Indonesia-based fleet-tracking startup TransTRACK has secured US$2.1 million in a pre-Series A funding round.

Ortus Star, Cocoon Capital, and YCAB Ventures led the funding round. Goldbell Investment, NP Consulting, Damson Capital, and unnamed angel investors participated.

TransTRACK plans to use the fresh funds to expand operations to 100 cities in Indonesia and other Southeast Asian countries, including Malaysia, Singapore, Thailand, Cambodia, and Vietnam, providing an end-to-end supply chain solution for the business players in the region.

Also Read: How a Muslim female founder is making waves in Indonesia’s male-dominated logistics-tech sector

Founded by Anggia Meisesari and Aris Pujud Kurniawan in 2019, TransTrack offers a fleet management system, transportation management system, and truck appointment system for logistics companies that aim to optimise their operations. It also offers complete visibility across the supply chain in a single platform to increase customer engagement, new revenue streams, and margins to drive productivity, efficiency, and business growth.

“The funding will allow us to create even more value in the industry and enable us to strengthen our footing in the transportation and logistics industry as an end-to-end supply chain solution. We look forward to serving our customers better by providing a more comprehensive solution in maximising their move by optimising their fleets,” said Meisesari.

TransTRACK claims it has achieved 20 per cent monthly growth since its last fundraise. The company now covers over 34 cities in Indonesia, serves more than 600 clients in its portfolio, and has over 50,000 subscriptions across various industries ranging from logistics and public transportation to agriculture, mining, manufacturing, and government public services.

TransTRACK has initiated its operations in Malaysia and entered the Singapore market this year, primarily focusing on the rental and leasing business.

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Dear Pro member,

Grab is at it again!

The Singaporean tech giant has announced its plans to lay off another 1,000 employees — its biggest since the COVID-19 pandemic. According to CEO Anthony Tan, the new round of layoffs are a “painful but necessary step”.

In an email communication to the staff, Tan said the job cuts are not a “shortcut to profitability” but will enable the firm to adapt to the business environment and rapid emergence of AI. The firm is anyway on track to hit breakeven this year on group-adjusted EBITDA, he added.

Globally, more and more companies are laying off employees en masse to cut expenses in a bid to achieve profitability, which has become the most important factor these days. The current slowdown in the global economy and the resultant funding winter are key reasons companies are taking extreme steps. When the economy returns to normal, companies may think twice before adding new employees, as they now have advanced AI tools to automate some of their work. Let’s hope this will help avoid massive layoffs in the future.

This is the lead story of today’s Ecosystem Roundup.

There are also news stories about the quitting of Byju’s auditor, the FY22 financial results of StashAway and ShopBack, and more.

Happy reading.

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Grab shares fall after announcing plans to lay off 1,000 employees
This is Grab’s largest set of layoffs since the pandemic, surpassing its first round in 2020 which saw the company reduce its headcount by 5%, affecting about 360 employees.

Byju’s auditor Deloitte quits over long-delayed financial statements
According to various reports, three of Byju’s board members have reportedly stepped down as well; The Indian edutech company has been struggling to grow its business in recent months, and its valuation has fallen sharply.

ShopBack triples revenue in 2022, operating losses widen 72%
It posted a 3x increase in revenue to US$130.6M in the financial year ending March 31, 2022; The operating losses widen by 72% to US$43.2M in the same period compared to US$25.1M in the previous year.

Go-Ventures rebrands into Argor as it closes US$240M Fund II
Argor has already invested in B2B marketplaces, tech-enabled consumer businesses, SME digitisation platforms, environment tech, and embedded finance.

StashAway logs US$6.8M in revenue for 2022, losses land at US$20M
The revenue rose 13.5% y-o-y in 2022 to US$6.8M; The increase was relatively low compared to the 150% revenue growth it recorded from 2020 to 2021.

MAS proposes protocol to set standard for digital money usage
The protocol allows senders to specify conditions when making transfers in digital money; This includes factors such as how long the money is considered valid and on which platforms it can be used on.

Unacademy unit Graphy acquires SG-based community platform Scenes
Scenes helps creators monetise their followers by enabling them to build their own online platforms; Graphy helps educators sell online courses and launch their own websites and app.

ONEVIEW raises US$2.9M to improve bill payment experience
The investors are ADERA Global, Beyon Connect, and Cumulo9; The Singaporean startup’s digital post-box app enables users to easily access their documents and communications from multiple billers and senders within a single app.

Indonesian fleet-tracking startup TransTRACK bags US$2.1M funding
The investors include Ortus Star, Cocoon Capital, YCAB Ventures, and Goldbell Investment; TransTRACK plans to use the fresh funds to expand operations to 100 cities in Indonesia and other Southeast Asian countries.

Cocoon Capital backs construction planning simulation platform Frontline
Frontline enables construction companies, operators and contractors to quickly identify best-in-class construction plans with optimal activity sequencing and resource allocation.

Animoca subsidiary Anichess closes US$1.5M seed round
The investors include GameFi Ventures, The Operating Group, Koda Capital, and Bing Ventures; Anichess modernises and tokenises the game to take advantage of opportunities presented by Web3 technologies and communities.

Filipino B2B e-commerce startup Shoppable Business raises US$1.15M
The investors are Foxmont Capital and Seedstars International Ventures; Shoppable offers thousands of products from trusted brands, such as computer equipment, furniture, appliances, construction supplies, and food.

Singapore’s Integra Partners backs German cleantech startup CleanHub
CleanHub will use the fresh funds to eliminate plastic waste entering oceans and drive systemic change in the waste management industry.

Pine Venture backs children’s clothing resale platform Retykle
Retykle will use the funds to develop new resale-as-a-service tech and expand into new markets; Retykle is an online consignment store for buying and selling designer baby, children’s and maternity fashion, gear and toys.

Samsung Ventures invests in sleeptech firm Earable Neuroscience
The startup’s FRENZ Brainband wearable incorporates cutting-edge neuroscience technology into a consumer wearable to enhance sleep quality, improve focus, and promote relaxation.

Intudo Ventures, Arise back Indonesian influencer marketing startup Slice Group
Slice Group is a creator management solution that helps agencies and brands manage creator relationships; The startup plans to build embedded finance features for brands/agencies and content creators within the platform.

Retailetics’s smart cart offers personalised in-store experience while generating real-time customer insights
The retail automation startup’s AI-powered smart cart ezyCart offers personalised promotions, rewards, and in-cart self-check-out payments.

Eyeing a Slice of the fast-growing influencer economy in Indonesia
Slice is betting big on the next generation of entrepreneurs who use the audience they built through their content to launch their own businesses.

How affable.ai aims to dive deeper into GenAI with its new magic search feature
affable.ai recently introduced its new product Skye, a GenAI companion in influencer marketing; Learn how it aims to make a difference.

Fore Coffee sharpens business strategy to achieve profitability
The coffee chain startup owns 134 outlets in Greater Jakarta Area, Java, Sumatra, and Borneo; It intends to add around 75 new outlets and expand to mid-sized cities, aiming to operate a total of 200 outlets by 2023-end.

We are now in an era of cultivating organisational culture: Flash Group CEO
Startups should build investor confidence by having a business plan that goes beyond relying solely on fundraising but also generates revenues, says Komsan Lee.

Tech industry offers talent opportunities as salaries remain cautious
While the sector’s salaries may remain relatively stable, it is important to recognise the industry’s resilience and potential for a rebound.

Managing your business partners: 4 tips to make things work
One tip is to systematically get founders and their managers to take a moment to find out how they think; The second leverage tip is that you (as the leader) need to learn to listen first and respond later.

How ChatGPT, automation revolutionises ‘traditional’ industries
For businesses, especially with the threat of a global recession looming and labour shortages continuing to bite, time is money; By automating time-consuming, non-revenue-generating tasks in seconds, hospitality businesses can work more effectively.

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Financial inclusion remains a major issue in Southeast Asia (SEA) today, and a number of startups have risen up to the challenge of opening greater access to financial services for society–including Salmon.

It is a fintech company that aims to bring modern banking to underbanked consumers in SEA, starting with consumer lending in the Philippines. The company’s mission is to bridge the financial inclusion gap in the country and empower Filipinos financially.

“Salmon aims to leverage favourable dynamics in the Philippines market and our team’s technical and financial know-how to bridge the financial inclusion gap and bring consumer credit and enjoyable daily banking to 114 million Filipinos, empowering them to reach their personal and financial goals,” explains Raffy Montemayor, Co-Founder and Business Head in the Philippines at Salmon, in an email interview with e27.

The Philippines is a vast market with huge potential for growth. The country recorded 7.6 per cent GDP growth in 2022, and its population is young and digitally savvy, with over 50 per cent aged 24 or younger. However, there are only about six million unique credit card users across a population of 114 million people, which highlights the significant opportunity for Salmon to make an impact.

Salmon’s revenue model is based on expanding financial inclusion by starting with consumer lending to build a robust revenue-generating engine and eventually adding additional products such as deposits, payments, and other types of lending to leverage cross-selling opportunities and become a full-scale neobank.

Also Read: Will digital banks take off in the Philippines?

“If you compare this approach with other fintech [companies], particularly those that are struggling in Western Europe at the moment, you can see that an over-reliance on cheap capital and a focus on uncontrolled growth has resulted in complacency over companies’ ability to achieve sustainable profits in the longer term. Our model ensures that Salmon operates differently,” Montemayor says.

The company’s focus on healthy unit economics ensures the sustainable growth of the business, and its team’s experience in launching and scaling multi-million dollar financial businesses in other emerging markets makes them confident they can execute on their ambitious strategy.

“We are making consumer loans more accessible to quality borrowers, who have historically been overlooked by legacy banks. As a starting point, we have been leveraging partnerships with major local retailers and a physical presence in retail stores to build out our initial customer base. Our sales representatives use facial recognition and other proprietary technology to establish a new customer’s identity and assess their risk profile so that we can approve new loan applications in under 10 minutes and subsequent applications even quicker,” Montemayor explains.

“We are proud to highlight that 92 per cent of Salmon customers would recommend the company’s services to friends and family, according to our recent surveys.”

But running this business is not without challenges. One of them is the lack of credit history for a lot of Filipino consumers. However, the company’s approach to pool data from different sources and using its know-how and tech expertise to create robust credit scoring models is essential in addressing this challenge and creating a more vibrant and better functioning financial services sector for all.

Also Read: Digital bank licences: Why does everyone want a slice of the unbanked?

“We are committed to investing in the local tech talent and partnering with other industry players to address this challenge together in order to create a more vibrant and better functioning financial services sector for all.”

Maintaining a strong momentum

Started by co-founders Pavel Fedorov, George Chesakov, and Montemayor, Salmon’s team consists of experienced tech and finance professionals who collectively bring decades of experience in launching and scaling startups and fintech companies across different emerging markets.

In its first year since launching, Salmon has achieved several significant milestones, including launching its first point-of-sale lending product, establishing partnerships with leading local retailers, and creating its own proprietary service app.

The company also raised US$16 million in a Series A funding round from a list of investors that includes DisruptAD, the venture platform of ADQ, one of Abu Dhabi’s leading sovereign wealth funds, as well as a prominent European venture fund and a group of Filipino investors.

Looking ahead, Salmon aims to maintain its strong momentum, expanding partnerships with local retailers to bring its products to more people, working together with regulators and other industry players to expand financial inclusion, and reinvesting PHP10 million (US$180,000) in the local tech ecosystem. In five years’ time, the company aims to be on track to becoming a leading credit-led bank in Southeast Asia.

Salmon’s commitment to developing local tech talent in the Philippines, providing transparent and easy-to-understand financial products, and improving financial literacy among the general population makes it an exciting company to watch as it continues to make an impact in the region.

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Image Credit: Salmon

The post How Salmon aims to promote financial inclusion with AI banking in the Philippines appeared first on e27.

Finhay is a licensed digital native investment platform that helps users to diversify their investment assets efficiently and seamlessly at their fingertips.

Founded in 2017, Finhay has secured US$30 million via five funding rounds from Openspace Ventures, VIG, Insignia Ventures Partners, TVS, Headline, TNBAura, and IVC. This includes a US$25 million Series B round in June 2022.

In a conversation with e27, Finhay Founder Huy Nghiem talked about how the company addresses multiple market challenges, including the current slowdown in the market.

Excerpts:

How has been the past 2-3 years for Finhay from a business growth perspective? How did it tide over COVID-19 and the economic slowdown?

During the COVID-19 period, our traction increased favourably. It makes sense that during the pandemic, people stayed home and had time to focus on learning or picking up investing. The desire for our online service increased, so our traction improved.

In late 2022, the market had a downturn due to several factors, including macros, domestic bank incidents, run on the funds, and more. Our traction was negatively impacted.

However, the business has used this time effectively to acquire a brokerage company as it needed restructuring. Finhay also spent more time and effort restructuring the brokerage firm.

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

Yes, it has negatively impacted our business. However, we have found ways to use the time by improving our product and completing the restructuring of the brokerage firm. Instead of rushing for high growth, we are sustainably investing in product, team, culture, and compliance.

Also Read: Is the current Vietnamese fintech market as attractive as rumored?

The customer’s behaviour has also changed, and we have observed that our users have become more conservative in their investment approach. Their total balance was weighted towards fixed-income products.

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

Our financial strategy has been shaped around current realities. In 2020 and 2021, we spent to achieve growth and budgeted higher for marketing and retention. However, those costs were cut in 2023 in line with market conditions and business strategies.

We also reprojected our human resource needs so we don’t over-hire. Our focus instead is to hire smart, hire correctly.

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

We have closely watched the economic climate and taken a more conservative approach to 2023 — where growth is deprioritised versus other key business improvements. We believe this will set us in the best shape to capture the rebound and shifting consumer investor sentiments as and when they come.

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 observe that our user’s behaviour changed from risk-taking to risk aversion. The most reflective action was the shift of their balance from equity investments to fixed-income investments.

By constantly monitoring the data behind these behaviours, we were able to leverage it to introduce additional fixed-income products on our platform. That has enabled us to capture additional money inflow and retain existing users.

How do you balance the need for short-term financial stability with the long-term goals of your business?

Balance is the right word. Short-term financial stability is as important as long-term goals. If we cannot meet the short-term financial needs, we can’t meet the long-term goal either.

However, we always keep a long eye on the future and operate against our future vision to be the smart investment platform for new and existing Vietnamese investors. We take the necessary decisions today to maximise our chance of delivering that.

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

We have already implemented additional revenue streams on our platform. Given that we are in the investment space, we saw a need for Margin Trading services from our existing users. Given the uncertain market, we looked at 20:80 rules and recognised that our top clients still need leverage. Margin Trading has recently launched on our platform, and the revenue has positively impacted our overall performance.

How has Finhay maintained a strong company culture and motivated your team during these challenging times?

Culture plays an important role in our organisation. We have been building our culture from day one and continue to do so. Our key values are ‘passion, innovation, and trustworthiness’. These values play out in everyone’s day-to-day roles. We recognise that if our employees do not live our brand, our efforts will be undermined. That’s why members are fully oriented with our values from the first day they join our team and are encouraged to consider how they fit into their function. Employees continue to emphasise them daily with their team members.

For example, because we are in financial services, we believe that consistency in everything we do will eventually lead to trustworthiness – which has to be earned.

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

We do see the “make profits, sustain and grow model” prevailing. This will continue to be our strategy from 2022.

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?

The bigger the company, the more compliance, procedures, and processes are in place. We see this as both an advantage and disadvantage for late-stage companies.

The advantages are that the company becomes solid and robust in the eyes of the market due to having procedures and compliance checks. However, our goal has been to implement these from the outset.

Also Read: ‘Develop a wartime mindset during global crisis like this’: Xendit CEO Moses Lo

The disadvantages are that things will get slower if not implemented effectively. We work hard to ensure they are in place to enable consistency and not create clogs.

We believe that starting a business with a clear culture in mind is a vital learning point for early or growth-stage companies.

How many rounds of funding has Finhay raised so far? Can you share the details of each round? How has fundraising and business matching changed for you in the last 2-3 years?

We have undergone five funding rounds, but unfortunately, the details can’t be shared. However, we have raised US$30 million in terms of investment size.

In the last two to three years, we have seen a shift in the focus of our investors from high growth to revenue. I see this as crucial, too, given that the market will remain uncertain in the next few quarters.

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?

Fortunately, the high-interest rate plays a favourable role internally due to our fixed income investment on our balance sheet. The revenue has also improved. This helps to shift our focus and story internally from growth to revenue. Our team members are aware of the importance of a revenue intelligence mindset.

Also, due to the high-interest rate environment, the team is made aware, with total transparency, that cost-cutting is in place, spending reductions will be required, and there is an expectation of revenue increase. It’s not always easy at first, but it is for long-term betterment and accepted as the means to achieve our shared vision of investments in Vietnam.

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Jesse Bouman and Nesha Aurea Hanzdima, both creators and entrepreneurs, believe the future of entrepreneurship starts with content creation. Globally, more and more creators are using the audience they built through content to launch their own businesses.

“However, in Indonesia, it’s far more difficult for most content creators to achieve this dream of starting own businesses,” says Bouman. “We felt that if we could automate this process, we’d unlock money for more creators to go full-time and build the businesses of their dreams.”

This led the duo to start Slice Group.

Slice was launched in January 2022 by Bouman (CEO) and Hanzdima (COO). Bouman was previously Head of Technology and Innovation at Mindshare, a global media agency, while Hanzdima is a serial entrepreneur and has built more than six companies since graduation.

A creator management solution, Slice helps agencies and brands manage creator relationships. Its integrated creator relationship management (CRM) platform simplifies reporting, payments, and relationships for sponsored brand content.

Also Read: Intudo Ventures, Arise back Indonesian influencer marketing startup Slice Group

“In layman’s terms, we help brands and agencies aggregate influencer performance data for campaign reporting and crunch the data so they can determine which creators to work with in the long term,” he elaborates. “We’re able to do this because our content creators sign up to Slice and connect their social media accounts so they can share their reporting data directly with us. All our data is verified, and we eliminate the manual screenshots and PowerPoints that plague the industry.”

In turn, Slice offers creators different tools to help them grow. It currently provides dynamic media kits for creators to share their rate cards, analytics, and audience demographics with brands and agencies without constantly updating a PDF like they typically do now.

A SaaS tool, Slice charges a monthly subscription. As the company expands its product line, it will include transactional revenue with its financial products.

The startup has worked with various agencies, brands, and startups, including Shopee, Nivea, Koinworks, Populix, Erha, and OMD/PHD.

While Slice plans to expand to new countries in Southeast Asia in the future, the current focus remains Indonesia.

“Indonesia is the largest market in the region, and we are firm believers in the economic growth opportunities the country presents over the next few decades,” he adds. “Secondly, Indonesians are uniquely positioned for success in the growing creator economy. The country has one of the world’s highest social media usage rates. They love creating and consuming content. Additionally, it’s a very entrepreneurial country.”

There are about 62 million SMEs, and in his opinion, the next generation of Indonesian entrepreneurs will start by simply creating content on their mobile phones.

Bouman also informs that Slice is now working on embedded finance features. “While Indonesia and SEA are quickly digitising their financial services, everything is still a one-size fits all model. The content creators and agencies that we work with have specific financial needs. Integrated financing and payments in our platform are areas where we feel we can expedite the flow of money and boost the businesses of both our agencies and content creators. ”

Also Read: How can influencer marketing help the travel industry in a post-pandemic world

On Wednesday, the startup announced the completion of a US$645,000 seed round of financing led by Intudo Ventures and Arise. “I’m a firm believer in product-led growth. We’re investing heavily in our engineering and design teams. We’ve brought all our development and design in-house. We focus on building an intuitive and impactful product while iterating quickly based on customer feedback,” he explains.

Globally, social media users touched 4.6 billion, shaping a US$100-billion creator economy. This growing number, coupled with the novel ways of starting a business globally, presents a massive opportunity for Slice to build a billion-dollar business. And Bouman and Hanzdima have only made baby steps, and they have a long way to go.

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Singapore-based construction planning simulation and optimisation startup Frontline Industrial Software has raised US$700,000 in a seed funding round led by Cocoon Capital.

Frontline, founded by Luis Martinez and Ruiqi Ding, enables construction companies, operators and contractors to quickly identify best-in-class construction plans with optimal activity sequencing and resource allocation. The software uses Artificial Intelligence to identify the most efficient and cost-effective construction plans for complex infrastructure, civil, energy, industrial and residential projects.

With Frontline, construction teams can simulate thousands of options and find the most cost and time-effective solutions. According to the founders, this is a significant improvement compared to existing construction planning tools that offer limited options for optimisation.

“Frontline’s ‘plug-and-play’ solution seamlessly integrates into the existing work processes of construction companies and uses existing data to deliver insights that were simply not available before,” said Martinez.

Also Read: Sirclo banks US$10.5M to expand in Indonesia

Frontline’s software is already used by international construction companies in the infrastructure, energy and residential sectors. Customers have seen project timeline savings of up to three months and a six per cent cost reduction, which is significant in a slim-margin business.

“With the estimated US$26 billion global construction technology market by 2027 and the widespread adoption of digital productivity solutions by over 80 per cent of construction companies, a substantial market gap awaits smart software that optimises project execution”, said Will Klippgen, Managing Partner of Cocoon Capital.

A survey by KPMG found that 91 per cent of construction industry executives believe digital transformation is important for their business, while only 19 per cent have a digital strategy in place. Frontline’s technology addresses the productivity challenges faced by the industry, making it a timely and extremely cost-efficient solution.

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Hong Kong-based children’s clothing resale platform Retykle has closed a new round of pre-Series A funding, bringing its total funding to US$2.2 million.

The latest round was led by Singapore’s early to-growth stage VC firm Pine Venture Partners, with participation from undisclosed angels.

The company plans to utilise the new funds to build a senior leadership team, develop new resale-as-a-service technology, and expand into new markets.  

Founded in 2016 by Sarah Garner, Retykle is an online consignment store for buying and selling designer baby, children’s and maternity fashion, gear and toys. Its mission is to make trading high-quality pre-loved items as easy and convenient as buying new ones.

Also Read: Why we need to stop calling them ‘mumpreneurs’

The US$400-billion global childrenswear market presents a substantial opportunity for resale. In 2022 the global resale market grew by 28 per cent and is expected to double in size by 2027, reaching US$350 billion. Resale outpaces traditional retail threefold and will account for 10 per cent of the global fashion market by 2024. Resale is revolutionising traditional retail and fundamentally changing consumer purchasing habits as they seek greater value and less environmental impact.

“The fashion industry is ripe for disruption, and advancing circular consumption is a clear win for sustainability and for all players in the fashion industry. Retykle provides a much-needed service for mothers of children while reducing our carbon footprint, and that is something fully aligned with Pine Venture Partners’ investment philosophy,” says Hyuk-tae Kwon, Co-Founder and CEO at Pine Venture Partners.

Retykle allows buyers to browse thousands of used and new past-season items from over 2,000 leading children’s designer clothing brands, saving 50-90 per cent off original retail prices.

Since its launch, Retykle has recirculated over 150,000 items, with tens of thousands of parents joining the platform to build a sharing economy online, saving temporary-use clothing from being sent to landfill.

“With only two per cent of VC capital directed to female-led companies, we are grateful to have the backing of Pine Ventures, who see the blue ocean of opportunity in circular consumption”, says Garner.

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Image credit: Retykle

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Anichess, an upcoming decentralised chess-inspired game by Animoca Brands, has completed an oversubscribed US$1.5 million seed financing round from GameFi Ventures, The Operating Group, Koda Capital, Bing Ventures, 708 Capital, Asymmetry Capital, and others.

The startup will use the funding to continue the development of its innovative decentralised chess game, expand its team, and grow its community.

Launched in 2024, Anichess develops and advances decentralised chess in partnership with Play Magnus Group (PMG) and its Champions Chess Tour. It modernises and tokenises the game to take advantage of opportunities presented by Web3 technologies and communities.

Also Read: Web3 is going to redefine labour in Asia in a big way: Animoca Brands’s Yat Siu

Anichess offers a free-to-play game that combines the core values of traditional chess with an additional layer of strategy provided by new features, including an innovative spell mechanic.

The Alpha version of the game is expected to launch in Q1 2024.

Following the acquisition of PMG by Chess.com in December 2022, which has expanded the reach of the Champions Chess Tour even further, Anichess will be presented to millions of chess fans to deliver innovative experiences, grow the global chess community, and empower players through decentralisation.

Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, commented: “Partnering with Chess.com is an incredible opportunity to work with some of the leading chess players and influencers across the world and to bring chess into the open metaverse.”

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In today’s world, more and more people are relying on technology to stay connected. As such, new businesses in the digital space are cropping up left and right while traditional brick-and-mortar enterprises are looking to digitalise, considering digital transformation no longer a luxury but a necessity.

According to a survey by Gartner, over 90% of businesses reported having implemented some form of digital applications in their organisations and made digital transformation their main priority. Moreover, 56% of surveyed CEOs claimed that the digitalisation process has had positive impacts on their operation, increasing profitability and customer satisfaction.

Additionally, the emergence of the COVID-19 pandemic has accelerated the move towards digitalisation around the world as businesses and governments spent billions of dollars on building robust digital infrastructures to address social distancing and remote working measures, paving the way for seamlessness in communication and collaboration.  

It is also worth noting that for business owners, this transition towards an increasingly digital world not only means keeping up with the ongoing industry trends but also opens new opportunities for growth. With digital infrastructure automating processes and digitalising end-to-end user experiences, businesses can mostly eliminate geographical boundaries and reach out to potential customers across continents — ultimately opening their doors to fresh markets.

The rising demand for tech talents and hiring challenges in the sector

As a result of the overwhelming need for digital transformation, the demand for hiring software engineers and related professionals has been on the rise in the past years. Software developers can work with businesses to facilitate their digitalisation process, building and incorporating digital tools, catalysing changes at a more rapid pace, and shaping the future business landscape.

In 2023, the new job openings for programmers and software developers increased by 25% compared to 2021 with flexible options for on-premise, remote, and hybrid positions. Coupled with the chronic skill shortages in tech sectors, this increase in demand means an even more competitive recruitment war for the top talents.

Also read: Unlocking potential: The evolving role of corporate accelerators

Indeed, hiring and retaining top talents in the tech sector is very challenging for several reasons. In the first place, the turnover rate in the technology sector is among the highest compared to other industries, staying at 13.2% according to a survey by LinkedIn, posing a lot of risks, especially for startups due to potential disruption to their operation and high associated costs. Moreover, many companies are willing to significantly raise the salary and compensation packages to attract desirable talents, making the hiring market become even fiercer.

Second, technical skills and requirements for corresponding positions change constantly as new skills and tools emerge frequently, disrupting the existing industry incumbents. Hence, both tech talents and employers have to continuously adapt and acquire new skills to stay in the game. The recruitment process has also become trickier since recruiters must act fast to win the deal but still maintain the appropriate candidate qualities.

How WAOHire fills in the talent gap and empowers both developers and businesses

Based in Vietnam, WAOHire, a leading HR solution provider with an international reach, offers a range of services to help companies find and retain top talents with special expertise in the IT industry. With over 8 years of experience in the market and a team of more than 60 talented members who have years of experience in the IT sector, WAOHire has successfully consulted and built offshore development teams for more than 15 leading global clients. It has also actively founded or contributed to the local tech communities to develop competence and networking opportunities and collaborated with various educational institutions and universities to support and mentor students.

Through these initiatives, WAOHire can help address the talent gap and equip job seekers and employees with the technical and soft skills necessary for their jobs. 

WAOHire currently provides two main services that can be customised to the specific needs and preferences of the clients. First, Talent Sourcing & Recruiting Services are designed for employers who need help finding qualified candidates for open positions in their organisation. The service includes job postings on multiple platforms, extensive candidate sourcing and screening process among WAOHire’s vast pool of talents, and effective testing and interviewing process to find the candidates with the right skills and culture fit.

On average, clients start receiving candidate CVs after 5 days, alleviating their burden of sourcing and selecting candidates and enabling them to focus their efforts on day-to-day business operations. Moreover, thanks to WAOHire’s strategic vetting process and industry connections, its pool of candidates covers all major technological stacks including the latest and most sought-after skills such as blockchain and data analytics.

Also read: Challenging periods are the best time to invest—here’s why you need to get the word out

In addition, the second service offered by WAOHire is HR E2E Service which provides end-to-end HR solutions that streamline the entire employee lifecycle management from onboarding new hires, managing all legal paperwork, engaging them during their employment period, to terminating the employment. This includes payroll processing, attendance tracking, performance reviews, benefits administration, etc. WAOHire also goes to great lengths to ensure legal compliance in accordance with both Vietnamese and international laws.

WAOHire’s HR E2E service can help companies save up to 50% in costs compared to establishing a legal entity and hiring an in-house HR team. Their team of experts will take care of all HR needs, from recruiting top talent to managing teams and ensuring compliance with local laws and regulations. WAOHire’s end-to-end HR services offer unparalleled flexibility, allowing businesses to effortlessly scale their teams up or down as needed, without being burdened by legal complications and administrative woes, enabling companies to concentrate on their core strengths: driving business growth and accomplishing long-term goals.

Additionally, WAOHire’s pricing scheme is very competitive, with charges made based on actual successful hiring. With its innovative HR solutions, WAOHire hopes to empower both businesses and developers, matching the right talents with the right employers in the shortest possible time — ultimately enabling them to focus on cutting-edge technologies and meaningful projects.

To learn more about WAOHire and its services, you may visit their official website.  

About WAOHire

Founded by Phat Nguyen and Van Nguyen, a team dedicated to providing exceptional HR services to tech companies, WAOHire is a leading HR solution provider that offers a range of services to help companies find and retain top talent. WAOHire prides itself on taking a humanised approach to hiring and working with developers. Their services include Talent Sourcing & Recruiting Services that guarantee results after 5 days of kick-off and HR E2E Services.

Also read: Wrap Up: Highlights of Echelon Asia Summit 2023

Phat Nguyen has previously worked as a freelancer for numerous startups with global clients, putting him in the unique position of understanding the challenges faced by tech companies today. Moreover, he is able to offer a wide range of tech-focused services, from managing development teams to recruiting top tech talent. On the other hand, Van Nguyen has extensive experience in building communities and organising events, with her own community being one of the largest in the industry.

With Phat Nguyen’s wealth of technical expertise and project management skills and Van Nguyen’s deep knowledge of HR skills and talent acquisition, the duo provides an invaluable asset to WAOHire’s suite of tech services, enabling them to solidify their commitment to providing the best possible HR services.

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

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.

The post WAOHire: Empowering both developers and the businesses that need them appeared first on e27.

As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Dean Wong, Founder and CEO of MPFunds, has had a dynamic career across various financial domains. His experience spans across private equity and capital markets, and he has managed an impressive portfolio of over US$50 million in trading turnover in commodities and forex trading.

In this episode, Wong shares his organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

In potential employees, I look for traits such as integrity, teamwork, leadership skills and initiative. These qualities are crucial for building a strong and cohesive team.

How do they fit into your company culture? Tell us a little more about your company culture.

Our company operates on a unique four-day work policy, from 10 am to 6 pm, complemented by a 1.5-hour flexible lunch break, which sets us apart from traditional startup cultures. We believe that to establish a solid foundation, we must prioritise the quality of life and mental wellness of our employees.

During the interview process, I make it a point to ask candidates about their previous company culture and what they would like to avoid in our new company. Additionally, I inquire about their current mental health status, recognising that mental wellness is a crucial aspect that affects overall productivity.

Integrity is a fundamental value in our company, encompassing traits such as responsibility, ethics, honesty, and transparency. I place great importance on my employees being truthful about their working capacity. By understanding each team member’s strengths and abilities, I can allocate tasks more efficiently, allowing employees to enjoy their work and leverage their talents.

When challenges arise, I foster a culture of open communication and collaboration. Instead of resorting to assumptions or finger-pointing, we come together as a team to gain clarity on the situation and work towards finding solutions. This approach not only resolves the problem at hand but also strengthens the team dynamic, emphasising the significance of teamwork and creating an environment where employees feel comfortable voicing their opinions.

I really appreciate it when employees take the initiative to suggest improvements for the company. This demonstrates leadership qualities, and I empower them to take ownership of their ideas.

Lastly, I emphasise the importance of having standard operating procedures (SOPs) in place for every task. SOPs not only establish a clear company culture but also ensure that everyone understands their objectives and the step-by-step process to achieve them. This clarity enables more productive meetings and helps drive the company forward.

How do you foster transparency and encourage achievement in the workplace?

As a firm believer in leading by example, I understand that if I want transparency in the workplace, I must be transparent with my employees as well. To foster a culture of open communication, I encourage my team to share their feedback and opinions by regularly checking in with them.

In fact, I conducted a comprehensive course in May to educate and guide them on efficient work prioritisation based on a standard operating procedure (SOP) decision matrix. This training helps address any confusion employees may face when confronted with multiple tasks, enabling them to prioritise more effectively.

I also emphasise to my employees that finding joy in their work is an achievement in itself. With our 4-day workweek policy in place, I believe that my team has achieved a better work-life balance and improved overall satisfaction.

As a testament to their dedication, I set a target for our first info session launch with a one-month timeline, and I am proud to say that they exceeded expectations by accomplishing it in less than two weeks. Furthermore, the oversubscription of our info sessions is truly encouraging and demonstrates the commitment and success of our team.

Do you have a mental health policy? What does that look like?

Yes, we have a comprehensive mental health policy in place. In-house, we conduct monthly check-ins with employees to address work-related issues and provide better clarity on job scopes.

Additionally, we have partnered with Annabelle Psychology for their Employee Assistance Programme (EAP), which offers counselling and psychotherapy services, wellness workshops, training, and lunchtime talks on mental health and wellness.

WFH or WFO, or hybrid?

We follow a WFO (Work from Office) policy. This decision is driven by the belief that being physically present in the office fosters better collaboration, communication, and teamwork among employees.

This, along with our four-day work policy, ensures a more effective and efficient work schedule while allowing for a better work-life balance.

How should a tech worker prepare for the funding winter?

In a funding winter, it’s crucial for every team member to contribute to the company’s survival and growth. Here are some ways that will help us navigate this challenging period:

• Cost Efficiency: Look for ways to reduce costs without compromising the quality of our services and continue to work on improving SOPs to streamline processes and automate tasks. By being mindful of cost efficiency, we can maximise our resources and strengthen our financial position.
• Client Retention: Work on improving our customer journey and strengthening relationships with our existing clients. Provide exceptional customer service and prioritise client satisfaction and retention to foster long-term relationships and mitigate revenue fluctuations.
• Innovation: Explore creative solutions to the challenges that we might face, and importantly, be open and decisive in adapting them. This may involve developing new technologies, exploring alternative business models, or finding innovative ways to solve problems. By encouraging a culture of innovation, we can adapt to changing market dynamics and stay ahead of the competition.
• Communication: Maintain open and honest communication within the team and management. This can help everyone stay aligned with the company’s goals and strategies, and it can also help foster a positive and supportive work environment. It will also enable us to make informed decisions collectively.
• Leadership: Don’t be afraid to step up and take on leadership roles, even if they’re not in a management position. This could involve taking the initiative on projects, helping to mentor junior team members, or contributing to strategic planning.

Lastly, have faith that every challenge is also an opportunity for growth.

How do you measure the performance of your employees?

We measure the performance of our employees by ensuring that the SOP of their work is in place. We set objectives and checklists for each department on a weekly/monthly basis, which allows employees to track their progress and performance more effectively.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

When making hiring decisions, I prioritise honesty and integrity above all else. While skills can be trained and developed, honesty is a character trait that cannot be easily taught.

Therefore, I would consider a moderately skilled person with great honesty over a highly skilled person with less honesty.

Do you encourage ‘intrapreneurship’ in your organisation?

Absolutely. I strongly encourage intrapreneurship within our organisation. I believe that every employee has the potential to be a leader and take ownership of their roles. I empower my employees to make decisions that benefit the company and provide opportunities for growth and development.

How do you support upskilling for your employees?

The continuous upskilling and professional development of employees is of utmost importance to the company. Investing in the team’s growth not only benefits them individually but also strengthens the company.

I personally dedicate some time to mentor each employee on a one-to-one basis. This allows me to understand their career aspirations, identify areas of improvement and provide guidance to their individual needs to unlock their full potential. I also conduct monthly regular sharing sessions, similar to the one held in May, to discuss important topics such as task prioritisation for increased efficiency.

These sessions provide a platform for knowledge sharing, where team members can learn from one another’s experiences, insights, and best practices. By fostering open and collaborative discussions, we promote a culture of continuous learning and improvement.

I encourage the team to actively participate in discussions, share their ideas and ask questions. This inclusive environment will allow deeper conversations from diverse perspectives and the opportunity to learn from one another.

Besides that, the Employee Assistance Programme (EAP) with our partner Annabelle Psychology will also prioritise the team’s mental health and well-being to create a conducive environment for growth, productivity, and personal development.

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The post Investing in team’s growth benefits both individuals and strengthens the company: Dean Wong of MPFunds appeared first on e27.