beauty products, regardless of income,” says Gunawan.

That was the beginning of Rosé All Day Cosmetics (RADC).

Launched in 2017 by Gunawan, Danielle, and Samantha Wijaya, with their combined savings of US$10,000, RADC is a Halal-certified D2C beauty brand that provides consumers with diverse makeup and skincare solutions, from innovative, skin-loving formulae to timeless classics. It introduced what it claims to be the first refillable eyebrow pencil in Indonesia.

Gunawan says RADC stands out for its emphasis on sustainability. “We’re committed to a shift towards eco-friendly skincare, demonstrated through our rebranding with packaging made from recyclable materials. This sustainability focus will soon extend to our new makeup products. We emphasise recyclable and refillable products.”

Also Read: Creative Gorilla Capital rolls out US$20M fund to back D2C startups in Indonesia

The startup has started implementing these sustainable practices with its skincare line and plans to extend them to its makeup products.

According to her, the company collaborates with original equipment manufacturer (OEM) partners to produce its cruelty-free and vegan makeup and skincare solutions. It maintains “full transparency” about the ingredients used in its cosmetic and skin care products, enabling consumers to make informed choices about what they put on their skin.

She admits that while cruelty-free production incurs more costs, RADC doesn’t compromise quality. “We place great importance on environmental sustainability and are dedicated to making our products accessible to all. Yes, these commitments pose additional challenges, especially when trying to keep our makeup affordable, but they’re challenges we are proud to embrace.”

Primarily targeting females aged between 17 and 34, RADC sells its products online (via its own website and marketplaces) and offline (through stores like Sephora and Sociolla). While 60 per cent of its sales come from online platforms, offline channels contribute 40 per cent.

Its product pricing ranges from US$3 to US$12.

In 2020, the company raised undisclosed seed funding from AC Ventures and GIA Venture.

Competition with Korean brands

Global offline brands have a significant presence in Indonesia. However, these brands, including many popular Korean ones, often aren’t affordable for the masses, claims Gunawan. RADC focuses on innovation, and competitive pricing, and maintains high-quality standards to compete effectively. “We adapt our products to local preferences and market needs, which is a crucial part of our strategy.”

The startup’s biggest dream is to grow globally. It sees immense potential in showcasing an Indonesian brand on the international stage and wants to prove it can stand shoulder-to-shoulder with global competitors and excel.

Gunawan claims the company grew 4X in 2022, primarily driven by its omnichannel strategy. Its goal is to achieve 6x growth in 2023 and is on track to reach this goal. “We plan to continue leveraging our omnichannel strategy, refining our product offerings, and deepening our connections with consumers to deliver exceptional and satisfying beauty solutions.”

While its key focus remains Indonesia due to the vast market potential, RADC also plans to branch out into new markets in Southeast Asia, starting with Malaysia.

Surviving COVID-19 and economic slowdown

RADC has faced a few notable challenges throughout its journey. The first major challenge was the COVID-19 pandemic; surviving it amidst a halted beauty and cosmetic industry required strategic adjustments. It implemented budget cuts on its marketing spending and decelerated the release of its new products. Its primary focus shifted to growing its online sales, a significant part of its sales even before the pandemic.

“Although our offline sales dropped to 10 per cent, our online sales continued to thrive. Despite the crisis, the beauty and cosmetic industry remained robust, and interestingly, our colour cosmetics, a majority of our SKUs, continued to sell well. This resilience enabled us to achieve a 2x revenue growth even amidst the pandemic in 2020,” Gunawan notes.

Also Read: ‘Lack of the right team could break your business’: FreshToHome Founder shares his lessons

In 2022, it experienced supply chain issues that posed significant hurdles. Additionally, finding and hiring quality talent while maintaining sustainable growth has also been a considerable challenge.

The current slowdown in the market also poses massive challenges but it also presents opportunities. “A significant focus in the beauty industry is environmental sustainability, with constant innovations emerging. We’re committed to staying at the forefront of these developments, continually adapting and innovating to align our products and processes with sustainable practices,” Gunawan wraps up.

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Manis Leting and Triphie won 1337 Ventures’s latest Alpha Startups pre-accelerator programme in Malaysia. 

As part of this, the two startups will receive pre-seed funding of up to RM50,000 (US$11,000) each.

A total of nine aspiring Malaysian startups showcased their solutions in front of a live audience of investors, industry experts, and fellow entrepreneurs during 1337 Ventures’s Alpha Startups pre-accelerator programme. The demo day was hosted at Google Malaysia, marking the culmination of the programme.

Manis Leting, founded by Amirah Jasmine and Atirah Danial, creates healthier alternative food products that use zero white sugar. With the funding received from 1337 Ventures, the firm plans to focus on licensing and certification, production, operations, and marketing to scale.

Also Read: How cruelty-free, Halal-certified D2C cosmetics brand RADC achieved 4X growth in 2022

Triphie, started by Nour Araar, is an AI-enabled all-in-one, personalised and collaborative trip planning platform that helps travellers discover, plan, and book their holidays.

The other startups pitched at the demo day were Beseek, Cocojack, Kita, MyDeliva, Odar, SAPOT, and TigerCampus. They pitched their ideas to a panel of judges, including Freda Liu, a celebrated author and broadcast journalist; Bikesh Lakhmichand, Founding Partner of 1337 Ventures; and Alpha Startups alumnus and Vircle founder Gokula Krishnan. 

All the startups from the recent cohort will receive perks up to RM80,000 worth of digital credits from Google Cloud, CloudMile, Airtable, Swipey, Notion, Stripe, and WORQ. 

The latest cohort of Alpha Startups is supported by MRANTI, Digital Penang, WORQ, and Google. 

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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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