One of Singapore’s key objectives in becoming 5G-ready was to ensure that half of the nation can fully experience the capabilities of 5G networks by the end of 2022, and the lion city is well on track to offer nationwide 5G coverage by 2025. This encompasses not only the deployment of a comprehensive 5G network but also the utilisation of the various benefits that 5G technology brings.

Singtel, StarHub, and M1, in a joint venture, have been granted the responsibility of operating 5G networks throughout the country. As of today, 5G coverage offered by Singtel has surpassed 95 per cent, with the other telcos following suit.

Mobile data service revenue in Singapore is also expected to grow at a compound annual growth rate (CAGR) of 7.2 per cent from 2022 to 2027. This growth is driven by the rising consumption of mobile data services and the increasing adoption of higher average revenue per unit 5G subscriptions as 5G services become more widely available.

As we delve into Singapore riding the 5G wave, an important question arises: Is Singapore truly ready for the advent of 5G?

Why does Singapore need 5G?

According to Mr Tan Kiat How, the then-Chief Executive of Infocomm Media Development Authority (IMDA), “the ongoing COVID-19 situation underscores the criticality of a robust digital infrastructure and the importance of timely investments to meet our national connectivity needs. Beyond a connectivity infrastructure, we believe that 5G networks will spur innovation, create exciting business and job opportunities, and position Singapore as a leading digital economy.”

As Singapore strives for international economic success in the post-pandemic era, it must not only rely on reliable and affordable cloud-enabled networks for 5G-driven enterprises but also embrace the potential benefits that 6G technology offers.

By 2030, 6G services are expected to be available and will provide speeds up to 100 times faster than 5G, conceivably blurring the lines between digital and physical worlds with holographic telepresence, augmented reality, and virtual reality. Despite being in the early stages of development, 6G aims to revolutionise connectivity with faster speeds, ultra-low latency, and support for numerous devices.

Singapore’s commitment to technological advancement positions the nation at the forefront, ready to harness the benefits of 6G and drive industry transformation, enhanced experiences, and innovation.

How is Singapore building its 5G capabilities?

Singapore is actively building its 5G capabilities, aiming to become a global hub for research and development in this field. IMDA has partnered with the Singapore University of Technology and Design (SUTD) to establish the first 6G lab in Southeast Asia.

Also Read: Does Malaysia have the potential to become a 5G hub of SEA?

The lab will focus on advancing future communication technologies, including 5G and 6G, and exploring applications like holographic communications and intelligent sensing for autonomous vehicles and drones. This initiative is part of Singapore’s commitment to technological advancement and positioning itself as a leader in wireless communication.

Secure and resilient 5G networks

According to Dr. Janil Puthucheary, the Senior Minister of State, Ministry of Communications and Information, a secure and resilient digital infrastructure fosters confidence and trust among competitors, collaborators, and partners, enabling more effective engagement. He further highlighted the significance of cybersecurity in the cloud, especially as businesses increasingly leverage cloud platforms.

To address concerns in this area, Singapore introduced a multi-tier cloud security standard in 2013. This standard provides clarity on security levels offered by various cloud service providers, offering businesses a framework for ensuring adequate protection of their hosted data and systems. The aim is to create an easily understandable and interoperable governance framework.

A 5G ecosystem will benefit enterprises and consumers

Singapore has been conducting 5G trials in its economic sectors to speed up innovation. IMDA and the National Research Foundation had set aside US$40 million to support 5G trials in various strategic sectors. The trials pave the way for a robust 5G infrastructure, which will support a vibrant innovation ecosystem to drive business transformation.

The National University of Singapore (NUS) planned to collaborate with StarHub for a two-year trial leveraging IoT and 5G. NUS aims to enhance campus management through live tests with drones, patrol robots, and immersive classroom experiences. Potential applications include building facade inspections, waste management, and security, to which the use of drone technology and AI can reduce inspection time by 70 per cent.

IMDA, in partnership with Infinite Studios and D.ink, is creating a ground-breaking 5G project in Marina Bay. This outdoor AR setup will offer a cinematic experience, utilising 5G’s bandwidth and computational power. It follows the success of the National Gallery’s AR art exhibition. Additionally, Fort Siloso in Sentosa will feature a 5G-enabled extended reality (XR) experience. These initiatives demonstrate Singapore’s commitment to pushing technological boundaries and providing unique immersive experiences.

Singapore is expanding standalone 5G coverage to its seaport by mid-2025 to drive 5G rollout and adoption in maritime operations via the establishment of the 5G@Sea testbed. The expanded 5G coverage will enable pilots to control ships from onshore centres, improving service efficiency and safety.

The initiative also includes drone-based shore-to-ship delivery, eliminating the need for vessels to dock for urgent inspections and repairs. Singapore’s 5G network in the maritime sector will enhance productivity and reduce downtime, transforming traditional harbour pilot roles and revolutionising operations.

Preparing a pipeline of talent

Singapore’s tech industry is committed to hiring and training professionals to support 5G network deployment. The government aims to boost the tech talent pool by leveraging the 5G Academy, a collaborative initiative established in 2020.

Also Read: Growth and changing landscape of 5G and data

This public-private partnership has successfully trained approximately 10,000 professionals, exceeding its initial target of 5,000, in key areas such as 5G network architecture and software development.

To further foster information, communications and technology (ICT) manpower, IMDA is collaborating with the industry with a focus on new job roles in the 5G ecosystem, such as 5G network engineering and application development. The Skills Framework for ICT professionals has been updated with 5G competencies, and through the Tech Skills Accelerator (TeSA) initiative, companies in Singapore can enhance their employees’ expertise in 5G and related areas.

A new economic reality

Singapore, a beacon of progress and prosperity, embraces the limitless future with unwavering dedication. Recognising the profound impact of the network as a catalyst for innovation, IMDA envisions a thriving and dynamic 5G ecosystem.

This visionary approach unlocks exciting new applications and drives transformative change, delivering unparalleled value across industries. Singapore’s commitment extends beyond 5G as it pioneers the path to 6G.

This transformative leap fuels job creation and empowers individuals to shape the future. By nurturing innovation and strategically investing in digital infrastructure, Singapore is not only preparing but spearheading the connectivity revolution.

With the development of a new national blueprint, known as the Digital Connectivity Blueprint, Singapore is charting its path towards 6G mobile technology and a 10Gbps home broadband network. This comprehensive plan not only aims to drive new growth opportunities but also enhance digital trade and data flow through the nation, attracting more investments.

In addition, significant investments in 6G research and development are underway through the Future Communications Research and Development Programme. By prioritising technological advancement, Singapore aims to unlock a multitude of prospects while strategically positioning itself as a leader in the digital race, where opportunities are aplenty for the nation’s growth and innovation.

—

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

Image credit: Canva Pro

The post Is Singapore 5G ready? appeared first on e27.

Southeast Asia-focused investment firm Go-Ventures has rebranded into Argor Capital Management and announced the closing of its second fund worth US$240 million.

The investors in Fund II include leading sovereign wealth funds, institutional investors, corporates and family offices from Asia, the Middle East, Australia, Europe and the US.

With the completion of its recent fundraising, Argor plans to deepen its focus by investing in both early and mid-stage companies that address large and attractive market opportunities while driving significant societal impact.

Fund II has already invested in companies spanning sectors, such as verticalised B2B marketplaces, tech-enabled consumer businesses, SME digitisation platforms, environment tech, and embedded finance.

Established in 2018 with the backing of GoTo (then known as Gojek before its merger with Tokopedia), Argor is an independent but ecosystem-linked investment firm. Argor combines the words ‘ardour’, ‘rigour’, and ‘Go’.

Also Read: AgriAku raises US$6M in Pre-Series A round led by Go-Ventures to strengthen market penetration

It invests in high-growth startups across the rapidly growing markets of Indonesia and the rest of Southeast Asia.

Argor closed its first flagship fund in 2020 with a total commitment of US$175 million. The first venture fund has invested in 19 companies.

“Argor captures the passion and spirit of partnership that our team employs as we invest in and help our portfolio companies across Southeast Asia change millions of lives for the better. While we are rebranding at a time of expansion, the word “Go” embedded in our name is an important reminder for us of the strong support we have received from GoTo and our other investors since we started this journey back in 2018″, said Aditya Kamath, a Partner at Argor.

Although GoTo remains an investor in Argor’s funds, its strategy and investment decisions remain independent of GoTo and other Limited Partners (LPs).

—

The post Go-Ventures rebrands into Argor as it closes US$240M Fund II appeared first on e27.

G-P has made a name for itself as a leader in the Employer Of Record (EOR) industry, but this does not mean that it plans to rest on its laurels.

When Founder and CEO Nicole Sahin started the company in 2012, according to Charles Ferguson, General Manager, APAC, G-P, it defined the EOR and global employment industry with the goal of transforming international business. It enables organisations to unlock their business potential by removing the barriers to accessing global talent, including HR, tax, and legal hurdles.

Today, G-P aims to redefine the market again by introducing its vision for a new category: global growth technology.

In an email to e27, Ferguson announces that G-P’s global growth platform is driven by the G-P Meridian Suite of SaaS-based global employment products, which serve as tools to help companies find, hire, and manage talent worldwide – helping customers build and manage teams quickly and compliantly across more than 180 countries.

Some of the features that it offers include:

• G-P Meridian IQ: Tools that provide the intelligence companies need to inform their business growth around the world

• G-P Meridian eLibrary: Customisable and locally compliant digital document templates and software to help customers save time and deliver a richer, localised experience to their global workforce

• G-P Meridian Advisor: Supports employee engagement, addresses employee issues, and answers payroll or benefits questions for teams in markets around the globe using G-P’s proprietary data.

• G-P Meridian Marketplace: Enables companies to connect directly to G-P’s certified partners through a single platform, creating one interface for customers to access products and services needed to support their global expansion.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

“The need to stay relevant and constantly evolve to be better is key in maintaining G-P’s position as the industry leader, and this is also precisely why we’ve introduced the Global Growth Technology to bring the EOR space to a new territory by evolving and improving the very EOR industry G-P created,” Ferguson says.

On winning the race for talent

When asked about the new opportunities that G-P aims to seize this year, Ferguson puts highlight on winning the race for talent.

“With the intense competition among countries and companies to attract and hire the best talent, moving quickly enough and hiring the best talent as fast and as seamlessly as possible is the only way countries/ companies with the ambition to grow and be successful is to access the best talent in a better way. That’s where G-P comes in to support, and we see plenty of opportunities in the consumer and enterprise technology, biomedical sciences, finance, healthcare, and manufacturing industries,” he says.

Specifically, G-P sees that there are three emerging trends that will impact HR tech and hiring over the next three years–access to global insights/data, frictionless global expansion, and full employee lifecycle management–with all three being complemented and enhanced by technology such as artificial intelligence, automation and customisable SaaS solutions.

“Especially in our ‘remote’ world, how can you assist your team if you don’t know what they require? Learn everything you can about your team so you can keep a better eye on their morale. Keeping your crew’s morale up is beneficial to everyone… except the competitors. You must recognise the differences and supply your colleagues with the unique assistance, training, and tools that each person requires, whether they need supervision or training or are ready to take on new tasks on their own,” Ferguson says.

“However, make sure you’re evaluating how they’d feel in their shoes, not how you’d feel.”

Also Read: Will AI replace humans in customer service?

Of all these trends, when it comes to the company’s own technology, G-P sees the highest interest and demand in access to data to insights as business leaders look for information to help support and inform their global strategies and inform.

“The opportunities tied to global employment are huge – well over US$50 billion. Currently, there are only hundreds of thousands of knowledge workers available in the EOR space; there is an opportunity to expand this model to hundreds of millions,” Ferguson explains further.

“Tapping into even a fraction of this workforce would be significant, but there are huge hurdles – access to local market insights and expertise, understanding local labour laws and compliance requirements and infrastructure to build and manage a distributed workforce. G-P Meridian Suite addresses these pain points through new comprehensive solutions – like G-P Meridian IQ, Advisor eLibrary and, Marketplace – that enable companies to expand globally and unlock opportunities for individuals.​”

To elaborate further on the company’s plan, G-P will be product-focused this year and committed to rolling out the G-P Meridian Suite.

“With the G-P Meridian Suite, now we see a new way to enable global growth with complete compliance, rich insights and global expertise that power full employee lifecycle management with an efficient alternative to traditional HR technology,” Ferguson continues.

“​While the rest of the industry prioritises HRIM and Payroll software integrations, embedding companies in more complicated contracts, our offerings better position G-P to tap into the total addressable market of 350 million global knowledge workers that represent well over US$50 billion in value. G-P will continue to take advantage of industry growth as we believe the industry has the potential to grow five to 10 times over the next four to five years.​ G-P is reinventing the category we created, removing every barrier that stands between businesses and the global talent pool.”

—

Image Credit: G-P

The post How G-P aims to redefine the EOR market through its global growth technology appeared first on e27.

Filipino B2B e-commerce marketplace Shoppable Business has secured US$1.15 million in an oversubscribed pre-seed funding round, co-led by Foxmont Capital Partners and Seedstars International Ventures.

An unnamed global network of angel investors also participated.

The startup will use the funds to grow its business development team, develop more products and features, and expand into new regional markets.

Founded in 2022 by Carlo Silva, Sam Blanquera, and Chris Blanquera, Shoppable Business aims to digitise procurement and wholesale distribution for businesses in the Philippines, where procuring authentic branded products online and offline is hard.

Also Read: Carro invests in digital content, marketing services agency Driven Communications

Shoppable Business offers thousands of products from trusted brands, such as computer equipment, furniture, appliances, construction supplies, made-to-order goods, and food.

In addition to product discovery, the platform also provides services such as marketing, sales support, procurement outsourcing, logistics, financing, and payment infrastructure.

Shoppable Business is a marketplace partner of GS1 Philippines, the global standard for barcodes and product identification in 116 countries, with two million member companies. It also issues official BIR-certified sales invoices and receipts, which companies need to claim the full purchase in the Philippines.

“Our cost-effective e-commerce procurement technology, access to 100 per cent authentic branded products and services at wholesale prices with no MOQ, empower entrepreneurs so they can focus on growing their business,” said Silva.

—

The post Filipino B2B e-commerce startup Shoppable Business attracts US$1.15M funding appeared first on e27.

Flash Express, owned by Flash Group, is an all-in-one logistics service provider serving e-commerce players.

A unicorn company, Flash Express has so far attracted over US$780 million across several funding rounds from investors, including Buer Capital, SCB 10X, eWTP, PTT Public Company Limited, OR Retail Limited, Durbell, and Krungsri Finnovate.

In this interview, Flash Group CEO Komsan Saelee shares how the group grew in the past two-three years, how the current global economic slowdown is affecting its business, the market opportunities that emerged due to the economic downturn, and the company’s working culture.

Edited excerpts

How has been the past two to three years for Flash Group from a business growth perspective? How did it tide over COVID-19 and the economic slowdown?

During the first year of the pandemic, it was a favourable period for the logistics industry, and not only Flash Group and other players gained market share. Flash was able to handle delivery volumes reaching millions of parcels. We also started looking for opportunities to expand our business into Southeast Asia.

Flash Group provides services in Thailand, Malaysia, the Philippines, Indonesia, Laos, and Vietnam. We are preparing to cover the entire Southeast Asia region by 2024.

After the intense period of the pandemic subsided, the logistics market also began to decline. The growth of e-commerce, although present, was not as robust as anticipated by all parties. The high management cost and the market situation have slowed down the business.

Also Read: Flash Express adds US$150M more to its kitty, becomes Thailand’s first unicorn

However, Flash has been able to adapt by adjusting our business plans promptly. We always have Plan B and Plan C for overall business management. We expedite cost management and policies to ensure the organisation moves forward steadily.

How does the current global economic slowdown affect business, and what steps has it taken to mitigate any negative impacts? Has Flash noticed any changes in customer behaviour or demand, and how has it responded?

The overall global economic situation indicates that the global economy will experience a slowdown or slower growth than the previous year due to various factors.

However, the overall economic outlook for Thailand this year is expected to show slightly better growth than the previous year’s. This is partly due to the recovery in tourism and increased domestic and foreign investments that have returned.

Meanwhile, Flash Group continues to follow our original expansion plan in Southeast Asia (SEA). This means that the global economic slowdown has not significantly impacted the business in this industry.

The e-commerce market continues to expand, although fluctuations may occur during certain periods. Overall, the market still demonstrates growth. The company closely monitors Thailand’s global economic situation and other relevant factors. We have developed contingency plans for both the medium and long term to ensure preparedness for coping with the situation and aligning the company’s policies accordingly.

Amid the current economic conditions, consumer purchasing power remains high, as evident from the continued increase in online platforms, which are experiencing profitability this year after previously facing losses.

Additionally, consumer behaviour in choosing our services has remained consistent. This can be seen from the growing number of customers, with an average daily peak parcel volume exceeding 2 million pieces.

This indicates that the strategies previously employed by Flash Group, such as pricing, accessibility to remote areas, and an effective IT system, continue to be successful. These factors are considered strengths of Flash.

How has your financial strategy changed in light of the current market conditions, and what measures have you taken to ensure long-term sustainability?

The current market situation has little impact on Flash’s financial strategy. We regularly perform materiality assessments, including all actual and potential factors impacting our finances or operation. We have also established a monitoring process to follow up and review management approaches related to those material topics.

Lastly, we set up metrics to evaluate our performance through corporate and department OKRs to ensure we can achieve our business purpose and generate long-term value for our sustainability.

Can you speak of recent fundraising efforts and how the current economic climate impacted those efforts?

There hasn’t been any official news regarding the latest fundraising round. However, every fundraising round is always challenging, and each round presents challenges.

Regarding the overall investor perspective, we believe everyone is looking for opportunities and tends to choose companies with a future potential to generate income and profit. Therefore, the state of the economy may not be the primary indicator of its impact on fundraising.

Can you discuss any cost-cutting measures Flash has implemented and how those measures have impacted your business operations? Did you lay off employees to stay afloat in the market?

Flash has implemented measures to continually improve policies and plans within the organisation to manage costs and reduce unnecessary expenses. Particularly, energy costs are considered a major expense for us. Therefore, the company has incorporated technology and alternative solutions; for example, developing a technology application that analyses the most efficient delivery routes to ensure the fastest delivery of parcels to their destinations, enabling our delivery personnel to utilise it.

Additionally, the company has conducted experiments with electric vehicles for transportation, such as electric motorcycles and three-wheeled vehicles. These initiatives aim to enhance cost management and explore environmentally friendly options.

Have you adjusted your growth projections or other key performance indicators in light of the current economic climate?

Flash continues to pursue our main objective of expanding business coverage throughout Southeast Asia and connecting logistics networks, with Thailand as the centre. We aim to create an ecosystem and infrastructure that positions us as the logistics hub in SEA.

In 2023, Flash is progressing according to the original plan and is preparing to open operations in another country. We are studying the market in Singapore and Vietnam and our existing expansion in Laos, the Philippines, and Malaysia. Furthermore, the European market is also considered a significant target for the company’s business expansion.

Can you speak of any market opportunities that have emerged due to the economic downturn and how your company is capitalising on those opportunities?

We are fortunate that despite the economic downturn, Flash Group’s business has been minimally affected. The transportation business has become an integral part of people’s lives and the driving force behind the economic system. Most of society still needs to make purchases, and transportation businesses have become crucial to people’s lives. During the COVID-19 pandemic, it acted as a force that changed people’s behaviour from offline to online.

However, we prioritise materiality by constantly reviewing and reassessing it. Our materiality encompasses trending issues or external factors that may impact our business. This allows the company to sense and respond quickly, resulting in corporate resilience in turbulent situations and economic downturns.

Can you discuss your plans for diversifying your revenue streams or expanding into new markets in light of the current economic climate?

Flash continues to seek business opportunities to increase market share in Thailand and internationally. We focus on developing and improving our services to meet the needs of various target customer groups, including online businesses and individual customers.

We emphasise a policy of offering a diverse range of bundled products and services, catering to both corporate clients and online merchants. Furthermore, we seek business partnerships to expand our reach and coverage across different industries, including courier and logistics services. Flash constantly innovates and develops new services and offers to meet the evolving demands of our customer base.

How have you maintained a strong company culture and motivated your team during these challenging times?

The cultivation of five core values is essential for Flash Group. Customer-first means prioritising customer needs, while Result Oriented involves actively contributing to the business and striving for the best outcomes. Teamwork emphasises collaborative efforts and continuous learning within the team. Integrity entails acting honestly and doing what is morally right. Dedication represents a passionate commitment to achieving both individual and team goals.

These beliefs and attitudes guide Flash Group, shaping how people interact with customers and colleagues. They provide a comprehensive understanding of the company and foster self-awareness among individuals. Moreover, these values form a vital foundation for the company’s growth and ability to adapt to changing circumstances.

Do we see an end to the raise-cash-burn-cash growth model and the emergence of the ‘make profits, sustain & grow’ model?

Flash Group believes we have consistently operated our business with a profit-driven approach for sustainable growth, especially when the startup industry has faced new realities.

With the Federal Reserve’s interest rate hikes and the decline of Silicon Valley Bank, investors have become more cautious, causing startups to reassess strategies that heavily rely on fundraising. Therefore, what is essential now for startups is to build investor confidence by having a business plan that goes beyond relying solely on fundraising but also generates revenue from customers. Then we can have the opportunity to navigate through the current circumstances successfully.

What challenges does a late-stage startup face compared to an early-growth-stage startup? What learnings can early or growth-stage companies make from late-stage companies?

For those who are interested in initiating a business venture, it is recommended that you engage in genuine and comprehensive research. Identify the distinctive qualities that differentiate you from competitors in that industry and determine what value you can offer your target customer base. Once you understand this, have faith in yourself and actively pursue your goals. Additionally, timing is also a critical factor that contributes to achieving success.

How is the mindset and cultural shift happening internally since we are in a high-interest rate environment and funding isn’t going to be as easy as before?

Flash has internal management within the organisation divided into three eras: the era of empowerment, the era of regulations, and the era of cultivating organisational culture. In the first era, which we call the era of empowerment, the focus was on results because it was a starting point where we did whatever it took to satisfy customers with our services and make them return to use our services again.

Also Read: Flash Express secures US$200M Series D to expand its e-commerce logistics service in SEA

The next era is called the era of regulations because after doing business for two years, we gained customer acceptance, resulting in a significant increase in daily shipments. With more employees, we had to adapt by implementing regulations, having auditors to examine accounts and strict financial controls. The advantage of this era was that everything was done according to regulations. The company did what it should do, and we had employees who understood the organisation, worked as a team, and were more professional.

We are in the third era, which is the era of cultivating organisational culture. We have five core values that we use in our work. We strive to instil these values in our employees so everyone works together to achieve the organisation’s goals. Thus, we are confident that our people will show this strong and fighting spirit against all the difficulties and achieve our goal. This will build investors’ confidence in our business success, even during this challenging time.

We are focused on the mindset of individuals who can deliver good work under the company’s planned direction and reflect the business performance, which will build long-term investor confidence.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post We are now in an era of cultivating organisational culture: Flash Group CEO appeared first on e27.